# EDGAR Filing Document

**Accession Number:** 0001300087
**File Stem:** 0001193125-23-052578
**Filing Date:** 2023-2
**Character Count:** 338283
**Document Hash:** 062e05a36895ce5eb14b7e93152bffb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052578.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052578

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thrivent Cash Management Trust
- **CENTRAL INDEX KEY:** 0001300087
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21622
- **FILM NUMBER:** 23678822

**BUSINESS ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE, SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211
- **BUSINESS PHONE:** 612-844-7190

**MAIL ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE, SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Thrivent Financial Securities Lending Trust
- **DATE OF NAME CHANGE:** 20040809

## Series and Classes Contracts Data

### Thrivent Cash Management Trust (Series ID: S000002685)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007337 | Class A      |  |

**As filed with the Securities and Exchange Commission on February 28, 2023**

**File No. 811-21622** <br>**SECURITIES AND EXCHANGE COMMISSION** <br>**WASHINGTON, D.C. 20549**

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**FORM N-1A** <br>**REGISTRATION STATEMENT** 

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| | |
|:---|:---|
| ***UNDER*** |  |
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒  |
| **Amendment No. 27** | ☒  |
| **(Check appropriate box or boxes)** |  |

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**THRIVENT CASH MANAGEMENT TRUST** <br>**(Exact Name of Registrant as Specified in Charter)** <br>**901 Marquette Avenue, Suite 2500** <br>**Minneapolis, Minnesota 55402-3211** <br>**(Address of Principal Executive Offices) (Zip Code)** <br>**(612) 844 - 7190** <br>**(Registrant's Telephone Number, Including Area Code)**

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**John D. Jackson** <br>**Secretary and Chief Legal Officer** <br>**Thrivent Cash Management Trust** <br> **901 Marquette Avenue, Suite 2500** <br>**Minneapolis, Minnesota 55402-3211** <br>**(Name and Address of Agent for Service)**

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EXPLANATORY NOTE

This Registration Statement on Form N-1A is being filed by the Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended. However, beneficial interests in the Registrant are not registered under the Securities Act of 1933 (the "1933 Act") because such interests are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the 1933 Act. Investments in the Registrant may only be made by domestic investment companies, institutional client separate accounts, 401(k) plan assets, common or commingled trust funds or collective investment trusts or similar organizations or entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, within the meaning of the 1933 Act, any beneficial interests in the Registrant.

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Part A

**Thrivent Cash Management Trust (the "Trust")** 

**February 28, 2023**

Item 1. Front and Back Cover Pages

Not Applicable.

Item 2. Risk/Return Summary: Investment Objective/Goals

Not Applicable.

Item 3. Risk/Return Summary: Fee Table

Not Applicable.

Item 4. Risk/Return Summary: Investments, Risks and Performance

Not Applicable.

Item 5. Management

Thrivent Financial for Lutherans ("Thrivent" or the "Adviser") serves as the investment adviser for the Trust's portfolio (the "Portfolio").

Item 6. Purchase and Sale of Trust Shares

Shares of the Trust are not registered under the 1933 Act and, therefore, are not sold to the public. There are no minimum initial or subsequent investment requirements to invest in the Trust. Trust shares are redeemable. Shares may be purchased from or sold back to the Trust on days that the New York Stock Exchange is open for business at the net asset value per share of the Portfolio next determined after the redemption request is communicated by an authorized individual to the Portfolio and determined to be in good order.

Item 7. Tax Information

The Portfolio intends to make distributions that may be taxed as ordinary income or capital gains.

Item 8. Financial Intermediary Compensation

Not applicable.

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Item 9. Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings

Thrivent has established a securities lending program. Each participant in the securities lending program as a lender ("Lender") enters into a securities lending authorization agreement with Thrivent. Under such agreement, Thrivent is authorized to invest the cash collateral securing loans of securities of each Lender in a variety of short term U.S. Government securities. The Trust was established primarily for the investment and reinvestment of cash collateral on behalf of Lenders participating in Thrivent's securities lending program which may include the series of Thrivent Mutual Funds, Thrivent Series Fund, Inc. or Thrivent Core Funds.

The investment objective, principal strategies and risks of the Portfolio are described below. The investment objective of the Portfolio may be changed at any time by the Board of Trustees of the Trust (the "Board") upon at least 30 days' prior written notice to shareholders of the Portfolio. See the Statement of Additional Information (the "SAI") for a description of the Portfolio's investment restrictions.

Objective and Strategies

The Portfolio seeks to:

• maximize current income to the extent consistent with the preservation of capital and liquidity; and

• maintain a stable $1.00 per share net asset value by (1) investing in dollar-denominated securities with remaining maturity of 397 calendar days or less; (2) maintaining a dollar-weighted average portfolio maturity of 60 calendar days or less; and (3) maintaining a dollar-weighted average portfolio life of 120 calendar days or less.

The Portfolio seeks to produce current income while maintaining liquidity by investing at least 99.5% of its total assets in government securities, cash and repurchase agreements collateralized fully by U.S. Government securities or cash. U.S. Government securities are any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing.

The Adviser manages the Portfolio subject to strict rules established by the Securities and Exchange Commission that are designed so that the Portfolio may maintain a stable $1.00 share price. Those rules generally require the Portfolio to, among other things, invest only in high quality securities that are denominated in U.S. dollars and have short remaining maturities. In addition, the rules require the Portfolio to maintain a dollar-weighted average maturity (WAM) of not more than 60 days and a dollar-weighted average life (WAL) of not more than 120 days. When calculating its WAM, the Portfolio may shorten its maturity by using the interest rate resets of certain adjustable rate securities. Generally, the Portfolio may not take into account these resets when calculating its WAL.

The Adviser typically uses U.S. Treasury securities, short-term discount notes issued by government-related organizations and U.S. Government securities payable within seven days or less to provide liquidity for reasonably foreseeable shareholder redemptions and to comply with regulatory requirements. The Adviser invests in other securities by selecting from the available supply of short-term U.S. Government securities based on its interest rate outlook and analysis of quantitative and technical factors. Although the Portfolio frequently holds securities until maturity, the Adviser may sell securities to increase liquidity. The Adviser will select securities for such sales based on how close the sale price would be to their amortized costs.

Description of Principal Security Types

Below is information about the types of securities in which the Portfolio principally invests or will invest. The Portfolio may use strategies and invest in securities as described in the SAI.

**U.S. Government Securities.** U.S. Government securities include obligations issued or guaranteed by the U.S. Treasury or by an agency or instrumentality of the U.S. government. U.S. Government securities may be backed by the full faith and credit of the U.S. Treasury, the right to borrow from the U.S. Treasury or the agency or instrumentality issuing or guaranteeing the security.

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**Municipal Bonds.** The Portfolio may invest in municipal bonds backed by the U.S. Treasury or U.S. government sponsored agency. States, local governments, and municipalities issue municipal bonds to raise money for certain purposes. Municipal bonds include general obligation bonds, revenue bonds, and participation interests in municipal leases. Municipal bonds issued to finance activities with a broad public purpose are generally exempt from federal income tax. Taxable municipal bonds are often used to finance private development projects but can be issued whenever the municipality exhausts its allowed limits of tax-exempt bonds. As such, the interest paid to holders of such bonds is taxable as ordinary income.

**Repurchase Agreements.** In a repurchase agreement, the Portfolio purchases securities from a financial institution that agrees to repurchase the securities from the Portfolio within a specified time at the Portfolio's cost plus interest. The Portfolio may only enter into repurchase agreements collateralized fully by U.S. Government securities or cash.

**Stripped Securities.** Stripped securities are U.S. Treasury bonds and notes, the unmatured interest coupons of which have been separated from the underlying obligation. Stripped securities are zero coupon obligations that are normally issued at a discount from their face value. The Portfolio may invest no more than 25% of its assets in stripped securities that have been stripped by their holder, which is typically a custodian bank or investment brokerage firm.

**Adjustable Rate Securities.** The Portfolio may invest in bonds or other debt instruments that pay interest at an adjustable rate. The interest rate may be adjusted daily or at specified intervals (such as monthly, quarterly or annually). Adjustments may be based on a referenced market rate for a specified term (such as one, three or twelve months). For some securities, adjustments are made by a third-party to maintain a market value close to the security's face amount. Adjustments may be limited by caps or floors.

Some adjustable rate securities are payable upon demand, which should reduce the volatility of their market values. The right to demand payment may be exercisable after a specified notice period (such as seven or thirty days) and only at specified intervals (such as at the end of a calendar month or quarter).

So long as the Adviser expects an adjustable rate security's market value to approximate its face value after each interest rate adjustment, the Adviser may rely on the interest rate when calculating the Portfolio's dollar-weighted average maturity or duration. The market value of an adjustable rate security may nevertheless decline, due to changes in market conditions or the financial condition of the issuer and the effects of caps or floors on interest rate adjustments.

**When-Issued Transactions.** The Portfolio may invest in securities prior to their date of issuance. These securities may fall in value from the time they are purchased to the time they are actually issued, which may be any time from a few days to over a year. The Portfolio will not invest more than 25% of its net assets in when-issued securities.

**Forward Commitments.** The Portfolio may contract to purchase securities for a fixed price at a future date beyond the customary settlement time, provided that the forward commitment is consistent with the Portfolio's ability to manage its investment portfolio, maintain a stable net asset value and honor redemption requests. The failure of the other party to the transaction to complete the transaction may cause the Portfolio to miss an advantageous price or yield. The Portfolio bears the risk of price fluctuations during the period between the trade and settlement dates.

**Zero Coupon Securities.** These securities are notes, bonds and debentures that (i) do not pay current interest and are issued at a substantial discount from par value, (ii) have been stripped of their unmatured interest coupons and receipts, or (iii) pay no interest until a stated date one or more years into the future. These securities also include certificates representing interests in such stripped coupons and receipts.

Because a zero coupon security pays no interest to its holder during its life or for a substantial period of time, it usually trades at a deep discount from its face or par value and will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations of comparable maturity that make regular distributions of interest.

**Other Government Money Market Funds.** The Portfolio may invest in other government money market funds. If it does so, it will be subject to the fees and expenses of such fund(s).

**Other Investment Companies.** The Portfolio may invest in securities, consistent with applicable law, rules and regulations, including pursuant to Section 12(d)(1) of the 1940 Act and Rule 12d1-4 thereunder, and subject to any applicable exemptive relief, of other investment companies, including shares of closed-end investment companies, unit

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investment trusts, open-end investment companies and exchange-traded funds, which represent interests in professionally managed portfolios that may invest in any type of instrument. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses which would result in the Portfolio paying its proportionate share. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. Others are continuously offered at net asset value, but may also be traded in the secondary market. The extent to which the Portfolio can invest in other investment companies is limited by federal securities laws.

Rule 12d1-4 permits funds to invest in other investment companies beyond the statutory limits, subject to certain conditions. Among other conditions, the rule prohibits a fund from acquiring control of another investment company (other than an investment company in the same group of investment companies), including by acquiring more than 25% of its voting securities. In addition, the rule imposes certain voting requirements when a fund's ownership of another investment company exceeds particular thresholds. If shares of a fund are acquired by another investment company, the "acquired" fund may not purchase or otherwise acquire the securities of an investment company or private fund if immediately after such purchase or acquisition, the securities of investment companies and private funds owned by that acquired fund have an aggregate value in excess of 10% of the value of the total assets of the fund, subject to certain exceptions. These restrictions may limit the Portfolio's ability to invest in other investment companies to the extent desired. Because each underlying fund generally is obligated to pay advisory, administrative and service fees that are borne indirectly by investors, to the extent the Portfolio invests in underlying funds, there may be duplication of investment management and other fees.

Risk Factors

You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

The following provides general information on the risks associated with the Portfolio's principal investments. Any additional risks associated with the Portfolio's non-principal investments are described in the Portfolio's SAI. The Portfolio's SAI also may provide additional information about the risks associated with the Portfolio's principal investments. The Portfolio may not achieve its investment objective and you could lose money by investing in the Portfolio.

**Government Securities Risk.** The Portfolio invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, Ginnie Mae, Fannie Mae or Freddie Mac are not issued directly by the U.S. government. Ginnie Mae is a wholly owned U.S. corporation that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. Government securities will not have the funds to meet their payment obligations in the future.

**LIBOR Risk.** The Portfolio may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. LIBOR is an average interest rate that banks charge one another for the use of short-term money. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR.

In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will

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continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate ("SOFR") after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Portfolio or its investments. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a SOFR, which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Portfolio. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The transition process could also lead to a reduction in the value of some LIBOR-based investments. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The effect of the discontinuation of LIBOR on the Portfolio will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Portfolio until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Portfolio may be subject to a greater risk of rising interest rates. A weak economy, strong equity markets, or changes by the Federal Reserve in its monetary policies may cause short-term interest rates to increase and affect the Portfolio's ability to maintain a stable share price.

**Credit Risk.** Credit risk is the risk that an issuer of a debt security to which the Portfolio is exposed may no longer be able or willing to pay its debt. As a result of such an event, the debt security may decline in price and affect the value of the Portfolio.

**Cybersecurity Risk.** The Portfolio and its service providers may be susceptible to operational, information security, privacy, fraud, business disruption, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems to misappropriate assets or sensitive information, corrupt data, or otherwise disrupt operations. Cyber incidents affecting the Adviser or other service providers (including, but not limited to, fund accountants, custodians, and transfer agents) have the ability to disrupt and impact business operations, potentially resulting in financial losses, by interfering with the Portfolio's ability to calculate its NAV, corrupting data or preventing parties from sharing information necessary for the Portfolio's operation, preventing or slowing trades, stopping shareholders from making transactions, potentially subjecting the Portfolio or the Adviser to regulatory fines and penalties, and creating additional compliance costs. Similar types of cyber security risks are also present for issuers or securities in which the Portfolio may invest, which could result in material adverse consequences for such issuers and may cause the Portfolio's investments in such companies to lose value. While the Portfolio's service providers have established business continuity plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Portfolio cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Portfolio or its shareholders. Although the Portfolio attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect the Portfolio or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service. The value of

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an investment in the Portfolio's shares may be adversely affected by the occurrence of the operational errors or failures or technological issues or other similar events and the Portfolio and its shareholders may bear costs tied to these risks.

**Investment Adviser Risk.** The Portfolio is actively managed and the success of its investment strategy depends significantly on the skills of the adviser in assessing the potential of the investments in which the Portfolio invests. This assessment of investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Portfolio's investment objective.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of the Portfolio's investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Portfolio's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Other Funds Risk.** Because the Portfolio invests in other funds, the performance of the Portfolio is dependent, in part, upon the performance of other funds in which the Portfolio may invest. As a result, the Portfolio is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Portfolio.

**Redemption Risk.** The Portfolio may need to sell portfolio securities to meet redemption requests. The Portfolio could experience a loss when selling portfolio securities to meet redemption requests if there is (i) significant redemption activity by shareholders, including, for example, when a single investor or few large investors make a significant redemption of Portfolio shares, (ii) a disruption in the normal operation of the markets in which the Portfolio buys and sells portfolio securities or (iii) the inability of the Portfolio to sell portfolio securities because such securities are illiquid. In such events, the Portfolio could be forced to sell securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

**Regulatory Risk.** Legal, tax, and regulatory developments may adversely affect the Portfolio. Securities and futures markets are subject to comprehensive statutes, regulations, and margin requirements enforced by the SEC, other regulators and self-regulatory organizations, and exchanges, which are authorized to take extraordinary actions in the event of market emergencies. The regulatory environment for the Portfolio is evolving, and changes in the regulation of investment funds, managers, and their trading activities and capital markets, or a regulator's disagreement with the Portfolio's interpretation of the application of certain regulations, may adversely affect the ability of a Portfolio to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Portfolio.

**Repurchase Agreement Risk.** A repurchase agreement, or repo, is a form of short-term borrowing that allows a dealer to sell securities to an investor, such as the Portfolio, and buy them back (usually the next day) at a slightly higher price. If the seller of a repurchase agreement defaults or is otherwise unable to fulfill its obligations, the Portfolio may incur losses as a result of selling the underlying securities, enforcing its rights, or a decline in the value of collateral.

The shares of the Trust have not been registered under the 1933 Act, and, because they will be offered only to a limited number of qualified investors, it is anticipated that they will be exempt from those registration provisions. Shares of the Trust may not be transferred or resold without registration under the 1933 Act or pursuant to an exemption from such registration. However, shares of the Trust may be redeemed in accordance with the terms of the Trust's Declaration of Trust and the offering materials provided to shareholders.

Disclosure of Portfolio Holdings

A description of the Portfolio's policies and procedures with respect to the disclosure of its portfolio securities is available in the SAI for the Trust.

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Item 10. Management, Organization, and Capital Structure

The Adviser

The Portfolio is managed by Thrivent, 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211. Thrivent and its affiliates have been in the investment advisory business since 1986 and had approximately $138 billion in assets under management as of December 31, 2022.

For its advisory services to the Portfolio, the Adviser is entitled to receive a fee from the Portfolio on an annual basis equal to 0.045% of the Portfolio's average daily net assets. The Portfolio's semiannual report to shareholders discusses the basis for the Board of Trustees' approval of the investment adviser agreement between the Trust and the Adviser during the six-month period covered by the report.

Administrative Service Fee

The Adviser is responsible for providing certain administrative and accounting services to the Portfolio. The Portfolio pays the Adviser a fee equal to the sum of $90,000 for providing such services to the Portfolio. See "Investment Advisory and Other Services – Administrator" in the SAI for additional information.

Capital Stock

Shares of the Trust are not registered under the 1933 Act or the securities law of any state and are sold in reliance upon an exemption from the registration requirements of those laws. Shares may not be transferred or resold without registration under the 1933 Act, except pursuant to an exemption from registration. However, shares may be redeemed on any day that the New York Stock Exchange is open for business.

Item 11. Shareholder Information

Pricing of Portfolio Shares

The price of the Portfolio's shares is based on the Portfolio's net asset value ("NAV"). The Portfolio generally determines its NAV once daily at the close of regular trading on the New York Stock Exchange ("NYSE"), which is normally 4:00 p.m. Eastern Time. If the NYSE has an unscheduled early close but certain other markets remain open until their regularly scheduled closing time, the NAV may be determined as of the regularly scheduled closing time of the NYSE. If the NYSE and/or certain other markets close early due to extraordinary circumstances (*e.g.*, weather, terrorism, etc.), the NAV may be calculated as of the early close of the NYSE and/or other markets. The NAV generally will not be determined on days when, due to extraordinary circumstances, the NYSE and/or certain other markets do not open for trading. The Portfolio does not determine NAV on holidays observed by the NYSE or on any other day when the NYSE is closed. The NYSE is regularly closed on Saturdays and Sundays, New Year's Day, Martin Luther King, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

The Portfolio seeks to maintain a stable $1.00 NAV, pursuant to procedures established by the Board of Trustees for the Trust, and generally utilizes the amortized cost method. Valuing securities held by the Portfolio on the basis of amortized cost (which approximates market value) involves a constant amortization of premium or accretion of discount to maturity. This method is explained further in the Statement of Additional Information. The Portfolio will not value a security at amortized cost but will instead make a fair value determination for such security, if it determines that amortized cost is not approximately the same as the fair value of the security.

Because many foreign markets close before the U.S. markets, significant events may occur between the close of the foreign market and the close of the U.S. markets, when the Portfolio's assets are valued, that could have a material impact on the valuation of foreign securities (*i.e.*, available price quotations for these securities may not necessarily reflect the occurrence of the significant event). The Adviser evaluates the impact of these significant events and adjusts the valuation of foreign securities to reflect the fair value as of the close of the U.S. markets to the extent that the available price quotations do not, in the Adviser's opinion, adequately reflect the occurrence of the significant events.

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Purchase of Portfolio Shares

Shares of the Portfolio are available for purchase on days on which the NYSE is open for business. The transfer agent, Thrivent Financial Investor Services Inc. ("TFISI"), will process shareholder purchase orders accepted by the Portfolio. All shares are purchased at the net asset value per share of the Portfolio next determined after the purchase request is communicated to the Trust. The Portfolio will seek to maintain a stable net asset value per share of $1.00 by valuing its investment portfolio using the amortized cost valuation method and will comply with the requirements of Rule 2a-7 under the 1940 Act.

Redemption of Portfolio Shares

Shares of the Portfolio may be redeemed on days on which the NYSE is open for business at the net asset value per share of the Portfolio next determined after the redemption request is communicated to the Trust and determined to be in good order. TFISI, as transfer agent, will process shareholder redemptions accepted by the Portfolio.

The Portfolio typically expects to pay redemption proceeds within one business day after receipt of a redemption request determined to be in good order. Payment may take up to seven days, subject to the limited exceptions as permitted by the SEC. The Portfolio typically expects to meet redemption requests with cash or cash equivalents held by the Portfolio or from proceeds from selling portfolio assets in connection with the normal course of management of the Portfolio. In stressed or otherwise abnormal market conditions, including to meet significant redemption activity by shareholders, the Portfolio may need to sell portfolio assets. In this type of situation, the Portfolio could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

Although the Portfolio typically expects to pay redemption proceeds in cash, if the Portfolio determines that a cash redemption would be detrimental to remaining shareholders, the Portfolio may pay all or a portion of redemption proceeds to affiliated shareholders with in-kind distributions of the Portfolio's securities, subject to the requirements of the 1940 Act. In this situation, you would typically receive a pro-rata portion (i.e., a proportionate share) of the Portfolio's holdings. You may incur brokerage and other transaction costs associated with converting into cash the portfolio securities distributed to you for such in-kind redemptions. The portfolio securities you receive may increase or decrease in value before you convert them into cash. You may incur tax liability when you sell the portfolio securities you receive from an in-kind redemption. There are no redemption charges.

Policy Regarding Frequent Purchases and Redemptions

The Board of Trustees has adopted the following policy with respect to frequent purchases and redemptions of shares of the Portfolio. Because the only shareholders in the Portfolio are affiliates of the Trust and the investments are all "eligible securities" within the meaning of Rule 2a-7, the Portfolio does not restrict the frequency of purchases and redemptions.

Dividends and Distributions

Dividends on shares of the Portfolio are declared daily and distributed monthly from net investment income. Distributions from capital gains, if any, are made at least annually. Generally, capital gains distributions will be declared and paid in December, if required for the Portfolio to avoid imposition of a federal excise tax. The Portfolio does not expect to realize any material long-term capital gains or losses. Income dividends and capital gains distributions, if any, will be paid at the net asset value on the payment date of the dividend or distribution.

A shareholder's right to receive dividends and distributions with respect to shares purchased commences on the effective date of the purchase of such shares and continues through the day immediately preceding the effective date of redemption of such shares.

Tax Consequences

Dividends from net investment income and distributions of net short-term capital gains are taxable to shareholders as ordinary income under federal income tax laws. Distributions from net long-term capital gains are taxable as long-term capital gains regardless of the length of time a shareholder has held such shares. Dividends and distributions are taxable whether they are paid in cash or in additional shares.

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Under federal law, the income derived from U.S. Government securities is exempt from state income taxes. All states that tax personal income permit mutual funds to pass this tax exemption through to their shareholders under certain circumstances. Income from repurchase agreements in which the underlying securities are U.S. Government securities does not receive this exempt treatment.

The redemption, exchange or other disposition of shares by a shareholder that constitutes a sale for federal income tax purposes is a taxable event and may result in capital gain or loss. Any loss incurred on the redemption or exchange of the Portfolio's shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain with respect to such shares.

Shareholders will be notified after the end of each calendar year of the amount of income dividends and net capital gains distributed and the percentage of the Portfolio's income attributable to U.S. Government securities. The Portfolio is required to withhold 24% of all taxable dividends, distributions and (except in the case of the Portfolio if it maintains a constant net asset value per share) redemption proceeds payable to any noncorporate shareholder that does not provide the Portfolio with its correct taxpayer identification number and certification that the shareholder is not subject to backup withholding.

The foregoing discussion is only a summary of certain federal income tax issues generally affecting the Portfolio and its shareholders. Circumstances among investors may vary and each investor should discuss the tax consequences of an investment in the Portfolio with a tax adviser.

Item 12. Distribution Arrangements

Shares of the Portfolio are being offered to Lenders in connection with Thrivent's securities lending program. Shares of the Portfolio are sold on a private placement basis in accordance with Regulation D under the 1933 Act. Shares of the Portfolio not subject to a sales load or redemption fee. Assets of the Trust are not subject to a Rule 12b-1 fee.

Item 13. Financial Highlights Information

Not Applicable.

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Part B

Item 14. Cover Page and **Table of Contents**

Thrivent Cash Management Trust <br>Statement of Additional Information <br>Dated February 28, 2023

Thrivent Cash Management Trust (the "Trust") is a registered open-end investment company organized as a Massachusetts business trust offering shares of beneficial interest in an investment portfolio (the "Portfolio"). The Trust is diversified as defined in the Investment Company Act of 1940, as amended (the "1940 Act").

This Statement of Additional Information (the "SAI") supplements the information contained in the Trust's Prospectus dated February 28, 2023. The SAI is not a Prospectus and should be read in conjunction with the Trust's Prospectus, which may be obtained by calling 800-847-4836 or writing to 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211.

[The Trust's financial statements for the fiscal year ended October 31, 2022, including the report of independent](http://www.sec.gov/Archives/edgar/data/1300087/000130008722000031/primary-document.htm)[registered public accounting firm, are included in the Trust's annual report, which was filed with the Securities and](http://www.sec.gov/Archives/edgar/data/1300087/000130008722000031/primary-document.htm)[Exchange Commission (the "SEC") on December 29, 2022, and are incorporated into this SAI by reference](http://www.sec.gov/Archives/edgar/data/1300087/000130008722000031/primary-document.htm). A copy of the annual report is available, without charge and upon request, by calling 800-847-4836. A copy can also be viewed on the SEC's website (SEC.gov).

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[**Table of Contents**](#xx_5f0ef6f4-7bda-4ebe-84d1-fd5669301467_1)

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| | |
|:---|:---|
|  | Page |
| [Trust History](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_1) | 3 |
| [Description of the Trust and Its Investments and Risks](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_1) | 3 |
| [Management of the Trust](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_6) | 8 |
| [Control Persons and Principal Holders of Securities](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_14) | 16 |
| [Investment Advisory and Other Services](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_15) | 17 |
| [Portfolio Managers](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_17) | 19 |
| [Brokerage Allocation and Other Practices](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_17) | 19 |
| [Capital Stock and Other Securities](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_18) | 20 |
| [Purchase, Redemption and Pricing of Shares](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_18) | 20 |
| [Taxation of the Trust](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_19) | 21 |
| [Underwriters](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_23) | 25 |
| [Calculation of Performance Data](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_24) | 26 |
| [Financial Statements](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_24) | 26 |
| [Appendix A—Ratings of Debt Instruments](#xx_9c86b7ec-1608-4c5b-a27b-19ec96ee46e1_25) | 27 |
| [Appendix B—Proxy Voting Policies](#xx_2b65678a-4892-459b-b5da-8f5ec3503a24_1) | 32 |

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Item 15. Trust History

The Trust was organized as a Massachusetts business trust on August 4, 2004.

Item 16. Description of the Trust and Its Investments and Risks

The Trust is an open-end, diversified, management investment company.

Investment Policies

The Portfolio is managed in accordance with Rule 2a-7 and will only acquire investments that meet the portfolio requirements of Rule 2a-7, including those related to maturity, quality, diversification, and liquidity. The investment policies described below (i) reflect the current practices of the Portfolio, (ii) are not fundamental, and (iii) may be changed by the Board of Trustees of the Trust without shareholder approval. To the extent consistent with the Portfolio's investment objective and other stated policies and restrictions, and unless otherwise indicated, the Portfolio may invest in the following instruments and may use the following investment techniques:

**U.S. Government Securities.** The Portfolio may invest in U.S. Government securities. U.S. Government securities refer to a variety of debt securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. government and by various instrumentalities that have been established or sponsored by the U.S. government. The term also refers to repurchase agreements collateralized by such securities.

U.S. Treasury securities are backed by the full faith and credit of the U.S. government. Other types of securities issued or guaranteed by Federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government. The U.S. government, however, does not guarantee the market price of any U.S. Government securities. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. From time to time, there has been uncertainty regarding the status of negotiations in the U.S. government to increase or suspend the statutory debt ceiling, which could increase the risk that the U.S. government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. government to be downgraded, increase volatility in both stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of certain kinds of debt.

In the case of securities not backed by the full faith and credit of the U.S. government, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment. The investor may not be able to assert a claim against the U.S. itself in the event the agency or instrumentality does not meet its commitment.

**Repurchase Agreements.** The Portfolio may engage in repurchase agreement transactions in pursuit of its investment objective. A repurchase agreement consists of a purchase and a simultaneous agreement to resell an investment for later delivery at an agreed upon price and rate of interest. The Portfolio must take possession of collateral either directly or through a third-party custodian. If the original seller of a security subject to a repurchase agreement fails to repurchase the security at the agreed upon time, the Portfolio could incur a loss due to a drop in the market value of the security during the time it takes the Portfolio to either sell the security or take action to enforce the original seller's agreement to repurchase the security. Also, if a defaulting original seller filed for bankruptcy or became insolvent, disposition of such security might be delayed by pending court action. The Portfolio may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Portfolio investment adviser, Thrivent Financial for Lutherans ("Thrivent" or the "Adviser"), to be creditworthy.

**Stripped Securities.** The Portfolio may invest in stripped securities, which are U.S. Treasury bonds and notes, the unmatured interest coupons of which have been separated from the underlying obligation. Stripped securities are zero coupon obligations that are normally issued at a discount from their face value. The Portfolio may invest no more than 25% of its assets in stripped securities that have been stripped by their holder, which is typically a custodian bank or investment brokerage firm. A number of securities firms and banks have stripped the interest coupons and resold them in custodian receipt programs with different names such as Treasury Income Growth Receipts ("TIGRS") and Certificates of Accrual on Treasuries ("CATS"). The Trust intends to rely on the opinions of counsel to the sellers of these certificates or other evidence of ownership of U.S. Treasury obligations that, for Federal tax and securities purposes, purchasers of

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such certificates most likely will be deemed the beneficial holders of the underlying U.S. Government securities. Privately-issued stripped securities such as TIGRS and CATS are not themselves guaranteed by the U.S. government, but the future payment of principal or interest on the U.S. Treasury obligations that they represent is so guaranteed.

**Variable and Floating Rate Instruments.** A floating rate security provides for the automatic adjustment of its interest rate whenever a specified interest rate changes. A variable rate security provides for the automatic establishment of a new interest rate on set dates. Interest rates on these securities are ordinarily tied to, and represent a percentage of, a widely recognized interest rate, such as the yield on 90-day U.S. Treasury bills or the prime rate of a specified bank. These rates may change as often as twice daily. Generally, changes in interest rates will have a smaller effect on the market value of variable and floating rate securities than on the market value of comparable fixed-income obligations. Thus, investing in variable and floating rate securities generally affords less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. The Portfolio may purchase variable and floating rate non-U.S. Government securities that have a stated maturity in excess of 13 months only if the Portfolio has a right to demand payment of the principal of the instrument at least once every 13 months upon not more than 30 days' notice.

Variable and floating rate instruments may include variable amount master demand notes that permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. There may be no active secondary market with respect to a particular variable or floating rate instrument. Nevertheless, the periodic readjustments of their interest rates tend to assure that their value to the Portfolio will approximate their par value. Illiquid variable and floating rate instruments (instruments that are not payable upon seven days' notice and do not have an active trading market) that are acquired by the Portfolio are subject to the Portfolio's percentage limitations regarding securities that are illiquid or not readily marketable. The Adviser will continuously monitor the creditworthiness of issuers of variable and floating rate instruments in which the Trust invests and the ability of issuers to repay principal and interest.

**Municipal Bonds.** The Portfolio may invest in municipal bonds, including taxable ones, which are backed by the United States Treasury or government sponsored agency. States, local governments and municipalities issue municipal bonds to raise money for certain purposes. Municipal bonds issued to finance activities with a broad public purpose are generally exempt from federal income tax. Taxable municipal bonds are most often used to finance private development projects but can be issued whenever the municipality exhausts its allowed limits of tax-exempt bonds. As such, the interest paid to holders of such bonds is taxable as ordinary income. Many taxable municipal bonds offer yields comparable to those of other taxable bonds, such as corporate and agency bonds. Municipal bonds, whether taxable or not, may be rated investment-grade or below investment-grade and pay interest based on fixed or floating rate coupons. Maturities may range from long-term to short-term. Municipal bonds are subject to, among others, market risk, credit risk and interest rate risk.

**When-Issued Transactions.** New issues of securities are often offered on a when-issued basis. This means that delivery and payment for the securities normally will take place several days after the date the buyer commits to purchase them. The payment obligation and the interest rate that will be received on securities purchased on a when-issued basis are each fixed at the time the buyer enters into the commitment.

The Portfolio will make commitments to purchase when-issued securities only with the intention of actually acquiring the securities, but the Portfolio may sell these securities or dispose of the commitment before the settlement date if it is deemed advisable as a matter of investment strategy. The Portfolio will not invest more than 25% of its net assets in when-issued securities.

Securities purchased on a when-issued basis and the securities held by the Portfolio are subject to changes in market value based upon the public's perception of changes in the level of interest rates. Generally, the value of such securities will fluctuate inversely to changes in interest rates (*i.e.*, they will appreciate in value when interest rates decline and decrease in value when interest rates rise). Therefore, if in order to achieve higher interest income the Portfolio remains substantially fully invested at the same time that it has purchased securities on a "when-issued" basis, there will be a greater possibility of fluctuation in the Portfolio's net asset value.

When payment for when-issued securities is due, the Portfolio will meet its obligations from then-available cash flow, the sale of other securities or, and although it would not normally be expected to do so, from the sale of the when-issued securities themselves (which may have a market value greater or less than the Portfolio's payment obligation). The sale of securities to meet such obligations carries with it a greater potential for the realization of capital gains, which are subject to federal income taxes.

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**LIBOR and Other Reference Rates.** The Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate ("LIBOR"), Secured Overnight Financing Rate ("SOFR"), European Interbank Offer Rate ("EURIBOR"), Sterling Overnight Interbank Average Rate ("SONIA"), and other similar types of reference rates ("Reference Rates"). The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse impact on the market for, or value of, any securities or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Portfolio's performance and/or NAV.

In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. On March 5, 2021, the Financial Conduct Authority officially announced the cessation and non-representation dates on various LIBOR benchmarks. Certain widely used US dollar denominated LIBOR rate settings will continue to be published in representative forms until June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the SOFR after June 30, 2023.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Portfolio. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Portfolio's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The transition process could also lead to a reduction in the value of some LIBOR-based investments. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio. The effect of the discontinuation of LIBOR on the Portfolio will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Portfolio until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Illiquid Securities.** The Portfolio is subject to requirements limiting its investment in illiquid securities if, immediately after the acquisition, the Portfolio would have invested more than 5% of its total assets in illiquid securities. For purposes of the Portfolio, an illiquid security is a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Portfolio.

**Zero Coupon Securities.** These securities are notes, bonds and debentures that (i) do not pay current interest and are issued at a substantial discount from par value (ii) have been stripped of their unmatured interest coupons and receipts, or (iii) pay no interest until a stated date one or more years into the future. These securities also include certificates representing interests in such stripped coupons and receipts.

Because the Portfolio accrues taxable income from zero coupon securities without receiving regular interest payments in cash, the Portfolio may be required to sell portfolio securities in order to pay a dividend. Investing in these securities might also force the Portfolio to sell portfolio securities to maintain portfolio liquidity.

Because a zero coupon security pays no interest to its holder during its life or for a substantial period of time, it usually trades at a deep discount from its face or par value and will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations of comparable maturity that make regular distributions of interest.

**Defensive Investing.** The Portfolio may, from time to time, take temporary defensive positions by holding cash, shortening the Portfolio's dollar-weighted average portfolio maturity or investing in other securities that are "eligible securities" for purchase by money market funds in anticipation of or in response to adverse market, economic, political or other conditions.

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Policy on Disclosure of Portfolio Securities

The Trust has adopted policies and procedures relating to disclosure of its portfolio securities. These policies and procedures are designed to allow disclosure of portfolio holdings information where necessary to the operation of the Trust or useful to the Trust's shareholders without compromising the integrity or performance of the Trust. Except when there are legitimate business purposes for selective disclosure and other conditions (designed to protect the Trust and its shareholders) are met, the Trust does not provide or permit others to provide information about its portfolio holdings on a selective basis. Under no circumstances may the Trust, Thrivent or their affiliates receive any consideration or compensation for disclosing portfolio holdings information.

The Trust includes portfolio holdings information as required in regulatory filings and shareholder reports. The Trust's portfolio holdings are disclosed on a regular basis in its semiannual and annual reports to shareholders. The Trust also publicly discloses its complete portfolio holdings as of its first and third fiscal quarter-ends on Form N-PORT. The Trust also files detailed month-end portfolio holdings information as required by federal or state securities laws and on Form N-MFP with the SEC each month. The Trust may disclose portfolio holdings information in response to requests by governmental authorities. In addition, Thrivent may distribute or authorize the distribution of information that is not publicly available about the Trust's portfolio holdings as follows: (i) to its employees and affiliates that provide services to the Trust, (ii) to the Trust's service providers who require access to the information in order to fulfill their contractual duties relating to the Trust (such service providers may include the Trust's custodian, auditor, proxy voting service provider, pricing service vendors, liquidity vendors, securities lending agent, and printer), (iii) to certain other parties, such as third-party consultants and ratings and ranking organizations, and (iv) to broker/dealers and certain other entities in order to assist the Trust with potential transactions and management of the Trust.

Before any non-public disclosure of information about the Trust's portfolio holdings is permitted, however, the Trust's Chief Compliance Officer or Chief Legal Officer determine that the Trust has a legitimate business purpose for providing the portfolio holdings information, that the release of this information, including the frequency and time lag, will not disadvantage the Trust, that the disclosure is in the best interests of the Trust's shareholders, and that the recipient agrees or has a duty (i) to keep the information confidential and (ii) not to trade directly or indirectly based on the information. Accordingly, all of the persons with whom an arrangement is made for non-public disclosure will have satisfied the aforementioned requirements.

In accordance with these policies and procedures, the Trust has ongoing arrangements with the following service providers to provide the Trust's portfolio holdings information:

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| | | |
|:---|:---|:---|
| **Service Provider** | **Service** | **Frequency** |
| Bloomberg | Trading System | Daily |
| Confluence | Regulatory Reporting Vendor | Monthly |
| Donnelley Financial Solutions, Inc. | Regulatory Printer | Quarterly |
| Donnelley Financial Solutions, Inc. | Website Content | Monthly |
| DTCC | Trade Matching Platform | Daily |
| FactSet Research Systems Inc. | Systems Vendor | Daily |
| Fidelity National Information Services, <br> Inc.<br>| &nbsp;&nbsp; Mutual Fund Accounting System <br> Vendor<br>| Daily |
| Fidelity National Information Services, <br> Inc.<br>| Personal Trading System Vendor | Daily |
| ICE Data Services | Pricing Service | Daily |
| IHS Markit | Pricing Service | Daily |
| Institutional Shareholder Services | &nbsp;&nbsp; Proxy Voting & Class Action Services <br> Vendor<br>| Daily |
| Morningstar, Inc. | Data Vendor | Monthly; 60-day lag |
| PricewaterhouseCoopers LLP | &nbsp;&nbsp; Independent Registered Public <br> Accounting Firm<br>| Annually |
| PricingDirect Inc. | Pricing Service | Daily |
| State Street Bank and Trust Company | Custodian | Daily |

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As part of the annual review of the compliance policies and procedures of the Trust, the Chief Compliance Officer will discuss the operation and effectiveness of this Policy and any changes to the Policy that have been made or recommended with the Board.

Investment Restrictions

The Trust has adopted the following fundamental investment policies that may not be changed without the approval of a majority of the shareholders of the Portfolio. The Portfolio may not:

1. Borrow money, except as a temporary measure for extraordinary or emergency situations or to facilitate redemptions (not for leveraging or investment), provided that borrowing does not exceed an amount equal to one third of the current value of the Portfolio's assets taken at market value, less liabilities, other than borrowings. If at any time the Portfolio's borrowings exceed this limitation due to a decline in net assets, such borrowings will, within three days, be reduced to the extent necessary to comply with this limitation. The Portfolio will not purchase investments once borrowed funds (including reverse repurchase agreements) exceed 5% of its total assets.

2. Make loans to any person or firm; provided, however, that the Trust is permitted to (i) acquire for investment bonds, debentures, notes or other evidence of indebtedness that is publicly distributed or of a type customarily purchased by institutional investors; or (ii) enter into repurchase agreements, and provided further that the Portfolio may lend its portfolio securities to broker-dealers or other institutional investors if the aggregate value of all securities loaned does not exceed 33 <sup>1</sup>∕3% of the value of the Portfolio's total assets.

3. Engage in the business of underwriting securities issued by others, except that the Portfolio will not be deemed to be an underwriter or to be underwriting on account of the purchase or sale of securities subject to legal or contractual restrictions on disposition.

4. Issue senior securities, except as permitted by its investment objective, policies and restrictions, and except as permitted by the 1940 Act.

5. Invest 25% or more of the value of its total assets in securities of companies primarily engaged in any one industry (other than the U.S. government, its agencies and instrumentalities); provided, however, that concentration may occur as a result of changes in the market value of portfolio securities and from investments in bankers' acceptances, certificates of deposit, time deposits and other similar instruments issued by foreign and domestic branches of U.S. and foreign banks.

6. With respect to 75% of its total assets, invest in securities of any one issuer (other than securities issued by the U.S. government, its agencies and instrumentalities), if immediately thereafter and as a result of such investment (i) the current market value of the Portfolio's holdings in the securities of such issuer exceeds 5% of the value of the Portfolio's assets, or (ii) the Portfolio owns more than 10% of the outstanding voting securities of the issuer.

7. Purchase or sell real estate or real estate mortgage loans; provided, however, that the Portfolio may invest in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein.

8. Invest in commodities, except that the Portfolio may purchase and sell financial futures contracts and options thereon.

The concentration policy of the Portfolio (as set forth in Investment Restriction No. 5, above) permits the Portfolio to invest, without limit, in bankers' acceptances, certificates of deposit and similar instruments issued by (i) U.S. banks, (ii) U.S. branches of foreign banks (in circumstances in which the U.S. branches of foreign banks are subject to the same regulation as U.S. banks), (iii) foreign branches of U.S. banks (in circumstances in which the Portfolio will have recourse to the U.S. bank for the obligations of the foreign branch), and (iv) foreign branches of foreign banks to the extent that the Adviser determines that the foreign branches of foreign banks are subject to the same or substantially similar regulations as U.S. banks. The Portfolio may concentrate in such instruments when, in the opinion of the Adviser, the yield, marketability and availability of investments meeting the Portfolio's quality standards in the banking industry justify any additional risks associated with the concentration of the Portfolio's assets in such industry.

With respect to the fundamental investment restriction above about industry concentration, the Adviser will define industries according to any one or more widely recognized third-party providers and/or as defined by the Adviser. Third-party industry lists may include the Bloomberg Classification System and the Standard and Poor's Global Industry

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Classification Standard (GICS) (industry level). The Adviser will also have broad authority to make exceptions from third-party industry lists and determine for the Portfolio how to classify issuers within or among industries based on such issuer's characteristics and subject to applicable law.

The Portfolio shall not invest more than 50% of the value of its total assets in securities issued by foreign branches of foreign banks. This non-fundamental restriction may be changed by the Board of Trustees without the approval of shareholders.

Item 17. Management of the Trust

Board of Trustees and Executive Officers

The Board of the Trust is responsible for overseeing the Adviser and other service providers who manage the Portfolio's day-to-day business affairs and for exercising all powers except those reserved to the shareholders. Each Trustee also serves as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent Mutual Funds, a registered investment company consisting of 25 series, which offers Class A and Class S shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director of Thrivent Series Fund, Inc., a registered investment company consisting of 32 portfolios that serve as underlying funds for variable contracts issued by Thrivent Financial for Lutherans ("Thrivent") and separate accounts of insurance companies not affiliated with Thrivent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent Core Funds, a registered investment company consisting of seven funds that are established solely for investment by Thrivent entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent ETF Trust, a registered investment company consisting of one fund that is an exchange-traded fund.

Michael W. Kremenak and David S. Royal also serve as Trustees of Thrivent Church Loan and Income Fund, a closed-end registered investment company for which Thrivent Asset Management, LLC, an affiliate of the Adviser, serves as investment adviser. None of the other Trustees serves on the board of the Thrivent Church Loan and Income Fund.

The Trust, Thrivent Mutual Funds, Thrivent Series Fund, Inc., Thrivent Core Funds, and Thrivent ETF Trust are collectively referred to as the "Thrivent Funds," and together with Thrivent Church Loan and Income Fund the "Fund Complex."

The following table provides additional information about the Trustees and officers of the Trust.

**Interested Trustees**<sup>(1)</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<sup>(2)</sup> <br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service**<sup>(3)</sup> <br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| **Principal Occupation**<br> **During Past 5 Years**<br>| **Other Directorships**<br> **Held Currently**<br> **and within Past**<br> **Five Years**<br>|
| Michael W. Kremenak<br> (1978)<br>| President <br> since 2023; <br> Trustee since <br> 2021<br>| 67 | Senior Vice President and Head <br> of Mutual Funds, Thrivent since <br> 2020; Vice President, Thrivent <br> from 2015 to 2020<br>|  |
| David S. Royal<br> (1971)<br>| Chief <br> Investment <br> Officer since <br> 2017; <br> Trustee since <br> 2015<br>| 67 | Chief Financial Officer, Thrivent <br> since 2022; Executive Vice <br> President, Chief Investment <br> Officer, Thrivent since 2017; <br> President, Mutual Funds from <br> 2015 to 2023<br>| Currently, Director of <br> Thrivent Trust <br> Company and <br> Advisory Board <br> Member of Twin <br> Bridge Capital <br> Partners<br>|

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**Independent Trustees**<sup>(4)</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<sup>(2)</sup> <br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service**<sup>(3)</sup> <br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| **Principal Occupation**<br> **During the Past 5 Years**<br>| **Other Directorships**<br> **Held Currently**<br> **and within Past**<br> **Five Years**<br>|
| Janice B. Case<br> (1952)<br>| Trustee since <br> 2011<br>| 66 | Retired | Independent Trustee <br> of North American <br> Electric Reliability <br> Corporation from <br> 2008 to 2020<br>|
| Robert J. Chersi<br> (1961)<br>| Trustee since <br> 2017<br>| 66 | Founder of Chersi Services LLC <br> (consulting firm) since 2014<br>| Director and member <br> of the Audit and Risk <br> Oversight <br> Committees of <br> E\*TRADE Financial <br> Corporation and <br> Director of E\*TRADE <br> Bank from 2019 to <br> 2020; Lead <br> Independent Director <br> since 2019 and <br> Director and Audit <br> Committee Chair at <br> BrightSphere <br> Investment Group <br> plc since 2016<br>|
| Arleas Upton Kea<br> (1957)<br>| Trustee since <br> 2022<br>| 66 | Deputy to the Chairman for <br> External Affairs, FDIC in 2021; <br> Chief Operating Officer and <br> Deputy to the Chairman, FDIC <br> from 2018 to 2021; Director, <br> Administration, FDIC from 1999 <br> to 2018<br>| Board of Directors, <br> Combined Federal <br> Campaign of the <br> National Capital Area <br> since 2021; Board of <br> Directors, University <br> of Texas Alumni <br> Association since <br> 2021; Board of <br> Directors, University <br> of Texas Law School <br> Foundation since <br> 2021<br>|
| Paul R. Laubscher<br> (1956)<br>| Trustee since <br> 2009<br>| 66 | Portfolio Manager for U.S. private <br> real estate and equity and global <br> public equity portfolios, hedge <br> funds and currency of IBM <br> Retirement Funds from 1997 to <br> 2022<br>|  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<sup>(2)</sup><br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service**<sup>(3)</sup><br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| **Principal Occupation**<br> **During the Past 5 Years**<br>| **Other Directorships**<br> **Held Currently**<br> **and within Past**<br> **Five Years**<br>|
| Robert J. Manilla<br> (1962)<br>| Trustee since <br> 2022<br>| 66 | Vice President and Chief <br> Investment Officer, The Kresge <br> Foundation since 2007<br>| Board Member of <br> Bedrock <br> Manufacturing <br> Company since <br> 2014; Board Member <br> of Sustainable <br> Insight Capital <br> Management LLC <br> from 2013 to 2022; <br> Board Member of <br> Venture Michigan <br> Fund from 2016 to <br> 2020; Board Member <br> of McGowan <br> Charitable fund from <br> 2012 to 2019<br>|
| James A. Nussle<br> (1960)<br>| Trustee since <br> 2011<br>| 66 | President and Chief Executive <br> Officer of Credit Union National <br> Association since <br> September 2014; Director of <br> Portfolio Recovery Associates <br> (PRAA) since 2010; CEO of The <br> Nussle Group LLC (consulting <br> firm) since 2009<br>|  |
| James W. Runcie<br> (1963)<br>| Trustee since <br> 2022<br>| 66 | Co-Founder and CEO of <br> Partnership for Education <br> Advancement since 2017<br>| Board Member of <br> Follett Higher <br> Education since <br> 2022; Director and <br> Audit Committee <br> Chair of <br> Class Acceleration <br> Corporation since <br> 2021; Board Member <br> of ECMC Group <br> since 2021<br>|
| Constance L. Souders<br> (1950)<br>| Trustee since <br> 2007<br>| 66 | Retired |  |

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**Officers** 

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| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<sup>(2)</sup> <br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service**<sup>(3)</sup> <br>| **Principal Occupation During the Past 5 Years** |
| Michael W. Kremenak<br> (1978)<br>| President since 2023; <br> Trustee since 2021<br>| Senior Vice President and Head of Mutual Funds, Thrivent since <br> 2020; Vice President, Thrivent from 2015 to 2020<br>|
| David S. Royal<br> (1971)<br>| Chief Investment <br> Officer since 2017; <br> Trustee since 2015<br>| Chief Financial Officer, Thrivent since 2022; Executive Vice President, <br> Chief Investment Officer, Thrivent since 2017; President, Mutual <br> Funds from 2015 to 2023<br>|
| Sarah L. Bergstrom<br> (1977)<br>| Treasurer and <br> Principal Accounting <br> Officer since 2022<br>| Vice President, Chief Accounting Officer/Treasurer - Mutual Funds, <br> Thrivent since 2022; Head of Mutual Fund Accounting, Thrivent from <br> 2017 to 2022<br>|

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| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<sup>(2)</sup><br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service**<sup>(3)</sup><br>| **Principal Occupation During the Past 5 Years** |
| Edward S. Dryden<br> (1965)<br>| Chief Compliance <br> Officer since 2010<br>| Vice President, Chief Compliance Officer – Thrivent Funds, Thrivent <br> since 2018; Director, Chief Compliance Officer – Thrivent Funds, <br> Thrivent from 2010 to 2018<br>|
| John D. Jackson<br> (1977)<br>| Secretary and Chief <br> Legal Officer since <br> 2020<br>| Senior Counsel, Thrivent since 2017 |
| Kathleen M. Koelling<sup>(5)</sup> <br>(1977)<br>| Privacy Officer since <br> 2011<br>| Vice President, Deputy General Counsel, Thrivent since 2018; Privacy <br> Officer, Thrivent since 2011; Anti-Money Laundering Officer, Thrivent <br> from 2011 to 2019; Vice President, Managing Counsel, Thrivent from <br> 2016 to 2018<br>|
| Sharon K. Minta<sup>(5)</sup> <br>(1973)<br>| Anti-Money <br> Laundering Officer <br> since 2019<br>| Director, Compliance and Anti-Money Laundering Officer of the <br> Financial Crimes Unit, Thrivent since 2019; Compliance Manager of <br> the Financial Crimes Unit, Thrivent from 2014 to 2019<br>|
| Troy A. Beaver<br> (1967)<br>| Vice President since <br> 2016<br>| Vice President, Mutual Funds Marketing & Distribution, Thrivent since <br> 2015<br>|
| Monica L. Kleve<br> (1969)<br>| Vice President since <br> 2019<br>| Vice President, Investment Operations, Thrivent since 2019; Director, <br> Investments Systems and Solutions, Thrivent from 2002 to 2019<br>|
| Andrew R. Kellogg<sup>(6)</sup> <br>(1972)<br>| Vice President since <br> 2022<br>| Director of Strategic Partnerships, Thrivent since 2021; Director, <br> Client Relations, SS&C/DST Systems, Inc. from 2016 to 2021<br>|
| Jill M. Forte<br> (1974)<br>| Assistant Secretary<br> since 2016<br>| Senior Counsel, Thrivent since 2017 |
| Richard L. Ramczyk<sup>(5)</sup> <br>(1976)<br>| Assistant Treasurer<br> since 2022<br>| Director, Fund Accounting and Valuation, Thrivent since 2022; <br> Manager, Mutual Fund Accounting Operations, Thrivent from 2011 to <br> 2022<br>|
| Taishiro A. Tezuka<br> (1985)<br>| Assistant Treasurer<br> since 2023<br>| Director, Fund Administration, Thrivent since 2023; Director, Asset <br> Wealth Management, PricewaterhouseCoopers LLP from 2020 to <br> 2022; Senior Manager, Asset Wealth Management, <br> PricewaterhouseCoopers LLP from 2019 to 2020; Manager, Asset <br> Wealth Management, PricewaterhouseCoopers LLP from 2016 to <br> 2019<br>|

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<sup>(1)</sup>

"Interested person" of the Trust as defined in the 1940 Act by virtue of a position with Thrivent. Mr. Kremenak and Mr. Royal are considered interested persons because of their principal occupations with Thrivent.

<sup>(2)</sup>

Unless otherwise noted, the address for each Trustee and Officer is 901 Marquette Avenue, Suite 2500, Minneapolis, MN 55402-3211.

<sup>(3)</sup>

Each Trustee generally serves an indefinite term until her or his successor is duly elected and qualified. Officers generally serve at the discretion of the Board until their successors are duly appointed and qualified.

<sup>(4)</sup>

The Trustees, other than Mr. Kremenak and Mr. Royal, are not "interested persons" of the Trust and are referred to as "Independent Trustees."

<sup>(5)</sup>

The address for this officer is 4321 North Ballard Road, Appleton, WI 54913.

<sup>(6)</sup>

The address for this officer is 600 Portland Avenue S., Suite 100, Minneapolis, MN 55415-4402.

Additional Information on Trustees

The Board has concluded, based on each Trustee's experience, qualifications, attributes or skills, on an individual basis and in combination with those of other Trustees, that each Trustee is qualified to serve on the Board. The qualifications that may be considered include, but are not limited to experience on other boards, occupation, business experience, education, knowledge regarding investment matters, diversity of experience, personal integrity and reputation and

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willingness to devote time to attend and prepare for Board and committee meetings. No one factor is controlling, either with respect to the group or any individual. Among the attributes or skills common to all Trustees are their ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with each of the other Trustees, the Adviser, counsel, the Trust's independent registered public accounting firm and other service providers, and to exercise effective and independent business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his or her duties effectively has been attained through the Trustee's business, consulting, public service, or academic positions and through experience from service as a board member of the Trust and other funds in the Fund Complex, another fund complex, public companies, or non-profit entities or other organizations as set forth below. The following is a summary of each Trustee's particular professional and other experience that qualifies each person to serve as a Trustee of the Trust.

**Interested Trustees** 

**Michael W. Kremenak.** Mr. Kremenak has served as a Trustee on the Board of the Thrivent Funds since 2021. He is currently the President of the Thrivent Funds and previously served as Senior Vice President from 2020 to 2023 and as Secretary and Chief Legal Officer from 2015 to 2020. He has served as a Trustee and Senior Vice President of Thrivent Church Loan and Income Fund since 2020. Mr. Kremenak joined Thrivent in 2013 and is currently Head of Thrivent Mutual Funds. Before joining Thrivent, Mr. Kremenak worked in the legal department of a large asset management firm. Mr. Kremenak serves on the investment committee of a non-profit organization, and he has experience serving as a member of the board of directors of a non-profit organization from 2014 to 2020, including on its investment committee.

**David S. Royal.** Mr. Royal has served as a Trustee on the Board of the Thrivent Funds since 2015. He is currently the Chief Investment Officer of the Thrivent Funds, and he previously served as President from 2015 to 2023 and as Secretary and Chief Legal Officer until 2015. He has served as Chief Financial Officer of Thrivent since 2022 and as Executive Vice President, Chief Investment Officer of Thrivent since 2017. Prior to his current position at Thrivent, Mr. Royal was Deputy General Counsel. He has served as Trustee and President of Thrivent Church Loan and Income Fund since 2018. Before joining Thrivent, Mr. Royal was a partner at an international law firm based in Chicago. Mr. Royal also has experience serving on the boards of directors of non-profit organizations.

**Independent Trustees** 

**Janice B. Case.** Ms. Case has served as a Trustee on the Board of the Thrivent Funds since 2011 and as Chair of the Governance and Nominating Committee since 2012. She has over 40 years of experience in the electric utilities industry, including ten years as an executive officer of a Florida-based electric utility and holding company. Since leaving full-time corporate employment, Ms. Case gained mutual fund industry experience as a former director on the board of another fund complex. Ms. Case has also served as a director on several public corporate and non-profit boards.

**Robert J. Chersi.** Mr. Chersi has served as a Trustee on the Board of the Thrivent Funds and as Chair of the Audit Committee since 2017. He also has been determined by the Board to be an Audit Committee financial expert. Mr. Chersi has over 30 years of experience in the financial services industry and is the founder of Chersi Services LLC, a financial consulting firm. He is currently the Lead Independent Director and Audit Committee Chair at BrightSphere Investment Group plc. Mr. Chersi is also the Executive Director of the Center for Global Governance, Reporting and Regulation of the Lubin School of Business at Pace University and the Helpful Executive in Reach in the Department of Accounting and Information Systems at Rutgers University. He served as a Director of E\*TRADE Bank and E\*TRADE Financial Corporation from 2019 to 2020.

**Arleas Upton Kea.** Ms. Kea has served as a Trustee on the Board of the Thrivent Funds since 2022. She retired after more than 35 years of government experience at the Federal Deposit Insurance Corporation (FDIC) where she served in various roles, including as the Deputy to the Chairman for External Affairs; Chief Operating Officer and Deputy to the Chairman; Director, Administration; Ombudsman; and in the Legal Division, including as Acting Deputy General Counsel. As a member of FDIC's leadership team, she served on the operating committee and the compensation committee and led initiatives in strategic planning, risk management, crisis management, business continuity planning, public policy, external affairs, human resources, and diversity, equity and inclusion. She has gained experience as a director on the board of several non-profit organizations.

**Paul R. Laubscher.** Mr. Laubscher has served as a Trustee on the Board of the Thrivent Funds since 2009 and as Chair of the Board since 2019. He also previously served as Chair of the Investment Committee from 2010 through 2018 and during a period in 2022. He is a holder of the Chartered Financial Analyst designation and has over 25 years of

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experience as a portfolio manager. Mr. Laubscher was formerly a senior investment manager of the retirement fund of a large public technology company.

**Robert J. Manilla.** Mr. Manilla has served as a Trustee on the Board of the Thrivent Funds since 2022 and as Chair of the Investment Committee since 2023. He has over 30 years of experience in the financial services industry, including fifteen years as Vice President and Chief Investment Officer of the Kresge Foundation, a private, national foundation that works to expand opportunities in America's cities through grantmaking and social investing in arts and culture, education, environment, health, human services and community development in Detroit. Mr. Manilla spent 20 years in the auto industry where he held management roles in product development, sales and marketing, manufacturing, international operations, capital markets and asset management. He has experience as a member on the board of several private, public, and non-profit organizations.

**James A. Nussle.** Mr. Nussle has served as a Trustee on the Board of the Thrivent Funds since 2011 and as Chair of the Ethics and Compliance Committee since 2022. He has more than 20 years of public service experience, including serving as a Representative from Iowa in the House of Representatives from 1991 through 2007 and as Director of the U.S. Office of Management and Budget. Mr. Nussle is the President and Chief Executive Officer of the Credit Union National Association, a national trade association for America's credit unions. Mr. Nussle has gained experience as a director on the advisory board of a private equity firm and on the board of several non-profit organizations.

**James W. Runcie.** Mr. Runcie has served as a Trustee on the Board of the Thrivent Funds since 2022. He is the Chief Executive Officer of the Partnership of Education Advancement, a not-for-profit organization that provides institutional capacity building support to mission-focused colleges and universities. Mr. Runcie previously served at the US Department of Education as Chief Operating Officer of Federal Student Aid. Prior to his government service, Mr. Runcie was an investment banking executive at several firms including UBS Investment Bank, Bank of America, and Donaldson, Lufkin and Jenrette. Mr. Runcie currently serves on several for-profit and not-for-profit organizations.

**Constance L. Souders.** Ms. Souders has served as a Trustee on the Board of the Thrivent Funds since 2007 and as Chair of the Contracts Committee since 2010. She also served as the Audit Committee financial expert from 2010 through 2016. Ms. Souders has over 20 years of experience in the mutual fund industry, including eight years as the former Treasurer of a mutual fund complex and registered investment adviser and the Financial and Operations General Securities Principal of a mutual fund broker-dealer.

Leadership Structure and Oversight Responsibilities

Overall responsibility for oversight of the Trust rests with the Board. The Board has engaged Thrivent to manage the Trust on a day-to-day basis. The Board is responsible for overseeing Thrivent and other service providers in the operation of the Trust in accordance with the provisions of the 1940 Act, applicable provisions of Massachusetts law, other applicable laws, and the Trust's organizational documents. The Board is currently composed of ten members, including eight Independent Trustees and two Interested Trustees. An "Independent Trustee" is not an "interested person" (as defined in the 1940 Act) of the Trust, while an "Interested Trustee" is. The Board conducts regular meetings four times a year. In addition, the Board holds special in-person or virtual meetings or informal meetings to discuss specific matters that may arise or require action between regular meetings. The Independent Trustees have engaged independent legal counsel and an industry consultant to assist them in performance of their oversight responsibilities.

The Board has appointed an Independent Trustee to serve in the role of Chair. The Chair's role is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Trustees generally between meetings. The Chair may also perform such other functions as may be delegated by the Board from time to time. Except for duties specified herein or pursuant to the Trust's organizational documents, the designation of Chair does not impose on such Independent Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Board generally. The Board has established five standing committees (described in more detail below) to assist the Board in the oversight and direction of the business and affairs of the Trust, and from time to time may establish informal working groups to review and address the policies and practices of the Trust with respect to certain specified matters. The Board believes that the Board's current leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees of the Trustees and the full Board in a manner that enhances effective oversight. The leadership structure of the Board may be changed at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Trust.

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The Trust is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Day-to-day risk management functions are subsumed within the responsibilities of Thrivent and other service providers (depending on the nature of the risk), which carry out the Trust's investment management and business affairs. Each of Thrivent and the other service providers have their own, independent interest in risk management, and their policies and methods of carrying out risk management functions will depend, in part, on their individual priorities, resources and controls.

Risk oversight forms part of the Board's general oversight of the Trust and is addressed as part of various Board and committee activities. The Board recognizes that it is not possible to identify all of the risks that may affect the Trust or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Trust, the Board, directly or through a committee, interacts with and reviews reports from, among others, Thrivent (including in its role as Liquidity Risk Management Program Administrator and Valuation Designee), the Chief Compliance Officer of the Trust, the Derivatives Risk Manager of the Trust, the independent registered public accounting firm for the Trust, and internal auditors for Thrivent, as appropriate, regarding risks faced by the Trust, and Thrivent's risk management functions.

With respect to liquidity risk, the Board or one of its committees reviews, no less frequently than annually, a written report prepared by the Liquidity Program Administrator that addresses the operation of the Liquidity Program and assesses its adequacy and effectiveness of implementation. With respect to valuation risk, the Board oversees the Adviser in its role as Valuation Designee and reviews periodic reporting addressing valuation matters with respect to the Trust, including the Valuation Designee's annual assessment of the adequacy and effectiveness of the Valuation Designee's process for determining the fair value of the designated portfolio of securities. With respect to derivatives risk, the Board or one of its committees reviews reports received from the Derivatives Risk Manager on a regular, annual and interim (if necessary) basis that address the operation and effectiveness of the Derivatives Risk Management Program.

The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Trust's compliance program and reports to the Board and the Ethics and Compliance Committee regarding compliance matters for the Trust and its principal service providers. In addition, as part of the Board's annual review of the Trust's advisory and other service provider agreements, the Board considers risk management aspects of these entities' operations and the functions for which they are responsible. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

Committees of the Board of Trustees

The Board conducts oversight of the Trust with the assistance of five committees, which are Audit, Ethics and Compliance, Investment, Contracts, and Governance and Nominating. Each committee is comprised of all of the Independent Trustees. The responsibilities of each committee are described below.

**Audit Committee.** The Audit Committee oversees management of financial risks and controls and is responsible for recommending the engagement or retention of the Trust's independent auditors. The Audit Committee serves as the channel of communication between the independent auditors of the Trust and the Board with respect to financial statements and financial reporting processes, systems of internal control, and the audit process, including permitted non-audit services. A representative of business risk management, which functions as the Adviser's internal audit group, meets with the Audit Committee and provides reports to the Audit Committee on an as-needed basis (but at least annually). The Audit Committee met four times during the past fiscal year.

**Ethics and Compliance Committee.** The Ethics and Compliance Committee monitors ethical and compliance risks and oversees the legal and regulatory compliance matters of the Funds. The Ethics and Compliance Committee meets with and receives reports from the Trust's Chief Compliance Officer, Chief Legal Officer, Privacy Officer, Anti-Money Laundering Officer and other Adviser personnel on matters relating to the compliance program and other regulatory and ethics matters. The Ethics and Compliance Committee met four times during the past fiscal year.

**Investment Committee.** The Investment Committee is designed to review investment strategies and risks in conjunction with its review of the Funds' performance. The Investment Committee assists the Board in its oversight of the investment performance of the Funds; the Funds' consistency with their investment objectives and styles; management's selection of benchmarks, peer groups and other performance measures for the Funds; and the range of investment options offered

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to investors in the Funds. In addition, the Committee assists the Board in its review of investment-related aspects of management's proposals such as new Funds or Fund reorganizations. The Investment Committee met six times in the past fiscal year.

**Contracts Committee.** The Contracts Committee assists the Board in fulfilling its duties with respect to the review and approval of contracts between the Trust and other entities, including entering into new contracts and the renewal of existing contracts. The Contracts Committee considers investment advisory, distribution, transfer agency, administrative service and custodial contracts, and such other contracts as the Board deems necessary or appropriate for the continuation of operations of each Fund. The Contracts Committee met six times in the past fiscal year.

**Governance and Nominating Committee.** The Governance and Nominating Committee assists the Board in fulfilling its duties with respect to the governance of the Trust, including the review and evaluation of the composition and operation of the Board and its committees, the annual self-assessment of the Board and its committees and periodic review and recommendations regarding compensation of the Independent Trustees. The Governance and Nominating Committee makes recommendations regarding nominations for Trustees and will consider nominees suggested by shareholders sent to the attention of the President of the Trust. The Governance and Nominating Committee met six times during the past fiscal year.

Beneficial Interest in the Trust by Trustees

The following table provides information, as of December 31, 2022 regarding the dollar range of beneficial ownership by each Trustee of the Trust. The dollar range shown in the third column reflects the aggregate amount of each Trustee's beneficial ownership in all registered investment companies within the investment company complex that are overseen by the Trustee. For Independent Trustees only, the third column includes each Trustee's deferred compensation, which is effectively invested in Thrivent Mutual Funds. For more information on the deferred compensation plan and for the aggregate amount of each Trustee's deferred compensation, see "Compensation of Trustees and Officers" below.

**Interested Trustees** 

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Beneficial**<br> **Ownership in the Trust**<br>| **Aggregate Dollar Range of**<br> **Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen by the**<br> **Trustee in the Investment**<br> **Company Complex**<br>|
| Michael W. Kremenak |  | Over $100,000 |
| David S. Royal |  | Over $100,000 |

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**Independent Trustees** 

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Beneficial**<br> **Ownership in the Trust**<br>| **Aggregate Dollar Range of**<br> **Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen by the**<br> **Trustee in the Investment**<br> **Company Complex**<br>|
| Janice B. Case |  | Over $100,000 |
| Robert J. Chersi |  | Over $100,000 |
| Arleas Upton Kea |  | $10001-$50000 |
| Paul R. Laubscher |  | Over $100,000 |
| Robert J. Manilla |  | Over $100,000 |
| James A. Nussle |  | Over $100,000 |
| James W. Runcie |  | Over $100,000 |
| Constance L. Souders |  | Over $100,000 |

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Compensation of Trustees and Officers

The Trust makes no payments to any of its officers for services performed for the Trust. The Independent Trustees are paid an annual base compensation of $230,000 to serve on the Boards of the Thrivent Funds. Each Trustee also receives $10,000 for each in-person meeting attended. The Board Chair is compensated an additional $120,000 per year; the

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Chair of the Audit Committee, who also serves as the Audit Committee Financial Expert, is compensated an additional $50,000 per year; the Chair of the Contracts Committee, the Chair of the Investment Committee, the Chair of the Governance and Nominating Committee and the Chair of the Ethics and Compliance Committee are each compensated an additional $30,000 per year. Independent Trustees are reimbursed by the Trust for any expenses they may incur by reason of attending Board meetings or in connection with other services they may perform in connection with their duties as Trustees of the Trust. The Trustees receive no pension or retirement benefits in connection with their service to the Trust.

The following table provides the amounts of compensation paid to the Trustees either directly or in the form of payments made into a deferred compensation plan for the fiscal year ended October 31, 2022:

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| | | |
|:---|:---|:---|
| **Name of Trustee**<sup>(1)</sup> <br>| **Aggregate Compensation from** <br> **Trust for Fiscal Year Ending** <br> **October 31, 2022**<br>| **Total Compensation Paid by Trust**<br> **and the Fund Complex**<br> **for Fiscal Year Ending**<br> **October 31, 2022**<br>|
| Janice B. Case | $1114 | $285000 |
| Robert J. Chersi  | $1192 | $305000 |
| Arleas Upton Kea | $977 | $250000 |
| Paul R. Laubscher  | $1504 | $385000 |
| Robert J. Manilla | $661 | $170000 |
| James A. Nussle | $1114 | $285000 |
| James W. Runcie | $977 | $250000 |
| Constance L. Souders  | $1114 | $285000 |

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<sup>(1)</sup>

The Trust has adopted a deferred compensation plan for the benefit of the disinterested Trustees of the Trust who wish to defer receipt of a percentage of eligible compensation which they otherwise are entitled to receive from the Trust. Compensation deferred is effectively invested in Thrivent Mutual Funds, the allocation of which is determined by the individual Trustee. The Trustees participating in the deferred compensation plan do not actually own shares of the Thrivent Mutual Funds through the plan, since deferred compensation is a general liability of the Thrivent Mutual Funds. However, a Trustee's return on compensation deferred is economically equivalent to an investment in the applicable Thrivent Mutual Funds. For compensation paid during the fiscal year ended October 31, 2022, the total amount of deferred compensation payable to the Trustees was $50,000 to Ms. Kea, $131,767 to Mr. Manilla, and $131,767 to Mr. Runcie.

Code of Ethics

The Trust and Thrivent have each adopted a code of ethics pursuant to the requirements of the 1940 Act. Under the Codes of Ethics, personnel are only permitted to engage in personal securities transactions in accordance with certain conditions relating to such person's position, the identity of the security, the timing of the transaction, and similar factors. Transactions in securities that may be held by the Fund are permitted, subject to compliance with applicable provisions of the Code. Personal securities transactions must be reported quarterly, and broker confirmations of such transactions must be provided for review.

Proxy Voting Policies

The Board has delegated to Thrivent, the Trust's investment adviser, the responsibility for voting any proxies with respect to the Portfolio in accordance with the proxy voting policies adopted by Thrivent. The Adviser's proxy voting policy is included in Appendix B. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge by calling 800-847-4836, or at SEC.gov where it is filed on form N-PX.

Item 18. Control Persons and Principal Holders of Securities

Control Persons and Principal Holders

The shareholders of the Portfolio are affiliates of the Portfolio, which is managed by Thrivent. The shareholders include other mutual funds advised by Thrivent or an affiliate of Thrivent. The table below identifies the Thrivent sponsored

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mutual funds that own of record or are known by the Trust to own beneficially 5% or more of any class of the Portfolio's outstanding shares (Principal Holders) or 25% or more of the Portfolio's outstanding shares (Control Persons). A shareholder who beneficially owns more than 25% of the Portfolio's shares is presumed to "control" the Portfolio, as that term is defined in the 1940 Act, and may have a significant impact on matters submitted to a shareholder vote. A shareholder who beneficially owns more than 50% of the Portfolio's outstanding shares may be able to approve proposals, or prevent approval of proposals, without regard to votes by other Portfolio shareholders. The information provided in the table for the Portfolio is as of January 31, 2023.

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| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent Owned** |
| Thrivent Cash Management Trust | Thrivent High Yield Portfolio | 20.93 |
|  | Thrivent High Yield Fund | 17.34% |
|  | Thrivent Small Cap Stock Fund | &nbsp;&nbsp; 8.91% |
|  | Thrivent Moderate Allocation Portfolio | &nbsp;&nbsp; 6.32% |
|  | Thrivent Diversified Income Plus Fund | &nbsp;&nbsp; 5.03% |

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Management Ownership

As of January 31, 2023, the Trust's officers and Trustees owned less than 1% of the shares of the Trust.

Item 19. Investment Advisory and Other Services

Service Providers

Most of the Portfolio's necessary day-to-day operations are performed by service providers under contract to the Trust. The principal service providers for the Portfolio are:

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| | |
|:---|:---|
| Investment Adviser: | Thrivent |
| Administrator: | Thrivent |
| Distributor: | Thrivent Distributors, LLC |
| Custodian: | State Street Bank and Trust Company |
| Transfer Agent: | Thrivent Financial Investor Services Inc. |
| Independent Registered Public Accounting Firm: | PricewaterhouseCoopers LLP |

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Adviser

Thrivent serves as the investment adviser to the Portfolio pursuant to an Advisory Agreement dated as of August 25, 2004 ("Advisory Agreement"), by and between the Adviser and the Trust. Thrivent is a Wisconsin corporation chartered as a fraternal benefit society. The Adviser's mailing address is 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211. The officers of the Trust are affiliated with Thrivent in the following capacities:

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| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent** |
| Michael W. Kremenak | Trustee and President | &nbsp;&nbsp; Senior Vice President and Head of <br> Mutual Funds<br>|
| David S. Royal | Trustee and Chief Investment Officer | &nbsp;&nbsp; Executive Vice President, Chief <br> Financial Officer, and Chief <br> Investment Officer<br>|
| Sarah L. Bergstrom | &nbsp;&nbsp; Treasurer and Principal Accounting <br> Officer<br>| &nbsp;&nbsp; Vice President, Chief Accounting <br> Officer/Treasurer – Mutual Funds<br>|
| Edward S. Dryden | Chief Compliance Officer | &nbsp;&nbsp; Vice President, Chief Compliance <br> Officer – Thrivent Funds<br>|
| John D. Jackson | Secretary and Chief Legal Officer | Senior Counsel |
| Kathleen M. Koelling | Privacy Officer | &nbsp;&nbsp; Vice President, Deputy General <br> Counsel; and Privacy Officer<br>|

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| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent** |
| Sharon K. Minta | Anti-Money Laundering Officer | &nbsp;&nbsp; Director, Compliance, Anti-Money <br> Laundering Officer and Manager of <br> Identity Theft and Customer Fraud/<br> Special Investigations Unit<br>|
| Troy A. Beaver | Vice President | &nbsp;&nbsp; Vice President, Mutual Funds <br> Marketing & Distribution<br>|
| Monica L. Kleve | Vice President | Vice President, Investment Operations |
| Andrew R. Kellogg | Vice President | Director of Strategic Partnerships |
| Jill M. Forte | Assistant Secretary | Senior Counsel |
| Richard L. Ramczyk | Assistant Treasurer | &nbsp;&nbsp; Director, Fund Accounting and <br> Valuation<br>|
| Taishiro A. Tezuka | Assistant Treasurer | Director, Fund Administration |

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Under the Advisory Agreement, the Adviser directs the Portfolio's investments in accordance with its investment objective, policies and limitations. For these services, the Trust pays a fee to the Adviser at the rates stated in the Prospectus. The Adviser may voluntarily reimburse a portion of the Trust's expenses, and such voluntary expense reimbursement can be discontinued by the Adviser at any time. The Trust paid the Adviser $246,154 for the fiscal year ended October 31, 2022, $276,606 for the fiscal year ended October 31, 2021, and $252,250 for the fiscal year ended October 31, 2020.

The Advisory Agreement was approved by the Trustees, including a majority of the Trustees who are not "interested persons" of the Trust, as such term is defined in Section 2(a) (19) of the 1940 Act ("Independent Trustees"), and will continue in effect from year to year provided that the Advisory Agreement is approved by the Trustees, including a majority of the Independent Trustees on an annual basis. The Advisory Agreement may be terminated without penalty by the Adviser upon 60 days' written notice, or by the Trust on behalf of the Portfolio upon 60 days' written notice, and will terminate automatically upon its assignment.

Administrator

Thrivent (the "Administrator") serves as the administrator of the Portfolio pursuant to an Administration Contract dated as of August 25, 2004 ("Administration Contract") by and between Thrivent and the Trust. Under the Administration Contract, the Administrator will, among other things, (i) provide the Portfolio with administrative and clerical services, including the maintenance of the Portfolio's books and records (ii) arrange the periodic updating of the Trust's Registration Statement and Confidential Offering Memorandum, and (iii) provide proxy materials and reports to Portfolio shareholders and the SEC.

The Administrator also provides certain accounting and pricing services to the Trust. These services include calculating the Trust's daily net asset value per share; maintaining original entry documents and books of record and general ledgers; posting cash receipts and disbursements; reconciling bank account balances monthly; recording purchases and sales; and preparing monthly and annual summaries to assist in the preparation of financial statements of, and regulatory reports for, the Trust. For these services, the Trust paid the Administrator $90,000 for the fiscal year ended October 31, 2022, $90,000 for the fiscal year ended October 31, 2021, and $90,000 for the fiscal year ended October 31, 2020.

The Administration Contract was approved initially for a one-year term by the Trustees and continues in effect from year to year upon annual approval of a majority of the Trustees, including a majority of the Independent Trustees. Either the Administrator or the Trust may terminate the Administration Contract upon providing 60 days prior written notice to the other party.

Distributor

Thrivent Distributors, LLC, 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211 serves as the principal underwriter and distributor for the Trust pursuant to a Distribution Agreement dated as of January 1, 2018 ("Distribution Agreement") by and between Thrivent Distributors, LLC and the Trust.

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The Distribution Agreement was initially approved by the Board of Trustees, including a majority of the Independent Trustees, for a two year period and continues in effect from year to year upon annual approval of the Trustees, including a majority of the Independent Trustees.

Custodian

State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111, serves as the custodian for the Trust.

Transfer Agent

Thrivent Financial Investor Services Inc., 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211 serves as the transfer agent for the Trust.

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP, 45 South Seventh Street, Suite 3400, Minneapolis, Minnesota 55402, serves as the Trust's independent registered public accounting firm providing professional services including audits of the Trust's annual financial statements, assistance and consultation in connection with SEC filings, and review and signing of the annual income tax returns filed on behalf of the Trust.

Item 20. Portfolio Managers

Not Applicable

Item 21. Brokerage Allocation and Other Practices

All portfolio transactions are placed on behalf of the Trust by the Adviser. There is generally no stated commission in the purchase or sale of securities traded in the over-the-counter markets, including most debt securities and money market instruments. Rather, the price of such securities includes an undisclosed commission in the form of a mark-up or mark-down. The Trust did not pay any underwriting commissions during the fiscal year ending October 31, 2022.

Subject to the arrangements and provisions described below, the selection of a broker or dealer to execute portfolio transactions is usually made by the Adviser. The Advisory Agreement provides that in executing portfolio transactions and selecting brokers or dealers, the Adviser shall use its best efforts to seek, on behalf of the Trust, the best overall terms available. Ordinarily, securities will be purchased from primary markets, and the Adviser shall consider all factors it deems relevant in assessing the best overall terms available for any transaction, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, for the specific transaction and other transactions on a continuing basis.

The Advisory Agreement authorizes the Adviser to select brokers or dealers to execute a particular transaction. In evaluating the best overall terms available, the Adviser may consider the "brokerage and research services" (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended) provided to the Trust and/or the Adviser (or its affiliates). The Adviser is authorized to cause the Trust to pay a commission to a broker or dealer who provides such brokerage and research services for executing a portfolio transaction that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction. The Adviser must determine in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided. To the extent applicable, the provisions of the European Union's second Markets in Financial Instruments Directive, known as MiFID II, could have an impact on the allocation of brokerage transactions and the receipt and compensation for research services by the Adviser. Certain services received by the Adviser attributable to the portfolio transactions of the Trust may benefit one or more other accounts for which the Adviser or its affiliate exercises investment discretion, and may not directly benefit the particular accounts that generated the brokerage commissions used to acquire the research product or service, including the Trust. The adviser's fees are not reduced by the Adviser's receipt of such brokerage and research services.

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The Trust held securities of its "regular broker or dealers," as that term is defined in Rule 10b-1 under the 1940 Act, as of October 31, 2022 as follows:

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| | |
|:---|:---|
| **Regular Broker or Dealer (or Parent)** | **Aggregate Holdings** |
| Goldman, Sachs & Company  | $196880000 |
| RBC Capital Markets  | $25000000 |
| BlackRock, Inc. | $5000 |
| Dreyfus | $5000 |

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Item 22. Capital Stock and Other Securities

Under its Declaration of Trust, the Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.01 per shares, which may be divided into one or more series or classes of shares. Each share of any series shall represent an equal proportionate share in the assets of that series with each other share in that series. The Trustees may authorize the creation of additional series of shares and additional classes of shares within any series, subject to the terms of the Declaration of Trust. The Trustees have the power to determine the designations, preferences, privileges, limitations and rights, including voting and dividend rights, of each series and class of shares. As of the date of the SAI, the Trust is comprised of a single portfolio series with a single class of shares.

The Declaration of Trust provides that no shareholder shall be subject to any personal liability to any person in connection with Trust property or the acts, obligations or affairs of the Trust.

The Declaration of Trust may be amended by a majority shareholder vote, as described in the Declaration of Trust. The Trustees may amend the Declaration of Trust under certain limited circumstances, provided that the purpose of the amendment does not adversely affect the rights of any shareholder. No amendment to the Declaration of Trust may be made that would change any rights with respect to any Trust or series shares by reducing the amount payable to such shares upon liquidation of the Trust or series or by diminishing or eliminating any voting rights pertaining to such shares, except with the approval of the holders of two thirds of the Trust or series shares outstanding and entitled to vote or by such other vote as established by the Trustees with respect to such shares. In addition, the Declaration of Trust may not be amended to impair the exemption from personal liability of the shareholders of the Trust or to permit assessment upon shareholders.

The Trust will not have an annual meeting of shareholders. Special meetings of shareholders may be convened by the Board of Trustees or upon written request by shareholders holding not less than one-third in amount of the entire number of shares issued and outstanding and entitled to vote.

Item 23. Purchase, Redemption and Pricing of Shares

Manner in Which Shares are Offered and Redeemed

Shares of the Trust are being offered to clients of Thrivent's securities lending program, which are the series of Thrivent Mutual Funds and Thrivent Series Fund, Inc. Shares of the Trust are sold on a private placement basis in accordance with Regulation D under the Securities Act of 1933, as amended. Shares are not subject to a sales load or redemption fee, and assets of the Trust are not subject to a Rule 12b-1 fee. The Trust will pay redemption requests within seven days following receipt of all required documents, subject to the limited exceptions as permitted by the SEC.

Valuation of Trust Shares

The net asset value per share is generally determined at the close of regular trading on the NYSE, or any other day as provided by Rule 22c-1 under the 1940 Act. Determination of net asset value may be suspended when the NYSE is closed or if certain emergencies have been determined to exist by the Securities and Exchange Commission, as allowed by the 1940 Act. If the NYSE has an unscheduled early close but certain other markets remain open until their regularly scheduled closing time, the NAV may be determined as of the regularly scheduled closing time of the NYSE. If the NYSE and/or certain other markets close early due to extraordinary circumstances (e.g., weather, terrorism, etc.), the NAV may be calculated as of the early close of the NYSE and/or other markets. The NAV generally will not be determined on days when, due to extraordinary circumstances, the NYSE and/or certain other markets do not open for trading.

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It is the policy of the Trust to use its best efforts to maintain a constant price per share of $1.00, although there can be no assurance that the $1.00 net asset value per share will be maintained. In accordance with this effort and pursuant to Rule 2a-7 under the 1940 Act, the Trust uses the amortized cost valuation method to value its portfolio instruments. This method involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium even though the portfolio security may increase or decrease in market value generally in response to changes in interest rates. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price a Trust would receive if it sold the instrument.

The Trustees have established procedures reasonably designed to stabilize the Trust's price per share at $1.00. These procedures include (i) the determination of the deviation from $1.00, if any, of the Trust's net asset value using market values, (ii) periodic review by the Trustees of the amount of and the methods used to calculate the deviation, and (iii) maintenance of records of such determination. The Trustees will promptly consider what action, if any, should be taken if such deviation exceeds 0.4 of one percent.

The Trustees may, in their discretion, permanently suspend redemptions and liquidate if, among other things, the Portfolio, at the end of a business day, has less than 10% of its total assets invested in weekly liquid assets; or if the Portfolio's amortized cost price per share has deviated from its market-based NAV per share, or the Trustees have determined such deviation is likely to occur.

Item 24. Taxation of the Trust

Federal Tax Information for the Trust

This discussion of federal income tax consequences is based on the Internal Revenue Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

It is the Trust's policy to qualify for taxation as a "regulated investment company" (RIC) by meeting the requirements of Subchapter M of the Internal Revenue Code. By qualifying as a RIC, the Trust expects to eliminate or reduce to a nominal amount the federal income tax to which it is subject. If the Trust does not qualify as a RIC under the Internal Revenue Code, it will be subject to federal income tax on its net investment income and any net realized capital gains. In addition, the Trust could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

The Trust is treated as a separate entity for federal income tax purposes. The Trust intends to qualify as a RIC so that it will be relieved of federal income tax on that part of its income that is distributed to shareholders. In order to qualify for treatment as a RIC, the Trust must, among other requirements, distribute annually to its shareholders at least the sum of 90% of its investment company taxable income (generally, net investment income plus the excess, if any, of net short-term capital gain over net long-term capital losses) and 90% of its net tax-exempt income. Among these requirements are the following: (i) at least 90% of the Trust's gross income each taxable year must be derived from dividends, interest, payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock or securities or currencies and net income derived from an interest in a qualified publicly traded partnership; (ii) at the close of each quarter of the Trust's taxable year, at least 50% of the value of its total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of the Trust's assets and that does not represent more than 10% of the outstanding voting securities of such issuer; and (iii) at the close of each quarter of the Trust's taxable year, not more than 25% of the value of its assets may be invested in securities (other than U.S. government securities or the securities of other RICs) of any one issuer or of two or more issuers and which are engaged in the same, similar, or related trades or businesses if the Trust owns at least 20% of the voting power of such issuers, or the securities of one or more qualified publicly traded partnerships.

Certain master limited partnerships may qualify as "qualified publicly traded partnerships" for purposes of the Subchapter M diversification rules described above. To do so, the master limited partnership must satisfy two requirements during the taxable year. First, the interests of such partnership either must be traded on an established securities market or must be readily tradable on a secondary market (or the substantial equivalent thereof). Second, the

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partnership must meet the 90% gross income requirements for the exception from treatment as a corporation with gross income other than income consisting of dividends, interest, payments with respect to securities loans, or gains from the sale or other disposition of stock or securities or foreign currencies, or other income derived with respect to its business of investing in such stock securities or currencies.

The Internal Revenue Code imposes a non-deductible excise tax on RICs that do not distribute in a calendar year (regardless of whether they otherwise have a non-calendar taxable year) an amount equal to 98% of their "ordinary income" (as defined in the Internal Revenue Code) for the calendar year plus 98.2% of their net capital gain for the one-year period ending on October 31 of such calendar year, plus any undistributed amounts from prior years. The non-deductible excise tax is equal to 4% of the deficiency. For the foregoing purposes, the Trust is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar year. The Trust may in certain circumstances be required to liquidate Trust investments to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Trust to satisfy the requirements for qualification as a RIC.

Dividends and interest received from the Trust's holding of foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If the Trust meets certain requirements, which include a requirement that more than 50% of the value of the Trust's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, then the Trust should be eligible to file an election with the Internal Revenue Service (IRS) that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a tax deduction, with respect to any foreign and U.S. possessions income taxes paid by the Trust, subject to certain limitations. Pursuant to this election, the Trust will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then, subject to certain limitations, either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit the shareholder may be entitled to use against such shareholder's federal income tax. If the Trust makes this election, the Trust will report annually to its shareholders the respective amounts per share of the Trust's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

The Trust's transactions in foreign currencies and forward foreign currency contracts will be subject to special provisions of the Internal Revenue Code that, among other things, may affect the character of gains and losses realized by the Trust (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Trust and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Trust to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Trust to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the RIC distribution requirements for avoiding income and excise taxes. The Trust intends to monitor its transactions, intends to make the appropriate tax elections, and intends to make the appropriate entries in its books and records when its acquires any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of the Trust as a RIC and minimize the imposition of income and excise taxes.

If the Trust owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Trust will be subject to one of the following special tax regimes: (i) the Trust is liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Trust as a dividend to its shareholders; (ii) if the Trust were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Trust would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Trust's pro rata share of the ordinary earnings and net capital gains of the passive foreign investment company, whether or not such earnings or gains are distributed to the Trust; or (iii) the Trust may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above.

The Trust's transactions in futures contracts, forward contracts, foreign currency exchange transactions, options and certain other investment and hedging activities may be restricted by the Internal Revenue Code and are subject to special tax rules. In a given case, these rules may accelerate income to the Trust, defer its losses, cause adjustments in the holding periods of the Trust's assets, convert short-term capital losses into long-term capital losses or otherwise

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affect the character of the Trust's income. These rules could therefore affect the amount, timing and character of distributions to shareholders. The Trust will endeavor to make any available elections pertaining to these transactions in a manner believed to be in the best interest of the Trust and its shareholders.

Under Section 988 of the Internal Revenue Code, special rules are provided for certain transactions in a foreign currency other than the taxpayer's functional currency (i.e., unless certain special rules apply, currencies other than the U.S. dollar). In general, foreign currency gains or losses from forward contracts, from futures contracts that are not "regulated futures contracts," and from unlisted options will be treated as ordinary income or loss under Section 988 of the Internal Revenue Code. Also, certain foreign exchange gains or losses derived with respect to foreign fixed income securities are also subject to Section 988 treatment. In general, therefore, Section 988 gains or losses will increase or decrease the amount of the Trust's investment company taxable income available to be distributed to shareholders as ordinary income, rather than increasing or decreasing the amount of the Trust's net capital gain.

The Trust is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures contracts as of the end of the year as well as those actually realized during the year. Gain or loss from futures and options contracts on broad-based indexes required to be marked-to-market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The Trust may be required to defer the recognition of losses on futures contracts, options contracts and swaps to the extent of any unrecognized gains on offsetting positions held by the Trust. It is anticipated that any net gain realized from the closing out of futures or options contracts will be considered gain from the sale of securities and therefore will be qualifying income for purposes of the 90% requirement described above. The Trust distributes to shareholders at least annually any net capital gains which have been recognized for federal income tax purposes, including unrealized gains at the end of the Trust's fiscal year on futures or options transactions. Such distributions are combined with distributions of capital gains realized on the Trust's other investments and shareholders are advised on the nature of the distributions.

Federal Income Tax Information for Shareholders

The discussion of federal income taxation presented below supplements the discussion in the Trust's prospectus and only summarizes some of the important federal tax considerations generally affecting shareholders of the Trust. Accordingly, prospective investors (particularly those not residing or domiciled in the United States) should consult their own tax advisors regarding the consequences of investing in the Trust.

Any dividends declared by the Trust in October, November or December and paid the following January are treated, for tax purposes, as if they were received by shareholders on December 31 of the year in which they were declared. In general, distributions by the Trust of investment company taxable income (including net short-term capital gains), if any, whether received in cash or additional shares, will be taxable to you as ordinary income. A portion of these distributions may be treated as qualified dividend income (eligible for the reduced rates to individuals as described below) to the extent that the Trust receives qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the shares of the Trust on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares of the Trust become ex-dividend with respect to such dividend (and the Trust also satisfies those holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (ii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iii) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Internal Revenue Code. Dividends received by the Trust from a REIT or another RIC may be treated as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income received by such REIT or RIC. It is expected that dividends received by the Trust from a REIT and distributed to a shareholder generally will be taxable to the shareholder as ordinary income.

Distributions from net capital gain (if any) that are reported as capital gains dividends are taxable as long-term capital gains without regard to the length of time the shareholder has held shares of the Trust. However, if you receive a capital gains dividend with respect to Trust shares held for six months or less, any loss on the sale or exchange of those shares shall, to the extent of the capital gains dividend, be treated as a long-term capital loss. The maximum individual rate applicable to "qualified dividend income" and long-term capital gains is generally either 15% or 20% depending on

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whether the individual's income exceeds certain threshold amounts. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Internal Revenue Code.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Trust and net gains from redemptions or other taxable dispositions of Trust shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

At the beginning of every year, the Trust will provide shareholders with a tax reporting statement containing information detailing the estimated tax status of any distributions that the Trust paid during the previous calendar year. REITs in which the Trust invests often do not provide complete and final tax information to the Trust until after the time that the Trust issues the tax reporting statement. As a result, the Trust may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Trust will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement in completing your tax returns.

The Trust will inform you of the amount of your ordinary income dividends and capital gain distributions, if any, at the time they are paid and will advise you of its tax status for federal income tax purposes, including what portion of the distributions will be qualified dividend income, shortly after the close of each calendar year.

If the Trust makes a distribution to a shareholder in excess of the Trust's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of the shareholder's tax basis in its shares, and thereafter, as capital gain. A return of capital is not taxable, but reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. To the extent that a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

For corporate investors in the Trust, dividend distributions the Trust reports as dividends received from qualifying domestic corporations will be eligible for the 50% corporate dividends-received deduction to the extent they would qualify if the Trust were a regular corporation. Distributions by the Trust also may be subject to state, local and foreign taxes, which may differ from the federal income tax treatment described above.

A sale of shares in the Trust may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of shares will be treated as short-term capital gain or loss. The maximum individual tax rate applicable to long-term capital gains is generally either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. Any loss realized upon a taxable disposition of shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of shares will be disallowed if other substantially identical shares of the Trust are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

Capital losses in excess of capital gains (net capital losses) are not permitted to be deducted against the Trust's net investment income. Instead, potentially subject to certain limitations, the Trust may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Trust retains or distributes such gains. Capital loss carryforwards will be carried forward to one or more subsequent taxable years without expiration to offset capital gains realized during such subsequent taxable years; any such carryforward losses will retain their character as short-term or long-term.

Certain tax-exempt shareholders, including qualified pension plans, individual retirement accounts, salary deferral arrangements, 401(k)s, and other tax-exempt entities, generally are exempt from federal income taxation except with respect to their unrelated business taxable income (UBTI). Under current law, the Trust generally serves to block UBTI from being realized by its tax-exempt shareholders. However, notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Trust where, for example, (i) the Trust invests in REITs that hold

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residual interests in real estate mortgage investment conduits (REMICs) or (ii) its shares in the Trust constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of section 514(b) of the Internal Revenue Code. Charitable remainder trusts are subject to special rules and should consult their tax advisors. There are no restrictions preventing the Trust from holding investments in REITs that hold residual interests in REMICs, and the Trust may do so.

For taxable years beginning after 2017 and before 2026, non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary REIT dividends and income derived from MLP investments. The Trust is permitted to pass through to shareholders the character of ordinary REIT dividends so as to allow non-corporate shareholders to claim this deduction. There currently is no mechanism for the Trust to pass through to non-corporate shareholders the character of income derived from MLP investments. It is uncertain whether future legislation or other guidance will enable the Trust to pass through to non-corporate shareholders the ability to claim this deduction with respect to income derived from MLP investments.

**Backup Withholding.** The Trust will be required in certain cases to withhold at the applicable withholding rate and remit to the U.S. Treasury the withheld amount of taxable dividends and redemption proceeds paid to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that he or she is not subject to "backup withholding;" or (4) fails to provide a certified statement that he or she is a U.S. person (including a U.S. resident alien). Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. tax liability.

**Reportable Transactions.** Under U.S. Treasury regulations, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as the Trust are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Shareholders are urged to consult their tax advisors as to the state and local tax rules affecting investments in the Trust.

Item 25. Underwriters

Underwriting and Distribution Services

The Portfolio's principal underwriter and distributor, Thrivent Distributors, is a Delaware limited liability company organized in 2015. Thrivent Distributors is an indirect wholly owned subsidiary of Thrivent and is located at 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211. The officers and directors of Thrivent Distributors who are affiliated with the Trust are set forth below under "Affiliated Persons."

The Distribution Agreement was initially approved by the Board of Trustees, including a majority of the Independent Trustees, on January 1, 2018 for a two year period, and will continue in effect from year to year so long as its continuance is approved at least annually by the Board of Trustees, including a majority of the Independent Trustees.

**Underwriting Commissions** 

Thrivent Distributors does not receive underwriting commissions from the Trust.

**12b-1 Distribution Plan** 

Assets of the Portfolio are not subject to a Rule 12b-1 fee.

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**Affiliated Persons** 

The following officers of Thrivent Distributors are affiliated with the Trust.

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| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent Distributors** |
| Michael W. Kremenak | Trustee and President | Elected Manager |
| David S. Royal | Trustee and Chief Investment Officer | Elected Manager |
| Edward S. Dryden | Chief Compliance Officer | Chief Compliance Officer |
| John D. Jackson | Secretary and Chief Legal Officer | Chief Legal Officer and Secretary |
| Troy A. Beaver | Vice President | Chief Executive Officer |
| Andrew R. Kellogg | Vice President | Vice President |

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Item 26. Calculation of Performance Data

Not Applicable.

Item 27. Financial Statements

[The annual report for the Portfolio for the fiscal year ended October 31, 2022, which includes the Report of Independent](http://www.sec.gov/Archives/edgar/data/1300087/000130008722000031/primary-document.htm)[Registered Public Accounting Firm and financial statements, is a separate report furnished with this SAI and is](http://www.sec.gov/Archives/edgar/data/1300087/000130008722000031/primary-document.htm)[incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1300087/000130008722000031/primary-document.htm).

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Appendix A

Description of Debt Ratings

A Portfolio's investments may range in quality from securities rated in the lowest category in which the Portfolio is permitted to invest to securities rated in the highest category (as rated by Moody's or S&P, or, if unrated, determined by the Adviser to be of comparable quality). The percentage of a Portfolio's assets invested in securities in a particular rating category will vary. The following terms are generally used to describe the credit quality of fixed income securities:

*High Quality Debt Securities* are those rated in one of the two highest rating categories (the highest category for commercial paper) or, if unrated, deemed comparable by the Adviser.

*Investment Grade Debt Securities* are those rated in one of the four highest rating categories or, if unrated, deemed comparable by the Adviser.

*Below Investment Grade, High Yield Securities ("Junk Bonds")* are those rated lower than Baa by Moody's or BBB by S&P and comparable securities. They are deemed predominately speculative with respect to the issuer's ability to repay principal and interest.

The following is a description of Moody's and S&P's rating categories applicable to fixed income securities.

Moody's Investors Service, Inc.

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody's defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody's ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody's rating addresses the issuer's ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody's ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody's issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned.

Moody's differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies, however, Moody's aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

**Global Long-Term Obligation Ratings**

Moody's long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Aaa: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

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| | |
|:---|:---|
| Aa: | Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
| A: | Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
| Baa: | &nbsp;&nbsp; Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may <br> possess certain speculative characteristics.<br>|
| Ba: | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
| B: | Obligations rated B are judged to be speculative and are subject to high credit risk. |
| Caa: | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
| Ca: | &nbsp;&nbsp; Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of <br> recovery of principal and interest.<br>|
| C: | &nbsp;&nbsp; Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of <br> principal or interest.<br>|

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Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Global Short-Term Ratings**

Moody's short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

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| | |
|:---|:---|
| P-1: | Ratings of Prime-1 reflect a superior ability to repay short-term obligations. |
| P-2: | Ratings of Prime-2 reflect a strong ability to repay short-term obligations. |
| P-3: | Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
| NP: | Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |

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US Municipal Short-Term Debt and Demand Obligation Ratings

**Short-Term Obligation Ratings**

We use the global short-term Prime rating scale for commercial paper issued by US municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity.

For other short-term municipal obligations, we use one of two other short-term rating scales, the Municipal Investment Grade ("MIG") and Variable Municipal Investment Grade ("VMIG") scales discussed below.

Moody's uses the MIG scale for US municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain circumstances, we use the MIG scale for bond anticipation notes with maturities of up to five years.

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| | |
|:---|:---|
| MIG 1: | &nbsp;&nbsp; This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, <br> highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.<br>|
| MIG 2: | &nbsp;&nbsp; This designation denotes strong credit quality. Margins of protection are ample, although not as large as in <br> the preceding group.<br>|
| MIG 3: | &nbsp;&nbsp; This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and <br> market access for refinancing is likely to be less well-established.<br>|
| SG: | &nbsp;&nbsp; This designation denotes speculative-grade credit quality. Debt instruments in this category may lack <br> sufficient margins of protection.<br>|

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**Demand Obligation Ratings**

In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature ("demand feature") of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. Please see our methodology that discusses demand obligations with conditional liquidity support.

For VRDOs, we typically assign the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is "NR".

Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects Moody's view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the liquidity of the corporate obligor.

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| | |
|:---|:---|
| VMIG 1: | &nbsp;&nbsp; This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term <br> credit strength of the liquidity provider and structural and legal protections.<br>|
| VMIG 2: | &nbsp;&nbsp; This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit <br> strength of the liquidity provider and structural and legal protections.<br>|
| VMIG 3: | &nbsp;&nbsp; This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-<br> term credit strength of the liquidity provider and structural and legal protections.<br>|
| SG: | &nbsp;&nbsp; This designation denotes speculative-grade credit quality. Demand features rated in this category may be <br> supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the <br> structural or legal protections.<br>|

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S&P Global Ratings

**Long-Term Issue Credit Ratings**

Issue credit ratings are based, in varying degrees, on the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Likelihood of payment — capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nature of and provisions of the obligation; and the promise imputed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protection afforded by, and relative position of, the obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower

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priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

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| | |
|:---|:---|
| AAA: | &nbsp;&nbsp; An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to <br> meet its financial commitment on the obligation is extremely strong.<br>|
| AA: | &nbsp;&nbsp; An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's <br> capacity to meet its financial commitment on the obligation is very strong.<br>|
| A: | &nbsp;&nbsp; An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and <br> economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its <br> financial commitment on the obligation is still strong.<br>|
| BBB: | &nbsp;&nbsp; An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions <br> or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial <br> commitment on the obligation.<br>|

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Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

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| | |
|:---|:---|
| BB: | &nbsp;&nbsp; An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces <br> major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could <br> lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.<br>|
| B: | &nbsp;&nbsp; An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently <br> has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic <br> conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the <br> obligation.<br>|
| CCC: | &nbsp;&nbsp; An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, <br> financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the <br> event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to <br> meet its financial commitment on the obligation.<br>|
| CC: | &nbsp;&nbsp; An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default <br> has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the <br> anticipated time to default.<br>|
| C: | &nbsp;&nbsp; An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have <br> lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.<br>|
| D: | &nbsp;&nbsp; An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, <br> the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P <br> Global Ratings believes that such payments will be made within five business days in the absence of a stated <br> grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also <br> will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an <br> obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is <br> lowered to 'D' if it is subject to a distressed debt restructuring.<br>|
| Plus (+) <br> or minus <br> (-):<br>| &nbsp;&nbsp; The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative <br> standing within the rating categories.<br>|

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**Short-Term Issue Credit Ratings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| A-1: | &nbsp;&nbsp; A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's <br> capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations <br> are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment <br> on these obligations is extremely strong.<br>|

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| | |
|:---|:---|
| A-2: | &nbsp;&nbsp; A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in <br> circumstances and economic conditions than obligations in higher rating categories. However, the obligor's <br> capacity to meet its financial commitment on the obligation is satisfactory.<br>|
| A-3: | &nbsp;&nbsp; A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic <br> conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet <br> its financial commitment on the obligation.<br>|
| B: | &nbsp;&nbsp; A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. <br> The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing <br> uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.<br>|
| C: | &nbsp;&nbsp; A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable <br> business, financial, and economic conditions for the obligor to meet its financial commitment on the <br> obligation.<br>|
| D: | &nbsp;&nbsp; A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital <br> instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, <br> unless S&P Global Ratings believes that such payments will be made within any stated grace period. <br> However, any stated grace period longer than five business days will be treated as five business days. The <br> 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where <br> default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an <br> obligation is lowered to 'D' if it is subject to a distressed debt restructuring.<br>|

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Appendix B—Proxy Voting Policies

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## Thrivent Financial for Lutherans and

## Thrivent Asset Management, LLC

## Proxy Voting Policies and Procedures Summary
Responsibility to Vote Proxies

**Overview**. Thrivent Financial for Lutherans and Thrivent Asset Management, LLC (collectively, in their capacity as investment advisers, **"Thrivent"**) have adopted Proxy Voting Policies and Procedures (**"Policies and Procedures"**) for the purpose of establishing formal policies and procedures for performing and documenting Thrivent's fiduciary duty with regard to the voting of client proxies, including investment companies which it sponsors and for which it serves as investment adviser ("**Thrivent Funds**") and by institutional accounts who have requested that Thrivent be involved in the proxy process.

**Fiduciary Considerations**. It is the policy of Thrivent that decisions with respect to proxy issues will be made primarily in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular client. Thrivent seeks to vote proxies solely in the interests of the client, including Thrivent Funds. Thrivent votes proxies, where possible to do so, in a manner consistent with its fiduciary obligations and responsibilities. Logistics involved may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

Administration of Policies and Procedures

Thrivent has formed a committee that is responsible for establishing positions with respect to corporate governance and other proxy issues, as well as overseeing the environmental, social and governance (**"ESG"**) analysis components of Thrivent's investment processes (**"Committee"**). Annually, the Committee reviews the Policies and Procedures, including in relation to recommended changes reflected in applicable benchmark policies and voting guidelines of Institutional Shareholder Services Inc. (**"ISS"**). As discussed below, Thrivent may, with the approval of the Committee, vote proxies other than in accordance with the applicable voting guidelines in the Policies and Procedures.

How Proxies are Reviewed, Processed and Voted

In order to facilitate the proxy voting process, Thrivent has retained ISS, an unaffiliated third-party proxy service provider, to provide proxy voting-related services, including custom vote recommendations, research, vote execution, reporting, auditing and consulting assistance for the handling of proxy voting responsibilities. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. ISS analyzes each proxy vote of Thrivent's clients and prepares a recommendation and/or materials for Thrivent's consideration which reflect ISS's application of the Policies and Procedures. In determining how to vote proxies, Thrivent leverages the applicable market specific ISS Benchmark Proxy Voting Guidelines ("**Benchmark Guidelines**") and ISS Sustainability Proxy Voting Guidelines ("**Sustainability Guidelines,**" collectively the "**Guidelines**"). While these Guidelines differ in some respects, particularly on environmental, social and governance proposals or proposals that implicate environmental, social and governance considerations, they are aligned in many areas, including auditor ratification, executive and director compensation, equity-based compensation plans, mergers & acquisitions, and capital structure-related. In some cases, generally where the ISS recommendations do not differ between the Guidelines, Thrivent will provide standing instructions to ISS to vote proxies based on the recommendation of ISS pursuant to the Guidelines. In cases where (i) the Sustainability Guidelines and Benchmark Guidelines recommend voting in a different manner on environmental, social and governance proposals, or

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proposals that implicate environmental, social and governance considerations, (ii) items are not addressed by the Guidelines, and (iii) for other specified proposal types, Thrivent uses ISS's research and recommendations and a determination by investment management or other Thrivent personnel as the circumstances warrant.

Certain of Thrivent's clients' accounts are accounts or funds (or a portion thereof) that employ a quantitative strategy that relies on factor-based models or an index-tracking approach rather than primarily on fundamental security research and analyst coverage that an actively managed portfolio using fundamental research would typically employ; often, these accounts hold a high number of positions. Accordingly, in light of the considerable time and effort that would be required to review ISS research and recommendations, absent client direction, for securities held only in accounts or funds that only employ a quantitative strategy (and are not held in other Thrivent client accounts, or in the same account but in the portion managed using fundamental research and analyst coverage), for certain categories of management and shareholder proposals, Thrivent may use a different process than is used for other accounts to review and determine a voting outcome. For these proposals, Thrivent may review Benchmark Guidelines and Sustainability Guidelines and (i) determine, consistent with the best interest of its clients, to provide standing instructions to vote proxies in accordance with the recommendations of ISS where such Guidelines recommend voting in the same manner; or (ii) where such Guidelines do not recommend voting in the same manner, vote as determined by Thrivent personnel other than the affected account's investment management team.

The Benchmark Guidelines and Sustainability Guidelines can be found at:

https://www.issgovernance.com/policy-gateway/voting-policies/.

*Supplement applicable to Thrivent Small-Mid Cap ESG ETF (the "ETF") only*. Thrivent expects to vote proxies on behalf of the ETF in many cases in accordance with its custom guidelines created as described above and discussed below under the heading "Summary of Thrivent's Voting Policies." However, Thrivent retains the discretion in all cases to vote in a manner inconsistent with these guidelines and policies if it believes such a vote is in the ETF's best interest after consideration of any information Thrivent believes relevant, including in light of the ETF's focus on long-term sustainable business models. This may mean that proxies are voted on behalf of the ETF in a manner that differs from votes for other clients.

*Supplement applicable to Thrivent ESG Index Portfolio ("ESG Index Portfolio") only*. Thrivent expects to vote proxies on behalf of ESG Index Portfolio in many cases in accordance with its custom guidelines created as described above and discussed below under the heading "Summary of Thrivent's Voting Policies," using similar processes as for other clients employing a quantitative strategy as discussed above. However, Thrivent retains the discretion in all cases to vote in a manner inconsistent with these guidelines and policies if it believes such a vote is in ESG Index Portfolio's best interest after consideration of any information Thrivent believes relevant, including in light of ESG Index Portfolio's focus on tracking the investment results of an index composed of companies selected by the index provider based on environmental, social and governance characteristics. This may mean that proxies are voted on behalf of ESG Index Portfolio in a manner that differs from votes for other clients.

**Proxy Voting Process Overview** 

Thrivent utilizes ISS's voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes on behalf of our clients. ISS provides comprehensive summaries of proxy proposals, publications discussing key proxy voting issues, and specific vote recommendations regarding Thrivent's clients' portfolio company proxies to assist in the proxy voting process. The final authority and responsibility for proxy voting decisions remains with Thrivent. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the viewpoint of our respective clients.

Thrivent may on any particular proxy vote determine that it is in the best interests of its clients to diverge from the Policies and Procedures' applicable voting guidelines, including diverging from ISS's

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recommendations with respect to Thrivent's clients' accounts that are accounts or funds (or a portion thereof) that employ a quantitative strategy. In such cases, the person requesting to diverge from the Policies and Procedures' applicable voting guidelines is required to document in writing the rationale for their vote and submit all written documentation to the Committee for review and approval. In determining whether to approve any particular request, the Committee will determine that the request is not influenced by any conflict of interest and is in the best interests of Thrivent's clients.

**Summary of Thrivent's Voting Policies** 

Specific voting guidelines have been adopted by the Committee for regularly occurring categories of management and shareholder proposals. The detailed voting guidelines are available to Thrivent's clients upon request. The following is a summary of significant Thrivent policies, which are generally consistent with the Sustainability Guidelines or Benchmark Guidelines referenced above:

*Board Structure and Composition Issues* – Thrivent believes boards are expected to have a majority of directors independent of management. The independent directors are expected to organize much of the board's work, even if the chief executive officer also serves as chairperson of the board. Key committees (audit, compensation, and nominating/corporate governance) of the board are expected to be entirely independent of management. It is expected that boards will engage in critical self-evaluation of themselves and of individual members. Boards should be sufficiently diverse to ensure consideration of a wide range of perspectives. Individual directors, in turn, are expected to devote significant amounts of time to their duties and to limit the number of directorships they accept. As such, Thrivent withholds votes for directors who miss more than one-fourth of the scheduled board meetings. Thrivent votes against management efforts to stagger board member terms because a staggered board may act as a deterrent to takeover proposals. For the same reasons, Thrivent votes for proposals that seek to fix the size of the board.

*Board Accountability –* Thrivent believes boards should be sufficiently accountable to shareholders, including through transparency of the company's governance practices and regular board elections, by the provision of sufficient information for shareholders to be able to assess directors and board composition, and through the ability of shareholders to remove directors. Boards should be held responsible for risk oversight or fiduciary responsibility failures. Examples of risk oversight failures include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues; or significant adverse legal judgements or settlement. Thrivent will generally withhold votes from appropriate directors if the company's governing documents impose undue restrictions on shareholder's ability to amend bylaws, non-audit fees paid to the auditor are excessive, the company maintains significant problematic pay practices, or the company is a significant greenhouse gas emitter and is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change via detailed disclosure of climate-related risks and appropriate greenhouse gas emissions reduction targets.

*Executive and Director Compensation* – These proposals necessitate a case-by-case evaluation. Generally, Thrivent opposes compensation packages that provide what we view as excessive awards to a few senior executives or that contain excessively dilutive stock option grants based on a number of criteria such as the costs associated with the plan, plan features, and dilution to shareholders.

*Ratification of Auditors* – Thrivent votes for proposals to ratify auditors, unless an auditor has a financial interest in or association with the company, and is therefore not independent; there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position; non-audit fees paid represent 50 percent or more of the total fees paid to the auditor; or poor accounting practices are identified that rise to a serious level of concern.

*Mergers and Acquisitions* – Thrivent votes on mergers and acquisitions on a case-by-case basis, taking into account and balancing the following: anticipated financial and operating benefits, including the opinion of the financial advisor, market reaction, offer price (cost vs. premium) and prospects of the combined companies; how the deal was negotiated; potential conflicts of interest between management's

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interests and shareholders' interests; and changes in corporate governance and their impact on shareholder rights.

*Anti-takeover and Corporate Governance Issues* – Thrivent generally opposes anti-takeover measures since they adversely impact shareholder rights. When voting on capital structure issues, Thrivent considers the dilutive impact to shareholders and the effect on shareholder rights.

*Social, Environmental and Corporate Responsibility Issues –* Thrivent votes on proposals related to social, environmental, and corporate responsibility issues on a case-by-case basis. These issues may include business activity impacts on the environment and climate, human and labor rights, health and safety, diversity, equity and inclusion, as well as general impacts on communities. The overall guiding principle on vote determinations examines primarily whether the proposal is likely to enhance or protect shareholder value in the short or long term (for the ETF and the ESG Index Portfolio, whether the proposal is likely to enhance value for other stakeholders may be an additional consideration). Other factors that are considered include, but are not limited to: whether legislation or government regulation is appropriately dealing with the issue; whether the request is unduly burdensome or overly prescriptive; whether there are any significant controversies, fines, penalties, or litigation associated with the company's practices; and whether the company already provides reasonable and sufficient information if the proposal requests increased disclosure or greater transparency.

*Shareblocking* – Shareblocking is the practice in certain foreign countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. Thrivent generally refrains from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the loss of liquidity in the blocked shares.

*Applying Proxy Voting Policies to non-U.S. Companies* – Thrivent applies a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which apply without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that applying policies developed for U.S. corporate governance may not appropriate for all markets.

**Monitoring and Resolving Conflicts of Interest – Thrivent/clients** 

The Committee is responsible for monitoring and resolving possible material conflicts between the interests of Thrivent and those of its clients with respect to proxy voting. Examples of situations where conflicts of interest can arise are when i) the issuer is a vendor whose products or services are material to Thrivent's business; ii) the issuer is an entity participating to a material extent in the distribution of proprietary investment products advised, administered or sponsored by Thrivent; iii) an Access Person<sup>1</sup> of Thrivent also serves as a director or officer of the issuer; and iv) there is a personal conflict of interest (e.g., familial relationship with company management). Other circumstances or relationships can also give rise to potential conflicts of interest.

All material conflicts of interest will be resolved in the interests of the clients. Application of the Policies and Procedures' applicable voting guidelines to vote client proxies is generally relied on to address possible conflicts of interest since the voting guidelines are pre-determined by the Committee. Where there is discretion in the voting guidelines, voting as recommended under an ISS policy may be relied on to address potential conflicts of interest.

In cases where Thrivent is considering overriding these Policies and Procedures' applicable voting guidelines, or in the event there is discretion in determining how to vote (for example, where or the guidelines provide for a case by case internal review) matters presented for vote are not governed by such guidelines, the Committee will follow these or other similar procedures:

------

<sup>1</sup> "Access Person" has the meaning provided under the current Thrivent Code of Ethics.

------

• Compliance will conduct a review to seek to identify potential material conflicts of interest. If no material conflict of
interest is identified, the proxy will be voted as determined by the Committee or the appropriate Thrivent personnel under these policies and procedures. The Compliance review process for identifying potential conflicts of interest will be reviewed
by the Committee and may include a review of factors indicative of a potential conflict of interest or a determination that voting in accordance with ISS's recommendation(s) can reasonably be relied on to address potential conflicts of
interest.

• If a material conflict of interest is identified, the Committee will be apprised of that fact and the Committee will
evaluate the proposed vote in order to ensure that the proxy ultimately is voted in what Thrivent believes to be the best interests of clients, and without regard for the conflict of interest. The Committee will document its vote determination,
including the nature of the material conflict, the Committee's analysis of the matters submitted for proxy vote, and the reasons why the Committee determined that the votes were cast in the best interests of clients.

Certain Thrivent Funds ("top tier fund") may own shares of other Thrivent Funds ("underlying fund"). If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund. If there are no other shareholders in the underlying fund, the top tier fund will vote in what Thrivent believes to be in the top tier fund's best interest.

**Securities Lending** 

Thrivent will generally not vote nor seek to recall in order to vote shares on loan, unless it determines that a vote would have a material effect on an investment in such loaned security.

Oversight, Reporting and Record Retention

**Retention of Proxy Service Provider and Oversight of Voting** 

In overseeing proxy voting generally and determining whether or not to retain the services of ISS, Thrivent performs the following functions, among others, to determine that Thrivent continues to vote proxies in the best interest of its clients: i) periodic sampling of proxy votes; ii) periodic reviews of Thrivent's Policies and Procedures to determine they are adequate and have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interest of Thrivent's clients; iii) periodic due diligence on ISS designed to monitor ISS's a) capacity and competency to adequately analyze proxy issues, including the adequacy and quality of its staffing and personnel, as well as b) its methodologies for developing vote recommendations and ensuring that its research is accurate and complete; and iv) periodic reviews of ISS's procedures regarding their capabilities to identify and address conflicts of interest.

Proxy statements and solicitation materials of issuers (other than those which are available on the SEC's EDGAR database) are kept by ISS in its capacity as voting agent and are available upon request. Thrivent retains documentation on shares voted differently than the Thrivent Policies and Procedures voting guidelines, and any document which is material to a proxy voting decision such as the Thrivent Policies and Procedures voting guidelines and the Committee meeting materials.

ISS provides Vote Summary Reports for each Thrivent Fund. The report specifies the company, ticker, cusip, meeting dates, proxy proposals, and votes which have been cast for the Thrivent Fund during the period, the position taken with respect to each issue and whether the Thrivent Fund voted with or against company management.

------

**PART C**

**Item 28.**

**Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp; [Declaration of Trust, effective as of August 5, 2004, incorporated by reference from the initial registration](http://www.sec.gov/Archives/edgar/data/1300087/000130008704000011/a4649785.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on August 25, 2004.](http://www.sec.gov/Archives/edgar/data/1300087/000130008704000011/a4649785.htm)<br>|
| (a)(2) | &nbsp;&nbsp; [Amendment No. 1 to the Declaration of Trust, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99a2.htm)<br> [Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2013.](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99a2.htm)<br>|
| (b)(1) | &nbsp;&nbsp; [By-Laws, incorporated by reference from the initial registration statement of Registrant on Form N-1A, file no.](http://www.sec.gov/Archives/edgar/data/1300087/000130008704000011/a4649836.htm)<br> [811-21622, filed on August 25, 2004.](http://www.sec.gov/Archives/edgar/data/1300087/000130008704000011/a4649836.htm)<br>|
| (b)(2) | &nbsp;&nbsp; [Amended and Restated By-Laws, incorporated by reference from the registration statement of Registrant on](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99b2.htm)<br> [Form N-1A, file no. 811-21622, filed on February 28, 2013.](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99b2.htm)<br>|
| (c) | None. |
| (d)(1) | &nbsp;&nbsp; [Investment Advisory Agreement between Thrivent Financial Securities Lending Trust and Thrivent Financial for](http://www.sec.gov/Archives/edgar/data/1300087/000130008704000011/a4624005.htm)<br> [Lutherans, incorporated by reference from the initial registration statement of Registrant on Form N-1A, file no.](http://www.sec.gov/Archives/edgar/data/1300087/000130008704000011/a4624005.htm)<br> [811-21622, filed on August 25, 2004.](http://www.sec.gov/Archives/edgar/data/1300087/000130008704000011/a4624005.htm)<br>|
| (d)(2) | &nbsp;&nbsp; [Amendment No. 1 to Investment Advisory Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99d2.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2013.](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99d2.htm)<br>|
| (e) | &nbsp;&nbsp; [Distribution Agreement between Thrivent Cash Management Trust and Thrivent Distributors, LLC, incorporated](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99e.htm)<br> [by reference from the registration statement of Registrant on Form N-1A, file no. 811-21622, filed on](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99e.htm)<br> [February 28, 2018.](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99e.htm)<br>|
| (f) | Not Applicable. |
| (g)(1) | &nbsp;&nbsp; [Master Custodian Agreement with State Street Bank and Trust Company ("State Street"), incorporated by](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99g.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28,](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99g.htm)<br> [2018.](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99g.htm)<br>|
| (g)(2) | [Letter Agreement, dated May 18, 2022, between Registrant and State Street, filed herewith.](d419849dex99g2.htm) |
| (g)(3) | &nbsp;&nbsp; [Amendment to Custody Agreement, effective February 28, 2023, between Registrant and State Street, filed](d419849dex99g3.htm)<br> [herewith.](d419849dex99g3.htm)<br>|
| (h)(1) | &nbsp;&nbsp; [Administration Contract between Thrivent Financial Securities Lending Trust and Thrivent Financial for](http://www.sec.gov/Archives/edgar/data/1300087/000119312505019416/dex99h2.txt)<br> [Lutherans, incorporated by reference from the registration statement of Registrant on Form N-1A, file no. 811-](http://www.sec.gov/Archives/edgar/data/1300087/000119312505019416/dex99h2.txt)<br> [21622, filed on February 4, 2005.](http://www.sec.gov/Archives/edgar/data/1300087/000119312505019416/dex99h2.txt)<br>|
| (h)(2) | &nbsp;&nbsp; [Amendment No. 1 to Administration Contract, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1300087/000119312508033251/dex99h2.htm)<br> [Registrant on Form N-1A, file no. 811-21622, filed on February 19, 2008.](http://www.sec.gov/Archives/edgar/data/1300087/000119312508033251/dex99h2.htm)<br>|
| (h)(3) | &nbsp;&nbsp; [Amendment No. 2 to Administration Contract, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1300087/000119312509033804/dex99h3.htm)<br> [Registrant on Form N-1A, file no. 811-21622, filed on February 20, 2009.](http://www.sec.gov/Archives/edgar/data/1300087/000119312509033804/dex99h3.htm)<br>|
| (h)(4) | &nbsp;&nbsp; [Amendment No. 3 to Administration Contract, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99h4.htm)<br> [Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2013](http://www.sec.gov/Archives/edgar/data/1300087/000119312513083766/d381783dex99h4.htm).<br>|
| (h)(5) | &nbsp;&nbsp; [Transfer Agency and Service Agreement between Thrivent Cash Management Trust, Thrivent Core Funds and](http://www.sec.gov/Archives/edgar/data/1300087/000119312517059380/d334358dex99h5.htm)<br> [Thrivent Financial Investor Services Inc., incorporated by reference from the registration statement of Registrant](http://www.sec.gov/Archives/edgar/data/1300087/000119312517059380/d334358dex99h5.htm)<br> [on Form N-1A, file no. 811-21622, filed on February 28, 2017.](http://www.sec.gov/Archives/edgar/data/1300087/000119312517059380/d334358dex99h5.htm)<br>|
| (h)(6) | &nbsp;&nbsp; [Amendment No. 1 to Transfer Agency and Service Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99h6.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99h6.htm)<br>|
| (h)(7) | &nbsp;&nbsp; [Amendment No. 2 to Transfer Agency and Service Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99h7.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99h7.htm)<br>|
| (h)(8) | &nbsp;&nbsp; [Amendment No. 3 to Transfer Agency and Service Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99h8.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/1300087/000119312518062985/d517585dex99h8.htm)<br>|
| (h)(9) | &nbsp;&nbsp; [Amendment No. 4 to Transfer Agency and Service Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1300087/000119312520054745/d839172dex99h9.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/1300087/000119312520054745/d839172dex99h9.htm)<br>|
| (h)(10) | &nbsp;&nbsp; [Amendment No. 5 to Transfer Agency and Service Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1300087/000119312520054745/d839172dex99h10.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/1300087/000119312520054745/d839172dex99h10.htm)<br>|
| (h)(11) | &nbsp;&nbsp; [Amendment No. 6 to Transfer Agency and Service Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1300087/000119312522055824/d257335dex99h11.htm)<br> [statement of Registrant on Form N-1A, file no. 811-21622, filed on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/1300087/000119312522055824/d257335dex99h11.htm)<br>|
| (h)(12) | [Amendment No. 7 to Transfer Agency and Service Agreement, filed herewith.](d419849dex99h12.htm) |
| (i) | Not Applicable. |
| (j) | Not Applicable. |
| (k) | Not Applicable. |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Code of Ethics (Rule 17j-1) for Registrant, filed herewith.](d419849dex99p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [Powers of Attorney, filed herewith.](d419849dex99q.htm)

**Item 29.**

**Persons Controlled by or Under Common Control with Registrant**

Registrant is a Massachusetts business trust organized on August 4, 2004. Registrant's sponsor, Thrivent Financial for Lutherans ("Thrivent Financial"), is a fraternal benefit society organized under the laws of the State of Wisconsin and is owned by and operated for its members. It has no stockholders and is not subject to the control of any affiliated persons.

The following list shows the persons directly or indirectly controlled by Thrivent Financial. Financial statements of Thrivent Financial will be presented on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Thrivent Financial Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent Financial | &nbsp;&nbsp; Fraternal benefit society offering financial <br> services and products<br>| Wisconsin |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Financial Holdings, Inc.<sup>1</sup> <br>| &nbsp;&nbsp; Holding company with no independent <br> operations<br>| Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Meadows Investment Ltd.<sup>2</sup> <br>| &nbsp;&nbsp; Real estate development and investment <br> corporation<br>| Wisconsin |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Advisor Network, LLC<sup>2</sup> <br>| Investment adviser | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Asset Management, LLC<sup>2</sup> <br>| Investment adviser | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Distributors, LLC<sup>2</sup> <br>| Limited purpose broker-dealer | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Financial Investor <br> Services Inc.<sup>2</sup> <br>| Transfer agent | Pennsylvania |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Insurance Agency Inc.<sup>2</sup> <br>| Life and health insurance agency | Minnesota |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newman Financial Services, <br> LLC<sup>3</sup> <br>| Long-term care insurance agency | Minnesota |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Investment Management Inc.<sup>2</sup> <br>| Broker-dealer and investment adviser | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Trust Company<sup>2</sup> <br>| Federally chartered limited purpose trust bank | Federal Charter |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Ring Holdings, LLC<sup>1</sup> <br>| Holding vehicle | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Education Funding, LLC<sup>1</sup> <br>| Special purpose entity | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Rose GP I, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Rose Fund I Equity Direct, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Rose Fund I Fund of Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund GP II, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund II Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund GP III, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund III Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund III Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund GP IV, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund IV Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund IV Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund GP V, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund V Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |

---

------

---

| | | |
|:---|:---|:---|
| **Thrivent Financial Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund V Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund GP VI, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund VI Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund GP VII, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund VII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund VII Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund GP VIII, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund VIII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund VIII Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP IX, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund IX Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund IX Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP X, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund X Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund X Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP XI, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XI Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XI Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP XII, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XII Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP XIII, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XIII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XIII Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP XIV, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XIV Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XIV Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP XV Fund of Funds, <br> LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XV Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Feeder XV Fund of <br> Funds, LLC<sup>6</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose GP XV Equity Direct, <br> LLC<sup>4</sup> <br>| General partner | Delaware |

---

------

---

| | | |
|:---|:---|:---|
| **Thrivent Financial Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Fund XV Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Feeder XV Equity <br> Direct, LLC<sup>6</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Opportunity Fund GP, <br> LLC<sup>1</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Opportunity Fund, LP<sup>1</sup> <br>| Investment subsidiary | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate GP I, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate Fund I Fund <br> of Funds, L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate GP II, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate Fund II, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate GP III, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate Fund III, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate GP IV, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate Fund IV, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate Feeder IV, <br> LLC<sup>6</sup> <br>| Private equity real estate fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate GP V, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate Fund V, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Real Estate Feeder V, <br> LLC<sup>6</sup> <br>| Private equity real estate fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Endurance GP, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Endurance Fund, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Endurance GP II, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Endurance Fund II, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Endurance GP III, LLC<sup>4</sup> <br>| General partner | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Endurance Fund III, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent White Rose Endurance Feeder III, <br> LLC<sup>6</sup> <br>| Private equity fund | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Bridge Capital Partners, LLC<sup>7</sup> <br>| Investment adviser | Delaware |

---

------

<sup>1</sup>

Wholly owned subsidiary of Thrivent Financial.

<sup>2</sup>

Wholly owned subsidiary of Thrivent Financial Holdings, Inc. Thrivent Financial is the ultimate controlling entity.

<sup>3</sup>

Wholly owned subsidiary of Thrivent Insurance Agency Inc. Thrivent Financial is the ultimate controlling entity.

<sup>4</sup>

Directly controlled by Thrivent Financial, which is the managing member and owns an interest in the limited liability company.

<sup>5</sup>

Directly controlled by Thrivent Financial. The fund is a pooled investment vehicle organized primarily for the purpose of investing assets of Thrivent Financial's general account.

<sup>6</sup>

Directly controlled by Thrivent Financial. The fund is a pooled investment vehicle organized primarily for the purpose of investing assets of Thrivent Financial's general account. The feeder entity is a feeder fund of the fund.

<sup>7</sup>

Directly controlled by Thrivent Financial. Investment advisory clients include Pacific Street Fund, Twin Bridge Narrow Gate Fund, and Twin Bridge Titan Fund limited partnerships.

------

**Item 30.**

**Indemnification**

Under Article 5.3 of the Registrant's Declaration of Trust, the Trust shall indemnify any indemnitee for covered expenses (expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by an indemnitee in connection with a covered proceeding) in any covered proceeding (any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, to which an indemnitee is or was a party or is threatened to be made a party), whether or not there is an adjudication of liability as to such indemnitee, if a determination has been made that the indemnitee was not liable by reason of disabling conduct by (i) a final decision of the court or other body before which the covered proceeding was brought; or (ii) in the absence of such decision, a reasonable determination, based on a review of the facts, by either (a) the vote of a majority of a quorum of Trustees who are neither "interested persons," as defined in the 1940 Act, nor parties to the covered proceeding or (b) an independent legal counsel in a written opinion; provided that such Trustees or counsel, in reaching such determination, may need not presume the absence of disabling conduct on the part of the indemnitee by reason of the manner in which the covered proceeding was terminated.

Covered expenses incurred by an indemnitee in connection with a covered proceeding shall be advanced by the Trust to an indemnitee prior to the final disposition of a covered proceeding upon the request of the indemnitee for such advance and the undertaking by or on behalf of the indemnitee to repay the advance unless it is ultimately determined that the indemnitee is entitled to indemnification thereunder, but only if one or more of the following is the case: (i) the indemnitee shall provide a security for such undertaking; (ii) the Trust shall be insured against losses arising out of any lawful advances; or (iii) here shall have been a determination, based on a review of the readily available facts (as opposed to a fully trial-type inquiry) that there is a reason to believe that the indemnitee ultimately will be found entitled to indemnification by either independent legal counsel in a written opinion or by the vote of a majority of a quorum of trustee who are neither "interested persons" as defined in the 1940 Act, nor parties to the covered proceeding.

**Item 31.**

**Business and Other Connections of the Investment Adviser**

Thrivent Financial for Lutherans (the "Adviser") is the investment adviser of the Registrant. The Adviser is primarily engaged in the business of a fraternal benefit society organized under Wisconsin law. Additional information about the Adviser's financial industry activities or affiliations, as well as the business and other connections of the officers and directors of the Adviser, is included on the Form ADV that the Adviser has on file with the Securities and Exchange Commission (File No. 801-60701).

**Item 32.**

**Principal Underwriters**

(a) Thrivent Distributors, LLC serves as principal underwriter and distributor for Thrivent Mutual Funds, Thrivent Core Funds, Thrivent Cash Management Trust, Thrivent Series Fund, Inc. and Thrivent Church Loan and Income Fund.

(b) The managers and executive officers of Thrivent Distributors, LLC are listed below. Unless otherwise indicated, their principal address is 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211.

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Jamie L. Riesterer<br> 600 Portland Avenue S, Suite 100<br> Minneapolis Minnesota 55415-4402<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Elected Manager<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> N/A<br>|
| David S. Royal | Elected Manager | Trustee and Chief Investment Officer |
| Michael W. Kremenak | Elected Manager | Trustee and President |
| Troy A. Beaver | Chief Executive Officer | Vice President |
| Jeffrey D. Cloutier | Chief Financial Officer | N/A |
| Edward S. Dryden | Chief Compliance Officer | Chief Compliance Officer |
| John D. Jackson | Chief Legal Officer and Secretary | Secretary and Chief Legal Officer |
| Daniel R. Chouanard | Vice President | N/A |
| Andrew R. Kellogg<br> 600 Portland Avenue S, Suite 100<br> Minneapolis Minnesota 55415-4402<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Vice President<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Vice President<br>|
| Jason D. Sterling | Vice President | N/A |
| Jessica E. English | Assistant Secretary | N/A |
| Cynthia J. Nigbur | Assistant Secretary | N/A |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Not applicable

**Item 33.**

**Location of Accounts and Records**

The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are in the possession of the following persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Registrant: | &nbsp;&nbsp; 901 Marquette Avenue, Suite 2500<br> Minneapolis, Minnesota 55402-3211<br>|
|  | &nbsp;&nbsp; <br> 4321 N. Ballard Rd.<br> Appleton, Wisconsin 54919<br>|
| <br> Custodian:<br>| &nbsp;&nbsp; <br> State Street Bank and Trust Company<br> One Lincoln Street<br> Boston, Massachusetts 02111<br>|
| <br> Sub-Transfer Agent<br>| &nbsp;&nbsp; <br> SS&C Global Investor & Distribution Solutions, Inc.<br> 1055 Broadway<br> Kansas City, Missouri 64105<br>|

---

**Item 34.**

**Management Services**

None.

**Item 35.**

**Undertakings**

Not Applicable

------

**SIGNATURES**

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant, Thrivent Cash Management Trust, has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Minneapolis and State of Minnesota on the 28th day of February, 2023.

THRIVENT CASH MANAGEMENT TRUST

---

| | |
|:---|:---|
| By: | /s/ John D. Jackson |
|  | John D. Jackson<br> Secretary and Chief Legal Officer<br>|

---

------

## Ex-99.(G)(2)

May 18, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell

---

| | |
|:---|:---|
| **Re:** | <u>Each Thrivent exchange-traded fund identified on Exhibit A hereto (each, a</u> <u>"</u><u>Thrivent ETF Fund</u><u>"</u> <u>or</u> <u>"</u><u>Fund</u><u>"</u><u>)</u>  |

---

Ladies and Gentlemen:

In accordance with Section 20.6.1, the Additional Fund provision of the Master Custodian Agreement dated as of December 1, 2017 (as amended, the "***Agreement***") between each management investment company identified on Appendix A thereto and State Street Bank and Trust Company ("***State Street***"), each undersigned Thrivent ETF Fund hereby requests that your bank act as its Custodian under the terms of the Agreement. In connection with such request, each Thrivent ETF Fund hereby confirms to you, as of the date hereof, its representations and warranties set forth in Section 20.7.1 of the Agreement. An updated Appendix A to the Agreement reflecting the addition of the Thrivent ETF Funds is attached.

With respect to the Thrivent ETF Funds, the following new Section 11 shall be added to the Agreement and shall replace the currently existing Section 11:

"SECTION 11. <u>PROVISION OF ETF SERVICES</u> 

SECTION 11.1 <u>ETF FUNDS</u>**.** Each Thrivent ETF Fund is an exchange-traded fund that will issue and redeem shares only in aggregations of a specified number of shares, each called a "Creation Unit," generally in exchange for a basket of securities and/or instruments and a specified cash payment, as more fully described in the Fund's currently effective prospectus and statement of additional information (collectively, the "***Prospectus***"). Capitalized terms used in this Section 11 without definition shall have the meanings given to them in the Prospectus. For the avoidance of doubt, this Section 11 will only apply with respect to the ETF Funds identified on Appendix A hereto.

SECTION 11.2 <u>DETERMINATION OF FUND DEPOSIT, ETC.</u> Subject to and in accordance with the directions of the Investment Manager, the Custodian shall determine for each Fund after the end of each trading day on the NYSE Arca (the "***Exchange***"), in accordance with Board policies and the procedures set forth in the Prospectus, (i) the identity and weighting of the securities in the Deposit Securities and the Fund Securities, (ii) the cash component, and (iii) the amount of cash redemption proceeds (all as described in the Prospectus) required for the issuance or redemption, as the case may be, of Creation Units on such date. The Custodian shall provide or cause to be provided this information to the Fund's distributor and other persons as instructed according to Board policies and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation (the "***NSCC***"), prior to the opening of trading on the Exchange.

------

SECTION 11.3 <u>ALLOCATION OF DEPOSIT SECURITY SHORTFALLS</u>**.** Each Fund acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the "***ETF Custody Clients***"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "***Common Deposit Security Shortfall***"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.

SECTION 11.4 <u>CREATION AND REDEMPTION OF CREATION UNITS</u>**.** 

The Custodian shall receive and deposit into the Fund's account such payments as are received for Fund shares issued or sold in Creation Units. The Custodian will provide timely notification to the Fund and the Transfer Agent of any receipt of such payments by the Custodian.

Upon receipt of instructions from the Fund's Transfer Agent, the Custodian shall set aside funds and securities of the Fund to the extent available for payment to, or in accordance with the instructions of, Authorized Participants who have delivered to the Transfer Agent a request for redemption of their shares, in Creation Units, which shall have been accepted by the Transfer Agent, the applicable Fund Securities (or such securities in lieu thereof as may be designated by the Investment Advisor in accordance with the Prospectus) for such Fund and the Cash Redemption Amount, if applicable, less any applicable Redemption Transaction Fee. The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through the DTC system or through wire transfer in the case of redemptions effected outside of the DTC system."

Attached as Appendix A hereto is a replacement of "Appendix A" to the Agreement, effective as of the date set forth below. The attached Appendix A is marked to reflect the addition of the Thrivent ETF Funds.

Kindly indicate your acceptance of the foregoing by signing below.

------

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **EACH INVESTMENT COMPANY IDENTIFIED ON**<br> **EXHIBIT A HERETO** | **EACH INVESTMENT COMPANY IDENTIFIED ON**<br> **EXHIBIT A HERETO** |
| By: <u>/s/ Michael W. Kremenak</u> | By: <u>/s/ Michael W. Kremenak</u> |
| Name: | Michael W. Kremenak |
| Title: | Senior Vice President |

---

---

| |
|:---|
| Agreed and Accepted: |
| **STATE STREET BANK AND TRUST COMPANY** |
| By: <u>/s/ Michael A. Foutes</u> |
| Name: Michael A. Foutes |
| Title: Senior Vice President |
| Effective Date: May 18, 2022 |

---

------

**Exhibit A** 

**Thrivent ETF Funds** 

**Thrivent ETF Trust** 

Thrivent Small-Mid Cap ESG ETF

------

**<u>Appendix A</u>**

**List of Funds** 

**APPENDIX A** 

**TO** 

**Master Custodian Agreement** 

***Management Investment Companies Registered with the SEC and Portfolios thereof, if any***

**Thrivent Mutual Funds** 

Thrivent Diversified Income Plus Fund

Thrivent Multidimensional Income Fund

Thrivent Aggressive Allocation Fund

Thrivent Balanced Income Plus Fund

Thrivent Opportunity Income Plus Fund

Thrivent Government Bond Fund

Thrivent High Yield Fund

Thrivent Income Fund

Thrivent Large Cap Growth Fund

Thrivent Global Stock Fund (f/k/a Thrivent Large Cap Stock Fund)

Thrivent Large Cap Value Fund

Thrivent Limited Maturity Bond Fund

Thrivent Mid Cap Growth Fund

Thrivent Mid Cap Value Fund

Thrivent Mid Cap Stock Fund

Thrivent Moderate Allocation Fund

Thrivent Moderately Aggressive Allocation Fund

Thrivent Moderately Conservative Allocation Fund

Thrivent Money Market Fund

Thrivent Municipal Bond Fund

Thrivent International Allocation Fund (f/k/a Thrivent Partner Worldwide Allocation Fund)

Thrivent Small Cap Stock Fund

Thrivent Low Volatility Equity Fund

Thrivent Small Cap Growth Fund

Thrivent High Income Municipal Bond Fund

**Thrivent Series Fund, Inc.** 

Thrivent Aggressive Allocation Portfolio

Thrivent Balanced Income Plus Portfolio

Thrivent Government Bond Portfolio

Thrivent Diversified Income Plus Portfolio

Thrivent ESG Index Portfolio

Thrivent High Yield Portfolio

Thrivent Income Portfolio

Thrivent Large Cap Growth Portfolio

Thrivent Large Cap Index Portfolio

Thrivent Global Stock Portfolio (f/k/a Thrivent Large Cap Stock Portfolio)

Thrivent Large Cap Value Portfolio

Thrivent Limited Maturity Bond Portfolio

Thrivent Mid Cap Index Portfolio

------

Thrivent Mid Cap Stock Portfolio

Thrivent Moderate Allocation Portfolio

Thrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderately Conservative Allocation Portfolio

Thrivent Money Market Portfolio

Thrivent Opportunity Income Plus Portfolio

Thrivent All Cap Portfolio (f/k/a Thrivent Partner All Cap Growth Portfolio)

Thrivent Partner Emerging Markets Equity Portfolio

Thrivent Partner Healthcare Portfolio

Thrivent International Allocation Portfolio (f/k/a Thrivent Partner Worldwide Allocation Portfolio)

Thrivent International Index Portfolio

Thrivent Mid Cap Growth Portfolio

Thrivent Mid Cap Value Portfolio

Thrivent Real Estate Securities Portfolio

Thrivent Small Cap Index Portfolio

Thrivent Small Cap Stock Portfolio

Thrivent Low Volatility Equity Portfolio

Thrivent Multidimensional Income Portfolio

Thrivent Small Cap Growth Portfolio

**Thrivent Core Funds** 

Thrivent Core Short-Term Reserve Fund

Thrivent Core Emerging Markets Debt Fund

Thrivent Core International Equity Fund

Thrivent Core Low Volatility Equity Fund

Thrivent Core Emerging Markets Equity Fund

Thrivent Core Small Cap Value Fund

**Thrivent Cash Management Trust** 

**Thrivent Church Loan and Income Fund** 

**Thrivent ETF Trust** 

Thrivent Small-Mid Cap ESG ETF

## Ex-99.(G)(3)

**Execution version** 

**<u>AMENDMENT TO CUSTODY AGREEMENT</u>**

This Amendment, effective as of February 28, 2023 (the "**Amendment**"), is entered into between each management investment company identified on Appendix A and each management investment company which becomes a party to this Agreement in accordance with the terms hereof (in each case, a "**Fund**"), including, if applicable, each series of the Fund identified on Appendix A and each series which becomes a party to this Agreement in accordance with the terms hereof, and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the "**Custodian**").

**WHEREAS,** the Custodian and the Customer entered into a Custody Agreement dated as of December 1, 2017 (the "**Agreement**"); and

**WHEREAS,** the parties hereto wish to amend the Agreement as set forth below.

**NOW THEREFORE,** in consideration of the mutual agreements herein contained, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appendix A to the Custodian Agreement is hereby deleted in its entirety and replaced with the attached Appendix
A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund hereby confirms, as of the date set forth above, its representations and warranties set forth in
Section 20.7.1 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Custodian and the Fund hereby agree to be bound by all of the terms, provisions, covenants, and obligations
set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full
force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and
all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties
hereby adopt as original any signatures received via electronically transmitted form.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]** 

------

**IN WITNESS WHEREOF,** each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES** 

**SET FORTH ON APPENDIX A HERETO** 

---

| | |
|:---|:---|
| By: | /s/ Sarah Bergstrom |
| Name: | Sarah Bergstrom |
| Title: | Treasurer, Principal Accounting Officer |

---

---

| | |
|:---|:---|
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Scott Shirrell |
| Name: | Scott Shirrell |
| Title: | Vice President |

---

**Amendment to Custody Agreement** 

------

**APPENDIX A** 

**TO** 

**Master Custodian Agreement** 

***Management Investment Companies Registered with the SEC and Portfolios thereof, If Any***

**Thrivent Mutual Funds** 

Thrivent Diversified Income Plus Fund

Thrivent Multidimensional Income Fund

Thrivent Aggressive Allocation

Fund Thrivent Balanced Income Plus Fund

Thrivent Opportunity Income Plus Fund

Thrivent Government Bond Fund

Thrivent High Yield Fund

Thrivent Income Fund

Thrivent Large Cap Growth Fund

Thrivent Global Stock Fund (f/k/a Thrivent Large Cap Stock Fund)

Thrivent Large Cap Value Fund

Thrivent Limited Maturity Bond Fund

Thrivent Mid Cap Growth Fund

Thrivent Mid Cap Value Fund

Thrivent Mid Cap Stock Fund

Thrivent Moderate Allocation Fund

Thrivent Moderately Aggressive Allocation Fund

Thrivent Moderately Conservative Allocation Fund

Thrivent Money Market Fund

Thrivent Municipal Bond Fund

Thrivent International Allocation Fund (f/k/a Thrivent Partner Worldwide Allocation Fund)

Thrivent Small Cap Stock Fund

Thrivent Low Volatility Equity Fund

Thrivent Small Cap Growth Fund

Thrivent High Income Municipal Bond Fund

**Thrivent Series Fund, Inc.** 

Thrivent Aggressive Allocation Portfolio

Thrivent Balanced Income Plus Portfolio

Thrivent Government Bond Portfolio

Thrivent Diversified Income Plus Portfolio

Thrivent ESG Index Portfolio

Thrivent High Yield Portfolio

Thrivent Income Portfolio

Thrivent Large Cap Growth Portfolio

Thrivent Large Cap Index Portfolio

Thrivent Global Stock Portfolio (f/k/a Thrivent Large Cap Stock Portfolio)

Thrivent Large Cap Value Portfolio

Thrivent Limited Maturity Bond Portfolio

Thrivent Mid Cap Index Portfolio

Thrivent Mid Cap Stock Portfolio

------

Thrivent Moderate Allocation Portfolio

Thrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderately Conservative Allocation Portfolio

Thrivent Money Market Portfolio

Thrivent Opportunity Income Plus Portfolio

Thrivent All Cap Portfolio (f/k/a Thrivent Partner All Cap Growth Portfolio)

Thrivent Partner Emerging Markets Equity Portfolio

Thrivent Partner Healthcare Portfolio

Thrivent International Allocation Portfolio (f/k/a Thrivent Partner Worldwide Allocation Portfolio)

Thrivent International Index Portfolio

Thrivent Mid Cap Growth Portfolio

Thrivent Mid Cap Value Portfolio

Thrivent Real Estate Securities Portfolio

Thrivent Small Cap Index Portfolio

Thrivent Small Cap Stock Portfolio

Thrivent Low Volatility Equity Portfolio

Thrivent Multidimensional Income Portfolio

Thrivent Small Cap Growth Portfolio

**Thrivent Core Funds** 

Thrivent Core Short-Term Reserve Fund

Thrivent Core Emerging Markets Debt Fund

Thrivent Core International Equity Fund

Thrivent Core Low Volatility Equity Fund

Thrivent Core Emerging Markets Equity Fund

Thrivent Core Small Cap Value Fund

<u>Thrivent Core Mid Cap Value Fund</u>

**Thrivent Cash Management Trust** 

**Thrivent Church Loan and Income Fund** 

**Thrivent ETF Trust** 

Thrivent Small-Mid Cap ESG ETF

## Ex-99.(H)(12)

**<u>AMENDMENT NO. 7</u>**

**<u>TO TRANSFER AGENCY AND SERVICE AGREEMENT</u>**

*(Thrivent Core Funds and Thrivent Cash Management Trust)* 

Thrivent Core Funds ("TCF"), Thrivent Cash Management Trust ("TCMT") and Thrivent Financial Investor Services Inc. ("TFISI") hereby agree that, with respect to the Transfer Agency and Service Agreement dated June 1, 2016, between TCF, TCMT and TFISI, as amended (the "Agreement"), effective February 28, 2023, the "Thrivent Core Mid Cap Value Fund" shall be deemed a "Fund" under the terms of the Agreement. A revised Schedule A and Schedule B are attached hereto.

**THRIVENT CORE FUNDS** 

By: <u>/s/ David S. Royal</u> 

David S. Royal

President and Chief Investment Officer

**THRIVENT CASH MANAGEMENT TRUST** 

By: <u>/s/ David S. Royal</u> 

David S. Royal

President and Chief Investment Officer

**THRIVENT FINANCIAL INVESTOR SERVICES INC.** 

By: <u>/s/ Andrew R. Kellogg</u> 

Andrew R. Kellogg

Vice President and Chief Operations Officer

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**SCHEDULE A** 

**Thrivent Cash Management Trust**, a Massachusetts business trust

**Thrivent Core Funds**, a Delaware statutory trust

Thrivent Core Short-Term Reserve Fund

Thrivent Core Emerging Markets Debt Fund

Thrivent Core International Equity Fund

Thrivent Core Low Volatility Equity Fund

Thrivent Core Emerging Markets Equity Fund

Thrivent Core Small Cap Value Fund

Thrivent Core Mid Cap Value Fund

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**SCHEDULE B** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Fee** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Core Short-Term Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Cash Management Trust | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Core Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Core International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Core Low Volatility Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Core Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Core Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Thrivent Core Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5000 |

---

## Ex-99.(P)

**<u>EFFECTIVE NOVEMBER 16, 2022</u>**

## THRIVENT CODE OF ETHICS

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***for***

**THRIVENT FINANCIAL FOR LUTHERANS** 

**THRIVENT ASSET MANAGEMENT, LLC** 

**THRIVENT DISTRIBUTORS, LLC** 

**THRIVENT MUTUAL FUNDS** 

**THRIVENT SERIES FUND, INC.** 

**THRIVENT CORE FUNDS** 

**THRIVENT CASH MANAGEMENT TRUST** 

**THRIVENT CHURCH LOAN AND INCOME FUND** 

**THRIVENT ETF TRUST** 

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**Table of Contents** 

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| | | | |
|:---|:---|:---|:---|
| I. | INTRODUCTION | INTRODUCTION | 4 |
| II. | FIDUCIARY DUTY | FIDUCIARY DUTY | 5 |
| III. | PERSONS COVERED BY THE CODE | PERSONS COVERED BY THE CODE | 6 |
| IV. | DEFINED TERMS | DEFINED TERMS | 8 |
|  | A. | Access Person | 8 |
|  | B. | Automatic Investment Plan | 8 |
|  | D. | Church Loan Fund Insider | 10 |
|  | E. | Front-Running | 10 |
|  | F. | High Yield Securities | 10 |
|  | G. | Initial Public Offering ("IPO") | 10 |
|  | H. | Investment Personnel | 10 |
|  | I. | Large Company Securities | 10 |
|  | J. | Limited Offering | 10 |
|  | K. | Material Violations | 11 |
|  | L. | Portfolio Manager | 11 |
|  | M. | "Purchase or Sale" of a Reportable Security | 11 |
|  | N. | Reportable Fund | 11 |
|  | O. | Reportable Securities Account | 11 |
|  | P. | Reportable Security | 11 |
|  | Q. | "Security Held or to be Acquired" | 12 |
|  | R. | Small Company Securities | 12 |
|  | S. | Supervised Person | 12 |
| V. | STANDARDS OF BUSINESS CONDUCT | STANDARDS OF BUSINESS CONDUCT | 12 |
|  | A. | General | 12 |
| VI. | CONFLICTS OF INTEREST | CONFLICTS OF INTEREST | 13 |
|  | A. | Fair Treatment | 13 |
|  | B. | Gifts & Entertainment | 14 |
|  | C. | Late Trading | 15 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | D. | Duty of Care | 15 |
|  | E. | Transactions with Clients | 15 |
|  | F. | Outside Activities | 15 |
|  | G. | Service as Outside Director or on Creditors' Committee | 17 |
| VII. | PERSONAL TRADING RESTRICTIONS | PERSONAL TRADING RESTRICTIONS | 17 |
|  | A. | Restrictions for Access Persons | 17 |
|  | B. | Restrictions Applicable to Access Persons and Certain Independent Fund Directors | 18 |
|  | C. | Restrictions Applicable to Investment Personnel and Portfolio Managers | 19 |
|  | D. | Restrictions Applicable to Church Loan Fund Insiders | 21 |
| VIII. | PRE-CLEARANCE REQUIREMENTS | PRE-CLEARANCE REQUIREMENTS | 21 |
|  | A. | Transactions Exempt from Pre-Clearance | 22 |
|  | B. | Access Persons Exempt from Pre-Clearance | 23 |
|  | C. | Procedures for Obtaining Pre-Clearance | 24 |
|  | D. | Procedures for Options Exercise | 24 |
|  | E. | Prohibition on Self Pre-clearance | 24 |
| IX. | ACCESS PERSON REPORTING REQUIREMENTS | ACCESS PERSON REPORTING REQUIREMENTS | 25 |
|  | A. | Approved Accounts | 25 |
|  | B. | Statements and Confirmations | 25 |
|  | C. | Initial and Annual Holdings Reports | 25 |
|  | D. | Quarterly Reports | 26 |
|  | E. | Annual Certifications | 27 |
|  | F. | Independent Fund Directors | 27 |
|  | G. | Independent Directors of Advisers | 28 |
|  | I. | Reporting Violations | 28 |
| X. | ADMINISTRATION OF CODE OF ETHICS | ADMINISTRATION OF CODE OF ETHICS | 28 |
|  | A. | Procedures | 28 |
|  | B. | Exceptions | 28 |
|  | C. | Board Reports | 29 |
|  | D. | Recordkeeping Requirements | 29 |
|  | E. | CCO Annual Review | 30 |
|  | F. | Sanctions and Forfeitures | 30 |

---

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## Thrivent Code of Ethics
**I.** **INTRODUCTION** 

This Code of Ethics ("**Code**") is adopted in compliance with the requirements of U.S. securities laws applicable to registered investment advisers and registered investment companies. Registered investment advisers are required by Rule 204A-1 under the Investment Advisers Act of 1940, as amended ("**Advisers Act**"), to establish, maintain and enforce a code of ethics which, among other things, sets forth the standards of business conduct required of their "supervised persons" as defined in Advisers Act Section 202(a)(25) and "access persons" as defined in Rule 204A-1 and requires them to comply with the Federal Securities Laws.<sup>1</sup> Similarly, each registered investment company and its investment advisers and principal underwriter must adopt a code of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended ("**1940 Act**") containing provisions reasonably necessary to prevent "access persons" as defined in Rule 17j-1 from engaging in any act, practice, or course of business prohibited under the anti-fraud provisions of the rule (Rule 204A-1 and Rule 17j-1, collectively, "**Rules**").

In conformity with the Rules, this Code has been adopted by the following entities: Thrivent Financial for Lutherans ("**TFL**") and Thrivent Asset Management, LLC ("**TAM**") (each an "**Adviser**"; collectively, the **"Advisers**"), Thrivent Distributors, LLC ("**TDL**") (the "**Principal Underwriter**") and the Thrivent Mutual Funds, Thrivent Series Fund, Inc., Thrivent Core Funds, Thrivent Cash Management Trust, Thrivent ETF Trust and Thrivent Church Loan and Income Fund (the "Church Loan Fund") (each a "**Fund**"; collectively, the "**Funds**" and together with the Advisers and the Principal Underwriter, the "**Regulated Companies**" or "**Thrivent**"). (An individual series or a portfolio of a Fund is herein sometimes referred to as a "**Fund Portfolio**".)

The Board of Directors/Trustees of each Fund ("**Fund Board**"), including a majority of the Directors/Trustees who are not interested persons of a Fund ("**Independent Fund Directors**"), must approve the code of ethics of the Funds, as well as the code of ethics of each Adviser, each Fund sub-adviser and the Principal Underwriter and any material changes to such codes. The Fund Board must base its approval of a code of ethics and any material changes on its determination that the code contains provisions reasonably necessary to prevent "access persons" as defined in Rule 17j-1 from engaging in acts, practices or courses of business prohibited by the anti-fraud provisions of the rule.

This Code does not apply to officers, directors, employees or supervised persons of any sub- adviser to the Funds provided that such entity has adopted its own Code of Ethics pursuant to

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<sup>1</sup> Advisers Act Rule 204A-1 defines the term "Federal Securities Laws" to include: (1) the Securities Act of 1933, as amended; (2) the Securities Exchange Act of 1934, as amended; (3) the Sarbanes-Oxley Act of 2002; (4) the 1940 Act; (5) the Advisers Act; (6) Title V of the Gramm-Leach-Bliley Act of 1999; (7) any rules adopted by the SEC under those statutes; (8) the Bank Secrecy Act, as it applies to funds and investment advisers; and (9) any rules adopted under relevant provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.

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the Rules and such Code of Ethics and any material amendments thereto has been approved by the Fund Board.

Abusive personal investment activities by access persons are prohibited not only by the Rules, but also by other provisions of the federal securities laws. For example, an access person who engages in Front Running (as hereinafter defined) or a Fund portfolio manager who makes investment decisions for a Fund with the intent to benefit personally would, in addition to violating Rule 17j-1, violate the antifraud provisions of Section 17(a) of the Securities Act of 1933, as amended ("**Securities Act**"), Section 10(b) of the Securities Exchange Act of 1934, as amended ("**Exchange Act**") and Exchange Act Rule 10b-5. If a Fund and its portfolio manager purchase or sell securities in the same company, the portfolio manager may have engaged in a "joint transaction" with the Fund in violation of 1940 Act Section 17(d) and related Rule 17d-1. If a portfolio manager causes a Fund to purchase particular securities in exchange for any compensation (in the form of securities, private investment opportunities, favorable trading terms, or other similar benefits), the manager would violate 1940 Act Section 17(e), which prohibits any portfolio manager or other fund insider, acting as agent, from receiving compensation from outside sources in exchange for the purchase or sale of any property to or from an investment company. An investment adviser whose portfolio manager or other employees engage in abusive investing would violate Advisers Act Section 206, which prohibits investment advisers from engaging in certain fraudulent conduct and imposes a strict fiduciary duty on all advisers.

Penalties for violation of these laws can be severe and extend to all TFL's affiliates and their officers and directors as well as to the individual.

If you have any questions concerning this Code, please contact the relevant Chief Compliance Officer of the Regulated Companies ("**CCO**") or a designated person within the Asset Management Law Department of the General Counsel's Office ("**GCO**") (individually and collectively, "**Compliance**"). CCO for each Adviser means the Chief Compliance Officer as designated on the Adviser's Form ADV, Part 1, Schedule A, or the CCO's designee, as applicable. For the Funds, it means the CCO approved by the Fund Board or that CCO's designee.

**II.** **FIDUCIARY DUTY** 

The Securities and Exchange Commission ("**SEC**") and the Supreme Court have consistently opined that an investment adviser owes a "fiduciary duty" to its advisory clients. As fiduciaries, we have affirmative duties of care, honesty, loyalty and good faith to act in the best interests of our clients, including the Funds and their shareholders. For the purposes of this Code, the term "Client(s)" shall refer to any account the Advisers exercise investment discretion over, including the TFL general account and the account of any advisory client of the Advisers.

Our Clients' interests are paramount and must come before our personal interests. Our Access Persons and Supervised Persons are also expected to behave as fiduciaries with respect to Clients. This means that each must render disinterested advice, protect Client assets (including

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nonpublic information about a Client or a Client's account) and act always in the best interest of our Clients. When acting in a fiduciary capacity, Thrivent will adhere to the highest standards of care and diligence in conducting our activities. We must be particularly sensitive to situations in which the interests of Clients conflict with those of Thrivent, striving always to identify and avoid material conflicts of interest or to disclose those conflicts which cannot be avoided.

We seek to foster a reputation for integrity and professionalism. That reputation is a vital business asset and it is our responsibility to take the actions needed to help preserve that reputation. For that reason, we have established a Code of Conduct, with the expectation that everyone acting on behalf of Thrivent will understand and follow its principles. To further these goals, we have also adopted this Code and implemented policies and procedures to prevent fraudulent, deceptive and manipulative practices and to ensure compliance with the Federal Securities Laws and the fiduciary duties owed to our Clients.

**III.** **PERSONS COVERED BY THE CODE** 

Except as provided in the following sentence, this Code applies to all **Supervised Persons** of the Advisers<sup>2</sup> and all **Access Persons**<sup>3</sup> of the Regulated Companies. For TFL, in reliance on interpretative guidance of the staff of the SEC<sup>4</sup>, this Code and the Rules do not apply to Non- Advisory Personnel of TFL. "**Non-Advisory Personnel**" include officers, employees or supervised persons of TFL, other than directors, who are not involved, either directly or indirectly in TFL's investment advisory activities. The Advisers Act defines Supervised Person to include "any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser." Contractors and consultants may, in certain circumstances, be deemed to be Supervised Persons. All Supervised Persons, including independent directors of the Advisers, are required to comply with the Federal Securities Laws, to acknowledge receipt of this Code and to report any violations of this Code promptly to the CCO. However, **Supervised Persons who are not also Access Persons are not required to file periodic reports of personal securities transactions and holdings**.

All Access Persons are required to satisfy the above requirements applicable to Supervised Persons. In addition, **Access Persons, other than Fund Independent Directors, are required to file periodic reports of their personal securities transactions and holdings and are generally required to pre-clear personal securities transactions unless specifically exempt from pre-clearance under this Code.**

Under the Advisers Act, "access person" is defined as "[a]ny of your supervised persons . . . [w]ho has access to nonpublic information regarding any clients' purchase or sale of securities, or

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<sup>2</sup> *See* Advisers Act Section 202(a)(25) for definition of "supervised person". Note that independent directors of advisers are not excluded from this statutory definition.

<sup>3</sup> *See* Advisers Act Rule 204A-1(e)(1) and 1940 Act Rule 17j-1(a)(1) for definitions of "access person".

<sup>4</sup> Prudential Insurance Company of America (pub. avail. March 1, 2005)(providing relief from compliance with Rule 204A-1 with respect to non-advisory personnel.

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nonpublic information regarding the portfolio holdings of any reportable fund, or . . . is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. . . . If providing investment advice is your primary business, all of your directors, officers and partners are presumed to be access persons."<sup>5</sup> The presumption is rebuttable, meaning that an adviser may demonstrate that independent directors are not access persons depending upon their activities. "Access person" is defined slightly differently under the 1940 Act, and contains a presumption that all of a Fund's directors and officers are access persons of the Fund.<sup>6</sup>

Based on these defined terms, for any Adviser whose primary business is other than providing investment advice (i.e., TFL), Thrivent has determined that officers or directors who are not involved in, and have no access to, non-public investment recommendations shall not be deemed Access Persons for purpose of this Code. For any Adviser whose primary business is rendering investment advice, all officers and directors are presumed to be Access Persons unless the CCO, after consultation with the Adviser's Chief Legal Officer ("**CLO**"), has determined that a particular officer or director may be excluded from its Access Persons.

For purposes of this Code, Thrivent deems the following to be Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Officer, Director or Trustee of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Officer or Manager of TAM, unless the CCO, in consultation with the CLO, has determined that an Officer or Manager
of TAM neither makes, participates in nor obtains information regarding the purchase or sale of Reportable Securities by a Client, and is not involved in any investment recommendations relating to the purchase or sale of Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Officer or Director of TFL or the Principal Underwriter, and any employee of a Fund or Adviser who, in connection
with his or her regular functions or duties, makes, participates in, or obtains or has access to information regarding, the purchase or sale of Reportable Securities by a Client, or whose functions relate to the making of any recommendations with
respect to the purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Officer, Director, Trustee or employee of a Regulated Company who has access to nonpublic information regarding any
Client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Fund;

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<sup>5</sup> Advisers Act Rule 204A-1(e)(1). Providing investment advice is not the primary business of TFL.

<sup>6</sup> *See* 1940 Act Rule 17j-1(a)(1) which, in pertinent part, defines "access person" as follows:

i Any Advisory Person of a Fund or of a Fund's investment adviser. If an investment adviser's primary business is advising Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser. All of a Fund's directors, officers, and general partners are presumed to be Access Persons of the Fund.

ii Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the fund regarding the purchase or sale of Covered Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any natural person in a control relationship to a Fund or Adviser who obtains information concerning recommendations
made to a Fund with regard to the purchase or sale of Reportable Securities by a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other person who the CCO determines to be an Access Person.

Each Supervised Person and/or Access Person shall be notified of his or her status under this Code and be provided with a copy of this Code and any amendments and shall provide an acknowledgement of such receipt, provided, however, that with respect to Officers, Directors or Managers of TFL or TAM who are determined not to be Access Persons, this requirement may be satisfied by the receipt and acknowledgement of the Thrivent Code of Conduct. Your receipt of this Code or the Code of Conduct, if applicable, for your review and signature means that you are a Supervised Person and/or Access Person to whom the Code applies. Should you have any doubt as to whether this Code applies to you, you should contact your CCO.

**IV.** **DEFINED TERMS** 

As used in the Code, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Access Person** 

Relevant definitions of Access Person from both of the Rules appear in Section III, above. Under Rule 204A-1, the term "access person" includes any Supervised Person who has access to nonpublic Client information regarding purchase or sale of securities or portfolio holdings, or is involved in making, or has access to, non-public securities recommendations to Clients. In addition, the definition of "access person" under Rule 17j-1 includes the defined term "advisory person" which covers, among other things, any director, officer, or employee of the Funds or the Advisers "who, in connection with his or her regular functions or duties, makes, participates, in or obtains information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales." Since together these terms cover all relevant personnel, for purposes of this Code, the term Access Person means and includes any "advisory person" as defined by Rule 17j-1.

*<u>Note</u>: All Access Persons are subject to pre-clearance and reporting of personal securities transactions unless explicitly exempt under Section VIII.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Automatic Investment Plan** 

Any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including, but not limited to, any dividend reinvestment plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Beneficial Ownership<sup>7</sup>** 

A "beneficial owner" is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares in the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security.

A person generally has beneficial ownership in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held in his or her name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of a person's immediate family sharing the same household ()"**Residential Family Member**") **,** although the presumption of beneficial ownership may be rebutted. Immediate family members include anyone who is related to a person in any of the following ways, whether by blood, adoption, marriage, or domestic
partnership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• spouse or domestic partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• children, stepchildren, and grandchildren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• parents, stepparents, and grandparents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• siblings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• parent-, children-, and siblings-in-law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A general partner's proportionate interest in the portfolio of securities held by a general or limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's interest in securities held by a trust, where the person is trustee or where the person is beneficiary
and has or shares investment control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's right to dividends that is separated or separable from the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's right to acquire equity securities upon the exercise or conversion of a derivative security, whether or
not presently exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by an investment club of which the person is a member and in which he or she has a direct or indirect
pecuniary interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by an entity (including without limitation corporations, trusts and partnerships) or other person (such
as acting as guardian or conservator) if the person has or shares authority over the investment decisions for such entity or person.

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<sup>7</sup> The term "beneficial ownership" is defined in Exchange Act Rule 16a-1(a)(2). This Code sets forth the general requirements of the defined term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Church Loan Fund Insider** 

Any person who is a i) Trustee, Officer, or principal stockholder (holder of more than 10% of a class of reportable securities) of the Church Loan Fund, or ii) Manager, Officer or executive investment decision maker of TAM are subject to Beneficial Ownership reporting obligations under Section 16 of the Securities Exchange Act of 1934, as amended (each, a "Church Loan Fund Insider").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Front-Running** 

The purchase or sale of a security in anticipation of and prior to any Adviser effecting similar transactions for Clients in order to take advantage of or avoid changes in market prices expected to result from the Client's transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **High Yield Securities** 

Debt obligations rated less than investment grade, which is defined as having a category quality rating below "Baa3," as rated by Moody's Investors Service, Inc. ("Moody's"), or below "BBB-," as rated by Standard & Poor's Corporation ("S&P"), or if unrated, deemed to be of equivalent quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Initial Public Offering ("IPO")** 

An offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Exchange Act Sections 13 or 15(d), including initial coin offerings that represent an offering of securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Investment Personnel** 

Any Access Person who (1) in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities for Clients, and (2) any natural person who controls a Regulated Company and who obtains information concerning recommendations made to Clients regarding the purchase or sale of securities by Clients. <u>Note</u>: All Portfolio Managers, Associate Portfolio Managers, traders, ETF Capital Markets team, investment analysts and employees in the Equity Research and Credit Research areas, and their direct or indirect supervisors in the Investment Division are deemed to be Investment Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Large Company Securities** 

Reportable Security in the actively traded securities of an issuer with a market capitalization of $10 billion or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Limited Offering** 

An offering exempt from registration under Securities Act Sections 4(2) or 4(6) or pursuant to Securities Act Rules 504, 505 or 506. Limited offerings are commonly referred to as "private placements" and include offerings of hedge funds and private funds. For the purposes of this

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Code, bank loans are considered "Limited Offerings".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Material Violations** 

Material violations of this Code include, but are not limited to, (a) any unlawful action as described in Section V.B., or (b) a second failure within a 24-month period to (i) obtain pre-clearance, (ii) comply with any applicable holding period, (iii) comply with any applicable black-out period or (iv) comply with any of the other stated restrictions on personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Portfolio Manager** 

Any Investment Personnel entrusted with the direct responsibility and authority to manage a Client portfolio or a portion of a Client portfolio. Equity analysts who have indirect portfolio management responsibilities for "analyst sleeves" are also considered Portfolio Managers for purposes of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **"Purchase or Sale" of a Reportable Security** 

The purchase, sale, other acquisition or disposition (collectively, a "transaction") of a Reportable Security, including, among other things, the purchase or writing of an option to purchase or sell a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.** **Reportable Fund** 

A Reportable Fund is any investment company, other than the Thrivent Money Market Fund and the Thrivent Money Market Portfolio, for which any of the Advisers serves as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.** **Reportable Securities Account** 

Any account of a broker, dealer, bank or other entity that has the ability to purchase, sell, or hold, directly or indirectly, a Reportable Security or Reportable Fund in which an Access Person has, or by reason of such transaction or holding would acquire, any Beneficial Ownership. The Thrivent 401(k) plan and any variable contract under which Thrivent Funds are available as an option are considered a Reportable Securities Account. Other retirement plans, 529 plans and health savings accounts are considered Reportable Securities Accounts only if held at a broker, dealer or bank or if they hold a Reportable Security or Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**P.** **Reportable Security** 

Any security as defined in the Advisers Act and the 1940 Act8 except (1) direct obligations

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<sup>8</sup> Advisers Act Section 202(a)(18) and 1940 Act Section 2(a)(36) define security as "any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, limited partnership interest, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing."

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of the Government of the United States; (2) currencies; (3) commodities (such as agricultural products) and options and futures on commodities that are traded on a commodities exchange; (4) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (5) shares issued by money market funds; (6) shares issued by open-end funds other than Reportable Funds; and (7) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds. For purposes of this Code, the term Reportable Security includes bank loans. Further, the term Reportable Security covers more categories of securities than the term "**Covered Security**"<sup>9</sup> that is used for compliance with both of the Rules. By SEC staff interpretation, Reportable Security ***includes*** shares issued by Exchange Trade Funds ("**ETFs**") whether issued as open- or closed-end ETFs or unit investment trust ETFs.<sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q.** **"Security Held or to be Acquired"** 

Any Reportable Security which, within the most recent 15 days, (i) is or has been held by a Client, or (ii) is being or has been considered by a Client or the Advisers for purchase by a Client, including any option to purchase or sell, and any security convertible into or exchangeable for, a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**R.** **Small Company Securities** 

Reportable Security in the actively traded securities of an issuer with a market capitalization of less than $10 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**S.** **Supervised Person** 

"Supervised person" means any Officer, Director, Manager or employee of an Adviser, or other person who provides investment advice on behalf of the Adviser and is subject to the supervision and control of the investment adviser; provided that, Non-Advisory Personnel of TFL shall not be treated as Supervised Persons subject to this Code.

**V.** **STANDARDS OF BUSINESS CONDUCT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

Each Supervised Person and/or Access Person shall adhere to the highest ethical standards and shall, at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• place the interests of Clients before his/her personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct all personal securities transactions in a manner consistent with this Code, to avoid any actual or potential
conflicts of interest, or any abuse of position of

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<sup>9</sup> "Covered Security" under Rule 17j-1 means any security as defined in Company Act Section 2(a)(36) except (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end registered investment companies.

<sup>10</sup> The SEC staff has refused to grant no-action relief with respect to a request to exempt UIT-ETFs from the reporting requirements of adviser and fund codes of ethics and strongly urged advisers and funds to treat open- end ETFs and UIT ETFs consistently. See National Compliance Services, Inc., pub. avail (Nov. 20, 2005).

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trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• never use their positions, or any investment opportunities presented by virtue of their positions, to personal advantage or
to the detriment of a Client.

To assure compliance with these standards of conduct and the Federal Securities Laws, we have adopted, and agreed to be governed by, the provisions of this Code in addition to the procedures contained in applicable compliance manuals.<sup>11</sup> However, Access Persons and Supervised Persons are expected to comply not merely with the "letter of the law," but with the spirit of the laws, this Code and applicable compliance manuals, policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Unlawful Actions** <sup>12</sup>

It is ***unlawful*** for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the
statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To engage in any manipulative practice with respect to the Fund.

**VI.** **CONFLICTS OF INTEREST** 

Supervised Persons and/or Access Persons must avoid engaging in any activity which might reflect poorly upon themselves or Thrivent or which would impair their ability to discharge their duties with respect to us and our Clients. Access Persons, excluding Independent Fund Directors, must provide disinterested advice and any relevant potential personal or business conflicts of interest must be disclosed to the CCO and, where appropriate, "**Information Wall**" procedures13 may be utilized to avoid potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Fair Treatment** 

Access Persons must avoid taking any action which would favor one Client or group of

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<sup>11</sup> Applicable compliance manuals include the Adviser's policies and procedures adopted pursuant to Advisers Act Rule 206(4)-7 and the Fund's policies and procedures adopted pursuant to 1940 Act Rule 38a-1, as they may exist from time to time.

<sup>12</sup> The term "Unlawful Actions" is defined in Rule 17j(b).

<sup>13</sup> See Material Non-Pubic Information and Insider Trading Policy & Procedure.

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Clients over another in violation of our fiduciary duties and applicable law. Access Persons must comply with relevant provisions of our compliance manuals designed to detect, prevent or mitigate such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Gifts & Entertainment** 

All Supervised Persons and Access Persons, excluding Independent Fund Directors, are subject to the Thrivent Financial Gift and Business Entertainment Policy.<sup>14</sup> Such persons may not accept a gift, favor, or service from any person or company that, to the actual knowledge of such person, does business or is seeking to do business with a Regulated Company that creates a real or perceived conflict of interest or is lavish or extravagant. Further, Investment Personnel are subject to the following supplemental policies and procedures regarding entertainment received from a broker/dealer or other service provider in connection with the purchase or sale of securities or other property<sup>15</sup> to or from the Funds or client accounts subject to ERISA. Such entertainment shall be referred to herein as "Broker Entertainment".<sup>16</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Personnel may accept Broker Entertainment, as long as such entertainment complies with the Thrivent Financial
Gift and Business Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Personnel are required to report all Broker Entertainment with a value in excess of $25. Prior approval<sup>17</sup> is required by a designated supervisor in the Investment Department for any Broker Entertainment with a value above $250. In determining the value of Broker Entertainment, the value should be the
higher of cost or market value. Meals and beverages provided during in-office meetings, or meals and beverages generally made available in connection with a business conference or similar industry group
events, are acceptable and are not subject to the reporting requirements described above. The CCO may, from time to time, identify additional items that may be excluded from reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conferences: The cost-per-individual for
industry conferences or similar events that are considered Broker Entertainment must be reported, but are not counted towards $250 prior approval threshold provided that the event has a reasonable relationship to the duties of the person attending
and the expenses for attendance are reasonable in light of the benefits afforded to Thrivent by such attendance. Please keep in mind that if there are separate excursions or other entertainment connected with the event (e.g., golf outings) then the
reporting and prior clearance requirements will apply to these separate events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research Trips: Broker-sponsored research trips must receive prior clearance from the appropriate Department Head.
Generally, all travel expenses to and

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<sup>14</sup> See https://mycorporate.thrivent.com/portal/mycorp/ithrive/our_org/code

<sup>15</sup> Includes entertainment provided in connection with the funding of private equity investments, but not subsequent capital calls.

<sup>16</sup> This supplemental policy on Broker Entertainment is intended to cover any form of gift, entertainment or other compensation that may be prohibited by Section 17(e)(1) of the Investment Company Act of 1940 or ERISA's prohibited transaction rules.

<sup>17</sup> Post approval may be made on a case-by-case basis in situations where prior approval was considered not reasonably practicable.

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from the site, and the expenses of any overnight lodging or other accommodations provided in connection with such activities should be paid for by Thrivent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually, Investment Personnel are required to certify in writing as to the accuracy and completeness of their Broker
Entertainment reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons reporting of Gifts<sup>18</sup> and Investment Personnel
reporting of Broker Entertainment shall be made quarterly through the Personal Trading Assistant ()"**PTA** ")<sup>19</sup> system. Pre-approval requests
for Broker Entertainment in excess of $250 shall also be made through PTA and will be responded to promptly by email indicating whether or not the request has been approved or denied.

Please also remember that the Thrivent Financial Gift and Business Entertainment Policy requires reporting of all business gifts given or received on a gift log. The Form for reporting gifts can be found in the Code of Conduct section on Thrivent's intranet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Late Trading** 

Access Persons must refrain from knowingly placing trades in any investment company after it closes while obtaining that day's price for the fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Duty of Care** 

When acting as fiduciaries, the Advisers have a duty to perform their services carefully. Negligence in the performance of investment advisory activities may result in liability to the injured Client. Clients expect that Adviser personnel will perform their responsibilities with the care and skill that is appropriate under the circumstances. This responsibility requires, among other things, that securities recommendations be made on the basis of adequate investigation and that any recommended investment is suitable to the particular Client in light of the nature and objectives of that Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Transactions with Clients** 

No Supervised Person and/or Access Person shall buy or sell any security or other property in which such person has a beneficial interest from or to a Client, provided that this item shall not be construed to prohibit a person from being a shareholder of a Fund or the contract owner of a variable annuity, life insurance or any other product that is funded or issued by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Outside Activities** 

Access Persons are expected to act in the best interests of Thrivent and refrain from being

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<sup>18</sup> This reporting requirement supersedes the reporting requirement in the Thrivent Financial Gift and Business Entertainment Policy. Asset Management Compliance will provide all Access Person gift reports to the Code of Conduct Office.

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placed in a position that could result in the appearance of a conflict between their personal interests and the interests of Thrivent when engaging in any outside activity.

In addition to the requirements of this Code, Access Persons, excluding Independent Fund Directors, are also subject to Thrivent's overall guidelines and policies which include, but are not limited to, the Thrivent Code of Conduct and Thrivent Conflicts of Interest Policy. Among the requirements of Thrivent's Conflicts of Interest Policy, Access Persons that are engaged in, or are considering engaging in, an outside business activity or volunteer position that raises a potential or actual conflict of interest situation must immediately discuss it with their manager, who in turn should consult with the Code of Conduct Office for advice and direction. This includes any previously reported and/or approved activity whenever there is any material change in relevant circumstances.

Investment Personnel are subject to additional reporting requirements for (i) outside business activities where the Investment Person either has a controlling or influencing position in a business or receives monetary compensation for their involvement in a business and (ii) not-for-profit activities where the Investment Person has any direct or indirect influence or control over Reportable Securities that would require pre-clearance under the Code or Reportable Funds. The following activities are not reportable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any unpaid affiliation with a trade association, professional association, or other such organization related to your
position at Thrivent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unpaid positions with co-op boards, condominium associations, and similar
entities the sole business of which is to hold title to and/or manage real property in which you can or do reside.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unpaid positions with holding companies, trusts, or other non-operating entities
established solely for purposes of your or your family's estate or tax planning or to hold your or your family's real estate or other investments that would not otherwise require pre-clearance under
the Code.

Reporting of outside activities can be made through the Personal Trading Assistant ("**PTA**")20 system. Reports will be reviewed by the Investment Person's supervisor and Asset Management Compliance to determine whether such activity may be perceived as an actual or potential conflict of interest. In the event a conflict of interest is determined to be unacceptable, the person having the conflict shall comply with Thrivent's decision to eliminate the conflict of interest within the time limits determined by Thrivent. Failure to do so may result in disciplinary action, including possible termination.

Annually, Investment Personnel are required to certify in writing as to the accuracy and completeness of their outside activity reporting.

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<sup>20</sup> The PTA system may be accessed through the Thrivent intranet site under "Resource Center" and search for "Personal Trading Assistant".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Service as Outside Director or on Creditors' Committee** 

Investment Personnel may not serve on the board of directors of any company that is subject to the reporting obligations of Exchange Act Section 12 or 15, or in any similar capacity, absent prior authorization from the Chief Investment Officer, in consultation with the CLO, based upon a determination that the board service would be consistent with the interests of Clients. If such board service is authorized, such Investment Personnel shall be isolated from the investment making decisions of the Funds or other Clients with regard to securities of the company on whose board the individual serves.

Supervised Persons may not serve on a creditors' committee absent prior authorization from the Chief Investment Officer in consultation with the CLO and, if so authorized, may be subject to strict information barriers. This restriction shall not apply to any Independent Fund Director or any independent director, manager or trustee of an Adviser that is not, in fact, an Access Person as defined above.

Prior authorization can be requested through the Personal Trading Assistant ("**PTA**")<sup>21</sup> system. Pre-approval requests will be responded to promptly and an email will be sent when the request has been approved or denied.

**VII.** **PERSONAL TRADING RESTRICTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Restrictions for Access Persons** <sup>22</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Open Client Orders**. Front-running is illegal and prohibited under this Code. No Access Person will be granted pre-clearance for the purchase or sale of any Reportable Security on a day that any Client or Adviser has a pending or filled order in the same Reportable Security unless the order is withdrawn. The price paid or
received by a Client account for any security should not be affected by a buying or selling interest on the part of an Access Person, or otherwise result in an inappropriate advantage to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **IPO and Limited Offering (Private Placement) Restrictions.** No Access Person, other than an Independent Fund
Director, shall purchase, directly or indirectly, in an Initial Public Offering or a Limited Offering of any Reportable Security in which he or she has, or by reason of such transaction would acquire, Beneficial Ownership without the prior written
approval of Compliance. **(Please note the definition of Limited Offering covers securities commonly referred to as private placements, such as hedge funds and private funds, as well as bank loans.)** Any such approval will take into account,
among other factors, whether the investment opportunity should be reserved for a Client and whether the

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<sup>21</sup> The PTA system may be accessed through the Thrivent intranet site under "Resource Center" and search for "Personal Trading Assistant".

<sup>22</sup> Certain substantive restrictions are required by law while others are based on best practices recommended by the Investment Company Institute under Rule 17j-1 or by the Investment Advisers Association under Rule 204A-1.

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opportunity is being offered to such person because of his or her position with Thrivent.

Once pre-approval has been granted, the pre-approved transaction must be executed within 48 hours or such other period specified by Compliance. An Access Person who has been authorized to acquire interests in such securities must disclose their interests if involved in considering an investment in such securities for a Client. Any decision to acquire the issuer's securities on behalf of a Client shall be subject to review by Access Persons with no personal interest in the issuer. If the purchase of a Limited Offering is approved, the Access Person must disclose his or her position in the issuer of the security whenever he or she is involved to any material extent in any subsequent consideration of the securities of such issuer by or on behalf of a Client and the determination of whether to make such investment must be made or reviewed by Investment Personnel having no personal interest in the issuer. Unless otherwise exempt, the sale or disposition of a security obtained in an Initial Public Offering or a Limited Offering of any Reportable Security must also be pre-cleared. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Short Sales.** No Access Person, other than an Independent Fund Director, shall effect a short sale of a Covered
Security unless such transaction is a short sale transaction known as a short sale "against the box" (*i.e.*, the Access Person owns the security which is subject to the short sale). However, an Access Person may effect a short sale
of an ETF in a transaction that is not "against the box."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Rumors.** No Access Person shall originate or circulate in any manner any statement or report regarding any
issuer or security that the employee knows or has reasonable grounds to believe is false or misleading and could improperly influence the market price of such security. An Access Person must promptly report to Compliance any circumstance which would
lead the employee to believe such statement or report might have been originated, circulated or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Restricted Securities.** Thrivent maintains a confidential Restricted Securities List. No Access Person will be
granted pre-clearance for the purchase or sale of securities on the list, unless the transaction falls within an allowable exception in the Material Non Public Information and Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Restrictions Applicable to Access Persons and Certain Independent Fund Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Restrictions Applicable to Semi-Transparent Active ETF.** All Access Persons, excluding Independent Fund
Directors, must obtain preclearance to transact in a Fund Portfolio that is a Semi-Transparent Active Exchange Traded Fund ("Thrivent STA ETF") and are restricted from selling shares of a Thrivent STA ETF within 30 days after purchase.
Under applicable SEC exemptive relief, the actual portfolio holdings of any Semi-Transparent Active ETF are required to be considered material, non-public information for purposes of this Code of Ethics.
Accordingly, Access Persons or Supervised Persons with knowledge of a Thrivent STA ETF's

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actual holdings are not permitted to transact in shares of the Semi-Transparent Active ETF on the basis of that material, non-public information.

In addition, Access Persons, including Independent Directors of the Thrivent ETF Trust Board will be restricted from transacting in any Thrivent STA ETF upon notification of a Threshold Breach23 triggering the requirement for an ad hoc Thrivent ETF Trust Board meeting to evaluate the possible need for corrective measures. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Restrictions Applicable to Investment Personnel and Portfolio Managers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **60-Day Holding Period.** No Investment Personnel shall profit, directly
or indirectly, from the purchase and sale or sale and purchase (e.g., short sales and certain option transactions) of the same or equivalent Reportable Security within any 60 calendar-day period24. This
includes, but is not limited to, realizing gains on an option contract within any 60 day calendar-day period. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of any premium from the opening of an option position in which the expiration of that contract will occur
within the next 60 days (e.g., selling a call or selling a put to open that expires within 60 days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The automatic exercise of in-the-money options (including expiring options) within the 60 day calendar-day period. To avoid a violation and surrendering 60 day gains that would result from an automatic liquidation, you need to cancel the automatic
liquidation before it happens.

This restriction does not apply to transactions that result in a <u>loss</u> through trading within a period shorter than 60 calendar days. This prohibition applies to all Reportable Securities unless excepted below.

*<u>Note</u>: The 60-day rule covers "equivalent" securities; therefore, the rule would prohibit options transactions on or short sales of a security within 60 days of its purchase. Also, the 60-day rule is applied on a "last in - first out" basis. For example, if Investment Personnel purchases ABC stock on January 1, 2006, and makes a subsequent purchase of ABC stock on December 1, 2007, he or she may not sell <u>any</u> shares of ABC stock until January 31, 2008. The "clock" restarts each time a trade is made in the security.* 

All transactions in Reportable Securities by Investment Personnel are subject to the 60- day holding period, <u>except</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In cases of immediate and heavy financial need where funds are not readily

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<sup>23</sup> Refer to the Semi-Transparent ETF Exemptive Order Compliance Policy for the definition of a Threshold Breach.

<sup>24</sup> The day of the subject transaction is not included in computing the 60-day calendar period.

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available from other sources, Investment Personnel may request approval for the sale of Reportable Securities from Compliance. The request must be in writing and set forth the circumstances of the request, and must not exceed the amount needed to meet the financial hardship, including anticipated income taxes. Compliance has no obligation to grant the request. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities exempt from pre-clearance by Access Persons (See Section VIII of
this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Large Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Thrivent ETF Trust, except Thrivent STA ETFs, are subject to the 30 day holding period pursuant to Section VII.B.1,
above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Small Company and High Yield Blackout.** No Investment Personnel shall purchase or sell any Small Company
Security (excluding Thrivent ETF Trust) or High Yield Security in which he or she has, or by reason of such transaction would acquire, any Beneficial Ownership in such security (excluding securities that are exempt from pre-clearance under Section VIII) within a period of seven (7) **calendar** days25 after any transaction in such security by or on behalf of a Client (other than a purchase or sale of such security in an
index fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Portfolio Manager Seven Day Blackout.** No Portfolio Manager shall purchase or sell any Reportable Security
(excluding Thrivent ETF Trust) in which he or she has, or by reason of such transaction would acquire, any Beneficial Ownership within a period of seven (7) **calendar** days26 before any transaction in such Reportable Security by or on
behalf of a Client account or "sleeve" of a Client account that he or she manages (other than a purchase or sale of a Reportable Security in an index fund). This restriction shall not apply to Portfolio Managers whose primary
responsibility is for asset class level tactical allocation decisions in multi-asset Client accounts, as long as the Portfolio Manager is not involved in the purchase or sell decision with respect to the Reportable Security.

The following are exempt from the Seven Day Blackout:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Securities exempt from pre-clearance by Access Persons (See Section VIII of
this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Large Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pre-Approved Transactions. Portfolio Managers may request an exemption from
the Seven Day Blackout in the event a prior personal trade might

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<sup>25</sup> The day of the subject transaction is not included in computing the seven day calendar period; for example, if the Client account purchases a Reportable Security on a Monday, the Investment Person may not purchase the security until the following Tuesday.

<sup>26</sup> The day of the subject transaction is not included in computing the seven day calendar period; for example, if the Client account purchases a Reportable Security on a Monday, the Portfolio Manager may not purchase the security until the following Tuesday.

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prevent an account they manage from subsequently trading a Reportable Security, if not making the trade would disadvantage the Client account. Portfolio Managers need prior approval from the CCO before making any trades under this exception. The CCO will need to know, among other things, what new information arose since the date of the personal transaction. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Restrictions Applicable to Church Loan Fund Insiders** 

**Short Swing Profits.** Section 16 of the Securities Exchange Act of 1934, as amended, prohibits Church Loan Fund Insiders from profiting from buying and selling, or selling and buying, equity securities of the Church Loan Fund ("Church Loan Fund shares")<sup>27</sup> within a six (6) month period. This is known as a "short-swing profit." If a Church Loan Fund Insider does have a short swing profit, the Church Loan Fund Insider will be required to disgorge the profits to the Church Loan Fund. Please keep in mind that transactions by other persons (such as immediate family members, trusts and partnerships) that are attributable to you are subject to these restrictions. Consequently, Church Loan Fund Insider should avoid frequent trading in Church Loan Fund shares.

Church Loan Fund Insiders are prohibited from purchasing and selling, or selling and purchasing, Church Loan Fund shares within a six (6) month period. If you are a Church Loan Fund Insider, other than an Independent Trustee of the Church Loan Fund, you must request pre-clearance to purchase or sell Church Loan Fund shares. You will not receive pre-clearance for any Church Loan Fund shares transaction that would violate the six-month holding period restriction or the prohibition against short-swing profits. Pre-clearance is not required for *purchases* effected through pre-established instructions in the Church Loan Fund's DRIP (see Section VIII.A.11 below).

**VIII.** **PRE-CLEARANCE REQUIREMENTS** 

No Access Person shall purchase or sell, directly or indirectly, any Reportable Security (including the Church Loan Fund) in which he or she has, or by reason of such transaction would acquire, any Beneficial Ownership without the prior approval of Compliance unless exempt from pre-clearance as provided below, provided, however, that no person shall be required to pre-clear a transaction effected for any account over which such person has no direct or indirect influence or control. Further, Front-Running is illegal and prohibited under this Code. When pre-clearing a Reportable Security, Access Persons must attest that they do not have knowledge that the security (or any closely related security, such as an option or a related convertible security) is under consideration for purchase or sale by a Portfolio Manager in the next fifteen calendar days (other than a purchase or sale of a Reportable Security in an index fund, a Large Company Security, internal seed money

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<sup>27</sup> Under rules promulgated under Section 16(a), an "equity security" of a company includes both equity securities and derivative securities (including any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to an equity security, or similar securities with a value derived from the value of an equity security) relating to the company, whether or not issued by that company. While the Church Loan Fund does not expect there to be derivative securities relating to the Fund's common shares, for completeness, references to "Church Loan Fund's shares" include Church Loan Fund common shares as well as any derivative securities relating thereto.

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transactions, or routine trades to purchase or sell a basket of securities to invest cash or raise cash).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Transactions Exempt from Pre-Clearance** 

Exemption from pre-clearance does <u>not</u> constitute an exemption from the reporting requirements of Section IX. Access Persons should consult the CCO if there are any questions about whether one of the exemptions listed below applies to a given transaction. All transactions in a Reportable Security must receive prior clearance except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Mutual Funds**. Open-end investment companies that are commonly referred
to as mutual funds (vs. exchange traded funds), including Reportable Funds that are mutual funds. Access Persons are reminded that "market timing" the Funds violates our policies and that Front-Running Client transactions or trading in
Reportable Funds on the basis of material, nonpublic inside or confidential information violates not only this Code, but our insider trading policies and procedures as well as other securities laws and, if proven, is punishable by fines and other
penalties.<sup>28</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Unit Investment Trusts**. Shares in a unit investment trust registered under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exchange Traded Funds (or derivatives thereon), excluding Thrivent STA ETFs.** *Note: Pre-clearance is required for exchange traded notes, unless another exemption in this section applies.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Investments based on indexes or non-reportable securities**. Derivatives
or other investments whose value is based on a broad-based index or non-Reportable Securities (e.g., stock market indexes, commodities, currencies, interest rates or U.S. Treasuries), excluding index futures
listed in **Attachment B**. The list of index futures requiring pre-clearance in Attachment B may be amended from time-to-time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Government Debt**. Debt issued or guaranteed by the United States government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Governmental Agencies**. Debt issued by an enterprise sponsored by the United States government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Pro-Rata Distributions**. Purchases effected by the exercise of rights
issued pro rata to all holders of a class of securities or the sale of rights so received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Tenders/Exchanges**. Purchases and sales of securities pursuant to a tender offer or exchange offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9**. **Exercise of Stock Option of Corporate Employer by Residential Family Member**. <u>Purchases</u> as part of the
exercise by a Residential Family Member of a stock option issued by the corporation employing the Residential Family Member.

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<sup>28</sup> Purchases or sales of Reportable Funds are still subject to the Reporting Requirements in Section IX, below.

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*Note,* *<u>sales must be pre-cleared</u>.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Dividend Reinvestment Plans.** <u>Purchases</u> effected through pre-established instructions in a dividend reinvestment plan. An Access Person should notify the Compliance Office that he or she will be participating in such a plan. *Note, <u>pre-clearance is required</u> for any purchases or sales in a dividend reinvestment plan that are not conducted as part of the pre-established instructions, including purchases to initiate the plan and the sale of shares held in the plan.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Automatic Investment Plans ("AIP").** Purchases and sales effected through an AIP. An Access Person
should notify the Compliance Office that he or she will be participating in the AIP. *Note, <u>pre-clearance is required</u> for any purchases or sales in an AIP that are not conducted as part of the pre-established instructions, including the purchase of shares to initiate participation in the AIP or the sale of shares acquired through an AIP.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Managed Accounts.** Purchases and sales effected through an account managed on a fully discretionary basis by an
independent third party adviser without prior consultation with the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Inheritances.** The acquisition of securities through inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Gifts.** Giving or receiving a Reportable Security as a gift or donation. Note, you must submit an adjustment in
the PTA system to ensure your holdings are accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Notes issued via direct lending platforms.** Purchases or sales of notes held in accounts maintained for holding
notes issued via direct lending platforms such as Lending Club or Prosper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Non-volitional Transactions.** Purchases or sales which are non-volitional on the part of either the Access Person or the Client. Such transactions would include inherited shares, corporate actions, the disposition of securities as worthless, the automatic liquidation of
fractional shares, an option exercised against you without any action on your part, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Mandatory Capital Calls/Subsequent Sales of Private Placements.** Pre-clearance is not required for the acquisition of additional shares of a previously approved private placement due to mandatory capital calls, or the subsequent sale (partial or full) of such private
placements. Note: Pre-clearance is required for additional, voluntary purchases of a previously approved private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Access Persons Exempt from Pre-Clearance** 

The following persons are exempt from pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Independent Directors of TFL and Independent Fund Directors, except that Independent Trustees of the Church Loan Fund
are required to notify the Church Loan Fund by the date of any purchases or sales of Church Loan Fund shares as set forth in Section IX.F. below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Persons who are classified as an Access Person solely because they are a manager/director or officer of an
Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Persons who may be deemed Access Persons solely because they make, participate in, or obtain or have access to
information regarding, co-investment transactions in church loans conducted on behalf of the Church Loan Fund, or whose functions relate to the making of any recommendations with respect to such co-investments, except that Church Loan Fund Insiders, other than the Independent Trustees of the Church Loan Fund, are required to pre-clear transactions in Church Loan Fund
shares (see Section VIII).

Exemption from pre-clearance does <u>not</u> constitute an exemption from the reporting requirements of Section IX, except as expressly provided in that Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Procedures for Obtaining Pre-Clearance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** An Access Person must request pre-clearance through the Personal
Trading Assistant ()"**PTA** ").<sup>29</sup>PTA may be accessed through the Thrivent intranet site. The Access Person will be advised through a message on PTA if the Pre-clearance request was APPROVED or DENIED. If the pre-clearance request requires manual review, an email will be sent when the Pre-clearance request has been APPROVED or DENIED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Except as noted below, pre-clearance shall be valid for only the day
given. *<u>Note</u>: Access Persons are reminded to cancel any limit order that is not executed during the pre-clearance period.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Thrivent STA ETFs, the ETF's Portfolio Managers, persons with trading authority for the ETF and any Access
Persons with knowledge of daily Authorized Participant trading in the ETF must trade the Thrivent STA ETF on the business day after pre-approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For foreign equities, pre-clearance is valid until the next close of the market
on which the security is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Pre-clearance requests must be accurate as to security and direction of
trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Procedures for Options Exercise** 

The purchase or sale of an option on stocks by an Access Person must be pre-cleared.

If you are the holder of an option and you intend to close (sell), exercise, or assign the option, prior transaction clearance is required and is subject to the holding period and blackout provisions of Section VII. However, if you have written (sold) an option and the option is exercised against you, without any action on your part, no prior transaction clearance is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Prohibition on Self Pre-clearance** 

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<sup>29</sup> The PTA may be accessed through the Thrivent intranet site under "Requests and Forms"; "Compliance"; "Related Links".

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No Access Person shall (1) manually pre-clear his or her own trades, (2) review his or her own reports or (3) approve his or her own exemptions from this Code. When such actions are to be undertaken with respect to the CCO's personal transactions, the CLO or his designee will perform such actions as are required of the CCO by this Code.

***Access Persons are cautioned that pre-clearance or exemption of a transaction under this Section is not a "safe harbor" and does not shield the individual in the event he or she otherwise violates applicable securities laws or regulations.***

**IX.** **ACCESS PERSON REPORTING REQUIREMENTS** 

***<u>Note</u>: Reportable Funds are subject to the reporting requirements of this Section.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Approved Accounts** 

Access Persons, other than Independent Fund and Adviser Directors, must notify Asset Management Compliance immediately when opening or otherwise establishing any Reportable Securities Account. All Reportable Securities Accounts maintained by Access Persons, other than Independent Fund and Adviser Directors and Fund Directors that are not otherwise employed by Thrivent, must be maintained with firms that are on the Approved Brokerage Firm List (see Attachment A). Exceptions to the Approved Brokerage Firm List requirement may be granted by the CCO in limited circumstances at the request of the Access Person. For example, exceptions may be granted for certain non-Thrivent 401(k) plans, accounts managed on a fully discretionary basis by an independent third-party adviser, or accounts where electronic feeds are readily available.

**It is a violation of this Code to maintain a Reportable Securities Account that is required to be disclosed to Compliance and approved under this Section IX.A but is not so reported and approved.** Report accounts as soon as the account is opened or a pre-existing account becomes associated with you (such as through marriage or inheritance) by sending an email with account details (firm name, account number, account name, and date established) to Box PTS COE.

New Access Persons will have 45 days to move their existing accounts to a brokerage firm on the Approved Account List or to another approved account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statements and Confirmations** 

**Access Persons consent to having timely duplicate brokerage confirmations (if available) and account statements submitted to Compliance for all Reportable Securities Accounts approved under this Section IX.A.** At the request of Compliance, Access Persons must arrange for Compliance to receive such duplicate brokerage confirmations and/or periodic account statements on a timely basis so Compliance can verify all account holdings and transaction activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Initial and Annual Holdings Reports** 

Each Access Person, other than Independent Fund and Adviser Directors, must submit to

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the Compliance Office a personal holdings report disclosing all Reportable Securities Beneficially Owned not later than ten (10) calendar days after becoming an Access Person, reflecting the Access Person's holdings as of a date not more than 45 calendar days prior to becoming an Access Person; and (ii) annually, on February 10, or such other date selected by the CCO, as of a date not more than 45 calendar days prior to the date the report was submitted. Holdings reports must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the title and type of each Reportable Security and as applicable, the exchange ticker symbol or CUSIP number, number
of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect **Beneficial Ownership**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of any broker, dealer, bank or other entity with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit. (Note that any account that has the ability to hold Reportable Securities must be included, even if the account currently does not hold any Reportable Securities); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the date the Access Person submits the report.

The following investments are exempt from the initial and annual holding reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings of the White Rose Funds and Thrivent compensation/retirement plans (excluding the Thrivent 401(k) plan).
Compliance has available access to holding information on these accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings of underlying investments in a 529 plan (excluding holdings of Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Quarterly Reports** 

Within 30 calendar days after the end of each calendar quarter, each Access Person, other than Independent Fund and Adviser Directors, must submit a report to the Compliance Office via PTA covering all transactions in Reportable Securities Beneficially

Owned during the quarter. **Transaction reports must contain the following information:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the date of the transaction, the title and as applicable, the exchange ticker symbol or CUSIP number, interest rate
and maturity date, number of shares, and principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the name of the broker, dealer, bank or other entity with or through which the transaction was effected; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the date the Access Person submits the report.

The following transactions are exempt from quarterly reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that are made pursuant to an Automatic Investment Plan or dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in the White Rose Funds and Thrivent compensation/retirement plans (excluding the Thrivent 401(k) plan).
Compliance has available access to trading information on these accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected pursuant to a 529 plan (excluding transactions in Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Annual Certifications** 

The CCO shall provide notice to all Access Persons of their status under this Code, and shall deliver a copy of the Code to each Supervised Person and Access Person annually. Additionally, each Supervised Person and Access Person will be provided a copy of any Code amendments. Annually, after reading the Code, each Supervised Person and Access Person (excluding Independent Fund and Adviser Directors) shall make the required certification that he or she has (1) read and understands this Code and recognizes that he or she is subject to the Code and (2) complied with all requirements of the Code to which he or she is subject and (3) disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code. Annual certifications are due within forty-five (45) days after the end of each calendar year. To the extent that any Code-related training sessions or seminars are held, the CCO shall keep records of such sessions and the Supervised Persons and/or Access Persons attending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Independent Fund Directors** 

Independent Fund Directors are exempt from Initial and Annual Holdings reports and the Annual Certification. They are also exempt from quarterly transaction reports unless they knew, or in the ordinary course of fulfilling their official duties as Fund Directors should have known, that during the 15-day period immediately before or after their transactions, the Fund's purchased or sold, or considered purchasing or selling, the security.<sup>30</sup>

Subject to compliance with the six-month holding period set forth in Section VII.C., Independent Trustees of the Church Loan Fund are required to notify the Fund by the date of purchasing or selling Church Loan Fund shares. Independent Trustees of the Church Loan Fund also are required to notify the Church Loan Fund in the event he or she plans to use a Rule 10b-5 plan for transactions in Church Loan Fund shares.

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<sup>30</sup> *See* Rule 17j-1(d)(2)(ii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Independent Directors of Advisers** 

By no-action relief, the SEC staff has exempted independent directors of investment advisers to Funds from reporting of personal holdings and transactions.<sup>31</sup> Accordingly, independent directors of TFL are exempt from Initial and Annual Holdings Reports and the Annual Certification. They are also exempt from quarterly transaction reports unless they knew, or in the ordinary course of fulfilling their official duties as Independent Adviser Directors should have known, that during the 15-day period immediately before or after their transactions, the Fund's purchased or sold, or considered purchasing or selling, the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Reporting Violations** 

Any Access Person or Supervised Person who believes that a violation of this Code has taken place must promptly report that violation to the CCO or to the CCO's designee. To the extent that such reports are provided to a designee, the designee shall provide periodic updates to the CCO with respect to violations reported. Access Persons and Supervised Persons may make these reports anonymously and no adverse action shall be taken against any such person making such a report in good faith. Please refer to Thrivent's Code of Conduct for information on making anonymous reports.

**X.** **ADMINISTRATION OF CODE OF ETHICS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Procedures** 

The CCO shall use reasonable diligence and institute procedures necessary to prevent violations of the Code. Reports required to be submitted pursuant to the Code will be reviewed by the CCO on a periodic basis. Any Material Violation or potential material violation of the Code must be promptly reported to the CCO. The CCO will investigate any such violation or potential violation and report violations the CCO determines to be Material Violations to the relevant CLO and Chief Investment Officer and/or the Fund Board, as appropriate, with a recommendation of such action to be taken against any individual who is determined to have violated the Code, as is necessary and appropriate to cure the violation and prevent future violations. Other violations shall be handled by the CCO in a manner he or she deems to be appropriate. However, sanctions more severe than a censure must be approved by the relevant Adviser's CLO, CIO or Adviser Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Exceptions** 

With prior written approval from the CLO and CCO, an account may qualify for an exception from the Code if it would be consistent with the general principles and objectives of the Code, taking into consideration factors that include the potential for harm to the Funds, the reason for the request, and whether the procedural and reporting

<sup>31</sup> *See* Mackenzie Investment Management, pub. avail (August 8, 2000).

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requirements of this Code are necessary or appropriate to protect the Funds. Such an exception may be granted for an account where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a person has no trading discretion or influence over the account, such as a blind trust, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. it is an educational institution's account that is used in connection with an investment course that is part of an
MBA or other educational program and a person participates in investment decisions with respect to the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Board Reports** 

No less frequently than annually, the Fund CCO shall furnish to the Fund Boards and the chief compliance officer for the Advisers shall furnish to the boards of directors/managers of the Advisers (the "**Adviser Boards**" and together with the Fund Boards, the "**Boards**"), and each Board must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code or procedures since the last report to the Board, including, but not limited
to, information about Material Violations of the Code and procedures and/or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that the Fund or Adviser, as applicable, has adopted procedures reasonably necessary to prevent Access Persons
from violating the Code.

The Boards shall also, as necessary, consider reports concerning recommended sanctions for Code violations and determine what sanctions, if any, in addition to any forfeitures imposed pursuant to Section X, should be imposed for the material violations reported. The Boards shall also, as necessary, consider whether it is appropriate under the circumstances for any forfeitures to be paid to any affected Funds or whether a charity should be designated to receive such forfeitures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Recordkeeping Requirements** 

Each Regulated Company must maintain records relating to this Code as required by law and make them available to the SEC or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examination. To the extent appropriate and practicable, all such required records shall be preserved on a consolidated basis on behalf of the Regulated Companies, for the periods and in the manner required by Rule 17j-1 and Rule 204-2. To the extent appropriate and permissible, the CCO may choose to keep such records electronically. Required records include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any Thrivent Code that is in effect, or at any time within the past five years was in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of the Code, and any action taken as a result of the violation, must be maintained in an
easily accessible place for at least five years after

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the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report required by this Code to be made by an Access Person or Supervised Person, including broker
confirmations, must be maintained for at least five years after the end of the fiscal year in which the report is made or the information provided, the first two years in an easily accessible place. However, written acknowledgments required under
Section IX.E shall be retained until five years after the person ceases to be subject to reporting under Section IX.E.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of all persons, currently or within the past five years, who are or were required to make reports under Section
IX, or who are or were responsible for reviewing such reports, must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of a
Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **CCO Annual Review** 

The CCO shall review this Code and its operation at least annually and may determine to make amendments to the Code as a result of that review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Sanctions and Forfeitures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Sanctions**. Upon learning of a violation of this Code, the relevant Adviser may impose any sanction deemed
appropriate under the circumstances, including, but not limited to, verbal or written warnings and censures, letters of reprimand, monetary sanctions, suspension of personal trading activity, disgorgement and forfeiture of profits, or suspension or
termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Forfeitures**. Any profits derived from securities transactions in violation of this Code shall be forfeited and
may be paid to one or more Clients for the benefit of the Client(s) or, if the Client is a Reportable Fund, its shareholders, if such a payment is determined by the CCO, in consultation with the relevant CLO, to be appropriate under the
circumstances, or to a charitable organization selected by the Adviser, as applicable. Penalties may include a requirement that disgorged profits be donated to charity of Thrivent's choosing, with no tax deduction claimed by the Access Person.
Gifts accepted in violation of the Code shall be forfeited, if practicable, and/or dealt with in any manner determined appropriate and in the best interests of Clients. No profits shall be forfeited from securities transactions by an Access Person pre-cleared in good faith. Good faith pre- clearance does not include transactions pre-cleared by Access Persons who knowingly submit
requests for pre-clearance while in possession of material, non- public information with respect to the security or any Adviser's advisory recommendations relating
to the security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Waivers** 

The CCO, in consultation with the relevant CLO, may grant waivers of any Code provision that is not required by law in appropriate circumstances (e.g., personal hardship) and will maintain records necessary to justify such waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Footnotes** 

The footnotes and attachment contained in this document are for information only and may be added, deleted or revised by the CCO from time to time without prior approval of the Boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Privacy** 

All information obtained from each Access Person or Supervised Person is provided for the purpose of monitoring conflict of interests as outlined in the Code and as required by law. Thrivent has adopted administrative, technical, and physical controls to safeguard the security, confidentiality, and integrity of the information provided. Only authorized individuals are given access to the information provided and no information is disclosed to outside third parties unless required by law or regulatory entity. All information will be retained securely for the period dictated by Recordkeeping Requirements under the Code.

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**ATTACHMENT A** 

Approved Brokerage Firm List

------

**The following is a list of approved brokers/accounts:** 

1. Thrivent Accounts\*

2. Charles Schwab

3. E-Trade

4. Fidelity

5. TD Ameritrade

6. Vanguard

\* Includes Thrivent Investment Management Inc. brokerage/managed accounts, Thrivent Mutual Fund accounts, Thrivent variable product accounts and Thrivent 401(k) plan accounts.

Note: Wells Fargo Accounts approved prior to 12/31/2013 may be maintained.

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**ATTACHMENT B** 

Index Futures Requiring Pre-Approval

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EURO STOXX 50

MSCI EAFE Index

MSCI Emerging Markets Index

NASDAQ 100 Index

Russell 2000 Index

S&P 500 Index

S&P 400 Index

## Ex-99.(Q)

![LOGO](g419849thrivant.jpg)

**Power of Attorney of Trustees/Directors** 

KNOW ALL PERSONS BY THESE PRESENT, that each of the undersigned Trustees of Thrivent Mutual Funds, Thrivent Series Fund., Inc., Thrivent Core Funds, Thrivent Cash Management Trust, and Thrivent ETF Trust, and Directors of Thrivent Series Fund., Inc. (each, a "Fund" and collectively, the "Funds"), does hereby make, constitute and appoint Jill M. Forte, and John D. Jackson, and each or either of them, the undersigned's true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned's name, place and stead, to sign and affix the undersigned's name as such Trustee or Director, as applicable, of such Fund to a Registration Statement or Registration Statements, on Form N-14, Form N-1A, and all amendments, including pre-effective amendments, post-effective amendments, and any and all supplements or other instruments in connection therewith, to be filed by such Fund with the Securities and Exchange Commission, Washington, DC, in connection with the registration under the Securities Act of 1933 of shares of such Fund, and to file the same, with all exhibits thereto and other supporting documents, with such Commission, granting unto such attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted.

IN WITNESS WHEREOF, each of the undersigned Trustees/Directors has hereunto set his or her hand this 16<sup>th</sup> day of August, 2022.

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| | |
|:---|:---|
| /s/ Janice B. Case | /s/ Robert J. Manilla |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janice B. Case | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert J. Manilla |
| /s/ Robert J. Chersi | /s/ James A. Nussle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert J. Chersi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James A. Nussle |
| /s/ Arleas Upton Kea | /s/ David S. Royal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arleas Upton Kea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David S. Royal |
| /s/ Michael W. Kremenak | /s/ James W. Runcie |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael W. Kremenak | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James W. Runcie |
| /s/ Paul R. Laubscher | /s/ Constance L. Souders |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul R. Laubscher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constance L. Souders |

---