Intercontinental
Exchange
Morgan
Stanley
Capital
International
The
following
table
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
for
Emerging
Markets
Equity
Fund as
discussed
in
the
Notes
to
Schedule
of
Investments.
*
Change
in
net
unrealized
appreciation/(depreciation)
on
investments.
^
Net
realized
gains/(losses)
on
investments.
#
Transferred
from
Level
2
to
Level
3
because
of
a
lack
of
observable
market
data,
resulting
from
a
decrease
in
market
activity
for
the
securities.
@
Transferred
from
Level
3
to
Level
2
because
observable
market
data
became
available
for
the
securities.
The
reporting
entity's Level
3
securities'
fair
value
is
calculated
by
a
vendor
using
the
established
policies
and
procedures
of
the
reporting
entity.
Inputs
used
in
valuation
include
the
liquidity spread
of
the
issuer.
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
A
significant
increase
or
decrease
in
the
inputs
in
isolation
would
have
resulted
in
a
significantly
lower
or
higher
fair
value
measurement.
Investments
in
Securities
Beginning
Value
10/31/2021
Realized
Gain/
(Loss)^
Change
in
Unrealized
Appreciation/
(Depreciation)
*
Purchases
Sales
Tran
sfers
Into
Level
3 #
Transfers
Out
of
Level
3 @
Ending
Value
7/29/2022
Common
Stock
Communication
Services
$-
$-
$209,733
$285,695
$-
$-
$-
$495,428
Consumer
Staples
-
(36,702)
(1,135,568)
663,040
(148,667)
657,897
-
0
Energy
-
(52,652)
(13,550,595)
2,773,107
(1,661,421)
12,491,659
-
98
Financials
23,745
(275,425)
(6.471,637)
853,675
(815,929)
6,709,318
(23,745)
2
Ma
terials
-
(138,918)
(2,164,848)
779,065
(458,950)
1,983,659
8
Total
$23,745
($503,697)
($23,112,915)
$5,354,582
($3,084,967)
$21,842,533
($23,745)
$495,536
The
following
table
presents
Emerging
Markets
Equity
Fund's
futures
contracts
held
as
of
July
29,
2022.
Investments
and/or
cash
totaling
$1,055,707
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
ICE
US
mini
MSCI
Emerging
Markets
Index
427
September
2022
$
21,942,547
(
$
624,572)
Total
Futures
Long
Contracts
$
21,942,547
(
$
624,572)
Total
Futures
Contracts
$
21,942,547
($624,572)
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
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2021
Gross
Purchases
Gross
Sales
Value
7/29/2022
Shares
Held
at
7/29/2022
%
of
Net
Assets
7/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
2.100%
$850
$134,679
$132,683
$2,846
285
0.6%
Total
Affiliated
Short-Term
Investments
850
2,846
0.6
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3,102
34,970
34,642
3,430
3,430
0.7
Total
Collateral
Held
for
Securities
Loaned
3,102
3,430
0.7
Total
Value
$3,952
$6,276