# EDGAR Filing Document

**Accession Number:** 0001669626
**File Stem:** 0001193125-26-077721
**Filing Date:** 2026-2
**Character Count:** 562522
**Document Hash:** 59e2b5184bdd5c44c89142678f2f726c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-077721.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-077721

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 77

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thrivent Core Funds
- **CENTRAL INDEX KEY:** 0001669626

**ORGANIZATION NAME:**
- **EIN:** 810984919
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23149
- **FILM NUMBER:** 26691120

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thrivent Core Funds
- **CENTRAL INDEX KEY:** 0001669626

**ORGANIZATION NAME:**
- **EIN:** 810984919
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-218855
- **FILM NUMBER:** 26691119

**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

## Series and Classes Contracts Data

### Thrivent Core Emerging Markets Debt Fund (Series ID: S000058778)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000192839 | Thrivent Core Emerging Markets Debt Fund |  |

### Thrivent Core International Equity Fund (Series ID: S000059619)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000195231 | Thrivent Core International Equity Fund |  |

### Thrivent Core Emerging Markets Equity Fund (Series ID: S000067016)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000215652 | Thrivent Core Emerging Markets Equity Fund |  |

### Thrivent Core High Yield Bond Fund (Series ID: S000101406)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000271588 | Thrivent Core High Yield Bond Fund |  |

### Thrivent Core Investment Grade Corporate Bond Fund (Series ID: S000101407)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000271589 | Thrivent Core Investment Grade Corporate Bond Fund |  |

?xml version='1.0' encoding='ASCII'? 485BPOS

**As filed with the Securities and Exchange Commission on February 26, 2026.**

**1933 Act Registration No. 333-218855**

**1940 Act Registration No. 811-23149**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549**

------

**FORM N-1A** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒  |
| **Pre-Effective Amendment No.**  | ☐  |
| **Post-Effective Amendment No. 24** | ☒  |
| **and/or** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒  |
| **Amendment No. 43** | ☒  |
| **(Check appropriate box or boxes)** |  |

---

------

**THRIVENT CORE FUNDS**

**(Exact name of registrant as specified in charter)** 

------

**901 Marquette Avenue, Suite 2500**

**Minneapolis, Minnesota 55402-3211**

**(Address of Principal Executive Offices) (Zip Code)**

**Registrant's Telephone Number, including Area Code: (612) 844-7190** 

------

**John D. Jackson** 

**Secretary and Chief Legal Officer**

**Thrivent Core Funds** 

**901 Marquette Avenue, Suite 2500** 

**Minneapolis, Minnesota 55402-3211**

**(Name and Address of Agent for Service)**

------

It is proposed that this filing will become effective:

☐  immediately upon filing pursuant to paragraph (b)

☒  on February 27, 2026, pursuant to paragraph (b)

☐  60 days after filing pursuant to paragraph (a)(1) 

☐  on (date) pursuant to paragraph (a)(1) 

☐  75 days after filing pursuant to paragraph (a)(2) 

☐  on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

In addition to the Funds described in this Registration Statement, the Registrant offers another series pursuant to a separate prospectus and statement of additional information filed only under the Investment Company Act of 1940; the filing of this Post-Effective Amendment No. 24 to the Registration Statement does not affect such other prospectus and statement of additional information of the Registrant.

------

![](g453449img715409201.jpg)

---

| | |
|:---|:---|
| **February 27, 2026** | &nbsp;&nbsp; ![](g453449img2b01e45c2.jpg)<br>|

---

**Thrivent Core Funds** 

Prospectus

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

---

| |
|:---|
| Thrivent Core Emerging Markets Debt Fund |
| Thrivent Core Emerging Markets Equity Fund |
| Thrivent Core High Yield Bond Fund |
| Thrivent Core International Equity Fund |
| Thrivent Core Investment Grade Corporate Bond Fund |

---

**The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
|  | Page |
| Summary Section |  |
| [Thrivent Core Emerging Markets Debt Fund](#xx_72bdfdb9-9ff5-4c57-8abd-38c0c600cb05_1) | 2 |
| [Thrivent Core Emerging Markets Equity Fund](#xx_15e88aba-3e13-4f91-8c87-b469d5c8381b_1) | 6 |
| [Thrivent Core High Yield Bond Fund](#xx_2ce769eb-ccd0-4a6f-8f02-13d03bea28df_1) | 10 |
| [Thrivent Core International Equity Fund](#xx_0a01e83d-647e-4430-882b-7bbd8e650f14_1) | 13 |
| [Thrivent Core Investment Grade Corporate Bond Fund](#xx_47b730f1-0e6d-4f5b-94c2-90f7380ec9d4_1) | 16 |
| [More About Investment Strategies and Risks](#xx_903713c4-9637-46d0-af20-0a24b5f97684_1) | 19 |
| [Information About Certain Principal Investment Strategies](#xx_903713c4-9637-46d0-af20-0a24b5f97684_1) | 19 |
| [Information About Certain Non-Principal Investment Strategies](#xx_903713c4-9637-46d0-af20-0a24b5f97684_2) | 20 |
| [Glossary of Principal Risks](#xx_903713c4-9637-46d0-af20-0a24b5f97684_2) | 20 |
| [Glossary of Investment Terms](#xx_903713c4-9637-46d0-af20-0a24b5f97684_8) | 26 |
| [Management of the Funds](#xx_75aa70c5-aef3-4196-b6b7-c65b5ccf672e_1) | 27 |
| [Investment Adviser](#xx_75aa70c5-aef3-4196-b6b7-c65b5ccf672e_1) | 27 |
| [Management Fees](#xx_75aa70c5-aef3-4196-b6b7-c65b5ccf672e_1) | 27 |
| [Administrative Service Fee](#xx_75aa70c5-aef3-4196-b6b7-c65b5ccf672e_1) | 27 |
| [Portfolio Management](#xx_75aa70c5-aef3-4196-b6b7-c65b5ccf672e_1) | 27 |
| [Personal Securities Investments](#xx_75aa70c5-aef3-4196-b6b7-c65b5ccf672e_2) | 28 |
| [Trademarks](#xx_75aa70c5-aef3-4196-b6b7-c65b5ccf672e_2) | 28 |
| [Shareholder Information](#xx_f55cae3f-dc37-485d-bba2-ddfe8cd64a42_1) | 29 |
| [Pricing Fund Shares](#xx_f55cae3f-dc37-485d-bba2-ddfe8cd64a42_1) | 29 |
| [Purchase of Shares](#xx_f55cae3f-dc37-485d-bba2-ddfe8cd64a42_1) | 29 |
| [Redeeming Shares](#xx_f55cae3f-dc37-485d-bba2-ddfe8cd64a42_1) | 29 |
| [Frequent Trading Policies and Monitoring Processes](#xx_f55cae3f-dc37-485d-bba2-ddfe8cd64a42_2) | 30 |
| [Disclosure of Fund Holdings](#xx_f55cae3f-dc37-485d-bba2-ddfe8cd64a42_2) | 30 |
| [Distributions](#xx_e01c4975-cc54-4079-8355-145c219e3f72_1) | 31 |
| [Dividends](#xx_e01c4975-cc54-4079-8355-145c219e3f72_1) | 31 |
| [Capital Gains](#xx_e01c4975-cc54-4079-8355-145c219e3f72_1) | 31 |
| [Taxes](#xx_49053a6d-c8d1-48d7-8940-fe3aaced5129_1) | 32 |
| [Index Descriptions](#xx_426742d8-6ae2-49e9-bab6-b58f3f399cdc_1) | 33 |
| [Financial Highlights](#xx_edecb121-5b15-499f-ab47-4932b91c045c_1) | 35 |

---

------

Thrivent Core Emerging Markets Debt Fund

------

Investment Objective

Thrivent Core Emerging Markets Debt Fund (the "Fund") seeks to maximize total return while providing high current income and capital appreciation. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| |
|:---|
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees |  |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.05% |
| Total Annual Fund Operating Expenses | 0.05% |

---

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $5 | $16 | $28 | $64 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in sovereign and corporate debt securities of issuers in emerging market countries. Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser") determines which countries are considered "emerging markets" based on MSCI's Market Classification Framework, which evaluates markets based on economic development, size and liquidity, and market accessibility. At times, the Fund may have a significant amount of its assets invested in a particular country or geographic region. The Fund primarily invests in the emerging market sovereign debt of countries covered by the JPMorgan EMBI Global Diversified Index (the Fund's benchmark index), but will also invest in the sovereign debt, quasi-sovereign debt and corporate bonds of emerging market countries outside of the benchmark where the Adviser finds attractive opportunities. The Fund generally invests only in U.S. dollar-denominated securities, but may invest in securities denominated in foreign currency. Should the Adviser change the investments used for purposes of this 80% threshold, we will notify you at least 60 days prior to the change.

The Fund may invest in investment-grade and high-yield (i.e., "junk bond") securities, which may include the lowest-rated bonds, including those in default.

The Fund may invest in derivatives or other investments whose return is based on the return of an emerging market security. The Fund expects to use these derivatives or other instruments primarily to increase or decrease exposure to a particular market, segment of the market, country, or security and to increase or decrease interest rate or currency exposure. These derivatives and other instruments may include futures, forward contracts, options, structured securities and credit default swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-counter market.

The Adviser seeks to maximize the Fund's total return through fundamental economic analysis and an assessment of a country's political situation to determine the creditworthiness, riskiness, and relative value of an issuer's debt.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. An investment in the Fund is not a deposit or other obligation of Thrivent Trust Company, Thrivent Bank, or any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal agency. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency.

------

The Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, auditing, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities. Risks of investing in emerging market countries may also include additional transaction costs, delays in settlement procedures, and unexpected market closures.

**Sovereign Debt Risk.** Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding

taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

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

**Derivatives Risk.** The use of derivatives (such as futures and credit default swaps) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration, or interest rate risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**High-Yield Risk.** High-yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High-yield securities generally have a less liquid resale market and may be more difficult to value than higher rated fixed income securities of a similar maturity. High-yield securities also tend to be more volatile than investment-grade securities.

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

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

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

------

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

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

Performance

The following bar chart and table beneath it provide some indication of the risks of investing in the Fund. The bar chart shows the Fund's performance from year to year. The table shows how the Fund's average annual returns for the indicated periods compare with those of an appropriate broad-based securities market index and a more narrowly based index. The bar chart and table include the effects of Fund expenses and assume that you sold your shares at the end of the period. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available by calling 800-847-4836.

The Fund compares its performance to the Bloomberg U.S. Aggregate Bond Index, an appropriate broad-based securities market index that represents the overall domestic debt market in which the Fund may invest. The Fund also compares its performance to the JPMorgan EMBI Global Diversified Index, which more closely reflects the market segments in which the Fund invests. The index descriptions appear in the "Index Descriptions" section of the prospectus.

**Year-by-Year Total Return**

![](g453449tcfemd_15.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +10.91% |
| Worst Quarter: | Q2 2022 | (12.05)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **5 Years** | **9/5/2017** |
| Fund (before taxes) | 15.31% | 2.52% | 3.75% |
| Fund (after taxes on <br> distributions)<br>| 12.58% | 0.18% | 1.59% |
| Fund (after taxes on <br> distributions and <br> redemptions)<br>| 8.95% | 0.82% | 1.87% |
| Bloomberg U.S. Aggregate <br> Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 7.30% | (0.36)% | 1.63% |
| JPMorgan EMBI Global <br> Diversified Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 14.30% | 1.78% | 2.99% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Mgt.

**Portfolio Manager**

The following individual is primarily responsible for the day-to-day management of the Fund:

---

| | |
|:---|:---|
| **Name and Title** | **Portfolio Manager** <br> **of the Fund Since**<br>|
| James B. Carlen, CFA<br> Senior Portfolio Manager<br>| July 2019 |

---

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund directly from the Fund.

------

There are no minimum initial or subsequent investment requirements to invest in the Fund.

Shares may be purchased from or sold back to the Fund on days that the New York Stock Exchange is open for business at the net asset value per share of the Fund next determined after the transaction request is communicated by an authorized individual (i.e., the Adviser's operations personnel) to the Fund's transfer agent and determined to be in good order.

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

Not Applicable.

------

Thrivent Core Emerging Markets Equity Fund

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Investment Objective

Thrivent Core Emerging Markets Equity Fund (the "Fund") seeks long-term capital appreciation. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| |
|:---|
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees |  |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.17% |
| Total Annual Fund Operating Expenses | 0.17% |

---

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $17 | $55 | $96 | $217 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 77% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity and equity-related securities of companies in emerging market countries. Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser") determines which countries are considered "emerging markets" based on MSCI's Market Classification Framework, which evaluates markets based on economic development, size and liquidity, and market accessibility. The Fund primarily invests in securities issued by companies in countries covered by the MSCI Emerging Markets Index (USD Net Returns) (the Fund's benchmark index) but will also invest in securities of companies of emerging market countries outside of the benchmark where the Adviser finds attractive opportunities. The Fund may invest in securities denominated in various currencies. At times, the Fund may have a significant amount (i.e., 25% or more under normal market conditions) of its assets invested in a particular country or geographic region. Should the Adviser change the investments used for purposes of this 80% threshold, we will notify you at least 60 days prior to the change.

The Fund may invest in derivatives or other investments whose return is based on the return of an emerging market security. The Fund expects to use these derivatives or other instruments primarily to increase or decrease exposure to a particular market, segment of the market, country, security or currency. These derivatives and other instruments may include futures, options and total return swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-counter market.

In buying and selling securities for the Fund, the Adviser uses an active strategy. This strategy consists of a disciplined approach that involves computer-aided, quantitative analysis of fundamental, technical and risk-related factors. The Adviser's factor model (a method of analyzing and combining multiple data sources) systematically reviews stocks, using data such as historical earnings growth and expected future growth, valuation, price momentum, and other quantitative factors to forecast return potential. Then, risk characteristics of potential investments and covariation among securities are analyzed along with the return forecasts in determining the Fund's holdings.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. An investment in the Fund is not a deposit or other obligation of Thrivent Trust Company, Thrivent Bank, or any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal agency. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures

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of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. The Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, auditing, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities. Risks of investing in emerging market countries may also include additional transaction costs, delays in settlement procedures, and unexpected market closures.

**China Risk.** There are special risks associated with investments in China, Hong Kong and Taiwan (including Chinese issuers listed on Chinese and U.S. securities exchanges), such as risks relating to liquidity constraints, expropriation, nationalization, confiscatory taxation and exchange control regulations or currency blockage. Rapid fluctuations in currency exchange rates, inflation and/or interest rates may negatively affect the economy and securities markets of China. In addition, there may be significant obstacles to obtaining information necessary to conduct investigations into or pursue litigation against companies located in or operating substantially in China, and shareholders may have limited legal remedies with respect to such investments. A reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy and negatively impact the Fund's performance.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on

security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Derivatives Risk.** The use of derivatives (such as futures, options and total return swaps) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in a particular country or geographic region which would make the Fund more vulnerable to adverse developments affecting such country or region. Equity securities are generally more volatile than most debt securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value of securities denominated in that currency. The overall impact of such a decline of foreign currency can be significant, unpredictable, and long lasting, depending on the currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

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

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

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

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Regional Risk.** The Fund will generally have more exposure to the specific regional or country economic risks where it has significant investments. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund's assets are invested, the Fund may experience substantial volatility, illiquidity or reduction in the value of the Fund's investments.

**Technology-Oriented Companies Risk.** Common stocks of companies that rely extensively on technology, science or communications in their product development or operations may be more volatile than the overall stock market and may or may not move in tandem with the overall stock market. Technology, science and communications are rapidly changing fields, and stocks of these companies, especially of smaller or unseasoned companies, may be subject to more abrupt or erratic market movements than the stock market in general. There are significant competitive pressures among technology-oriented companies and the products or operations of such companies may become obsolete quickly. In addition, these companies may be vulnerable to changes in government regulation or scrutiny and have limited product lines, markets or financial resources and the management of such companies may be more dependent upon one or a few key people.

Performance

The following bar chart and table beneath it provide some indication of the risks of investing in the Fund. The bar chart shows the Fund's performance from year to year. The table shows how the Fund's average annual returns for the indicated periods compare with those of an appropriate broad-based securities market index. The bar chart and table include the effects of Fund expenses and assume that you sold your shares at the end of the period. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not

reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown.

The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available by calling 800-847-4836.

The Fund compares its performance to the MSCI Emerging Markets Index - USD Net Returns, an appropriate broad-based securities market index that represents the overall global emerging markets equity market. The index description appears in the "Index Descriptions" section of the prospectus.

**Year-by-Year Total Return**

![](g453449tcfeme_11.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q3 2025 | +11.06% |
| Worst Quarter: | Q3 2022 | (11.71)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2025)

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **5 Years** | **1/31/2020** |
| Fund (before taxes) | 33.47% | 4.98% | 7.26% |
| Fund (after taxes on <br> distributions)<br>| 32.07% | 3.54% | 5.98% |
| Fund (after taxes on <br> distributions and <br> redemptions)<br>| 20.15% | 3.35% | 5.27% |
| MSCI Emerging Markets <br> Index - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 33.57% | 4.20% | 7.38% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Mgt.

**Portfolio Managers**

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund:

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---

| | |
|:---|:---|
| **Name and Title** | **Portfolio Manager** <br> **of the Fund Since**<br>|
| Noah J. Monsen, CFA<br> Senior Portfolio Manager<br>| January 2020 |
| Brian W. Bomgren, CQF<br> Senior Portfolio Manager<br>| January 2020 |
| Jing Wang, CFA<br> Senior Portfolio Manager<br>| February 2024 |
| Shu Guo<br> Senior Portfolio Manager<br>| February 2024 |

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Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund directly from the Fund.

There are no minimum initial or subsequent investment requirements to invest in the Fund.

Shares may be purchased from or sold back to the Fund on days that the New York Stock Exchange is open for business at the net asset value per share of the Fund next determined after the transaction request is communicated by an authorized individual (i.e., the Adviser's operations personnel) to the Fund's transfer agent and determined to be in good order.

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

Not Applicable.

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Thrivent Core High Yield Bond Fund

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Investment Objective

Thrivent Core High Yield Bond (the "Fund") seeks high current income and, secondarily, growth of capital. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund.

**Shareholder Fees** 

(fees paid directly from your investment)

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| |
|:---|
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees |  |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses<sup>1</sup> | 0.07% |
| Total Annual Fund Operating Expenses | 0.07% |

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<sup>1</sup>

'Other Expenses' is an estimate based on the expenses the Fund expects to incur for its first full fiscal year.

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $7 | $23 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund had not commenced operations prior to the date of this prospectus, the Fund's portfolio turnover rate for the most recent fiscal year end is not yet available.

Principal Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in high-yield, high-risk instruments that are below investment grade, including bonds, notes, debentures and other debt obligations (such as leveraged loans, mortgage-backed securities, convertible bonds, and convertible stock), or preferred stocks. Below investment-grade securities are commonly known as "junk bonds," which, at the time of purchase, are rated below BBB- by S&P, or Baa3 by Moody's or are unrated but considered to be of comparable quality by the Adviser. The Fund invests in securities regardless of the securities' maturity average and may also invest in foreign securities. Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Adviser uses fundamental and other investment research techniques to determine what securities to buy and sell. Fundamental techniques assess a security's value based on factors such as an issuer's financial profile, management, and business prospects, as applicable. The Adviser focuses on U.S. issuers which it believes have or are expected to achieve adequate cash flows or access to capital markets for the payment of principal and interest obligations.

While the Fund may use derivatives for any investment purpose, the Fund expects to utilize U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over-the-counter market.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. An investment in the Fund is not a deposit or other obligation of Thrivent Trust Company, Thrivent Bank, or any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal agency. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**High-Yield Risk.** High-yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High-yield securities generally have a less liquid resale market and may be more difficult to value than higher rated fixed income securities of a similar maturity. High-yield securities also tend to be more volatile than investment-grade securities.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general

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economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

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

**Convertible Securities Risk.** Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund's return.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration, or interest rate risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. Poor investments by the Adviser may cause a Fund to underperform

relative to its benchmark or similar funds. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Leveraged Loan Risk.** Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, over time, the customary form of new and/or restructured leveraged loans have become known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Fund. As a result, the Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

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

**New and Smaller Sized Fund Risk.** The Fund is new and has a limited operating history for investors to evaluate and may not be successful in implementing its investment strategies. The Fund may fail to attract sufficient assets to achieve or maintain economies of scale, which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.

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**Prepayment Risk.** When interest rates fall, certain obligations are paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

Performance

No performance information for the Fund is provided because it does not yet have a full calendar year of performance history. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 for performance results current to the most recent month-end.

How the Fund has performed in the past is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Mgt.

**Portfolio Manager**

The following individual is primarily responsible for the day-to-day management of the Fund:

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| | |
|:---|:---|
| **Name and Title** | **Portfolio Manager** <br> **of the Fund Since**<br>|
| Paul S. Tommerdahl, CFA<br> Senior Portfolio Manager and Director of <br> High Yield Research<br>| February 2026 |

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Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund directly from the Fund.

There are no minimum initial or subsequent investment requirements to invest in the Fund.

Shares may be purchased from or sold back to the Fund on days that the New York Stock Exchange is open for business at the net asset value per share of the Fund next determined after the transaction request is communicated by an authorized individual (i.e., the Adviser's operations personnel) to the Fund's transfer agent and determined to be in good order.

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

Not Applicable.

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Thrivent Core International Equity Fund

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Investment Objective

Thrivent Core International Equity Fund (the "Fund") seeks long-term capital appreciation. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| |
|:---|
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees |  |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.08% |
| Total Annual Fund Operating Expenses | 0.08% |

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**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $8 | $26 | $45 | $103 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 84% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Generally, at least 65% of the

Fund's net assets will be invested in equity securities of issuers in international developed market countries. Developed market countries are countries covered by the MSCI World ex-USA Index – USD Net Returns, an international developed markets equity index. The Fund primarily invests in the common stocks of mid- and large-capitalization companies represented in its benchmark, but may also invest in small-capitalization companies. The Fund may invest in securities denominated in various currencies. The Fund may also pursue its investment strategy by investing in derivatives such as futures contracts to either hedge its exposure or gain exposure to certain investments. Should Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser") change the investments used for purposes of this 80% threshold, we will notify you at least 60 days prior to the change.

In buying and selling securities for the Fund, the Adviser uses an active strategy. This strategy consists of a disciplined approach that involves computer-aided, quantitative analysis of fundamental, technical and risk-related factors. The Adviser's factor model (a method of analyzing and combining multiple data sources) systematically reviews thousands of stocks, using data such as historical earnings growth and expected future growth, valuation, price momentum, and other quantitative factors to forecast return potential. Then, risk characteristics of potential investments and covariation among securities are analyzed along with the return forecasts in determining the Fund's holdings.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. An investment in the Fund is not a deposit or other obligation of Thrivent Trust Company, Thrivent Bank, or any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal agency. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities generally do not move in the same direction at the same time and are generally more volatile than most debt securities.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases.

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The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value of securities denominated in that currency. The overall impact of such a decline of foreign currency can be significant, unpredictable, and long lasting, depending on the currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

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

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

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

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Regional Risk.** The Fund will generally have more exposure to the specific regional or country economic risks where it has significant investments. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund's assets are invested, the Fund may experience substantial volatility, illiquidity or reduction in the value of the Fund's investments.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

Performance

The following bar chart and table beneath it provide some indication of the risks of investing in the Fund. The bar chart shows the Fund's performance from year to year. The table shows how the Fund's average annual returns for the indicated periods compare with those of an appropriate broad-based securities market index. The bar chart and table include the effects of Fund expenses and assume that you sold your shares at the end of the period. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown.

The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.

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Updated performance information is available by calling 800-847-4836.

The Fund compares its performance to the MSCI All Country World Index ex-USA – USD Net Returns, an appropriate broad-based securities market index that represents the overall international equity market in which the Fund may invest. The Fund also compares its performance to the MSCI EAFE Index – USD Net Returns, which more closely reflects the market segments in which the Fund invests. The index descriptions appear in the "Index Descriptions" section of the prospectus.

**Year-by-Year Total Return**

![](g453449tcfie_16.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2022 | +15.67% |
| Worst Quarter: | Q1 2020 | (23.79)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2025)

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **5 Years** | **11/14/2017** |
| Fund (before taxes) | 30.69% | 9.43% | 6.71% |
| Fund (after taxes on <br> distributions)<br>| 27.78% | 8.09% | 5.58% |
| Fund (after taxes on <br> distributions and <br> redemptions)<br>| 19.68% | 7.13% | 5.03% |
| MSCI All Country World Index <br> ex-USA - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 32.39% | 7.91% | 7.11% |
| MSCI EAFE Index - USD Net <br> Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 31.22% | 8.92% | 7.49% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Mgt.

**Portfolio Managers**

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund:

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| | |
|:---|:---|
| **Name and Title** | **Portfolio Manager** <br> **of the Fund Since**<br>|
| Noah J. Monsen, CFA<br> Senior Portfolio Manager<br>| November 2017 |
| Brian W. Bomgren, CQF<br> Senior Portfolio Manager<br>| November 2017 |
| Jing Wang, CFA<br> Senior Portfolio Manager<br>| February 2024 |
| Shu Guo<br> Senior Portfolio Manager<br>| February 2024 |

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Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund directly from the Fund.

There are no minimum initial or subsequent investment requirements to invest in the Fund.

Shares may be purchased from or sold back to the Fund on days that the New York Stock Exchange is open for business at the net asset value per share of the Fund next determined after the transaction request is communicated by an authorized individual (i.e., the Adviser's operations personnel) to the Fund's transfer agent and determined to be in good order.

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

Not Applicable.

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Thrivent Core Investment Grade Corporate Bond Fund

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Investment Objective

Thrivent Core Investment Grade Corporate Bond Fund (the "Fund") seeks to provide high current income while preserving capital. The Fund's secondary investment objective is to obtain long-term growth of capital in order to maintain investors' purchasing power. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund.

**Shareholder Fees** 

(fees paid directly from your investment)

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| |
|:---|
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
| Management Fees |  |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses<sup>1</sup> | 0.05% |
| Total Annual Fund Operating Expenses | 0.05% |

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<sup>1</sup>

'Other Expenses' is an estimate based on the expenses the Fund expects to incur for its first full fiscal year.

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $5 | $16 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund had not commenced operations

prior to the date of this prospectus, the Fund's portfolio turnover rate for the most recent fiscal year end is not yet available.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in investment-grade corporate bonds. Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser") may purchase bonds of any maturity and generally focuses on U.S. companies that it believes are financially sound and have strong cash flow, asset values and interest or dividend earnings. At times, the Fund may have a significant amount of its assets invested in a particular sector or industry, such as financials. The Fund may invest in foreign securities, including those of issuers in emerging markets. The Adviser determines which countries are considered "emerging markets" based on MSCI's Market Classification Framework, which evaluates markets based on economic development, size and liquidity, and market accessibility.. Should the Adviser change the investments used for purposes of this 80% threshold, we will notify you at least 60 days prior to the change.

The Adviser uses fundamental and other investment research techniques to determine which debt obligations to buy and sell. Fundamental techniques assess a security's value based on factors such as an issuer's financial profile, management, and business prospects, as applicable.

While the Fund may use derivatives for any investment purpose, the Fund expects to utilize U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over-the-counter market.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. An investment in the Fund is not a deposit or other obligation of Thrivent Trust Company, Thrivent Bank, or any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal agency. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

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

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

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration, or interest rate risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. The Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, auditing, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities. Risks of investing in emerging market countries may

also include additional transaction costs, delays in settlement procedures, and unexpected market closures.

**Financial Sector Risk.** To the extent that the financials sector represents a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

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

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of the Fund's investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including regulatory events, economic

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downturn, government shutdowns, the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, social unrest, recessions, natural disasters or similar events.

**New and Smaller Sized Fund Risk.** The Fund is new and has a limited operating history for investors to evaluate and may not be successful in implementing its investment strategies. The Fund may fail to attract sufficient assets to achieve or maintain economies of scale, which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.

Performance

No performance information for the Fund is provided because it does not yet have a full calendar year of performance history. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 for performance results current to the most recent month-end.

How the Fund has performed in the past is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Mgt.

**Portfolio Manager**

The following individual is primarily responsible for the day-to-day management of the Fund:

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| | |
|:---|:---|
| **Name and Title** | **Portfolio Manager** <br> **of the Fund Since**<br>|
| Andrew M. Leeser, CFA<br> Senior Portfolio Manager<br>| February 2026 |

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Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund directly from the Fund.

There are no minimum initial or subsequent investment requirements to invest in the Fund.

Shares may be purchased from or sold back to the Fund on days that the New York Stock Exchange is open for business at the net asset value per share of the Fund next determined after the transaction request is communicated by an authorized individual (i.e., the Adviser's operations personnel) to the Fund's transfer agent and determined to be in good order.

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

Not Applicable.

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More About Investment Strategies and Risks

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Each Fund's investment objective and principal strategies are described in the "Summary Section" above. The principal strategies are the strategies that the Adviser believes are most likely to be important in trying to achieve a Fund's investment objectives. Please note that each Fund may also use strategies and invest in securities that are not described in this prospectus, but that are described in the Statement of Additional Information (the "SAI").

This section provides additional information about some of the securities and other practices in which the Funds may engage, along with their associated risks.

Information About Certain Principal Investment Strategies

**Derivatives.** Derivatives, a category that includes options, futures, swaps and hybrid instruments, are financial instruments whose value derives from another security, an index, an interest rate, or a currency. Each Fund may use derivatives for hedging (attempting to offset a potential loss in one position by establishing an interest in an opposite position). This includes the use of currency-based derivatives for hedging its positions in foreign securities. Each Fund may also use derivatives to obtain investment exposure to a certain asset class or for speculation (investing for potential income or capital gain).

While hedging can guard against potential risks, using derivatives adds to a Fund's expenses and can eliminate some opportunities for gains. There is also a risk that a derivative intended as a hedge may not perform as expected. For example, the price or value of the underlying instrument, asset, index, currency or rate may move in a different direction than expected or such movements may be of a magnitude greater or less than expected.

Another risk with derivatives is that some types can amplify a gain or loss, thereby creating investment exposure greater than the initial investment. For example, futures contracts, options on futures contracts, forward contracts, and options on derivatives can allow a Fund to obtain large investment exposures in return for meeting relatively small margin requirements. As a result, investments in those transactions may be highly leveraged, and a Fund could potentially earn or lose substantially more money than the actual cost (if any) incurred when the derivative is entered into by a Fund. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. In addition, a derivative used for hedging or replication may not accurately track the value of the underlying asset, index or rate.

With some derivatives, whether used for hedging, replication or speculation, there is also the risk that the counterparty may fail to honor its contract terms, causing a loss for a Fund. In addition, suitable derivative investments for hedging, replication or speculative purposes may not be available.

Derivatives can be difficult to value and illiquid, which means a Fund may not be able to close out a derivatives transaction in a cost-efficient manner. Futures contracts are subject to the risk that an exchange may impose price fluctuation limits, which may

make it difficult or impossible for a Fund to close out a position when desired.

Hybrid instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, or securities index. Such securities may bear interest or pay dividends at below market or even relatively nominal rates. Under certain conditions, the redemption value of a hybrid could be zero.

**Emerging Markets Securities.** A security is considered to be an "emerging market" security if the Adviser has determined that the issuer of the security meets one or more of the following criteria:

• is organized under the laws of, or has its principal office in, an emerging market country;

• has its principal securities trading market in an emerging market country; and/or

• derives a majority of its annual revenue or earnings or assets from goods produced, sales made or services performed in an emerging market country.

The Adviser determines which countries are considered "emerging markets" based on MSCI's Market Classification Framework, which evaluates markets based on economic development, size and liquidity, and market accessibility.

**Foreign Currency Transactions.** Thrivent Core Emerging Markets Debt Fund, Thrivent Core Emerging Markets Equity Fund, and Thrivent Core International Equity Fund may conduct foreign currency exchange transactions, normally either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. The value of a Fund's assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in currency exchange rates and exchange control legislation. The Funds will generally not enter into a forward contract with a term greater than one year.

Under unusual circumstances, certain Funds may commit substantial assets to the consummation of these contracts. Although forward contracts may be used to protect a Fund from adverse currency movements, they also involve the risk that anticipated currency movements will not be accurately predicted, and the Fund's total returns could be adversely affected as a result.

There are some markets where it is not possible to engage in effective foreign currency hedging. This is generally true, for example, for the currencies of various emerging markets where the foreign exchange markets are not sufficiently developed to permit hedging activity to take place.

**Foreign Securities.** Foreign securities are generally more volatile than their domestic counterparts, in part because of the potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates. These risks are usually higher in less developed countries. Thrivent Core Emerging Markets Debt Fund, Thrivent Core Emerging Markets Equity Fund, and Thrivent Core International Equity Fund may use foreign currencies and related instruments to hedge its foreign investments.

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In addition, foreign securities may be more difficult to resell than comparable U.S. securities because the markets for foreign securities may be less efficient. Even where a foreign security increases in price in its local currency, the appreciation may be diluted by the negative effect of exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**High-Yield Bonds.** High-yield bonds are debt securities rated below BBB- by S&P, or Baa3 by Moody's, or unrated securities deemed to be of comparable quality by the Adviser. To the extent that Thrivent Core Emerging Markets Debt Fund invests in high-yield bonds, it takes on the following risks:

• The risk of a bond's issuer defaulting on principal or interest payments is greater than on higher quality bonds.

• Issuers of high-yield bonds are less secure financially and are more likely to be hurt by interest rate increases and declines in the health of the issuer or the economy.

• High-yield securities generally have a less liquid resale market.

**Securities Ratings.** When fixed-income securities are rated by one or more independent rating agencies, Thrivent Core Emerging Markets Debt Fund, Thrivent Core High Yield Bond Fund, and Thrivent Core Investment Grade Corporate Bond Fund use these ratings to determine bond quality. Investment-grade bonds are those that are rated at or above the BBB- major rating category by S&P, or the Baa3 rating category by Moody's, or unrated but considered of equivalent quality by the Fund's adviser. High-yield (i.e., "junk") bonds are below investment-grade bonds in terms of quality.

In cases where a bond is rated in conflicting categories by different rating agencies, Thrivent Core Emerging Markets Debt Fund, Thrivent Core High Yield Bond Fund, and Thrivent Core Investment Grade Corporate Bond Fund may choose to follow the higher rating. If a bond is unrated, Thrivent Core Emerging Markets Debt Fund, Thrivent Core High Yield Bond Fund, and Thrivent Core Investment Grade Corporate Bond Fund may assign it to a given category based on its own credit research. If a rating agency downgrades a security, Thrivent Core Emerging Markets Debt Fund, Thrivent Core High Yield Bond Fund, and Thrivent Core Investment Grade Corporate Bond Fund will determine whether to hold or sell the security, depending on all of the facts and circumstances at that time.

Information About Certain Non-Principal Investment Strategies

**Defensive Investing.** In response to market, economic, political or other conditions, each Fund may hold cash or invest without limitation in preferred stocks or investment-grade debt securities for temporary defensive purposes that are not part of the Fund's principal investment strategies. If a Fund does this, different factors could affect the Fund's performance and it may not achieve its investment objective.

**Illiquid Investments.** A Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in "illiquid investments" that are assets. An illiquid investment is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Any securities that are thinly

traded or whose resale is restricted can be difficult to sell at a desired time and price. Some of these securities are new and complex, and trade only among institutions. The markets for these securities are still developing and may not function as efficiently as established markets. Owning a large percentage of illiquid investments could hamper a Fund's ability to raise cash to meet redemptions. Also, because there may not be an established market price for these securities, a Fund may have to estimate their value, which means that their valuation (and, to a much smaller extent, the valuation of the Fund) may have a subjective element.

**In-Kind Purchases.** The Funds may be purchased by affiliated Funds through in-kind contributions of portfolio securities held by the affiliated Fund, according to procedures adopted by the Funds' Board of Trustees (the "Board") and subject to applicable regulatory requirements. The procedures generally require, among other things, that the in-kind contribution does not favor the affiliated Fund making the contribution over any other shareholder in the receiving Fund and the contribution is in the best interests of the Fund receiving the in-kind contribution. The securities contributed must be valued according to the receiving Fund's valuation procedures and be of the appropriate type and amount for investment by the Fund receiving the contribution. If these procedures are not followed or the shares purchased decline in value, it could adversely affect the price of Fund shares.

**Securities Lending.** Thrivent Core Emerging Markets Debt Fund and Thrivent Core International Equity Fund may seek additional income by lending Fund securities to qualified institutions. By reinvesting any cash collateral it receives in these transactions, a Fund could realize additional gains or losses. If the borrower fails to return the securities and the invested collateral has declined in value, the Fund could lose money.

**Short-Term Trading.** The investment strategy for each Fund at times may include short-term trading. While a Fund ordinarily does not trade securities for short-term profits, it will sell any security at any time it believes best, which may result in short-term trading.

**Unusual Opportunities.** Each Fund may purchase some securities that do not meet its normal investment criteria when the Adviser perceives an unusual opportunity for gain, which could include a variety of factors, including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

**Zero Coupons.** A zero coupon security is a debt security that does not make cash interest payments for some or all of its life. Instead, it is sold and traded at a discount to its face value. The interest consists of the gradual appreciation in price as the bond approaches maturity and is reported as income to a Fund that has purchased the security. The Fund is required to distribute to shareholders an amount equal to the amount of income reported to the Fund even though such income may not be received by the Fund as distributable cash. The shareholder distributions may require the Fund to liquidate Fund securities at a disadvantageous time and incur a loss. Zero coupon bonds can be higher- or lower-quality debt and are more volatile than coupon bonds.

Glossary of Principal Risks

The main risks associated with investing in each Fund are summarized in each Fund's respective "Summary Section"

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above. More detailed descriptions of the risks are provided below in alphabetical order for ease of reference. Additional risks are described in the SAI.

**Artificial Intelligence Risk.** The development and use of artificial intelligence ("AI") technologies, including generative AI, are expanding rapidly and may be employed by issuers in which the Funds invest, as well as by service providers that support the operations of the Funds. AI technologies rely on complex algorithms and large data sets, which may produce incomplete, inaccurate, or biased outcomes and lead to errors in decision making, reputational damage, legal or operational challenges, and investment losses affecting the Funds. The broader use of AI may also heighten market risks, including manipulation, fraud, and cyberattacks.

To the extent a Fund invests in companies that develop, implement, or are otherwise involved in AI technologies, the Fund may be impacted by risks affecting such companies. These risks may include small or limited markets for such securities, changes in business cycles, impediments to technological progress, rapid obsolescence, and government regulation. Securities of such companies, especially smaller, start-up companies, tend to be more volatile than securities of larger, more established companies. Rapid changes to AI technologies could have a material adverse effect on such company's operating results. These companies are generally heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that the steps taken by companies to protect their proprietary intellectual property rights in AI technologies will be sufficient to prevent the misappropriation of their technology or that competitors will not independently develop similar technologies. Such companies may engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. AI technology could face increased regulatory scrutiny in the future, which may limit the development of AI technologies and impede the growth of companies that develop or use such technologies.

The use of AI technologies and applicable laws and regulations continues to evolve. It is not possible to predict the full extent, impact, or risks of such use.

**China Risk.** There are special risks associated with investments in China, Hong Kong and Taiwan (including Chinese issuers listed on Chinese and U.S. securities exchanges), including the risk of losses due to liquidity constraints, expropriation, nationalization, confiscation of assets and property, repatriation of capital and restrictions on foreign investments. Investments in issuers with significant operations in China are subject to heightened risks related to political, legal and regulatory uncertainty; lack of publicly available information; difficulty in obtaining necessary information to conduct investigations and/or pursue litigation against Chinese companies, including by foreign regulatory authorities, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; potential regional destabilization due to military conflict; deflationary pressures; fluctuations in currency exchange rates and/or interest rates; lack of willingness or ability of the Chinese government to support its economies and markets; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; and economic interdependence of emerging market countries within the greater China region. Actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their

operations in the United States, may negatively impact the value of such securities held by a Fund.

Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to the Funds. Any changes in laws, regulations and policies of the China A-shares market or rules in relation to the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program may affect China A-share prices and tax treatment.

Certain investments in Chinese companies may be made through a special structure known as "variable interest entities," or "VIEs." Under the VIE structure, foreign investors such as the Funds own stock in a shell company rather than direct interests in the VIE, which must be owned by Chinese nationals (including Chinese companies) in order to operate in restricted or prohibited sectors in China. The value of the shell company is derived from its ability to consolidate the VIE into its financial statements based on contractual arrangements that enable the shell company to exert a degree of control over, and accrue economic benefits from, the VIE without formal legal ownership. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based VIE. It is uncertain whether the contractual arrangements, which may give rise to actual or potential conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions or restrictions by the Chinese government on the continued use of VIE structures, or the inability to enforce the underlying contracts from which the shell company derives its value would likely cause the VIE-structured holdings to suffer significant, possibly permanent losses, and in turn, adversely affect a Fund's returns and net asset value.

**Convertible Securities Risk.** Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. A Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund's return.

**Credit Risk.** Credit risk is the risk that an issuer of a debt security to which a Fund is exposed may no longer be able or willing to pay its debt. As a result of such an event, the debt security may decline in price and affect the value of a Fund. Similarly, there is a risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make interest and/or principal payments. Debt securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. The credit rating of a debt security may be lowered if the issuer suffers adverse changes in its financial condition, which can lead to more volatility in the price of the security and in shares of a Fund.

**Cybersecurity Risk.** The Funds and their service providers may be susceptible to operational, information security, privacy, fraud, business disruption, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Increased geopolitical tensions may increase the risk, scale, and sophistication of cyber-attacks. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems to misappropriate assets or sensitive information, corrupt data, or otherwise disrupt operations. Cyber incidents affecting the Adviser or other service providers (including, but not limited to,

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fund accountants, custodians, and transfer agents) have the ability to disrupt and impact business operations, potentially resulting in financial losses, by interfering with a Fund's ability to calculate its NAV, corrupting data or preventing parties from sharing information necessary for a Fund's operation, preventing or slowing trades, stopping shareholders from making transactions, potentially subjecting a Fund or the Adviser to regulatory fines and penalties, and creating additional compliance costs. Similar types of cybersecurity risks are also present for issuers or securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause a Fund's investments in such companies to lose value. While a Fund's' service providers have established business continuity and incident response plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, a Fund cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect a Fund or itsr shareholders. Although each Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service. The value of an investment in a Fund's shares may be adversely affected by the occurrence of the operational errors or failures or technological issues or other similar events and a Fund and its shareholders may bear costs tied to these risks.

**Derivatives Risk.** The use of derivatives (such as futures, options, credit default swaps, and total return swaps) involves additional risks and transaction costs which could leave a Fund in a worse position than if it had not used these instruments. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and a Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Derivatives are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations.

Some derivatives may give rise to a form of economic leverage and may expose a Fund to greater risk and increase its costs. Such leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Increases and decreases in the value of a Fund's portfolio will be magnified when a Fund uses leverage. Futures contracts, options on futures contracts, forward contracts, and options on derivatives can allow a Fund to obtain large investment exposures in return for meeting relatively small margin requirements. As a result, investments in those transactions may be highly leveraged.

The success of a Fund's derivatives strategies will depend on the Adviser's ability to assess and predict the impact of market or economic developments on the underlying asset, index or rate and the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions. Swap agreements may involve fees, commissions or other costs that may reduce a Fund's gains from a swap agreement or may cause a Fund to lose money. Futures contracts are subject to the risk that an exchange may impose price fluctuation limits, which may make it difficult or impossible for a Fund to close out a position when desired.

The use of derivatives involves the risks associated with the securities or other assets underlying those derivatives, including the risk of changes in the value of the underlying assets between

the date that a Fund enters into the derivatives transaction and the date that a Fund closes out that transaction. When a Fund enters into a futures contract, for example, it commits to purchasing or selling a particular security at a future date at a specified price. Changes in the value of the underlying security between the time that a Fund enters into the futures contract and the time the Fund has to purchase or sell the security may cause the Fund to have to purchase the security at a price which is greater than, or to sell the security at a price which is lower than, the security's then-current market value. When a Fund enters into an interest rate swap, it agrees with another party to exchange their respective interest rate exposures on a similar principal amount (e.g., exchanging fixed rate interest payments on a specific principal amount for floating rate interest payments on that same principal amount, or vice versa). If interest rates change in a manner or to a degree not anticipated by a Fund, the Fund could end up receiving less interest on its investment than if the Fund had not entered into the swap agreement. When a Fund enters into a credit default swap, it agrees with another party to transfer the credit exposure of one or more underlying debt obligations. The purchaser of the credit default swap agrees to pay the seller a fixed premium for a specific term, in exchange for which the seller agrees to make a contingent payment to the buyer in the event the issuer of the underlying debt obligations defaults or upon the occurrence of another credit event specified in the swap agreement. If the specified credit event does not occur during the term of the credit default swap, the swap's purchaser will have paid the fixed premiums and received no return on the swap agreement. Conversely, if the specified credit event does occur during the swap's term, the swap's seller may have to make a payment to the purchaser which exceeds the value of the premiums that were received by the seller.

The use of derivatives may also involve risks which differ from, or are potentially greater than, the risks associated with investing directly in the underlying reference asset. For example, the use by a Fund of privately negotiated, over-the-counter ("OTC") derivatives contracts, including interest rates swaps and credit default swaps, exposes the Fund to the risk that the counterparty to the OTC derivatives contract will be unable or unwilling to make timely payments under the contract or otherwise honor its obligations. There can be no assurance that a counterparty will meet its obligations, especially during periods of adverse market conditions. The market for certain types of derivative instruments may also be less liquid than the market for the underlying reference asset, making it difficult for a Fund to value its derivative investments or sell those investments at an acceptable price.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, auditing,

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accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities. Risks of investing in emerging market countries may also include additional transaction costs, delays in settlement procedures, and unexpected market closures.

Some emerging market countries restrict to varying degrees foreign investment in their securities markets. In some circumstances, these restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies.

**Equity Security Risk.** Equity securities held by a Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, industry, or sector of the market. From time to time, a Fund may invest a significant portion of its assets in one particular sector, industry, or geographic region which would make the Fund more vulnerable to adverse developments affecting such sectors, industries, or geographic regions. Equity securities are generally more volatile than most debt securities. The prices of individual stocks generally do not all move in the same direction at the same time. A variety of factors can negatively affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry.

**Financial Sector Risk.** Companies in the financial sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financial sector, including effects not intended by such regulation. The impact of recent or future regulation in various countries of any individual financial company or of the financial sector as a whole cannot be predicted. Certain risks may impact the value of investments in the financial sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. Companies in the financial sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. In the past, deteriorations of the credit markets affected a wide range of financial institutions and markets and caused a number of large financial institutions to fail, merge with stronger institutions or receive significant government infusions of

capital. Instability and volatility in the financial markets cause financial companies to incur large losses, experience declines in the valuations of their assets, take actions to raise capital (such as the issuance of debt or equity securities), cease operations, or borrow significant amounts of capital from government sources, causing the securities of such financial companies to decline in value. Government intervention, such as bailouts, is not guaranteed during a crisis. The financial sector is particularly sensitive to fluctuations in interest rates. The financial sector is also a target for cyber-attacks and may experience technology malfunctions and disruptions. In recent years, cyber-attacks and technology failures have become increasingly frequent and have caused significant losses.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value of securities denominated in that currency. The overall impact of such a decline of foreign currency can be significant, unpredictable, and long lasting, depending on the currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** To the extent a Fund is exposed to foreign securities, it is subject to various risks associated with such securities. Foreign securities are generally more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. Foreign securities also may be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

Securities of foreign companies in which a Fund invests generally carry more risk than securities of U.S. companies. The economies and financial markets of certain regions—such as Latin America, Asia, Europe and the Mediterranean region—can be highly interdependent and may decline at the same time. Certain European countries in which a Fund may invest have recently experienced significant volatility in financial markets and may continue to do so in the future. The potential departure of one or more countries from the European Union, such as the United Kingdom's departure from the European Union ("EU") (commonly known as "Brexit"), may have significant political and financial consequences for global markets and may adversely impact Fund performance. The long-term impact of Brexit is unknown and the risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU.

In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict. The invasion and resulting sanctions have had, and could continue to have, severe negative effects on regional and global economic and financial markets,

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including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Other risks result from the varying stages of economic and political development of foreign countries; the differing regulatory environments, trading days, and accounting standards of foreign markets; and higher transaction costs. A Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices and impair a Fund's ability to repatriate capital or income.

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed a Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**High-Yield Risk.** High-yield securities - commonly known as "junk bonds" - are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of a Fund may be negatively affected. High-yield securities may be more susceptible to real or perceived adverse economic conditions than investment-grade securities, and they generally have more volatile prices and carry more risk to principal. In addition, high-yield securities generally have a less liquid resale market and may be more difficult to value than higher rated fixed income securities of a similar maturity. High-yield securities tend to be more volatile than investment-grade securities.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations or maturities 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. A Fund may be subject to a greater risk of rising interest rates during periods of low interest rates or when inflation rates are high or rising.

**Investment Adviser Risk.** The Funds and the success of a Fund's investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. This assessment of Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. Poor investments by the Adviser may cause a Fund to underperform relative to its benchmark or similar funds. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to a company to which a Fund's portfolio is exposed will affect the market prices of the company's securities and therefore the value of the Fund. Some factors affecting the performance of a company include demand for the company's products or services, the quality of management of the company and brand recognition and loyalty. To the extent that a Fund invests in common stock, common stock of a company is subordinate to other securities issued by the company. If a company becomes insolvent, interests of investors owning common stock will be

subordinated to the interests of other investors in and general creditors of, the company.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Large Shareholder Risk.** From time to time, shareholders of a Fund (which may include institutional investors, financial intermediaries, investment models constructed by the Adviser or its affiliates, or affiliated funds or accounts) may make or result in relatively large redemptions or purchases of shares. These transactions may cause a Fund to sell securities at disadvantageous prices or invest additional cash, as the case may be. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on a Fund's performance to the extent that a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. Redemptions of a large number of shares also may increase transaction costs or have adverse tax consequences for shareholders of a Fund by requiring a sale of portfolio securities. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**Leveraged Loan Risk.** Leveraged loans are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for a Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, some leveraged loans are known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Funds. As a result, a Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle. Covenant lite loans also generally provide fewer investor protections if certain criteria are breached. In the event of fraud or misrepresentation, a Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities."

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. Certain securities (e.g., small-cap stocks, foreign securities and high-yield bonds) often have a less liquid resale market. Liquid investments may become illiquid after purchase by the Adviser, particularly during periods of market turmoil. As a result, the Adviser may have difficulty selling or disposing of securities quickly in certain markets or may only be able to sell the holdings at prices substantially less than what the Adviser believes they are worth. Less liquid securities can also become more difficult to value. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on

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illiquid investments, may be subject to purchase and sale restrictions.

To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. In addition, inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. As a result of this decreased liquidity, the Adviser may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of a Fund's investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by a Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector.

Price declines may occur in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates and the availability of credit. In addition, domestic or global events, including regulatory events, economic downturn, government shutdowns, the spread of an infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, social unrest, recessions, natural disasters or similar events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economies, which in turn could adversely affect a Fund's investments. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment's price.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**New and Smaller Sized Fund Risk.** Funds that are relatively new or relatively small are subject to additional risks. A Fund that is relatively new has a limited operating history for investors to evaluate and may not be successful in implementing its investment strategies. A Fund that is relatively small may fail to attract sufficient assets to achieve or maintain economies of scale, which could result in the fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. In addition, a Fund that is relatively small may not be successful in implementing its investment strategies after the Fund's assets grow beyond a certain size, which could adversely affect the Fund's performance.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the

models may not take into account certain factors, or perform as intended, and may result in a decline in the value of a Fund's portfolio. If models or data used in the models are incorrect or incomplete, any decisions made in reliance thereon expose a Fund to potential risks. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect and could lead to losses for a Fund. For example, the data on which a model is based may be imprecise or become stale due to new events or changing circumstances. Market performance can be affected by non-quantitative factors (for example, investor fear or over-reaction or other emotional considerations) that are not easily integrated into quantitative analysis, which could adversely affect performance of these models and, in turn, a Fund. The performance of a model may also be impaired by technical issues with the construction and implementation of quantitative models such as software or other technology system malfunctions, or programming inaccuracies. Human judgment plays a role in building, utilizing, testing and modifying the financial algorithms and formulas underlying the models and accordingly such models are subject to the risk of human error and biases.

**Prepayment Risk.** When interest rates fall, certain obligations are paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Regional Risk.** A Fund will generally have more exposure to the specific regional or country economic risks where it has significant investments. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund's assets are invested, the Fund may experience substantial volatility, illiquidity or reduction in the value of the Fund's investments.

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

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. A Fund may have difficulty selling holdings of these companies at a desired time and price. Smaller companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns. It may be a

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substantial period of time before a Fund could realize a gain, if any, on an investment in a small cap company.

**Sovereign Debt Risk.** Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Technology-Oriented Companies Risk.** Common stocks of companies that rely extensively on technology, science or communications in their product development or operations may be more volatile than the overall stock market and may or may not move in tandem with the overall stock market. Technology, science and communications are rapidly changing fields, and stocks of these companies, especially of smaller and unseasoned companies, may be subject to more abrupt or erratic market movements than the stock market in general. There are significant competitive pressures among technology-oriented companies (including foreign competitors with lower production costs) and the products or operations of such companies may become obsolete quickly. In addition, these companies may be vulnerable to changes in government regulation or scrutiny and have limited product lines, markets or financial resources and the management of such companies may be more dependent upon one or a few key people. Technology-oriented companies are also heavily dependent on patent and intellectual property rights, which, if lost or impaired, could adversely affect profitability.

**Valuation Risk.** The price that a Fund receives upon the sale (or other disposition) of an investment may differ from the Fund's valuation of the investment, particularly for investments that trade in lower volumes, during periods of market turmoil or volatility, or investments that are valued using a fair valuation methodology or based on a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed to it by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of such investment.

Glossary of Investment Terms

**Dollar-Weighted Average Effective Maturity.** Measure of the fund that is determined by calculating the average maturity of each debt security owned by the fund, weighting each security according to the amount that it represents in the fund. In addition,

for asset-backed and mortgage-backed securities, as well as bonds with required prepayments or redemption rights, the calculation considers the expected prepayments of the underlying securities and/or the present value of a mandatory stream of prepayments.

**Duration.** A measure of price sensitivity of a bond or bond fund to changes in interest rates. While duration is similar to maturity in that the result is stated in years, it is a better indicator of price sensitivity than maturity since it takes into account the time value of future cash flows generated over the bond's life. Since duration can be computed for bond funds by using a weighted approach, the approximate effect on a bond fund's price can be estimated by multiplying the fund's duration by an expected change in interest rates. For example, if interest rates were to rise by 1%, the net asset value of a bond fund with an average duration of 5 years would be expected to fall 5%.

**Fundamental Investment Research Techniques.** Research techniques that generally assess a company or security's value based on a broad examination of financial data, quality of management, business concept and competition.

**Leverage.** Leverage occurs when a fund increases its assets available for investment, such as by using reverse repurchase agreements or other investment techniques, including short sales and certain derivative transactions. In general, the use of leverage exposes the investor to a risk of loss that exceeds the amount invested.

**Market Capitalization.** Market capitalization is the most commonly used measure of the size and value of a company. It is computed by multiplying the current market price of a share of the company's stock by the total number of its shares outstanding.

**Maturity.** A bond fund has no real maturity, but it does have a dollar-weighted average effective maturity that represents an average of the effective maturities of the underlying bonds, with each bond's effective maturity "weighted" by the percent of fund assets it represents. For bonds that are most likely to be called before maturity, the effective maturity of a bond is usually the call date.

**Quantitative Investment Research Techniques.** Research techniques that generally focus on a company's financial statements and assess a company or security's value based on financial ratios that measure revenue, profitability and financial structure.

**Technical Investment Research Techniques.** Research techniques that generally involve the study of trends and movements in a security's price, trading volume and other market-related factors in an attempt to discern patterns.

**Volatility.** Volatility is a statistical measure of the dispersion of returns for a given security, market index or portfolio over a period of time.

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Management of the Funds

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Investment Adviser

The Funds are managed by Thrivent Asset Mgt., 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211. Thrivent Asset Mgt. had approximately $37.2 billion in assets under management as of December 31, 2025. Thrivent Asset Mgt. is an indirect wholly owned subsidiary of Thrivent Financial for Lutherans ("Thrivent"). Thrivent and its affiliates have been in the investment advisory business since 1986 and had approximately $205.3 billion in assets under management as of December 31, 2025.

Thrivent Asset Mgt. provides investment research and supervision of the assets for the Funds. A discussion regarding the basis for the Board's approval of the Funds' investment advisory agreement is included in the Form N-CSR filing for the most recent semi-annual period.

Management Fees

The Funds do not pay a management fee to the Adviser because they are currently sold only to other affiliated entities.

Administrative Service Fee

The Adviser is responsible for providing certain administrative and accounting services to the Funds. Each Fund pays the Adviser a fee equal to the sum of $80,000 ($70,000 prior to January 1, 2024) plus 0.017% of the Fund's average daily net assets for providing such services to the Fund. See "Other Services—Administration Contract" in the SAI for additional information.

Portfolio Management

Information about the portfolio managers who are jointly and primarily responsible for the day-to-day management for each Fund is shown below. The SAI for the Funds provides information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of shares of the Funds.

**Thrivent Core Emerging Markets Debt Fund** 

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| | |
|:---|:---|
| **Name** | **Industry Experience** |
| James B. Carlen, CFA | &nbsp;&nbsp; Industry professional since <br> 1992; joined Thrivent in 2019<br>|

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**Thrivent Core Emerging Markets Equity Fund, Thrivent Core International Equity Fund** 

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| | |
|:---|:---|
| **Name** | **Industry Experience** |
| Noah J. Monsen, CFA | &nbsp;&nbsp; Industry professional since <br> 2008; joined Thrivent in 2000<br>|
| Brian W. Bomgren, CQF | &nbsp;&nbsp; Industry professional since <br> 2006; joined Thrivent in 2006<br>|
| Jing Wang, CFA | &nbsp;&nbsp; Industry professional since <br> 2008; joined Thrivent in 2019<br>|
| Shu Guo | &nbsp;&nbsp; Industry professional since <br> 2011; prior to joining Thrivent <br> in 2022, at Pine River Capital <br> Management from 2011 to <br> 2022<br>|

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**Thrivent Core High Yield Bond Fund** 

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| | |
|:---|:---|
| **Name** | **Industry Experience** |
| Paul S. Tommerdahl, CFA | &nbsp;&nbsp; Industry professional since <br> 2008; joined Thrivent in 2016<br>|

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**Thrivent Core Investment Grade Corporate Bond Fund** 

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| | |
|:---|:---|
| **Name** | **Industry Experience** |
| Andrew M. Leeser, CFA | &nbsp;&nbsp; Industry professional since <br> 2008; joined Thrivent in 2012<br>|

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Personal Securities Investments

Personnel of Thrivent Asset Mgt. may invest in securities for their own account pursuant to codes of ethics that establish procedures for personal investing and restrict certain transactions. Transactions in securities that may be held by the Funds are permitted by Thrivent Asset Mgt., subject to compliance with applicable provisions under the applicable codes of ethics.

Trademarks

Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The JPMorgan EMBI Global Diversified Index is used with permission. The JPMorgan EMBI Global Diversified Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2025, JPMorgan Chase & Co. All rights reserved.

MSCI Inc. ("MSCI") makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This prospectus is not approved, endorsed, reviewed, or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a

recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI Indexes from sources that MSCI considers reliable, neither MSCI, nor any of its affiliates, nor any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the "MSCI Parties") warrants or guarantees the originality, accuracy and/or the completeness of any MSCI Index or any data included therein. None of the MSCI Parties makes any warranty, express or implied, as to results to be obtained by the issuer of the fund, owners of the fund, or any other person or entity, from the use of any MSCI Index or any data included therein. None of the MSCI Parties shall have any liability for any errors, omissions, or interruptions of or in connection with any MSCI Index or any data included therein. Further, none of the MSCI Parties makes any express or implied warranties of any kind, and the MSCI Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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Shareholder Information

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Pricing Fund Shares

The price of a Fund's shares is based on the Fund's net asset value ("NAV"). Each Fund 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 Funds generally do 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.

Each Fund determines the NAV by dividing the total Fund assets, less all liabilities, by the total number of outstanding shares. To determine the NAV, each Fund generally values its securities at current market value using readily available market prices. If market prices are not readily available or if the Adviser determines that they are not reliable, the Board has designated the Adviser to make fair valuation determinations in accordance with Rule 2a-5 under the Investment Company Act of 1940. Fair valuation of a particular security is an inherently subjective process, with no single standard to utilize when determining a security's fair value. In each case where a security is fair valued, consideration is given to the facts and circumstances relevant to the particular situation. This consideration includes a review of various factors set forth in the pricing policies.

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 Funds' 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.

Purchase of Shares

Thrivent Financial Investor Services Inc. ("TFISI") will process shareholder purchase orders accepted by the Funds. All shares are purchased at NAV of a Fund next determined after the purchase request is communicated to the Fund. Shares of the Funds are issued on days on which the NYSE is open, which generally are weekdays other than national holidays. There is no

sales load imposed in connection with the purchase of any Fund's shares and shares are not subject to any Rule 12b-1 fees.

Redeeming Shares

Shares of the Funds may be redeemed on days on which the NYSE is open for business at NAV of a Fund 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 Funds.

Each Fund generally determines its NAV once daily at the close of regular trading on the 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 Funds do 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 Funds typically expect 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. Each Fund typically expects to meet redemption requests with cash or cash equivalents held by the Fund or from proceeds from selling Fund portfolio assets in connection with the normal course management of the Fund. In stressed or otherwise abnormal market conditions, including to meet significant redemption activity by shareholders, a Fund may need to sell portfolio assets. In this type of situation, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

A Fund may also, particularly in stressed or otherwise abnormal market conditions, meet redemption requests with cash obtained through short-term borrowing arrangements that may be available from time to time. Such borrowing arrangements currently include an interfund lending program maintained pursuant to an exemptive order from the SEC. The Funds are limited under this arrangement as to the amount that each may borrow. The SAI includes more information about this borrowing arrangement.

Although the Funds typically expect to pay redemption proceeds in cash, in certain circumstances when in the best interests of a Fund, including if a Fund determines that a cash redemption would be detrimental to remaining shareholders, a Fund may pay all or a portion of redemption proceeds to shareholders with in-kind distributions of the Fund's securities. Such in-kind

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distributions may be pro-rata or another method that is determined to be fair to both the redeeming shareholder and the remaining shareholders in accordance with policies and procedures adopted by a Fund. 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.

Frequent Trading Policies and Monitoring Processes

Because the only shareholders in the Funds are affiliates of the Trust, the Funds do not restrict the frequency of purchases and redemptions.

Disclosure of Fund Holdings

A description of the Funds' policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI, which can be obtained at thriventcorefunds.com/prospectus.

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Distributions

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Dividends

Income dividends are derived from investment income, including dividends, interest, and certain foreign currency gains, if any, received by the Funds. Dividends of the Funds, if any, are generally declared and paid as follows:

Declared Daily and Paid Monthly •Thrivent Core Emerging Markets Debt Fund •Thrivent Core High Yield Bond Fund •Thrivent Core Investment Grade Corporate Bond Fund <br> Declared and Paid Annually •Thrivent Core Emerging Markets Equity Fund •Thrivent Core International Equity Fund

Capital Gains

Capital gains distributions, if any, usually will be declared and paid in December for the prior twelve-month period ending October 31.

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Taxes

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General

The Funds intend to make distributions that may be taxed as ordinary income or capital gains. In general, any net investment income and short-term capital gain distributions you receive from a Fund are taxable as ordinary income. To the extent a Fund receives and distributes qualified dividend income, you may be eligible for a tax rate lower than that on other ordinary income distributions, if certain requirements are met. Distributions of other net capital gains by a Fund are generally taxable as capital gains—in most cases, at different rates from those that apply to ordinary income.

The tax you pay on a given capital gains distribution generally depends on how long a Fund has held the Fund securities it sold. It does not depend on how long you have owned your Fund shares or whether you reinvest your distributions or take them in cash.

The sale of shares in your account may produce a gain or loss, which may be a taxable event. For tax purposes, an exchange between funds is the same as a sale. Any loss incurred on the redemption or exchange of a Fund'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 Fund's income attributable to U.S. Government Securities.

Back-up Withholding

By law, the Funds must withhold 24% of your distributions and proceeds as a prepayment of federal income tax if you have not provided complete, correct taxpayer information. In addition, to the extent that a Fund invests less than 50% of its total assets in municipal bonds, income generated from those bonds and distributed to Fund shareholders would generally be subject to federal income tax.

Foreign Securities

Foreign investments pose special tax issues for Thrivent Core Emerging Markets Debt Fund, Thrivent Core Emerging Markets Equity Fund, and Thrivent Core International Equity Fund and their shareholders. For example, certain gains and losses from currency fluctuations may be taxable as ordinary income. Also, certain foreign countries withhold taxes on some interest and dividends that otherwise would be payable to these Funds. If the amount withheld is material, these Funds may elect to pass through a credit to shareholders.

**\*\*\*\*\*** 

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

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Index Descriptions

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The following table describes the benchmark indices that the Funds compare their performance against.

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| | | |
|:---|:---|:---|
| **Index** | **Description** | **Fund** |
| **Bloomberg Ba to B U.S. High Yield** <br> **Index**<br>| The Bloomberg Ba to B U.S. High Yield <br> Index is an index that measures the <br> performance of high-yield corporate <br> bonds rated B3 to Ba1.<br>| Thrivent Core High Yield Bond Fund |
| **Bloomberg U.S. Aggregate Bond** <br> **Index** | The Bloomberg U.S. Aggregate Bond <br> Index is an index that measures the <br> performance of U.S. investment-grade <br> bonds. | Thrivent Core Emerging Markets Debt <br> Fund<br>|
| **Bloomberg U.S. Aggregate Bond** <br> **Index** | The Bloomberg U.S. Aggregate Bond <br> Index is an index that measures the <br> performance of U.S. investment-grade <br> bonds. | Thrivent Core High Yield Bond Fund |
| **Bloomberg U.S. Aggregate Bond** <br> **Index** | The Bloomberg U.S. Aggregate Bond <br> Index is an index that measures the <br> performance of U.S. investment-grade <br> bonds. | Thrivent Core Investment Grade <br> Corporate Bond Fund<br>|
| **Bloomberg U.S. Corporate Bond** <br> **Index**<br>| The Bloomberg U.S. Corporate Bond <br> Index measures the investment-grade, <br> fixed-rate, taxable corporate bond <br> market and includes USD denominated <br> securities publicly issued by US and <br> non-US industrial, utility and financial <br> issuers.<br>| Thrivent Core Investment Grade <br> Corporate Bond Fund<br>|
| **JPMorgan EMBI Global Diversified** <br> **Index**<br>| The JPMorgan EMBI Global Diversified <br> Index is an unmanaged, market-<br> capitalization weighted, total-return index <br> tracking the traded market for U.S.-<br> dollar-denominated Brady bonds, <br> Eurobonds, traded loans, and local <br> market debt instruments issued by <br> sovereign and quasi-sovereign entities.<br>| Thrivent Core Emerging Markets Debt <br> Fund<br>|
| **MSCI All Country World Index ex-USA** <br> **– USD Net Returns**<br>| The MSCI All Country World Index ex-<br> USA – USD Net Returns measures the <br> performance of stock markets in <br> developed and emerging markets <br> countries throughout the world <br> (excluding the U.S.).<br>| Thrivent Core International Equity Fund |
| **MSCI EAFE Index – USD Net Returns** | The MSCI EAFE Index – USD Net <br> Returns captures large- and mid-cap <br> stocks across developed markets <br> countries around the world, excluding <br> the U.S. and Canada.<br>| Thrivent Core International Equity Fund |
| **MSCI Emerging Markets Index – USD** <br> **Net Returns**<br>| The MSCI Emerging Markets Index – <br> USD Net Returns is an index that <br> measures the performance of stock <br> markets in developing countries <br> throughout the world.<br>| Thrivent Core Emerging Markets Equity <br> Fund<br>|

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Financial Highlights

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The financial highlights tables for the Funds are intended to help you understand the Funds' financial performance for the past five complete fiscal years or, if shorter, the period of the Funds' operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, an independent registered public

accounting firm, whose reports, along with the Funds' financial statements, are included in the Fund's Form N-CSR filing for the fiscal year ended October 31, 2025. This information is available upon request. The financial highlights should be read in conjunction with the financial statements and notes thereto. Because Thrivent Core High Yield Bond Fund and Thrivent Core Investment Grade Corporate Bond Fund had not yet had any operations as of the date of this prospectus, they do not have financial highlights to provide.

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Thrivent Core Funds

Financial Highlights

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br>**Investments**<sup>(</sup>**a)** <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>EMERGING MARKETS DEBT FUND</u>** | **<u>EMERGING MARKETS DEBT FUND</u>** | **<u>EMERGING MARKETS DEBT FUND</u>** | **<u>EMERGING MARKETS DEBT FUND</u>** | **<u>EMERGING MARKETS DEBT FUND</u>** | **<u>EMERGING MARKETS DEBT FUND</u>** |  |
| Year Ended 10/31/2025 | $8.22 | $0.51 | $0.59 | $1.10 | $(0.51) | $— |
| Year Ended 10/31/2024 | 7.27 | 0.50 | 0.93 | 1.43 | (0.48) |  |
| Year Ended 10/31/2023 | 7.08 | 0.45 | 0.20 | 0.65 | (0.46) |  |
| Year Ended 10/31/2022 | 9.71 | 0.45 | (2.62) | (2.17) | (0.46) |  |
| Year Ended 10/31/2021 | 9.81 | 0.43 | (0.10) | 0.33 | (0.43) |  |
| **<u>EMERGING MARKETS EQUITY FUND</u>** | **<u>EMERGING MARKETS EQUITY FUND</u>** | **<u>EMERGING MARKETS EQUITY FUND</u>** | **<u>EMERGING MARKETS EQUITY FUND</u>** | **<u>EMERGING MARKETS EQUITY FUND</u>** | **<u>EMERGING MARKETS EQUITY FUND</u>** |  |
| Year Ended 10/31/2025 | 9.81 | 0.30 | 2.40 | 2.70 | (0.31) |  |
| Year Ended 10/31/2024 | 8.08 | 0.27 | 1.75 | 2.02 | (0.29) |  |
| Year Ended 10/31/2023 | 7.43 | 0.25 | 0.71 | 0.96 | (0.31) |  |
| Year Ended 10/31/2022 | 11.83 | 0.27 | (3.64) | (3.37) | (0.24) | (0.79) |
| Year Ended 10/31/2021 | 10.36 | 0.28 | 1.28 | 1.56 | (0.09) |  |
| **<u>INTERNATIONAL EQUITY FUND</u>** | **<u>INTERNATIONAL EQUITY FUND</u>** | **<u>INTERNATIONAL EQUITY FUND</u>** | **<u>INTERNATIONAL EQUITY FUND</u>** | **<u>INTERNATIONAL EQUITY FUND</u>** | **<u>INTERNATIONAL EQUITY FUND</u>** |  |
| Year Ended 10/31/2025 | 10.84 | 0.35 | 2.00 | 2.35 | (0.36) |  |
| Year Ended 10/31/2024 | 9.12 | 0.30 | 1.78 | 2.08 | (0.36) |  |
| Year Ended 10/31/2023 | 8.27 | 0.33 | 0.74 | 1.07 | (0.22) |  |
| Year Ended 10/31/2022 | 11.38 | 0.37 | (2.95) | (2.58) | (0.53) |  |
| Year Ended 10/31/2021 | 8.45 | 0.24 | 2.92 | 3.16 | (0.23) |  |

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(a)The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of portfolio shares.

\*All per share amounts have been rounded to the nearest cent.

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Thrivent Core Funds

Financial Highlights – continued

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets** | **Ratio to Average**<br> **Net Assets** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(</sup>**b)** <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| $(0.51) | $8.81 | 13.90% | $703.8 | 0.05% | 6.03% | 0.05% | 6.03% | 14% |
| (0.48) | 8.22 | 20.04% | 733.6 | 0.05% | 6.16% | 0.05% | 6.16% | 11% |
| (0.46) | 7.27 | 9.08% | 712.6 | 0.05% | 5.92% | 0.05% | 5.92% | 16% |
| (0.46) | 7.08 | (22.88)% | 745.2 | 0.04% | 5.35% | 0.04% | 5.35% | 20% |
| (0.43) | 9.71 | 3.38% | 1128.1 | 0.04% | 4.35% | 0.04% | 4.35% | 55% |
| (0.31) | 12.20 | 28.45% | 705.0 | 0.17% | 2.86% | 0.17% | 2.86% | 77% |
| (0.29) | 9.81 | 25.46% | 563.2 | 0.19% | 2.93% | 0.19% | 2.93% | 76% |
| (0.31) | 8.08 | 12.81% | 448.6 | 0.19% | 2.92% | 0.19% | 2.92% | 80% |
| (1.03) | 7.43 | (31.16)% | 403.7 | 0.19% | 3.24% | 0.19% | 3.24% | 82% |
| (0.09) | 11.83 | 15.05% | 550.8 | 0.19% | 2.27% | 0.19% | 2.27% | 93% |
| (0.36) | 12.83 | 22.54% | 713.5 | 0.08% | 3.03% | 0.08% | 3.03% | 84% |
| (0.36) | 10.84 | 23.07% | 581.8 | 0.08% | 2.88% | 0.08% | 2.88% | 87% |
| (0.22) | 9.12 | 13.09% | 437.8 | 0.09% | 3.31% | 0.09% | 3.31% | 86% |
| (0.53) | 8.27 | (23.81)% | 430.6 | 0.09% | 2.61% | 0.09% | 2.61% | 81% |
| (0.23) | 11.38 | 37.77% | 793.0 | 0.08% | 2.19% | 0.08% | 2.19% | 102% |

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(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

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![](g453449img5f48d9ab3.jpg)

4321 N. Ballard Rd.

Appleton, WI 54919-0001

The SAI, which is incorporated by reference into this prospectus, contains additional information about the Funds. Additional information about a Fund's investments is available in the Fund's annual and semiannual reports to shareholders and in Form N-CSR. In a Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find a Fund's annual and semiannual financial statements. To make shareholder inquiries or to request a free copy of the SAI, a Fund's annual or semiannual report, or other information such as a Fund's financial statements, call 800-847-4836 or visit thriventcorefunds.com/prospectus. Reports and other information about the Funds are available on the EDGAR database on the SEC's website at sec.gov, and you may request copies of this information, after paying a duplicating fee, by sending an email to publicinfo@sec.gov.

1940 Act File No. 811-23149

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Thrivent Core Funds

Statement of Additional Information

Dated February 27, 2026

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| |
|:---|
| Fund |
| Thrivent Core Emerging Markets Debt Fund |
| Thrivent Core Emerging Markets Equity Fund |
| Thrivent Core High Yield Bond Fund |
| Thrivent Core International Equity Fund |
| Thrivent Core Investment Grade Corporate Bond Fund |

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Unless the context indicates otherwise, references herein to "each Fund," "the Fund," "a Fund," "the Funds" or "Funds" refers to the Funds listed above.

Each of the above-referenced mutual funds (each a "Fund" and collectively the "Funds") is a series of Thrivent Core Funds (the "Trust"). The Trust is a registered open-end management investment company organized as a Delaware statutory trust offering shares of beneficial interest in the investment portfolios of the Funds. Additional series may be subsequently offered by the Trust. Shares of the Funds are offered through the Funds' prospectus (the "Prospectus"). Each Fund is diversified within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). A mutual fund is diversified if at least 75% of the value of its total assets is represented by U.S. Government securities (as defined in the 1940 Act), cash and cash items, securities of other investment companies and other securities, excluding investments of more than 5% of the fund's total assets in any one issuer and investments representing more than 10% of the outstanding voting securities of any one issuer.

This Statement of Additional Information (the "SAI") is not a prospectus but should be read in conjunction with the Funds' prospectus dated February 27, 2026, as from time to time revised or supplemented (the "Prospectus").

The Funds' financial statements contain important information about the Funds. For the fiscal period ended October 31, 2025, these statements, along with the Report of Independent Registered Public Accounting Firm, are included in the Trust's [Form N-CSR filing](http://www.sec.gov/ix?doc=/Archives/edgar/data/1669626/000166962625000090/primary-document.htm) for such period and are incorporated herein by reference.

For a free copy of a Prospectus, this SAI or an annual or semiannual report for the Funds, or to request other information or ask questions about the Funds, call toll-free 800-847-4836 or visit thriventcorefunds.com/prospectus. You may also get information about the Funds on the EDGAR database on the SEC's internet site at SEC.gov. Copies of the information may also be obtained, after paying a duplicating fee, by sending an email to publicinfo@sec.gov.

The Prospectus and SAI do not purport to create any contractual obligations between the Trust or any Fund and its shareholders. In addition, shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Funds, including contracts with the investment manager or other parties who provide services to the Funds.

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[**Table of Contents**](#xx_5ac76e91-1b09-420e-9d50-7a2e1b8d9570_1)

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| | |
|:---|:---|
|  | Page |
| [General Information About the Trust](#xx_bf72fc81-208f-4746-8fbe-5fbcff83a24d_1) | 3 |
| [Investment Policies and Restrictions](#xx_7abe32d4-d711-4e1f-aeed-91a629285209_1) | 4 |
| [Management of the Funds](#xx_2642ad7d-3b49-4065-9f64-cfbdaaea5902_1) | 35 |
| [Significant Shareholders](#xx_77ee2108-6771-45d6-858d-a6d2bf1cc1af_1) | 45 |
| [Investment Adviser and Portfolio Managers](#xx_623ba8be-9b72-458e-b95b-56866778e65a_1) | 47 |
| [Underwriting and Distribution Services](#xx_673fbfba-17fb-43dc-ac80-f9274c5abb94_1) | 52 |
| [Other Services](#xx_7ca47912-649d-4057-9ff5-9ddcd5c9f15c_1) | 53 |
| [Brokerage Allocation and Other Practices](#xx_0c991ca5-1a4b-4fdc-be1f-1ae4d7df5c08_1) | 55 |
| [Purchase, Redemption and Pricing of Shares](#xx_7696bb10-509b-4486-a6e7-36f373081c81_1) | 58 |
| [Net Asset Value](#xx_7696bb10-509b-4486-a6e7-36f373081c81_1) | 58 |
| [Tax Status](#xx_3c180c0d-14b6-4273-99cf-5f1a177f97c7_1) | 60 |
| [Description of Debt Ratings](#xx_1cd41234-67f4-4b32-ba9a-0d486831ae97_1) | 65 |
| [Financial Statements](#xx_91c8d834-edb3-4d5a-a48f-31eed0568332_1) | 70 |
| [Appendix A—Proxy Voting Policies](#xx_91c8d834-edb3-4d5a-a48f-31eed0568332_2) | 71 |

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General Information About the Trust

The Trust was organized as a Delaware statutory trust on March 18, 2016 and is registered as an open-end management investment company under the 1940 Act. Under its Declaration of Trust, the Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value (if any) as the Trust's Board of Trustees ("Board") may determine from time to time, which may be divided into one or more series or classes of shares. The Trust currently consists of six series, five of which are described in this SAI.

The following table provides the inception dates of the Funds described in this SAI.

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| | |
|:---|:---|
| **Fund Name** | **Inception Date** |
| Thrivent Core Emerging Markets Debt Fund | &nbsp;&nbsp; 9/5/2017 |
| Thrivent Core Emerging Markets Equity Fund | &nbsp;&nbsp; 1/31/2020 |
| Thrivent Core High Yield Bond Fund | &nbsp;&nbsp; 2/27/2026 |
| Thrivent Core International Equity Fund | &nbsp;&nbsp; 11/14/2017 |
| Thrivent Core Investment Grade Corporate Bond Fund | &nbsp;&nbsp; 2/27/2026 |

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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 Board 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 Board has 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 this SAI, the Trust is comprised of six portfolio series with a single class of shares. Holders of such shares are entitled to receive dividends declared by the Board and receive the assets of their respective Fund in the event of liquidation. Shareholders do not have preemptive or other rights to subscribe to any additional shares or other securities issued by the Trust, and all shares are fully paid and nonassessable. Shareholders have the right to vote only on matters as expressly required under the 1940 Act or under Chapter 38 of Title 12 of the Delaware Code.

As required under the 1940 Act, shareholders have the right at such times as may be permitted by the Board to redeem all or any part of the shareholder's shares at a redemption price equal to the net asset value per share as determined by the Board and as described in this SAI. The Board may postpone payment of the redemption price and may suspend the redemption right of shareholders during any period of time when and to the extent permissible under the 1940 Act.

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 debts, liabilities, obligations or expenses of the Trust.

Capitalized terms used in this SAI and not otherwise defined have the meanings given to them in the Prospectus.

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Investment Policies and Restrictions

In addition to those practices stated in the Prospectus, the Funds may purchase the securities or engage in the transactions described below. Each of these investment practices are non-principal investment strategies except as otherwise noted. References in this SAI to the Funds investing in any instrument, security or strategy includes direct or indirect investment, including gaining exposure through derivatives or other investment companies. In general, a Fund may make any investment, including investments which are not identified below, if such Fund's investment adviser, Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser") reasonably believes that the investment is consistent with the Fund's investment objective(s) and policies and the Fund's investment limitations do not expressly prohibit the Fund from doing so. All percentage limitations and requirements (including those set forth in the fundamental investment restrictions discussed below) as to investments will apply only at the time of an investment to which the limitation or requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later increase or decrease resulting from a change in values, net assets or other circumstances will not be considered in determining whether any investment complies with a Fund's limitation or requirement. Such percentage limitations and requirements do not apply to the asset coverage test set forth in Section 18(f)(1) of the 1940 Act.

Other Securities

Thrivent Core Emerging Markets Debt Fund, Thrivent Core High Yield Bond Fund, and Thrivent Core Investment Grade Corporate Bond Fund also may invest in common stocks, warrants to purchase stocks, bonds or preferred stocks convertible into common stock, and other equity securities.

Thrivent Core Emerging Markets Equity Fund and Thrivent Core International Equity Fund also may invest in other types of securities, including bonds, preferred stocks, convertible bonds, convertible preferred stocks, warrants, American Depository Receipts (ADRs), and other debt or equity securities. In addition, the Funds may invest in U.S. Government securities or cash, European Depository Receipts (EDRs) and the securities of trusts, including foreign investment trusts.

Bank Instruments

Each Fund may invest in bank instruments in pursuit of its investment objective. These instruments include, but are not limited to, certificates of deposit, bankers' acceptances and time deposits. Certificates of deposit are generally short-term (i.e., less than one year), interest-bearing negotiable certificates issued by commercial banks or savings and loan associations against funds deposited in the issuing institution. A banker's acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction (to finance the import, export, transfer or storage of goods). A banker's acceptance may be obtained from a domestic or foreign bank including a U.S. branch or agency of a foreign bank. The borrower is liable for payment as well as the bank, which unconditionally guarantees to pay the draft at its face amount on the maturity date. Most acceptances have maturities of six months or less and are traded in secondary markets prior to maturity. Time deposits are non-negotiable deposits for a fixed period of time at a stated interest rate.

U.S. branches of foreign banks are offices of foreign banks and are not separately incorporated entities. They are chartered and regulated under federal or state law. U.S. federal branches of foreign banks are chartered and regulated by the Comptroller of the Currency, while state branches and agencies are chartered and regulated by authorities of the respective state or the District of Columbia. U.S. branches of foreign banks may accept deposits and thus are eligible for FDIC insurance; however, not all such branches elect FDIC insurance. U.S. branches of foreign banks can maintain credit balances, which are funds received by the office incidental to or arising out of the exercise of their banking powers and can exercise other commercial functions, such as lending activities.

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Investing in instruments issued by foreign branches of U.S. banks and U.S. branches of foreign banks may involve risks. These risks may include future unfavorable political and economic developments, possible withholding or confiscatory taxes, seizure of foreign deposits, currency controls, interest limitations and other governmental restrictions that might affect payment of principal or interest, and possible difficulties pursuing or enforcing claims against banks located outside the U.S. Additionally, foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards or other regulatory requirements and practices comparable to U.S. issuers, and there may be less public information available about foreign banks and their branches and agencies.

Repurchase Agreements

Each Fund 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. A Fund 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 Fund could incur a loss due to a drop in the market value of the security during the time it takes the Fund 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. A Fund may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Funds' investment adviser, Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser"), to be creditworthy.

Restricted Securities

The Funds may buy or sell restricted securities, including securities that meet the requirements of Rule 144A under the Securities Act of 1933 ("Rule 144A Securities"). Rule 144A Securities may be resold pursuant to Rule 144A under certain circumstances only to qualified institutional buyers as defined in the rule. Rule 144A Securities may be subject to the potential for delays on resale and may be deemed to be liquid as determined by or in accordance with methods adopted by the Board. See the discussion of Illiquid Investments below. Under such methods the following factors are considered, among others: the frequency of trades and quotes for the security, the number of dealers and potential purchasers in the market, market making activity, and the nature of the security and marketplace trades. Investments in Rule 144A Securities could have the effect of increasing the level of a Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing such securities. Also, a Fund may be adversely impacted by the subjective valuation of such securities in the absence of an active market for them. Restricted securities that are not resalable under Rule 144A may be subject to risks of illiquidity and subjective valuations to a greater degree than Rule 144A securities.

Illiquid Investments

Pursuant to Rule 22e-4 under the 1940 Act, each Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An illiquid investment is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

The Funds have implemented a written liquidity risk management program and related procedures ("Liquidity Program") that are reasonably designed to assess and manage the Funds' "liquidity risk" (defined by the U.S. Securities and Exchange Commission ("SEC") as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund) pursuant to Rule 22e-4, as it relates to the Funds. The liquidity of a Fund's portfolio investments is determined based on relevant market, trading and investment-specific considerations under the Liquidity Program. The adoption of the Liquidity Program is not a guarantee that a Fund will

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have sufficient liquidity to satisfy its redemption requests in all market conditions or that redemptions can be effected without diluting remaining investors in the Fund.

Reverse Repurchase Agreements

Each Fund also may enter into reverse repurchase agreements, which may be viewed as borrowings, subject to a Fund's limitation on borrowings, made by the Fund. A reverse repurchase agreement is a transaction in which a Fund transfers possession of a portfolio instrument to another person, such as a financial institution, broker or dealer, in return for a percentage of the instrument's market value in cash, with an agreement that at a stipulated date in the future the Fund will repurchase the portfolio instrument by remitting the original consideration plus interest at an agreed upon rate. The use of reverse repurchase agreements may enable a Fund to avoid selling portfolio instruments at a time when a sale may be deemed to be disadvantageous. However, the ability to enter into reverse repurchase agreements does not assure that the Fund will be able to avoid selling portfolio instruments at a disadvantageous time. The Funds will engage in reverse repurchase agreements that are not in excess of 60 days to maturity and will do so to avoid borrowing cash and not for the purpose of investment leverage or to speculate on interest rate changes.

When-Issued and Delayed Delivery Transactions

Each Fund may purchase securities on a when-issued and delayed delivery basis. When-issued and delayed delivery transactions arise when U.S. Government obligations and other types of securities are bought by a Fund with payment and delivery taking place in the future. The settlement dates of these transactions, which may be a month or more after entering into the transaction, are determined by mutual agreement of the parties. There are no fees or other expenses associated with these types of transactions other than normal transaction costs. To the extent a Fund engages in when-issued and delayed delivery transactions, it will do so for the purpose of acquiring portfolio instruments consistent with its investment objective and policies and not for the purpose of investment leverage. On the settlement date, the value of such instruments may be less than the cost thereof.

Dollar Roll Transactions

The Funds may enter into dollar roll transactions with respect to securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation in which the Funds sell mortgage securities and simultaneously agree to repurchase similar (same type, coupon and maturity) securities at a later date at an agreed upon price. During the period between the sale and repurchase, the Funds forgo principal and interest paid on the mortgage securities sold. The Funds are compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Funds to "roll over" their purchase commitments. While the dollar roll transactions may result in higher transaction costs or higher taxes for the Funds, the Adviser believes that the benefits of investing in such a program will outweigh the potential for such increased costs.

Collateralized Mortgage Obligations and Multi-Class Pass-Through Securities

As described in the Prospectus, the principal strategies of certain Funds include investing in mortgage-backed securities (a type of asset-backed security that is backed by pools of underlying mortgages), including collateralized mortgage obligations ("CMOs") and Multi-Class Pass-Through Securities ("MCPTS"), and the other Funds may invest in such instruments as a non-principal strategy. CMOs and MCPTS are debt instruments issued, and guaranteed as applicable, by either a U.S. government agency (the Government National Mortgage Association (GNMA or Ginnie Mae)), a U.S. government sponsored entity (the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)), or a private financial institution. GNMA 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. Securities guaranteed by FNMA and FHLMC are not backed by the full

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faith and credit of the U.S. government. Private MBS are not guaranteed. The securities are issued in special purpose entities secured by pools of mortgage loans or other mortgage-backed securities. MCPTS are interests in a trust composed of mortgage loans or other mortgage-backed securities. Payments of principal and interest on the underlying collateral provide the money to pay debt service on the CMO or make scheduled distributions on the multi-class pass-through security. MCPTS, CMOs, and classes thereof (including those discussed below) are examples of the types of financial instruments commonly referred to as "derivatives."

FNMA and FHLMC are currently under a conservatorship established by the Federal Housing Finance Agency (FHFA). If FNMA and FHLMC are taken out of conservatorship, it is unclear whether the U.S. government would continue to enforce its rights or perform its obligations and how the capital structure of FNMA and FHLMC would be constructed post-conservatorship and what effects, if any, this might have on their creditworthiness. Accordingly, should the FHFA take the enterprises out of conservatorship, there could be an adverse impact on the value of their securities which could cause a Fund to lose value.

On June 3, 2019, under the FHFA's "Single Security Initiative", Fannie Mae and Freddie Mac started issuing uniform mortgage-backed securities ("UMBS"). The Single Security Initiative seeks to align the characteristics of certain Fannie Mae and Freddie Mac mortgage-based securities and to support the overall liquidity in certain markets. In addition, Freddie Mac has offered investors the opportunity to exchange outstanding legacy mortgage-backed securities for mirror UMBS. The effects that the Single Security Initiative may have on the market and other mortgage-backed securities are uncertain.

A CMO contains a series of bonds or certificates issued in multiple classes. Each CMO class (referred to as "tranche") has a specified coupon rate and stated maturity or final distribution date. When people start prepaying the principal on the collateral underlying a CMO (such as mortgages underlying a CMO), some classes may retire substantially earlier than the stated maturity or final distribution dates resulting in a loss of all or part of the premium, if any has been paid. The issuer structures a CMO to pay or accrue interest on all classes on a monthly, quarterly or semi-annual basis. The issuer may allocate the principal and interest on the underlying mortgages among the classes in many ways. In a common structure, the issuer applies the principal payments on the underlying mortgages to the classes according to scheduled cash flow priorities.

There are many classes of CMOs. Interest only classes ("IOs") entitle the class shareholders to receive distributions consisting solely or primarily of all or a portion of the interest in an underlying pool of mortgages or mortgage-backed securities (mortgage assets). Principal only classes ("POs") entitle the class shareholders to receive distributions consisting solely or primarily of all or a portion of the underlying pool of mortgage assets. In addition, there are "inverse floaters," which have coupon rates that move in the reverse direction to an applicable index, and accrual (or Z) bonds (described below).

Inverse floating CMO classes are typically more volatile than fixed or adjustable rate CMO classes. The Funds would only invest in inverse floating CMOs to protect against a reduction in the income earned on investments due to a predicted decline in interest rates. In the event interest rates increased, the Funds would lose money on investments in inverse floating CMO classes. An interest rate increase would cause the coupon rate on an inverse CMO class to decrease.

Cash flow and yields on IO and PO classes are extremely sensitive to principal payment rates (including prepayments) on the underlying mortgage loans or mortgage-backed securities. For example, rapid or slow principal payment rates may adversely affect the yield to maturity of IO or PO bonds, respectively. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the holder of an IO bond may incur a complete loss in value due to the lost interest stream even if the IO bond has a AAA rating. If the underlying mortgage assets experience slower than anticipated prepayments of principal, the PO bond will incur substantial losses in value due to lost prepayments. Rapid or slow principal payment rates may cause IO and PO bond holders to incur substantially more losses in market value than if they had invested in traditional mortgage-backed securities. On the other hand, if interest rates rise, the value of

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an IO might increase and partially offset other bond value declines in a Fund's portfolio. If interest rates fall, the value of a PO might increase offsetting lower reinvestment rates in a Fund's portfolio.

An accrual or Z bondholder does not receive cash payments until one or more of the other classes have received their full payments on the mortgage loans underlying the CMO. During the period when the Z bondholders do not receive cash payments, interest accrues on the Z class at a stated rate. The accrued interest is added to the amount of principal due to the Z class. After the other classes have received their payments in full, the Z class begins receiving cash payments until it receives its full amount of principal (including the accrued interest added to the principal amount) and interest at the stated rate.

Generally, the date when cash payments begin on the Z class depends on the prepayment rate of the mortgage loans underlying the CMO. A faster prepayment rate results in an earlier commencement of cash payments on the Z class. Like a zero coupon bond, during its accrual period the Z class has the advantage of eliminating the risk of reinvesting interest payments at lower rates during a period of declining interest rates. Like a zero coupon bond, the market value of a Z class bond fluctuates more widely with changes in interest rates than would the market value of a bond from a class that pays interest currently. Changing interest rates influence prepayment rates. As noted above, such changes in prepayment rates affect the date at which cash payments begin on a Z tranche, which in turn influences its market value.

Collateralized Debt Obligations

The Funds may invest in collateralized debt obligations ("CDOs"), which include collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs"), and other similarly structured securities. CDOs are types of asset-backed securities. A CLO is ordinarily issued by a trust or other special purpose entity ("SPE") and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. A CBO is ordinarily issued by a trust or other SPE and is typically backed by a diversified pool of fixed income securities (which may include high-risk, below investment grade securities) held by such issuer. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use derivatives contracts to create "synthetic" exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and administrative expenses, which are in addition to those of a Fund.

For both CLOs and CBOs, the cash flows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CLO or CBO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CLO or CBO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO or CBO securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs, CBOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities and asset-backed securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral

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securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization ("NRSRO"); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by a Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

Senior Loans

The Funds may invest in senior loans. Senior loans hold the most senior position in the capital structure of a business entity, are typically secured with specific collateral and have a claim on the general assets of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. The proceeds of senior loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, and, to a lesser extent, to finance internal growth and for other corporate purposes. Senior loans typically have rates of interest which are redetermined either daily, monthly, quarterly, or semi-annually by reference to a base lending rate, plus a premium. The base lending rates generally are the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more major United States banks or the certificate of deposit rate, or other base lending rates used by commercial lenders.

Senior loans may not be rated by a rating organization, will not be registered with the Securities and Exchange Commission (SEC) or any state securities commission and generally will not be listed or traded on any national securities exchange. Therefore, Funds that hold senior loans may not be protected by the securities laws, the amount of public information available about senior loans will be limited, and the performance of investments in senior loans will be more dependent on the analytical abilities of the Adviser than would be the case for investments in more widely-rated, registered or exchange-listed or traded securities. In evaluating the creditworthiness of borrowers, the Adviser will consider, and may rely in part, on analyses performed by others. The Adviser generally does not receive material, non-public information about borrowers, which may further limit the information available to the Adviser about senior loans. In the event the Adviser receives material, non-public information about a borrower that also issues public securities, the Adviser may be restricted from trading in such public securities which could adversely impact performance of a Fund. Moreover, certain senior loans will be subject to contractual restrictions on resale and, therefore, will be illiquid.

Structured Securities

The Funds may invest in structured securities. The issuer of a structured security links the security's coupon, dividend or redemption amount at maturity to some sort of financial indicator. Such financial indicators can include currencies, interest rates, individual securities, commodities and indexes. The coupon, dividend and/or redemption amount at maturity may increase or decrease depending on the value of the linked or underlying instrument.

Investments in structured securities involve certain risks. In addition to the normal credit and interest rate risks inherent with a debt security, the redemption amount may increase or decrease as a result of price changes in the underlying instrument. Depending on how the issuer links the coupon and/or dividend to the underlying instrument, the amount of the dividend may be reduced to zero. Any further declines in the value of the underlying instrument may then reduce the redemption amount at maturity. Structured securities may have more volatility than the price of the underlying instrument.

In addition, structured securities include equity linked notes. An equity linked note is a note whose performance is tied to a single stock, a stock index or a basket of stocks. Equity linked notes can combine the principal protection normally associated with fixed income investments with the potential for capital appreciation normally associated with equity investments. Not all equity linked notes, however, provide principal protection. Upon the maturity of the note, the holder receives, but is not guaranteed, a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the note, equity linked notes may also have a "cap" or "floor" on the maximum principal

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amount to be repaid to holders, irrespective of the performance of the underlying linked securities. The secondary market for equity linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. Equity linked notes will be considered equity securities for purposes of a Fund's investment objective and policies.

Variable Rate Demand Notes

The Funds may purchase variable rate master demand notes. Variable rate master demand notes are unsecured instruments that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate. These notes are normally not traded, and there is no secondary market for the notes. However, a Fund may demand payment of the principal for such Fund at any time. If an issuer of a variable rate master demand note defaulted on its payment obligation, a Fund might not be able to dispose of the note due to the absence of a secondary market. A Fund might suffer a loss to the extent of the default.

Lending Securities

Consistent with applicable regulatory requirements, each Fund may from time to time lend the securities it holds to broker-dealers and other financial institutions, provided that such loans are made pursuant to written agreements and are initially secured by collateral in the form of cash or domestic securities in an amount equal to at least 102% of the market value of the loaned securities or foreign securities in an amount equal to at least 105% of the market value of the loaned securities. In electing to engage in securities lending for a Fund, the Adviser will take into account the investment objective and principal strategies of the Fund. For the period during which the securities are on loan, the lending Fund may be entitled to receive the interest and dividends, or amounts equivalent thereto, on the loaned securities and a fee from the borrower or interest on the investment of the cash collateral. The right to terminate the loan may be given to either party subject to appropriate notice. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities.

The primary risk in lending securities is that the borrower may become insolvent on a day on which the loaned security is rapidly increasing in value. In such event, if the borrower fails to return the loaned security, the existing collateral might be insufficient to purchase back the full amount of the security loaned, and the borrower would be unable to furnish additional collateral. The borrower would be liable for any shortage, but the lending Fund would be an unsecured creditor with respect to such shortage and might not be able to recover all or any portion thereof. However, this risk may be minimized by carefully selecting borrowers and securities to be lent and by monitoring collateral.

No Fund may lend any security or make any other loan if, as a result, more than one-third of its total assets would be lent to other parties.

Environmental, Social and Governance (ESG) Factors

In selecting portfolio investments, portfolio managers and research analysts may consider ESG ratings and research alongside other investment considerations. The Adviser makes ESG ratings and research available to portfolio managers and research analysts in its investment tools. In developing an understanding of a portfolio company, the portfolio manager or research analyst may take into account the company's approach to managing ESG issues for the purpose of identifying those most likely to have a material impact on the performance of the company.

Derivatives

Derivatives are financial instruments whose value derives from another security, an index, an interest rate or a currency. Each Fund may invest in exchange-traded futures and may, but is not required to, use a number of exchange-traded derivative instruments for risk management purposes or to seek to enhance investment returns. Exchange-traded futures

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are U.S. listed futures contracts where the future contract's reference asset is an asset that a Fund could invest in directly, or in the case of an index future, is based on an index of a type of asset that a Fund could invest in directly.

While hedging can guard against potential risks, using derivatives adds to a Fund's expenses and can eliminate some opportunities for gains. There is also a risk that a derivative intended as a hedge may not perform as expected. For example, the price or value of the underlying instrument, asset, index, currency or rate may move in a different direction than expected or such movements may be of a magnitude greater or less than expected.

Another risk with derivatives is that some types can amplify a gain or loss, thereby creating investment exposure greater than the initial investment. For example, futures contracts can allow a Fund to obtain large investment exposures in return for meeting relatively small margin requirements. As a result, investments in such transactions may be highly leveraged, and a Fund could potentially earn or lose substantially more money than the actual cost (if any) incurred when the derivative is entered into by a Fund. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. In addition, a derivative used for hedging or replication may not accurately track the value of the underlying asset, index or rate.

With some derivatives, whether used for hedging, replication or speculation, there is also the risk that the counterparty may fail to honor its contract terms, causing a loss for a Fund. In addition, suitable derivative investments for hedging, replication or speculative purposes may not be available.

Derivatives can be difficult to value and illiquid, which means a Fund may not be able to close out a derivatives transaction in a cost-efficient manner. Futures contracts are subject to the risk that an exchange may impose price fluctuation limits, which may make it difficult or impossible for a Fund to close out a position when desired.

Rule 18f-4 governs a Fund's use of derivative investments and certain financing transactions (e.g., repurchase or reverse repurchase agreements). Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. The Trust has adopted written policies and procedures to manage the derivatives risks of the Funds and comply with the requirements of Rule 18f-4. Funds that use derivative instruments (beyond certain currency and interest rate hedging transactions) in a limited amount are not subject to the full requirements of Rule 18f-4. The application of Rule 18f-4 to a Fund could restrict its ability to utilize derivative investments and financing transactions and prevent a Fund from implementing its principal investment strategies as described herein, which may result in changes to a Fund's principal investment strategies and could adversely affect a Fund's performance and its ability to achieve its investment objective.

Non-Standard Warrants

A Fund may use non-standard warrants, including low exercise price warrants or low exercise price options and participatory notes, to gain indirect exposure to issuers in certain countries. Non-standard warrants are different from standard warrants in that they do not give their holders the right to receive a security of the issuer upon exercise. Rather, they pay the holder the difference in price of the underlying security between the date the non-standard warrant was purchased and the date it is sold. Non-standard warrants are generally a type of equity-linked derivative that are traded over-the-counter and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue non-standard warrants that are designed to replicate the performance of certain issuers and markets. The performance results of non-standard warrants will not replicate exactly the performance of the issuers or markets that they seek to replicate due to transaction costs and other expenses. The holder of a non-standard warrant typically does not receive voting or other rights as it would if it directly owned the underlying security, and non-standard warrants present similar risks to investing directly in the underlying security. Additionally, non-standard warrants entail the same risks as other over-the-counter derivatives. These include the risk that the counterparty or issuer

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of the non-standard warrant may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Additionally, there is no guarantee that a liquid market will exist for a particular non-standard warrant or that the counterparty or issuer of a non-standard warrant will be willing to repurchase such instrument when the Fund wishes to sell it.

Put and Call Options

As described below, each Fund may invest in options on another security, an index, a currency, or a futures contract. If the option is described as "covered," the applicable Fund holds the investment underlying the option or has the right to obtain it at no additional cost.

*Selling ("Writing") Covered Call Options:* The Funds may from time to time sell (write) covered call options on any portion of their investment portfolio as a hedge to provide partial protection against adverse movements in prices of securities in those Funds and, subject to the limitations described below, for the non-hedging purpose of attempting to create additional income. A call option gives the buyer of the option, upon payment of a premium, the right to call upon the writer to deliver a specified amount of a security on or before a fixed date at a predetermined (strike) price. As the writer of a call option, a Fund assumes the obligation to deliver the underlying security to the holder of the option on demand at the strike price. This obligation is held by the Fund until either the option expires or an offsetting transaction is entered into by the Fund.

If the price of a security hedged by a call option falls below or remains below the strike price of the option, a Fund will generally not be called upon to deliver the security. A Fund will, however, retain the premium received for the option as additional income, offsetting all or part of any decline in the value of the security. If the price of a hedged security rises above or remains above the strike price of the option, the Fund will generally be called upon to deliver the security. In this event, a Fund limits its potential gain by limiting the value it can receive from the security to the strike price of the option plus the option premium.

*Buying Call Options:* The Funds may also from time to time purchase call options on securities in which those Funds may invest. As the holder of a call option, a Fund has the right (but not the obligation) to purchase the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). A Fund generally will purchase such options as a hedge to provide protection against adverse movements in the prices of securities that the Fund intends to purchase. In purchasing a call option, a Fund would realize a gain if, during the option period, the price of the underlying security increased by more than the amount of the premium paid. A Fund would realize a loss equal to all or a portion of the premium paid if the price of the underlying security decreased, remained the same, or did not increase by more than the premium paid.

*Selling Put Options:* The Funds may from time to time sell (write) put options. As the writer of a put option, the Fund assumes the obligation to pay a predetermined (strike) price for the option's underlying security if the holder of the option chooses to exercise it. Until the option expires or a closing transaction is made, the Fund must continue to be prepared to pay the strike price, regardless of price movements in the underlying security.

If the price of the underlying security remains the same or rises above the strike price, the Fund generally will not be called upon to purchase the security. The Fund will, however, retain the premium received for the option as additional income. If the price of the underlying security falls below the strike price, the Fund may be called upon to purchase the security at the strike price.

*Buying Put Options:* The Funds may from time to time purchase put options on any portion of their portfolios. A put option gives the buyer of the option, upon payment of a premium, the right (but not the obligation) to deliver a specified amount of a security to the writer of the option on or before a fixed date at a predetermined (strike) price. A Fund generally will purchase such options as a hedge to provide protection against adverse movements in the prices of securities in the

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Fund. In purchasing a put option, a Fund would realize a gain if, during the option period, the price of the security declined by an amount in excess of the premium paid. A Fund would realize a loss equal to all or a portion of the premium paid if the price of the security increased, remained the same, or did not decrease by more than the premium paid.

*Options on Foreign Currencies:* The Funds may also write covered call options and purchase put and call options on foreign currencies as a hedge against changes in prevailing levels of currency exchange rates.

*Index Options:* The Funds may also purchase and sell call options and put options on stock and bond indices. Options on securities indices are similar to options on a security except that, upon the exercise of an option on a securities index, settlement is made in cash rather than in specific securities.

*Negotiated Transactions:* The Funds will generally purchase and sell options traded on a national securities or options exchange. Where options are not readily available on such exchanges, a Fund may purchase and sell options in negotiated transactions. A Fund effects negotiated transactions only with investment dealers and other financial institutions deemed creditworthy by the Adviser. Despite the Adviser's best efforts to enter into negotiated options transactions with only creditworthy parties, there is always a risk that the opposite party to the transaction may default in its obligation to either purchase or sell the underlying security at the agreed upon time and price, resulting in a possible loss by the Fund. This risk is described more completely in the section of this SAI entitled, "Risks of Transactions in Options and Futures."

Options written or purchased by a Fund in negotiated transactions may be illiquid and there is no assurance that a Fund will be able to effect a closing purchase or closing sale transaction at a time when the Adviser believes it would be advantageous to do so. In the event the Fund is unable to effect a closing transaction with the holder of a call option written by the Fund, the Fund may not sell the security underlying the option until the call written by the Fund expires or is exercised.

*Closing Transactions:* The Funds may dispose of options that they have written by entering into "closing purchase transactions." Those Funds may dispose of options that they have purchased by entering into "closing sale transactions." A closing transaction terminates the rights of a holder, or the obligation of a writer, of an option and does not result in the ownership of an option.

A Fund realizes a profit from a closing purchase transaction if the premium paid to close the option is less than the premium received by the Fund from writing the option. The Fund realizes a loss if the premium paid is more than the premium received. The Fund may not enter into a closing purchase transaction with respect to an option it has written after it has been notified of the exercise of such option.

A Fund realizes a profit from a closing sale transaction if the premium received to close out the option is more than the premium paid for the option. A Fund realizes a loss if the premium received is less than the premium paid.

Financial Futures and Options on Futures

*Selling Futures Contracts:* The Funds may sell financial futures contracts as a hedge against adverse movements in the prices of securities in these Funds. Such contracts may involve futures on items such as U.S. Government Treasury bonds, notes and bills; specified interest rates; mortgage-backed securities; corporate and municipal bonds; stocks; and indices of any of the foregoing. A futures contract sale creates an obligation for the Fund, as seller, to deliver the specific type of instrument called for in the contract (or cash) at a specified future time for a specified price. In selling a futures contract, the Fund would realize a gain on the contract if, during the contract period, the price of the securities underlying the futures contract decreased. Such a gain would be expected to approximately offset the decrease in value of the same or similar securities in the Fund. The Fund would realize a loss if the price of the securities underlying the

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contract increased. Such a loss would be expected to approximately offset the increase in value of the same or similar securities in the Fund.

Futures contracts have been designed by and are traded on boards of trade that have been designated "contract markets" by the Commodity Futures Trading Commission ("CFTC"). These boards of trade, through their clearing corporations, guarantee performance of the contracts. Although the terms of some financial futures contracts specify actual delivery or receipt of securities, in most instances these contracts are closed out before the settlement due date without the making or taking of delivery of the securities. Other financial futures contracts, such as futures contracts on a securities index, by their terms call for cash settlements. The closing out of a futures contract is effected by entering into an offsetting purchase or sale transaction.

When a Fund sells a futures contract, or a call option on a futures contract, it is required to make payments to the commodities broker that are called "margin" by commodities exchanges and brokers. The payment of margin in these transactions is different than purchasing securities on margin. In purchasing securities on margin an investor pays part of the purchase price in cash and receives an extension of credit from the broker, in the form of a loan secured by the securities, for the unpaid balance. There are two categories of margin involved in these transactions: initial margin and variation margin. Initial margin does not represent a loan between a Fund and its broker, but rather is a good faith deposit by a Fund to secure its obligations under a futures contract or an option. Each day during the term of certain futures transactions, a Fund will receive or pay variation margin equal to the daily change in the value of the position held by the Fund.

*Buying Futures Contracts:* The Funds may purchase financial futures contracts as a hedge against adverse movements in the prices of securities they intend to purchase. A Fund may buy and sell futures contracts for a number of reasons, including: (1) to manage its exposure to changes in securities prices and foreign currencies as an efficient means of adjusting their overall exposure to certain markets in an effort to enhance income; and (2) to protect the value of portfolio securities.

A futures contract purchase creates an obligation by a Fund, as buyer, to take delivery of the specific type of instrument called for in the contract (or cash) at a specified future time for a specified price. In purchasing a futures contract, a Fund would realize a gain if, during the contract period, the price of the investments underlying the futures contract increased. Such a gain would approximately offset the increase in cost of the same or similar securities that a Fund intends to purchase. A Fund would realize a loss if the price of the investments underlying the contract decreased. Such a loss would approximately offset the decrease in cost of the same or similar investments that a Fund intends to purchase.

*Options on Futures Contracts:* The Funds may also sell (write) and purchase covered call and put options on futures contracts in connection with the above strategies. An option on a futures contract gives the buyer of the option, in return for the premium paid for the option, the right to assume a position in the underlying futures contract (a long position if the option is a call and a short position if the option is a put). The writing of a call option on a futures contract constitutes a partial hedge against declining prices of securities underlying the futures contract to the extent of the premium received for the option. The purchase of a put option on a futures contract constitutes a hedge against price declines below the exercise price of the option and net of the premium paid for the option. The purchase of a call option constitutes a hedge, net of the premium, against an increase in cost of securities that a Fund intends to purchase.

*Currency Futures Contracts and Options:* The Funds may also sell and purchase currency futures contracts (or options thereon) as a hedge against changes in prevailing levels of currency exchange rates. Such contracts may be traded on U.S. or foreign exchanges. The Fund will not use such contracts or options for leveraging purposes.

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*Limitations:* The Funds may engage in futures transactions, and transactions involving options on futures, only on regulated commodity exchanges or boards of trade. In instances involving the purchase of futures contracts or call options thereon, a Fund will maintain liquid securities, cash, or cash equivalents in an amount equal to the market value of such contracts.

Swap Transactions

The Funds may enter into swap transactions, including, but not limited to, credit default, total return and interest rate swap agreements, and may purchase or sell caps, floors and collars. A credit default swap is an agreement between two parties to exchange the credit risk of a particular issuer or reference entity. In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay an agreed upon amount to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. There may be times, however, when a Fund buys a credit default swap, without owning the underlying reference entity or entities, as a potential means of enhancing the Fund's investment returns. A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset plus any capital gains and losses over the payment period. The underlying asset is typically an index, loan or a basket of assets. Total return swaps provide the Funds with the additional flexibility of gaining exposure to a market or securities index by using the most cost-effective vehicle available. An interest rate swap involves the exchange by a Fund with another party of their respective commitments to pay or receive interest. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a contractually-based principal amount from the party selling the interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a contractually-based principal amount from the party selling the interest rate floor. An interest rate collar combines the elements of purchasing a cap and selling a floor. The collar protects against an interest rate rise above the maximum amount but foregoes the benefit of an interest rate decline below the minimum amount.

Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swaps generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. Caps, floors and collars are more recent innovations for which standardized documentation has not yet been fully developed and, accordingly, they are less liquid than swaps.

Currency Forward Contracts

The Funds may also sell and purchase currency forward contracts as a hedge against changes in prevailing levels of currency exchange rates. A currency forward contract is an OTC derivative that represents an obligation to purchase or sell a specific currency at a future date, at a price set at the time of the contract and for a period agreed upon by the parties which may be either a window of time or a fixed number of days from the date of the contract. A Fund may lose money on currency forward contracts if changes in currency rates do not occur as anticipated or if the Fund's counterparty to the contract were to default. A Fund will not use such forward contracts for leveraging purposes.

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Central Clearing and Trade Execution Regulations

The Commodity Exchange Act (the "CEA") and related regulations enacted by the CFTC may require a Fund to clear certain derivative contracts (including swaps) through a clearinghouse or central counterparty (a "CCP"). At the present time, only certain interest rate swaps and credit default index swaps are subject to mandatory clearing. To clear a derivative with the CCP, the Funds submit the derivative to, and post margin with a futures commission merchant ("FCM") that is a clearinghouse member. If a Fund must centrally clear a derivative transaction, the CFTC's regulations may also require that the Fund enter into (or "execute") that derivative over a market facility known as a swap execution facility (or "SEF"). The Funds may enter into the swap or other derivative with a financial institution other than the FCM (the "Executing Dealer") and arrange for the transaction to be transferred to the FCM for clearing. It may also enter into the trade with the FCM itself. The CCP, the FCM, SEF and the Executing Dealer are all subject to regulatory oversight by the CFTC. A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from a SEF or an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral or margin, or fully implementing its investment strategies. It is likely that in the future the CFTC will require additional types of derivatives to be traded on a SEF. The regulatory requirement to clear certain contracts or execute the contracts over a SEF could, either temporarily or permanently, reduce the liquidity of the derivatives or increase the costs of entering into those derivatives.

Exclusion from Regulation as a Commodity Pool Operator

Pursuant to a notice of eligibility claiming exclusion from the definition of commodity pool operator filed with the CFTC and the National Futures Association, neither the Adviser nor any Fund is deemed to be a "commodity pool operator" under the CEA, which, through the CFTC, regulates investments in futures, options on futures and swaps. Accordingly, neither the Trust nor the Adviser is subject to registration or regulation as such under the CEA. Under CFTC Rule 4.5 as currently in effect, each Fund will limit its trading activity in futures, option on futures and swaps (excluding activity for "bona fide hedging purposes," as defined by the CFTC) such that it meets one of the following tests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate initial margin and premiums required to establish its futures, options on futures and swap positions do not exceed 5% of the liquidation value of the Fund's portfolio, after taking into account unrealized profits and losses on such positions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate net notional value of its futures, options on futures and swap positions does not exceed 100% of the liquidation value of the Fund's portfolio, after taking into account unrealized profits and losses on such positions.

Hybrid Investments

As part of their investment program and to maintain greater flexibility, the Funds may invest in hybrid instruments (a potentially high-risk derivative) which have the characteristics of futures, options and securities. Such instruments may take a variety of forms, such as debt instruments with interest or principal payments determined by reference to the value of a currency, security index or commodity at a future point in time. The risks of such investments would reflect both the risks of investing in futures, options, currencies and securities, including volatility and illiquidity. Under certain conditions, the redemption value of a hybrid instrument could be zero.

In addition, because the purchase and sale of hybrid instruments could take place in an over-the-counter market or in a private transaction between a Fund and the seller of the hybrid instrument, the creditworthiness of the counterparty to the transaction would be a risk factor which a Fund would have to consider. Hybrid instruments also may not be subject to regulation of the CFTC, which generally regulates the trading of commodity futures by U.S. persons, the SEC, which regulates the offer and sale of securities by and to U.S. persons, or any other governmental regulatory authority.

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Risks of Transactions in Options and Futures

There are certain risks involved in the use of futures contracts, options on securities and securities index options, and options on futures contracts, as hedging devices. There is a risk that the movement in the prices of the index or instrument underlying an option or futures contract may not correlate perfectly with the movement in the prices of the assets being hedged. The lack of correlation could render a Fund's hedging strategy unsuccessful and could result in losses. The loss from investing in futures transactions is potentially unlimited.

There is a risk that Thrivent Asset Mgt. could be incorrect in its expectations about the direction or extent of market factors such as interest rate movements. In such a case, a Fund would have been better off without the hedge. In addition, while the principal purpose of hedging is to limit the effects of adverse market movements, the attendant expense may cause a Fund's return to be less than if hedging had not taken place. The overall effectiveness of hedging, therefore, depends on the expense of hedging and Thrivent Asset Mgt.'s accuracy in predicting the future market factors, such as changes in interest rate levels and securities price movements.

A Fund will generally purchase and sell options traded on a national securities or options exchange. Where options are not readily available on such exchanges, a Fund may purchase and sell options in negotiated transactions. When a Fund uses negotiated options transactions, it will seek to enter into such transactions involving only those options and futures contracts for which there appears to be an active secondary market.

There is, nonetheless, no assurance that a liquid secondary market, such as an exchange or board of trade, will exist for any particular option or futures contract at any particular time. If a futures market were to become unavailable, in the event of an adverse movement, a Fund would be required to continue to make daily cash payments of maintenance margin if it could not close a futures position. If an options market were to become unavailable and a closing transaction could not be entered into, an option holder would be able to realize profits or limit losses only by exercising an option, and an option writer would remain obligated until exercise or expiration.

In addition, exchanges may establish daily price fluctuation limits for options and futures contracts, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible for a Fund to enter into new positions or close out existing positions. If the secondary market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require a Fund to continue to hold a position until delivery or expiration regardless of changes in its value, which may result in losses to a Fund.

When conducting negotiated options transactions there is a risk that the opposite party to the transaction may default in its obligation to either purchase or sell the underlying security at the agreed upon time and price. In the event of such a default, a Fund could lose all or part of the benefit it would otherwise have realized from the transaction, including the ability to sell securities it holds at a price above the current market price or to purchase a security from another party at a price below the current market price.

Finally, if a broker or clearing member of an options or futures clearing corporation were to become insolvent, a Fund could experience delays and might not be able to trade or exercise options or futures purchased through that broker or clearing member. In addition, a Fund could have some or all of its positions closed out without its consent. If substantial and widespread, these insolvencies could ultimately impair the ability of the clearing corporations themselves.

It is not possible to predict fully the effects of current or future regulation. It is possible that developments in government regulation of various types of derivative instruments, or limits or restrictions on the counterparties with which the Funds engage in derivative transactions, may limit or prevent a Fund from using or limit a Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect a Fund's ability to achieve its investment objective. New requirements, even if not directly applicable to a Fund, may increase the cost of the Fund's investments and cost of doing business.

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Leverage Risks

Leverage risk is created when an investment, (which includes, for example, an investment in a futures contract, option, or swap) exposes a Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify a Fund's risk of loss and potential for gain. Investments can have these same results if their returns are based on a multiple of a specified index, security, currency, or other benchmark. Funds that invest in derivatives have various degrees of leverage risk.

Foreign Securities

Foreign securities may include debt, equity and derivative securities that the Adviser determines are "foreign" based on the consideration of an issuer's domicile, its principal place of business, its primary stock exchange listing, the source of its revenue or other factors. Foreign securities may also include depositary receipts, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). ADRs are U.S. dollar-denominated receipts issued in registered form by a domestic bank or trust company that evidence ownership of underlying securities issued by a foreign issuer. EDRs are foreign currency denominated receipts issued in Europe, typically by foreign banks or trust companies and foreign branches of domestic banks, that evidence ownership of foreign or domestic securities. GDRs are receipts structured similarly to ADRs and EDRs and are marketed globally. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. In general, ADRs, in registered form, are designed for use in the U.S. securities markets, and EDRs, in bearer form, are designed for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. A Fund may invest in depositary receipts through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute interest-holder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States, and, therefore, there may be limited information available regarding such issuers and/or limited correlation between available information and the market value of the depositary receipts.

Investing in foreign securities is subject to certain risks. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates also may impact the value of foreign securities denominated in foreign currencies, without a change in the intrinsic value of those securities. Additionally, the U.S. dollar value of a foreign security tends to decrease when the value of the U.S. dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the U.S. dollar falls against such currency. A Fund may attempt to minimize the risk from adverse changes in the relationship between the U.S. dollar and foreign currencies by purchasing and selling forward foreign currency exchange contracts and foreign currency futures contracts and related options. Foreign securities may be less liquid than domestic securities so that a Fund may, at times, be unable to sell foreign securities at desirable prices. Brokerage commissions, custodial fees and other fees also are generally higher for foreign securities. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which would reduce a Fund's return on these securities. Other risks include: possible delays in the settlement of transactions or in the notification of income; generally less publicly available information about companies; adverse impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and that foreign companies generally are not subject to accounting, auditing and financial reporting standards comparable to those mandated for domestic companies.

Risks associated with investments in foreign securities are increased with respect to investments in emerging market countries. The economic and political structures of developing countries in emerging markets, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. Fund performance will likely be negatively affected by portfolio exposure to countries and

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corporations domiciled in or with revenue exposures to countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in or with revenue exposures to countries with less developed legal, tax, regulatory, and accounting systems. There also may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject and accordingly, may not provide the same degree of investor protection or information to investors as would generally apply in major securities markets. For example, it is possible that purported securities in which the Fund invested may subsequently be found to be fraudulent and as a result a Fund could suffer losses. In addition, the Public Company Accounting Oversight Board ("PCAOB") may experience difficulties with inspection, investigation, and enforcement capabilities in certain emerging market countries, which can hinder the PCAOB's ability to engage in independent oversight or inspection of accounting firms located in or operating in such emerging markets. Emerging markets may also have differing legal systems which make it difficult for a Fund to pursue legal remedies with respect to its investments. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging markets. These factors make investing in emerging market countries significantly riskier than in other countries and events in any one country could cause a Fund's share price to decline.

Some emerging market countries restrict to varying degrees foreign investment in their securities markets. In some circumstances, these restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies.

Risks of investing in emerging market countries may also include additional transaction costs, delays in settlement procedures, and unexpected market closures. Emerging markets generally do not have the level of market efficiency and strict standards in accounting and securities regulation to be on par with advanced economies. Investments in emerging markets come with much greater risk due to political instability, domestic infrastructure problems and currency volatility.

Local taxation of income and capital gains accruing to non-residents varies throughout emerging market countries and could be high. Additionally, emerging market countries typically have less well-defined tax laws and procedures. Such laws, for example, may permit retroactive taxation such that the funds could become subject to local tax liabilities in the future that had not been anticipated when making the investment or in valuing assets.

Frontier markets are among the smallest, least mature and least liquid of the emerging markets; as a result, investments in frontier markets generally are subject to a greater risk of loss than are investments in developed markets or traditional emerging markets. Frontier market countries have smaller economies, less developed capital markets, greater market volatility, lower trading volume, more political and economic instability, greater risk of a market shutdown and more governmental limitations on foreign investments than are typically found in more developed markets.

*Investments in China.* Certain foreign companies are required to submit documentation to the SEC establishing that such foreign company is not owned or controlled by a government entity in that jurisdiction, and also require, among other things, disclosure in the foreign company's annual report regarding the audit arrangements of, and government influence on, such foreign company. In addition, US persons are prohibited from engaging in any transaction in publicly-traded securities of companies identified by the US Government as "Chinese military-industrial complex companies" or in instruments that are derivative of, or are designed to provide investment exposure to, such securities. Securities of foreign issuers may also be de-listed from U.S. stock exchanges if such companies do not permit U.S. oversight of the auditing of their financial information over certain periods of time. If a Fund transacts in, or has exposure to, securities of such an affected foreign company, there could be a material adverse impact on the Fund's ability to achieve its investment objective as the Fund's ability to purchase affected securities may be limited.

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In addition, US persons are prohibited from engaging in any transaction in publicly-traded securities of companies identified by the US Government as "Chinese military-industrial complex companies" or in instruments that are derivative of, or are designed to provide investment exposure to, such securities. Securities of foreign issuers may also be de-listed from U.S. stock exchanges if such companies do not permit U.S. oversight of the auditing of their financial information over certain periods of time. If a Fund transacts in, or has exposure to, securities of such an affected foreign company, there could be a material adverse impact on the Fund's ability to achieve its investment objective as the Fund's ability to purchase affected securities may be limited.

*Variable Interest Entities ("VIEs").* Certain Funds may invest in U.S.- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals or entities affiliated with the China-based business through a structure known as a variable interest entity or "VIE." Instead of directly owning the equity interests in the Chinese company, the listed company has contractual arrangements with the Chinese company, which are expected to provide the listed company with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. By entering into contracts with the listed company that sells shares to U.S. investors, the China-based companies and/or related individuals or entities indirectly raise capital from U.S. investors without distributing ownership of the China-based companies to U.S. investors. Although VIEs are a longstanding industry practice, to date, the Chinese government has never approved VIE structures. The China Securities Regulatory Commission ("CSRC") has released new rules and implementing guidelines that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to create VIEs more difficult and costly. Further, while the rules and implementing guidelines do not prohibit the use of VIE structures, this does not serve as a formal endorsement. It is uncertain whether any additional new laws, rules, or regulations relating to VIE structures (generally, or with respect to specific industries) will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders, such as a Fund.

All or most of the value of an investment in companies using a VIE structure depends on the enforceability of the contracts between the listed company and the China-based VIE. Risks associated with such investments include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors, or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which could impact whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

The contractual arrangements permit the listed issuer to include the financial results of the China-based VIE as a consolidated subsidiary. The listed company often is organized in a jurisdiction other than the United States or China (e.g., the Cayman Islands), which likely will not have the same disclosure, reporting, and governance requirements as the United States. As with other Chinese companies with securities listed on US exchanges, US-listed VIEs and ADRs may be delisted if they do not meet US accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to transact in such securities and may increase the cost of the Fund if required to seek other markets in which to transact in such securities.

*Geopolitical Risks and Armed Conflicts.* As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflict between Russia and Ukraine in Europe and conflicts in the Middle East, has the potential to adversely impact Fund investments. Such conflicts, and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including significant market disruptions, increased volatility, reduced liquidity, and overall uncertainty. The timing, duration, and impact of such conflicts cannot be predicted. The foregoing

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may negatively impact a Fund's performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

*Investments in Russia.* Investing in Russian securities is highly speculative and involves significant risks and special considerations not typically associated with investing in the securities markets of the United States and most other developed countries. The United States and other countries have imposed broad-ranging economic sanctions on Russia, Belarus, certain Russian individuals and banking entities and corporations as a response to Russia's invasion of Ukraine in February 2022. The resulting responses to Russia's military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility and reduced liquidity. Such sanctions – which may impact companies in many sectors, including energy, financial services and defense, among others – may negatively impact a Fund's performance and/or ability to achieve its investment objective. These sanctions have resulted in freezing Russian securities, including securities held in the forms of ADRs and GDRs, and/or funds invested in prohibited assets, impairing the ability of a Fund to price, buy, sell, receive or deliver those securities and/or assets, which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In certain circumstances, such as when there is no market for a security or other means of disposing of a security, the affected security may be valued at zero. It is also possible that such sanctions may prevent U.S.-based entities that provide services to a Fund from transacting with Russian entities. Under such circumstances, a Fund may not receive payments due with respect to certain investments, such as the payments due in connection with the Fund's holding of a fixed income security. The sanctions imposed on Russia by the United States and the European Union, as well as the threat of additional sanctions, could have further adverse consequences for the Russian economy, including continued weakening of the ruble, additional downgrades in the country's credit rating, and a significant decline in the value and liquidity of securities issued by Russian companies or the Russian government. Further military action, retaliatory actions and other countermeasures that Russia may take, including the seizure of foreign residents' or corporate entities' assets, cyberattacks and espionage against other countries and foreign companies, may negatively impact such assets, countries and the companies in which a Fund invests. The extent and duration of ongoing hostilities and related repercussions, including retaliatory actions or sanctions or countermeasures that may be taken by Russia or others subject to sanctions (such as cyberattacks), cannot be predicted.

Investments in Europe

A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and beyond Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. Additionally, a number of countries in Europe have suffered terror attacks. The future proliferation and effects of these and similar events and other sociopolitical or geographical issues are not known but could suddenly and/or profoundly affect global economies, markets, certain industries and/or specific securities.

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Foreign Futures and Options

Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on or subject to the rules of a foreign board of trade. Neither the National Futures Association nor any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery and clearing of transactions, or has the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign law. This is true even if the exchange is formally linked to a domestic market so that a position taken on the market may be liquidated by a transaction on another market. Moreover, such laws or regulations will vary depending on the foreign country in which the foreign futures or foreign options transaction occurs.

For these reasons, customers who trade foreign futures or foreign options contracts may not be afforded certain of the protective measures provided by the Commodity Exchange Act, the CFTC's regulations and the rules of the National Futures Association and any domestic exchange, including the right to use reparations proceedings before the Commission and arbitration proceedings provided by the National Futures Association or any domestic futures exchange. In particular, funds received from customers for foreign futures or foreign options transactions may not be provided the same protections as funds received in respect of transactions on United States futures exchanges.

In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon may be affected by any variance in the foreign exchange rate between the time an order is placed and the time it is liquidated, offset or exercised.

Foreign Currency Exchange-Related Securities and Foreign Currency Transactions

The Funds may invest in foreign currency exchange-related securities or engage in foreign currency transactions.

*Foreign Currency Warrants.* Foreign currency warrants are warrants that entitle the holder to receive from their issuer an amount of cash (generally, for warrants issued in the United States, in U.S. dollars). The cash amount is calculated pursuant to a predetermined formula and based on the exchange rate between a specified foreign currency and the U.S. dollar as of the exercise date of the warrant. Foreign currency warrants generally are exercisable upon their issuance and expire as of a specified date and time.

Foreign currency warrants have been issued in connection with U.S. dollar-denominated debt offerings by major corporate issuers in an attempt to reduce the foreign currency exchange risk that, from the point of view of prospective purchasers of the securities, is inherent in the international fixed-income marketplace. Foreign currency warrants may attempt to reduce the foreign exchange risk assumed by purchasers of a security by, for example, providing for a supplemental payment in the event that the U.S. dollar depreciates against the value of a major foreign currency such as the Japanese Yen or the euro. The formula used to determine the amount payable upon exercise of a foreign currency warrant may make the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction (e.g., unless the U.S. dollar appreciates or depreciates against the particular foreign currency to which the warrant is linked or indexed). Foreign currency warrants are severable from the debt obligations with which they may be offered and may be listed on exchanges.

Foreign currency warrants may be exercisable only in certain minimum amounts, and an investor wishing to exercise warrants who possesses less than the minimum number required for exercise may be required either to sell the warrants or to purchase additional warrants, thereby incurring additional transaction costs. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the exchange rate relating to exercise is determined. During this time the exchange rate could change significantly, thereby affecting both the market and cash settlement values of the warrants being exercised.

The expiration date of the warrants may be accelerated if the warrants should be delisted from an exchange or if their trading should be suspended permanently. This would result in the loss of any remaining "time value" of the warrants

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(i.e., the difference between the current market value and the exercise value of the warrants), and, in the case the warrants were "out-of-the-money," in a total loss of the purchase price of the warrants.

Warrants are generally unsecured obligations of their issuers and are not standardized foreign currency options issued by the Options Clearing Corporation ("OCC"). Unlike foreign currency options issued by OCC, the terms of foreign currency warrants generally will not be amended in the event of governmental or regulatory actions affecting exchange rates or in the event of the imposition of other regulatory controls affecting the international currency markets.

The initial public offering price of foreign currency warrants is generally considerably in excess of the price that a commercial user of foreign currencies might pay in the interbank market for a comparable option involving significantly larger amounts of foreign currencies.

Foreign currency warrants are subject to significant foreign exchange risk, including risks arising from complex political or economic factors.

*Foreign Currency Transactions.* A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties at a price set at the time of the contract. These contracts are principally traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades.

A Fund may enter into forward contracts for a variety of purposes in connection with the management of the foreign securities portion of its portfolio. A Fund's use of such contracts would include, but not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, it may desire to "lock in" the U.S. dollar price of the security. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars, of the amount of foreign currency involved in the underlying security transactions, the Fund will be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the subject foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a Fund determines that one currency may experience a substantial movement against another currency, including the U.S. dollar, the Fund may enter into a forward contract to sell or buy the amount of the former foreign currency, approximating the value of some or all of the Fund's securities denominated in such foreign currency.

Alternatively, where appropriate, a Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currency or currencies act as an effective proxy for other currencies. In such a case, a Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in a Fund.

The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

Under normal circumstances, currency risk will be considered when deciding whether to buy or sell a security and as part of the overall diversification strategies. However, the Adviser has the flexibility to enter into such forward contracts when it determines that the best interests of the Fund will be served.

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A Fund may enter into forward contracts for any other purpose consistent with the Fund's investment objective and program. At the maturity of a forward contract, a Fund may sell the portfolio security and make delivery of the foreign currency, or it may retain the security and either extend the maturity of the forward contract (by "rolling" that contract forward) or may initiate a new forward contract.

If a Fund retains the portfolio security and engages in an offsetting transaction, the Fund will incur a gain or a loss (as described below) to the extent that there has been movement in forward contract prices. If a Fund engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the foreign currency. Should forward prices decline during the period between a Fund's entering into a forward contract for the sale of a foreign currency and the date it enters into an offsetting contract for the purchase of the foreign currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent of the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell.

A Fund's dealing in forward foreign currency exchange contracts will generally be limited to the transactions described above. However, the Funds reserve the right to enter into forward foreign currency contracts for different purposes and under different circumstances. Of course, the Funds are not required to enter into forward contracts with regard to foreign currency-denominated securities and will not do so unless deemed appropriate. It also should be realized that this method of hedging against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange at a future date. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time, they tend to limit any potential gain that might result from an increase in the value of that currency.

The use of forward contracts involves the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the other party to the contract or the failure of that party to make required payments or otherwise comply with the terms of the contract. Accordingly, the Adviser must assess the creditworthiness of the other party to determine the likelihood that the terms of the contract will be satisfied. In addition, as a general matter, forward contracts are not currently entered into or traded on exchanges and there is currently no central clearing function for these contracts; therefore, a Fund that enters into a forward contract may find it difficult to exit the position.

Although a Fund values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. It will do so from time to time, and there are costs associated with currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the "spread") between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

*Principal Exchange Rate Linked Securities.* Principal exchange rate linked securities are debt obligations the principal on which is payable at maturity in an amount that may vary based on the exchange rate between the U.S. dollar and a particular foreign currency at or about that time. The return on "standard" principal exchange rate linked securities is enhanced if the foreign currency to which the security is linked appreciates against the U.S. dollar, and is adversely affected by increases in the foreign exchange value of the U.S. dollar. "Reverse" principal exchange rate linked securities are like the "standard" securities, except that their return is enhanced by increases in the value of the U.S. dollar and adversely impacted by increases in the value of foreign currency.

Interest payments on the securities are generally made in U.S. dollars at rates that reflect the degree of foreign currency risk assumed or given up by the purchaser of the notes (i.e., at relatively higher interest rates if the purchaser has assumed some of the foreign exchange risk, or relatively lower interest rates if the issuer has assumed some of the foreign exchange risk, based on the expectations of the current market).

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Principal exchange rate linked securities may in limited cases be subject to acceleration of maturity (generally, not without the consent of the holders of the securities), which may have an adverse impact on the value of the principal payment to be made at maturity.

*Performance Indexed Paper.* Performance indexed paper is U.S. dollar-denominated commercial paper the yield of which is linked to certain foreign exchange rate movements. The yield to the investor on performance indexed paper is established at maturity as a function of spot exchange rates between the U.S. dollar and a designated currency as of or about that time (generally, the index maturity two days prior to maturity). The yield to the investor will be within a range stipulated at the time of purchase of the obligation. Generally, the guaranteed minimum rate of return that is below, and a potential maximum rate of return that is above, market yields on U.S. dollar-denominated commercial paper. In addition, both the minimum and maximum rates of return on the investment generally correspond to the minimum and maximum values of the spot exchange rate two business days prior to maturity.

U.S. Government Securities

The Funds 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. Notably, in August 2023, Fitch Ratings downgraded the United States' long-term foreign credit issuer default rating to AA+ from AAA, citing expected fiscal deterioration over the next three years.

Foreign Government Securities

The Funds may invest in foreign government securities. Foreign government securities generally consist of fixed-income securities supported by national, state or provincial governments or similar political subdivisions. Foreign government securities also include debt obligations of supranational entities, such as international organizations designed or supported by governmental entities to promote economic reconstruction or development, international banking institutions and related government agencies. Examples of these include, but are not limited to, the International Bank for Reconstruction and Development (the World Bank), the Asian Development Bank, the European Investment Bank and the Inter-American Development Bank.

Foreign government securities also include fixed-income securities of quasi-governmental agencies that are either issued by entities owned by a national, state or equivalent government or are obligations of a political unit that are not

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backed by the national government's full faith and credit. Further, foreign government securities include mortgage-related securities issued or guaranteed by national, state or provincial governmental instrumentalities, including quasi-governmental agencies.

These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Initial Public Offerings ("IPOs")

The Funds may invest a portion of their assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a Fund with a small asset base. The impact of IPOs on a Fund's performance likely will decrease as the Fund's asset size increases, which could reduce the Fund's total returns. IPOs may not be consistently available to a Fund for investing, particularly as the Fund's asset base grows. Because IPO shares frequently are volatile in price, a Fund may hold IPO shares for a very short period of time. This may increase the turnover of a Fund and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling shares, a Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares (including the Funds) can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

A Fund's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which present risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. These companies may also be more dependent on key managers and third parties and may have limited product lines.

Other Investment Companies

Each Fund 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, business development companies, unit 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 Fund paying its proportionate share. Certain other investment companies may utilize financial leverage. 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 Funds will not invest in other investment companies for the purpose of gaining control of the investment company. The extent to which a Fund can invest in other investment companies is limited by federal securities laws.

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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 a Fund'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 a Fund invests in underlying funds, there may be duplication of investment management and other fees.

Exchange Traded Funds ("ETFs")

The Funds may purchase the securities of ETFs, which are a type of fund bought and sold on a securities exchange that trade like a common stock. Each Fund could purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning shares in an ETF generally reflect the risks of owning the underlying securities held by the ETF, although lack of liquidity in an ETF could result in it being more volatile, and ETFs have management fees and other expenses that are incurred by a Fund through its ownership of the ETF. Certain ETFs may utilize financial leverage. ETFs are generally registered under the 1940 Act. Each Fund's investment in ETFs will be limited by the restrictions imposed by the 1940 Act with respect to investments in investment companies, as described above.

Exchange-Traded Notes

The Funds may invest in exchange-traded notes ("ETNs"). ETNs are generally notes representing debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees and expenses. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

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There may be restrictions on a Fund's right to redeem its investment in an ETN, which are generally meant to be held until maturity. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. An investor in an ETN could lose some or all of the amount invested.

Passive Foreign Investment Companies

Each Fund may purchase the securities of certain foreign entities and foreign investment funds, treated as passive foreign investment companies for U.S. federal income tax purposes. Capital gains on the sale of such holdings are considered ordinary income regardless of how long the Funds hold their investments.

In addition, the Funds may be subject to corporate income tax and an interest charge on certain dividends and capital gains earned from these investments, regardless of whether such income and gains are distributed to shareholders.

To avoid such tax and interest, the Funds intend to treat these securities as sold on the last day of its fiscal year and recognize any gains for tax purposes at that time; deductions for losses are allowable only to the extent of any gains resulting from these deemed sales for prior taxable years. Such gains and losses will be treated as ordinary income. The Funds will be required to distribute any resulting income even though it has not sold the security and received cash to pay such distributions.

Inflation-Linked Debt Securities

The Funds may invest in inflation linked securities. Inflation-linked securities include fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation-Protected Securities ("TIPS"), as well as securities issued by other entities such as corporations, municipalities, foreign governments and foreign issuers, including foreign issuers from emerging markets. Typically, such securities are structured as fixed income investments whose principal value is periodically adjusted according to the rate of inflation. The following two structures are common: (i) the U.S. Treasury and some other issuers issue inflation-linked securities that accrue inflation into the principal value of the security and (ii) other issuers may pay out the Consumer Price Index ("CPI") accruals as part of a semi-annual coupon. Other types of inflation-linked securities exist which use an inflation index other than the CPI.

Inflation-linked securities issued by the U.S. Treasury, such as TIPS, have maturities of varying years. Typically, TIPS pay interest on a semi-annual basis equal to a fixed percentage of the inflation adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and the rate of inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year's inflation of 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

If the periodic adjustment rate measuring inflation falls, the principal value of inflation indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. Other inflation-related bonds exist that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-linked securities is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of

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inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-linked securities.

While inflation-linked securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-linked securities is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-linked securities issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or a foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the U.S.

Any increase in the principal amount of an inflation-linked security will be considered taxable ordinary income, even though the Fund does not receive their principal until maturity.

Funding Agreements

The Funds may invest in funding agreements, which are short-term, privately placed debt instruments issued by insurance companies that provide investors the right to receive a rate of interest and the full return of principal at maturity. Funding agreements often include a put option that allows a fund to terminate the agreement at a specified time prior to maturity. Funding agreements generally offer a higher yield than other securities with similar credit ratings. The primary risks of a funding agreement are the credit quality of the insurance company that issues it and its general lack of liquidity.

Taxable Municipal Bonds

The Funds may invest in taxable municipal bonds. 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. Taxable municipal bonds 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. Taxable municipal bonds are subject to much of the same risks to which municipal bonds are subject. These risks include, among others, market risk, credit risk and interest rate risk.

Defensive Investing

In response to market, economic, political or other conditions, each Fund may invest without limitation in cash, preferred stocks, or investment-grade debt securities for temporary defensive purposes that are inconsistent with the Fund's principal investment strategies. If the Fund does this, different factors could affect the Fund's performance and it may not achieve its investment objective.

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General Market Risks

U.S. and global markets have experienced significant volatility in recent years. The Funds are subject to investment and operational risks associated with financial, economic, regulatory and other global market developments and disruptions, including those arising from war, terrorism, social unrest, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Funds to lose value. These events can also impair the technology and other operational systems upon which the Funds' service providers, including the Adviser, rely, and could otherwise disrupt the Funds' service providers' ability to fulfill their obligations to the Funds.

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Funds. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Funds being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. These and other developments may adversely affect the liquidity of the Funds' holdings.

Disclosure of Portfolio Holdings

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

The Funds include portfolio holdings information as required in regulatory filings and shareholder reports. Each Fund's portfolio holdings are disclosed on a regular basis in its semiannual and annual financial statements and additional information reports to shareholders. In addition, the Funds also publicly disclose their complete portfolio holdings periodically on Form N-PORT. In addition, the Funds may disclose portfolio holdings information in response to requests by governmental authorities.

The Funds generally will seek to disclose a full list of portfolio holdings, and may present a list of top 10 holdings, online at thriventfunds.com on a monthly basis, 30 or more days after the month-end. For each portfolio security, the posted information includes the name and the market value of the Fund's holdings in the security. Additional information, including aggregated or descriptive information about portfolio holdings, may also be disclosed at any time, as long as the Fund's Chief Compliance Officer or Chief Legal Officer determines that the release of this information will not disadvantage the Funds. Nonexclusive examples of this information include the number of shares or par value held; allocation among individual securities, asset classes, regions, countries, industries or sectors; performance attribution information based on industry, sector or geographic exposure; portfolio statistical information, such as price-to-earnings ratio, yield, duration, or credit quality information; and portfolio risk characteristics (i.e. standard deviation or Sharpe ratio). The day after portfolio holdings information is publicly available on the website, it may be mailed, e-mailed or otherwise transmitted to any person.

Thrivent Asset Mgt. may distribute or authorize the distribution of information that is not publicly available, on the website or otherwise, about a Fund's portfolio holdings as follows: (i) to its employees and affiliates that provide services to the Fund, (ii) to the Fund's service providers who require access to the information in order to fulfill their contractual duties relating to the Funds (such service providers may include the Funds' custodian, auditor, proxy voting service provider,

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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 Fund with potential transactions and management of the Fund, including with respect to in-kind redemptions for liquidity management purposes.

Before any non-public disclosure of information about a Fund's portfolio holdings is permitted, the Trust's Chief Compliance Officer or Chief Legal Officer must determine that the Fund has a legitimate business purpose for providing the portfolio holdings information and that the release of this information, including the frequency and time lag, will not disadvantage the Fund. In addition, the disclosure of holdings information must be in the best interests of the Fund's shareholders, and the recipient must agree or have a duty to keep the information confidential and not to trade directly or indirectly based on the information. Notwithstanding the foregoing, a recipient of non-public holdings information received in connection with certain in-kind redemptions will not be prohibited from hedging or engaging in other transactions related to securities expected to be received in-kind.

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

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| | | |
|:---|:---|:---|
| **Service Provider** | **Service** | **Frequency** |
| Acadia | Daily margin management | Daily |
| BlackRock | Trading system | Daily |
| Bloomberg  | Portfolio management | Daily |
| Bloomberg BVAL | Pricing service | Daily |
| Calastone | Fund order trading | Daily |
| Confluence | Regulatory reporting vendor | Monthly |
| Donnelley Financial Solutions, Inc. | Website content | Monthly |
| DTCC | Trade matching platform | Daily |
| Ernst and Young | PFIC analysis | Quarterly |
| FactSet Research Systems Inc. | Systems vendor | Daily |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; Mutual Fund Accounting system <br> vendor<br>| Daily |
| Fidelity National Information Services, Inc. | Personal trading system vendor | Daily |
| Goldman Sachs Bank USA | Securities lending agent | 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 |
| ITG Inc. | Systems vendor | Daily |
| Lipper | Data vendor | Monthly; 1-day lag |
| Morningstar, Inc. | Data vendor | Monthly; 30-day lag |
| OSTTRA | &nbsp;&nbsp; Confirm and reconcile post-trade <br> data<br>| Daily |
| PricewaterhouseCoopers LLP | &nbsp;&nbsp; Independent registered public <br> accounting firm<br>| Annually |
| PricingDirect Inc. | Pricing service | Daily |
| S&P Global | Corporate actions solutions | Daily |
| SS&C | Marketing collateral system | Monthly; 5-day lag |
| State Street Bank and Trust Company | Systems vendor | Daily |
| State Street Bank and Trust Company  | Custodian | Daily |
| Wolters Kluwer | Systems vendor | Monthly; 3-day lag |

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As part of the annual review of the compliance policies and procedures of the Funds, 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 Limitations

The fundamental investment restrictions for the Funds are set forth below. These fundamental investment restrictions may not be changed without the approval of a majority of the shareholders of the Funds. Under these restrictions, each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, except that a Fund may borrow money (through the issuance of debt securities or otherwise) in an amount not exceeding one-third of the Fund's total assets immediately after the time of such borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Issue senior securities, except as permitted under the 1940 Act or any exemptive order or rule issued by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to 75% of its total assets, purchase securities of an issuer (other than the U.S. government, its agencies, instrumentalities or authorities or repurchase agreements fully collateralized by U.S. government securities, and other investment companies) if (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer; or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Buy or sell real estate, except that any Fund may (i) acquire or lease office space for its own use, (ii) invest in securities of issuers that invest in real estate or interests therein, (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein, and (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell commodities or commodity contracts, except that any Fund may purchase and sell derivatives (including but not limited to options, futures contracts and options on futures contracts) whose value is tied to the value of a financial index or a financial instrument or other asset (including, but not limited to, securities indexes, interest rates, securities, currencies and physical commodities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Make loans, except that any Fund may (i) lend portfolio securities, (ii) enter into repurchase agreements, and (iii) purchase all or a portion of an issue of debt securities, bank loan participation interests, bank certificates of deposit, bankers' acceptances, debentures or other securities, whether or not the purchase is made upon the original issuance of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Underwrite the securities of other issuers, except where the Fund may be deemed to be an underwriter for purposes of certain federal securities laws in connection with the disposition of portfolio securities; with investments in other investment companies; and with loans that a Fund may make pursuant to its fundamental investment restriction on lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Purchase a security if, after giving effect to the purchase, more than 25% of its total assets would be invested in the securities of one or more issuers conducting their principal business activities in the same industry, except that this restriction does not apply to U.S. Government securities (as such term is defined in the 1940 Act).

The following nonfundamental investment restrictions may be changed without shareholder approval. Under these restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The fundamental investment restriction with respect to industry concentration (number 8 above) will be applied pursuant to SEC policy at 25% (instead of "more than 25%") of a Fund's total assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. None of the Funds currently intend to purchase securities on margin, except that a Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that margin payments in connection with futures contracts and options on futures contracts shall not constitute purchasing securities on margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The fundamental investment restriction with respect to diversification (number 3 above) will be applied so securities issued by U.S. government agencies, instrumentalities, or authorities will be eligible for the exception only if those securities qualify as a "Government security" under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The exception for exemptive orders in the fundamental investment restriction with respect to senior securities (number 2 above) will be applied only for exemptive orders issued to the Funds.

With respect to the fundamental investment restriction above about industry concentration, the Adviser defines 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 Classification Standard (GICS) (industry level). The Adviser will also have broad authority to make exceptions from third-party industry lists and determine for each Fund how to classify issuers within or among industries based on such issuer's characteristics and subject to applicable law.

The Trust has received an exemptive order (the "Order") from the SEC that allows the Funds, along with other portfolios managed by the Adviser (each a "Participating Fund"), to engage in an interfund lending program (the "Program"). The Program enables a Participating Fund to lend cash directly to and borrow money from other Participating Funds for temporary purposes. The Program is subject to a number of conditions set forth in the application for the exemptive order, as amended (the "Application"), and the Order, including, among other things, (i) the requirement that the interfund loan rate is more favorable to the lending Participating Fund than the highest current overnight repurchase agreement rate available to the lending Participating Fund (the "Repo Rate"), and more favorable to the borrowing Participating Fund than the rate available that day for cash overdraft from the borrowing Participating Fund's custodian (the "Bank Loan Rate"); (ii) that no Participating Fund may borrow through the Program on an unsecured basis unless the Participating Fund's outstanding borrowings from all sources immediately after the interfund borrowing total less than 10% of its total assets; provided that if the Participating Fund has as secured loan outstanding from any other lender, including but not limited to another Participating Fund, the Participating Fund's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral; (iii) if a Participating Fund's total outstanding borrowings immediately after an interfund borrowing would be greater than 10% of its total assets, the Participating Fund may borrow through the Program only on a secured basis; (iv) no Participating Fund may lend money if the loan would cause its aggregate outstanding loans through the Program to exceed 15% of its net assets at the time of the loan; (v) a lending Participating Fund may not loan in excess of 5% of its net assets to any one Participating Fund; and (vi) each interfund loan may be called on one business day's notice by a lending Participating Fund. The Bank Loan Rate will be determined using a formula established by the Board. The interfund loan rate will be the average of the Repo Rate and the Bank Loan Rate. All interfund loans and borrowings must comply with the conditions set forth in the Application and the Order, which are designed to ensure fair and equitable treatment of all Participating Funds. Each Fund may participate in the Program only to the extent that its participation is consistent with the Fund's investment objectives, limitations, and organizational documents. Upon implementation of the Program, Thrivent Asset Mgt. administers the Program according to procedures approved by the Board.

Section 18(g) of the 1940 Act defines a "senior security" as any bond, debenture, note, or similar obligation constituting a security and evidencing indebtedness. Section 18(f)(1) of the 1940 Act prohibits an open-end investment company from issuing senior securities but permits borrowings from a bank if immediately after the borrowing there is asset coverage of at least 300% and provided further that, in the event that such asset coverage falls below 300%, the investment company will, within 3 days (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 300%.

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Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset, that percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset. Accordingly, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund's investment policies and limitations. For purposes of the Funds' policies discussed above, any actions taken or omitted or investments made in reliance on, or in accordance with, exemptive relief, no action relief, interpretive guidance or other regulatory or governmental action or guidance, shall be considered to have been taken, made, or omitted in accordance with applicable law.

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Management of the Funds

Board of Trustees and Officers

The Board is responsible for overseeing the Adviser and other service providers who manage the Funds' day-to-day business affairs and for exercising all powers except those reserved to the shareholders; the Board also has these responsibilities with respect to the other series of the Trust. Each Trustee also serves as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent Mutual Funds, a registered investment company consisting of 22 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 30 funds 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 Cash Management Trust, a registered investment company consisting of one fund that serves as a cash collateral fund for a securities lending program sponsored by Thrivent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent ETF Trust, a registered investment company consisting of five funds that are exchange-traded funds.

The Trust, Thrivent Mutual Funds, Thrivent Series Fund, Inc., Thrivent Cash Management Trust, and Thrivent ETF Trust are collectively referred to as the "Fund Complex."

The following table provides biographical 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>| 64 | Senior Vice President, President <br> – Thrivent Funds and Investment <br> Products, Thrivent since 2025; <br> Senior Vice President and Head <br> of Mutual Funds, Thrivent from <br> 2020 to 2025<br>| Trustee of Thrivent <br> Church Loan and <br> Income Fund from <br> 2020 to 2023<br>|
| David S. Royal<br> (1971)<br>| Chief <br> Investment <br> Officer since <br> 2017; <br> Trustee since <br> 2016<br>| 64 | 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, Board <br> Member of Thrivent <br> Bank and Advisory <br> Board Member of <br> Twin Bridge Capital <br> Partners; Trustee of <br> Thrivent Church Loan <br> and Income Fund <br> from 2018 to 2023; <br> Director of Thrivent <br> Trust Company from <br> 2020 to 2022<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> 2016<br>| 64 | Retired | Independent Director <br> and member of the <br> Audit Committee and <br> Governance and <br> Nominating <br> Committee at MN8 <br> Energy LLC and <br> MN8 Energy <br> Holdings, LLC since <br> 2023<br>|
| Robert J. Chersi<br> (1961)<br>| Trustee since <br> 2017<br>| 64 | Founder of Chersi Services LLC <br> (consulting firm) since 2014<br>| Lead Independent <br> Director since 2019 <br> and Director and <br> Audit Committee <br> Chair at Acadian <br> Asset <br> Management Inc. <br> since 2016<br>|
| Arleas Upton Kea<br> (1957)<br>| Trustee since <br> 2022<br>| 64 | 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<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> 2016<br>| 64 | 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>| 64 | Vice President and Chief <br> Investment Officer, The Kresge <br> Foundation from 2007 to 2022<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>|
| James A. Nussle<br> (1960)<br>| Trustee since <br> 2016<br>| 64 | President and Chief Executive <br> Officer of America's Credit <br> Unions (formerly Credit Union <br> National Association) from 2014 <br> to November 2025; 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>| 64 | Co-Founder and CEO of Ed <br> Advancement since 2017<br>| Board Member of <br> Follett Higher <br> Education since <br> 2022; Board Member <br> of ECMC Group <br> since 2021; Director <br> and Audit Committee <br> Chair of <br> Class Acceleration <br> Corporation from <br> 2021 to 2022<br>|
| Constance L. Souders<br> (1950)<br>| Trustee since <br> 2016<br>| 64 | 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**<br> **During the Past 5 Years**<br>|
| Michael W. Kremenak<br> (1978)<br>| President since 2023; <br> Trustee since 2021<br>| Senior Vice President, President – Thrivent Funds and Investment <br> Products, Thrivent since 2025; Senior Vice President and Head of <br> Mutual Funds, Thrivent from 2020 to 2025<br>|
| David S. Royal<br> (1971)<br>| Chief Investment <br> Officer since 2017; <br> Trustee since 2016<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>|

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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**<br> **During the Past 5 Years**<br>|
| Sarah L. Bergstrom<br> (1977)<br>| Treasurer and <br> Principal Accounting <br> Officer since 2022<br>| Vice President, Thrivent Funds Treasurer and Chief Operations <br> Officer, Thrivent since 2025; Vice President, Chief Accounting Officer/<br> Treasurer – Mutual Funds, Thrivent from 2022 to 2025; Head of Mutual <br> Fund Accounting, Thrivent from 2017 to 2022<br>|
| Edward S. Dryden<br> (1965)<br>| Chief Compliance <br> Officer since 2016<br>| Vice President, Chief Compliance Officer – Thrivent Funds, Thrivent <br> since 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> 2016<br>| Vice President, Deputy General Counsel, Thrivent since 2018; Privacy <br> Officer, Thrivent since 2011<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<br>|
| Troy A. Beaver<br> (1967)<br>| Vice President since <br> 2016<br>| Vice President, Mutual Funds Marketing & Distribution, Thrivent since <br> 2015<br>|
| Andrew R. Kellogg<sup>(6)</sup> <br>(1972)<br>| Vice President since <br> 2022<br>| Vice President, Operations, New Business, Underwriting, and Mutual <br> Funds, Thrivent since 2025; Vice President, Operations Development <br> and Relations, Thrivent from 2023 to 2025; Director of Strategic <br> Partnerships, Thrivent from 2021 to 2023; Director, Client Relations, <br> 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<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.

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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 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** has served as a Trustee on the Board of the Fund Complex since 2021. He is currently the President of the Fund Complex and previously served as Senior Vice President from 2020 to 2023 and as Secretary and Chief Legal Officer from 2015 to 2020. He served as a Trustee and Senior Vice President of Thrivent Church Loan and Income Fund from 2020 to 2023. Mr. Kremenak joined Thrivent in 2013 and is currently Senior Vice President, President of Thrivent Funds and Investment Products. Before joining Thrivent, Mr. Kremenak worked in the legal department of a large asset management firm. Mr. Kremenak serves on the board of a non-profit organization and investment committees of two non-profit organizations.

**David S. Royal** has served as a Trustee on the Board of the Fund Complex since 2015. He is currently the Chief Investment Officer of the Fund Complex, 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 of Thrivent. He served as Trustee and President of Thrivent Church Loan and Income Fund from 2018 to 2023. 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** has served as a Trustee on the Board of the Fund Complex 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. She is currently an Independent Director and serves on the Audit Committee and the Governance and Nominating Committee for MN8 Energy LLC and MN8 Energy Holdings, LLC. 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** has served as a Trustee on the Board of the Fund Complex 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 Acadian Asset Management Inc. Mr.

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Chersi is also the Executive Director of the Center for Global Governance, Reporting and Regulation of the Lubin School of Business at Pace University. He served as a Director of E\*TRADE Bank and E\*TRADE Financial Corporation from 2019 to 2020.

**Arleas Upton Kea** has served as a Trustee on the Board of the Fund Complex since 2022 and as Chair of the Ethics and Compliance Committee since 2024. 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** has served as a Trustee on the Board of the Fund Complex 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 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** has served as a Trustee on the Board of the Fund Complex since 2022 and as Chair of the Investment Committee since 2023. He has over 30 years of experience in the financial services industry, including from 2007 to 2022 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** has served as a Trustee on the Board of the Fund Complex since 2011 and as Chair of the Ethics and Compliance Committee from 2022 to 2024. 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 served as the President and Chief Executive Officer of America's Credit Unions (formerly the Credit Union National Association), a national trade association for credit unions, from 2014 through 2025. 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** has served as a Trustee on the Board of the Fund Complex since 2022, as Chair-elect of the Contracts Committee in 2025, and as Chair of the Contracts Committee since 2026. He is the Chief Executive Officer of Ed 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 the boards of several for-profit and not-for-profit organizations.

**Constance L. Souders** has served as a Trustee on the Board of the Fund Complex since 2007 and as Chair of the Contracts Committee from 2010 through 2025. 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.

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Leadership Structure and Oversight Responsibilities

Overall responsibility for oversight of the Trust and its Funds rests with the Board. The Board has engaged Thrivent Asset Mgt. to manage the Funds on a day-to-day basis. The Board is responsible for overseeing Thrivent Asset Mgt. and other service providers in the operation of the Trust in accordance with the provisions of the 1940 Act, applicable provisions of Delaware law, other applicable laws and the Trust's charter 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 charter 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 or ad hoc committees 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.

The Trust and the Funds are 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 Asset Mgt. and other service providers (depending on the nature of the risk), which carry out the Funds' investment management and business affairs. Each of Thrivent Asset Mgt. 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 the Funds 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 a Fund 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 Asset Mgt. (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 Asset Mgt., as appropriate, regarding risks faced by the Trust and its Funds, and Thrivent Asset Mgt.'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 Funds, 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 an annual and interim (if necessary) basis that address the operation and effectiveness of the Derivatives Risk Management Program.

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The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Funds' compliance program and reports to the Board and the Ethics and Compliance Committee regarding compliance matters for the Funds and their 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 five 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 to investors in the Funds. The Investment Committee met five 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 four times during the past fiscal year.

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Beneficial Interest in the Funds by Trustees

The following tables provide information as of December 31, 2025 regarding the dollar range of beneficial ownership by each Trustee in each series 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 the 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 Ownership in the Funds** | **Aggregate Dollar**<br> **Range of Beneficial**<br> **Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee**<br> **in the Family of**<br> **Investment Companies**<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 Ownership in the Funds** | **Aggregate Dollar**<br> **Range of Beneficial**<br> **Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee**<br> **in the Family of**<br> **Investment Companies**<br>|
| Janice B. Case |  | Over $100,000 |
| Robert J. Chersi |  | Over $100,000 |
| Arleas Upton Kea |  | Over $100,000 |
| 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. <br> Souders<br>|  | 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 $265,000 to serve on the Boards of the Fund Complex. Each Trustee also receives $10,000 for each quarterly Board meeting and any in-person special meeting attended. The Board Chair is compensated an additional $120,000 per year; the 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

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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, 2025:

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate**<br> **Compensation from**<br> **Trust for One Year**<br> **Ending October 31, 2025**<br>| **Total Compensation**<br> **Paid by Trust and**<br> **Fund Complex**<br> **for One Year**<br> **Ending October 31, 2025**<sup>(1)</sup><br>|
| Janice B. Case | &nbsp;&nbsp; $8537 | &nbsp;&nbsp; $330000 |
| Robert J. Chersi | &nbsp;&nbsp; $9050 | &nbsp;&nbsp; $350000 |
| Arleas Upton Kea | &nbsp;&nbsp; $8537 | &nbsp;&nbsp; $330000 |
| Paul R. Laubscher  | &nbsp;&nbsp; $10847 | &nbsp;&nbsp; $420000 |
| Robert J. Manilla | &nbsp;&nbsp; $8537 | &nbsp;&nbsp; $330000 |
| James A. Nussle | &nbsp;&nbsp; $7768 | &nbsp;&nbsp; $300000 |
| James W. Runcie<sup>(2)</sup> | &nbsp;&nbsp; $8003 | &nbsp;&nbsp; $309900 |
| Constance L. Souders  | &nbsp;&nbsp; $8537 | &nbsp;&nbsp; $330000 |

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<sup>(1)</sup> The Trust has adopted a deferred compensation plan for the benefit of the Independent 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 the 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, 2025, the total amount of deferred compensation payable to the Trustees was $100,000 to Ms. Kea and $290,542 to Mr. Runcie.

<sup>(2)</sup> Mr. Runcie's total compensation from the Trust and Fund Complex includes an additional $10,000 for serving as Chair-elect of the Contracts Committee in 2025.

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Significant Shareholders

Control Persons and Principal Holders

The shareholders of the Funds are affiliates of the Funds, which are managed by Thrivent Asset Mgt. The shareholders include other mutual funds advised by Thrivent Asset Mgt. or affiliates of Thrivent. The table below identifies the Thrivent sponsored mutual funds that own of record or are known by the Trust to own beneficially 5% or more of any class of a Fund's outstanding shares (Principal Holders) or 25% or more of a Fund's outstanding shares (Control Persons). A shareholder who beneficially owns more than 25% of a Fund's shares is presumed to "control" the Fund, 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 a Fund's outstanding shares may be able to approve proposals, or prevent approval of proposals, without regard to votes by other Fund shareholders. The information provided in the table for each Fund is as of January 31, 2026.

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| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent**<br> **Owned**<br>|
| Thrivent Core Emerging Markets Debt Fund | Thrivent Moderate Allocation Portfolio | 19.96<br> %<br>|
|  | Thrivent Moderately Conservative Allocation Portfolio | 13.87<br> %<br>|
|  | Thrivent Multisector Bond Fund | 10.75<br> %<br>|
|  | Thrivent Conservative Allocation Fund | 9.47<br> %<br>|
|  | Thrivent Moderate Allocation Fund | 9.66<br> %<br>|
|  | Thrivent Moderately Aggressive Allocation Portfolio | 8.26<br> %<br>|
|  | Thrivent Conservative Allocation Portfolio | 6.07<br> %<br>|
|  | Thrivent Moderately Aggressive Allocation Fund | 5.48<br> %<br>|
| Thrivent Core Emerging Markets Equity Fund | Thrivent Moderately Aggressive Allocation Portfolio | 24.01<br> %<br>|
|  | Thrivent Moderately Aggressive Allocation Fund | 13.33<br> %<br>|
|  | Thrivent Moderate Allocation Portfolio | 10.84<br> %<br>|
|  | Thrivent Global Stock Fund | 10.43<br> %<br>|
|  | Thrivent Aggressive Allocation Fund | 9.54<br> %<br>|
|  | Thrivent Aggressive Allocation Portfolio | 9.08<br> %<br>|
|  | Thrivent Global Stock Portfolio | 8.10<br> %<br>|
|  | Thrivent Moderately Conservative Allocation Portfolio | 5.74<br> %<br>|
| Thrivent Core International Equity Fund | Thrivent Moderately Aggressive Allocation Fund | 23.09<br> %<br>|
|  | Thrivent Aggressive Allocation Fund | 16.09<br> %<br>|
|  | &nbsp;&nbsp; Thrivent Financial for Lutherans General Account<br> 901 Marquette Ave Suite 2500<br> Minneapolis, MN 55402-3211<br>| 11.12<br> %<br>|
|  | Thrivent Aggressive Allocation Portfolio | 9.67<br> %<br>|
|  | Thrivent Moderately Aggressive Allocation Portfolio | 9.24<br> %<br>|

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| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent**<br> **Owned**<br>|
|  | &nbsp;&nbsp; Thrivent Financial Defined Benefit Plan Trust<br> THPF<br> 901 Marquette Ave Suite 2500<br> Minneapolis MN 55402-3211<br>| 8.63<br> %<br>|
|  | Thrivent Moderately Conservative Allocation Portfolio | 5.37<br> %<br>|

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Management Ownership

As of January 31, 2026, the officers and Trustees as a group beneficially owned less than 1% of the shares of each Fund.

Material Transactions with Independent Trustees

No Independent Trustee of the Trust or any immediate family member of an Independent Trustee has had, during the two most recently completed calendar years, a direct or indirect interest in the investment adviser or the principal underwriter for the Funds, or in any person directly or indirectly controlling, controlled by or under common control with the investment adviser or the principal underwriter for the Funds exceeding $120,000. In addition, no Independent Trustee of the Trust or any of their immediate family members has had, during the two most recently completed calendar years, a direct or indirect material interest in any transaction or series of similar transactions in which the amount involved exceeds $120,000 and to which one of the parties was the Trust; an officer of the Trust; an investment company or an officer of any investment company having the same investment adviser or principal underwriter as the Funds or having an investment adviser or principal underwriter that directly or indirectly controls, is controlled by or under common control with the investment adviser or principal underwriter of the Funds; the Funds' investment adviser or principal underwriter; an officer of the Funds' investment adviser or principal underwriter; or a person or an officer of a person directly or indirectly controlling, controlled by or under common control with the investment adviser or the principal underwriter of the Funds (an "Associated Person"). No Independent Trustee of the Trust or a member of the immediate family of an Independent Trustee has had, in the two most recently completed calendar years, a direct or indirect relationship with any Associated Person involving an amount in excess of $120,000 and which involved: payments for property or services to or from any Associated Person; provision of legal services to any Associated Person; provision of investment banking services to any Associated Person, other than as a participating underwriter in a syndicate; or, any consulting or other relationship that is substantially similar in nature and scope to these types of relationships.

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Investment Adviser and Portfolio Managers

Investment Adviser

The Funds' investment adviser, Thrivent Asset Mgt., was organized as a Delaware limited liability company on September 23, 2005. It is a subsidiary of Thrivent Financial Holdings, Inc., which is a wholly owned subsidiary of Thrivent. Thrivent Financial Holdings, Inc. owns 100% of Thrivent Asset Mgt.'s membership interests. The officers and directors of Thrivent Asset Mgt. who are affiliated with the Trust are set forth below under "Affiliated Persons." Thrivent Asset Mgt. is located at 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211.

Investment decisions for the Funds are made by Thrivent Asset Mgt., subject to the overall direction of the Board. Thrivent Asset Mgt. also provides investment research and supervision of the Funds' investments and conducts a continuous program of investment evaluation and appropriate disposition and reinvestment of these assets.

Thrivent Asset Mgt. Portfolio Managers

**Other Accounts Managed**

In addition to the Funds, the portfolio managers may manage other accounts. The following table provides information about other accounts managed by the portfolio managers as of October 31, 2025, unless otherwise noted.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Types of Accounts** | **Total #** <br> **of**<br> **Accounts**<br> **Managed**<br>| **Total Assets in**<br> **the**<br> **Accounts**<br>| **# of** <br> **Accounts**<br> **Managed**<br> **with**<br> **Advisory**<br> **Fee**<br> **Based**<br> **on**<br> **Performance**<br>| **Total**<br> **Assets**<br> **with Advisory**<br> **Fee**<br> **Based**<br> **on**<br> **Performance**<br>|
| Brian W. Bomgren <br>(2)<br>| &nbsp;&nbsp; Other Registered Investment <br> Companies:<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; $7383463374.04 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Accounts: | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $361942008.31 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| James B. Carlen | &nbsp;&nbsp; Other Registered Investment <br> Companies:<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Accounts: | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Shu Guo <sup>(2)</sup> | &nbsp;&nbsp; Other Registered Investment <br> Companies:<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $2728036582.39 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Accounts: | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Andrew M. Leeser <br>(1)<br>| &nbsp;&nbsp; Other Registered Investment <br> Companies:<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $188720837.97 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Accounts: | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $87899197.43 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Noah J. Monsen <sup>(2)</sup> | &nbsp;&nbsp; Other Registered Investment <br> Companies:<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; $7299104419.19 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Accounts: | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $361942008.31 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Types of Accounts** | **Total #** <br> **of**<br> **Accounts**<br> **Managed**<br>| **Total Assets in**<br> **the**<br> **Accounts**<br>| **# of** <br> **Accounts**<br> **Managed**<br> **with**<br> **Advisory**<br> **Fee**<br> **Based**<br> **on**<br> **Performance**<br>| **Total**<br> **Assets**<br> **with Advisory**<br> **Fee**<br> **Based**<br> **on**<br> **Performance**<br>|
| Paul S. Tommerdahl <br>(2)<br>| &nbsp;&nbsp; Other Registered Investment <br> Companies:<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; $1505167974.49 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Accounts: | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $36544897.71 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Jing Wang <sup>(2)</sup> | &nbsp;&nbsp; Other Registered Investment <br> Companies:<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $2728036582.39 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
|  | Other Accounts: | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |

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<sup>(1)</sup> The "Other Registered Investment Companies" represents Thrivent ETF Trust.

<sup>(</sup><sup>2</sup><sup>)</sup>The "Other Registered Investment Companies" represents a series of Thrivent Series Fund, Inc. and Thrivent Mutual Funds.

**Compensation**

Each portfolio manager of Thrivent Asset Mgt. is compensated by an annual base salary and an annual bonus, in addition to the various benefits that are available to all employees of Thrivent. The annual base salary for each portfolio manager is a fixed amount that is determined annually according to the level of responsibility and performance. The annual bonus provides for a variable payment that is attributable to the relative performance of each fund or account managed by the portfolio manager measured for one-, three-, and five-year periods against the median performance of other funds in the same peer group, as classified by Morningstar, or an index constructed with comparable criteria. Portfolio managers of private funds and/or proprietary accounts may receive an allocation of performance-based compensation. In addition, some portfolio managers are also eligible to participate in one or more of the following:

*Long-Term Incentive Plan.* Thrivent's long-term incentive plan provides for an additional variable payment based on the extent to which Thrivent met corporate goals during the previous three-year period.

*Deferred Compensation Plan.* Thrivent's deferred compensation plan allows for the deferral of salary and bonus into certain affiliated and unaffiliated mutual funds up to an annual dollar limit.

*Key Employee Restoration Plan.* Thrivent's key employee restoration plan allows for the company to make a contribution to the plan on behalf of each participant.

**Conflicts of Interest**

The Adviser and its respective affiliates will be subject to certain conflicts of interest with respect to the services provided to the Funds. These conflicts will arise primarily, but not exclusively, from the involvement of the Adviser and the portfolio managers in other activities that from time to time conflict with the activities of the Funds. Portfolio managers at Thrivent Asset Mgt. typically manage multiple accounts. These accounts may include, among others, mutual funds, private funds, proprietary accounts and separate accounts (assets managed on behalf of pension funds, foundations and other investment accounts).

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Managing and providing research to multiple accounts can give rise to potential conflicts of interest if the accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple accounts. Certain portfolio managers of the Funds and other individuals employed by the Adviser may receive compensation based on the performance of accounts managed by the Adviser. Managing an account that charges a performance-based fee could give a portfolio manager an incentive to favor that account over accounts such as the Funds that don't charge performance-based fees. In addition, the side-by-side management of these funds and accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. Thrivent Asset Mgt. seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. Portfolio managers and other investment personnel may also encounter conflicts of interest related to the sharing of ideas or investment opportunities with other employees of the Adviser. To manage and mitigate conflicts of interest related to side-by-side management and sharing of investment opportunities, the Adviser has developed compliance policies and procedures. Additional information about potential conflicts of interest is set forth in the Form ADV of the Adviser. A copy of Part 1 and Part 2A of the Adviser's Form ADV is available on the SEC's website (adviserinfo.sec.gov).

**Ownership in the Funds**

The following table provides information as of October 31, 2025, on the dollar range of beneficial ownership held by each portfolio manager for the Funds they manage.

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Fund Ownership** |
| Brian W. Bomgren | &nbsp;&nbsp; Thrivent Core Emerging Markets <br> Equity Fund<br>| None |
|  | &nbsp;&nbsp; Thrivent Core International Equity <br> Fund<br>| None |
| James B. Carlen | &nbsp;&nbsp; Thrivent Core Emerging Markets <br> Debt Fund<br>| None |
| Shu Guo | &nbsp;&nbsp; Thrivent Core Emerging Markets <br> Equity Fund<br>| None |
|  | &nbsp;&nbsp; Thrivent Core International Equity <br> Fund<br>| None |
| Andrew M. Leeser | &nbsp;&nbsp; Thrivent Core Investment Grade <br> Corporate Bond Fund<br>| None |
| Noah J. Monsen | &nbsp;&nbsp; Thrivent Core Emerging Markets <br> Equity Fund<br>| None |
|  | &nbsp;&nbsp; Thrivent Core International Equity <br> Fund<br>| None |
| Paul S. Tommerdahl | Thrivent Core High Yield Bond Fund | None |
| Jing Wang | &nbsp;&nbsp; Thrivent Core Emerging Markets <br> Equity Fund<br>| None |
|  | &nbsp;&nbsp; Thrivent Core International Equity <br> Fund<br>| None |

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Affiliated Persons

The following officers of the Trust are affiliated with the Adviser in the capacities listed:

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| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent Asset Mgt.** |
| Michael W. Kremenak | Trustee and President | Elected Manager |

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| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent Asset Mgt.** |
| David S. Royal | &nbsp;&nbsp; Trustee and Chief Investment <br> Officer<br>| President |
| Sarah L. Bergstrom | &nbsp;&nbsp; Treasurer and Principal Accounting <br> Officer<br>| Assistant Treasurer |
| Edward S. Dryden | Chief Compliance Officer | Chief Compliance Officer |
| John D. Jackson | Secretary and Chief Legal Officer | Assistant Secretary |
| Kathleen M. Koelling | Privacy Officer | Privacy Officer |
| Sharon K. Minta | Anti-Money Laundering Officer | Anti-Money Laundering Officer |
| Troy A. Beaver | Vice President | &nbsp;&nbsp; Elected Manager and Vice <br> President<br>|

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The Advisory Agreement

The advisory agreement provides that Thrivent Asset Mgt. provides overall investment supervision of the assets of the Funds. Thrivent Asset Mgt. furnishes and pays for all office space and facilities, equipment and clerical personnel necessary for carrying out the Adviser's duties under the advisory agreement. The Adviser also pays all compensation of Trustees, officers and employees of the Trust who are the Adviser's affiliated persons. All costs and expenses not expressly assumed by the Adviser under the advisory agreement shall be paid by the Trust, including, but not limited to: (a) interest and taxes; (b) brokerage commissions; (c) insurance premiums; (d) compensation and expenses of the Funds' Trustees other than those affiliated with the Adviser; (e) legal and audit expenses; (f) fees and expenses of the Trust's custodian, shareholder servicing or transfer agent and accounting services agent; (g) expenses incident to the issuance of the Trust's shares, including stock certificates and issuance of shares on the payment of, or reinvestment of, dividends; (h) fees and expenses incident to the registration under Federal or state securities laws of the Trust or its shares; (i) expenses of preparing, printing and mailing reports and notices and proxy material to the Trust's shareholders; (j) all other expenses incidental to holding meetings of the Trust's shareholders; (k) dues or assessments of or contributions to the Investment Company Institute or its successor, or other industry organizations; (l) such non-recurring expenses as may arise, including litigation affecting the Trust and the legal obligations that the Trust may have to indemnify its officers and Trustees with respect thereto; and (m) all expenses that the Trust agrees to bear in any distribution agreement.

The advisory agreement will continue in effect from year to year provided only so long as such continuances are specifically approved at least annually by the Board. The vote for approval must include the approval of a majority of the Trustees who are not interested persons (as defined in the 1940 Act). The advisory agreement terminates automatically upon assignment. The advisory agreement may be terminated without penalty by the Adviser upon 60 days' written notice, or by the Trust on behalf of a Fund upon 60 days' written notice.

Advisory Fees

The Adviser does not receive a fee for its investment advisory services because it is currently sold only to other affiliated entities.

Code of Ethics

The Trust and Thrivent Asset Mgt. have each adopted a code of ethics pursuant to the requirements of the 1940 Act and the Investment Advisers Act of 1940. 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 Funds are

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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 the Adviser the responsibility for voting any proxies with respect to each Fund in accordance with the proxy voting policies adopted by the Adviser. The Adviser's proxy voting policy is included in Appendix A. Information about how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is updated each year by August 31 and is available without charge by calling 800-847-4836 or emailing contactus@thriventfunds.com, at thriventcorefunds.com/prospectus, and at SEC.gov where it is filed on Form N-PX.

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Underwriting and Distribution Services

The Funds' principal underwriter and distributor, Thrivent Distributors, LLC ("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 continues in effect from year to year so long as its continuance is approved at least annually by the Board, 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 Funds are not subject to a Rule 12b-1 fee.

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 and President |
| 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 | &nbsp;&nbsp; Elected Manager and Vice <br> President<br>|
| Andrew R. Kellogg | Vice President | Vice President |

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Other Services

Custodian

The custodian for the Funds is State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian is responsible for safeguarding the Funds' assets held in the United States and for serving as the Funds' foreign custody manager.

Transfer Agent

Thrivent Financial Investor Services Inc., 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211, provides transfer agency and dividend payment services necessary to the Trust on a per-Fund basis.

Administrator

Thrivent Asset Mgt. provides both administrative and accounting services to the Funds under an Administrative Services Agreement. Under this Agreement, each Fund pays Thrivent Asset Mgt. an annual fee equal to the sum of $80,000 ($70,000 prior to January 1, 2024) plus 0.017 percent of the Fund's average daily net assets. Payments made under the Agreement for the past three fiscal years in which the Funds were operational are shown below. Because Thrivent Core High Yield Bond Fund and Thrivent Core Investment Grade Corporate Bond Fund have not yet commenced operations prior to the date of this SAI, payments made by the Funds under the Agreement for the past three fiscal years are not yet available.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2025** | **10/31/2024** | **10/31/2023** |
| Thrivent Core Emerging Markets Debt Fund | &nbsp;&nbsp; $199096 | &nbsp;&nbsp; $206377 | &nbsp;&nbsp; $201786 |
| Thrivent Core Emerging Markets Equity Fund | &nbsp;&nbsp; 180313 | &nbsp;&nbsp; 167702 | &nbsp;&nbsp; 150652 |
| Thrivent Core International Equity Fund | &nbsp;&nbsp; 188717 | &nbsp;&nbsp; 170851 | &nbsp;&nbsp; 152230 |

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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 Securities and Exchange Commission filings, and review and signing of the annual income tax returns filed on behalf of the Trust.

Securities Lending

Certain Funds may seek to earn additional income through lending their securities to certain qualified broker-dealers and institutions. Pursuant to a Securities Lending Agency Agreement dated December 18, 2017, the Funds have retained Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending ("Goldman Sachs") as securities lending agent.

As securities lending agent to the Funds, Goldman Sachs performs services including, but not limited to, negotiating loans with borrowers, monitoring approved borrowers, processing the return of loaned securities to the Funds, and providing recordkeeping and reporting to the Funds relating to their securities lending activities.

The following table summarizes the income and fees from securities lending activities for the most recent fiscal year for those Funds that participated in securities lending. Because Thrivent Core High Yield Fund and Thrivent Core Investment

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Grade Corporate Bond Fund had not yet commenced operations prior to the date of this SAI, income and fees from securities lending activities are not available for the Fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gross Income from** <br> **Securities Lending** <br> **Activities**<br>| **Fees Paid to** <br> **Securities Lending** <br> **Agent from a Revenue** <br> **Split**<br>| **Rebates (Paid to** <br> **Borrower)**<br>| **Other Fees not** <br> **Included in the** <br> **Revenue Split**<br>| **Aggregate Fees/**<br> **Compensation for** <br> **Securities Lending** <br> **Activities**<br>| **Net Income from** <br> **Securities Lending** <br> **Activities**<br>|
| **Thrivent Core Emerging Markets Debt Fund** | **Thrivent Core Emerging Markets Debt Fund** | **Thrivent Core Emerging Markets Debt Fund** | **Thrivent Core Emerging Markets Debt Fund** | **Thrivent Core Emerging Markets Debt Fund** | **Thrivent Core Emerging Markets Debt Fund** |
| $598580 | &nbsp;&nbsp; $8981 | &nbsp;&nbsp; $508763 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $517744 | &nbsp;&nbsp; $80836 |
| **Thrivent Core Emerging Markets Equity Fund** | **Thrivent Core Emerging Markets Equity Fund** | **Thrivent Core Emerging Markets Equity Fund** | **Thrivent Core Emerging Markets Equity Fund** | **Thrivent Core Emerging Markets Equity Fund** | **Thrivent Core Emerging Markets Equity Fund** |
| $198038 | &nbsp;&nbsp; $10210 | &nbsp;&nbsp; $95690 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $105900 | &nbsp;&nbsp; $92138 |
| **Thrivent Core International Equity Fund** | **Thrivent Core International Equity Fund** | **Thrivent Core International Equity Fund** | **Thrivent Core International Equity Fund** | **Thrivent Core International Equity Fund** | **Thrivent Core International Equity Fund** |
| $282287 | &nbsp;&nbsp; $5522 | &nbsp;&nbsp; $227123 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $232645 | &nbsp;&nbsp; $49642 |

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Brokerage Allocation and Other Practices

Brokerage Transactions

In connection with the management of the investment and reinvestment of the assets of the Funds, the advisory agreement authorizes the Adviser, acting by its own officers, directors, or employees to select the brokers or dealers that will execute purchase and sale transactions for the Funds. In executing portfolio transactions and selecting brokers or dealers, if any, the Adviser will use reasonable efforts to seek on behalf of the Funds the best overall terms available.

In assessing the best overall terms available for any transaction, the Adviser will consider all factors they deem relevant, including the breadth of the market in and 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 on a continuing basis). In evaluating the best overall terms available, and in selecting the broker or dealer, if any, to execute a particular transaction, the Adviser may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to any other accounts over which the Adviser or an affiliate of the Adviser exercises investment discretion.

The Adviser may pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Adviser determines 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.

To the extent that the receipt of the above-described services may supplant services for which the Adviser might otherwise have paid, it would, of course, tend to reduce the expenses of the Adviser.

The research obtained by the Adviser from a broker or dealer may be used to benefit all accounts managed or advised by the Adviser, including the Funds, and may not directly benefit the particular accounts that generated the brokerage commissions used to acquire the research product or service, including the Funds.

In certain cases, the Adviser may obtain products or services from a broker that have both research and non-research uses. Examples of non-research uses are administrative and marketing functions. These are referred to as "mixed use" products. In each case, the Adviser makes a good faith effort to determine the proportion of such products or services that may be used for research and non-research purposes. The portion of the costs of such products or services attributable to research usage may be defrayed by the Adviser, as the case may be, through brokerage commissions generated by transactions of its clients, including the Funds. The Adviser pays the provider in cash for the non-research portion of its use of these products or services.

The Adviser may obtain third-party research from broker-dealers or non-broker dealers by entering into a commission sharing arrangement (a "CSA"). Under a CSA, the executing broker-dealer agrees that part of the commissions it earns on certain equity trades will be allocated to one or more research providers as payment for research. CSAs allow the Adviser to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third-party research providers for research.

The investment decisions for a Fund are and will continue to be made independently from those of other investment companies and accounts managed by the Adviser or its affiliates. Such other investment companies and accounts may also invest in the same securities as a Fund. When purchases and sales of the same security are made at substantially the same time on behalf of such other investment companies and accounts, transactions may be averaged as to the

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price and available investments allocated as to the amount in a manner which the Adviser and its affiliates believe to be equitable to each investment company or account, including the Fund. In some instances, this investment procedure may affect the price paid or received by a Fund or the size of the position obtainable or sold by a Fund.

Brokerage Commissions

The following table shows the amount of brokerage commissions each Fund paid, if any, in each of the past three fiscal years in which it was operational. Because Thrivent Core High Yield Bond Fund and Thrivent Core Investment Grade Corporate Bond Fund had not yet commenced operations prior to the date of this SAI, no brokerage commissions information is presented for the Funds.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2025** | **10/31/2024** | **10/31/2023** |
| Thrivent Core Emerging Markets Debt Fund | &nbsp;&nbsp; $330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1500 |
| Thrivent Core Emerging Markets Equity Fund | &nbsp;&nbsp; $1243857 | &nbsp;&nbsp; $1008543 | &nbsp;&nbsp; $946175 |
| Thrivent Core International Equity Fund | &nbsp;&nbsp; $943988 | &nbsp;&nbsp; $836631 | &nbsp;&nbsp; $647840 |

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The table below indicates the total amount of brokerage commissions paid, if any, by each Fund to firms that provided research services and the aggregate amount of transactions relating to such commissions for the most recent fiscal year ended October 31, 2025. The provision of research services was not necessarily a factor in the placement of brokerage business with these firms. Because Thrivent Core High Yield Bond Fund and Thrivent Core Investment Grade Corporate Bond Fund had not yet commenced operations prior to the date of this SAI, no transactions and related commissions are presented for the Funds.

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| | | |
|:---|:---|:---|
| **Fund Name** | **Commissions** | **Aggregate**<br> **Transactions**<br>|
| Thrivent Core Emerging Markets Debt Fund | &nbsp;&nbsp; $330 | &nbsp;&nbsp; $1501297 |
| Thrivent Core Emerging Markets Equity Fund | &nbsp;&nbsp; $1197341 | &nbsp;&nbsp; $855704193 |
| Thrivent Core International Equity Fund | &nbsp;&nbsp; $914780 | &nbsp;&nbsp; $982087582 |

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Regular Brokers or Dealers

Each of the Funds listed below 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, 2025. Because Thrivent Core High Yield Bond Fund and Thrivent Core Investment Grade Corporate Bond Fund had not yet commenced operations prior to the date of this SAI, no information about whether the Fund held securities of its "regular broker or dealers" is presented for the Funds.

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker or Dealer (or Parent)** | **Aggregate**<br> **Holdings**<br>|
| Thrivent Core Emerging Markets Debt Fund | Statestreet Bank | &nbsp;&nbsp; $13917280 |
| Thrivent Core Emerging Markets Equity Fund | Statestreet Bank | &nbsp;&nbsp; $3412458 |
|  | Morgan Stanley & Co. | &nbsp;&nbsp; $383020 |
| Thrivent Core International Equity Fund | Barclays Capital Inc | &nbsp;&nbsp; $8003789 |
|  | Statestreet Bank | &nbsp;&nbsp; $2365279 |
|  | Nomura Securities | &nbsp;&nbsp; $1276715 |
|  | Deutsche Bank, Inc. | &nbsp;&nbsp; $304193 |
|  | J.P. Morgan | &nbsp;&nbsp; $220490 |

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Portfolio Turnover Rates

The rate of portfolio turnover in the Funds will not be a limiting factor when Thrivent Asset Mgt. deems changes in a Fund's portfolio appropriate in view of its investment objectives. As a result, while a Fund will not purchase or sell securities solely to achieve short term trading profits, a Fund may sell portfolio securities without regard to the length of time held if consistent with the Fund's investment objective. A higher degree of equity portfolio activity will increase brokerage costs to a Fund. The portfolio turnover rate is computed by dividing the dollar amount of securities purchased or sold (whichever is smaller) by the average value of securities owned during the year. Short-term investments such as commercial paper and short-term U.S. Government securities are not considered when computing the turnover rate.

The following table shows the portfolio turnover rates of each Fund in each of the past three fiscal years in which it was operational. Because Thrivent Core High Yield Bond Fund and Thrivent Core Investment Grade Corporate Bond Fund had not yet commenced operations prior to the date of this SAI, no portfolio turnover rate information is presented for the Funds.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2025** | **10/31/2024** | **10/31/2023** |
| Thrivent Core Emerging Markets Debt Fund | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Thrivent Core Emerging Markets Equity Fund | &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 80<br> %<br>|
| Thrivent Core International Equity Fund | &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 86<br> %<br>|

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Purchase, Redemption and Pricing of Shares

Manner in Which Shares are Offered and Redeemed

Shares of the Funds are being offered to the series of Thrivent Mutual Funds and Thrivent Series Fund, Inc. and other Thrivent entities. Shares of the Funds are not subject to a sales load or redemption fee, and assets of the Funds are not subject to a Rule 12b-1 fee. The Funds will pay redemption requests within seven days following receipt of all required documents, subject to the limited exceptions as permitted by the SEC.

Net Asset Value

The net asset value per share is generally determined at the close of regular trading on the New York Stock Exchange (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.

Net asset value is determined by adding the market or appraised value of all securities and other assets; subtracting liabilities; and dividing the result by the number of shares outstanding.

The market value of each Fund's portfolio securities is determined at the close of regular trading of the NYSE on each day the NYSE is open. The value of portfolio securities is determined in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Securities that are traded on U.S. exchanges or included in a national market system, including options, shall be valued at the last sale price on the principal exchange as of the close of regular trading on such exchange or the official closing price of the national market system. If there have been no sales and the exchange traded security is held long, the latest bid quotation is used. If the exchange traded security is held short, the latest ask quotation is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over-the-counter securities held long for which reliable quotations are available shall be valued at the latest bid quotations. If the over-the-counter security is held short, it shall be valued at the latest ask quotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income securities traded on a national securities exchange will be valued at the last sale price on such securities exchange that day. If there have been no sales, the latest bid quotation is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because market quotations are generally not "readily available" for many debt securities, foreign and domestic debt securities held by a Fund may be valued by an Approved Pricing Service ("APS"), using the evaluation or other valuation methodologies used by the APS. If quotations are not available from the APS, the Adviser's Valuation Committee shall make a fair value determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Funds may value debt securities with a remaining maturity of 60 days or less at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts listed on exchanges are valued at their reported settlement price.

Prices provided by independent pricing services may be determined without relying exclusively on quoted prices and may consider institutional trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data employed in determining valuation for such securities.

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Securities and assets for which there is not a readily available market quotation will be appraised at fair value by the Adviser's Valuation Committee pursuant to written procedures.

Generally, trading in foreign securities, as well as U.S. Government securities, money market instruments and repurchase agreements, is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of shares of the Funds are determined as of such times. Foreign currency exchange rates are also generally determined prior to the close of the NYSE. Occasionally, events affecting the value of such securities and exchange rates may occur between the times at which they are determined and the close of the NYSE, which will not be reflected in the computation of net asset values. If events occur during such periods that materially affect the value of such securities, the securities will be valued at their fair market value.

For purposes of determining the net asset value of shares of each Fund, all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars based upon an exchange rate quoted by a major bank that is a regular participant in the foreign exchange market or on the basis of a pricing service that takes into account the quotes provided by a number of such major banks.

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Tax Status

Federal Tax Information for the Funds

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 each Fund'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, each Fund expects to eliminate or reduce to a nominal amount the federal income tax to which it is subject. If a Fund 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, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund has elected and 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, a Fund 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 Fund'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 Fund's taxable year, at least 50% of the value of its total assets must be represented by cash and cash items (including receivables), 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 Fund'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 Fund'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 Fund 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 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, each Fund 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. Each Fund may in certain circumstances

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be required to liquidate Fund 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 a Fund's ability to satisfy the requirements for qualification as a RIC.

Dividends and interest received from a Fund'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 a Fund meets certain requirements, which include a requirement that more than 50% of the value of the Fund's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, then the Fund should be eligible to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a tax deduction, but not both, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to this election, the Fund 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 a Fund makes this election, the Fund will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Each Fund'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 Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause a Fund 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. Each Fund 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 it 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 Fund as a RIC and minimize the imposition of income and excise taxes.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Fund will be subject to one of the following special tax regimes: (i) the Fund 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 Fund as a dividend to its shareholders; (ii) if the Fund was able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Fund'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 Fund; or (iii) the Fund 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.

Each Fund'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 a Fund, defer its losses, cause adjustments in the holding periods of the Fund's assets, convert short-term capital losses into long-term capital losses or otherwise affect the character of the Fund's income. These rules could therefore affect the amount, timing and character of distributions to shareholders. Each Fund will endeavor to make any available elections pertaining to these transactions in a manner believed to be in the best interest of the Fund and its shareholders.

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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 a Fund's investment company taxable income available to be distributed to shareholders as ordinary income, rather than increasing or decreasing the amount of the Fund's net capital gain.

Each Fund 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. A Fund 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 Fund. 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. Each Fund 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 Fund's fiscal year on futures or options transactions. Such distributions are combined with distributions of capital gains realized on the Fund's other investments and shareholders are advised on the nature of the distributions.

Capital losses in excess of capital gains (net capital losses) are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, each Fund 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 Fund 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.

Federal Income Tax Information for Shareholders

The discussion of federal income taxation presented below supplements the discussion in each Fund's prospectus and only summarizes some of the important federal tax considerations generally affecting shareholders of the Funds. 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 a Fund.

Any dividends declared by a Fund 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 a Fund 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 a Fund 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 Fund 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 Fund become ex-dividend with respect to such dividend (and the Fund 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

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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 a Fund 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 a Fund 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 a Fund. However, if you receive a capital gains dividend with respect to Fund 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 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 a Fund and net gains from redemptions or other taxable dispositions of Fund 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, each Fund will provide shareholders with a tax reporting statement containing information detailing the estimated tax status of any distributions that the Fund paid during the previous calendar year. REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues the tax reporting statement. As a result, a Fund 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 Fund 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.

Each Fund 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 a Fund makes a distribution to a shareholder in excess of the Fund'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 a Fund, dividend distributions the Fund 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 Fund were a regular corporation.

Distributions by a Fund 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 a Fund 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

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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 a Fund is 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.

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, each Fund 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 a Fund where, for example, (i) the Fund invests in REITs that hold residual interests in real estate mortgage investment conduits (REMICs) or (ii) its shares in the Fund 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 Funds from holding investments in REITs that hold residual interests in REMICs, and the Funds may do so.

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. Each Fund 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 a Fund 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 Funds to pass through to non-corporate shareholders the ability to claim this deduction with respect to income derived from MLP investments.

**Backup Withholding.** Each Fund 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 at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single taxable year or $20 million in any combination of taxable years 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 Funds 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.

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Description of Debt Ratings

A Fund's investments may range in quality from securities rated in the lowest category in which the Fund 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 Fund'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.

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| | |
|:---|:---|
| Aaa: | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
| 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 <br> may 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 considered speculative and are subject to high credit risk. |
| Caa: | &nbsp;&nbsp; Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit <br> risk.<br>|
| 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.

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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 <br> short-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 financial 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 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 <br> and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to <br> meet its 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 <br> financial 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 that 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 <br> currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, <br> or economic conditions will likely impair the obligor's capacity or willingness to meet its financial <br> commitment on the obligation.<br>|
| CCC: | &nbsp;&nbsp; An obligation rated 'CCC' 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. In the event of adverse business, financial, or economic conditions, the obligor is not likely to <br> have the capacity to meet its financial commitments on the obligation.<br>|
| CC: | &nbsp;&nbsp; An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a <br> default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of <br> the 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>|

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| | |
|:---|:---|
| 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 <br> stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' <br> rating also will be used upon the filing of a bankruptcy petition or the taking of 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>|
| Plus (+) or <br> minus (-):<br>| &nbsp;&nbsp; The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show <br> relative standing within the rating categories.<br>|

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**Short-Term Issue Credit Ratings** 

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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 <br> obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its <br> financial commitments on these obligations is extremely strong.<br>|
| 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 commitments 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 weaken an obligor's capacity to meet its financial <br> commitments 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 that 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 <br> where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating <br> on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.<br>|

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Financial Statements

Audited financial statements for the Funds, as of October 31, 2025, including the notes thereto, and the reports of PricewaterhouseCoopers LLP thereon, are incorporated herein by reference from the Trust's [Form N-CSR filing](http://www.sec.gov/ix?doc=/Archives/edgar/data/1669626/000166962625000090/primary-document.htm) for its most recently completed fiscal year. Because Thrivent Core High Yield Bond Fund and Thrivent Core Investment Grade Corporate Bond Fund had not yet commenced operations prior to the date of this SAI, the Funds do not have financial statements.

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Appendix A—Proxy Voting Policies

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## Thrivent Financial for Lutherans and

## Thrivent Asset Management, LLC

## Proxy Voting Policies and Procedures and Voting Guidelines Summary

## Introduction
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. Thrivent seeks to vote proxies solely in the interests of the client, including Thrivent Funds, and 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.

The procedural requirements contained in these Policies and Procedures do not apply in the case of requests for consents related to investments in private funds. With respect to private fund investments, the procedures described below under "Consents Related to Private Investments" apply.

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, among other oversight functions related to Thrivent's responsible 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

#### Proxy Voting Process Overview
Thrivent's proxy voting process is designed to act in the best interests of the Thrivent Funds and other accounts it manages, adhering to legal and fiduciary standards. This process involves a careful evaluation of management and shareholder proposals pursuant to Thrivent's Proxy Voting Guidelines, incorporating a wide range of factors that are financially material to portfolio companies' and Thrivent clients' objectives. Thrivent's global approach is informed by various sources, including management's recommendation, the recommendation of proxy voting advisory firms, and internal assessments. Thrivent's Proxy Voting Guidelines are crafted to help clients and portfolio companies understand its voting rationale, maintaining flexibility to adapt to individual situations.

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Thrivent expects to vote proxies on behalf of clients in many cases in accordance with the Voting Guidelines. Thrivent retains the discretion, however, to vote any proxy on behalf of all or one or more clients in a manner inconsistent with the Voting Guidelines if Thrivent determines that doing so is in each applicable client's best interest. In making such a determination, Thrivent may consider any information it deems relevant, including each applicable client's investment objectives, strategies and processes. In such cases, the person requesting to diverge from the Voting Guidelines or process 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 the applicable client(s). As a result, there may be instances when, with respect to a particular proxy vote item, Thrivent votes proxies on behalf of some clients in a manner that differs from how Thrivent votes proxies for other clients.

Notwithstanding any of the above, Thrivent may also vote proxies in any matter as directed by a client.

#### Retention of a Third Party Proxy Adviser
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 client accounts 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's Proxy Voting Guidelines leverage the ISS Benchmark Proxy Voting Guidelines ("**Benchmark Guidelines**") where applicable. For certain proposal types, Thrivent will provide standing instructions to ISS to vote proxies based on the recommendation of the Benchmark Guidelines; for other proposal types, Thrivent's investment and/or other personnel, as the circumstances warrant, may leverage research and recommendations issued pursuant to the Benchmark Guidelines as part of the determination process.

The Benchmark Guidelines can be found at https://www.issgovernance.com/policy-gateway/voting-policies/.

Thrivent utilizes ISS's voting agent services for notification of upcoming shareholder meetings of portfolio companies held in client accounts and to transmit votes on behalf of Thrivent's clients. ISS provides comprehensive summaries of proxy proposals, publications discussing key proxy voting issues, and specific vote recommendations regarding portfolio company proxies to assist in the proxy voting process. The final authority and responsibility for proxy voting decisions remains with Thrivent, unless otherwise directed by a client. 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, while adhering to legal and fiduciary standards to maximize shareholder value.

#### Shareholder Proposals
For shareholder proposals where Thrivent uses research and recommendations issued pursuant to the Benchmark Guidelines and a voting determination is made by investment and/or other Thrivent personnel, Thrivent has developed evaluation frameworks designed to thoroughly assess each proposal, ensuring alignment with the best interests of company shareholders. Aspects of these frameworks may also be used for other proposals where Thrivent uses research and recommendations issued pursuant to the Benchmark Guidelines and a voting determination is made by investment and/or other Thrivent personnel.

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#### Supplement Applicable to Quantitative/Index Strategies
Certain of Thrivent's client accounts are accounts (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 ("Quantitative/Index Accounts"); often, Quantitative/Index 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 and the differing strategies for these accounts, absent client direction, for securities held only in Quantitative/Index Accounts, for certain categories of proposals, Thrivent uses a different process to review and determine a voting outcome that is used for other accounts. For these categories of proposals, Thrivent provides, consistent with the best interest of its clients, standing instructions to ISS to vote proxies for Quantitative/Index Accounts based on the recommendation of ISS pursuant to the Benchmark Guidelines. When securities are also held in accounts (or a portion thereof) that rely on fundamental security research and analyst coverage, the Quantitative/Index Accounts will generally vote in accordance with the voting determination of those fundamental account(s), subject to any exceptions that may arise consistent with these guidelines and policies.

#### Monitoring and Resolving Conflicts of Interest
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:

• 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.

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

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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 (or no other shareholders other than Thrivent-advised accounts), Thrivent may vote the accounts invested in the underlying fund in what Thrivent believes to be the client's best interest.

#### 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 be appropriate for all markets.

#### Securities Lending
From time to time, certain clients may participate in a securities lending program. Thrivent will not have the right to vote shares on loan as of record date. Thrivent will generally not seek to recall shares on loan in order to vote, unless it determines that a vote would have a material effect on an investment in such loaned security. Thrivent will use reasonable efforts to recall securities. The ability to vote recalled shares is subject to administrative considerations, including the feasibility of a timely recall prior to record date. Thrivent may also restrict lending of securities in consideration of individual account and/or aggregate client investment in a company, or other criteria established from time to time.

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.

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ISS provides Vote Summary Reports for each Thrivent Fund. The report specifies the company, ticker, other applicable identifier (e.g., Cusip, SEDOL, etc.), 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.

Copies of Voting Records and Policies

A copy of Thrivent's detailed voting guidelines and the voting records of client accounts are available to Thrivent's clients upon request.

Consents Related to Private Investments

From time to time, the Thrivent Funds or other clients may invest in private investments. When these private investments request consent to change the terms or other conditions of their securities, Thrivent will promptly review these solicitations. Thrivent is committed to voting in the best interests of its clients, taking into account any potential conflicts of interest. The responsibility to vote on consents is delegated to certain of the Investment Personnel, as defined in the Thrivent Code of Ethics, of the Private Investments Group. The Private Investments Group, alongside the Chief Compliance Officer, or his or her designee, will document and assess any potential conflicts of interest related to the consent voting process. If a conflict is deemed material by the Chief Compliance Officer, or his or her designee, the Committee will be apprised. The Committee will then determine the best way to manage the conflict, ensuring votes serve the clients' best interests.

## Thrivent's Proxy Voting Guidelines
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 Benchmark Guidelines referenced above.

Board of Directors and Corporate Governance

#### Voting on Director Nominees in Uncontested Elections
Generally, Thrivent votes for director nominees, except under specific circumstances.

Four fundamental principles apply when determining votes on director nominees:

1. **Accountability**: 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. It is expected that boards will engage in critical self-evaluation of themselves and of individual members. Individual directors, in turn, are expected to devote significant amounts of time to their duties and to limit the number of directorships they accept.

2. **Responsiveness**: Directors should respond to investor input, such as that expressed through significant opposition to management proposals, significant support for shareholder proposals (whether binding or non-binding), and tender offers where a majority of shares are tendered.

3. **Composition**: Companies should ensure that directors add value to the board by having sufficient time and commitment to serve effectively. Boards should be of a size appropriate to accommodate expertise and independence, while ensuring active and collaborative participation by all members.

4. **Independence**: Thrivent believes boards are expected to have a majority of directors independent of management. The independent directors are expected to organize much of the

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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.

Circumstances under which Thrivent may abstain, vote against or withhold votes from directors, pursuant to the Benchmark, include:

• Independence-related issues such as non-independent directors on a board with < 50% independence.

• Composition-related issues such as low attendance or overboarding.

• Responsiveness-related issues such as poor responsiveness to a low say-on-pay vote.

• Accountability-related issues such as problematic takeover defenses, capital structure, and/or governance structure (including poison pill, unequal voting rights, classified board, removal of shareholder discretion, problematic governance structure, unilateral bylaw/charter amendments, restrictions on shareholder proposals, director performance evaluations, problematic audit practices, pledging, climate accountability, other governance failures).

#### Voting on Director Nominees in Contested Elections
Thrivent votes case-by-case on the election of directors in contested elections.

#### Other Proposals Related to Board Structure & 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.

Thrivent may vote case-by-base on proposals related to age & term limits, proposals to establish or amend director qualifications, proposals to establish a new board committee, proposals to separate the board chair and CEO position, proposals related to director and officer indemnification, liability protection, and exculpation, and other proposals related to routine/standard board-related items.

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 reason, Thrivent votes against proposals to eliminate cumulative voting and votes for proposals that seek to fix the size of the board.

#### 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.

#### Executive and Director Compensation
Well-designed incentive programs play a crucial role in guiding executive management decisions towards long-term value enhancement. Conversely, incentive programs with unsuitable performance targets or design flaws can hinder the alignment between management's incentives and the interests of investors. We believe that as proactive investors, it's our duty to comprehend the compensation structures of the companies in our portfolio and to offer constructive feedback — via our proxy voting and direct interactions — whenever we identify areas of concern.

#### Advisory Vote on Executive Compensation (Say on Pay)

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Shareholder votes to approve executive compensation — generally votes of an advisory nature — have become common in markets around the world. It is challenging to apply a rules-based framework to compensation votes because every pay program is a unique reflection of the company's performance, industry, size, geographic mix, and competitive landscape. Additionally, factors such as executives' individual performance, achievement of goals, experience, tenure, skills, and leadership should be taken into account in evaluating the overall compensation context. For these reasons, Thrivent votes on executive and director compensation proposals following 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.

Factors considered in our evaluation of "Say on Pay" votes includes an annual pay-for-performance analysis for companies in the S&P 1500, Russell 3000 or Russell 3000E Indices, conducted by ISS. This evaluation includes two primary factors:

• Peer Group Alignment: This assesses the relationship between the company's total shareholder return (TSR) rank and the CEO's total pay rank within a peer group, measured over five years. It also considers the CEO's pay multiple relative to the peer group median.

• Absolute Alignment: This examines the alignment between the trend in CEO pay and company TSR over the previous five fiscal years.

If this analysis indicates significant misalignment, Thrivent may include qualitative factors for a deeper evaluation, such as the ratio of performance- to time-based incentives, the rigor of performance goals, and transparency of pay program disclosures. Additionally, Thrivent scrutinizes problematic pay practices on a case-by-case basis, focusing on practices that contravene global pay principles.

Thrivent generally votes for holding annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.

#### Equity-Based and Other Incentive Plans
We believe long-term equity plans, used appropriately, provide strong alignment of interests between executives and investors. These plans can be effective in linking executives' pay to the company's performance as well as attracting and retaining management talent.

We evaluate requests to approve or renew equity plans on a case-by-case basis, taking into account a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

**Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

◾ SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

◾ SVT based only on new shares requested plus shares remaining for future grants.

#### Plan Features:
◾ Quality of disclosure around vesting upon a change in control (CIC);

◾ Discretionary vesting authority;

◾ Liberal share recycling on various award types;

◾ Lack of minimum vesting period for grants made under the plan;

◾ Dividends payable prior to award vesting.

◾ Disclosure of non-employee directors' cash-denominated award limits.

#### Grant Practices:

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◾ The company's three year burn rate relative to its industry/market cap peers;

◾ Vesting requirements in CEO'S recent equity grants (3-year look-back);

◾ The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);

◾ The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

◾ Whether the company maintains a sufficient claw-back policy;

◾ Whether the company maintains sufficient post exercise/vesting share-holding requirements.

**Negative Overriding Factor:** If the plan lacks sufficient positive features under the Plan Features pillar, despite an overall passing score.

#### Other Compensation Plans
Thrivent has varying approaches for evaluating other compensation-related proposals, guided by a set of principles aimed at ensuring fair and effective compensation practices.

#### Capital Structure and Incorporation
Thrivent generally votes on a case-by-case basis on proposals related to capital structure and incorporation and seeks to vote in a way that protects shareholders' value in the companies in which the Thrivent funds invest. When voting on capital structure issues, Thrivent considers the dilutive impact to shareholders and the effect on shareholder rights.

Thrivent will evaluate reincorporation proposals on a case-by-case basis. Considerations include:

• Regulations of both states or countries

• Required fundamental policies

• Increased flexibility available

#### Increases in Common Stock
Thrivent's policy for voting on proposals to increase the number of authorized shares of common stock is nuanced and case-by-case, guided by specific criteria. For general corporate purposes, the policy is to vote for an increase in authorized shares depending on the percentage of share usage: up to 50% increase if less than 50% of current shares are used, up to 100% if usage is between 50% and 100%, and up to the current share usage if it exceeds the authorized shares. However, Thrivent generally votes against increases, even within these parameters, if the proposal or the company's use of shares is problematic, such as seeking to increase shares with superior voting rights or having a non-shareholder approved poison pill. Exceptions are made for increases beyond these ratios in cases where non-approval poses severe risks, like imminent bankruptcy or requirements by government bodies. In states allowing unilateral capital increases without shareholder approval, Thrivent may vote against all nominees if the increase doesn't conform to these policies. For specific authorization requests linked to transactions (like acquisitions or SPAC transactions), the policy is generally to vote for the increase, with the allowable increase being the greater of twice the amount needed for the transactions or the calculated increase for general issuances.

#### Multi-Class Share Structures
Thrivent generally recommends voting against proposals to create a new class of common stock, except in specific circumstances where the company provides a compelling rationale for a dual-class capital structure. Such exceptions include situations where the company's auditor expresses substantial doubt about the company's ongoing viability, or when the new share class is intended to be temporary. Additionally, Thrivent may support the creation of a new class if it is aimed at financing purposes with minimal or no short-term and long-term dilution to current shareholders, and it is not structured to preserve or enhance the voting power of insiders or significant shareholders. The policy underscores a

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cautious approach to changes in capital structure that could impact shareholder rights and company governance.

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

#### Anti-takeover and Shareholder Rights Plans
Thrivent adopts a nuanced approach towards voting on anti-takeover provisions, with a policy anchored in the principles of flexibility, fairness, and transparency in corporate governance. This approach involves critical evaluation of various factors, including the dilutive impact of capital structure changes, the balance of authority between the board and shareholders, especially in amending bylaws, and the careful scrutiny of provisions related to control share acquisitions, fair price, and poison pills. Thrivent also assesses the implications of litigation rights, voting disclosure, and mechanisms that empower shareholders, such as the ability to act by written consent or call special meetings. We believe in maintaining a market for corporate control that functions without undue restrictions, as it often leads to acquisitions that increase shareholder value. Consequently, Thrivent typically votes against the adoption of anti-takeover provisions like shareholder rights plans (poison pills), which can lead to management entrenchment and reduced board accountability, aiming to support proposals that enhance shareholder value and rights and oppose those that restrict or harm these interests.

#### Shareholders Rights Plans ("poison pills")
For shareholder proposals requesting the submission of a poison pill to a vote or its redemption, Thrivent generally votes in favor, except when there is an existing shareholder-approved poison pill or a policy that allows the board to adopt a pill under specific conditions, including immediate shareholder ratification. Such pills must be put to a shareholder vote within 12 months of adoption or they will expire.

In cases where management proposes ratification of a poison pill, Thrivent's vote is case-by-case, focusing on the rights plan's attributes like a trigger no lower than 20%, a maximum term of three years, the absence of features that limit a future board's ability to redeem the pill, and a shareholder redemption feature. The company's rationale for adopting the pill is also critically assessed, along with its governance structure, including board independence and existing defenses.

When it comes to poison pills aimed at preserving Net Operating Losses (NOLs), Thrivent votes against proposals if the term exceeds the shorter of three years or the exhaustion of the NOLs. For management proposals to ratify NOL pills with a shorter term, the vote is case-by-case, considering factors like the ownership threshold, the value of the NOLs, shareholder protection mechanisms, the company's governance structure, and other relevant factors.

#### Shareholder Ability to Call a Special Meeting & Act by Written Consent
Thrivent's policy regarding shareholder rights to act by written consent and to call special meetings is focused on maintaining and enhancing shareholder participation and influence in corporate governance. Generally, Thrivent votes against any proposals that seek to restrict or prohibit shareholders' ability to act by written consent. We generally support proposals that enable shareholders to act by written consent, considering factors such as the existing rights, consent thresholds, any exclusionary language, the investor ownership structure, and the history of shareholder support and management responses to related proposals.

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When it comes to shareholders' ability to call special meetings, Thrivent typically votes against proposals that restrict or prohibit this right. We generally support management or shareholder proposals that facilitate the ability of shareholders to call special meetings, paying attention to current rights, the minimum ownership threshold necessary for calling meetings (with a preference for a 10% threshold), any prohibitive language in the proposals, the investor ownership structure, and the track record of both shareholder support and management's responses to past proposals.

#### Voting Requirements
Thrivent generally supports management proposals to adopt a majority of votes cast standard for directors in uncontested elections.

Thrivent generally opposes proposals to require a supermajority shareholder vote and generally supports proposals to reduce supermajority vote requirements. However, for companies with shareholder who have significant ownership levels, Thrivent may vote case-by-case, taking into account: Ownership structure; Quorum requirements; and Vote requirements.

Thrivent generally votes case-by-case on proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder rights. Specific issues include, but are not limited to, confidential voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker non-votes in the company's vote-counting methodology.

#### Environmental and Social Management Proposals
Thrivent will generally vote in accordance with the ISS Benchmark recommendations with regard to management proposals relating to environmental and social topics, such as those related to approval of political donations.

Shareholder Proposals

At Thrivent, we evaluate shareholder proposals with the overarching goal of aligning our voting decisions with the best interests of shareholders and maximizing long-term value. Shareholder proposals are reviewed on a case-by-case basis starting with thoughtful and consistent framework processes that consider the materiality of the issue to the company's business, the company's current practices and disclosures, the context and credibility of the proposal and its proponent, alignment with shareholder interests, and the proposal's prescriptiveness.

We recognize that proposals can vary significantly in scope and impact, and our evaluation process reflects this diversity. While our actively managed fundamental strategies apply a detailed, research-driven approach to voting decisions, our quantitative and index strategies with investments not also held by actively managed fundamental strategies rely on processes that balance efficiency with shareholder value considerations. This distinction ensures that each proposal is assessed in a manner consistent with the strategy and objectives of the portfolios holding the security.

#### Environmental and Social Shareholder Proposals
When evaluating environmental and social proposals, we adopt a case-by-case analysis that balances the specific circumstances of each company with the broader context of market norms and regulatory requirements. The starting point of our evaluation is a framework that involves analyzing the relevance of a proposal in terms of its direct relation to the company's business activities, strategies, and performance.

The framework considers the potential material impact of the proposal on the company's long-term value with a focus on financial performance or valuation. Additionally, Thrivent examines the company's current practices, policies, and disclosures relevant to the proposal, while considering industry-standard practices

------

and trends (market norms) to provide a benchmark for evaluation. Understanding the legal and regulatory landscape, including existing laws and future regulatory trends, forms a part of this evaluation. The framework also encompasses identifying the proposal's proponents to understand their motivations and potential implications, as well as considering the proposal's potential reputational impact on the company. Assessing the reasonableness of the proposal in terms of practicality, feasibility, and logic, and evaluating its persuasiveness based on clarity, logic, and evidence, are also integral components of the process.

By leveraging this structured framework, Thrivent ensures that our voting decisions are informed and consider long-term value creation for shareholders.

---

| | | |
|:---|:---|:---|
| **Consideration** | **Questions** | **Explanation** |
| **Materiality** | Does the resolution address an issue that is material for this company? Does the proposal reflect an industry-specific, materiality-driven approach? | The relevance of the resolution is crucial in determining if it aligns with the core business and operations of the company. Materiality is key to understanding if the issue can significantly impact the company's long-term value. |
| **Current Practice** | Does the proposal address a current shortcoming? Has the company already announced intentions to address the shortcoming? | Current practices and disclosures are reviewed to check if the company has already taken steps to address the issue. Market norms provide context by showing industry standards and peer responses. |
| **Context** | Who are the proponents of the resolution, and are they tied to any particular interest groups? Do the proponent's interests align with ours? | Understanding the proponent helps identify their motivations and alignment with the company's objectives. The reasonableness and persuasiveness of the proposal are essential to ensure it is practical and effectively communicated. |
| **Shareholder**<br> **Alignment** | Are shareholders the optimal stakeholders to address the core issue that is the subject of the resolution? Does the proposal add value for shareholders? Does the proposal address substantive matters that may impact shareholders' interests, including shareholders' rights? | This involves assessing whether the issue falls within shareholder influence or if it's better addressed through regulatory compliance and legal mandates. |
| **Prescriptiveness** | Is the proposal NOT overly prescriptive? Do the proposal's demands NOT unreasonably restrict management from conducting its business? | The reasonableness of the proposal is evaluated to ensure it is not excessively demanding. The company's current practices and disclosures are reviewed to determine if there is already a framework addressing the issue. |

---

#### Other Shareholder Proposals
Thrivent's approach to evaluating other shareholder proposals reflects our commitment to responsible investment stewardship and alignment with shareholder value. Recognizing the wide range of issues addressed by these proposals—such as governance structures, shareholder rights, executive compensation, and operational practices—we apply a consistent and thorough framework as a starting point to ensure decisions are in the best interests of shareholders.

These shareholder proposals are evaluated on a case-by-case basis, balancing company-specific circumstances with broader governance standards and market practices. Our evaluation framework considers the materiality of the proposal, its relevance to the company's business strategy, and its

------

potential to create or protect shareholder value. In addition, we assess the company's current practices and policies to identify any governance shortcomings the proposal seeks to address.

The context and credibility of the proposal and its proponents are critical components of our analysis, helping to understand the proponents' motivations and whether they are aligned with shareholder interests. We also evaluate whether the proposal enhances shareholder rights, better aligns management and shareholder objectives, and avoids unnecessary prescriptiveness that could hinder the company's ability to operate effectively.

By leveraging this structured framework, Thrivent ensures that our voting decisions are informed and consider long-term value creation for shareholders.

---

| | | |
|:---|:---|:---|
| **Consideration** | **Questions** | **Explanation** |
| **Materiality** | Is the issue material to the company's business? Does the proposed action have the potential to materially impact the company? | The relevance of the proposal is essential to ensure it addresses core business operations and aligns with shareholder value creation. Materiality highlights the issue's potential impact on financial and strategic outcomes. |
| **Current Practice** | Does the proposal remedy a governance weakness? Has the company already announced intentions to address the shortcoming? | Reviewing current practices and disclosures helps identify existing efforts to address the issue. Governance improvements may align with industry standards or address peer comparisons. |
| **Context** | Who are the proponents of the resolution, and are they tied to any particular interest groups? Do the proponent's interests align with ours? | Understanding the proponents' motivations ensures alignment with shareholder objectives. Proposals should be reasonable and communicated effectively. |
| **Shareholder**<br> **Alignment** | Does the proposal enhance shareholder rights or create value for shareholders? Does the proposal have the potential to better align executive and/or directors' interests with those of shareholders? | Evaluating shareholder alignment ensures the proposal strengthens governance practices, improves shareholder rights, and aligns interests with long-term value creation. |
| **Prescriptiveness** | Is the proposal NOT overly prescriptive? Does the proposal's demands NOT unreasonably restrict management from conducting its business? | Proposals should not impose excessive restrictions on management. They must balance practicality and flexibility with achieving the intended objectives. |

---

#### Disclosure-Related Proposals
In assessing proposals that request enhanced disclosure, Thrivent focuses on several critical factors, such as the company's current level of disclosure, its compliance with relevant regulations and guidelines, and any significant controversies or fines that might have arisen.

Thrivent's policy is to vote on a case-by-case basis on shareholder proposals seeking greater disclosure, as well as any associated risks and liabilities. The goal is to ensure that disclosures effectively balance the needs and interests of various stakeholders and are not overly onerous, diverting resources from core business operations.

#### Action-Related Proposals
Regarding proposals that require a company to take a certain action, our policy is to carefully scrutinize requests for the adoption of specific targets, goals, or changes in business practices. We acknowledge

------

that while shareholders may not always have the intricate knowledge of a company's strategic operations, there are instances where such proposals can highlight areas needing improvement.

Thrivent assesses each proposal based on the nature of the company's business, the practicality and feasibility of implementing the proposed actions, and how these actions align with the company's overall strategy and operational capabilities. In considering these proposals, Thrivent pays close attention to the company's ability to address the issues raised in the proposal, the proposal's prescribed timetable and methods for implementation, and how the company's practices compare with those of its industry peers.

### Copies of Voting Records and Policies
A copy of Thrivent's detailed voting guidelines and the voting records of client accounts are available to Thrivent's clients upon request.

------

**THRIVENT CORE FUNDS**

**PART C: OTHER INFORMATION**

**Item 28.**

**Exhibits**

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

---

| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp; [Declaration of Trust, effective as of March 18, 2016, incorporated by reference from the initial registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99a.htm)<br> [statement of Registrant on Form N-1A, file no. 811-23149, filed on May 4, 2016.](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99a.htm)<br>|
| (b) | Not Applicable |
| (c) |  |
| (d)(1) | &nbsp;&nbsp; [Investment Advisory Agreement between Thrivent Core Funds and Thrivent Asset Management, LLC,](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99d.htm)<br> [incorporated by reference from the initial registration statement of Registrant on Form N-1A, file no. 811-](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99d.htm)<br> [23149, filed on May 4, 2016.](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99d.htm)<br>|
| (d)(2) | &nbsp;&nbsp; [Amendment No. 1 to Investment Advisory Agreement, incorporated by reference from the initial](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99d2.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99d2.htm)<br>|
| (d)(3) | &nbsp;&nbsp; [Amendment No. 2 to Investment Advisory Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99d3.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on August 30, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99d3.htm)<br>|
| (d)(4) | &nbsp;&nbsp; [Amendment No. 3 to Investment Advisory Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99d4.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 8, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99d4.htm)<br>|
| (d)(5) | &nbsp;&nbsp; [Amendment No. 4 to Investment Advisory Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99d5.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on January 31, 2020.](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99d5.htm)<br>|
| (d)(6) | &nbsp;&nbsp; [Amendment No. 5 to Investment Advisory Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99d6.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99d6.htm)<br>|
| (d)(7) | &nbsp;&nbsp; [Amendment No. 6 to Investment Advisory Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99d7.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 7, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99d7.htm)<br>|
| (d)(8) | [Amendment No. 7 to Investment Advisory Agreement, filed herewith](d453449dex99d8.htm).  |
| (e)(1) | &nbsp;&nbsp; [Distribution Agreement between Thrivent Core Funds and Thrivent Distributors, LLC, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99e.htm)<br> [reference from the initial registration statement of Registrant on Form N-1A, file no. 333-218855/811-](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99e.htm)<br> [23149, filed on May 4, 2016.](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99e.htm)<br>|
| (e)(2) | &nbsp;&nbsp; [Amendment No. 1 to Distribution Agreement, incorporated by reference from the initial registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99e2.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99e2.htm)<br>|
| (e)(3) | &nbsp;&nbsp; [Amendment No. 2 to Distribution Agreement, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99e3.htm)<br> [Registrant on Form N-1A, file no. 333-218855/811-23149, filed on August 30, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99e3.htm)<br>|
| (e)(4) | &nbsp;&nbsp; [Amendment No. 3 to Distribution Agreement, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99e4.htm)<br> [Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 8, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99e4.htm)<br>|
| (e)(5) | &nbsp;&nbsp; [Amendment No. 4 to Distribution Agreement, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99e5.htm)<br> [Registrant on Form N-1A, file no. 333-218855/811-23149, filed on January 31, 2020.](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99e5.htm)<br>|
| (e)(6) | &nbsp;&nbsp; [Amendment No. 5 to Distribution Agreement, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99e6.htm)<br> [Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99e6.htm)<br>|
| (e)(7) | &nbsp;&nbsp; [Amendment No. 6 to Distribution Agreement, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99e7.htm)<br> [Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 7, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99e7.htm)<br>|
| (e)(8) | [Amendment No. 7 to Distribution Agreement, filed herewith](d453449dex99e8.htm). |
| (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/1669626/000119312518063174/d509857dex99g.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312518063174/d509857dex99g.htm)<br> [on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/1669626/000119312518063174/d509857dex99g.htm)<br>|
| (g)(2) | &nbsp;&nbsp; [Letter Agreement, dated May 18, 2022, between Registrant and State Street, incorporated by reference](https://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99g2.htm)<br> [from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23148, filed on](https://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99g2.htm)<br> [December 7, 2022.](https://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99g2.htm)<br>|
| (g)(3) | &nbsp;&nbsp; [Amendment to Custody Agreement effective February 28, 2023, between Registrant and State Street,](http://www.sec.gov/Archives/edgar/data/1669626/000119312523051107/d414790dex99g3.htm)<br> [incorporated by reference from the registration statement of Registrant on Form N-1A, file no. 333-](http://www.sec.gov/Archives/edgar/data/1669626/000119312523051107/d414790dex99g3.htm)<br> [218855/811-23149, filed on February 28, 2023](http://www.sec.gov/Archives/edgar/data/1669626/000119312523051107/d414790dex99g3.htm).<br>|
| (g)(4) | &nbsp;&nbsp; [Amendment to Custody Agreement effective April 30, 2023, between Registrant and State Street,](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99g4.htm)<br> [incorporated by reference from the registration statement of Registrant on Form N-1A, file no. 333-](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99g4.htm)<br> [218855/811-23149, filed on February 28, 2024](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99g4.htm).<br>|

---

------

---

| | |
|:---|:---|
| (g)(5) | &nbsp;&nbsp; [Letter Agreement Amendment dated January 6, 2025, to Master Custodian Agreement between](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99g5.htm)<br> [Registrant and State Street, incorporated by reference from the registration statement of Registrant on](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99g5.htm)<br> [Form N-1A, file no. 333-218855/811-23149, filed on February 27, 2025.](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99g5.htm)<br>|
| (g)(6) | &nbsp;&nbsp; [Amendment dated February 21, 2025, to Master Custodian Agreement between Registrant and State](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99g6.htm)<br> [Street, incorporated by reference from the registration statement of Registrant on Form N-1A, file no. 333-](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99g6.htm)<br> [218855/811-23149, filed on February 27, 2025.](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99g6.htm)<br>|
| (g)(7) | [Amendment dated June 26, 2025, to Master Custodian Agreement, filed herewith](d453449dex99g7.htm).  |
| (h)(1) | &nbsp;&nbsp; [Transfer Agency and Service Agreement between Thrivent Core Funds, Thrivent Cash Management Trust](http://www.sec.gov/Archives/edgar/data/1669626/000119312517059386/d350447dex99h1.htm)<br> [and Thrivent Financial Investor Services Inc., incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1669626/000119312517059386/d350447dex99h1.htm)<br> [Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517059386/d350447dex99h1.htm)<br>|
| (h)(2) | &nbsp;&nbsp; [Amendment No. 1 to Transfer Agency and Service Agreement, incorporated by reference from the initial](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99h2.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99h2.htm)<br>|
| (h)(3) | &nbsp;&nbsp; [Amendment No. 2 to Transfer Agency and Service Agreement, incorporated by reference from the](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99h3.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on August 30,](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99h3.htm)<br> [2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99h3.htm)<br>|
| (h)(4) | &nbsp;&nbsp; [Amendment No. 3 to Transfer Agency and Service Agreement, incorporated by reference from the](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99h4.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 8,](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99h4.htm)<br> [2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99h4.htm)<br>|
| (h)(5) | &nbsp;&nbsp; [Amendment No. 4 to Transfer Agency and Service Agreement, incorporated by reference from the](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h5.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on January 31,](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h5.htm)<br> [2020.](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h5.htm)<br>|
| (h)(6) | &nbsp;&nbsp; [Amendment No. 5 to Transfer Agency and Service Agreement, incorporated by reference from the](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h6.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on January 31,](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h6.htm)<br> [2020.](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h6.htm)<br>|
| (h)(7) | &nbsp;&nbsp; [Amendment No. 6 to Transfer Agency and Service Agreement, incorporated by reference from the](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99h7.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28,](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99h7.htm)<br> [2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99h7.htm)<br>|
| (h)(8) | &nbsp;&nbsp; [Amendment No. 7 to Transfer Agency and Service Agreement, incorporated by reference from the](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h8.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 7,](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h8.htm)<br> [2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h8.htm)<br>|
| (h)(9) | [Amendment No. 8 to Transfer Agency and Service Agreement, filed herewith](d453449dex99h9.htm). |
| (h)(10) | &nbsp;&nbsp; [Administrative Services Agreement between Thrivent Core Funds and Thrivent Asset Management, LLC,](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99h2.htm)<br> [incorporated by reference from the initial registration statement of Registrant on Form N-1A, file no. 333-](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99h2.htm)<br> [218855/811-23149, filed on May 4, 2016.](http://www.sec.gov/Archives/edgar/data/1669626/000119312516575259/d152319dex99h2.htm)<br>|
| (h)(11) | &nbsp;&nbsp; [Amendment No. 1 to Administrative Services Agreement, incorporated by reference from the initial](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99h4.htm)<br> [registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517208331/d391220dex99h4.htm)<br>|
| (h)(12) | &nbsp;&nbsp; [Amendment No. 2 to Administrative Services Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99h6.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on August 30, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517272922/d445553dex99h6.htm)<br>|
| (h)(13) | &nbsp;&nbsp; [Amendment No. 3 to Administrative Services Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99h8.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 8, 2017.](http://www.sec.gov/Archives/edgar/data/1669626/000119312517365035/d474413dex99h8.htm)<br>|
| (h)(14) | &nbsp;&nbsp; [Amendment No. 4 to Administrative Services Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312519054408/d668849dex99h9.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28, 2019.](http://www.sec.gov/Archives/edgar/data/1669626/000119312519054408/d668849dex99h9.htm)<br>|
| (h)(15) | &nbsp;&nbsp; [Amendment No. 5 to Administrative Services Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h12.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on January 31, 2020.](http://www.sec.gov/Archives/edgar/data/1669626/000119312520019853/d863866dex99h12.htm)<br>|
| (h)(16) | &nbsp;&nbsp; [Amendment No. 6 to Administrative Services Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99h14.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522055813/d260133dex99h14.htm)<br>|
| (h)(17) | &nbsp;&nbsp; [Amendment No. 7 to Administrative Services Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h16.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on December 7, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h16.htm)<br>|
| (h)(18) | &nbsp;&nbsp; [Amendment No. 8 to Administrative Services Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99h17.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28, 2024](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99h17.htm).<br>|
| (h)(19) | [Amendment No. 9 to Administrative Services Agreement, filed herewith](d453449dex99h19.htm). |
| (h)(20) | &nbsp;&nbsp; [Securities Lending Agency Agreement with Goldman Sachs Bank USA, incorporated by reference from](http://www.sec.gov/Archives/edgar/data/1669626/000119312518063174/d509857dex99h9.htm)<br> [the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on](http://www.sec.gov/Archives/edgar/data/1669626/000119312518063174/d509857dex99h9.htm)<br> [February 28, 2018.](http://www.sec.gov/Archives/edgar/data/1669626/000119312518063174/d509857dex99h9.htm)<br>|

---

------

---

| | |
|:---|:---|
| (h)(21) | &nbsp;&nbsp; [Amended Schedule 1 dated June 25, 2018, to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312519054408/d668849dex99h11.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312519054408/d668849dex99h11.htm)<br> [on February 28, 2019.](http://www.sec.gov/Archives/edgar/data/1669626/000119312519054408/d668849dex99h11.htm)<br>|
| (h)(22) | &nbsp;&nbsp; [Amended Schedule 1 dated August 9, 2019, to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312519233940/d785726dex99h14.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312519233940/d785726dex99h14.htm)<br> [on August 29, 2019.](http://www.sec.gov/Archives/edgar/data/1669626/000119312519233940/d785726dex99h14.htm)<br>|
| (h)(23) | &nbsp;&nbsp; [Amended Schedule 1 dated February 28, 2020, to Securities Lending Agency Agreement, incorporated](http://www.sec.gov/Archives/edgar/data/1669626/000119312520053190/d851200dex99h16.htm)<br> [by reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149,](http://www.sec.gov/Archives/edgar/data/1669626/000119312520053190/d851200dex99h16.htm)<br> [filed on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/1669626/000119312520053190/d851200dex99h16.htm)<br>|
| (h)(24) | &nbsp;&nbsp; [Amended Schedule 1 dated April 29, 2020, to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312521057514/d23495dex99h17.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312521057514/d23495dex99h17.htm)<br> [on February 26, 2021](http://www.sec.gov/Archives/edgar/data/1669626/000119312521057514/d23495dex99h17.htm).<br>|
| (h)(25) | &nbsp;&nbsp; [Amended Schedule 1 dated August 31, 2020, to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312521057514/d23495dex99h18.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312521057514/d23495dex99h18.htm)<br> [on February 26, 2021](http://www.sec.gov/Archives/edgar/data/1669626/000119312521057514/d23495dex99h18.htm).<br>|
| (h)(26) | &nbsp;&nbsp; [Amended Schedule 1 dated October 6, 2020, to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312522054953/d255417dex99h21.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 333-21855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312522054953/d255417dex99h21.htm)<br> [on February 28, 2022](http://www.sec.gov/Archives/edgar/data/1669626/000119312522054953/d255417dex99h21.htm).<br>|
| (h)(27) | &nbsp;&nbsp; [Amended Schedule 1 dated March 10, 2022, to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h24.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no, 333-21855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h24.htm)<br> [on December 7, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522300099/d405765dex99h24.htm)<br>|
| (h)(28) | &nbsp;&nbsp; [Amended Schedule 1, dated February 1, 2023, to Securities Lending Agency Agreement, incorporated](http://www.sec.gov/Archives/edgar/data/1669626/000119312523051107/d414790dex99h25.htm)<br> [by reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149,](http://www.sec.gov/Archives/edgar/data/1669626/000119312523051107/d414790dex99h25.htm)<br> [filed on February 28, 2023](http://www.sec.gov/Archives/edgar/data/1669626/000119312523051107/d414790dex99h25.htm).<br>|
| (h)(29) | &nbsp;&nbsp; [Amended Schedule 1, dated April 28, 2023, to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99h28.htm)<br> [reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99h28.htm)<br> [on February 28, 2024](http://www.sec.gov/Archives/edgar/data/1669626/000119312524050105/d616227dex99h28.htm).<br>|
| (h)(30) | &nbsp;&nbsp; [Amended Schedule 1, dated February 13, 2025, to Securities Lending Agency Agreement, incorporated](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99h29.htm)<br> [by reference from the registration statement of Registrant on Form N-1A, file no. 333-218855/811-23149,](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99h29.htm)<br> [filed on February 27, 2025.](http://www.sec.gov/Archives/edgar/data/1669626/000119312525038537/d772010dex99h29.htm)<br>|
| (h)(31) | [Amended Schedule 1, dated October 8, 2025, filed herewith](d453449dex99h31.htm). |
| (h)(32) | [Amended Schedule 1, dated February 18, 2026, filed herewith](d453449dex99h32.htm). |
| (h)(33) | &nbsp;&nbsp; [Form of Rule 12d-1 Fund of Funds Investment Agreement, incorporated by reference from the registration](http://www.sec.gov/Archives/edgar/data/1669626/000119312522054953/d255417dex99h22.htm)<br> [statement of Registrant on Form N-1A, file no. 333-218855/811-23149, filed on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/1669626/000119312522054953/d255417dex99h22.htm)<br>|
| (i) | [Opinion and Consent of Counsel, filed herewith](d453449dex99i.htm). |
| (j) | [Consent of Independent Registered Public Accounting Firm, filed herewith](d453449dex99j.htm). |
| (k) | Not Applicable  |
| (l) |  |
| (m) | Not Applicable |
| (n) | Not Applicable |
| (o) | Not Applicable  |
| (p) | &nbsp;&nbsp; [Code of Ethics (Rule 17j-1) for Registrant, incorporated by reference from the registration statement of](http://www.sec.gov/Archives/edgar/data/1669626/000119312525306024/d10886dex99p.htm)<br> [Registrant on Form N-1A, file no. 333-21885/811-23149, filed on December 3, 2025](http://www.sec.gov/Archives/edgar/data/1669626/000119312525306024/d10886dex99p.htm).<br>|
| (q) | &nbsp;&nbsp; [Power of Attorney, incorporated by reference from the registration statement of Registrant on Form N-1A,](http://www.sec.gov/Archives/edgar/data/1669626/000119312525306024/d10886dex99q.htm)<br> [file no. 333-21885/811-23149, filed on December 3, 2025](http://www.sec.gov/Archives/edgar/data/1669626/000119312525306024/d10886dex99q.htm). <br>|
| EX-101.INS | &nbsp;&nbsp; XBRL Instance Document – the instance document does not appear on the Interactive Data File because <br> its XBRL tags are embedded within the Inline XBRL document.<br>|
| EX-101.SCH | XBRL Taxonomy Extension Schema Document. |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |

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**Item 29.**

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

Registrant is a Delaware statutory trust organized on March 18, 2016. Registrant's sponsor, Thrivent Financial for Lutherans ("Thrivent"), 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 statements of Thrivent will be presented on a consolidated basis.

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

---

| | | |
|:---|:---|:---|
| **Thrivent Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent | &nbsp;&nbsp; Fraternal benefit society offering financial <br> services and products<br>| Wisconsin |
| Thrivent Financial Holdings, Inc.<sup>1</sup> <br>| &nbsp;&nbsp; Holding company with no independent <br> operations<br>| Delaware |
| North Meadows Investment Ltd.<sup>2</sup> <br>| &nbsp;&nbsp; Real estate development and investment <br> corporation<br>| Wisconsin |
| Thrivent Advisor Network, LLC<sup>2</sup> <br>| Investment adviser | Delaware |
| Thrivent Asset Management, LLC<sup>2</sup> <br>| Investment adviser | Delaware |
| Thrivent Bank<sup>2</sup> <br>| Industrial bank | Utah |
| Thrivent Distributors, LLC<sup>2</sup> <br>| Limited purpose broker-dealer | Delaware |
| Thrivent Financial Investor <br> Services Inc.<sup>2</sup> <br>| Transfer agent | Pennsylvania |
| Thrivent Insurance Agency Inc.<sup>2</sup> <br>| Life and health insurance agency | Minnesota |
| Newman Financial Services, <br> LLC<sup>3</sup> <br>| Long-term care insurance agency | Minnesota |
| Thrivent Investment Capital Advisors, <br> LLC<sup>2</sup> <br>| Investment adviser | Delaware |
| Thrivent Investment Management Inc.<sup>2</sup> <br>| Broker-dealer and investment adviser | Delaware |
| Thrivent Trust Company<sup>2</sup> <br>| Federally chartered limited purpose trust bank | Federal Charter |
| Gold Ring Holdings, LLC<sup>1</sup> <br>| Holding vehicle | Delaware |
| Thrivent Education Funding, LLC<sup>1</sup> <br>| Special purpose entity | Delaware |
| White Rose CFO 2023 Holdings, LLC<sup>1</sup> <br>| Special purpose entity | Delaware |
| White Rose CFO 2023, LLC<sup>4</sup> <br>| Special purpose entity | Delaware |
| BADGER FBN 2025 HOLDINGS, LLC<sup>1</sup> <br>| Special purpose entity | Delaware |
| BADGER FBN 2025, LLC<sup>5</sup> <br>| Special purpose entity | Delaware |
| Trout Holdings GP, LLC<sup>1</sup> <br>| General partner | Delaware |
| Trout Holdings, L.P.<sup>1</sup> <br>| Private equity fund | Delaware |
| Blue Rock Holdco LLC<sup>2</sup> <br>| Holding vehicle | Delaware |
| Castle Lending Enterprises, LLC<sup>6</sup> <br>| Special purpose entity | Delaware |
| College Avenue Student Loans, LLC<sup>7</sup> <br>| Special purpose entity | Delaware |
| College Ave Student Loan Servicing LLC<sup>8</sup> <br>| Special purpose entity | Delaware |
| TLC 193 LLC<sup>9</sup> <br>| Special purpose entity | Delaware |
| Museum Finance, LLC<sup>9</sup> <br>| Special purpose entity | Delaware |
| College Ave Administrator LLC<sup>8</sup> <br>| Special purpose entity | Delaware |
| College Ave Depositor, LLC<sup>8</sup> <br>| Special purpose entity | Delaware |
| College Ave Residual Holdings, LLC<sup>8</sup> <br>| Special purpose entity | Delaware |
| College Ave Holdings 2019-A, LLC<sup>8</sup> <br>| Special purpose entity | Delaware |
| Thrivent White Rose GP II, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund II Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP III, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund III Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP IV, LLC<sup>10</sup> <br>| General partner | Delaware |

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| | | |
|:---|:---|:---|
| **Thrivent Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent White Rose Fund IV Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP V, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund V Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP VI, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund VI Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP VII, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund VII Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund VII Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP VIII, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund VIII Fund of <br> Funds, L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP IX, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund IX Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund IX Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP X, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund X Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund X Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XI, LLC<sup>9</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XI Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XI Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XII, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XII Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XII Fund of Funds, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XIII, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XIII Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XIII Fund of <br> Funds, L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XIV, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XIV Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XIV Fund of <br> Funds, L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XV Fund of Funds, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XV Fund of <br> Funds, L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Feeder XV Fund of <br> Funds, LLC<sup>12</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XV Equity Direct, <br> LLC<sup>10</sup> <br>| General partner | Delaware |

---

------

---

| | | |
|:---|:---|:---|
| **Thrivent Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent White Rose Fund XV Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Feeder XV Equity <br> Direct, LLC<sup>12</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XVI Fund of Funds, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XVI Fund of <br> Funds, L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Feeder XVI Fund of <br> Funds, LLC<sup>12</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XVI Equity Direct, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XVI Equity Direct, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Feeder XVI Equity <br> Direct, LLC<sup>12</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Opportunity Fund GP, <br> LLC<sup>1</sup> <br>| General partner | Delaware |
| Thrivent White Rose Opportunity Fund, LP<sup>1</sup> <br>| Investment subsidiary | Delaware |
| Thrivent White Rose Real Estate GP, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund I Fund <br> of Funds, L.P.<sup>11</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP II, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund II, <br> L.P.<sup>11</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP III, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund III, <br> L.P.<sup>11</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP IV, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund IV, <br> L.P.<sup>11</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate Feeder IV, <br> LLC<sup>12</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP V, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund V, <br> L.P.<sup>11</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate Feeder V, <br> LLC<sup>12</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP VI, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund VI, <br> L.P.<sup>11</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate Feeder VI, <br> LLC<sup>12</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Endurance GP, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Endurance Fund, L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance GP II, LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Endurance Fund II, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance GP III, <br> LLC<sup>10</sup> <br>| General partner | Delaware |

---

------

---

| | | |
|:---|:---|:---|
| **Thrivent Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent White Rose Endurance Fund III, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance Feeder III, <br> LLC<sup>12</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance GP IV, <br> LLC<sup>10</sup> <br>| General partner | Delaware |
| Thrivent White Rose Endurance Fund IV, <br> L.P.<sup>11</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance Feeder IV, <br> LLC<sup>12</sup> <br>| Private equity fund | Delaware |
| Twin Bridge Capital Partners, LLC<sup>13</sup> <br>| Investment adviser | Delaware |

---

------

<sup>1</sup>

Wholly owned subsidiary of Thrivent.

<sup>2</sup>

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

<sup>3</sup>

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

<sup>4</sup>

Wholly owned subsidiary of White Rose CFO 2023 Holdings, LLC. Thrivent is the ultimate controlling entity.

<sup>5</sup>

Wholly owned subsidiary of BADGER FBN 2025 HOLDINGS, LLC. Thrivent is the ultimate controlling entity.

<sup>6</sup>

Directly controlled by Blue Rock HoldCo LLC. Thrivent is the ultimate controlling entity.

<sup>7</sup>

Directly controlled by Castle Lending Enterprises, LLC. Thrivent is the ultimate controlling entity.

<sup>8</sup>

Directly controlled by College Avenue Student Loans, LLC. Thrivent is the ultimate controlling entity.

<sup>9</sup>

Directly controlled by College Ave Student Loan Servicing, LLC. Thrivent is the ultimate controlling entity.

<sup>10</sup>

Directly controlled by Thrivent Investment Capital Advisors, LLC, which is the managing member of the limited liability company. Thrivent owns an interest in the limited liability company and is the ultimate controlling entity and is the ultimate controlling entity.

<sup>11</sup>

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

<sup>12</sup>

Directly controlled by Thrivent Investment Capital Advisors, LLC, which is the managing member of the limited liability company. The fund is a pooled investment vehicle organized as a feeder fund of the fund. Thrivent is the ultimate controlling entity.

<sup>13</sup>

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

**Item 30.**

**Indemnification**

Under Article IX 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 Asset Management, LLC is the investment adviser and administrator of Registrant. Information about Thrivent Asset Management's financial industry activities or affiliations, as well as the business and other connections of the directors and officers of Thrivent Asset Management, is included on the Form ADV that Thrivent Asset Management has on file with the Securities and Exchange Commission (file No. 801-64988).

**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, and Thrivent Series Fund, Inc.

(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** |
| Michael W. Kremenak | Elected Manager and President | Trustee and President |
| 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>|
| Troy A. Beaver | Elected Manager and Vice President | 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<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> N/A<br>|
| Jessica E. English<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> Assistant Secretary<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> N/A<br>|
| Cynthia J. Nigbur<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> Assistant Secretary<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> N/A<br>|

---

(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> Adviser and Administrator:<br>| &nbsp;&nbsp; <br> Thrivent Asset Management, LLC<br> 901 Marquette Avenue, Suite 2500<br> Minneapolis, Minnesota 55402-3211<br>|
|  | &nbsp;&nbsp; <br> 4321 N. Ballard Rd.<br> Appleton, Wisconsin 54919<br>|

---

------

Custodian: State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 <br> Sub-Transfer Agent SS&C Global Investor & Distribution Solutions, Inc. (SS&C GIDS, Inc.) 1055 Broadway Kansas City, Missouri 64105

**Item 34.**

**Management Services**

Not Applicable

**Item 35.**

**Undertakings**

Not Applicable

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Minneapolis, State of Minnesota, on the 26th day of February, 2026.

---

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

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated and on the 26th day of February, 2026:

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Michael W. Kremenak |  |
| Michael W. Kremenak | Trustee and President (Principal Executive Officer) |
| /s/ Sarah L. Bergstrom |  |
| Sarah L. Bergstrom | Treasurer (Principal Financial and Accounting Officer) |
| \* |  |
| Janice B. Case | Trustee |
| \* |  |
| Robert J. Chersi | Trustee |
| \* |  |
| Arleas Upton Kea | Trustee |
| \* |  |
| Paul R. Laubscher | Trustee |
| \* |  |
| Robert J. Manilla | Trustee |
| \* |  |
| James A. Nussle | Trustee |
| \* |  |
| David S. Royal | Trustee |
| \* |  |
| James W. Runcie | Trustee |
| \* |  |
| Constance L. Souders | Trustee |

---

------

\*

John D. Jackon, by signing his name hereto, does hereby sign this document on behalf of each of the above-named Trustees of Thrivent Core Funds pursuant to the powers of attorney duly executed by such persons.

---

| | |
|:---|:---|
| Dated: February 26, 2026 | /s/ John D. Jackson |
|  | &nbsp;&nbsp;&nbsp;&nbsp; John D. Jackson<br> Attorney-in-Fact<br>|

---

------

## Ex-99.(D)(8)

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

**<u>TO INVESTMENT ADVISORY AGREEMENT</u>**

(Thrivent Core Funds)

Thrivent Core Funds ("TCF") and Thrivent Asset Management, LLC ("TAM") hereby agree that, with respect to the Investment Advisory Agreement dated May 2, 2016, as amended, between TCF and TAM (the "Agreement"), is hereby amended to reflect the following changes to Exhibit A: (i) effective February 27, 2026, the "Thrivent Core High Yield Bond Fund" and "Thrivent Core Investment Grade Corporate Bond Fund" shall each be deemed a "Fund" under the terms of the Agreement; and (ii) removal of Thrivent Core Small Cap Value Fund, which merged into Thrivent Small Cap Value ETF effective November 14, 2025, Thrivent Core Low Volatility Equity Fund, which was liquidated effective October 22, 2025, and Thrivent Core Mid Cap Value Fund, which was liquidated effective October 22, 2025. A revised Exhibit A is attached hereto.

---

| | |
|:---|:---|
| **THRIVENT CORE FUNDS** | **THRIVENT CORE FUNDS** |
| By: | /s/ Michael W. Kremenak |
| Michael W. Kremenak | Michael W. Kremenak |
| President | President |
| **THRIVENT ASSET MANAGEMENT, LLC** | **THRIVENT ASSET MANAGEMENT, LLC** |
| By: | Jeffrey D. Cloutier |
| Jeffrey D. Cloutier | Jeffrey D. Cloutier |
| Vice President, Chief Financial Officer and Treasurer | Vice President, Chief Financial Officer and Treasurer |

---

------

**EXHIBIT A** 

**TO** 

**THRIVENT CORE FUNDS INVESTMENT ADVISORY AGREEMENT** 

**Dated November 18, 2025** 

1. Thrivent Core Short-Term Reserve Fund (effective May 2, 2016)

2. Thrivent Core Emerging Markets Debt Fund (effective September 5, 2017)

3. Thrivent Core International Equity Fund (effective November 10, 2017)

4. Thrivent Core Emerging Markets Equity Fund (effective January 31, 2020)

5. Thrivent Core High Yield Bond Fund (effective February 27, 2026)

6. Thrivent Core Investment Grade Corporate Bond Fund (effective February 27, 2026)

## Ex-99.(E)(8)

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

**<u>TO DISTRIBUTION AGREEMENT</u>**

*(Thrivent Core Funds)* 

Thrivent Core Funds ("TCF") and Thrivent Distributors, LLC ("TDL") hereby agree that, with respect to the Distribution Agreement dated May 2, 2016, as amended, between TCF and TDL (the "Agreement"), is hereby amended to reflect the following changes to Schedule I: (i) effective February 27, 2026, the "Thrivent Core High Yield Bond Fund" and "Thrivent Core Investment Grade Corporate Bond Fund" shall each be deemed a "Fund" under the terms of the Agreement; and (ii) removal of Thrivent Core Small Cap Value Fund, which merged into Thrivent Small Cap Value ETF effective November 14, 2025, Thrivent Core Low Volatility Equity Fund, which was liquidated effective October 22, 2025, and Thrivent Core Mid Cap Value Fund effective October 22, 2025, which was liquidated. A revised Schedule I is attached hereto.

---

| | |
|:---|:---|
| **THRIVENT CORE FUNDS** | **THRIVENT CORE FUNDS** |
| By: | /s/ Michael W. Kremenak |
| Michael W. Kremenak | Michael W. Kremenak |
| President | President |
| **THRIVENT DISTRIBUTORS, LLC** | **THRIVENT DISTRIBUTORS, LLC** |
| By: | /s/ Troy A. Beaver |
| Troy A. Beaver | Troy A. Beaver |
| Vice President | Vice President |

---

------

**SCHEDULE I** 

**THRIVENT CORE FUNDS** 

Thrivent Core Short-Term Reserve Fund

Thrivent Core Emerging Markets Debt Fund

Thrivent Core High Yield Bond Fund

Thrivent Core International Equity Fund

Thrivent Core Investment Grade Corporate Bond Fund

Thrivent Core Emerging Markets Equity Fund

## Ex-99.(G)(7)

*Execution version* 

June 26, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Thomas Bennet

**Re:** <u>Thrivent Small Cap Value ETF and Thrivent Mid Cap Value ETF (each, a "Thrivent ETF</u> <u>Fund" or "Fund")</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.

Kindly indicate your acceptance of the foregoing by signing below.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES SET FORTH ON APPENDIX A HERETO** | **EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES SET FORTH ON APPENDIX A HERETO** |
| By: | /s/ Sarah L. Bergstrom |
| Name: Sarah L. Bergstrom<br> Title: Treasurer and Principal Accounting Officer | Name: Sarah L. Bergstrom<br> Title: Treasurer and Principal Accounting Officer |

---

---

| | |
|:---|:---|
| Agreed and Accepted: | Agreed and Accepted: |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Louis Abruzzi |
| Name: Louis Abruzzi | Name: Louis Abruzzi |
| Title: Senior Vice President<br> Effective Date: November 14, 2025 | Title: Senior Vice President<br> Effective Date: November 14, 2025 |

---

Information Classification: Limited Access

------

*Execution version* 

**APPENDIX A** 

**TO** 

**Master Custodian Agreement** 

**Updated as of June 26, 2025, and effective as of: November 14, 2025** 

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

**Thrivent Mutual Funds** 

Thrivent Conservative Allocation Fund (f/k/a Thrivent Diversified Income Plus Fund)

Thrivent Aggressive Allocation Fund

Thrivent Dynamic Allocation Fund (f/k/a Thrivent Balanced Income Plus Fund)

Thrivent Multisector Bond Fund (f/k/a 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 Short-Term Bond Fund (f/k/a 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 (f/k/a Thrivent Diversified Income Plus Fund)

Thrivent Money Market Fund

Thrivent Municipal Bond Fund

Thrivent International Equity Fund (f/k/a Thrivent International 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 Dynamic Allocation Portfolio (f/k/a Thrivent Balanced Income Plus Portfolio)

Thrivent Government Bond Portfolio

Thrivent Conservative Allocation Portfolio (f/k/a 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 Short-Term Bond Portfolio (f/k/a Thrivent Limited Maturity Bond Portfolio)

Thrivent Mid Cap Index Portfolio

Thrivent Mid Cap Stock Portfolio

Information Classification: Limited Access

------

*Execution version* 

Thrivent Moderate Allocation Portfolio

Thrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderately Conservative Allocation Portfolio

Thrivent Money Market Portfolio

Thrivent Multisector Bond Portfolio (f/k/a Thrivent Opportunity Income Plus Portfolio)

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

Thrivent Emerging Markets Equity Portfolio

Thrivent Healthcare Portfolio

Thrivent International Equity Portfolio (f/k/a Thrivent International 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 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 Core Mid Cap Value Fund

Thrivent Cash Management Trust

**Thrivent ETF Trust** 

Thrivent Small-Mid Cap Equity ETF (f/k/a Thrivent Small-Mid Cap ESG ETF)

Thrivent Core Plus Bond ETF

Thrivent Ultra Short Bond ETF

**Thrivent Small Cap Value ETF**

**Thrivent Mid Cap Value ETF**

Information Classification: Limited Access

## Ex-99.(H)(9)

**<u>AMENDMENT NO. 8</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"), is hereby amended to reflect the following changes to Schedule A and Schedule B: (i) effective February 27, 2026, the "Thrivent Core High Yield Bond Fund" and "Thrivent Core Investment Grade Corporate Bond Fund" shall each be deemed a "Fund" under the terms of the Agreement; and (ii) removal of Thrivent Core Small Cap Value Fund, which merged into Thrivent Small Cap Value ETF effective November 14, 2025, Thrivent Core Low Volatility Equity Fund, which was liquidated effective October 22, 2025, and Thrivent Core Mid Cap Value Fund, which was liquidated effective October 22, 2025. A revised Schedule A and Schedule B are attached hereto.

**THRIVENT CORE FUNDS** 

---

| | |
|:---|:---|
| By: | /s/ Michael W. Kremenak |
| Michael W. Kremenak | Michael W. Kremenak |
| President | President |

---

**THRIVENT CASH MANAGEMENT TRUST** 

---

| | |
|:---|:---|
| By: | /s/ Michael W. Kremenak |
| Michael W. Kremenak | Michael W. Kremenak |
| President | President |

---

**THRIVENT FINANCIAL INVESTOR SERVICES INC.** 

---

| | |
|:---|:---|
| By: | /s/ Andrew R. Kellogg |
| Andrew R. Kellogg | Andrew R. Kellogg |
| President | President |

---

------

**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 High Yield Bond Fund

Thrivent Core International Equity Fund

Thrivent Core Investment Grade Corporate Bond Fund

Thrivent Core Emerging Markets Equity Fund

------

**SCHEDULE B** 

---

| | |
|:---|:---|
| **Fund** | **Fee** |
|  Thrivent Core Short-Term Reserve Fund | $5000 |
|  Thrivent Cash Management Trust | $5000 |
|  Thrivent Core Emerging Markets Debt Fund | $5000 |
|  Thrivent Core High Yield Bond Fund | $5000 |
|  Thrivent Core International Equity Fund | $5000 |
|  Thrivent Core Investment Grade Corporate Bond Fund | $5000 |
|  Thrivent Core Emerging Markets Equity Fund | $5000 |

---

## Ex-99.(H)19)

**<u>AMENDMENT NO. 9</u>**

**<u>TO ADMINISTRATIVE SERVICES AGREEMENT</u>**

*(Thrivent Core Funds)* 

Thrivent Core Funds ("TCF") and Thrivent Asset Management, LLC ("TAM") hereby agree that, with respect to the Administrative Services Agreement dated May 2, 2016, as amended, between TCF and TAM (the "Agreement), is hereby amended to reflect the following changes to Schedule A: (i) effective February 27, 2026, "Thrivent Core High Yield Bond Fund" and "Thrivent Core Investment Grade Corporate Bond Fund" each shall be deemed a "Fund" under the Agreement; and (ii) removal of Thrivent Core Small Cap Value Fund, which merged into Thrivent Small Cap Value ETF effective November 14, 2025, Thrivent Core Low Volatility Equity Fund, which was liquidated effective October 22, 2025, and Thrivent Core Mid Cap Value Fund, which was liquidated effective October 22, 2025. A revised Schedule A is attached hereto.

**THRIVENT CORE FUNDS** 

---

| | |
|:---|:---|
| By: | /s/ Michael W. Kremenak |
| Michael W. Kremenak | Michael W. Kremenak |
| President | President |

---

**THRIVENT ASSET MANAGEMENT, LLC** 

---

| | |
|:---|:---|
| By: | /s/ Jeffrey D. Cloutier |
| Jeffrey D. Cloutier | Jeffrey D. Cloutier |
| Vice President, Chief Financial Officer and Treasurer | Vice President, Chief Financial Officer and Treasurer |

---

------

**Schedule A** 

**(effective February 27, 2026)** 

---

| | |
|:---|:---|
| **Fund** | **Fee** |
| 1. Thrivent Core Short-Term Reserve Fund | $100000 |
| 2. Thrivent Core Emerging Markets Debt Fund | (a) 0.017 percent (0.017%) of the Fund's average daily net assets, plus (b) a fixed fee of $80,000. |
| 3. Thrivent Core High Yield Bond Fund | (a) 0.017 percent (0.017%) of the Fund's average daily net assets, plus (b) a fixed fee of $80,000. |
| 4. Thrivent Core International Equity Fund | (a) 0.017 percent (0.017%) of the Fund's average daily net assets, plus (b) a fixed fee of $80,000. |
| 5. Thrivent Core Investment Grade Corporate Bond Fund | (a) 0.017 percent (0.017%) of the Fund's average daily net assets, plus (b) a fixed fee of $80,000. |
| 6. Thrivent Core Emerging Markets Equity Fund | (a) 0.017 percent (0.017%) of the Fund's average daily net assets, plus (b) a fixed fee of $80,000. |

---

## Ex-99.(H)(31)

<u>SCHEDULE 1</u> 

AVAILABLE SECURITIES

---

| | |
|:---|:---|
| **Fund Family** | **Fund Name** |
| Thrivent Mutual Funds | Thrivent Aggressive Allocation Fund |
| Thrivent Mutual Funds | Thrivent Dynamic Allocation Fund |
| Thrivent Mutual Funds | Thrivent Conservative Allocation Fund |
| Thrivent Mutual Funds | Thrivent Global Stock Fund |
| Thrivent Mutual Funds | Thrivent Government Bond Fund |
| Thrivent Mutual Funds | Thrivent High Yield Fund |
| Thrivent Mutual Funds | Thrivent Income Fund |
| Thrivent Mutual Funds | Thrivent International Equity Fund |
| Thrivent Mutual Funds | Thrivent Large Cap Growth Fund |
| Thrivent Mutual Funds | Thrivent Large Cap Value Fund |
| Thrivent Mutual Funds | Thrivent Short-Term Bond Fund |
| Thrivent Mutual Funds | Thrivent Mid Cap Growth Fund |
| Thrivent Mutual Funds | Thrivent Mid Cap Stock Fund |
| Thrivent Mutual Funds | Thrivent Moderate Allocation Fund |
| Thrivent Mutual Funds | Thrivent Moderately Aggressive Allocation Fund |
| Thrivent Mutual Funds | Thrivent Moderately Conservative Allocation Fund |
| Thrivent Mutual Funds | Thrivent Multisector Bond Fund |
| Thrivent Mutual Funds | Thrivent Small Cap Growth Fund |
| Thrivent Mutual Funds | Thrivent Small Cap Stock Fund |
| Thrivent Series Fund, Inc. | Thrivent Aggressive Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent All Cap Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Dynamic Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Conservative Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent ESG Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Emerging Markets Equity Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Global Stock Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Government Bond Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Healthcare Portfolio |
| Thrivent Series Fund, Inc. | Thrivent High Yield Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Income Portfolio |

---

------

---

| | |
|:---|:---|
| **Fund Family** | **Fund Name** |
| Thrivent Series Fund, Inc. | Thrivent International Equity Portfolio |
| Thrivent Series Fund, Inc. | Thrivent International Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Large Cap Growth Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Large Cap Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Large Cap Value Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Short-Term Bond Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Growth Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Stock Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Value Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Moderate Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Moderately Aggressive Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Moderately Conservative Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Multisector Bond Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Real Estate Securities Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Small Cap Growth Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Small Cap Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Small Cap Stock Portfolio |
| Thrivent Core Funds | Thrivent Core Emerging Markets Debt Fund |
| Thrivent Core Funds | Thrivent Core Emerging Markets Equity Fund |
| Thrivent Core Funds | Thrivent Core International Equity Fund |

---

---

| | |
|:---|:---|
| **Each registered investment company or series thereof set forth on Exhibit A, as amended, severally and not jointly** | **Each registered investment company or series thereof set forth on Exhibit A, as amended, severally and not jointly** |
| By | /s/ John D. Jackson |
| Name: John D. Jackson | Name: John D. Jackson |
| Title: Secretary and Chief Legal Officer | Title: Secretary and Chief Legal Officer |
| **GOLDMAN SACHS BANK USA** | **GOLDMAN SACHS BANK USA** |
| By | /s/ Christel Carroll |
| Name: Christel Carroll | Name: Christel Carroll |
| Title: Vice President | Title: Vice President |

---

## Ex-99.(H)(32)

<u>SCHEDULE 1</u> 

AVAILABLE SECURITIES

---

| | |
|:---|:---|
| **Fund Family** | **Fund Name** |
| Thrivent Mutual Funds | Thrivent Aggressive Allocation Fund |
| Thrivent Mutual Funds | Thrivent Dynamic Allocation Fund |
| Thrivent Mutual Funds | Thrivent Conservative Allocation Fund |
| Thrivent Mutual Funds | Thrivent Global Stock Fund |
| Thrivent Mutual Funds | Thrivent Government Bond Fund |
| Thrivent Mutual Funds | Thrivent High Yield Fund |
| Thrivent Mutual Funds | Thrivent Income Fund |
| Thrivent Mutual Funds | Thrivent International Equity Fund |
| Thrivent Mutual Funds | Thrivent Large Cap Growth Fund |
| Thrivent Mutual Funds | Thrivent Large Cap Value Fund |
| Thrivent Mutual Funds | Thrivent Short-Term Bond Fund |
| Thrivent Mutual Funds | Thrivent Mid Cap Growth Fund |
| Thrivent Mutual Funds | Thrivent Mid Cap Stock Fund |
| Thrivent Mutual Funds | Thrivent Moderate Allocation Fund |
| Thrivent Mutual Funds | Thrivent Moderately Aggressive Allocation Fund |
| Thrivent Mutual Funds | Thrivent Moderately Conservative Allocation Fund |
| Thrivent Mutual Funds | Thrivent Multisector Bond Fund |
| Thrivent Mutual Funds | Thrivent Small Cap Growth Fund |
| Thrivent Mutual Funds | Thrivent Small Cap Stock Fund |
| Thrivent Series Fund, Inc. | Thrivent Aggressive Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent All Cap Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Dynamic Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Conservative Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent ESG Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Emerging Markets Equity Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Global Stock Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Government Bond Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Healthcare Portfolio |
| Thrivent Series Fund, Inc. | Thrivent High Yield Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Income Portfolio |

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| | |
|:---|:---|
| **Fund Family** | **Fund Name** |
| Thrivent Series Fund, Inc. | Thrivent International Equity Portfolio |
| Thrivent Series Fund, Inc. | Thrivent International Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Large Cap Growth Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Large Cap Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Large Cap Value Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Short-Term Bond Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Growth Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Stock Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Mid Cap Value Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Moderate Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Moderately Aggressive Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Moderately Conservative Allocation Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Multisector Bond Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Real Estate Securities Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Small Cap Growth Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Small Cap Index Portfolio |
| Thrivent Series Fund, Inc. | Thrivent Small Cap Stock Portfolio |
| Thrivent Core Funds | Thrivent Core Emerging Markets Debt Fund |
| Thrivent Core Funds | Thrivent Core Emerging Markets Equity Fund |
| Thrivent Core Funds | Thrivent Core High Yield Bond Fund |
| Thrivent Core Funds | Thrivent Core International Equity Fund |
| Thrivent Core Funds | Thrivent Core Investment Grade Corporate Bond Fund |

---

---

| | |
|:---|:---|
| **Each registered investment company or series thereof set forth on Exhibit A, as amended, severally and not jointly** | **Each registered investment company or series thereof set forth on Exhibit A, as amended, severally and not jointly** |
| By | /s/ John D. Jackson |
| Name: John D. Jackson | Name: John D. Jackson |
| Title: Secretary and Chief Legal Officer | Title: Secretary and Chief Legal Officer |
| **GOLDMAN SACHS BANK USA** | **GOLDMAN SACHS BANK USA** |
| By | /s/ Christel Carroll |
| Name: Christel Carroll | Name: Christel Carroll |
| Title: Vice President | Title: Vice President |

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## Ex-99.(I)

**Thrivent Core Funds** 

**901 Marquette Avenue, Suite 2500** 

**Minneapolis, Minnesota 55402-3211** 

February 26, 2026

Thrivent Core Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

Ladies and Gentlemen:

As counsel to Thrivent Core Funds, a statutory trust organized under the laws of the State of Delaware (the "Trust"), I have been asked to render an opinion in connection with the Trust's Post-Effective Amendment No. 24 under the Securities Act of 1933 to the Registration Statement on Form N-1A (Securities Act File No. 333-218855) to be filed by the Trust with the Securities and Exchange Commission.

I wish to advise you that I have examined such documents and questions of law as I have deemed necessary for purposes of this opinion. Based upon the foregoing, I am of the opinion that:

1. The Trust has been duly organized and validly exists pursuant to the laws of the State of Delaware; and

2. The shares of beneficial interest of the Trust, which are described in the foregoing Registration Statement,
will, when sold in accordance with the terms of the Prospectus and Statement of Additional Information in effect at the time of the sale, be legally issued, fully paid and non-assessable by the Trust.

I consent to this opinion being filed as an exhibit to the foregoing Registration Statement.

Sincerely,

---

| |
|:---|
| /s/ John D. Jackson |
| John D. Jackson |
| Secretary and Chief Legal Officer |

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## Ex-99.(J)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Thrivent Core Funds of our report dated December 17, 2025, relating to the financial statements and financial highlights of the funds indicated in Appendix I, which appears in Thrivent Core Fund's Certified Shareholder Report on Form N-CSR for the year ended October 31, 2025. We also consent to the references to us under the headings "Financial Statements", "Financial Highlights" and "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 25, 2026

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**<u>Appendix I</u>**

**Thrivent Core Funds** 

Thrivent Core Emerging Markets Debt Fund

Thrivent Core Emerging Markets Equity Fund

Thrivent Core International Equity Fund