Summary

• Thrivent Small Cap Growth Fund generated a return of -0.76% during the quarter versus a -2.81% return for the Russell 2000 Growth Index.
• Silicon Laboratories, a semiconductor company focused on wireless connectivity for internet of things, agreed to be acquired by Texas Instruments in February 2026 for a significant premium.
• RBC Bearings Incorporated has benefited from continued strength in commercial aerospace and defense, along with an emerging inflection in industrial demand following a three-year downcycle.
• Inspire Medical Systems, Inc. saw growth slow amid a national rollout of their new Inspire V product and intended to spend significantly more on marketing to drive growth.
• J&J Snack Foods saw its growth decline primarily driven by weaker sales in frozen beverages and foodservice, influenced by softer traffic in the theater channel.

Executive Summary

• The Fund outperformed the Russell 2000 Growth Index during the first quarter of 2026. The primary driver of outperformance in the quarter was stock selection in the information technology sector.
• The Fund underperformed

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