Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Principal

Amount

Long-Term

Fixed

Income

(

95.9%

)

Value

Bahrain

(1.8%)

Bahrain

Government

International

Bond

$

5,000,000

5.875%, 

1/26/2021

a

$

5,076,700

4,000,000

6.125%, 

8/1/2023

a

4,256,880

2,000,000

7.000%, 

10/12/2028

a

2,235,896

2,500,000

6.750%, 

9/20/2029

a

2,763,600

3,000,000

7.500%, 

9/20/2047

a

3,347,484

1,000,000

7.500%, 

9/20/2047

1,115,828

Total

18,796,388

Belarus

(1.3%)

Belarus

Government

International

Bond

2,600,000

6.875%, 

2/28/2023

2,626,260

2,000,000

5.875%, 

2/24/2026

a

1,934,000

4,000,000

7.625%, 

6/29/2027

4,163,600

4,000,000

6.200%, 

2/28/2030

3,850,480

Total

12,574,340

Brazil

(3.7%)

Brazil

Government

International

Bond

2,900,000

4.750%, 

1/14/2050

2,997,875

4,800,000

2.625%, 

1/5/2023

4,946,448

3,000,000

2.875%, 

6/6/2025

3,039,030

1,000,000

4.500%, 

5/30/2029

1,077,000

3,000,000

3.875%, 

6/12/2030

3,057,030

2,000,000

8.250%, 

1/20/2034

2,757,500

1,505,000

7.125%, 

1/20/2037

1,933,925

7,300,000

5.000%, 

1/27/2045

7,736,248

2,000,000

5.625%, 

2/21/2047

b

2,285,000

Petrobras

Global

Finance

BV

6,500,000

6.850%, 

6/5/2115

6,877,000

Total

36,707,056

Canada

(0.4%)

Canacol

Energy,

Ltd.

4,500,000

7.250%, 

5/3/2025

4,533,750

Total

4,533,750

Cayman

Islands

(1.3%)

KSA

Sukuk

,

Ltd.

7,000,000

2.894%, 

4/20/2022

a

7,225,204

Petrobras

International

Finance

Company

5,000,000

6.750%, 

1/27/2041

5,443,750

Rutas

2

and

7

Finance,

Ltd.

1,500,000

Zero

Coupon, 

9/30/2036

a

1,025,625

Total

13,694,579

Colombia

(5.3%)

Colombia

Government

International

Bond

3,870,000

4.375%, 

7/12/2021

3,986,100

5,000,000

2.625%, 

3/15/2023

5,125,000

13,375,000

3.875%, 

4/25/2027

14,538,625

3,700,000

4.500%, 

3/15/2029

4,199,500

2,000,000

3.125%, 

4/15/2031

2,071,020

4,000,000

7.375%, 

9/18/2037

5,836,000

3,000,000

6.125%, 

1/18/2041

4,035,000

4,605,000

5.625%, 

2/26/2044

6,014,176

Ecopetrol

SA

1,000,000

5.375%, 

6/26/2026

1,106,250

3,000,000

6.875%, 

4/29/2030

3,615,000

Principal

Amount

Long-Term

Fixed

Income

(95.9%)

Value

Colombia

(5.3%)

-

continued

$

2,000,000

7.375%, 

9/18/2043

$

2,585,000

Total

53,111,671

Croatia

(0.3%)

Croatia

Government

International

Bond

2,500,000

6.375%, 

3/24/2021

a

2,587,500

Total

2,587,500

Dominican

Republic

(4.0%)

Dominican

Republic

Government

International

Bond

3,000,000

5.875%, 

1/30/2060

a

2,865,000

666,667

7.500%, 

5/6/2021

a

690,667

1,500,000

6.600%, 

1/28/2024

a

1,624,500

3,500,000

5.500%, 

1/27/2025

a

3,634,750

3,000,000

6.875%, 

1/29/2026

a

3,306,000

4,000,000

5.950%, 

1/25/2027

a

4,244,000

3,000,000

6.000%, 

7/19/2028

3,187,500

5,000,000

4.500%, 

1/30/2030

a

4,842,500

3,300,000

7.450%, 

4/30/2044

a

3,714,150

4,900,000

6.850%, 

1/27/2045

5,181,750

1,000,000

6.500%, 

2/15/2048

a

1,018,500

5,000,000

6.400%, 

6/5/2049

a

5,050,000

Total

39,359,317

Egypt

(4.6%)

Egypt

Government

International

Bond

2,000,000

8.875%, 

5/29/2050

a

1,999,600

500,000

8.150%, 

11/20/2059

a

464,320

4,000,000

6.125%, 

1/31/2022

4,104,160

3,800,000

5.750%, 

5/29/2024

a

3,829,716

4,000,000

5.875%, 

6/11/2025

4,039,000

3,000,000

7.500%, 

1/31/2027

3,134,532

10,800,000

7.600%, 

3/1/2029

11,008,159

11,000,000

7.053%, 

1/15/2032

a

10,404,680

5,000,000

8.500%, 

1/31/2047

4,931,500

3,000,000

7.903%, 

2/21/2048

2,757,930

Total

46,673,597

El

Salvador

(0.5%)

El

Salvador

Government

International

Bond

1,600,000

7.125%, 

1/20/2050

a

1,326,400

1,800,000

8.625%, 

2/28/2029

1,779,300

500,000

8.250%, 

4/10/2032

473,755

2,000,000

7.650%, 

6/15/2035

1,790,000

Total

5,369,455

Ghana

(2.0%)

Ghana

Government

International

Bond

4,000,000

10.750%, 

10/14/2030

4,783,480

9,300,000

8.125%, 

3/26/2032

8,688,060

7,000,000

7.875%, 

2/11/2035

a

6,197,800

Total

19,669,340

Guatemala

(0.6%)

Guatemala

Government

International

Bond

3,000,000

6.125%, 

6/1/2050

a

3,654,000

2,000,000

5.375%, 

4/24/2032

a

2,290,000

Total

5,944,000

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Long-Term

Fixed

Income

(95.9%)

Value

Honduras

(0.2%)

Honduras

Government

International

Bond

$

2,000,000

5.625%, 

6/24/2030

a

$

2,105,000

Total

2,105,000

Hungary

(0.1%)

Hungary

Government

International

Bond

1,014,000

6.375%, 

3/29/2021

1,051,494

Total

1,051,494

Indonesia

(8.1%)

Indonesia

Government

International

Bond

4,650,000

3.750%, 

4/25/2022

a

4,840,929

4,000,000

3.375%, 

4/15/2023

a

4,203,164

2,397,000

5.875%, 

1/15/2024

a

2,754,129

6,100,000

4.750%, 

1/8/2026

a

7,050,746

6,000,000

3.850%, 

10/15/2030

6,898,056

5,000,000

8.500%, 

10/12/2035

a

8,154,697

2,000,000

6.625%, 

2/17/2037

a

2,865,311

2,000,000

7.750%, 

1/17/2038

a

3,163,919

726,000

6.750%, 

1/15/2044

a

1,118,303

3,700,000

5.125%, 

1/15/2045

a

4,847,669

4,000,000

5.950%, 

1/8/2046

a

5,785,040

1,200,000

5.250%, 

1/8/2047

a

1,611,743

1,500,000

4.350%, 

1/11/2048

1,798,985

Pertamina

Persero

PT

3,000,000

6.450%, 

5/30/2044

4,134,029

Perusahaan

Listrik

Negara

PT

1,000,000

4.375%, 

2/5/2050

1,106,250

Perusahaan

Penerbit

SBSN

Indonesia

III

3,000,000

3.400%, 

3/29/2021

a

3,045,000

1,000,000

3.750%, 

3/1/2023

a

1,053,750

2,500,000

4.350%, 

9/10/2024

a

2,762,500

1,500,000

4.150%, 

3/29/2027

a

1,676,250

PT

Pertamina

4,700,000

4.150%, 

2/25/2060

a

4,973,278

2,000,000

3.100%, 

8/25/2030

a

2,065,000

PT

Perusahaan

Gas

Negara

(

Persero

)

Tbk

PT

4,000,000

5.125%, 

5/16/2024

4,349,571

Total

80,258,319

Israel

(0.4%)

Israel

Government

International

Bond

3,000,000

3.875%, 

7/3/2050

3,733,500

Total

3,733,500

Ivory

Coast

(1.4%)

Ivory

Coast

Government

International

Bond

7,000,000

6.375%, 

3/3/2028

7,130,900

7,500,000

6.125%, 

6/15/2033

7,312,500

Total

14,443,400

Kuwait

(0.6%)

Kuwait

Government

International

Bond

5,500,000

2.750%, 

3/20/2022

a

5,678,596

Total

5,678,596

Principal

Amount

Long-Term

Fixed

Income

(95.9%)

Value

Malaysia

(0.5%)

Petronas

Capital,

Ltd.

$

2,000,000

4.550%, 

4/21/2050

a

$

2,738,891

2,000,000

3.500%, 

4/21/2030

a

2,270,016

Total

5,008,907

Mexico

(6.8%)

Mexico

Government

International

Bond

7,160,000

4.500%, 

1/31/2050

7,947,600

5,590,000

5.750%, 

10/12/2110

6,694,025

5,781,000

4.150%, 

3/28/2027

6,359,100

3,885,000

3.750%, 

1/11/2028

4,167,245

7,600,000

4.500%, 

4/22/2029

8,527,200

6,000,000

5.550%, 

1/21/2045

b

7,560,000

5,250,000

4.600%, 

1/23/2046

5,847,187

2,000,000

4.600%, 

2/10/2048

2,224,000

Petroleos

Mexicanos

3,000,000

7.690%, 

1/23/2050

2,637,900

10,700,000

6.840%, 

1/23/2030

a

9,951,000

3,000,000

5.950%, 

1/28/2031

a

2,580,000

5,100,000

6.625%, 

6/15/2035

4,357,440

Total

68,852,697

Netherlands

(0.9%)

IHS

Netherlands

Holdco

BV

3,000,000

8.000%, 

9/18/2027

a

3,052,500

Petrobras

Global

Finance

BV

6,300,000

5.600%, 

1/3/2031

6,615,000

Total

9,667,500

Nigeria

(1.4%)

Nigeria

Government

International

Bond

2,000,000

6.375%, 

7/12/2023

2,051,940

1,000,000

8.747%, 

1/21/2031

1,027,140

5,600,000

7.875%, 

2/16/2032

5,398,400

3,000,000

7.696%, 

2/23/2038

2,793,690

3,000,000

7.625%, 

11/28/2047

2,740,980

Total

14,012,150

Oman

(2.4%)

Oman

Government

International

Bond

1,000,000

3.625%, 

6/15/2021

a

994,700

3,000,000

4.125%, 

1/17/2023

a

2,946,324

2,000,000

5.932%, 

10/31/2025

a

2,087,320

5,000,000

4.750%, 

6/15/2026

a

4,657,000

4,000,000

5.625%, 

1/17/2028

a

3,786,032

10,500,000

6.750%, 

1/17/2048

a

9,293,256

Total

23,764,632

Panama

(1.7%)

Panama

Government

International

Bond

2,000,000

4.500%, 

4/16/2050

b

2,647,500

1,000,000

9.375%, 

1/16/2023

1,180,000

3,000,000

3.750%, 

3/16/2025

3,307,500

2,000,000

3.875%, 

3/17/2028

2,317,500

5,079,000

6.700%, 

1/26/2036

7,802,614

Total

17,255,114

Paraguay

(1.7%)

Paraguay

Government

International

Bond

9,800,000

5.400%, 

3/30/2050

12,495,000

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income

(95.9%)

Value

Paraguay

(1.7%)

-

continued

$

4,000,000

4.950%, 

4/28/2031

a

$

4,660,000

Total

17,155,000

Peru

(1.4%)

Peru

Government

International

Bond

2,650,000

5.625%, 

11/18/2050

4,518,250

1,000,000

7.350%, 

7/21/2025

1,297,500

5,000,000

8.750%, 

11/21/2033

8,731,250

Total

14,547,000

Philippines

(2.4%)

Philippines

Government

International

Bond

3,000,000

4.200%, 

1/21/2024

3,310,650

3,000,000

3.750%, 

1/14/2029

3,551,310

5,025,000

7.750%, 

1/14/2031

7,814,105

2,625,000

6.375%, 

10/23/2034

3,969,860

3,720,000

3.950%, 

1/20/2040

4,596,713

Total

23,242,638

Poland

(0.4%)

Poland

Government

International

Bond

4,000,000

5.000%, 

3/23/2022

4,296,154

Total

4,296,154

Qatar

(7.9%)

Qatar

Government

International

Bond

8,200,000

4.400%, 

4/16/2050

a

11,131,500

6,000,000

4.500%, 

1/20/2022

a

6,316,800

3,000,000

3.875%, 

4/23/2023

a

3,237,984

6,000,000

3.375%, 

3/14/2024

a

6,506,484

3,000,000

3.250%, 

6/2/2026

a

3,329,112

11,500,000

4.500%, 

4/23/2028

a

13,895,450

1,000,000

4.000%, 

3/14/2029

a

1,184,600

6,000,000

3.750%, 

4/16/2030

a

7,050,720

2,000,000

9.750%, 

6/15/2030

a

3,432,340

2,000,000

5.750%, 

1/20/2042

a

3,056,564

7,750,000

5.103%, 

4/23/2048

a

11,377,930

8,000,000

4.817%, 

3/14/2049

a

11,420,736

Total

81,940,220

Russian

Federation

(5.1%)

Russia

Government

International

Bond

2,000,000

4.500%, 

4/4/2022

a

2,111,256

7,600,000

4.750%, 

5/27/2026

8,770,780

4,000,000

4.250%, 

6/23/2027

a

4,507,920

2,000,000

12.750%, 

6/24/2028

a

3,456,560

6,400,000

4.375%, 

3/21/2029

7,336,000

6,000,000

4.375%, 

3/21/2029

a

6,877,500

885,000

7.500%, 

3/31/2030

a

1,021,113

2,600,000

5.100%, 

3/28/2035

a

3,248,336

5,000,000

5.625%, 

4/4/2042

a

6,836,450

6,000,000

5.250%, 

6/23/2047

a

8,187,600

Total

52,353,515

Saudi

Arabia

(7.0%)

Saudi

Arabia

Government

International

Bond

3,000,000

5.250%, 

1/16/2050

a

4,253,100

4,000,000

3.750%, 

1/21/2055

4,607,400

2,500,000

2.375%, 

10/26/2021

a

2,544,050

Principal

Amount

Long-Term

Fixed

Income

(95.9%)

Value

Saudi

Arabia

(7.0%)

-

continued

$

3,000,000

2.875%, 

3/4/2023

a

$

3,139,854

6,000,000

4.000%, 

4/17/2025

a

6,712,908

11,300,000

3.250%, 

10/26/2026

a

12,399,377

6,000,000

3.625%, 

3/4/2028

a

6,730,668

6,800,000

4.375%, 

4/16/2029

a

8,083,500

5,250,000

4.500%, 

10/26/2046

a

6,641,565

4,000,000

4.625%, 

10/4/2047

a

5,150,400

6,700,000

5.000%, 

4/17/2049

a

9,169,955

Total

69,432,777

South

Africa

(1.4%)

Eskom

Holdings

SOC,

Ltd.

1,500,000

6.350%, 

8/10/2028

a

1,509,750

South

Africa

Government

International

Bond

4,125,000

5.875%, 

5/30/2022

4,351,875

2,000,000

4.665%, 

1/17/2024

2,057,880

1,500,000

4.850%, 

9/27/2027

1,486,338

500,000

5.875%, 

6/22/2030

514,647

500,000

6.250%, 

3/8/2041

491,295

5,200,000

5.650%, 

9/27/2047

4,633,491

Total

15,045,276

Sri

Lanka

(1.4%)

Sri

Lanka

Government

International

Bond

1,500,000

5.750%, 

1/18/2022

a

1,298,984

1,500,000

5.875%, 

7/25/2022

a

1,267,543

1,800,000

5.875%, 

7/25/2022

1,521,051

1,000,000

5.750%, 

4/18/2023

a

800,028

2,000,000

6.350%, 

6/28/2024

a

1,580,038

3,000,000

6.850%, 

11/3/2025

2,295,143

1,500,000

6.200%, 

5/11/2027

a

1,095,005

1,000,000

6.750%, 

4/18/2028

a

730,000

4,000,000

7.850%, 

3/14/2029

3,000,000

2,000,000

7.550%, 

3/28/2030

a

1,470,002

Total

15,057,794

Supranational

(0.8%)

African

Export-Import

Bank

3,000,000

3.994%, 

9/21/2029

a

3,041,100

Banque

Ouest

Africaine

de

Developpement

4,500,000

4.700%, 

10/22/2031

a

4,567,500

Total

7,608,600

Trinidad

and

Tobago

(0.5%)

Telecommunications

Services

of

Trinidad

and

Tobago,

Ltd.

5,000,000

8.875%, 

10/18/2029

a

5,000,000

Total

5,000,000

Turkey

(6.9%)

Hazine

Mustesarligi

Varlik

Kiralama

AS

3,000,000

5.800%, 

2/21/2022

a

3,000,000

Turkey

Government

International

Bond

2,500,000

5.625%, 

3/30/2021

2,506,250

3,000,000

6.250%, 

9/26/2022

2,977,080

5,000,000

7.250%, 

12/23/2023

5,023,400

8,000,000

5.750%, 

3/22/2024

7,657,280

7,042,000

4.875%, 

10/9/2026

6,263,436

4,300,000

6.000%, 

3/25/2027

4,039,850

1,000,000

5.125%, 

2/17/2028

883,300

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income

(95.9%)

Value

Turkey

(6.9%)

-

continued

$

11,000,000

7.625%, 

4/26/2029

$

11,145,750

7,000,000

5.250%, 

3/13/2030

6,020,742

7,439,000

6.875%, 

3/17/2036

6,880,182

5,935,000

6.750%, 

5/30/2040

5,327,256

6,500,000

6.625%, 

2/17/2045

5,656,950

3,000,000

5.750%, 

5/11/2047

2,374,080

Total

69,755,556

Ukraine

(1.3%)

Ukraine

Government

International

Bond

2,000,000

7.750%, 

9/1/2026

2,045,120

2,700,000

9.750%, 

11/1/2028

3,009,420

8,000,000

7.375%, 

9/25/2032

7,848,160

Total

12,902,700

United

Arab

Emirates

(4.4%)

Abu

Dhabi

Government

International

Bond

9,500,000

3.875%, 

4/16/2050

a

12,029,280

3,000,000

2.500%, 

10/11/2022

a

3,117,156

3,000,000

3.125%, 

5/3/2026

a

3,327,444

5,500,000

3.125%, 

10/11/2027

a

6,153,895

2,500,000

2.500%, 

9/30/2029

a

2,698,685

4,000,000

4.125%, 

10/11/2047

a

5,222,216

Dubai

Government

International

Bond

2,300,000

5.250%, 

1/30/2043

2,638,459

Finance

Department

Government

of

Sharjah

7,000,000

4.000%, 

7/28/2050

a

7,354,620

Tabreed

Sukuk

,

Ltd.

2,000,000

5.500%, 

10/31/2025

2,252,160

Total

44,793,915

United

Kingdom

(0.9%)

Gazprom

PJSC

5,000,000

3.250%, 

2/25/2030

a

5,035,310

NAK

Naftogaz

Ukraine

4,000,000

7.625%, 

11/8/2026

a

3,849,718

Total

8,885,028

Uruguay

(1.7%)

Uruguay

Government

International

Bond

4,000,000

4.975%, 

4/20/2055

5,560,000

4,000,000

5.100%, 

6/18/2050

5,595,000

4,840,312

4.375%, 

1/23/2031

5,929,382

Total

17,084,382

Vietnam

(0.4%)

Vietnam

Government

International

Bond

4,000,000

4.800%, 

11/19/2024

4,420,167

Total

4,420,167

Total

Long-Term

Fixed

Income

(cost

$908,964,153)

968,373,024

Shares

Registered

Investment

Companies

(

1.6%

)

Value

Unaffiliated  (1.6%)

140,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

$

15,832,600

Total

15,832,600

Total

Registered

Investment

Companies

(cost

$13,825,424)

15,832,600

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

5,098,650

Thrivent

Cash

Management

Trust

5,098,650

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,098,650)

5,098,650

Shares

Short-Term

Investments

(

1.6%

)

Thrivent

Core

Short-Term

Reserve

Fund

1,637,855

0.500%

16,394,930

Total

Short-Term

Investments

(cost

$16,394,931)

16,394,930

Total

Investments

(cost

$944,283,158)

99.6%

$1,005,699,204

Other

Assets

and

Liabilities,

Net

0.4%

3,787,486

Total

Net

Assets

100.0%

$1,009,486,690

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2020,

the

value

of

these

investments

was

$467,542,141

or

46.3%

of

total

net

assets.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Emerging

Markets

Debt

Fund

as

of

July

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,959,090

Total

lending

$4,959,090

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,098,650

Net

amounts

due

to

counterparty

$139,560

Definitions:

ETF

-

Exchange

Traded

Fund

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2020,

in

valuing

Emerging

Markets

Debt

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Communications

Services

8,052,500

–

8,052,500

–

Energy

68,062,082

–

68,062,082

–

Financials

1,025,625

–

1,025,625

–

Foreign

Government

885,373,496

–

885,373,496

–

Utilities

5,859,321

–

5,859,321

–

Registered

Investment

Companies

Unaffiliated

15,832,600

15,832,600

–

–

Subtotal

Investments

in

Securities

$984,205,624

$15,832,600

$968,373,024

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

16,394,930

Collateral

Held

for

Securities

Loaned

5,098,650

Subtotal

Other

Investments

$21,493,580

Total

Investments

at

Value

$1,005,699,204

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Debt

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

7/31/2020

Shares

Held

at

7/31/2020

%

of

Net

Assets

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$15,590

$184,683

$183,905

$16,395

1,638

1.6%

Total

Affiliated

Short-Term

Investments

15,590

16,395

1.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,415

78,675

76,991

5,099

5,099

0.5

Total

Collateral

Held

for

Securities

Loaned

3,415

5,099

0.5

Total

Value

$19,005

$21,494

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$27

$0

0

$198

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$198

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

17

Total

Affiliated

Income

from

Securities

Loaned,

Net

$17

Total

Value

$27

$0

$0

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock

(

98.5%

)

Value

Argentina

(<0.1%)

3,774

Telecom

Argentina

SA

ADR

$

32,909

Total

32,909

Bermuda

(0.5%)

112,000

Alibaba

Health

Information

Technology,

Ltd.

a

310,026

96,000

Road

King

Infrastructure,

Ltd.

129,140

352,000

Shanghai

Industrial

Urban

Development

Group,

Ltd.

38,651

1,398,000

Yuexiu

Transport

Infrastructure,

Ltd.

888,203

Total

1,366,020

Brazil

(5.5%)

189,900

Ambev

SA

506,371

122,400

Atacadao

SA

523,712

51,400

B3

SA

-

Brasil

Bolsa

Balcao

628,244

291,900

Banco

ABC

Brasil

SA

785,070

154,837

Banco

Bradesco

SA

ADR

653,412

54,500

Banco

do

Brasil

SA

352,499

45,560

Banco

Santander

Brasil

SA

ADR

260,603

108,600

BR

Malls

Participacoes

SA

207,559

58,415

Companhia

Siderurgica

Nacional

SA

ADR

134,939

61,100

Cosan

SA

1,054,145

265,500

EDP

-

Energias

do

Brasil

SA

940,044

157,811

Gerdau

SA

ADR

527,089

171,100

Iochpe-Maxion

SA

425,409

216,672

Itau

Unibanco

Holding

SA

ADR

1,105,027

404,200

Itausa

SA

826,756

40,300

JBS

SA

167,410

384,600

Metalurgica

Gerdau

SA

589,815

92,900

Petrobras

Distribuidora

SA

406,039

273,500

Petroleo

Brasileiro

SA

1,167,600

49,550

Petroleo

Brasileiro

SA

ADR

429,599

28,600

Raia

Drogasil

SA

683,839

182,100

Randon

SA

Implementos

e

Participacoes

409,472

131,500

Rumo

SA

a

563,908

7,000

Suzano

SA

a

56,681

34,220

Telefonica

Brasil

SA

ADR

345,280

9,857

Tim

Participacoes

SA

ADR

147,264

48,200

Tupy

SA

a

165,947

51,518

Vale

SA

ADR

599,669

26,700

WEG

SA

345,948

Total

15,009,350

Cayman

Islands

(15.4%)

188,500

3SBio,

Inc.

a,b

229,392

19,856

Baidu.com,

Inc.

ADR

a

2,370,806

46,000

China

Mengniu

Dairy

Company,

Ltd.

215,854

540,000

China

Resources

Land,

Ltd.

2,250,672

15,000

China

Shineway

Pharmaceutical

Group,

Ltd.

10,035

222,000

Chinasoft

International,

Ltd.

169,330

361,000

Consun

Pharmaceutical

Group,

Ltd.

138,606

38,500

ENN

Energy

Holdings,

Ltd.

466,688

257,000

Fu

Shou

Yuan

International

Group,

Ltd.

243,771

304,000

Goodbaby

International

Holdings,

Ltd.

a

50,614

708,000

IGG,

Inc.

693,645

289,000

Kingboard

Holdings,

Ltd.

845,226

120,500

Li

Ning

Company,

Ltd.

388,397

100,500

Longfor

Group

Holdings,

Ltd.

b

496,675

Shares

Common

Stock

(98.5%)

Value

Cayman

Islands

(15.4%)

-

continued

118,400

Meituan

Dianping

a

$

2,929,985

5,440

NetEase

,

Inc.

ADR

2,493,805

11,332

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

1,588,746

10,744

Pinduoduo

,

Inc.

ADR

a

986,299

138,000

Shimao

Property

Holdings,

Ltd.

585,580

3,139,000

Shui

On

Land,

Ltd.

466,025

12,087

TAL

Education

Group

ADR

a

944,841

274,500

Tencent

Holdings,

Ltd.

18,830,210

38,641

Tencent

Music

Entertainment

Group

ADR

a

623,666

306,000

Tingyi

(Cayman

Islands)

Holding

Corporation

570,445

15,633

Trip.com

Group,

Ltd.

ADR

a

425,218

73,000

Vinda

International

Holdings,

Ltd.

274,905

25,500

Wuxi

Biologics

(Cayman),

Inc.

a,b

526,418

125,000

Xiabuxiabu

Catering

Management

Holdings

Company,

Ltd.

b

125,456

365,800

Xiaomi

Corporation

a,b

701,261

164,000

Zhongsheng

Group

Holdings,

Ltd.

1,013,810

11,044

ZTO

Express,

Inc.

ADR

409,180

Total

42,065,561

Chile

(0.5%)

3,193

Banco

de

Chile

ADR

59,390

47,502

Banco

Santander

Chile

SA

ADR

812,759

75,596

CAP

SA

a

569,182

5,103

Cia

Cervecerias

Unidas

SA

ADR

76,392

466,409

Colbun

SA

84,397

27,143

Embotelladora

Andina

SA

68,121

30,605

Empresas

CMPC

SA

67,795

10,261

Enel

Chile

SA

ADR

42,891

66,068

SMU

SA

11,782

Total

1,792,709

China

(22.2%)

1,494,000

Agricultural

Bank

of

China,

Ltd.

530,292

81,615

Alibaba

Group

Holding,

Ltd.

ADR

a

20,486,997

30,800

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

271,096

219,500

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

1,659,892

2,462,000

Bank

of

China,

Ltd.

819,868

2,430,000

Bank

of

Communications

Company,

Ltd.

1,348,860

92,000

Beijing

North

Star

Company,

Ltd.

19,838

119,300

Beijing

SL

Pharmaceutical

Company,

Ltd.

239,011

76,500

By-health

Company,

Ltd

274,380

695,000

China

Cinda

Asset

Management

Company,

Ltd.

131,068

1,258,000

China

Coal

Energy

Company,

Ltd.

311,776

3,291,000

China

Construction

Bank

Corporation

2,399,569

447,000

China

Everbright

Bank

Company,

Ltd.

167,990

77,500

China

Merchants

Bank

Company,

Ltd.

361,691

49,500

China

National

Accord

Medicines

Corporation,

Ltd.

353,159

636,000

China

National

Building

Material

Company,

Ltd.

987,699

222,000

China

Oilfield

Services,

Ltd.

173,214

16,790

China

Petroleum

&

Chemical

Corporation

ADR

713,743

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(98.5%)

Value

China

(22.2%)

-

continued

264,100

China

Resources

Double-Crane

Pharmaceutical

Company,

Ltd.

$

549,986

117,400

China

Resources

Sanjiu

Medical

and

Pharmaceutical

Company,

Ltd.

510,005

3,304,000

China

Telecom

Corporation,

Ltd.

981,043

1,332,000

China

Tower

Corporation,

Ltd.

b

242,329

265,000

China

Vanke

Company,

Ltd.

Class

H

835,392

430,700

China

Yangtze

Power

Company,

Ltd.

1,133,585

965,000

CNOOC,

Ltd.

1,018,558

488,200

GF

Securities

Company,

Ltd.

585,863

125,400

GF

Securities

Company,

Ltd.

280,212

43,100

Guangdong

Haid

Group

Company,

Limited

394,472

97,800

Henan

Shuanghui

Investment

&

Development

Company,

Ltd.

765,873

30,800

Huaan

Securities

Company,

Ltd.

35,675

126,250

Hualan

Biological

Engineering,

Inc.

1,175,320

2,497,000

Industrial

and

Commercial

Bank

of

China,

Ltd.

1,463,096

485,900

Inner

Mongolia

Eerduosi

Resources

Company,

Ltd.

685,660

46,563

JD.com,

Inc.

ADR

a

2,970,254

204,000

Jiangxi

Copper

Company,

Ltd.

243,828

8,700

Kweichow

Moutai

Company,

Ltd.

2,092,417

14,600

Laobaixing

Pharmacy

Chain

Joint

Stock

Company

217,691

52,500

Livzon

Pharmaceutical

Group,

Inc.

410,083

32,000

Midea

Group

Company,

Ltd.

328,668

447,500

Ping

An

Insurance

Company

of

China,

Ltd.

4,721,675

908,000

Postal

Savings

Bank

of

China

Company,

Ltd.

b

500,253

55,482

S.

F.

Holding

Company,

Ltd.

562,516

46,500

Shandong

Gold

Mining

Company,

Ltd.

289,977

360,000

Shandong

Weigao

Group

Medical

Polymer

Company,

Ltd.

916,769

11,000

Shanghai

Haohai

Biological

Technology

Company,

Ltd.

b

80,846

159,900

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

284,289

268,400

Sinopharm

Group

Company,

Ltd.

639,673

506,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

373,275

40,000

Tsingtao

Brewery

Company,

Ltd.

356,580

16,200

Tsingtao

Brewery

Company,

Ltd.

192,773

28,143

Vipshop

Holdings,

Ltd.

ADR

a

640,816

94,700

Winning

Health

Technology

Group

Company,

Ltd.

313,436

18,000

Wuliangye

Yibin

Company,

Ltd.

561,074

28,878

WuXi

AppTec

Company,

Ltd.

467,725

757,500

Xiamen

C&D,

Inc.

1,017,139

18,060

Zhejiang

Dingli

Machinery

Company,

Ltd.

229,829

431,000

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.

510,353

Total

60,829,151

Colombia

(<0.1%)

4,025

Bancolombia

SA

ADR

112,378

Total

112,378

Shares

Common

Stock

(98.5%)

Value

Czech

Republic

(0.1%)

10,667

CEZ

AS

$

214,890

136

Philip

Morris

CR

81,118

Total

296,008

Egypt

(0.2%)

88,996

Commercial

International

Bank

Egypt

SAE

GDR

343,172

445,116

EFG

Hermes

Holding

Company

a

383,346

Total

726,518

Greece

(0.6%)

1,562

Athens

Water

Supply

and

Sewerage

Company

SA

12,125

18,257

Hellenic

Telecommunications

Organization

SA

268,626

14,853

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

202,870

113,911

Mytilineos

SA

1,064,793

3,548

Terna

Energy

SA

46,567

Total

1,594,981

Hong

Kong

(2.1%)

197,500

China

Mobile,

Ltd.

1,348,162

1,809,000

CITIC,

Ltd.

1,697,911

216,400

CSPC

Pharmaceutical

Group,

Ltd.

455,773

327,000

Far

East

Horizon,

Ltd.

269,776

395,000

Hang

Lung

Group,

Ltd.

955,900

204,000

Lonking

Holdings,

Ltd.

67,198

351,000

Shanghai

Industrial

Holdings,

Ltd.

512,122

3,540,000

Yuexiu

Property

Company,

Ltd.

649,018

Total

5,955,860

Hungary

(0.1%)

5,912

Richter

Gedeon

Nyrt

136,788

Total

136,788

India

(8.1%)

33,768

Alembic

Pharmaceuticals,

Ltd.

445,707

76,710

Amara

Raja

Batteries,

Ltd.

724,884

2,023

APL

Apollo

Tubes,

Ltd.

49,766

13,824

Asian

Paints,

Ltd.

316,513

23,527

Bajaj

Auto,

Ltd.

943,775

151,620

Coal

India,

Ltd.

261,646

14,403

Divi's

Laboratories,

Ltd.

503,906

3,791

Dr.

Lal

PathLabs

,

Ltd.

b

95,861

12,543

Dr.

Reddy's

Laboratories,

Ltd.

ADR

762,614

47,111

Glenmark

Pharmaceuticals,

Ltd.

284,956

60,471

Granules

India,

Ltd.

221,261

21,030

Greaves

Cotton,

Ltd.

a

22,798

261,624

HCL

Technologies,

Ltd.

2,459,739

76,012

Heidelberg

Cement

India,

Ltd.

188,026

14,421

Hero

Motocorp

,

Ltd.

513,663

34,859

Hindustan

Unilever,

Ltd.

1,028,314

24,638

Housing

Development

Finance

Corporation

585,953

99,519

Infosys,

Ltd.

ADR

1,278,819

30,760

InterGlobe

Aviation,

Ltd.

b

400,690

135,259

Jindal

Saw,

Ltd.

99,317

7,813

Maruti

Suzuki

India,

Ltd.

653,011

18,689

Mindtree

,

Ltd.

269,915

12,188

Multi

Commodity

Exchange

of

India,

Ltd.

274,557

2,502

Nestle

India,

Ltd.

551,081

5,477

NIIT

Technologies,

Ltd.

140,752

495,178

Oil

and

Natural

Gas

Corporation,

Ltd.

517,774

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(98.5%)

Value

India

(8.1%)

-

continued

14,165

Persistent

Systems,

Ltd.

$

173,731

29,969

Polycab

India,

Ltd.

328,168

682

PVR,

Ltd.

Rights

a,c

2,708

111,833

Reliance

Industries,

Ltd.

3,092,808

37,914

Syngene

International,

Ltd.

a,b

246,728

56,299

Tata

Consultancy

Services,

Ltd.

1,710,400

52,374

Tata

Elxsi

,

Ltd.

656,883

161,592

Tech

Mahindra,

Ltd.

1,466,371

302,566

Wipro,

Ltd.

ADR

1,307,085

Total

22,580,180

Indonesia

(0.8%)

2,583,200

Astra

International

Tbk

PT

909,967

736,200

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

65,655

1,864,500

Media

Nusantara

Citra

Tbk

PT

a

104,859

2,666,400

Mitra

Adiperkasa

Tbk

PT

a

124,625

2,366,300

PT

PP

(

Persero

)

Tbk

158,620

30,887

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

633,492

2,237,700

Wijaya

Karya

Persero

Tbk

PT

182,950

Total

2,180,168

Jersey

(0.1%)

8,046

Polymetal

International

plc

201,342

Total

201,342

Luxembourg

(<0.1%)

2,687

Play

Communications

SA

b

23,170

Total

23,170

Malaysia

(1.2%)

15,300

AEON

Credit

Service

(M)

Berhad

33,243

197,600

Berjaya

Sports

Toto

Berhad

98,060

21,700

Bursa

Malaysia

Berhad

47,570

348,500

CIMB

Group

Holdings

Berhad

295,742

75,300

Hartalega

Holdings

Berhad

361,825

42,000

Kuala

Lumpur

Kepong

Berhad

231,099

360,800

PETRONAS

Chemicals

Group

Berhad

527,941

76,600

PETRONAS

Gas

Berhad

304,621

238,000

Public

Bank

Berhad

955,282

1,854,232

Sapura

Energy

Berhad

a

42,117

720,400

Serba

Dinamik

Holdings

Berhad

277,962

11,400

TIME

dotCom

Berhad

29,357

55,500

Top

Glove

Corporation

BHD

339,956

136,500

Yinson

Holdings

Berhad

202,277

Total

3,747,052

Mexico

(1.6%)

26,318

America

Movil

SAB

de

CV

ADR

332,660

36,000

Becle

,

SAB

de

CV

73,553

418,420

Corporacion

Inmobiliaria

Vesta

,

SAB

de

CV

629,275

10,901

Fomento

Economico

Mexicano

SAB

de

CV

ADR

670,520

10,520

Gruma

,

SAB

de

CV

123,328

9,600

Grupo

Bimbo

SAB

de

CV

17,358

271,700

Grupo

Financiero

Banorte

SAB

de

CV

ADR

a

973,139

31,070

Industrias

Penoles

,

SAB

de

CV

463,404

576,100

Wal-Mart

de

Mexico,

SAB

de

CV

1,355,925

Total

4,639,162

Shares

Common

Stock

(98.5%)

Value

Panama

(<0.1%)

60,728

Avianca

Holdings

SA

ADR

d

$

18,886

Total

18,886

Peru

(0.2%)

43,907

Cia

de

Minas

Buenaventura

SA

ADR

520,737

Total

520,737

Philippines

(0.5%)

129,490

Bank

of

the

Philippine

Islands

179,822

6,370

Globe

Telecom,

Inc.

267,328

81,290

Jollibee

Foods

Corporation

223,604

47,660

Manila

Electric

Company

257,307

244,900

Puregold

Price

Club,

Inc.

239,066

Total

1,167,127

Poland

(1.9%)

75,026

Asseco

Poland

SA

1,284,653

4,758

CD

Projekt

SA

a

510,531

11,272

Cyfrowy

Polsat

SA

a

83,755

3,427

Dino

Polska

SA

a,b

189,723

65,538

Jastrzebska

Spolka

Weglowa

SA

289,692

40,237

KGHM

Polska

Miedz

SA

a

1,354,613

153,664

PGE

Polska

Grupa

Energetyczna

SA

a

270,345

63,696

Polski

Koncern

Naftowy

Orlen

SA

906,947

8,270

Santander

Bank

Polska

SA

a

331,722

291

TEN

Square

Games

SA

42,594

Total

5,264,575

Russian

Federation

(4.5%)

159,970

Aeroflot

PJSC

a

178,423

109,334

Gazprom

PJSC

ADR

528,534

23,212

Lukoil

ADR

1,574,596

94,740

M.Video

PJSC

549,907

1,558

Magnit

OJSC

GDR

23,083

394,310

Moscow

Exchange

MICEX-RTS

PJSC

709,036

3,903

Novatek

PJSC

GDR

568,657

660

PAO

Transneft

a

1,200,402

214,991

Rosneft

Oil

Company

PJSC

GDR

1,019,777

1,168,480

Sberbank

of

Russia

PJSC

a

3,498,765

2,185,200

Surgutneftegas

PJSC

1,102,828

202,347

Surgutneftegas

PJSC

ADR

1,001,710

Total

11,955,718

Singapore

(<0.1%)

5,516

China

Yuchai

International,

Ltd.

72,922

Total

72,922

South

Africa

(3.8%)

168,899

AECI,

Ltd.

853,449

4,046

Anglo

American

Platinum,

Ltd.

310,584

21,137

AngloGold

Ashanti,

Ltd.

ADR

680,400

208,101

Barloworld,

Ltd.

802,679

8,628

Clicks

Group,

Ltd.

115,142

225,105

DataTec

,

Ltd.

a

295,641

79,899

Emira

Property

Fund,

Ltd.

a

30,028

18,255

Impala

Platinum

Holdings,

Ltd.

162,963

232,918

Investec,

Ltd.

455,956

9,064

Kumba

Iron

Ore,

Ltd.

293,111

385,017

Momentum

Metropolitan

Holdings

372,544

52,366

Motus

Holdings,

Ltd.

86,666

24,981

Naspers,

Ltd.

4,545,324

175,683

Ninety

One,

Ltd.

a

510,852

9,847

Sasol,

Ltd.

a

79,600

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock

(98.5%)

Value

South

Africa

(3.8%)

-

continued

140,479

Sibanye

Stillwater,

Ltd.

a

$

397,386

17,966

Spar

Group,

Ltd.

173,084

3,496

Tiger

Brands,

Ltd.

36,063

49,478

Vodacom

Group

371,742

Total

10,573,214

South

Korea

(11.0%)

3,936

Binggrae

Company,

Ltd.

201,265

2,333

Celltrion

,

Inc.

a

581,595

32,550

Cheil

Worldwide,

Inc.

525,391

1,084

Chong

Kun

Dang

Pharmaceutical

Corporation

123,083

6,116

DB

HiTek

Company,

Ltd.

176,689

27

DongKook

Pharmaceutical

Company,

Ltd.

3,329

43,178

Dongkuk

Steel

Mill

Corporation,

Ltd.

a

220,556

17,100

Doosan

Heavy

Construction

Corporation,

Ltd.

a

150,819

4,714

Hana

Tour

Service,

Inc.

149,629

2,379

Hancom

,

Inc.

a

33,863

6,258

Handsome

Corporation

159,472

557

Hansol

Chemical

Company,

Ltd.

70,881

12,962

Hanwha

Corporation

276,831

31,238

Hanwha

Investment

&

Securities

Corporation,

Ltd.

a

46,358

140,777

Hanwha

Life

Insurance

Corporation,

Ltd.

173,442

1,945

Hugel

,

Inc.

a

256,708

1,435

Hyundai

Motor

Company

153,058

10,798

Hyundai

Steel

Company

225,520

46,005

JB

Financial

Group

Corporation,

Ltd.

177,845

5,378

Kakao

Corporation

1,560,242

4,829

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

119,355

34,677

Kia

Motors

Corporation

1,180,280

3,838

Korea

Zinc

Company,

Ltd.

1,334,579

2,320

LG

Chem

,

Ltd.

1,110,909

8,071

LG

Electronics,

Inc.

479,940

692

LG

Household

&

Health

Care,

Ltd.

798,104

17,648

LG

International

Corporation

224,325

4,985

LS

Electric

Company,

Ltd.

224,801

5,791

NAVER

Corporation

1,471,214

2,102

NCSoft

Corporation

1,432,295

255

NHN

Corporation

a

17,670

1,673

OptoElectronics

Solutions

Company,

Ltd.

84,613

7,715

POSCO

1,244,964

18,560

Samsung

Card

Corporation,

Ltd.

440,800

213,401

Samsung

Electronics

Company,

Ltd.

10,429,729

1,796

Samsung

SDI

Company,

Ltd.

601,268

29,961

Samsung

Securities

Corporation,

Ltd.

729,429

5,805

SeAH

Besteel

Corporation

53,428

5,724

Seojin

System

Company,

Ltd.

183,024

1,424

SK

Holdings

Company,

Ltd

265,428

21,846

SK

Hynix,

Inc.

1,529,576

1,172

Soulbrain

Holdings

Company,

Ltd.

c

99,727

550

Taekwang

Industrial

Corporation,

Ltd.

315,029

2,080

Taeyoung

Engineering

&

Construction

28,017

Total

29,665,080

Shares

Common

Stock

(98.5%)

Value

Taiwan

(14.4%)

80,000

Accton

Technology

Corporation

$

626,719

206,000

Capital

Securities

Corporation

83,651

83,000

Cheng

Loong

Corporation

65,769

5,487,000

China

Development

Financial

Holding

Corporation

1,618,384

562,000

China

Man-Made

Fiber

Corporation

118,782

139,000

Chipbond

Technology

Corporation

283,776

1,630,000

CTBC

Financial

Holding

Company,

Ltd.

1,079,457

133,000

Delta

Electronics,

Inc.

909,116

4,000

Elite

Semiconductor

Microelectronics

Technology,

Inc.

5,465

149,000

Far

Eastern

Department

Stores,

Ltd.

119,780

54,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

97,200

1,609,000

Fubon

Financial

Holding

Company,

Ltd.

2,291,516

906,000

Hon

Hai

Precision

Industry

Company,

Ltd.

2,421,401

49,000

Huaku

Development

Company,

Ltd.

142,157

716,000

IBF

Financial

Holdings

Company,

Ltd.

277,451

66,000

Makalot

Industrial

Company,

Ltd.

407,053

76,000

MediaTek

,

Inc.

1,814,733

75,000

Namchow

Holdings

Company,

Ltd.

107,473

45,000

Novatek

Microelectronics

Corporation

446,079

170,000

Powertech

Technology,

Inc.

567,914

105,000

President

Chain

Store

Corporation

a

1,002,974

333,000

SerComm

Corporation

898,363

13,000

Shin

Zu

Shing

Company,

Ltd.

68,409

456

Shin

Zu

Shing

Company,

Ltd.

Rights

a,c

653

1,048,000

Shinkong

Synthetic

Fibers

Corporation

398,885

299,000

Sigurd

Microelectronics

Corporation

444,919

33,000

Sinbon

Electronics

Company,

Ltd.

196,172

51,000

Sitronix

Technology

Corporation

261,726

169,000

Syncmold

Enterprise

Corporation

457,838

351,000

Synnex

Technology

International

Corporation

524,292

153,000

Systex

Corporation

423,302

921,000

Taichung

Commercial

Bank

Company,

Ltd.

367,846

76,000

Taiwan

Hon

Chuan

Enterprise

Company,

Ltd.

138,809

1,114,000

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

16,212,714

41,000

Taiwan

Surface

Mounting

Technology

Corporation

188,593

272,000

TECO

Electric

&

Machinery

Company,

Ltd.

252,818

189,000

Topco

Scientific

Company,

Ltd.

748,760

147,000

Transcend

Information,

Inc.

330,494

394,000

TXC

Corporation

1,011,212

730,000

Uni

-President

Enterprises

Corporation

1,781,678

40,000

United

Integrated

Services

Company,

Ltd.

280,702

246,000

Wistron

Corporation

288,236

Total

39,763,271

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Shares

Common

Stock

(98.5%)

Value

Thailand

(1.9%)

129,500

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

$

768,732

273,300

Airports

of

Thailand

Public

Company,

Ltd.

NVDR

452,773

668,200

Bangkok

Dusit

Medical

Services

Public

Company,

Ltd.

NVDR

475,029

96,300

Com7

Public

Company,

Ltd.

NVDR

118,206

621,000

CP

ALL

Public

Company,

Ltd.

NVDR

1,359,605

26,000

Hana

Microelectronics

Public

Company,

Ltd.

NVDR

30,289

318,300

Intouch

Holdings

Public

Company,

Ltd.

NVDR

580,640

49,300

Kasikornbank

pcl

NVDR

128,466

641,200

Major

Cineplex

Group

Public

Company,

Ltd.

NVDR

294,567

91,500

PTT

Exploration

and

Production

Public

Company,

Ltd.

NVDR

268,175

68,200

Siam

Commercial

Bank

Public

Company,

Ltd.

NVDR

147,020

545,000

Thai

Vegetable

Oil

Public

Company,

Ltd.

NVDR

511,978

Total

5,135,480

Turkey

(0.7%)

64,294

BIM

Birlesik

Magazalar

AS

656,401

629,133

Haci

Omer

Sabanci

Holding

AS

753,916

167,485

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

a

342,358

17,238

Migros

Ticaret

AS

a

111,037

172,390

TAV

Havalimanlari

Holding

AS

411,112

95,237

Turk

Hava

Yollari

Anonim

Ortakligi

a

144,740

16,096

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

a

40,404

Total

2,459,968

United

States

(0.6%)

34,106

Yum

China

Holding,

Inc.

1,747,592

Total

1,747,592

Total

Common

Stock

(cost

$253,050,179)

271,633,877

Shares

Preferred

Stock

(

1.0%

)

South

Korea

(1.0%)

63,569

Samsung

Electronics

Company,

Ltd.

2,655,138

Total

2,655,138

Total

Preferred

Stock

(cost

$2,474,575)

2,655,138

Shares

Short-Term

Investments

(

0.2%

)

Thrivent

Core

Short-Term

Reserve

Fund

68,385

0.500%

684,536

Total

Short-Term

Investments

(cost

$684,536)

684,536

Total

Investments

(cost

$256,209,290)

99.7%

$274,973,551

Other

Assets

and

Liabilities,

Net

0.3%

897,973

Total

Net

Assets

100.0%

$275,871,524

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2020,

the

value

of

these

investments

was

$3,858,802

or

1.4%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2020,

in

valuing

Emerging

Markets

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

38,236,964

3,852,585

34,381,671

2,708

Consumer

Discretionary

44,321,360

30,199,943

14,121,417

–

Consumer

Staples

18,829,025

881,851

17,947,174

–

Energy

15,932,589

1,143,342

14,789,247

–

Financials

39,280,311

3,003,569

36,276,742

–

Health

Care

13,118,507

762,614

12,355,893

–

Industrials

13,345,685

91,808

13,253,224

653

Information

Technology

57,246,450

5,122,600

52,123,850

–

Materials

22,215,424

2,327,895

19,787,802

99,727

Real

Estate

5,938,921

–

5,938,921

–

Utilities

3,168,641

–

3,168,641

–

Preferred

Stock

Information

Technology

2,655,138

–

2,655,138

–

Subtotal

Investments

in

Securities

$274,289,015

$47,386,207

$226,799,720

$103,088

Other

Investments  *

Total

Affiliated

Short-Term

Investments

684,536

Subtotal

Other

Investments

$684,536

Total

Investments

at

Value

$274,973,551

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Equity

Fund,

is

as

follows:

Fund

Value

1/31/2020

Gross

Purchases

Gross

Sales

Value

7/31/2020

Shares

Held

at

7/31/2020

%

of

Net

Assets

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$—

$44,987

$44,298

$685

68

0.2%

Total

Affiliated

Short-Term

Investments

—

685

0.2

Total

Value

$—

$685

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/31/2020

-

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$(4)

$–

–

$8

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$8

Total

Value

$(4)

$–

$–

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Shares

Common

Stock

(

99.5%

)

Value

Australia

(4.0%)

58,086

AGL

Energy,

Ltd.

$

688,055

62,996

BHP

Group,

Ltd.

1,658,610

131,313

Carsales.com,

Ltd.

1,716,666

20,478

Collins

Foods,

Ltd.

138,436

120,517

Commonwealth

Bank

of

Australia

6,131,279

234,209

Computershare,

Ltd.

2,241,576

53,938

CSL,

Ltd.

10,491,073

808,043

FlexiGroup

,

Ltd.

720,626

473,227

GWA

Group,

Ltd.

961,984

44,004

Northern

Star

Resources,

Ltd.

499,433

80,067

Ramelius

Resources,

Ltd.

126,570

38,356

Rio

Tinto,

Ltd.

2,807,220

339,110

Sandfire

Resources,

Ltd.

1,152,514

49,543

SEEK,

Ltd.

761,998

318,843

Seven

West

Media,

Ltd.

a

22,548

142,571

Silver

Lake

Resources,

Ltd.

a

255,185

31,384

Super

Retail

Group,

Ltd.

198,362

4,931

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

68,790

48,687

Waypoint

REIT,

Ltd.

87,687

4,685

Woodside

Petroleum,

Ltd.

66,649

Total

30,795,261

Austria

(0.1%)

27,293

OMV

AG

a

861,965

Total

861,965

Belgium

(0.1%)

2,860

Cofinimmo

SA

408,220

1,614

Groupe

Bruxelles

Lambert

SA

140,000

Total

548,220

Bermuda

(<0.1%)

274,000

Road

King

Infrastructure,

Ltd.

368,587

Total

368,587

Canada

(11.7%)

76,569

Allied

Properties

REIT

2,292,868

20,712

Bank

of

Montreal

b

1,133,133

12,107

Barrick

Gold

Corporation

349,891

12,394

Canadian

Natural

Resources,

Ltd.

218,650

181,280

CGI,

Inc.

a

12,947,895

69,915

Choice

Properties

REIT

661,855

550,229

CI

Financial

Corporation

7,562,593

1,336

Cogeco

Communications,

Inc.

101,837

109,732

Dollarama

,

Inc.

4,012,597

1,332

George

Weston,

Ltd.

100,607

112,049

Granite

REIT

6,516,568

276,670

IAMGOLD

Corporation

a

1,377,817

3,762

IGM

Financial,

Inc.

92,488

105,410

Laurentian

Bank

of

Canada

b

2,089,392

8,668

MAG

Silver

Corporation

a

146,446

93,203

Manulife

Financial

Corporation

1,249,015

63,916

National

Bank

of

Canada

3,017,692

41,719

Northland

Power,

Inc.

1,143,072

19,035

Onex

Corporation

846,126

10,348

Osisko

Gold

Royalties,

Ltd.

121,291

95,637

Power

Corporation

of

Canada

1,697,183

158,078

Quebecor,

Inc.

3,606,602

30,226

Restaurant

Brands

International,

Inc.

1,708,374

43,546

RioCan

REIT

486,355

5,253

Ritchie

Brothers

Auctioneers,

Inc.

243,109

58,495

Royal

Bank

of

Canada

4,035,192

212,732

Sun

Life

Financial,

Inc.

8,292,014

46,826

TC

Energy

Corporation

2,134,255

Shares

Common

Stock

(99.5%)

Value

Canada

(11.7%)

-

continued

8,117

TMX

Group,

Ltd.

$

829,728

370,823

Toronto-Dominion

Bank

16,408,734

42,517

Transcontinental,

Inc.

b

490,098

28,391

Vermilion

Energy

Inc

115,730

33,529

Whitecap

Resources,

Inc.

55,320

Total

86,084,527

Denmark

(3.0%)

48,782

Carlsberg

AS

7,204,592

1,371

Christian

Hansen

Holding

AS

156,448

201,843

Novo

Nordisk

AS

13,243,443

9,646

Novozymes

AS

577,017

2,470

Royal

Unibrew

AS

249,885

13,687

Topdanmark

AS

585,341

Total

22,016,726

Finland

(0.5%)

151,009

UPM-

Kymmene

Oyj

4,030,995

Total

4,030,995

France

(6.1%)

8,117

Air

Liquide

SA

1,335,090

5,543

Capgemini

SA

718,898

283,616

CGG

SA

a

242,767

3,300

Cie

Generale

des

Etablissements

Michelin

341,769

10,347

Elior

Participations

SCA

c

57,305

4,649

Eramet

SA

a

126,608

5,953

Gaztransport

Et

Technigaz

SA

553,517

2,800

Hermes

International

2,270,077

20,964

Ipsos

SA

556,414

152,867

Legrand

SA

11,790,997

5,455

LNA

Sante

329,144

8,147

L'Oreal

SA

2,734,368

786

LVMH

Moet

Hennessy

Louis

Vuitton

SE

341,788

107,484

Schneider

Electric

SE

12,324,530

173,223

Total

SE

6,555,416

34,419

Vinci

SA

2,962,282

Total

43,240,970

Germany

(4.6%)

70,130

Allianz

SE

14,550,210

77,314

Alstria

Office

REIT

AG

a

1,155,707

20,353

Deutsche

Boerse

AG

3,703,114

120,270

Deutsche

Pfandbriefbank

AG

a,c

761,916

70,924

Deutsche

Telekom

AG

1,184,062

17,242

Dialog

Semiconductor

plc

a

808,220

5,672

SAP

SE

895,347

29,984

Symrise

AG

3,748,333

247,125

TAG

Immobilien

AG

6,498,014

Total

33,304,923

Hong

Kong

(1.0%)

121,600

AIA

Group,

Ltd.

1,096,460

609,000

Galaxy

Entertainment

Group,

Ltd.

4,153,222

629,000

HKT

Trust

and

HKT,

Ltd.

926,824

166,000

Hysan

Development

Company,

Ltd.

458,603

Total

6,635,109

Ireland

(<0.1%)

12,250

Glanbia

plc

148,715

Total

148,715

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Shares

Common

Stock

(99.5%)

Value

Isle

of

Man

(0.1%)

80,770

GVC

Holdings

plc

$

699,026

Total

699,026

Israel

(1.1%)

498,208

Bank

Leumi

Le-Israel

BM

2,525,607

1,623,414

Israel

Discount

Bank,

Ltd.

4,991,360

37,358

Mizrahi

Tefahot

Bank,

Ltd.

783,020

Total

8,299,987

Italy

(1.2%)

24,255

Autogrill

SPA

a

116,008

35,869

Davide

Campari-Milano

NV

362,112

41,667

Enel

SPA

381,693

319,027

Eni

SPA

2,841,840

101,499

Recordati

SPA

5,451,548

Total

9,153,201

Japan

(21.8%)

2,400

ABC-MART,

Inc.

126,445

12,700

Advantest

Corporation

693,409

130,300

Air

Water,

Inc.

1,689,419

13,200

AOKI

Holdings,

Inc.

67,926

3,200

Aozora

Bank,

Ltd.

51,190

37,000

Arcs

Company,

Ltd.

858,469

74,100

Astellas

Pharmaceutical,

Inc.

1,155,809

26,800

Autobacs

Seven

Company,

Ltd.

312,253

1,400

Azbil

Corporation

46,670

17,400

Bridgestone

Corporation

512,527

60,600

Canon,

Inc.

975,207

34,700

Chiyoda

Company,

Ltd.

331,611

78,600

Chugai

Pharmaceutical

Company,

Ltd.

3,548,731

341,900

Citizen

Watch

Company,

Ltd.

b

931,906

5,700

Computer

Engineering

&

Consulting,

Ltd.

81,882

1,900

Cybozu

,

Inc.

56,307

32,600

Daiichi

Sankyo

Company,

Ltd.

2,884,662

4,300

Daikin

Industries,

Ltd.

756,570

37,600

Daito

Trust

Construction

Company,

Ltd.

2,948,677

156,600

Denso

Corporation

5,793,041

1,400

Doutor

Nichires

Holdings

Company,

Ltd.

18,637

3,800

DTS

Corporation

72,715

8,500

Eisai

Company,

Ltd.

686,006

542,000

Eneos

Holdings,

Inc.

1,900,583

2,900

Exedy

Corporation

35,811

1,700

Fast

Retailing

Company,

Ltd.

904,063

54,500

Fuji

Soft,

Inc.

2,458,801

2,700

Fujitsu,

Ltd.

361,517

48

Fukuoka

REIT

Corporation

55,710

1,600

GMO

Payment

Gateway,

Inc.

167,737

26,600

GS

Yuasa

Corporation

413,627

34

Hankyu

REIT,

Inc.

36,609

36,100

Hanwa

Company,

Ltd.

641,482

9,700

Hino

Motors,

Ltd.

55,933

28,600

Hitachi,

Ltd.

856,686

23,700

Hoya

Corporation

2,337,282

110,900

Inaba

Denki

Sangyo

Company,

Ltd.

2,537,385

10,000

ITOCHU

Techno-Solutions

Corporation

406,149

800

Izumi

Company,

Ltd.

30,844

12,400

Japan

Exchange

Group,

Inc.

294,450

2,458

Japan

Hotel

REIT

Investment

Corporation

891,613

5,000

Japan

Material

Company,

Ltd.

76,122

Shares

Common

Stock

(99.5%)

Value

Japan

(21.8%)

-

continued

112,400

Japan

Post

Bank

Company,

Ltd.

$

838,545

19,200

Japan

Post

Holdings

Company,

Ltd.

131,132

77,100

Japan

Tobacco,

Inc.

1,317,829

15,800

Kamigumi

Company,

Ltd.

288,362

12,700

Kao

Corporation

921,309

58,400

KDDI

Corporation

1,856,971

31,700

Kewpie

Corporation

564,248

10,800

Keyence

Corporation

4,554,220

141,900

Kinden

Corporation

2,199,608

118,300

Kyoei

Steel,

Ltd.

1,406,580

15,900

KYORIN

Holdings,

Inc.

288,843

9,100

Lasertec

Corporation

803,480

15,400

Lintec

Corporation

359,311

26,100

M3,

Inc.

1,340,302

431,900

Marubeni

Corporation

1,988,433

12,400

Ministop

Company,

Ltd.

169,797

280,200

Mitsubishi

Corporation

5,645,972

229,100

Mitsubishi

UFJ

Financial

Group,

Inc.

858,511

43,300

Mitsuboshi

Belting,

Ltd.

716,667

457,900

Mitsui

&

Company,

Ltd.

6,845,651

110

Mori

Trust

Sogo

REIT,

Inc.

128,395

14,900

MS

and

AD

Insurance

Group

Holdings,

Inc.

374,408

8,300

Murata

Manufacturing

Company,

Ltd.

533,115

181,700

NEC

Networks

&

System

Integration

Corporation

3,860,022

6,400

NEXON

Company,

Ltd.

164,428

124,500

NHK

Spring

Company,

Ltd.

700,635

3,300

Nidec

Corporation

262,142

11,300

Nihon

Unisys,

Ltd.

341,949

1,700

Nikkon

Holdings

Company,

Ltd.

30,981

5,300

Nintendo

Company,

Ltd.

2,330,994

237,200

Nippon

Steel

Corporation

1,944,891

1,800

Nippon

Steel

Trading

Corporation

53,669

27,300

Nippon

Telegraph

&

Telephone

Corporation

633,673

76,700

Nissan

Motor

Company,

Ltd.

262,357

156,600

Nitto

Kogyo

Corporation

2,547,574

800

Noevir

Holdings

Company,

Ltd.

33,106

208

Nomura

Real

Estate

Master

Fund,

Inc.

257,955

8,000

NS

Solutions

Corporation

210,673

7,500

NSD

Company,

Ltd.

136,386

4,300

NTT

Data

Corporation

48,888

92,700

NTT

DOCOMO,

Inc.

2,552,135

2,200

OBIC

Company,

Ltd.

394,525

49,600

Olympus

Corporation

892,129

21,700

Onward

Holdings

Company,

Ltd.

53,292

9,500

Oracle

Corporation

Japan

1,144,393

5,900

Oriental

Land

Company,

Ltd.

711,792

2,900

ORIX

Corporation

31,364

8,400

Otsuka

Corporation

437,970

22,900

PLENUS

Company,

Ltd.

349,864

57,000

Recruit

Holdings

Company,

Ltd.

1,778,163

42,400

Rinnai

Corporation

3,475,263

26,100

Ryoyo

Electro

Corporation

726,814

63,100

Sangetsu

Company,

Ltd.

863,100

3,800

Sanwa

Holdings

Corporation

32,566

600

Sawai

Pharmaceutical

Company,

Ltd.

28,503

41,000

Senshu

Ikeda

Holdings,

Inc.

60,370

31,600

Seven

&

I

Holdings

Company,

Ltd.

954,937

22,000

SHIMAMURA

Company,

Ltd.

1,529,851

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Shares

Common

Stock

(99.5%)

Value

Japan

(21.8%)

-

continued

5,700

Shin-Etsu

Chemical

Company,

Ltd.

$

667,121

12,300

Shiseido

Company,

Ltd.

685,309

323,300

SoftBank

Corporation

4,327,760

68,900

SoftBank

Group

Corporation

4,345,735

1,767,400

Sojitz

Corporation

3,707,424

39,900

Sony

Corporation

3,100,032

60,000

Sugi

Holdings

Company,

Ltd.

4,335,342

328,500

Sumitomo

Chemical

Company,

Ltd.

947,926

314,600

Sumitomo

Corporation

3,495,119

584,000

Sumitomo

Electric

Industries,

Ltd.

6,524,811

15,000

Sumitomo

Forestry

Company,

Ltd.

167,707

286,200

Sumitomo

Rubber

Industries,

Ltd.

2,381,014

88,800

Sundrug

Company,

Ltd.

3,021,947

1,400

Sysmex

Corporation

107,655

12,800

Taikisha,

Ltd.

359,765

20,100

Taiyo

Holdings

Company,

Ltd.

949,577

9,400

Takara

Standard

Company,

Ltd.

126,928

81,000

Takeda

Pharmaceutical

Company,

Ltd.

2,937,612

17,000

Terumo

Corporation

643,128

15,600

TIS,

Inc.

334,083

86,500

Toagosei

Company,

Ltd.

824,695

1,100

Toho

Holdings

Company,

Ltd.

18,837

39,700

Tokio

Marine

Holdings,

Inc.

1,676,331

12,200

Tokyo

Electron,

Ltd.

3,375,951

43,300

Toppan

Forms

Company,

Ltd.

408,950

603,600

Toray

Industries,

Inc.

2,612,720

43,000

Toyoda

Gosei

Company,

Ltd.

843,165

14,000

Toyota

Motor

Corporation

831,095

39,900

Tsubakimoto

Chain

Company

936,498

8,300

Tsumura

&

Company

206,838

208,600

TV

Asahi

Holdings

Corporation

2,852,606

58,600

Ube

Industries,

Ltd.

957,063

5,500

Unicharm

Corporation

248,781

241

United

Urban

Investment

Corporation

234,365

25,200

Yuasa

Trading

Company,

Ltd.

673,812

27,100

Z

Holdings

Corporation

144,111

Total

163,043,329

Luxembourg

(0.4%)

369,437

B&M

European

Value

Retail

SA

2,221,164

54,493

Tenaris

SA

ADR

637,568

Total

2,858,732

Netherlands

(7.9%)

80,935

Aalberts

NV

2,890,376

3,564

ASM

International

NV

545,181

31,539

ASML

Holding

NV

11,213,334

67,849

BE

Semiconductor

Industries

NV

3,033,654

95,973

Euronext

NV

c

11,086,612

50,945

ForFarmers

BV

327,059

4,106

Heineken

NV

397,768

6,419

IMCD

NV

663,775

82,581

Koninklijke

DSM

NV

12,640,368

106,022

Koninklijke

Philips

NV

a

5,478,265

154,469

Signify

NV

a,c

4,634,586

33,374

Unilever

NV

1,972,085

47,699

Wolters

Kluwer

NV

3,756,676

Total

58,639,739

Norway

(1.0%)

413,990

DnB

ASA

a

6,358,616

30,348

Entra

ASA

c

428,420

13,711

Europris

ASA

c

67,406

Shares

Common

Stock

(99.5%)

Value

Norway

(1.0%)

-

continued

31,230

Orkla

ASA

$

307,173

Total

7,161,615

Singapore

(1.6%)

1,479,464

Ascendas

REIT

3,829,541

197,500

Ascott

Trust

129,642

414,800

DBS

Group

Holdings,

Ltd.

5,992,059

390,700

Mapletree

Commercial

Trust

526,086

83,700

Singapore

Exchange,

Ltd.

499,298

642,600

Wing

Tai

Holdings,

Ltd.

800,402

Total

11,777,028

Spain

(1.8%)

44,945

Amadeus

IT

Holding

SA

2,244,347

37,556

CIA

De

Distribucion

Integral

701,213

158,300

Enagas

SA

3,993,814

37,951

Grifols

SA

1,105,723

108,062

Industria

de

Diseno

Textil

SA

2,863,423

713,153

Mediaset

Espana

Comunicacion

SA

a

2,332,726

43,621

Melia

Hotels

International

SA

a

161,486

Total

13,402,732

Supranational

(0.1%)

9,647

Unibail

-

Rodamco

-Westfield

506,031

Total

506,031

Sweden

(4.9%)

251,720

AB

Industrivarden

a

6,209,298

192,741

Assa

Abloy

AB

4,254,988

203,258

Atlas

Copco

AB,

Class

A

9,022,922

83,680

Atlas

Copco

AB,

Class

B

3,238,640

106,026

Castellum

AB

2,280,251

11,874

Dometic

Group

AB

c

115,922

154,474

Granges

AB

a

1,247,740

228,619

Hexpol

AB

a

1,521,137

16,471

Holmen

AB

567,660

55,226

Husqvarna

AB

528,512

20,880

Kungsleden

AB

168,883

12,878

L

E

Lundbergforetagen

AB

a

604,923

7,164

Lundin

Energy

AB

167,105

78,158

Nobina

AB

a,c

492,291

15,674

Pandox

AB

197,872

111,449

Sandvik

AB

a

2,082,819

73,179

Scandic

Hotels

Group

AB

c

252,887

184,724

SKF

AB

3,419,765

9,368

Thule

Group

AB

c

278,662

Total

36,652,277

Switzerland

(15.4%)

51,067

Baloise

Holding

AG

7,791,542

1,954

EMS-CHEMIE

Holding

AG

1,687,416

9,159

Geberit

AG

5,055,006

764

Givaudan

SA

3,164,276

312

Lindt

&

Spruengli

AG

2,415,454

136,724

Nestle

SA

16,259,459

260,794

Novartis

AG

21,480,893

28,808

Pargesa

Holding

SA

b

2,285,697

72,507

PSP

Swiss

Property

AG

8,054,725

72,078

Roche

Holding

AG

24,964,689

231

Siegfried

Holding

AG

120,697

24,313

Sika

AG

5,342,347

20,290

Sonova

Holding

AG

a

4,587,654

19,877

Swiss

Life

Holding

AG

7,263,884

26,366

Swiss

Prime

Site

AG

2,406,255

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

(99.5%)

Value

Switzerland

(15.4%)

-

continued

2,996

Tecan

Group

AG

$

1,256,505

Total

114,136,499

United

Kingdom

(11.1%)

57,797

Anglo

American

plc

1,399,158

1,191,808

Auto

Trader

Group

plc

c

8,325,417

43,636

Berkeley

Group

Holdings

plc

2,531,804

9,981

British

American

Tobacco

plc

329,856

14,176

Bunzl

plc

406,087

57,177

Centamin

plc

153,059

45,820

Croda

International

plc

3,419,755

9,694

Dart

Group

plc

81,692

795,615

GlaxoSmithKline

plc

15,848,942

412,015

Halma

plc

11,702,833

151,873

Hochschild

Mining

plc

538,172

321,794

HSBC

Holdings

plc

1,448,985

3,586

InterContinental

Hotels

Group

plc

165,176

130,549

John

Wood

Group

plc

324,513

466,306

Moneysupermarket.com

Group

plc

1,786,437

144,428

National

Express

Group

plc

287,372

243,527

PageGroup

plc

1,115,006

31,987

Paragon

Banking

Group

plc

131,132

55,985

Redde

Northgate

plc

120,408

267,348

Redrow

plc

1,492,620

481,484

RELX

plc

10,136,313

53,090

Rightmove

plc

383,143

35,266

Rio

Tinto

plc

2,146,726

290,929

Royal

Dutch

Shell

plc,

Class

A

4,252,107

470,009

Royal

Dutch

Shell

plc,

Class

B

6,597,280

24,521

Sage

Group

plc

232,702

25,174

Spirax-Sarco

Engineering

plc

3,364,137

1,032,569

Taylor

Wimpey

plc

1,592,770

415,064

Tullow

Oil

plc

138,795

187,210

William

Hill

plc

254,880

Total

80,707,277

Total

Common

Stock

(cost

$740,940,747)

735,073,471

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

6,094,904

Thrivent

Cash

Management

Trust

6,094,904

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,094,904)

6,094,904

Shares

Short-Term

Investments

(

0.2%

)

Thrivent

Core

Short-Term

Reserve

Fund

140,511

0.500%

1,406,520

Total

Short-Term

Investments

(cost

$1,406,520)

1,406,520

Total

Investments

(cost

$748,442,171)

100.5%

$742,574,895

Other

Assets

and

Liabilities,

Net

(0.5%)

(3,454,108)

Total

Net

Assets

100.0%

$739,120,787

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2020,

the

value

of

these

investments

was

$26,501,424

or

3.6%

of

total

net

assets.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

International

Equity

Fund

as

of

July

31,

2020:

Securities

Lending

Transactions

Common

Stock

$

5,674,696

Total

lending

$5,674,696

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,094,904

Net

amounts

due

to

counterparty

$420,208

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2020,

in

valuing

International

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

38,370,615

–

38,370,615

–

Consumer

Discretionary

60,368,797

1,708,374

58,660,423

–

Consumer

Staples

45,977,512

–

45,977,512

–

Energy

27,732,850

637,568

27,095,282

–

Financials

137,230,570

–

137,230,570

–

Health

Care

113,619,366

–

113,619,366

–

Industrials

122,233,481

243,109

121,990,372

–

Information

Technology

71,734,991

–

71,734,991

–

Materials

65,374,029

1,377,817

63,996,212

–

Real

Estate

46,224,626

–

46,224,626

–

Utilities

6,206,634

–

6,206,634

–

Subtotal

Investments

in

Securities

$735,073,471

$3,966,868

$731,106,603

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,406,520

Collateral

Held

for

Securities

Loaned

6,094,904

Subtotal

Other

Investments

$7,501,424

Total

Investments

at

Value

$742,574,895

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

7/31/2020

Shares

Held

at

7/31/2020

%

of

Net

Assets

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$—

$72,633

$71,242

$1,407

141

0.2%

Total

Affiliated

Short-Term

Investments

—

1,407

0.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

16,254

154,097

164,256

6,095

6,095

0.8

Total

Collateral

Held

for

Securities

Loaned

16,254

6,095

0.8

Total

Value

$16,254

$7,502

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$16

$–

$0

$26

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$26

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

79

Total

Affiliated

Income

from

Securities

Loaned,

Net

$79

Total

$16

$–

$0

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Shares

Common

Stock

(

99.8%

)

Value

Communications

Services

(4.4%)

5,967

Alphabet,

Inc.,

Class

A

a

$

8,878,598

41,930

AMC

Networks,

Inc.

a

968,583

115,494

AT&T,

Inc.

3,416,312

25,822

Take-Two

Interactive

Software,

Inc.

a

4,235,324

123,054

T-Mobile

US,

Inc.

a

13,213,539

485,431

Verizon

Communications,

Inc.

27,902,574

30,861

Walt

Disney

Company

3,608,885

Total

62,223,815

Consumer

Discretionary

(7.1%)

2,809

Amazon.com,

Inc.

a

8,889,586

2,330

AutoZone,

Inc.

a

2,813,289

22,129

Dollar

General

Corporation

4,213,362

8,029

Dollar

Tree,

Inc.

a

749,507

90,221

Home

Depot,

Inc.

23,952,773

141,879

McDonald's

Corporation

27,564,252

30,111

O'Reilly

Automotive,

Inc.

a

14,374,389

18,658

Ross

Stores,

Inc.

1,673,063

173,255

TJX

Companies,

Inc.

9,007,528

81,682

Yum!

Brands,

Inc.

7,437,146

Total

100,674,895

Consumer

Staples

(15.6%)

107,309

Altria

Group,

Inc.

4,415,765

9,866

Clorox

Company

2,333,408

525,814

Coca-Cola

Company

24,839,453

279,559

Colgate-Palmolive

Company

21,581,955

44,576

Costco

Wholesale

Corporation

14,510,825

145,579

Hershey

Company

21,168,642

106,145

Hormel

Foods

Corporation

5,398,535

22,450

Kellogg

Company

1,548,826

58,908

Kimberly-Clark

Corporation

8,956,372

15,797

McCormick

&

Company,

Inc.

3,078,835

412,322

Mondelez

International,

Inc.

22,879,748

70,427

Monster

Beverage

Corporation

a

5,527,111

219,918

PepsiCo,

Inc.

30,273,912

42,951

Philip

Morris

International,

Inc.

3,299,066

224,230

Procter

&

Gamble

Company

29,401,038

168,444

Wal-Mart

Stores,

Inc.

21,796,654

Total

221,010,145

Energy

(0.3%)

115,341

Antero

Midstream

Corporation

b

653,983

20,177

Cimarex

Energy

Company

493,529

151,978

CNX

Resources

Corporation

a

1,466,588

14,037

Diamondback

Energy,

Inc.

559,515

93,682

EQT

Corporation

1,360,263

Total

4,533,878

Financials

(10.2%)

7,547

Alleghany

Corporation

3,941,949

166,801

Annaly

Capital

Management,

Inc.

1,235,995

79,617

Aon

plc

16,339,001

139,095

Arthur

J.

Gallagher

&

Company

14,951,321

120,151

Berkshire

Hathaway,

Inc.

a

23,523,163

25,270

Cboe

Global

Markets,

Inc.

2,216,179

35,536

Chubb,

Ltd.

4,521,601

81,429

CME

Group,

Inc.

13,531,871

23,100

Everest

Re

Group,

Ltd.

5,054,049

105,337

Hanover

Insurance

Group,

Inc.

10,731,734

23,796

Hartford

Financial

Services

Group,

Inc.

1,007,047

18,784

Intercontinental

Exchange,

Inc.

1,817,915

11,400

Markel

Corporation

a

11,907,756

Shares

Common

Stock

(99.8%)

Value

Financials

(10.2%)

-

continued

222,349

Marsh

&

McLennan

Companies,

Inc.

$

25,925,893

38,596

Progressive

Corporation

3,486,763

18,068

RenaissanceRe

Holdings,

Ltd.

3,259,106

19,064

W.R.

Berkley

Corporation

1,177,202

Total

144,628,545

Health

Care

(18.8%)

127,978

Abbott

Laboratories

12,879,706

6,324

Amgen,

Inc.

1,547,293

2,924

Anthem,

Inc.

800,591

68,379

Baxter

International,

Inc.

5,906,578

35,610

Becton,

Dickinson

and

Company

10,018,517

309

Bio-Rad

Laboratories,

Inc.

a

162,191

13,067

Chemed

Corporation

6,431,447

128,595

Danaher

Corporation

26,207,661

74,776

Eli

Lilly

and

Company

11,238,085

248,208

Gilead

Sciences,

Inc.

17,257,902

14,667

Incyte

Corporation

a

1,448,513

212,511

Johnson

&

Johnson

30,975,603

166,644

Medtronic

plc

16,077,813

307,830

Merck

&

Company,

Inc.

24,700,279

167

Mettler

-Toledo

International,

Inc.

a

156,145

10,219

Moderna

,

Inc.

a

757,228

100,765

Pfizer,

Inc.

3,877,437

38,771

Regeneron

Pharmaceuticals,

Inc.

a

24,505,986

65,875

Stryker

Corporation

12,733,638

24,707

Thermo

Fisher

Scientific,

Inc.

10,227,463

60,694

UnitedHealth

Group,

Inc.

18,376,929

20,469

Varian

Medical

Systems,

Inc.

a

2,921,336

43,975

Vertex

Pharmaceuticals,

Inc.

a

11,961,200

98,969

Zoetis,

Inc.

15,011,618

Total

266,181,159

Industrials

(9.8%)

20,164

Allegion

plc

2,005,511

178,079

AMETEK,

Inc.

16,605,867

41,526

C.H.

Robinson

Worldwide,

Inc.

3,891,817

71,782

General

Dynamics

Corporation

10,533,291

107,615

Honeywell

International,

Inc.

16,074,452

11,679

IDEX

Corporation

1,924,933

53,212

Lockheed

Martin

Corporation

20,165,752

207,920

Republic

Services,

Inc.

18,141,020

3,385

Teledyne

Technologies,

Inc.

a

1,038,179

93,117

Verisk

Analytics,

Inc.

17,572,109

153,598

Waste

Connections,

Inc.

15,723,827

132,128

Waste

Management,

Inc.

14,481,229

Total

138,157,987

Information

Technology

(18.5%)

142,037

Accenture

plc

31,927,077

8,545

Adobe,

Inc.

a

3,796,714

27,441

Akamai

Technologies,

Inc.

a

3,085,466

186,071

Amphenol

Corporation

19,678,869

145,872

Automatic

Data

Processing,

Inc.

19,387,848

37,573

Black

Knight,

Inc.

a

2,814,969

62,579

Broadridge

Financial

Solutions,

Inc.

8,406,863

6,954

Cisco

Systems,

Inc.

327,533

102,009

Citrix

Systems,

Inc.

14,562,805

13,146

Fiserv,

Inc.

a

1,311,839

41,563

Intuit,

Inc.

12,733,656

72,310

Jack

Henry

&

Associates,

Inc.

12,892,873

48,505

Keysight

Technologies,

Inc.

a

4,845,165

67,419

MasterCard,

Inc.

20,800,784

168,611

Microsoft

Corporation

34,566,941

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Shares

Common

Stock

(99.8%)

Value

Information

Technology

(18.5%)

-

continued

81,110

Motorola

Solutions,

Inc.

$

11,339,178

150,674

Oracle

Corporation

8,354,873

218,496

Paychex,

Inc.

15,714,232

78,676

Synopsys,

Inc.

a

15,673,833

29,730

Tyler

Technologies,

Inc.

a

10,621,043

10,620

Visa,

Inc.

2,022,048

289,761

Western

Union

Company

7,035,397

2,870

Zoom

Video

Communications,

Inc.

a

728,722

Total

262,628,728

Materials

(2.8%)

63,695

Ecolab,

Inc.

11,916,061

221,411

Newmont

Mining

Corporation

15,321,641

11,954

Royal

Gold,

Inc.

1,672,723

16,442

Sherwin-Williams

Company

10,653,101

Total

39,563,526

Real

Estate

(5.5%)

198,529

AGNC

Investment

Corporation

2,699,994

15,186

American

Tower

Corporation

3,969,469

50,707

Apartment

Investment

&

Management

Company

1,968,446

11,554

AvalonBay

Communities,

Inc.

1,769,149

214,761

Camden

Property

Trust

19,502,446

16,563

Crown

Castle

International

Corporation

2,761,052

304,391

Equity

Residential

16,324,489

52,582

Essex

Property

Trust,

Inc.

11,606,951

13,068

Extra

Space

Storage,

Inc.

1,350,447

24,597

First

Industrial

Realty

Trust,

Inc.

1,080,300

53,208

Kilroy

Realty

Corporation

3,100,430

2,750

Public

Storage,

Inc.

549,670

35,462

Realty

Income

Corporation

2,129,493

245,605

UDR,

Inc.

8,890,901

Total

77,703,237

Utilities

(6.8%)

25,210

ALLETE,

Inc.

1,494,953

93,977

American

Electric

Power

Company,

Inc.

8,164,722

223,577

Consolidated

Edison,

Inc.

17,177,421

96,637

DTE

Energy

Company

11,174,136

28,708

Duke

Energy

Corporation

2,432,716

19,782

Hawaiian

Electric

Industries,

Inc.

717,295

146,607

IDACORP,

Inc.

13,671,103

110,140

NextEra

Energy,

Inc.

30,916,298

47,012

Southern

Company

2,567,325

25,775

WEC

Energy

Group,

Inc.

2,455,327

87,221

Xcel

Energy,

Inc.

6,021,738

Total

96,793,034

Total

Common

Stock

(cost

$1,280,785,911)

1,414,098,949

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

657,000

Thrivent

Cash

Management

Trust

657,000

Total

Collateral

Held

for

Securities

Loaned

(cost

$657,000)

657,000

Shares

Short-Term

Investments

(

0.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

186,822

0.500%

$

1,870,083

Total

Short-Term

Investments

(cost

$1,867,406)

1,870,083

Total

Investments

(cost

$1,283,310,317)

100.0%

$1,416,626,032

Other

Assets

and

Liabilities,

Net

<0.1%

647,631

Total

Net

Assets

100.0%

$1,417,273,663

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Low

Volatility

Equity

Fund

as

of

July

31,

2020:

Securities

Lending

Transactions

Common

Stock

$

620,865

Total

lending

$620,865

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$657,000

Net

amounts

due

to

counterparty

$36,135

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2020,

in

valuing

Low

Volatility

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

62,223,815

62,223,815

–

–

Consumer

Discretionary

100,674,895

100,674,895

–

–

Consumer

Staples

221,010,145

221,010,145

–

–

Energy

4,533,878

4,533,878

–

–

Financials

144,628,545

144,628,545

–

–

Health

Care

266,181,159

266,181,159

–

–

Industrials

138,157,987

138,157,987

–

–

Information

Technology

262,628,728

262,628,728

–

–

Materials

39,563,526

39,563,526

–

–

Real

Estate

77,703,237

77,703,237

–

–

Utilities

96,793,034

96,793,034

–

–

Subtotal

Investments

in

Securities

$1,414,098,949

$1,414,098,949

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,870,083

Collateral

Held

for

Securities

Loaned

657,000

Subtotal

Other

Investments

$2,527,083

Total

Investments

at

Value

$1,416,626,032

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Low

Volatility

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

7/31/2020

Shares

Held

at

7/31/2020

%

of

Net

Assets

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$1,504

$101,490

$101,134

$1,870

187

0.1%

Total

Affiliated

Short-Term

Investments

1,504

1,870

0.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

31,647

30,990

657

657

0.1

Total

Collateral

Held

for

Securities

Loaned

–

657

0.1

Total

Value

$1,504

$2,527

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

7/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.500%

$7

$3

$0

$37

Total

Income/Non

Income

Cash

from

Affili

ated

Investments

$37

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

8

Total

Affiliated

Income

from

Securities

Loaned,

Net

$8

Total

$7

$3

$0

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Asset-Backed

Securities

(

3.9%

)

a

Value

AmeriCredit

Automobile

Receivables

Trust

$

10,003,902

1.214% ,

3/18/2021,

Ser.

2020-1

$

10,008,750

19,000,000

0.261% ,

7/19/2021,

Ser.

2020-2

19,001,349

ARI

Fleet

Lease

Trust

6,819,992

1.685% ,

2/16/2021,

Ser.

2020-A

b

6,833,748

Ascentium

Equipment

Receivables,

LLC

1,849,602

2.150% ,

11/10/2020,

Ser.

2019-2A

b

1,851,944

CarMax

Auto

Owner

Trust

25,000,000

0.277% ,

7/15/2021,

Ser.

2020-3

25,001,390

Enterprise

Fleet

Financing,

LLC

2,993,987

1.973% ,

11/20/2020,

Ser.

2019-3

b

2,996,163

4,551,357

1.690% ,

2/22/2021,

Ser.

2020-1

b

4,559,081

GM

Financial

Leasing

Trust

7,528,589

1.635% ,

2/22/2021,

Ser.

2020-1

7,536,803

HPEFS

Equipment

Trust

23,000,000

0.428% ,

7/20/2021,

Ser.

2020-2A

b

23,006,704

Kubota

Credit

Owner

Trust

8,000,000

0.269% ,

8/16/2021,

Ser.

2020-2A

b

8,000,810

Santander

Drive

Auto

Receivables

Trust

12,500,000

0.241% ,

7/15/2021,

Ser.

2020-2

12,499,476

Santander

Retail

Auto

Lease

Trust

2,024,482

1.657% ,

2/22/2021,

Ser.

2020-A

b

2,025,769

Tesla

Auto

Lease

Trust

16,000,000

0.215% ,

8/20/2021,

Ser.

2020-A

b,c

15,996,800

Westlake

Automobile

Receivables

Trust

13,965,704

1.150% ,

3/15/2021,

Ser.

2020-1A

b

13,975,238

World

Omni

Auto

Receivables

Trust

6,507,690

1.049% ,

3/15/2021,

Ser.

2020-A

6,511,096

Total

159,805,121

Principal

Amount

Basic

Materials

(

0.7%

)

a

Value

BASF

SE

10,000,000

0.310% ,

9/29/2020

b

9,994,333

Nutrien

,

Ltd.

20,000,000

0.170% ,

8/21/2020

b

19,997,900

Total

29,992,233

Principal

Amount

Capital

Goods

(

1.4%

)

a

Value

Amcor

Finance

USA,

Inc.

25,000,000

0.170% ,

8/20/2020

b,d

24,997,667

13,763,000

0.190% ,

8/27/2020

b,d

13,760,935

Honeywell

International,

Inc.

10,000,000

1.000% ,

9/18/2020

b

9,998,054

Principal

Amount

Capital

Goods

(1.4%)

a

Value

John

Deere

Capital

Corporation

$

7,970,000

0.438%

(LIBOR

3M

+

0.170%),

10/9/2020

e

$

7,972,133

Total

56,728,789

Principal

Amount

Consumer

Cyclical

(

4.2%

)

a

Value

American

Honda

Finance

Corporation

18,010,000

0.552%

(LIBOR

3M

+

0.280%),

10/19/2020

e

18,014,579

5,000,000

0.836%

(LIBOR

3M

+

0.280%),

11/2/2020

e

5,000,000

5,820,000

0.665%

(LIBOR

3M

+

0.350%),

6/11/2021

e

5,827,028

BMW

US

Capital,

LLC

17,555,000

0.794%

(LIBOR

3M

+

0.370%),

8/14/2020

b,e

17,557,623

10,560,000

0.676%

(LIBOR

3M

+

0.410%),

4/12/2021

b,e

10,567,442

Toyota

Motor

Credit

Corporation

25,000,000

0.403%

(LIBOR

3M

+

0.090%),

9/14/2020

e

25,001,134

25,000,000

0.190% ,

9/22/2020

24,994,626

25,000,000

0.190% ,

9/29/2020

24,993,333

25,000,000

0.368%

(LIBOR

3M

+

0.100%),

10/5/2020

d,e

25,003,871

Walmart,

Inc.

6,700,000

3.250% ,

10/25/2020

6,744,890

9,980,000

0.535%

(LIBOR

3M

+

0.230%),

6/23/2021

e

10,003,363

Total

173,707,889

Principal

Amount

Consumer

Non-Cyclical

(

5.6%

)

a

Value

Cargill

Global

Funding

plc

25,000,000

1.400% ,

8/5/2020

b

24,999,639

10,000,000

1.400% ,

9/14/2020

b

9,998,250

25,000,000

1.400% ,

10/5/2020

b

24,992,850

Cigna

Corporation

10,876,000

3.200% ,

9/17/2020

10,912,978

Coca-Cola

Company

5,000,000

1.600% ,

8/13/2020

b

4,999,832

23,250,000

1.250% ,

10/13/2020

b

23,243,261

Gilead

Sciences,

Inc.

14,350,000

2.550% ,

9/1/2020

14,374,383

Merck

&

Company,

Inc.

11,100,000

3.875% ,

1/15/2021

11,179,117

Mondelez

International,

Inc.

2,075,000

0.140% ,

8/13/2020

b

2,074,875

25,000,000

0.160% ,

8/14/2020

b

24,998,406

Novartis

Securities

Investment,

Ltd.

10,000,000

1.250% ,

8/4/2020

b,d

9,999,881

15,000,000

1.750% ,

9/28/2020

b,d

14,996,878

PepsiCo,

Inc.

15,000,000

2.200% ,

9/30/2020

b

14,996,162

10,000,000

1.880% ,

12/11/2020

b

9,993,054

10,000,000

2.350% ,

12/14/2020

b

9,992,936

Procter

&

Gamble

Company

4,340,000

1.900% ,

10/23/2020

4,356,463

UnitedHealth

Group,

Inc.

12,789,000

0.120% ,

8/6/2020

b

12,788,305

Total

228,897,270

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Energy

(

3.2%

)

a

Value

BP

Capital

Markets

plc

$

5,000,000

0.650% ,

8/3/2020

b,d

$

4,999,928

Chevron

Corporation

5,000,000

2.200% ,

8/21/2020

b

4,999,743

10,000,000

2.200% ,

9/11/2020

b

9,998,647

Exxon

Mobil

Corporation

25,000,000

2.100% ,

9/22/2020

24,995,399

25,000,000

2.140% ,

10/5/2020

24,993,767

Total

Capital

Canada,

Ltd.

25,000,000

1.660% ,

8/3/2020

b,d

24,999,827

15,000,000

0.950% ,

8/4/2020

b,d

14,999,855

10,000,000

0.450% ,

8/11/2020

b,d

9,999,725

10,000,000

1.050% ,

8/18/2020

b,d

9,999,550

Total

129,986,441

Principal

Amount

Financials

(

50.4%

)

a

Value

AIG

Global

Funding

15,907,000

0.908%

(LIBOR

3M

+

0.650%),

1/22/2021

b,e

15,935,092

4,000,000

0.757%

(LIBOR

3M

+

0.460%),

6/25/2021

b,e

4,012,889

Australia

and

New

Zealand

Banking

Group,

Ltd.

22,300,000

0.881%

(LIBOR

3M

+

0.500%),

8/19/2020

b,e

22,305,381

9,850,000

0.768%

(LIBOR

3M

+

0.320%),

11/9/2020

b,e

9,857,143

Bank

of

America

Corporation

4,460,000

2.625% ,

10/19/2020

4,482,122

Bank

of

America

NA

4,500,000

0.460%

(LIBOR

1M

+

0.360%)

e

4,500,000

7,000,000

1.680% 

7,011,825

25,000,000

0.480%

(LIBOR

1M

+

0.130%),

10/6/2020

e

25,009,616

Bank

of

Montreal

25,000,000

0.606%

(LIBOR

3M

+

0.050%),

2/4/2021

e

24,997,475

Bank

of

Montreal

Chicago

10,000,000

0.470%

(FEDL

1M

+

0.370%),

9/8/2020

e

10,002,331

10,000,000

0.390%

(SOFRRATE

+

0.290%),

3/5/2021

e

10,004,269

Bank

of

New

York

Mellon

Corporation

13,325,000

1.256%

(LIBOR

3M

+

0.870%),

8/17/2020

e

13,329,590

Bank

of

Nova

Scotia

10,000,000

0.500%

(FEDL

1M

+

0.400%),

9/16/2020

e

10,003,103

4,835,000

0.712%

(LIBOR

3M

+

0.440%),

4/20/2021

e

4,848,343

Barclays

Bank

plc

25,000,000

0.220% ,

9/23/2020

b,d

24,991,750

25,000,000

0.310% ,

10/7/2020

b,d

24,988,525

Barton

Capital

SA

4,860,000

0.120% ,

8/3/2020

b,d

4,859,939

25,000,000

0.280% ,

9/14/2020

b,d

24,994,687

Canadian

Imperial

Bank

of

Commerce

15,000,000

0.412%

(LIBOR

3M

+

0.140%),

7/19/2021

e

14,999,999

15,000,000

0.428%

(LIBOR

3M

+

0.160%),

8/6/2021

e

15,000,000

Principal

Amount

Financials

(50.4%)

a

Value

Chariot

Funding,

LLC

$

15,000,000

0.501%

(LIBOR

3M

+

FLAT),

8/6/2020

b,e

$

15,000,020

25,000,000

0.200% ,

9/14/2020

b

24,995,625

25,000,000

0.250% ,

11/12/2020

b

24,986,639

Ciesco

,

LLC

25,000,000

0.240% ,

8/11/2020

b,d

24,998,969

14,523,000

0.210% ,

10/20/2020

b,d

14,515,680

25,000,000

0.200% ,

11/12/2020

b,d

24,982,739

Citibank

NA

4,415,000

2.125% ,

10/20/2020

4,425,880

25,383,000

0.785%

(LIBOR

3M

+

0.350%),

2/12/2021

e

25,416,331

12,900,000

2.850% ,

2/12/2021

13,048,348

10,000,000

0.826%

(LIBOR

3M

+

0.570%),

7/23/2021

e

10,035,659

Citigroup,

Inc.

25,000,000

5.375% ,

8/9/2020

25,017,444

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

25,000,000

0.227%

(LIBOR

1M

+

0.040%),

9/18/2020

e

25,000,700

5,000,000

2.500% ,

1/19/2021

5,051,649

Crown

Point

Capital

Company,

LLC

10,000,000

0.270% ,

8/11/2020

b,d

9,999,587

25,000,000

0.220% ,

9/18/2020

b,d

24,990,846

25,000,000

0.270% ,

10/13/2020

b,d

24,988,746

Dealers

Capital

Access

Trust,

LLC

25,000,000

0.400% ,

8/11/2020

24,999,045

22,000,000

0.150% ,

8/17/2020

21,998,577

14,000,000

0.320% ,

8/20/2020

13,998,857

12,000,000

0.290% ,

9/23/2020

11,996,832

18,500,000

0.290% ,

10/5/2020

18,493,691

25,000,000

0.200% ,

10/26/2020

24,987,494

Erste

Abwicklungsanstalt

2,775,000

0.120% ,

8/4/2020

b

2,774,973

6,950,000

0.210% ,

8/21/2020

b

6,949,595

25,000,000

0.230% ,

10/15/2020

b

24,991,714

Fairway

Finance

Company,

LLC

19,200,000

0.240% ,

8/11/2020

b,d

19,199,208

Glaxosmithkline

Finance

plc

6,735,000

1.050% ,

8/5/2020

b,d

6,734,716

Globe

Life

Incorporation

5,000,000

0.250% ,

10/16/2020

b

4,995,540

Goldman

Sachs

Bank

USA

20,000,000

72.412%

(SOFRRATE

+

0.280%),

8/21/2020

e

20,002,910

12,000,000

33.989%

(SOFRRATE

+

0.300%),

9/21/2020

e

12,003,547

25,000,000

35.767%

(SOFRRATE

+

0.280%),

2/5/2021

e

25,013,759

Goldman

Sachs

Group,

Inc.

10,530,000

2.750% ,

9/15/2020

10,537,782

ING

Bank

NV

18,050,000

1.356%

(LIBOR

3M

+

0.970%),

8/17/2020

b,e

18,056,802

ING

Funding,

LLC

20,000,000

0.475%

(LIBOR

3M

+

0.170%),

9/23/2020

b,d,e

20,006,108

Inter-American

Development

Bank

10,000,000

0.183%

(LIBOR

1M

+

FLAT),

10/9/2020

e

9,999,000

LMA

Americas,

LLC

15,000,000

0.338%

(LIBOR

1M

+

0.170%),

12/4/2020

b,e

14,999,484

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Financials

(50.4%)

a

Value

Macquarie

Bank,

Ltd.

$

4,100,000

2.850% ,

1/15/2021

b

$

4,145,693

10,000,000

0.329%

(LIBOR

1M

+

0.150%),

2/24/2021

b,e

10,000,442

Manhattan

Asset

Funding

Corporation,

LLC

10,000,000

0.170% ,

8/17/2020

b,d

9,999,684

13,175,000

0.150% ,

8/21/2020

b,d

13,174,078

Massachusetts

Educational

Financing

Auth.

15,095,000

0.250% ,

9/10/2020

d

15,095,302

3,000,000

0.230% ,

9/11/2020

d

2,999,240

MassMutual

Global

Funding

12,850,000

2.450% ,

11/23/2020

b

12,937,390

MetLife

Short

Term

Funding,

LLC

8,300,000

1.150% ,

9/11/2020

b,d

8,299,032

Metropolitan

Life

Global

Funding

I

5,000,000

2.500% ,

12/3/2020

b

5,036,736

25,000,000

0.590%

(SOFRRATE

+

0.500%),

5/28/2021

b,e

25,045,299

Mid-America

Apartment

Communities,

Inc.

20,000,000

0.200% ,

8/11/2020

b

19,998,931

Mitsubishi

UFJ

Trust

&

Banking

Corporation

15,000,000

0.300% ,

9/29/2020

b

15,002,998

25,000,000

0.250% ,

10/23/2020

b

24,987,633

Mizuho

Bank,

Ltd.

25,000,000

0.373%

(LIBOR

1M

+

0.210%),

8/7/2020

e

25,001,082

9,835,000

0.268%

(LIBOR

1M

+

0.080%),

8/10/2020

e

9,835,315

25,000,000

0.200% ,

10/28/2020

24,998,764

National

Bank

of

Canada

7,090,000

0.886%

(LIBOR

3M

+

0.330%),

11/2/2020

e

7,093,897

Nationwide

Building

Society

25,000,000

0.180% ,

8/20/2020

b

24,997,458

25,000,000

0.180% ,

8/21/2020

b

24,997,229

25,000,000

0.190% ,

8/28/2020

b

24,997,064

Nederlandse

Waterschapsbank

NV

25,000,000

0.180% ,

8/17/2020

b

24,998,028

25,000,000

0.180% ,

10/28/2020

b

24,988,257

New

York

Life

Global

Funding

25,372,000

1.950% ,

9/28/2020

b

25,438,280

30,580,000

0.456%

(LIBOR

3M

+

0.160%),

10/1/2020

b,e

30,589,934

7,654,000

0.821%

(LIBOR

3M

+

0.320%),

8/6/2021

b,e

7,677,949

Nieuw

Amsterdam

Receivables

Corporation

10,260,000

0.170% ,

8/18/2020

b,d

10,259,230

25,000,000

0.170% ,

8/19/2020

b,d

24,997,928

Nordea

Bank

AB

16,000,000

2.500% ,

9/17/2020

b

16,043,200

Old

Line

Funding,

LLC

25,000,000

0.280% ,

9/29/2020

b,d

24,989,167

15,000,000

0.310% ,

10/30/2020

b,d

14,993,213

15,000,000

0.600% ,

10/30/2020

b,d

14,993,213

25,000,000

0.298%

(LIBOR

1M

+

0.120%),

12/11/2020

b,d,e

25,000,000

Pricoa

Global

Funding

I

3,825,000

2.550% ,

11/24/2020

b

3,851,991

Pricoa

Short

Term

Funding,

LLC

10,000,000

0.300% ,

9/18/2020

b

9,997,618

Principal

Amount

Financials

(50.4%)

a

Value

Prudential

Financial,

Inc.

$

10,000,000

0.270% ,

9/29/2020

b

$

9,993,333

Royal

Bank

of

Canada

10,000,000

0.370%

(FEDL

1M

+

0.270%),

8/3/2020

e

10,000,000

10,000,000

0.412%

(LIBOR

1M

+

0.240%),

8/26/2020

b,e

10,001,774

15,000,000

0.421%

(LIBOR

3M

+

0.090%),

9/4/2020

e

15,001,807

15,000,000

1.520% ,

9/8/2020

b

14,997,367

25,000,000

2.100% ,

10/14/2020

25,088,322

10,000,000

0.394%

(LIBOR

3M

+

0.090%),

1/4/2021

b,e

10,002,972

10,000,000

0.596%

(LIBOR

3M

+

0.040%),

2/3/2021

b,e

10,000,000

10,000,000

0.250%

(SOFRRATE

+

0.150%),

2/26/2021

b,e

9,996,501

10,000,000

0.350%

(SOFRRATE

+

0.250%),

3/3/2021

b,e

10,001,964

14,027,000

0.658%

(LIBOR

3M

+

0.390%),

4/30/2021

e

14,062,127

15,000,000

0.463%

(LIBOR

3M

+

0.140%),

7/30/2021

e

15,000,000

Skandinaviska

Enskilda

Banken

AB

20,000,000

0.441%

(LIBOR

3M

+

0.170%),

10/16/2020

e

20,007,700

Societe

Generale

SA

19,000,000

2.625% ,

9/16/2020

b

19,052,036

Sumitomo

Mitsui

Banking

Corporation

7,300,000

0.242%

(LIBOR

1M

+

0.070%),

8/25/2020

e

7,300,302

5,000,000

0.641%

(LIBOR

3M

+

0.370%),

10/16/2020

e

5,003,389

15,000,000

0.310%

(LIBOR

1M

+

0.130%),

11/20/2020

e

15,000,296

Svenska

Handelsbanken

AB

6,700,000

0.678%

(LIBOR

3M

+

0.360%),

9/8/2020

e

6,702,744

13,900,000

1.226%

(LIBOR

3M

+

0.930%),

10/1/2020

e

13,921,164

12,300,000

0.830%

(LIBOR

3M

+

0.470%),

5/24/2021

e

12,339,631

Svenska

Handelsbanken

NY

15,000,000

0.431%

(LIBOR

3M

+

0.110%),

6/16/2021

e

15,005,206

Thunder

Bay

Funding,

LLC

12,900,000

0.200% ,

8/17/2020

b,d

12,899,366

15,000,000

1.100% ,

10/21/2020

b,d

14,994,363

Toronto-Dominion

Bank

15,000,000

0.621%

(LIBOR

3M

+

0.080%),

8/5/2020

e

15,000,054

10,000,000

0.470%

(FEDL

1M

+

0.370%),

9/8/2020

e

10,002,137

21,200,000

0.559%

(LIBOR

3M

+

0.260%),

9/17/2020

e

21,208,383

10,000,000

0.737%

(LIBOR

3M

+

0.050%),

2/1/2021

b,e

10,001,507

5,184,000

1.276%

(LIBOR

3M

+

1.000%),

4/7/2021

e

5,217,513

10,000,000

0.428%

(LIBOR

3M

+

0.110%),

6/10/2021

e

10,004,256

10,000,000

0.426%

(LIBOR

3M

+

0.130%),

7/1/2021

b,e

10,006,365

12,830,000

0.480%

(LIBOR

3M

+

0.140%),

7/19/2021

e

12,838,612

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Financials

(50.4%)

a

Value

U.S.

Bank

NA

$

16,987,000

2.050% ,

10/23/2020

$

17,030,299

6,630,000

0.866%

(LIBOR

3M

+

0.310%),

2/4/2021

e

6,639,205

9,000,000

3.000% ,

2/4/2021

9,109,649

21,888,000

0.565%

(LIBOR

3M

+

0.320%),

4/26/2021

e

21,927,925

Wells

Fargo

Bank

NA

10,000,000

0.415%

(LIBOR

1M

+

0.240%),

8/14/2020

e

10,001,009

15,000,000

0.437%

(LIBOR

1M

+

0.260%),

9/16/2020

e

15,003,612

10,000,000

0.316%

(LIBOR

3M

+

0.050%),

10/13/2020

e

10,001,360

10,000,000

0.356%

(LIBOR

3M

+

0.090%),

1/13/2021

e

10,001,775

25,000,000

0.585%

(LIBOR

3M

+

0.310%),

1/15/2021

e

25,025,845

4,176,000

2.600% ,

1/15/2021

4,222,003

10,000,000

0.502%

(LIBOR

3M

+

0.110%),

2/16/2021

e

10,002,152

Westpac

Banking

Corporation

10,000,000

0.398%

(LIBOR

3M

+

0.130%),

10/30/2020

b,e

10,003,864

25,000,000

0.510%

(LIBOR

3M

+

0.150%),

11/25/2020

b,e

25,013,095

Westpac

Banking

Corporation

of

New

York

9,300,000

0.370%

(SOFRRATE

+

0.270%),

3/5/2021

e

9,302,853

Westpac

Securities

NZ,

Ltd.

25,000,000

0.308% ,

10/30/2020

b,d

25,004,227

Total

2,052,729,914

Principal

Amount

Foreign

(

2.7%

)

a

Value

Caisse

d'Amortissement

de

la

Dette

Sociale

25,000,000

0.260% ,

8/17/2020

b

24,998,737

3,670,000

0.240% ,

9/24/2020

b

3,669,176

Kells

Funding,

LLC

5,500,000

0.220% ,

8/13/2020

b,d

5,499,865

25,000,000

1.350% ,

8/27/2020

b,d

24,998,931

25,000,000

0.150% ,

9/14/2020

b,d

24,997,812

23,950,000

0.270% ,

9/29/2020

b,d

23,942,416

Total

108,106,937

Principal

Amount

Technology

(

0.9%

)

a

Value

IBM

Credit,

LLC

26,070,000

0.532%

(LIBOR

3M

+

0.260%),

1/20/2021

e

26,097,816

International

Business

Machines

Corporation

8,905,000

0.834%

(LIBOR

3M

+

0.400%),

5/13/2021

e

8,933,996

Total

35,031,812

Principal

Amount

Transportation

(

0.4%

)

a

Value

Canadian

National

Railway

Company

8,000,000

0.160% ,

8/11/2020

b,d

7,999,768

Principal

Amount

Transportation

(0.4%)

a

Value

Union

Pacific

Corporation

$

8,000,000

0.250% ,

8/20/2020

b

$

7,998,369

Total

15,998,137

Principal

Amount

U.S.

Government

&

Agencies

(

15.7%

)

a

Value

Federal

Agricultural

Mortgage

Corporation

14,290,000

0.197%

(LIBOR

1M

+

0.010%),

5/20/2021

e

14,287,723

14,490,000

0.149%

(LIBOR

1M

+

FLAT),

7/28/2021

c,e

14,487,169

10,000,000

0.247%

(LIBOR

1M

+

0.060%),

10/18/2021

e

9,997,587

20,500,000

0.334%

(LIBOR

3M

+

(0.010)%),

12/2/2021

e

20,494,579

Federal

Farm

Credit

Bank

14,410,000

0.190%

(SOFRRATE

+

0.090%),

7/15/2021

e

14,407,233

15,000,000

0.307%

(LIBOR

1M

+

0.120%),

10/18/2021

e

15,014,077

35,000,000

0.197%

(LIBOR

1M

+

0.010%),

10/20/2021

e

34,991,513

25,000,000

0.196%

(LIBOR

1M

+

0.030%),

12/29/2021

e

24,996,672

8,225,000

0.258%

(LIBOR

1M

+

0.080%),

7/13/2022

e

8,207,406

Federal

Home

Loan

Bank

10,000,000

0.137%

(LIBOR

1M

+

(0.050)%),

8/18/2020

e

9,999,917

10,000,000

0.137%

(LIBOR

1M

+

(0.050)%),

8/20/2020

e

9,999,906

18,000,000

0.170%

(LIBOR

1M

+

(0.010)%),

8/21/2020

e

17,999,966

13,000,000

0.169%

(LIBOR

1M

+

(0.010)%),

8/24/2020

e

12,999,939

36,300,000

0.106% ,

8/26/2020

36,298,377

44,045,000

0.157%

(LIBOR

1M

+

(0.030)%),

4/20/2021

e

44,029,804

25,000,000

0.169%

(LIBOR

1M

+

(0.010)%),

5/24/2021

e

24,995,961

4,610,000

0.156%

(LIBOR

1M

+

(0.010)%),

6/2/2021

e

4,609,232

10,000,000

0.200%

(SOFRRATE

+

0.100%),

7/9/2021

e

9,998,174

11,325,000

0.175%

(SOFRRATE

+

0.075%),

7/23/2021

e

11,318,916

9,000,000

0.250%

(SOFRRATE

+

0.150%),

9/3/2021

e

8,998,985

25,000,000

0.187%

(LIBOR

1M

+

FLAT),

10/20/2021

e

24,992,740

Federal

Home

Loan

Bank

Discount

Notes

13,130,000

0.100% ,

8/14/2020

13,129,719

12,575,000

0.105% ,

8/18/2020

12,574,633

14,100,000

0.100% ,

8/24/2020

14,099,424

20,000,000

0.108% ,

9/11/2020

19,998,050

11,000,000

0.140% ,

10/14/2020

10,998,020

Federal

Home

Loan

Mortgage

Corporation

15,000,000

0.250%

(SOFRRATE

+

0.150%),

3/4/2022

e

14,998,815

Federal

National

Mortgage

Association

24,000,000

0.250%

(SOFRRATE

+

0.150%),

12/10/2021

e

23,993,404

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

U.S.

Government

&

Agencies

(15.7%)

a

Value

$

10,000,000

0.270%

(SOFRRATE

+

0.170%),

3/9/2022

e

$

9,996,769

25,000,000

0.290%

(SOFRRATE

+

0.190%),

5/27/2022

e

25,009,056

U.S.

International

Development

Finance

Corporation

11,540,000

0.200%

(T-BILL

3M

+

FLAT),

8/7/2020

e

11,540,000

U.S.

Treasury

Bills

5,000,000

0.133% ,

8/13/2020

4,999,885

25,000,000

0.092% ,

8/18/2020

24,999,141

35,920,000

0.091% ,

8/25/2020

35,918,244

19,320,000

0.095% ,

9/3/2020

19,318,461

25,000,000

0.100% ,

10/15/2020

24,995,311

Total

639,694,808

Principal

Amount

U.S.

Municipals

(

4.1%

)

Value

City

of

Austin,

TX

15,725,000

0.200% ,

8/19/2020

d

15,725,157

11,960,000

0.000% ,

9/3/2020

d,f

11,960,000

Los

Angeles

County

Metropolitan

Transportation

12,520,000

0.400% ,

8/5/2020

d

12,520,376

State

of

California

14,850,000

0.260% ,

8/25/2020

d

14,850,148

22,250,000

2.800% ,

4/1/2021

22,610,228

State

of

Connecticut

G.O.

4,200,000

3.750% ,

9/15/2020

4,214,742

25,000,000

2.670% ,

1/15/2021

25,219,500

State

of

Michigan

4,755,000

3.375% ,

12/1/2020

4,798,603

State

of

Tennessee

26,663,000

0.600% ,

8/26/2020

d

26,666,733

9,200,000

0.400% ,

11/18/2020

d

9,201,104

State

of

Wisconsin

20,190,000

0.220% ,

8/4/2020

20,190,202

Total

167,956,793

Principal

Amount

Utilities

(

6.9%

)

a

Value

American

Electric

Power

Company,

Inc.

25,000,000

0.200% ,

8/10/2020

b

24,998,757

5,000,000

0.150% ,

8/11/2020

b

4,999,733

25,000,000

0.160% ,

8/26/2020

b

24,996,443

Consolidated

Edison,

Inc.

15,000,000

0.200% ,

8/14/2020

b

14,998,962

18,000,000

0.160% ,

8/19/2020

b

17,997,596

Duke

Energy

Corporation

25,000,000

0.200% ,

8/18/2020

b

24,997,875

25,000,000

0.220% ,

9/23/2020

b

24,990,025

Long

Island

Power

Auth.

25,000,000

0.180% ,

8/20/2020

d

25,000,750

Magellan

Midstream

Partners,

LP

2,700,000

0.350% ,

8/3/2020

b

2,699,957

8,000,000

0.320% ,

8/10/2020

b

7,999,602

National

Rural

Utilities

Cooperative

Finance

Corporation

4,773,000

2.300% ,

11/1/2020

4,787,917

5,000,000

0.683%

(LIBOR

3M

+

0.375%),

6/30/2021

e

5,015,616

PPL

Electric

Utilities

Corporation

25,000,000

0.150% ,

8/3/2020

b

24,999,604

Principal

Amount

Utilities

(6.9%)

a

Value

TransCanada

American

Investments,

Ltd.

$

15,000,000

0.310% ,

9/9/2020

b

$

14,996,117

13,000,000

0.310% ,

9/10/2020

b

12,996,506

12,500,000

0.250% ,

9/16/2020

b

12,495,920

TransCanada

PipeLines

,

Ltd.

25,000,000

0.320% ,

8/18/2020

b,d

24,997,875

10,000,000

0.300% ,

8/19/2020

b,d

9,999,087

Total

283,968,342

Total

Investments

(cost

$4,080,889,210)

100.1%

$4,082,604,486

Other

Assets

and

Liabilities,

Net

(0.1)%

(5,740,096)

Total

Net

Assets

100.0%

$4,076,864,390

a

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2020,

the

value

of

these

investments

was

$1,951,979,754

or

47.9%

of

total

net

assets.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

d

Denotes

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution

or

government.

e

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

f

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Definitions:

Auth.

-

Authority

G.O.

-

General

Obligation

Ser.

-

Series

Reference

Rate

Index:

FEDL

1M

-

Federal

Funds

1

Month

Rate

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2020,

in

valuing

Short-Term

Reserve

Fund's

assets

carried

at

fair

value

or

amortized

cost,

which

approximates

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Asset-Backed

Securities

159,805,121

–

159,805,121

–

Basic

Materials

29,992,233

–

29,992,233

–

Capital

Goods

56,728,789

–

56,728,789

–

Consumer

Cyclical

173,707,889

–

173,707,889

–

Consumer

Non-Cyclical

228,897,270

–

228,897,270

–

Energy

129,986,441

–

129,986,441

–

Financials

2,052,729,914

–

2,052,729,914

–

Foreign

108,106,937

–

108,106,937

–

Technology

35,031,812

–

35,031,812

–

Transportation

15,998,137

–

15,998,137

–

U.S.

Government

&

Agencies

639,694,808

–

639,694,808

–

U.S.

Municipals

167,956,793

–

155,996,793

11,960,000

Utilities

283,968,342

–

283,968,342

–

Total

Investments

at

Value

$4,082,604,486

$–

$4,070,644,486

$11,960,000

Notes

to

Schedule

of

Investments

as

of

July

31,

2020

(unaudited)

26

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.  Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations

obtained

from

dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements are

valued at the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges will

be

valued at

the

mid-price

from

the

primary

approved pricing

service. 

Forward

foreign

currency

exchange

contracts

are

marked-to-

market

based

upon

foreign

currency

exchange

rates

provided

by

the

pricing

service.

Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

Securities

held

by

the

Money

Market

Fund

are

valued

on

the

basis

of

amortized

cost

(which

approximates

market

value),

whereby

a

portfolio

security

is

valued

at

its

cost

initially

and

thereafter

valued

to

reflect

a

constant

amortization

to

maturity

of

any

discount

or

premium.

The

Money

Market

Fund

and

the

Trust’s

investment

adviser,

Thrivent

Asset

Management,

LLC

(“Thrivent

Asset

Mgt.”

or

the

“Adviser”),

follow

procedures

designed

to

help

maintain

a

constant

net

asset

value

of

$1.00

per

share. 

The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Funds'

securities

to

the

Funds'

investment

Adviser.

The

Adviser

has

formed

a

Valuation

Committee

(“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation. 

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Funds’

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities,

typically

included

in

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk,

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available

for

sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Denominated

Investments 

—

Foreign

denominated

assets

and

currency

contracts

may

involve

more

risks

than

domestic

transactions

including

currency

risk,

political

and

economic

risk,

regulatory

risk,

and

market

risk.

Certain

Funds

may

also

invest

in

securities

of

companies

located

in

emerging

markets.

Future

economic

or

political

developments

could

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Additional

information

for

the

Funds’

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Funds’

most

recent

annual

or

semiannual

shareholder

report.