Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Principal

Amount

Long-Term

Fixed

Income

(

95.3%

)

Value

Angola

(2.9%)

Angola

Government

International

Bond

$

14,000,000

8.250%, 

5/9/2028

$

13,237,000

2,000,000

8.000%, 

11/26/2029

1,853,920

6,000,000

8.750%, 

4/14/2032

a

5,542,020

2,000,000

9.125%, 

11/26/2049

1,748,700

1,000,000

9.500%, 

11/12/2025

1,042,460

Total

23,424,100

Argentina

(1.4%)

Argentina

Government

International

Bond

1,800,000

0.500%, 

7/9/2030

b

641,755

15,700,000

1.500%, 

7/9/2035

b

4,824,868

17,700,000

3.500%, 

7/9/2041

b

6,022,050

Total

11,488,673

Azerbaijan

(0.9%)

Azerbaijan

Government

International

Bond

8,900,000

3.500%, 

9/1/2032

7,714,627

Total

7,714,627

Bahrain

(2.4%)

Bahrain

Government

International

Bond

4,000,000

6.125%, 

8/1/2023

a

3,998,720

1,000,000

7.000%, 

10/12/2028

a

1,031,618

1,000,000

5.250%, 

1/25/2033

882,200

3,000,000

5.625%, 

5/18/2034

a

2,655,348

6,000,000

7.500%, 

9/20/2047

a

5,570,400

1,000,000

7.500%, 

9/20/2047

928,400

CBB

International

Sukuk

Programme

SPC

4,000,000

6.250%, 

11/14/2024

4,049,280

Total

19,115,966

Brazil

(2.1%)

Brazil

Government

International

Bond

5,800,000

4.750%, 

1/14/2050

4,254,728

3,000,000

2.875%, 

6/6/2025

2,852,261

1,000,000

4.500%, 

5/30/2029

c

947,289

7,000,000

3.875%, 

6/12/2030

c

6,191,577

1,300,000

5.000%, 

1/27/2045

1,016,635

2,000,000

5.625%, 

2/21/2047

1,659,288

Total

16,921,778

Canada

(1.0%)

Canacol

Energy,

Ltd.

3,000,000

5.750%, 

11/24/2028

a

2,654,960

Petronas

Energy

Canada,

Ltd.

6,000,000

2.112%, 

3/23/2028

a,c

5,390,524

Total

8,045,484

Chile

(3.0%)

Chile

Government

International

Bond

1,700,000

3.100%, 

1/22/2061

1,118,889

8,500,000

3.500%, 

1/25/2050

6,392,410

1,200,000

3.125%, 

1/21/2026

1,154,277

2,600,000

3.240%, 

2/6/2028

2,464,020

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Chile

(3.0%)

-

continued

$

11,850,000

2.550%, 

7/27/2033

c

$

9,650,635

2,000,000

3.500%, 

1/31/2034

c

1,768,272

2,000,000

4.340%, 

3/7/2042

c

1,770,580

Total

24,319,083

Colombia

(3.3%)

Colombia

Government

International

Bond

2,000,000

2.625%, 

3/15/2023

1,992,363

3,375,000

3.875%, 

4/25/2027

3,052,967

786,000

3.125%, 

4/15/2031

593,847

1,000,000

7.500%, 

2/2/2034

d

988,206

2,500,000

7.375%, 

9/18/2037

2,421,466

10,500,000

6.125%, 

1/18/2041

8,623,982

3,000,000

4.125%, 

2/22/2042

1,929,938

4,605,000

5.625%, 

2/26/2044

3,503,064

2,000,000

5.000%, 

6/15/2045

1,401,533

Ecopetrol

SA

2,000,000

8.875%, 

1/13/2033

2,051,400

Total

26,558,766

Costa

Rica

(0.6%)

Costa

Rica

Government

International

Bond

4,900,000

7.000%, 

4/4/2044

4,753,000

Total

4,753,000

Dominican

Republic

(3.7%)

Dominican

Republic

Government

International

Bond

500,000

7.050%, 

2/3/2031

a

500,000

1,300,000

6.875%, 

1/29/2026

a

1,337,666

1,000,000

5.950%, 

1/25/2027

a

996,019

3,000,000

5.500%, 

2/22/2029

a

2,822,004

4,500,000

4.875%, 

9/23/2032

a

3,830,794

2,500,000

7.450%, 

4/30/2044

a

2,433,526

4,900,000

6.850%, 

1/27/2045

4,463,016

8,300,000

6.500%, 

2/15/2048

a

7,158,024

8,000,000

6.400%, 

6/5/2049

a

6,802,520

Total

30,343,569

Ecuador

(1.7%)

Ecuador

Government

International

Bond

6,500,000

5.500%, 

7/31/2030

b

4,317,679

18,800,000

2.500%, 

7/31/2035

b

9,148,568

Total

13,466,247

Egypt

(2.6%)

Egypt

Government

International

Bond

2,500,000

7.500%, 

2/16/2061

a

1,619,200

2,000,000

8.875%, 

5/29/2050

a

1,425,992

2,000,000

8.750%, 

9/30/2051

a

1,415,600

500,000

8.150%, 

11/20/2059

a

338,750

4,300,000

7.600%, 

3/1/2029

3,547,810

3,500,000

7.053%, 

1/15/2032

a

2,623,600

2,500,000

7.625%, 

5/29/2032

1,901,960

3,000,000

8.500%, 

1/31/2047

2,111,682

9,000,000

7.903%, 

2/21/2048

5,973,840

Total

20,958,434

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

El

Salvador

(0.5%)

El

Salvador

Government

International

Bond

$

3,300,000

8.625%, 

2/28/2029

$

1,747,751

5,000,000

7.625%, 

2/1/2041

2,350,162

Total

4,097,913

Gabon

(0.4%)

Gabon

Government

International

Bond

3,000,000

6.950%, 

6/16/2025

2,907,360

Total

2,907,360

Ghana

(0.9%)

Ghana

Government

International

Bond

2,000,000

6.375%, 

2/11/2027

e

756,800

3,000,000

7.750%, 

4/7/2029

a,e

1,110,000

5,000,000

8.625%, 

4/7/2034

a,e

1,837,500

5,000,000

7.875%, 

2/11/2035

a,e

1,834,500

4,000,000

8.875%, 

5/7/2042

e

1,440,000

Total

6,978,800

Guatemala

(1.7%)

Guatemala

Government

International

Bond

1,000,000

6.125%, 

6/1/2050

a

970,279

4,590,000

4.500%, 

5/3/2026

4,450,725

3,700,000

4.375%, 

6/5/2027

3,537,185

4,000,000

5.375%, 

4/24/2032

3,907,620

1,000,000

4.650%, 

10/7/2041

a

831,412

Total

13,697,221

Honduras

(0.1%)

Honduras

Government

International

Bond

1,000,000

6.250%, 

1/19/2027

881,198

Total

881,198

Hungary

(0.7%)

Hungary

Government

International

Bond

3,000,000

5.250%, 

6/16/2029

a

2,952,000

3,000,000

6.250%, 

9/22/2032

a

3,101,430

Total

6,053,430

Indonesia

(6.0%)

Indonesia

Government

International

Bond

964,000

3.375%, 

4/15/2023

a

960,742

5,000,000

4.125%, 

1/15/2025

4,954,931

6,100,000

4.750%, 

1/8/2026

a

6,136,681

3,700,000

4.100%, 

4/24/2028

3,626,452

3,000,000

4.850%, 

1/11/2033

3,027,454

3,400,000

6.625%, 

2/17/2037

a

3,901,500

2,000,000

7.750%, 

1/17/2038

a

2,470,000

726,000

6.750%, 

1/15/2044

a

845,965

4,000,000

5.125%, 

1/15/2045

a

3,971,680

1,200,000

5.250%, 

1/8/2047

a

1,203,172

1,500,000

4.350%, 

1/11/2048

1,336,829

Pertamina

Persero

PT

1,500,000

6.450%, 

5/30/2044

1,560,317

Perusahaan

Listrik

Negara

PT

1,000,000

4.375%, 

2/5/2050

774,787

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Indonesia

(6.0%)

-

continued

$

2,000,000

3.375%, 

2/5/2030

$

1,756,360

6,400,000

5.250%, 

10/24/2042

5,693,920

Perusahaan

Penerbit

SBSN

Indonesia

III

1,500,000

4.150%, 

3/29/2027

a

1,485,870

1,500,000

4.400%, 

6/6/2027

a

1,496,139

PT

Perusahaan

Gas

Negara

(Persero)

Tbk

PT

4,000,000

5.125%, 

5/16/2024

3,979,970

Total

49,182,769

Italy

(0.1%)

Italy

Government

International

Bond

1,000,000

2.375%, 

10/17/2024

946,884

Total

946,884

Ivory

Coast

(1.8%)

Ivory

Coast

Government

International

Bond

16,500,000

6.125%, 

6/15/2033

14,629,296

Total

14,629,296

Jersey

(1.3%)

Galaxy

Pipeline

Assets

Bidco,

Ltd.

4,623,300

2.160%, 

3/31/2034

3,989,197

6,500,000

2.625%, 

3/31/2036

a

5,308,905

1,933,060

2.940%, 

9/30/2040

a

1,579,053

Total

10,877,155

Jordan

(0.5%)

Jordan

Government

International

Bond

4,500,000

5.850%, 

7/7/2030

4,142,097

Total

4,142,097

Kazakhstan

(0.8%)

Kazakhstan

Government

International

Bond

4,000,000

6.500%, 

7/21/2045

4,238,928

KazMunayGas

National

Company

JSC

1,000,000

3.500%, 

4/14/2033

757,548

1,700,000

5.750%, 

4/19/2047

1,350,980

Total

6,347,456

Kenya

(0.4%)

Kenya

Government

International

Bond

2,000,000

6.875%, 

6/24/2024

1,877,600

1,500,000

8.000%, 

5/22/2032

1,303,230

Total

3,180,830

Lebanon

(0.1%)

Lebanon

Government

International

Bond

10,000,000

6.650%, 

4/22/2024

e

637,500

3,000,000

6.600%, 

11/27/2026

e

187,500

5,000,000

6.850%, 

3/23/2027

e

312,500

Total

1,137,500

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Luxembourg

(0.3%)

EIG

Pearl

Holdings

SARL

$

2,500,000

3.545%, 

8/31/2036

a

$

2,171,300

Total

2,171,300

Malaysia

(1.1%)

Petronas

Capital,

Ltd.

3,500,000

4.550%, 

4/21/2050

3,273,051

6,400,000

3.500%, 

4/21/2030

5,984,384

Total

9,257,435

Mexico

(7.0%)

America

Movil

SAB

de

CV

3,000,000

5.375%, 

4/4/2032

a

2,797,500

Comision

Federal

de

Electricidad

2,000,000

3.875%, 

7/26/2033

a

1,580,274

Mexico

Government

International

Bond

4,460,000

4.500%, 

1/31/2050

3,599,654

2,000,000

4.400%, 

2/12/2052

1,560,064

1,781,000

4.150%, 

3/28/2027

1,759,762

885,000

3.750%, 

1/11/2028

847,317

2,000,000

5.400%, 

2/9/2028

2,053,449

2,000,000

3.500%, 

2/12/2034

1,680,723

5,800,000

6.050%, 

1/11/2040

5,900,018

2,000,000

4.600%, 

2/10/2048

1,642,700

Petroleos

Mexicanos

14,300,000

7.690%, 

1/23/2050

10,676,397

3,000,000

8.750%, 

6/2/2029

2,921,614

900,000

6.840%, 

1/23/2030

783,020

8,200,000

5.950%, 

1/28/2031

6,564,457

3,415,000

6.700%, 

2/16/2032

2,834,674

9,100,000

6.625%, 

6/15/2035

7,143,862

Total

Play

Telecomunicaciones

SA

de

CV

3,024,000

7.500%, 

11/12/2025

a

2,820,485

Total

57,165,970

Mongolia

(0.2%)

Mongolia

Government

International

Bond

1,700,000

5.125%, 

4/7/2026

1,585,250

Total

1,585,250

Morocco

(0.1%)

OCP

SA

1,500,000

5.125%, 

6/23/2051

1,178,430

Total

1,178,430

Mozambique

(0.8%)

Mozambique

Government

International

Bond

8,383,000

5.000%, 

9/15/2031

b

6,677,227

Total

6,677,227

Netherlands

(0.9%)

AES

Andres

BV

3,000,000

5.700%, 

5/4/2028

a

2,641,466

IHS

Netherlands

Holdco

BV

3,000,000

8.000%, 

9/18/2027

a

2,703,900

Majapahit

Holding

BV

2,000,000

7.875%, 

6/29/2037

2,299,983

Total

7,645,349

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Nigeria

(1.6%)

Nigeria

Government

International

Bond

$

12,100,000

7.875%, 

2/16/2032

$

9,105,250

1,000,000

7.375%, 

9/28/2033

a

712,500

5,000,000

7.696%, 

2/23/2038

3,462,500

Total

13,280,250

Oman

(3.6%)

Oman

Government

International

Bond

4,000,000

4.875%, 

2/1/2025

3,954,760

5,000,000

4.750%, 

6/15/2026

a

4,903,150

4,000,000

5.625%, 

1/17/2028

a

4,024,400

6,500,000

7.375%, 

10/28/2032

a

7,245,108

9,500,000

6.750%, 

1/17/2048

a

9,360,065

Total

29,487,483

Pakistan

(0.5%)

Pakistan

Government

International

Bond

2,000,000

6.000%, 

4/8/2026

a

860,000

4,500,000

6.875%, 

12/5/2027

1,890,000

3,000,000

7.375%, 

4/8/2031

a

1,247,400

Total

3,997,400

Panama

(2.5%)

Aeropuerto

Internacional

de

Tocumen

SA

2,000,000

4.000%, 

8/11/2041

a

1,660,246

Panama

Bonos

del

Tesoro

8,000,000

3.362%, 

6/30/2031

6,685,120

Panama

Government

International

Bond

4,800,000

4.500%, 

4/16/2050

3,756,257

3,000,000

3.750%, 

3/16/2025

2,910,427

5,079,000

6.700%, 

1/26/2036

5,482,807

Total

20,494,857

Paraguay

(1.3%)

Paraguay

Government

International

Bond

6,300,000

5.400%, 

3/30/2050

5,614,158

3,500,000

4.700%, 

3/27/2027

3,450,581

2,000,000

5.600%, 

3/13/2048

1,808,762

Total

10,873,501

Peru

(2.9%)

Fondo

Mivivienda

SA

3,000,000

4.625%, 

4/12/2027

a,c

2,912,663

Peru

Government

International

Bond

11,000,000

2.783%, 

1/23/2031

9,310,751

2,100,000

8.750%, 

11/21/2033

2,607,155

2,000,000

3.000%, 

1/15/2034

1,623,419

6,000,000

3.300%, 

3/11/2041

4,511,707

Petroleos

del

Peru

SA

4,500,000

5.625%, 

6/19/2047

a

3,002,130

Total

23,967,825

Philippines

(1.9%)

Philippines

Government

International

Bond

3,000,000

4.200%, 

1/21/2024

2,974,499

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Philippines

(1.9%)

-

continued

$

3,000,000

3.750%, 

1/14/2029

$

2,880,000

5,025,000

7.750%, 

1/14/2031

6,035,897

1,625,000

6.375%, 

10/23/2034

1,844,375

2,420,000

3.950%, 

1/20/2040

2,117,947

Total

15,852,718

Qatar

(3.7%)

Qatar

Government

International

Bond

4,800,000

4.400%, 

4/16/2050

a

4,531,824

3,000,000

3.875%, 

4/23/2023

a

2,989,356

6,000,000

3.375%, 

3/14/2024

a

5,900,040

3,000,000

3.250%, 

6/2/2026

a

2,917,104

1,000,000

3.750%, 

4/16/2030

a

980,004

2,000,000

5.750%, 

1/20/2042

a

2,242,500

8,000,000

4.817%, 

3/14/2049

a

7,980,000

QatarEnergy

3,000,000

3.125%, 

7/12/2041

a

2,374,170

Total

29,914,998

Romania

(2.2%)

Romania

Government

International

Bond

3,100,000

4.000%, 

2/14/2051

2,168,890

6,000,000

5.250%, 

11/25/2027

a,c

5,896,800

1,000,000

6.625%, 

2/17/2028

a

1,035,500

5,000,000

3.000%, 

2/14/2031

4,110,350

3,500,000

3.625%, 

3/27/2032

a

2,941,645

2,000,000

7.125%, 

1/17/2033

a

2,110,000

Total

18,263,185

Saudi

Arabia

(4.7%)

Saudi

Arabia

Government

International

Bond

10,600,000

3.750%, 

1/21/2055

8,389,052

3,000,000

2.875%, 

3/4/2023

a

2,991,150

6,300,000

3.250%, 

10/26/2026

a

6,055,799

4,000,000

3.625%, 

3/4/2028

a

3,868,800

2,300,000

4.375%, 

4/16/2029

a

2,300,414

1,000,000

5.500%, 

10/25/2032

a

1,071,300

7,000,000

2.250%, 

2/2/2033

a

5,725,720

2,500,000

4.875%, 

7/18/2033

a

2,543,750

1,500,000

4.500%, 

10/26/2046

1,342,254

Saudi

Arabian

Oil

Company

4,500,000

2.250%, 

11/24/2030

a

3,809,826

Total

38,098,065

Senegal

(0.9%)

Senegal

Government

International

Bond

4,500,000

6.250%, 

7/30/2024

4,415,085

3,700,000

6.250%, 

5/23/2033

3,190,880

Total

7,605,965

Serbia

And

Montenegr

(0.3%)

Serbia

Government

International

Bond

1,000,000

6.250%, 

5/26/2028

a

1,015,000

1,000,000

6.500%, 

9/26/2033

a

1,001,900

Total

2,016,900

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

South

Africa

(2.8%)

Eskom

Holdings

SOC,

Ltd.

$

2,000,000

6.750%, 

8/6/2023

$

1,964,840

1,000,000

7.125%, 

2/11/2025

957,600

6,000,000

6.350%, 

8/10/2028

a

5,728,440

2,000,000

8.450%, 

8/10/2028

1,916,468

South

Africa

Government

International

Bond

2,000,000

4.665%, 

1/17/2024

1,972,960

1,000,000

5.875%, 

4/20/2032

927,500

3,500,000

6.250%, 

3/8/2041

3,085,138

2,000,000

5.375%, 

7/24/2044

1,552,500

6,100,000

5.650%, 

9/27/2047

4,652,043

Total

22,757,489

Sri

Lanka

(0.5%)

Sri

Lanka

Government

International

Bond

4,000,000

6.825%, 

7/18/2026

e

1,377,263

5,000,000

6.200%, 

5/11/2027

e

1,694,612

1,000,000

6.750%, 

4/18/2028

e

338,650

2,000,000

7.550%, 

3/28/2030

e

677,385

Total

4,087,910

Trinidad

and

Tobago

(0.9%)

Heritage

Petroleum

Company,

Ltd.

2,000,000

9.000%, 

8/12/2029

a

2,090,200

Telecommunications

Services

of

Trinidad

and

Tobago,

Ltd.

5,500,000

8.875%, 

10/18/2029

a

4,829,000

Total

6,919,200

Turkey

(3.1%)

Turkey

Government

International

Bond

2,000,000

5.750%, 

3/22/2024

c

1,961,160

4,000,000

6.375%, 

10/14/2025

3,803,240

4,000,000

9.875%, 

1/15/2028

4,100,000

1,000,000

6.125%, 

10/24/2028

878,696

2,000,000

9.375%, 

1/19/2033

1,958,608

3,500,000

6.500%, 

9/20/2033

2,857,750

2,639,000

6.875%, 

3/17/2036

2,170,578

4,435,000

6.750%, 

5/30/2040

3,500,137

2,000,000

6.000%, 

1/14/2041

1,434,760

1,800,000

5.750%, 

5/11/2047

1,201,057

Turkiye

Ihracat

Kredi

Bankasi

AS

1,500,000

9.375%, 

1/31/2026

a

1,497,900

Total

25,363,886

Ukraine

(0.5%)

State

Agency

of

Roads

of

Ukraine

3,000,000

6.250%, 

6/24/2028

a,e

536,040

Ukraine

Government

International

Bond

2,000,000

7.750%, 

9/1/2026

e

436,640

3,000,000

7.750%, 

9/1/2028

e

654,084

1,900,000

9.750%, 

11/1/2030

e

409,982

2,000,000

6.876%, 

5/21/2031

e

397,252

7,500,000

7.375%, 

9/25/2034

e

1,483,020

Total

3,917,018

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

United

Arab

Emirates

(3.0%)

Abu

Dhabi

Government

International

Bond

$

2,500,000

3.875%, 

4/16/2050

a

$

2,144,140

3,000,000

3.000%, 

9/15/2051

a

2,197,500

3,000,000

3.125%, 

5/3/2026

a

2,908,284

8,500,000

2.500%, 

9/30/2029

a

7,712,985

Finance

Department

Government

of

Sharjah

6,000,000

4.000%, 

7/28/2050

a

3,943,800

MDGH

GMTN

RSC,

Ltd.

2,000,000

5.500%, 

4/28/2033

a

2,136,112

UAE

International

Government

Bond

3,000,000

4.050%, 

7/7/2032

a

2,971,416

Total

24,014,237

United

Kingdom

(0.1%)

NAK

Naftogaz

Ukraine

4,000,000

7.625%, 

11/8/2026

a

800,600

Total

800,600

Uruguay

(2.1%)

Uruguay

Government

International

Bond

3,000,000

4.975%, 

4/20/2055

2,969,399

2,000,000

5.100%, 

6/18/2050

2,017,840

11,840,312

4.375%, 

1/23/2031

c

11,805,347

Total

16,792,586

Uzbekistan

(0.7%)

Uzbekistan

Government

International

Bond

5,000,000

3.900%, 

10/19/2031

a

4,097,620

Uzbekneftegaz

JSC

2,000,000

4.750%, 

11/16/2028

a

1,677,600

Total

5,775,220

Vietnam

(1.0%)

Vietnam

Government

International

Bond

7,900,000

4.800%, 

11/19/2024

7,781,500

Total

7,781,500

Virgin

Islands,

British

(3.2%)

Sinopec

Group

Overseas

Development

2017,

Ltd.

5,000,000

3.625%, 

4/12/2027

4,854,150

Sinopec

Group

Overseas

Development

2018,

Ltd.

7,700,000

2.300%, 

1/8/2031

6,653,621

State

Grid

Overseas

Investment

2016,

Ltd.

12,500,000

2.875%, 

5/18/2026

11,764,172

3,000,000

3.500%, 

5/4/2027

2,911,426

Total

26,183,369

Total

Long-Term

Fixed

Income

(cost

$917,729,435)

776,096,759

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

6,336,638

Thrivent

Cash

Management

Trust

$

6,336,638

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,336,638)

6,336,638

Shares

Registered

Investment

Companies

(

0.5%

)

Value

Unaffiliated  (0.5%)

49,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

4,307,590

Total

4,307,590

Total

Registered

Investment

Companies

(cost

$4,346,333)

4,307,590

Shares

Short-Term

Investments

(

3.1%

)

Thrivent

Core

Short-Term

Reserve

Fund

2,550,522

4.830%

25,505,224

Total

Short-Term

Investments

(cost

$25,505,225)

25,505,224

Total

Investments

(cost

$953,917,631)

99.7%

$812,246,211

Other

Assets

and

Liabilities,

Net

0.3%

2,124,389

Total

Net

Assets

100.0%

$814,370,600

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

January

31,

2023,

the

value

of

these

investments

was

$270,340,939

or

33.2%

of

total

net

assets.

b

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

January

31,

2023.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Defaulted

security.  Interest

is

not

being

accrued.

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

January

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

6,108,878

Total

lending

$6,108,878

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,336,638

Net

amounts

due

to

counterparty

$227,760

Definitions:

ETF

-

Exchange

Traded

Fund

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2023,

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

13,150,885

–

13,150,885

–

Energy

75,144,086

–

75,144,086

–

Financials

5,933,995

–

5,933,995

–

Foreign

Government

658,773,666

–

658,773,666

–

Transportation

1,660,246

–

1,660,246

–

Utilities

21,433,881

–

21,433,881

–

Registered

Investment

Companies

Unaffiliated

4,307,590

4,307,590

–

–

Subtotal

Investments

in

Securities

$780,404,349

$

4,307,590

$776,096,759

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

25,505,224

Collateral

Held

for

Securities

Loaned

6,336,638

Subtotal

Other

Investments

$31,841,862

Total

Investments

at

Value

$812,246,211

*

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

10/31/2022

Gross

Purchases

Gross

Sales

Value

1/31/2023

Shares

Held

at

1/31/2023

%

of

Net

Assets

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$19,291

$53,007

$

46,793

$25,505

2,551

3.1%

Total

Affiliated

Short-Term

Investments

19,291

25,505

3.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

13,503

39,720

46,886

6,337

6,337

0.8

Total

Collateral

Held

for

Securities

Loaned

13,503

6,337

0.8

Total

Value

$32,794

$31,842

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$–

$–

$

–

$221

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$221

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

26

Total

Affiliated

Income

from

Securities

Loaned,

Net

$26

Total

Value

$–

$–

$

–

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(

98.3%

)

Value

Bermuda

(0.1%)

506,000

Alibaba

Health

Information

Technology,

Ltd.

a

$

451,916

179,000

Road

King

Infrastructure,

Ltd.

88,967

812,200

Shanghai

Industrial

Urban

Development

Group,

Ltd.

62,205

192,000

Yuexiu

Transport

Infrastructure,

Ltd.

113,617

Total

716,705

Brazil

(6.0%)

6,500

Alupar

Investimento

SA

36,583

140,600

Ambev

SA

378,900

267,000

B3

SA

-

Brasil

Bolsa

Balcao

682,188

118,878

Banco

Bradesco

SA

ADR

331,670

252,700

Banco

BTG

Pactual

SA

1,075,255

21,700

Banco

do

Brasil

SA

174,539

312,000

BB

Seguridade

Participacoes

SA

2,327,569

276,092

Centrais

Eletricas

Brasileiras

SA

ADR

2,222,541

107,742

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

ADR

1,186,239

17,011

Cia

Paranaense

de

Energia

ADR

127,412

283,274

Companhia

Siderurgica

Nacional

SA

ADR

b

1,042,448

265,500

ENGIE

Brasil

Energia

SA

2,066,970

247,433

Gerdau

SA

ADR

1,608,315

574,400

Hapvida

Participacoes

e

Investimentos

SA

a,c

587,266

215,900

Hypera

SA

1,985,771

195,589

Itau

Unibanco

Holding

SA

ADR

974,033

66,500

Localiza

Rent

a

Car

SA

775,787

436,800

Petroleo

Brasileiro

SA

2,252,709

240,757

Petroleo

Brasileiro

SA

ADR

2,792,781

186,400

Telefonica

Brasil

SA

1,530,108

112,037

Telefonica

Brasil

SA

ADR

b

910,861

265,025

Vale

SA

ADR

4,950,667

Total

30,020,612

Cayman

Islands

(15.6%)

68,800

ANTA

Sports

Products,

Ltd.

1,043,601

30,987

Baidu.com,

Inc.

ADR

a

4,173,329

461,300

Chailease

Holding

Company,

Ltd.

3,476,421

945,500

China

Hongqiao

Group,

Ltd.

1,099,734

375,000

China

Overseas

Property

Holdings,

Ltd.

490,511

172,000

China

Resources

Land,

Ltd.

824,320

47,030

China

Resources

Microelectronics,

Ltd.

383,680

126,000

China

Yuhua

Education

Corporation,

Ltd.

*,a,d

17,653

433,600

Chow

Tai

Fook

Jewellery

Group,

Ltd.

928,191

666,000

Consun

Pharmaceutical

Group,

Ltd.

351,412

36,000

Country

Garden

Services

Holdings

Company,

Ltd.

97,325

12,246

Daqo

New

Energy

Corporation

ADR

a

557,315

716,000

Geely

Automobile

Holdings,

Ltd.

1,161,567

121,000

Greentown

China

Holdings,

Ltd.

178,399

582,000

Greentown

Service

Group

Company,

Ltd.

424,893

190,000

Haidilao

International

Holding,

Ltd.

a,c

518,076

23,267

Hello

Group,

Inc.

ADR

238,487

15,804

Huazhu

Group,

Ltd.

ADR

750,374

Shares

Common

Stock

(98.3%)

Value

Cayman

Islands

(15.6%)

-

continued

61,465

iQIYI,

Inc.

ADR

a

$

411,816

13,650

JD

Health

International,

Inc.

a,c

113,354

159,898

JD.com,

Inc.

4,747,912

5,747

JOYY,

Inc.

ADR

205,053

64,402

KE

Holdings,

Inc.

ADR

a

1,181,133

102,500

Kuaishou

Technology

a,c

901,879

41,800

Li

Auto,

Inc

a

511,475

94,500

Li

Ning

Company,

Ltd.

934,195

229,500

Longfor

Group

Holdings,

Ltd.

c

758,294

294,500

Meituan

a,c

6,583,806

45,920

Meituan,

Bonus

Shares

a,d

975,253

91,500

NetDragon

Websoft

Holdings,

Ltd.

212,539

33,763

NetEase,

Inc.

ADR

2,991,739

130,004

NIO,

Inc.

ADR

a

1,569,148

45,032

Pinduoduo,

Inc.

ADR

a

4,412,235

4,912,000

Shui

On

Land,

Ltd.

665,290

6,000

Silergy

Corporation

122,097

78,500

Sunny

Optical

Technology

(Group)

Company,

Ltd.

1,059,525

19,000

Super

Hi

International

Holding,

Ltd.

a

36,395

462,300

Tencent

Holdings,

Ltd.

22,527,379

200,995

Tencent

Music

Entertainment

Group

ADR

a

1,686,348

41,028

Trip.com

Group,

Ltd.

ADR

a

1,508,189

99,000

Want

Want

China

Holdings,

Ltd.

64,479

298,000

WuXi

Biologics

(Cayman),

Inc.

a,c

2,488,422

692,400

Xiaomi

Corporation

a,c

1,145,402

144,000

Xinyi

Solar

Holdings,

Ltd.

187,339

198,000

Yadea

Group

Holdings,

Ltd.

c

451,412

488,000

Zhen

Ding

Technology

Holding,

Ltd.

1,802,006

58,500

Zhongsheng

Group

Holdings,

Ltd.

331,004

Total

77,300,406

Chile

(0.7%)

13,592

Banco

de

Credito

e

Inversiones

SA

409,729

218,911

Cencosud

SA

393,193

4,473,946

Colbun

SA

520,641

125,416

Embotelladora

Andina

SA

311,116

64,304

Empresas

CMPC

SA

110,572

72,401

Empresas

Copec

SA

546,085

173,616

S.A.C.I.

Falabella

403,632

6,451

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

629,230

Total

3,324,198

China

(17.7%)

14,704

3peak,

Inc.

633,306

4,311,100

Agricultural

Bank

of

China,

Ltd.

1,858,065

126,600

Aier

Eye

Hospital

Group

Company,

Ltd.

618,342

135,938

Alibaba

Group

Holding,

Ltd.

ADR

a

14,980,368

68,602

Amlogic

(Shanghai)

Company,

Ltd.

a

790,575

1,823

Autohome,

Inc.

ADR

63,550

6,773,200

Bank

of

China,

Ltd.,

Class

A

3,230,677

8,807,000

Bank

of

China,

Ltd.,

Class

H

3,352,515

3,022,700

Bank

of

Communications

Company,

Ltd.

2,172,277

2,759,613

Baoshan

Iron

&

Steel

Company,

Ltd.

2,529,551

132,000

Beijing

North

Star

Company,

Ltd.

15,650

46,800

Beijing

Tongrentang

Company,

Ltd.

327,363

25,067

Bloomage

Biotechnology

Corporation,

Ltd.

463,790

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(98.3%)

Value

China

(17.7%)

-

continued

15,682

BYD

Company,

Ltd.,

Class

A

$

669,854

101,500

BYD

Company,

Ltd.,

Class

H

3,214,257

4,935,000

CGN

Power

Company,

Ltd.

c

1,153,108

1,162

Changzhou

Xingyu

Automotive

Lighting

Systems

23,346

4,237,000

China

Cinda

Asset

Management

Company,

Ltd.

601,563

208,000

China

Coal

Energy

Company,

Ltd.

166,915

745,000

China

Construction

Bank

Corporation

482,232

1,441,500

China

Galaxy

Securities

Company,

Ltd.

777,046

5,200

China

International

Travel

Service

Corporation,

Ltd.

164,651

310,920

China

Life

Insurance

Company,

Ltd.

572,333

165,000

China

Merchants

Bank

Company,

Ltd.,

Class

H

1,070,211

535,100

China

Merchants

Securities

Company,

Ltd.

1,134,787

610,600

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

1,344,866

57,300

China

National

Nuclear

Power

Company,

Ltd.

51,349

1,103,000

China

Petroleum

&

Chemical

Corporation

595,587

90,500

China

Railway

Group,

Ltd.

76,524

3,149,000

China

Railway

Group,

Ltd.

1,717,887

462,500

China

Shenhua

Energy

Company,

Ltd.,

Class

H

1,439,587

328,500

China

State

Construction

Engineering

Corporation,

Ltd.

269,962

22,000

China

Tourism

Group

Duty

Free

Corporation,

Ltd.

a,c

674,092

130,800

China

Vanke

Company,

Ltd.

Class

A

354,716

53,700

China

Vanke

Company,

Ltd.,

Class

H

108,555

341,408

China

Yangtze

Power

Company,

Ltd.

1,051,537

256,900

CITIC

Securities

Company,

Ltd.,

Class

A

817,698

1,927,300

Daqin

Railway

Company,

Ltd.

1,913,478

115,432

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

A

668,945

390,400

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

c

1,921,376

81,300

Gemdale

Corporation

119,072

381,000

GF

Securities

Company,

Ltd.,

Class

H

623,914

97,900

Great

Wall

Motor

Company,

Ltd.,

Class

A

451,336

562,500

Great

Wall

Motor

Company,

Ltd.,

Class

H

794,223

1,922,360

Greenland

Holdings

Corporation,

Ltd.

a

892,833

184,000

Guangzhou

Automobile

Group

Company,

Ltd.

132,375

324,533

Guangzhou

Baiyunshan

Pharmaceutical

Holdings,

Ltd.

1,456,925

113,200

Guangzhou

Shiyuan

Electronic

Technology

Company

Ltd.

1,058,091

202,000

Guotai

Junan

Securities

Company,

Ltd.

427,947

123,600

Haier

Smart

Home

Company,

Ltd.,

Class

H

455,852

Shares

Common

Stock

(98.3%)

Value

China

(17.7%)

-

continued

292,800

Haitong

Securities

Company,

Ltd.,

Class

H

$

201,981

7,900

Hangzhou

Lion

Electronics

Company,

Ltd.

54,713

157,358

Hundsun

Technologies,

Inc.

1,103,379

7,400

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

4,736

1,111,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

594,295

8,000

Jiangsu

Hengrui

Medicine

Company,

Ltd.

50,114

10,200

Jiangsu

Yangnong

Chemical

Company,

Ltd.

167,033

208,000

Jiangxi

Copper

Company,

Ltd.

358,187

2,201,200

Jinke

Property

Group

Company,

Ltd.

a

646,627

12,100

Kweichow

Moutai

Company,

Ltd.

3,317,459

196,860

LONGi

Green

Energy

Technology

Company,

Ltd.

1,411,179

144,270

Luxshare

Precision

Industry

Company,

Ltd.

698,664

80,800

Nongfu

Spring

Company,

Ltd.

c

457,393

27,900

Ovctek

China,

Inc.

153,562

2,874,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

968,897

383,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

2,978,914

98,800

Poly

Developments

and

Holdings

Group

Company,

Ltd.

230,224

9,200

Proya

Cosmetics

Company,

Ltd.

225,142

176,900

Rongsheng

Petrochemical

Company,

Ltd.

347,754

34,300

Seazen

Holdings

Company,

Ltd.

a

108,475

159,030

Shanghai

Baosight

Software

Company,

Ltd.

1,179,949

47,648

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Company,

Ltd.

71,776

19,000

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

52,623

786,098

Shanghai

Yuyuan

Tourist

Mart

(Group)

Company,

Ltd.

922,126

1,999,500

Shenwan

Hongyuan

Group

Company,

Ltd.

1,231,296

45,300

Shenzhen

Inovance

Technology

Company,

Ltd.

479,335

12,000

Shenzhen

Mindray

Bio-Medical

Electronics

Company,

Ltd.

593,283

1,238,700

Shenzhen

Overseas

Chinese

Town

Company,

Ltd.

987,113

15,600

Shenzhen

S.C

New

Energy

Technology

Corporation

285,775

69,300

Shenzhou

International

Group

Holdings,

Ltd.

872,738

27,300

Sichuan

Kelun

Pharmaceutical

Company,

Ltd.

110,009

562,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

423,042

92,000

Tsingtao

Brewery

Company,

Ltd.

888,245

81,358

Vipshop

Holdings,

Ltd.

ADR

a

1,258,608

122,900

Wanhua

Chemical

Group

Company,

Ltd.

1,763,239

104,700

Wens

Foodstuff

Group

Company,

Ltd.

312,762

94,500

Wuhan

Guide

Infrared

Company,

Ltd.

165,217

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock

(98.3%)

Value

China

(17.7%)

-

continued

20,100

Xiamen

Faratronic

Company,

Ltd.

$

535,177

699,000

Zhejiang

Century

Huatong

Group

Company,

Ltd.

a

412,062

36,320

Zhejiang

Jingsheng

Electrical

Company,

Ltd.

371,486

111,960

Zhejiang

NHU

Company,

Ltd.

323,408

55,700

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

A

48,076

Total

87,851,132

Colombia

(<0.1%)

8,687

Bancolombia

SA

77,883

Total

77,883

Cyprus

(<0.1%)

71,245

Ros

Agro

plc

GDR

a,d

0

Total

0

Czech

Republic

(0.4%)

16,286

CEZ

AS

661,241

32,312

Komercni

Banka

AS

1,090,576

285

Philip

Morris

CR

218,843

Total

1,970,660

Egypt

(0.2%)

574,828

Commercial

International

Bank

Egypt

SAE

GDR

932,236

Total

932,236

Greece

(0.4%)

62,275

Eurobank

Ergasias

Services

and

Holdings

SA

a

84,499

6,247

GEK

Terna

Holding

Real

Estate

Construction

SA

84,839

27,233

Hellenic

Telecommnications

Organization

SA

429,306

14,435

JUMBO

SA

259,218

1,404

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

34,311

29,996

Mytilineos

SA

775,995

72,243

National

Bank

of

Greece

SA

a

343,490

Total

2,011,658

Hong

Kong

(0.5%)

266,000

China

Merchants

Holdings

International

Company,

Ltd.

372,885

61,500

China

Overseas

Land

&

Investment,

Ltd.

166,067

100,000

China

Resources

Beer

(Holdings)

Company,

Ltd.

752,828

891,440

CSPC

Pharmaceutical

Group,

Ltd.

1,016,423

Total

2,308,203

Hungary

(0.1%)

15,249

OTP

Bank

Nyrt

459,475

4,849

Richter

Gedeon

Nyrt

109,497

Total

568,972

India

(14.5%)

9,824

ABB

India,

Ltd.

341,885

292,916

Adani

Ports

and

Special

Economic

Zone,

Ltd.

2,200,207

3,689

Affle

India,

Ltd.

a

50,163

Shares

Common

Stock

(98.3%)

Value

India

(14.5%)

-

continued

157,714

Asian

Paints,

Ltd.

$

5,266,773

24,519

Bajaj

Finance,

Ltd.

1,772,440

83,730

Bajaj

Finserv,

Ltd.

1,380,625

38,835

Britannia

Industries,

Ltd.

2,052,447

332,341

Cipla,

Ltd.

4,142,880

378,742

Coal

India,

Ltd.

1,045,454

48,415

Coromandel

International,

Ltd.

530,855

6,116

CRISIL,

Ltd.

235,603

28,952

Cummins

India,

Ltd.

509,617

8,169

Dabur

India,

Ltd.

55,778

12,387

Dr.

Reddy's

Laboratories,

Ltd.

ADR

666,421

128,627

HCL

Technologies,

Ltd.

1,773,715

12,103

Hindustan

Unilever,

Ltd.

381,854

124,670

ICICI

Bank,

Ltd.

ADR

2,596,876

451,189

Infosys,

Ltd.

ADR

8,482,353

325,465

ITC,

Ltd.

1,404,584

91,430

Kotak

Mahindra

Bank,

Ltd.

1,941,177

65,094

Larsen

&

Toubro,

Ltd.

1,694,553

35,977

LTIMindtree,

Ltd.

c

1,933,608

2,464

Maruti

Suzuki

India,

Ltd.

268,605

1,794

Mphasis,

Ltd.

45,777

159,789

NTPC,

Ltd.

334,673

3,845

Page

Industries,

Ltd.

1,884,491

17,174

Persistent

Systems,

Ltd.

990,727

3,166

Phoenix

Mills,

Ltd.

53,078

67,639

PI

Industries,

Ltd.

2,483,899

60,878

Pidilite

Industries,

Ltd.

1,698,385

202,487

Power

Grid

Corporation

of

India,

Ltd.

537,349

335,217

Reliance

Industries,

Ltd.

9,670,142

92,974

SBI

Cards

and

Payment

Services,

Ltd.

823,406

51,747

SBI

Life

Insurance

Company,

Ltd.

c

772,510

27,748

Schaeffler

India,

Ltd.

915,874

25,425

Siemens,

Ltd.

911,207

870

SKF

India,

Ltd.

46,775

7,306

Solar

Industries

India,

Ltd.

358,254

21,290

SRF,

Ltd.

569,985

28,739

Sun

Pharmaceutical

Industries,

Ltd.

363,877

112,892

Tata

Consultancy

Services,

Ltd.

4,659,468

44,870

Tata

Elxsi,

Ltd.

3,659,185

4,714

Tech

Mahindra,

Ltd.

58,861

7,394

Thermax,

Ltd.

174,252

1,416

Titan

Company,

Ltd.

41,300

24,632

Trent,

Ltd.

361,243

Total

72,143,191

Indonesia

(2.3%)

3,437,600

Astra

International

Tbk

PT

1,381,063

11,691,200

Bank

Central

Asia

Tbk

PT

6,634,863

2,426,100

Bank

Mandiri

Persero

Tbk

PT

1,616,598

5,555,900

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,703,816

712

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

18,527

Total

11,354,867

Kuwait

(1.6%)

350,579

Boubyan

Bank

KSCP

901,446

268,737

Gulf

Bank

KSCP

276,109

119,894

HumanSoft

Holding

Company

KSCP

1,334,403

778,215

Kuwait

Finance

House

KSCP

2,139,884

62,723

Kuwait

International

Bank

KSCP

41,826

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Shares

Common

Stock

(98.3%)

Value

Kuwait

(1.6%)

-

continued

266,020

Mobile

Telecommunications

Company

KSCP

$

483,907

601,007

National

Bank

of

Kuwait

KSC

2,163,491

658,884

National

Industries

Group

Holding

462,326

Total

7,803,392

Luxembourg

(0.4%)

254,154

Allegro.eu

SA

a,c

1,769,052

Total

1,769,052

Malaysia

(1.3%)

29,100

AEON

Credit

Service

(M)

Berhad

86,210

886,600

Hong

Leong

Bank

Berhad

4,271,100

597,700

Mah

Sing

Group

Berhad

84,986

747,600

PETRONAS

Chemicals

Group

Berhad

1,467,121

9,000

Petronas

Dagangan

BHD

45,994

229,100

Public

Bank

Berhad

228,050

57,200

QL

Resources

Berhad

78,712

376,342

Sports

Toto

BHD

142,207

92,600

Ta

Ann

Holdings

Berhad

74,023

Total

6,478,403

Mexico

(1.8%)

73,939

America

Movil

SAB

de

CV

ADR

1,547,543

249,600

Arca

Continental

SAB

de

CV

2,201,671

67,000

Grupo

Financiero

Banorte

SAB

de

CV

ADR

555,057

406,200

Grupo

Mexico,

SAB

de

CV

1,806,604

72,736

Grupo

Televisa

SAB

ADR

447,327

603,500

Megacable

Holdings

SAB

de

CV

1,897,625

58,200

Orbia

Advance

Corporation

SAB

de

CV

115,964

54,800

Wal-Mart

de

Mexico,

SAB

de

CV

214,043

Total

8,785,834

Poland

(1.0%)

91,972

Asseco

Poland

SA

1,618,592

52,239

Cyfrowy

Polsat

SA

221,817

70,416

Jastrzebska

Spolka

Weglowa

SA

a

1,099,498

149,063

Polski

Koncern

Naftowy

Orlen

SA

2,238,871

Total

5,178,778

Russian

Federation

(<0.1%)

647,134

Gazprom

PJSC

ADR

a,d

65

23,359

LUKOIL

PJSC

d

0

23,091

Mechel

PJSC

ADR

a,b,d

2

56,865

MMC

Norilsk

Nickel

PJSC

ADR

a,d

6

1,696

Novatek

PJSC

GDR

a,d,e

0

652

PAO

Transneft

d

0

2,615

Polyus

PJSC

a,d

0

1,260,120

Sberbank

of

Russia

PJSC

a,d

2

67,230

Sovcomflot

OAO

a,d

0

2,930,700

Surgutneftegas

PJSC

d

4

257,974

Surgutneftegas

PJSC

ADR

a,d

26

Total

105

Saudi

Arabia

(4.6%)

239,096

Al

Rajhi

Bank

5,248,460

312,294

Alinma

Bank

2,751,322

17,854

Arab

National

Bank

131,995

24,913

Bank

Albilad

299,168

4,446

BinDawood

Holding

Company

71,761

Shares

Common

Stock

(98.3%)

Value

Saudi

Arabia

(4.6%)

-

continued

18,636

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

$

1,164,805

13,164

Eastern

Province

Cement

Company

154,028

23,570

Jarir

Marketing

Company

947,385

6,203

Mouwasat

Medical

Services

Company

341,500

327,304

National

Commercial

Bank

4,143,533

145,232

Rabigh

Refining

&

Petrochemical

Company

a

434,699

338,948

Riyad

Bank

2,795,777

116,454

Saudi

Arabian

Mining

Company

a

2,304,315

43,112

Saudi

Arabian

Oil

Company

c

380,355

10,835

Saudi

Basic

Industries

Corporation

268,877

7,885

Saudi

Electricity

Company

48,587

99,945

Saudi

Telecom

Company

986,377

45,281

Yanbu

National

Petrochemical

Company

536,580

Total

23,009,524

Singapore

(<0.1%)

10,312

China

Yuchai

International,

Ltd.

94,252

Total

94,252

South

Africa

(2.7%)

151,463

Absa

Group,

Ltd.

1,740,660

198,852

AECI,

Ltd.

999,860

70,783

African

Rainbow

Minerals,

Ltd.

1,154,292

208,767

DataTec,

Ltd.

408,907

89,933

Discovery,

Ltd.

a

715,340

78,987

Exxaro

Resources,

Ltd.

991,275

195,540

FirstRand,

Ltd.

726,548

90,749

Gold

Fields,

Ltd.

ADR

1,038,168

5,495

Investec,

Ltd.

34,937

20,854

Kumba

Iron

Ore,

Ltd.

638,551

1,019,455

Momentum

Metropolitan

Holdings

1,112,036

8,823

Motus

Holdings,

Ltd.

62,491

11,989

Naspers,

Ltd.

2,317,941

55,420

Sasol,

Ltd.

1,006,806

63,221

Sibanye

Stillwater,

Ltd.

167,109

39,155

Standard

Bank

Group

390,678

34,479

Super

Group,

Ltd.

54,733

Total

13,560,332

South

Korea

(10.1%)

7,807

Alteogen,

Inc.

a

235,235

2,387

Celltrion,

Inc.

315,039

95

Celltrion,

Inc.,

Bonus

Shares

a,d

11,912

18,535

Cheil

Worldwide,

Inc.

331,234

1,844

Chongkundang

Holdings

Corporation

82,688

2,875

Dongwha

Enterprise

Company,

Ltd.

a

125,383

4,514

Echo

Marketing,

Inc.

50,779

18,230

Green

Cross

Holdings

Corporation

251,303

123,808

GS

Holdings

Corporation

4,448,772

3,074

HD

Hyundai

Company,

Ltd.

152,807

8,873

Huons

Global

Company,

Ltd.

154,971

940

Hyundai

Glovis

Company,

Ltd.

127,212

3,617

Hyundai

Motor

Company

493,075

26,943

JYP

Entertainment

Corporation

a

1,597,258

15,793

Kakao

Corporation

794,977

137,226

Kangwon

Land,

Inc.

a

2,629,510

41,532

Kia

Corporation

2,262,744

3,329

Korea

Zinc

Company,

Ltd.

1,466,208

6,458

Krafton,

Inc.

a

948,488

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Shares

Common

Stock

(98.3%)

Value

South

Korea

(10.1%)

-

continued

3,201

KT&G

Corporation

$

240,112

1,192

LG

Chem,

Ltd.

672,769

8,591

LG

Corporation

578,554

2,807

LG

Energy

Solution

a

1,193,959

46,542

Lotte

Shopping

Company,

Ltd.

3,566,794

4,978

LS

Corporation

286,141

2,544

MedPacto,

Inc.

a

43,585

5,599

NAVER

Corporation

930,138

4,129

NCSoft

Corporation

1,528,272

1,466

NEXTIN,

Inc.

59,747

9,245

Pearl

Abyss

Corporation

a

342,659

22,971

PharmaResearch

Company,

Ltd.

1,449,122

2,868

POSCO

Chemical

Company,

Ltd.

525,703

7,855

Samsung

Biologics

Company,

Ltd.

a,c

5,071,819

4,849

Samsung

C&T

Corporation

468,324

272,952

Samsung

Electronics

Company,

Ltd.

13,595,808

4,024

Samsung

SDI

Company,

Ltd.

2,255,059

5,871

SK

Hynix,

Inc.

424,731

2,779

SM

Entertainment

Company,

Ltd.

a

199,914

5,516

S-Oil

Corporation

397,914

209

Taekwang

Industrial

Corporation,

Ltd.

a

126,166

Total

50,436,885

Taiwan

(12.5%)

947,000

Asia

Cement

Corporation

1,334,129

1,407,000

Capital

Securities

Corporation

546,070

117,500

Charoen

Pokphand

Enterprise

(Taiwan)

Company,

Ltd.

309,590

284,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

327,720

25,000

Chicony

Power

Technology

Company,

Ltd.

64,378

101,000

China

Steel

Chemical

Corporation

363,214

38,000

Delta

Electronics,

Inc.

368,504

34,000

E

Ink

Holdings,

Inc.

197,294

365,000

Far

Eastern

New

Century

Corporation

398,921

484,000

Feng

Hsin

Steel

Company,

Ltd.

1,116,552

67,000

FLEXium

Interconnect,

Inc.

224,472

341,000

Formosa

Plastics

Corporation

1,016,476

42,000

Fusheng

Precision

Company,

Ltd.

311,069

11,000

Global

Unichip

Corporation

290,328

32,000

Globalwafers

Company,

Ltd.

561,442

113,000

Goldsun

Building

Materials

Company,

Ltd.

97,050

46,000

Hotai

Motor

Company,

Ltd.

1,009,936

634,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

482,361

78,000

International

Games

System

Company,

Ltd.

1,290,426

8,000

Largan

Precision

Company,

Ltd.

570,891

22,000

Lotes

Company,

Ltd.

559,262

30,000

Makalot

Industrial

Company,

Ltd.

219,019

50,000

MediaTek,

Inc.

1,208,049

7,000

Momo.com,

Inc.

186,281

2,134,000

Nan

Ya

Plastics

Corporation

5,370,487

32,000

Novatek

Microelectronics

Corporation

381,052

19,000

Poya

International

Company,

Ltd.

330,008

236,000

Radiant

Opto-Electronics

Corporation

809,009

137,000

Sanyang

Motor

Company,

Ltd.

160,378

Shares

Common

Stock

(98.3%)

Value

Taiwan

(12.5%)

-

continued

169,000

Shanghai

Commercial

&

Savings

Bank,

Ltd.

$

262,650

182,000

Systex

Corporation

451,083

89,056

Taichung

Commercial

Bank

Company,

Ltd.

38,966

5,000

TaiDoc

Technology

Corporation

29,992

129,000

Taiwan

Fertilizer

Company,

Ltd.

240,510

1,867,000

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

32,946,570

399,000

Topco

Scientific

Company,

Ltd.

2,257,190

138,000

TTY

Biopharm

Company,

Ltd.

357,540

1,178,000

United

Microelectronics

Corporation

1,927,733

52,000

Voltronic

Power

Technology

Corporation

2,631,423

73,000

YFY,

Inc.

62,955

1,316,950

Yuanta

Financial

Holding

Company,

Ltd.

990,290

Total

62,301,270

Thailand

(2.2%)

766,800

Airports

of

Thailand

Public

Company,

Ltd.

NVDR

a

1,729,220

539,800

AP

(Thailand)

Public

Company,

Ltd.

NVDR

195,142

140,300

Bumrungrad

Hospital

Public

Company,

Ltd.

924,645

348,200

Central

Pattana

pcl

NVDR

754,657

61,100

Delta

Electronics

Public

Company,

Ltd.

NVDR

1,678,661

299,600

Energy

Absolute

Public

Company,

Ltd.

NVDR

787,626

1,772,300

Krung

Thai

Bank

Public

Company,

Ltd.

NVDR

942,910

11,993,700

Land

and

Houses

Public

Company,

Ltd.

NVDR

3,604,304

52,500

PTT

Exploration

and

Production

Public

Company,

Ltd.

NVDR

274,054

Total

10,891,219

Turkey

(1.1%)

280,041

BIM

Birlesik

Magazalar

AS

1,856,927

679,122

Haci

Omer

Sabanci

Holding

AS

1,412,520

29,807

KOC

Holding

AS

121,525

80,617

Turk

Hava

Yollari

Anonim

Ortakligi

a

591,055

2,519,378

Turkiye

Is

Bankasi

AS

1,461,269

Total

5,443,296

United

States

(0.5%)

41,860

Yum

China

Holding,

Inc.

2,578,995

Total

2,578,995

Virgin

Islands,

British

(<0.1%)

17,004

VK

Company,

Ltd.

GDR

a,d

0

Total

0

Total

Common

Stock

(cost

$491,899,096)

488,912,060

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

1,109,650

Thrivent

Cash

Management

Trust

$

1,109,650

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,109,650)

1,109,650

Shares

Short-Term

Investments

(

1.1%

)

Thrivent

Core

Short-Term

Reserve

Fund

521,038

4.830%

5,210,381

Total

Short-Term

Investments

(cost

$5,210,381)

5,210,381

Total

Investments

(cost

$498,219,127)

99.6%

$495,232,091

Other

Assets

and

Liabilities,

Net

0.4%

1,917,798

Total

Net

Assets

100.0%

$497,149,889

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

January

31,

2023,

the

value

of

these

investments

was

$27,681,224

or

5.6%

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

All

or

a

portion

of

the

security

is

on

loan.

e

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Emerging

Markets

Equity

Fund

as

of

January

31,

2023

was

$17,653

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2023.

Security

Acquisition

Date

Cost

China

Yuhua

Education

Corporation,

Ltd. 

4/6/2022

$

27,480

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

Equity

Fund

as

of

January

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

1,085,409

Total

lending

$1,085,409

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,109,650

Net

amounts

due

to

counterparty

$24,241

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

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Reference

Description:

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2023,

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^

51,337,140

12,676,053

37,685,834

975,253

Consumer

Discretionary

79,565,056

27,057,917

52,489,486

17,653

Consumer

Staples^

16,261,862

–

16,261,862

0

Energy^

23,459,635

2,792,781

20,666,759

95

Financials

91,909,526

3,902,579

88,006,945

2

Health

Care

26,718,586

666,421

26,040,253

11,912

Industrials

26,618,817

94,252

26,524,565

–

Information

Technology

97,942,953

9,039,668

88,903,285

–

Materials^

50,790,264

9,268,828

41,521,428

8

Real

Estate

13,522,365

1,181,133

12,341,232

–

Utilities

10,785,856

3,536,192

7,249,664

–

Subtotal

Investments

in

Securities

$488,912,060

$70,215,824

$417,691,313

$1,004,923

Other

Investments  *

Total

Affiliated

Short-Term

Investments

5,210,381

Collateral

Held

for

Securities

Loaned

1,109,650

Subtotal

Other

Investments

$6,320,031

Total

Investments

at

Value

$495,232,091

*

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.  

^

Level

3

security

in

this

section

is

fair

valued

at

<$1.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

904,158

904,158

–

–

Total

Asset

Derivatives

$904,158

$904,158

$–

$–

The

following

table

presents

Emerging

Markets

Equity

Fund's

futures

contracts

held

as

of

January

31,

2023.

Investments

and/or

cash

totaling

$1,796,763

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

235

March

2023

$

11,369,892

$

904,158

Total

Futures

Long

Contracts

$

11,369,892

$

904,158

Total

Futures

Contracts

$

11,369,892

$904,158

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

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

10/31/2022

Gross

Purchases

Gross

Sales

Value

1/31/2023

Shares

Held

at

1/31/2023

%

of

Net

Assets

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$4,055

$30,010

$28,855

$5,210

521

1.1%

Total

Affiliated

Short-Term

Investments

4,055

5,210

1.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

1,649

10,533

11,072

1,110

1,110

0.2

Total

Collateral

Held

for

Securities

Loaned

1,649

1,110

0.2

Total

Value

$5,704

$6,320

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$–

$–

$

–

$56

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$56

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

27

Total

Affiliated

Income

from

Securities

Loaned,

Net

$27

Total

Value

$–

$–

$

–

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

(

97.8%

)

Value

Australia

(7.0%)

162,811

Aristocrat

Leisure,

Ltd.

$

3,930,791

407,540

Aurizon

Holdings,

Ltd.

1,065,214

30,634

Australia

and

New

Zealand

Banking

Group,

Ltd.

545,176

46,741

BHP

Group,

Ltd.

1,636,972

7,526

BlueScope

Steel,

Ltd.

102,628

52,298

Carsales.com,

Ltd.

846,719

140,032

Coles

Group,

Ltd.

1,761,274

31,398

Commonwealth

Bank

of

Australia

2,450,997

153,238

Computershare,

Ltd.

2,580,817

31,571

CSL,

Ltd.

6,666,242

11,915

Deterra

Royalties,

Ltd.

41,340

221,236

GWA

Group,

Ltd.

340,224

212,371

Humm

Group,

Ltd.

89,567

28,951

JB

Hi-Fi,

Ltd.

995,410

575,506

Lottery

Corporation,

Ltd.

a

1,919,404

12,265

Macquarie

Group,

Ltd.

1,636,264

45,509

Nine

Entertainment

Company

Holdings,

Ltd.

65,844

21,064

Northern

Star

Resources,

Ltd.

187,692

3,029

Premier

Investments,

Ltd.

59,896

38,548

QBE

Insurance

Group,

Ltd.

376,110

10,062

REA

Group,

Ltd.

902,278

46,407

Rio

Tinto,

Ltd.

4,164,445

52,513

SEEK,

Ltd.

909,472

8,168

Technology

One,

Ltd.

84,452

31,939

Westpac

Banking

Corporation

537,403

Total

33,896,631

Austria

(0.3%)

27,790

OMV

AG

1,392,002

6,355

Raiffeisen

Bank

International

AG

a

114,340

Total

1,506,342

Belgium

(0.8%)

821

D'ieteren

Group

156,905

19,978

Groupe

Bruxelles

Lambert

SA

1,709,015

9,936

Solvay

SA

1,157,852

8,401

Telenet

Group

Holding

NV

144,808

7,431

UCB

SA

610,117

Total

3,778,697

Bermuda

(0.2%)

31,500

CK

Infrastructure

Holdings,

Ltd.

175,252

10,700

Jardine

Matheson

Holdings,

Ltd.

567,314

116,000

Road

King

Infrastructure,

Ltd.

57,655

Total

800,221

Canada

(11.5%)

33,618

Alimentation

Couche-Tard,

Inc.

1,535,177

53,084

ARC

Resources,

Ltd.

616,797

126

ATCO,

Ltd.

4,009

27,005

Bank

of

Nova

Scotia

1,461,929

30,821

Bausch

Health

Companies,

Inc.

a,b

237,322

30,398

Baytex

Energy

Corporation

a

140,733

5,977

Bombardier,

Inc.

a

288,709

133,903

Canadian

Imperial

Bank

of

Commerce

6,112,712

56,654

Canadian

National

Railway

Company

6,743,723

60,084

Canadian

Natural

Resources,

Ltd.

3,687,994

8,509

Canadian

Utilities,

Ltd.

236,491

80,654

Canadian

Western

Bank

1,704,551

55,934

CGI,

Inc.

a

4,794,042

45,185

Crescent

Point

Energy

Corporation

337,559

Shares

Common

Stock

(97.8%)

Value

Canada

(11.5%)

-

continued

8,770

Dollarama,

Inc.

$

524,466

1,038

Fairfax

Financial

Holdings,

Ltd.

687,192

14,327

Fortis,

Inc.

b

588,672

4,691

Intact

Financial

Corporation

680,548

9,860

InterRent

Real

Estate

Investment

Trust

106,785

80,276

Laurentian

Bank

of

Canada

2,158,109

6,133

Loblaw

Companies,

Ltd.

549,437

5,569

Magna

International,

Inc.

b

361,651

28,682

Northland

Power,

Inc.

770,429

2,733

Nutrien,

Ltd.

226,265

20,137

Pembina

Pipeline

Corporation

714,492

30,007

Rogers

Communications,

Inc.

1,458,910

4,465

Royal

Bank

of

Canada

456,920

98,377

Shopify,

Inc.

a

4,847,035

6,090

Sun

Life

Financial,

Inc.

306,022

37,238

Suncor

Energy,

Inc.

1,292,436

141,841

TC

Energy

Corporation

6,111,566

2,707

TFI

International,

Inc.

301,492

29,916

Thomson

Reuters

Corporation

3,558,757

7,781

Toromont

Industries,

Ltd.

621,580

12,081

Toronto-Dominion

Bank

835,878

12,773

Tourmaline

Oil

Corporation

595,283

1,885

WSP

Global,

Inc.

240,387

Total

55,896,060

Cayman

Islands

(0.4%)

6,635

Futu

Holdings,

Ltd.

ADR

a,b

336,793

50,456

Melco

Resorts

&

Entertainment.

Ltd.

ADR

a

689,229

176,400

Sands

China,

Ltd.

a

661,515

9,000

Wharf

Real

Estate

Investment

Company,

Ltd.

51,522

27,200

Wynn

Macau,

Ltd.

a

31,131

Total

1,770,190

Denmark

(2.6%)

418

A.P.

Moller

-

Maersk

AS,

Class

B

909,273

5,316

ALK-Abello

AS

a

79,411

899

Coloplast

AS

108,540

25,609

DSV

AS

4,236,500

1,016

Genmab

AS

a

398,167

50,214

Novo

Nordisk

AS

6,949,109

2,512

Topdanmark

AS

135,592

Total

12,816,592

Finland

(0.6%)

6,012

Neste

Oil

Oyj

287,386

72,161

Nokia

Oyj

342,151

5,376

Sampo

Oyj

282,236

146,091

Stora

Enso

Oyj

2,088,418

362

Tieto

Oyj

11,024

2,061

UPM-Kymmene

Oyj

74,703

Total

3,085,918

France

(9.0%)

32,834

Air

Liquide

SA

5,228,009

2,743

Alstom

SA

81,563

1,407

BioMerieux

143,437

47,349

Bollore

SA

264,935

6,927

Bureau

Veritas

SA

198,052

17,470

Compagnie

de

Saint-Gobain

1,003,318

22,850

Dassault

Systemes

SE

849,808

11,290

Eiffage

SA

1,205,886

199,053

Engie

SA

2,826,516

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock

(97.8%)

Value

France

(9.0%)

-

continued

29,508

Groupe

Eurotunnel

SA

$

499,090

3,072

Hermes

International

5,749,251

11,034

Ipsos

SA

715,084

3,637

La

Francaise

des

Jeux

SAEM

c

155,619

55,785

Legrand

SA

4,956,025

2,181

LNA

Sante

74,452

4,497

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,925,755

21,057

Publicis

Groupe

SA

1,485,347

49,769

Sanofi

4,873,583

313

Sopra

Group

SA

52,059

19,827

Thales

SA

2,622,295

108,775

TotalEnergies

SE

6,724,530

Total

43,634,614

Germany

(6.7%)

17,809

Allianz

SE

4,258,362

55,120

BASF

SE

3,160,317

103,419

Bayer

AG

6,437,283

6,765

Bayerische

Motoren

Werke

AG

689,112

32,310

Deutsche

Boerse

AG

5,781,602

24,071

Deutsche

Post

AG

1,036,413

23,381

Evonik

Industries

AG

519,723

21,992

Merck

KGaA

4,590,334

54,546

Porsche

Automobil

Holding

SE

3,261,657

4,062

SAP

SE

481,508

1,309

Scout24

SE

c

76,207

11,524

Siemens

AG

1,800,103

27,880

TAG

Immobilien

AG

238,759

1,404

Volkswagen

AG

245,755

Total

32,577,135

Hong

Kong

(1.9%)

163,000

BOC

Hong

Kong

(Holdings),

Ltd.

569,667

330,500

CK

Hutchison

Holdings,

Ltd.

2,103,286

40,000

Hang

Lung

Properties,

Ltd.

75,422

28,400

Hang

Seng

Bank,

Ltd.

472,951

48,000

Henderson

Land

Development

Company,

Ltd.

177,312

75,000

Hong

Kong

and

China

Gas

Company,

Ltd.

75,302

71,800

Hong

Kong

Exchanges

&

Clearing,

Ltd.

3,229,391

30,000

Hysan

Development

Company,

Ltd.

100,934

51,600

Link

REIT

413,025

60,000

Melco

International

Development,

Ltd.

a

78,084

38,000

Sino

Land

Company,

Ltd.

49,380

100,000

Sun

Hung

Kai

Properties,

Ltd.

1,418,163

52,000

Swire

Pacific,

Ltd.

476,522

29,400

Swire

Properties,

Ltd.

82,631

Total

9,322,070

Ireland

(0.1%)

2,061

Flutter

Entertainment

plc

a

320,140

Total

320,140

Isle

of

Man

(0.1%)

25,118

Entain

plc

463,193

Total

463,193

Israel

(1.8%)

221,601

Bank

Hapoalim,

Ltd.

1,994,533

334,580

Bank

Leumi

Le-Israel

BM

2,956,811

Shares

Common

Stock

(97.8%)

Value

Israel

(1.8%)

-

continued

7,541

Check

Point

Software

Technologies,

Ltd.

a

$

959,215

1,533

First

International

Bank

of

Israel,

Ltd.

61,924

69,275

Mizrahi

Tefahot

Bank,

Ltd.

2,288,200

3,274

Wix.com,

Ltd.

a

284,773

Total

8,545,456

Italy

(1.8%)

57,106

A2A

SPA

85,972

32,857

Azimut

Holding

SPA

820,294

14,816

Banca

Farmafactoring

SPA

c

137,020

48,180

Banca

Mediolanum

SPA

460,956

660

Brunello

Cucinelli

SPA

54,971

16,689

Davide

Campari-Milano

NV

179,023

264,598

Enel

SPA

1,557,978

495,538

Intesa

Sanpaolo

SPA

1,302,898

28,905

Italgas

SPA

169,201

78,382

Leonardo

SPA

807,186

3,435

Moncler

SPA

214,988

4,061

Prysmian

SPA

165,841

65,848

Recordati

SPA

2,884,690

40,297

Saras

SPA

a

69,864

Total

8,910,882

Japan

(19.1%)

8,200

Advantest

Corporation

587,784

11,000

AGC,

Inc.

405,304

15,600

All

Nippon

Airways

Company,

Ltd.

a

345,271

14,700

Arcs

Company,

Ltd.

248,419

6,800

Asahi

Group

Holdings,

Ltd.

224,551

160,200

Astellas

Pharma,

Inc.

2,358,166

19,600

Chiyoda

Company,

Ltd.

119,542

6,100

Chugai

Pharmaceutical

Company,

Ltd.

158,143

13,800

COMSYS

Holdings

Corporation

263,199

23,800

Daiichi

Sankyo

Company,

Ltd.

747,485

14,100

Daikin

Industries,

Ltd.

2,449,095

6,100

Daito

Trust

Construction

Company,

Ltd.

602,793

41,500

Daiwa

House

Industry

Company,

Ltd.

996,624

1,200

Denso

Corporation

64,807

207,200

Eneos

Holdings,

Inc.

741,817

4,400

FANUC

Corporation

777,435

200

Fast

Retailing

Company,

Ltd.

121,472

8,100

Ferrotec

Holdings

Corporation

202,878

4,200

Fuji

Corporation

69,930

7,100

Fuji

Soft,

Inc.

423,782

19,300

FUJIFILM

Holdings

NPV

1,021,379

9,500

Fujitsu,

Ltd.

1,352,605

6,800

Hamamatsu

Photonics

KK

363,326

3,500

Hanwa

Company,

Ltd.

111,444

15,100

Hitachi,

Ltd.

791,881

97,600

Honda

Motor

Company,

Ltd.

2,414,283

20,400

Hoya

Corporation

2,243,428

36,300

Iida

Group

Holdings

Company,

Ltd.

605,138

39,700

Inaba

Denki

Sangyo

Company,

Ltd.

862,516

36,000

Inpex

Corporation

395,591

9,100

ITOCHU

Corporation

294,129

44,800

ITOCHU

Techno-Solutions

Corporation

1,109,136

3,000

Izumi

Company,

Ltd.

67,925

38,600

Japan

Airlines

Company,

Ltd.

a

818,613

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Shares

Common

Stock

(97.8%)

Value

Japan

(19.1%)

-

continued

32,000

Japan

Post

Holdings

Company,

Ltd.

$

280,943

140,600

Japan

Tobacco,

Inc.

2,867,104

4,900

Kawasaki

Kisen

Kaisha,

Ltd.

102,316

32,100

KDDI

Corporation

1,002,915

59

Kenedix

Retail

REIT

Corporation

110,618

7,700

Keyence

Corporation

3,544,841

1,200

Kikkoman

Corporation

63,471

47,900

Kinden

Corporation

549,008

5,700

KOMEDA

Holdings

Company,

Ltd.

105,982

15,100

Kyocera

Corporation

783,560

39,900

Kyoei

Steel,

Ltd.

436,167

400

Lasertec

Corporation

75,729

3,900

Lintec

Corporation

67,536

51,900

Marubeni

Corporation

636,740

16,000

McDonald's

Holdings

Company

(Japan),

Ltd.

632,118

7,400

Ministop

Company,

Ltd.

80,713

6,600

MISUMI

Group,

Inc.

166,105

41,000

Mitsubishi

Corporation

1,372,924

178,200

Mitsubishi

Electric

Corporation

1,963,898

385,600

Mitsubishi

HC

Capital,

Inc.

1,968,160

271,300

Mitsubishi

UFJ

Financial

Group,

Inc.

1,987,240

12,600

Mitsuboshi

Belting,

Ltd.

359,527

15,600

Mitsui

&

Company,

Ltd.

460,243

7,400

Mitsui

O.S.K.

Lines,

Ltd.

183,659

9,900

Mizuho

Financial

Group,

Inc.

154,643

7,700

MS

and

AD

Insurance

Group

Holdings,

Inc.

246,968

24,700

Murata

Manufacturing

Company,

Ltd.

1,411,370

15,600

Nidec

Corporation

864,534

55,600

Nintendo

Company,

Ltd.

2,410,694

82,200

Nippon

Steel

Corporation

1,710,972

5,200

Nippon

Telegraph

and

Telephone

Corporation

155,925

31,700

Nippon

Yusen

Kabushiki

Kaisha

754,107

6,600

Nishimatsu

Construction

Company,

Ltd.

206,173

7,400

Nitori

Holdings

Company,

Ltd.

979,433

21,300

Nitto

Kogyo

Corporation

398,727

16,800

Nomura

Research

Institute,

Ltd.

403,327

40,200

NTT

Data

Corporation

623,558

2,800

Ono

Pharmaceutical

Company,

Ltd.

60,756

12,400

Oracle

Corporation

Japan

849,485

13,800

Oriental

Land

Company,

Ltd.

2,299,356

40,400

ORIX

Corporation

710,353

5,000

Pan

Pacific

International

Holdings

Company

92,466

28,500

Penta-Ocean

Construction

Company,

Ltd.

142,146

26,000

Recruit

Holdings

Company,

Ltd.

836,167

124,100

Resona

Holdings,

Inc.

686,735

10,600

Ryoyo

Electro

Corporation

b

189,473

26,200

Sangetsu

Company,

Ltd.

460,416

32,600

Secom

Company,

Ltd.

1,942,172

26,600

Sekisui

House,

Ltd.

502,720

19,000

Shin-Etsu

Chemical

Company,

Ltd.

2,801,040

18,600

Shionogi

&

Company,

Ltd.

886,374

1,800

SMC

Corporation

914,240

58,700

SoftBank

Group

Corporation

2,778,980

28,800

Sony

Group

Corporation

2,573,326

19,900

Sumco

Corporation

294,854

42,200

Sumitomo

Corporation

757,487

Shares

Common

Stock

(97.8%)

Value

Japan

(19.1%)

-

continued

53,400

Sumitomo

Mitsui

Financial

Group,

Inc.

$

2,320,822

52,900

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,927,075

900

Sysmex

Corporation

59,747

3,600

Taikisha,

Ltd.

98,733

17,100

Taiyo

Holdings

Company,

Ltd.

315,455

4,300

Takara

Standard

Company,

Ltd.

46,927

82,100

Takeda

Pharmaceutical

Company,

Ltd.

2,581,010

8,700

Terumo

Corporation

253,260

39,000

Toagosei

Company,

Ltd.

353,923

21,400

Tohoku

Electric

Power

Company,

Inc.

115,100

12,800

Tokio

Marine

Holdings,

Inc.

268,092

6,400

Tokyo

Electron,

Ltd.

2,236,956

3,500

Tokyotokeiba

Company,

Ltd.

104,338

7,500

Toyo

Suisan

Kaisha,

Ltd.

309,906

246,000

Toyota

Motor

Corporation

3,612,687

18,300

Tsubakimoto

Chain

Company

438,078

57,500

TV

Asahi

Holdings

Corporation

595,068

2,100

Yakult

Honsha

Company,

Ltd.

149,915

9,600

Yuasa

Trading

Company,

Ltd.

273,554

333,400

Z

Holdings

Corporation

970,101

43,900

ZOZO,

Inc.

1,138,029

Total

92,429,161

Jersey

(0.4%)

15,158

Experian

plc

554,320

485,803

Man

Group

plc

1,494,550

Total

2,048,870

Luxembourg

(0.1%)

92,379

B&M

European

Value

Retail

SA

510,884

Total

510,884

Netherlands

(5.1%)

11,659

Aalberts

NV

551,265

900

Adyen

NV

a,c

1,360,711

1,337

Akzo

Nobel

NV

99,586

11,658

ASML

Holding

NV

7,713,455

24,017

Euronext

NV

c

1,946,136

15,523

Ferrari

NV

3,878,936

28,309

ForFarmers

BV

95,444

592

Heineken

Holding

NV

48,879

3,550

Heineken

NV

354,782

1,379

IMCD

NV

218,615

48,776

Koninklijke

Ahold

Delhaize

NV

1,455,810

42,909

QIAGEN

NV

a

2,093,226

871

Randstad

Holding

NV

55,829

166,404

Stellantis

NV

2,616,024

5,307

Technip

Energies

NV

102,888

46,127

Unilever

plc

2,341,715

Total

24,933,301

New

Zealand

(0.1%)

54,392

Contact

Energy,

Ltd.

273,546

Total

273,546

Norway

(2.2%)

249,930

DNB

Bank

ASA

4,673,582

91,687

Equinor

ASA

2,794,314

14,931

Storebrand

ASA

129,983

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Shares

Common

Stock

(97.8%)

Value

Norway

(2.2%)

-

continued

65,496

Yara

International

ASA

$

2,910,074

Total

10,507,953

Portugal

(0.1%)

92,155

EDP

-

Energias

de

Portugal

SA

457,848

12,500

Navigator

Company

SA

43,763

Total

501,611

Singapore

(1.4%)

219,900

DBS

Group

Holdings,

Ltd.

6,020,042

187,800

Genting

Singapore,

Ltd.

142,232

88,200

Keppel

Corporation,

Ltd.

509,237

50,459

Wing

Tai

Holdings,

Ltd.

59,292

103,700

Yangzijiang

Shipbuilding

Holdings,

Ltd.

102,233

Total

6,833,036

Spain

(1.7%)

73,062

Acerinox

SA

791,254

33,832

Banco

Bilbao

Vizcaya

Argentaria

SA

238,981

484,136

CaixaBank

SA

2,148,083

34,367

Cia

de

Distribucion

Integral

Logista

Holdings

SA

931,117

3,029

Endesa

SA

60,388

109,986

Industria

de

Diseno

Textil

SA

3,433,839

134,151

Mediaset

Espana

Comunicacion

SA

a

480,653

13,642

Repsol

SA

224,094

7,007

Siemens

Gamesa

Renewable

Energy

SA

a

137,715

Total

8,446,124

Sweden

(2.4%)

32,951

AB

Industrivarden,

Class

A

872,883

49,168

AB

Industrivarden,

Class

C

1,295,315

68,137

Assa

Abloy

AB

1,605,053

13,589

Atlas

Copco

AB,

Class

A

161,248

10,655

Atlas

Copco

AB,

Class

B

112,385

5,958

Avanza

Bank

Holding

AB

137,473

26,353

Boliden

AB

1,182,644

6,958

Epiroc

AB,

Class

B

116,007

858

Evolution

Gaming

Group

AB

c

96,432

103,110

Granges

AB

862,450

6,719

Hexatronic

Group

AB

82,700

76,702

Hexpol

AB

828,601

6,587

Indutrade

AB

146,279

4,203

L

E

Lundbergforetagen

AB

194,629

24,786

NIBE

Industrier

AB

267,795

5,100

Saab

AB

208,786

12,723

Skandinaviska

Enskilda

Banken

AB

154,022

3,535

Skanska

AB

62,393

207,323

SSAB

AB,

Class

A

1,481,869

41,640

SSAB

AB,

Class

B

283,763

7,065

Svolder

AB

45,804

63

Swedish

Orphan

Biovitrum

AB

a

1,405

28,883

Telefonaktiebolaget

LM

Ericsson

167,535

9,086

Trelleborg

AB

227,191

45,262

Volvo

AB,

Class

B

898,157

Total

11,492,819

Switzerland

(9.5%)

9,773

Baloise

Holding

AG

1,607,394

5,829

Coca-Cola

HBC

AG

141,653

Shares

Common

Stock

(97.8%)

Value

Switzerland

(9.5%)

-

continued

18,487

Compagnie

Financiere

Richemont

SA

$

2,849,906

4,528

Galenica

AG

c

354,124

856,930

Glencore

Xstrata

plc

5,738,755

20,795

Holcim,

Ltd.

1,243,224

19,350

Julius

Baer

Group,

Ltd.

1,241,194

2,071

Lonza

Group

AG

1,181,385

74,078

Nestle

SA

9,038,187

120,715

Novartis

AG

10,913,732

7,910

OC

Oerlikon

Corporation

AG

54,308

777

Partners

Group

Holding

AG

729,057

14,922

PSP

Swiss

Property

AG

1,860,233

471

Roche

Holding

AG,

Bearer

Shares

172,405

7,847

Roche

Holding

AG,

Participation

Certificates

2,449,601

8,574

Sika

AG

2,436,275

2,823

Sonova

Holding

AG

705,953

1,922

Swiss

Life

Holding

AG

1,137,531

3,266

Tecan

Group

AG

1,370,656

47,390

UBS

Group

AG

1,011,558

698

Vontobel

Holding

AG

49,434

Total

46,286,565

United

Kingdom

(10.9%)

11,381

AstraZeneca

plc

1,491,051

469,383

Auto

Trader

Group

plc

c

3,641,695

37,853

Avacta

Group

plc

a,b

66,594

23,583

BAE

Systems

plc

249,651

351,750

Barclays

plc

808,599

20,095

Beazley

plc

165,370

652,154

BP

plc

3,939,170

86,734

British

American

Tobacco

plc

3,324,840

15,517

Bunzl

plc

569,647

539

Coca-Cola

European

Partners

plc

30,303

14,887

Compass

Group

plc

355,620

723

Croda

International

plc

61,626

117,470

Diageo

plc

5,136,498

41,754

Evraz

plc

a,d

5

41,386

GSK

plc

726,946

186,441

Halma

plc

4,963,807

683,021

HSBC

Holdings

plc

5,032,729

82,631

Imperial

Brands

plc

2,072,898

50,652

InterContinental

Hotels

Group

plc

3,516,440

7,308

Lancashire

Holdings,

Ltd.

56,411

13,234

London

Stock

Exchange

Group

plc

1,211,504

130,200

Moneysupermarket.com

Group

plc

383,314

10,939

Next

plc

895,621

39,939

PageGroup

plc

224,841

19,219

Paragon

Banking

Group

plc

142,402

31,611

Redde

Northgate

plc

169,137

134,880

RELX

plc

4,007,135

3,655

Rio

Tinto

plc

286,191

66,143

Sage

Group

plc

635,479

254,958

Shell

plc

7,484,991

5,988

Spirax-Sarco

Engineering

plc

855,337

38,469

Standard

Chartered

plc

323,124

4,041

TORM

plc

102,341

Total

52,931,317

Total

Common

Stock

(cost

$417,952,572)

474,519,328

Shares

Preferred

Stock

(

0.9%

)

Germany

(0.9%)

2,869

Bayerische

Motoren

Werke

AG

271,805

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Shares

Preferred

Stock

(0.9%)

Value

Germany

(0.9%)

-

continued

29,257

Volkswagen

AG

$

4,057,658

Total

4,329,463

Total

Preferred

Stock

(cost

$4,322,554)

4,329,463

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

1,744,594

Thrivent

Cash

Management

Trust

1,744,594

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,744,594)

1,744,594

Shares

Short-Term

Investments

(

0.2%

)

Thrivent

Core

Short-Term

Reserve

Fund

96,689

4.830%

966,895

Total

Short-Term

Investments

(cost

$966,895)

966,895

Total

Investments

(cost

$424,986,615)

99.2%

$481,560,280

Other

Assets

and

Liabilities,

Net

0.8%

3,706,741

Total

Net

Assets

100.0%

$485,267,021

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

January

31,

2023,

the

value

of

these

investments

was

$7,767,944

or

1.6%

of

total

net

assets.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

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

January

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

1,682,615

Total

lending

$1,682,615

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,744,594

Net

amounts

due

to

counterparty

$61,979

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.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2023,

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

19,288,949

–

19,288,949

–

Consumer

Discretionary

58,678,895

1,050,880

57,628,015

–

Consumer

Staples

32,009,999

30,303

31,979,696

–

Energy

37,755,848

–

37,755,848

–

Financials

90,370,784

336,793

90,033,991

–

Health

Care

64,928,134

237,322

64,690,812

–

Industrials

69,004,194

–

69,004,194

–

Information

Technology

45,684,614

6,091,023

39,593,591

–

Materials

42,523,537

226,265

42,297,267

5

Real

Estate

6,877,670

–

6,877,670

–

Utilities

7,396,704

–

7,396,704

–

Preferred

Stock

Consumer

Discretionary

4,329,463

–

4,329,463

–

Subtotal

Investments

in

Securities

$478,848,791

$7,972,586

$470,876,200

$5

Other

Investments  *

Total

Affiliated

Short-Term

Investments

966,895

Collateral

Held

for

Securities

Loaned

1,744,594

Subtotal

Other

Investments

$2,711,489

Total

Investments

at

Value

$481,560,280

*

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.  

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

300,759

300,759

–

–

Total

Asset

Derivatives

$300,759

$300,759

$–

$–

The

following

table

presents

International

Equity

Fund's

futures

contracts

held

as

of

January

31,

2023.

Investments

and/or

cash

totaling

$1,306,968

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

53

March

2023

$

5,314,591

$

300,759

Total

Futures

Long

Contracts

$

5,314,591

$

300,759

Total

Futures

Contracts

$

5,314,591

$300,759

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

10/31/2022

Gross

Purchases

Gross

Sales

Value

1/31/2023

Shares

Held

at

1/31/2023

%

of

Net

Assets

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$1,206

$24,379

$24,618

$967

97

0.2%

Total

Affiliated

Short-Term

Investments

1,206

967

0.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,639

12,437

14,331

1,745

1,745

0.3

Total

Collateral

Held

for

Securities

Loaned

3,639

1,745

0.3

Total

Value

$4,845

$2,712

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$–

$–

$–

$20

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$20

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

$–

$–

$–

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(

99.8%

)

Value

Communications

Services

(8.7%)

122,942

Activision

Blizzard,

Inc.

$

9,413,669

46,055

Alphabet,

Inc.,

Class

C

a

4,599,513

22,109

Charter

Communications,

Inc.

a

8,496,710

476,890

Comcast

Corporation

18,765,622

81,077

Electronic

Arts,

Inc.

10,432,988

76,115

T-Mobile

US,

Inc.

a

11,364,731

645,069

Verizon

Communications,

Inc.

26,815,518

11,380

Walt

Disney

Company

a

1,234,616

Total

91,123,367

Consumer

Discretionary

(4.7%)

48,808

Dollar

General

Corporation

11,401,549

18,764

Home

Depot,

Inc.

6,082,726

67,462

McDonald's

Corporation

18,039,339

24,020

Murphy

USA,

Inc.

6,534,160

12,683

Ulta

Beauty,

Inc.

a

6,518,555

Total

48,576,329

Consumer

Staples

(13.8%)

48,484

Church

&

Dwight

Company,

Inc.

3,920,416

166,763

Coca-Cola

Company

10,225,907

56,921

Colgate-Palmolive

Company

4,242,322

7,550

Costco

Wholesale

Corporation

3,859,107

3,561

Flowers

Foods,

Inc.

98,604

90,371

General

Mills,

Inc.

7,081,472

18,322

Hershey

Company

4,115,121

288,612

Kellogg

Company

19,793,011

80,989

Kraft

Heinz

Company

3,282,484

551,189

Kroger

Company

24,599,565

26,154

Lancaster

Colony

Corporation

5,019,214

326,586

Mondelez

International,

Inc.

21,371,788

76,401

PepsiCo,

Inc.

13,066,099

18,301

Post

Holdings,

Inc.

a

1,737,680

86,375

Procter

&

Gamble

Company

12,298,073

62,737

Walmart,

Inc.

9,025,972

Total

143,736,835

Energy

(1.4%)

45,804

Phillips

66

4,592,767

324,685

Williams

Companies,

Inc.

10,467,844

Total

15,060,611

Financials

(9.1%)

5,508

AMERISAFE,

Inc.

303,381

24,433

Aon

plc

7,786,309

45,811

Arthur

J.

Gallagher

&

Company

8,966,129

30,227

Banc

of

California,

Inc.

526,554

32,803

Berkshire

Hathaway,

Inc.

a

10,218,791

6,462

BlackRock,

Inc.

4,906,015

106,382

Cboe

Global

Markets,

Inc.

13,072,220

5,484

Citigroup,

Inc.

286,375

9,292

Customers

Bancorp,

Inc.

a

282,198

16,784

Employers

Holdings,

Inc.

736,314

18,299

FactSet

Research

Systems,

Inc.

7,739,379

3,778

Financial

Institutions,

Inc.

93,354

142,874

Hartford

Financial

Services

Group,

Inc.

11,088,451

4,186

Hometrust

Bancshares,

Inc.

113,022

82

Lakeland

Financial

Corporation

5,798

407

MarketAxess

Holdings,

Inc.

148,087

2,407

Marsh

&

McLennan

Companies,

Inc.

421,008

22,106

Moody's

Corporation

7,134,712

188,337

Nasdaq,

Inc.

11,336,004

32,847

NMI

Holdings,

Inc.

a

763,036

Shares

Common

Stock

(99.8%)

Value

Financials

(9.1%)

-

continued

2,601

Progressive

Corporation

$

354,646

3,698

Safety

Insurance

Group,

Inc.

312,074

31,830

T.

Rowe

Price

Group,

Inc.

3,707,240

57,438

W.R.

Berkley

Corporation

4,028,701

Total

94,329,798

Health

Care

(20.1%)

149,190

Abbott

Laboratories

16,492,954

127,491

Allogene

Therapeutics,

Inc.

a,b

984,230

29,787

Amgen,

Inc.

7,518,239

20,264

AMN

Healthcare

Services,

Inc.

a

1,942,102

238,850

Baxter

International,

Inc.

10,913,056

25,282

Biogen,

Inc.

a

7,354,534

2,866

Bio-Rad

Laboratories,

Inc.

a

1,339,740

195,652

Bristol-Myers

Squibb

Company

14,214,118

9,413

Danaher

Corporation

2,488,609

26,571

Eli

Lilly

and

Company

9,144,410

181,384

Gilead

Sciences,

Inc.

15,225,373

48,948

Hologic,

Inc.

a

3,982,899

179,405

Johnson

&

Johnson

29,318,365

289,103

Merck

&

Company,

Inc.

31,052,553

22,932

Regeneron

Pharmaceuticals,

Inc.

a

17,393,234

2,764

Thermo

Fisher

Scientific,

Inc.

1,576,392

19,293

UnitedHealth

Group,

Inc.

9,630,873

66,159

Vertex

Pharmaceuticals,

Inc.

a

21,375,973

21,719

Waters

Corporation

a

7,136,429

Total

209,084,083

Industrials

(11.4%)

57,180

3M

Company

6,580,274

75,043

Booz

Allen

Hamilton

Holding

Corporation

7,102,070

13,121

Cintas

Corporation

5,822,313

219,557

CSX

Corporation

6,788,702

69,201

Expeditors

International

of

Washington,

Inc.

7,484,088

30,643

IDEX

Corporation

7,344,514

9,227

L3Harris

Technologies,

Inc.

1,982,144

17,662

Northrop

Grumman

Corporation

7,913,283

2,765

Old

Dominion

Freight

Line,

Inc.

921,409

175,641

Pentair

plc

9,726,999

51,601

Republic

Services,

Inc.

6,440,837

40,202

United

Parcel

Service,

Inc.

7,446,616

70,719

Verisk

Analytics,

Inc.

12,856,007

21,241

Waste

Connections,

Inc.

2,822,929

175,877

Waste

Management,

Inc.

27,213,448

Total

118,445,633

Information

Technology

(19.6%)

8,695

Accenture

plc

2,426,340

18,340

Adobe,

Inc.

a

6,792,036

49,887

Adtran

Holdings,

Inc.

941,368

80,360

Apple,

Inc.

11,595,144

82,581

Arista

Networks,

Inc.

a

10,406,858

46,525

Automatic

Data

Processing,

Inc.

10,505,810

12,876

Cadence

Design

Systems,

Inc.

a

2,354,119

371,223

Cisco

Systems,

Inc.

18,067,423

125,746

Fiserv,

Inc.

a

13,414,583

27,426

Fortinet,

Inc.

a

1,435,477

67,063

Global

Payments,

Inc.

7,559,341

58,263

International

Business

Machines

Corporation

7,849,774

31,902

Jack

Henry

&

Associates,

Inc.

5,745,231

110,653

Keysight

Technologies,

Inc.

a

19,845,616

40,708

Mastercard,

Inc.

15,086,385

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(99.8%)

Value

Information

Technology

(19.6%)

-

continued

13,427

Microsoft

Corporation

$

3,327,345

39,335

Motorola

Solutions,

Inc.

10,109,488

32,137

Oracle

Corporation

2,842,839

50,388

Paychex,

Inc.

5,837,954

29,784

Paycom

Software,

Inc.

a

9,648,229

4,146

Salesforce,

Inc.

a

696,404

16,406

Silicon

Laboratories,

Inc.

a

2,574,265

26,651

Skyworks

Solutions,

Inc.

2,922,815

116,482

Texas

Instruments,

Inc.

20,641,775

5,917

Tyler

Technologies,

Inc.

a

1,909,830

18,177

VeriSign,

Inc.

a

3,963,495

22,370

Visa,

Inc.

5,149,798

Total

203,649,742

Materials

(1.6%)

219

Celanese

Corporation

26,981

6,949

CF

Industries

Holdings,

Inc.

588,580

306,490

Newmont

Corporation

16,222,516

Total

16,838,077

Real

Estate

(1.4%)

40,401

National

Storage

Affiliates

Trust

1,648,361

41,643

Public

Storage,

Inc.

12,673,630

Total

14,321,991

Utilities

(8.0%)

39,994

Avista

Corporation

1,595,761

210,422

Consolidated

Edison,

Inc.

20,055,321

57,308

Dominion

Energy,

Inc.

3,647,081

142,905

Duke

Energy

Corporation

14,640,617

66,214

Edison

International,

Inc.

4,562,145

86,498

Entergy

Corporation

9,366,003

153,538

Evergy,

Inc.

9,619,156

288,674

NiSource,

Inc.

8,010,704

40,313

NorthWestern

Corporation

2,289,778

61,212

OGE

Energy

Corporation

2,406,856

10,057

Pinnacle

West

Capital

Corporation

749,749

37,858

Sempra

Energy

6,069,773

Total

83,012,944

Total

Common

Stock

(cost

$930,307,991)

1,038,179,410

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

830,025

Thrivent

Cash

Management

Trust

830,025

Total

Collateral

Held

for

Securities

Loaned

(cost

$830,025)

830,025

Shares

Short-Term

Investments

(

0.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

129,570

4.830%

1,295,698

Total

Short-Term

Investments

(cost

$1,295,698)

1,295,698

Total

Investments

(cost

$932,433,714)

100.0%

$1,040,305,133

Other

Assets

and

Liabilities,

Net

<0.1%

157,929

Total

Net

Assets

100.0%

$1,040,463,062

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

January

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

788,212

Total

lending

$788,212

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$830,025

Net

amounts

due

to

counterparty

$41,813

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2023,

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

91,123,367

91,123,367

–

–

Consumer

Discretionary

48,576,329

48,576,329

–

–

Consumer

Staples

143,736,835

143,736,835

–

–

Energy

15,060,611

15,060,611

–

–

Financials

94,329,798

94,329,798

–

–

Health

Care

209,084,083

209,084,083

–

–

Industrials

118,445,633

118,445,633

–

–

Information

Technology

203,649,742

203,649,742

–

–

Materials

16,838,077

16,838,077

–

–

Real

Estate

14,321,991

14,321,991

–

–

Utilities

83,012,944

83,012,944

–

–

Subtotal

Investments

in

Securities

$1,038,179,410

$1,038,179,410

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,295,698

Collateral

Held

for

Securities

Loaned

830,025

Subtotal

Other

Investments

$2,125,723

Total

Investments

at

Value

$1,040,305,133

*

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

10/31/2022

Gross

Purchases

Gross

Sales

Value

1/31/2023

Shares

Held

at

1/31/2023

%

of

Net

Assets

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$1,086

$9,291

$

9,081

$1,296

130

0.1%

Total

Affiliated

Short-Term

Investments

1,086

1,296

0.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

2,488

1,658

830

830

0.1

Total

Collateral

Held

for

Securities

Loaned

–

830

0.1

Total

Value

$1,086

$2,126

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$–

$–

$–

$23

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$23

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$–

$–

$

–

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Asset-Backed

Securities

(

0.7%

)

a

Value

Enterprise

Fleet

Financing,

LLC

$

10,420,351

5.148% ,11/20/2023,

Ser.

2022-4

b

$

10,416,769

Westlake

Automobile

Receivables

Trust

20,000,000

5.046% ,1/16/2024,

Ser.

2023-1A

b

20,004,844

Total

30,421,613

Principal

Amount

Basic

Materials

(

1.5%

)

a

Value

BASF

SE

25,000,000

4.750% ,3/29/2023

b

24,810,713

Nutrien,

Ltd.

20,000,000

4.820% ,2/22/2023

b

19,941,810

20,000,000

4.800% ,3/8/2023

b

19,904,120

Total

64,656,643

Principal

Amount

Capital

Goods

(

5.1%

)

a

Value

Amcor

Finance

USA,

Inc.

25,000,000

4.900% ,2/2/2023

b,c

24,993,542

25,000,000

4.800% ,2/6/2023

b,c

24,980,125

Amcor

Flexibles

North

America,

Inc.

22,000,000

4.800% ,2/3/2023

b,c

21,991,546

9,000,000

4.770% ,2/14/2023

b,c

8,983,077

Caterpillar

Financial

Services

Corporation

19,809,000

5.116%

(LIBOR

3M

+

0.510%),5/15/2023

d

19,822,754

John

Deere

Canada,

ULC

15,000,000

4.360% ,2/6/2023

b,c

14,988,935

20,000,000

4.380% ,2/13/2023

b,c

19,967,782

John

Deere

Capital

Corporation

12,471,000

5.273%

(LIBOR

3M

+

0.550%),6/7/2023

d

12,481,511

19,450,000

4.420%

(SOFRRATE

+

0.120%),7/10/2023

d

19,431,340

Parker-Hannifin

Corporation

25,000,000

4.880% ,2/16/2023

b

24,948,489

5,000,000

4.850% ,3/3/2023

b

4,979,777

Waste

Management,

Inc.

25,000,000

4.880% ,2/16/2023

b,c

24,947,645

Total

222,516,523

Principal

Amount

Communications

Services

(

0.7%

)

a

Value

AT&T,

Inc.

25,300,000

4.850% ,3/29/2023

b

25,106,198

5,000,000

4.850% ,3/30/2023

b

4,960,995

Total

30,067,193

Principal

Amount

Consumer

Cyclical

(

14.9%

)

a

Value

American

Honda

Finance

Corporation

25,000,000

4.750% ,2/3/2023

c

24,990,331

25,000,000

4.820% ,2/10/2023

c

24,966,986

25,000,000

4.860% ,2/13/2023

c

24,957,046

25,000,000

4.780% ,2/16/2023

c

24,947,089

25,000,000

4.870% ,3/27/2023

c

24,815,521

25,000,000

4.950% ,4/10/2023

c

24,765,448

BMW

US

Capital,

LLC

14,075,000

3.800% ,4/6/2023

b

14,050,045

Principal

Amount

Consumer

Cyclical

(14.9%)

a

Value

Charta,

LLC

$

25,000,000

4.700% ,3/7/2023

b,c

$

24,888,875

10,000,000

4.820% ,4/6/2023

b,c

9,916,168

8,000,000

4.800% ,5/12/2023

b,c

7,893,299

Hyundai

Capital

America

25,000,000

4.700% ,2/6/2023

b,c

24,980,496

26,000,000

4.690% ,2/7/2023

b,c

25,976,188

25,000,000

4.680% ,2/10/2023

b,c

24,967,236

25,000,000

4.760% ,2/22/2023

b,c

24,927,430

25,000,000

4.850% ,2/27/2023

b,c

24,910,713

19,129,000

0.800% ,4/3/2023

b

18,997,584

Mercedes-Benz

Finance

North

America,

LLC

25,000,000

4.540% ,2/1/2023

b,c

24,996,848

25,000,000

4.670% ,2/8/2023

b,c

24,973,817

25,000,000

4.670% ,2/10/2023

b,c

24,967,236

Toyota

Credit

Canada,

Inc.

25,000,000

4.610% ,2/28/2023

c

24,911,333

25,000,000

4.640% ,3/7/2023

c

24,888,511

25,000,000

4.670% ,3/14/2023

c

24,865,542

20,000,000

4.950% ,5/5/2023

c

19,751,422

Toyota

Motor

Credit

Corporation

10,000,000

5.050%

(SOFRRATE

+

0.750%),12/11/2023

d

10,025,640

VW

Credit,

Inc.

25,000,000

4.720% ,2/3/2023

b,c

24,990,425

4,307,000

4.750% ,3/6/2023

b,c

4,287,544

24,550,000

4.850% ,3/9/2023

b,c

24,429,063

25,000,000

4.808% ,3/10/2023

b,c

24,873,413

11,000,000

4.870% ,3/13/2023

b,c

10,939,779

15,000,000

4.830% ,3/24/2023

b,c

14,895,068

20,000,000

4.850% ,3/27/2023

b,c

19,851,714

Total

654,597,810

Principal

Amount

Consumer

Non-Cyclical

(

6.4%

)

a

Value

AstraZeneca

plc

20,000,000

4.700% ,3/6/2023

b

19,911,732

25,000,000

4.700% ,3/13/2023

b

24,866,266

10,000,000

4.850% ,4/5/2023

b

9,915,218

Avery

Dennison

Corporation

7,850,000

4.970% ,3/28/2023

b

7,790,813

Merck

&

Company,

Inc.

10,000,000

2.800% ,5/18/2023

9,932,360

Mondelez

International,

Inc.

21,000,000

4.810% ,2/6/2023

b

20,983,616

21,000,000

4.810% ,2/7/2023

b

20,980,768

8,100,000

4.600% ,2/8/2023

b

8,091,531

25,000,000

4.750% ,2/28/2023

b

24,908,514

Philip

Morris

International,

Inc.

5,217,000

2.625% ,3/6/2023

5,206,790

Reckitt

Benckiser

Treasury

Services

plc

50,450,000

4.755% ,2/27/2023

b,c

50,272,731

25,000,000

4.920% ,3/23/2023

b,c

24,828,371

Roche

Holdings,

Inc.

25,000,000

4.630%

(SOFRRATE

+

0.330%),9/11/2023

b,d

25,001,495

Stanley

Black

&

Decker,

Inc.

13,430,000

4.500% ,2/23/2023

b

13,390,719

Zoetis,

Inc.

16,856,000

3.250% ,2/1/2023

16,856,000

Total

282,936,924

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Energy

(

2.6%

)

a

Value

BP

Capital

Markets

plc

$

50,000,000

4.565% ,3/1/2023

b,c

$

49,812,950

Chevron

Corporation

5,000,000

1.141% ,5/11/2023

4,950,685

31,525,000

5.530%

(LIBOR

3M

+

0.900%),5/11/2023

d

31,616,123

Chevron

USA,

Inc.

25,000,000

4.850%

(LIBOR

3M

+

0.200%),8/11/2023

d

24,995,758

Exxon

Mobil

Corporation

5,000,000

2.726% ,3/1/2023

4,996,477

Total

116,371,993

Principal

Amount

Financials

(

32.3%

)

a

Value

ANZ

New

Zealand

International,

Ltd.

of

London

10,000,000

1.900% ,2/13/2023

b

9,990,337

Australia

&

New

Zealand

Banking

Group,

Ltd.

25,000,000

4.670%

(SOFRRATE

+

0.370%),4/28/2023

b,d

25,010,823

20,000,000

4.630%

(SOFRRATE

+

0.330%),7/5/2023

b,d

20,002,672

Bank

of

Montreal

6,287,000

4.980%

(SOFRINDX

+

0.680%),3/10/2023

d

6,289,450

Bank

of

Montreal

Chicago

15,000,000

4.800%

(SOFRRATE

+

0.500%),5/5/2023

d

15,011,750

Bank

of

Nova

Scotia

25,000,000

4.850%

(SOFRRATE

+

0.550%),5/22/2023

b,d

25,025,179

10,000,000

4.770%

(SOFRRATE

+

0.470%),10/5/2023

b,d

10,007,845

Bank

of

Nova

Scotia/Houston

25,000,000

4.820%

(SOFRRATE

+

0.520%),3/14/2023

d

25,010,766

Barclays

Bank

plc

25,000,000

4.780% ,5/15/2023

b,c

24,662,072

10,000,000

4.970% ,6/16/2023

b,c

9,817,382

Barton

Capital

SA

9,793,000

4.680% ,2/24/2023

b,c

9,763,229

25,000,000

4.660% ,3/21/2023

b,c

24,842,860

10,000,000

4.700% ,4/3/2023

b,c

9,919,366

BPCE

SA

4,906,000

4.750% ,5/8/2023

b

4,843,276

CAFCO,

LLC

25,000,000

4.750% ,3/23/2023

b,c

24,836,906

Chariot

Funding,

LLC

25,000,000

4.850%

(SOFRRATE

+

0.550%),2/1/2023

b,d

25,000,342

15,000,000

4.680% ,2/10/2023

b

14,981,325

25,000,000

4.600% ,3/6/2023

b

24,892,121

Ciesco,

LLC

15,000,000

4.850% ,5/4/2023

b,c

14,817,177

10,000,000

5.000% ,7/10/2023

b,c

9,782,356

Citibank

NA

25,000,000

4.750%

(SOFRRATE

+

0.450%),5/25/2023

d

25,012,960

Citigroup

Global

Markets

Holdings,

Inc./U.S.

25,000,000

5.080%

(SOFRRATE

+

0.780%),7/10/2023

d

25,017,633

Principal

Amount

Financials

(32.3%)

a

Value

Citigroup

Global

Markets,

Inc.

$

25,000,000

4.950%

(SOFRRATE

+

0.650%),9/21/2023

b,d

$

25,023,756

CRC

Funding,

LLC

10,000,000

4.800% ,5/19/2023

b,c

9,855,940

Credit

Agricole

SA/London

5,000,000

3.750% ,4/24/2023

b

4,986,563

Goldman

Sachs

Bank

USA/New

York,

NY

25,000,000

4.580%

(SOFRRATE

+

0.280%),2/3/2023

d

25,000,447

25,000,000

4.600%

(SOFRRATE

+

0.300%),2/17/2023

d

25,002,047

Goldman

Sachs

Group,

Inc.

25,309,000

5.442%

(LIBOR

3M

+

0.750%),2/23/2023

d

25,318,357

16,000,000

0.523% ,3/8/2023

15,930,566

GTA

Funding,

LLC

25,000,000

4.840% ,4/10/2023

b

24,776,852

10,000,000

4.950% ,5/12/2023

b

9,866,652

Healthpeak

Properties,

Inc.

25,000,000

5.060% ,2/7/2023

b

24,976,958

10,000,000

5.000% ,2/28/2023

b

9,962,706

Jupiter

Securitization

Company,

LLC

25,000,000

4.750%

(SOFRRATE

+

0.450%),4/6/2023

b,c,d

24,999,986

Liberty

Street

Funding,

LLC

10,000,000

4.850% ,3/28/2023

b,c

9,927,558

15,000,000

4.850% ,4/6/2023

b,c

14,873,115

20,000,000

4.845% ,4/12/2023

b,c

19,814,966

25,000,000

4.830% ,5/26/2023

b,c

24,612,514

LMA-Americas,

LLC

25,000,000

4.570% ,2/17/2023

b,c

24,946,733

Manhattan

Asset

Funding

Company,

LLC

5,975,000

4.850% ,5/10/2023

b,c

5,897,757

Mizuho

Bank,

Ltd.

25,000,000

5.100%

(SOFRRATE

+

0.800%),4/27/2023

d

25,039,746

MUFG

Bank,

Ltd.

15,000,000

4.840%

(SOFRRATE

+

0.540%),3/17/2023

d

15,006,977

National

Australia

Bank,

Ltd.

25,000,000

4.700%

(SOFRRATE

+

0.400%),2/24/2023

b,d

25,004,303

Nederlandse

Waterschapsbank

NV

15,000,000

4.555% ,3/9/2023

b

14,929,500

25,000,000

4.700% ,4/12/2023

b

24,770,680

10,000,000

4.650% ,4/13/2023

b

9,906,960

New

York

Life

Global

Funding

20,225,000

4.520%

(SOFRRATE

+

0.220%),2/2/2023

b,d

20,225,000

6,802,000

4.490%

(SOFRRATE

+

0.190%),6/30/2023

b,d

6,798,832

10,118,000

4.660%

(SOFRINDX

+

0.360%),10/21/2023

b,d

10,125,779

11,804,000

4.610%

(SOFRRATE

+

0.310%),4/26/2024

b,d

11,797,437

Nordea

Bank

Abp/New

York,

NY

25,000,000

4.880%

(SOFRRATE

+

0.580%),8/31/2023

d

25,045,375

Old

Line

Funding,

LLC

15,000,000

4.900% ,5/19/2023

b,c

14,784,720

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Financials

(32.3%)

a

Value

$

25,000,000

4.780%

(SOFRRATE

+

0.480%),6/21/2023

b,c,d

$

25,012,273

25,000,000

4.900% ,6/28/2023

b,c

24,494,847

25,000,000

4.650%

(SOFRRATE

+

0.350%),7/11/2023

b,c,d

25,002,205

25,000,000

4.640%

(SOFRRATE

+

0.340%),8/4/2023

b,c,d

24,999,999

Pacific

Life

Short

Term

Funding,

LLC

9,500,000

4.320% ,2/3/2023

b

9,496,563

8,600,000

4.650% ,3/2/2023

b

8,567,463

3,100,000

4.600% ,3/16/2023

b

3,082,673

8,500,000

4.740% ,3/31/2023

b

8,435,808

17,800,000

4.830% ,4/17/2023

b

17,625,151

Protective

Life

Corporation

15,000,000

4.700% ,2/2/2023

b

14,996,114

Royal

Bank

of

Canada

10,000,000

5.050%

(SOFRRATE

+

0.750%),7/27/2023

b,d

10,021,307

15,913,000

5.442%

(LIBOR

3M

+

0.660%),10/5/2023

d

15,920,548

13,910,000

4.600%

(SOFRINDX

+

0.300%),1/19/2024

d

13,877,690

Royal

Bank

of

Canada/New

York,

NY

15,000,000

4.800%

(SOFRRATE

+

0.500%),10/4/2023

b,d

15,020,850

Skandinaviska

Enskilda

Banken

AB

14,000,000

5.081%

(LIBOR

3M

+

0.320%),9/1/2023

b,d

13,993,813

Standard

Chartered

Bank/New

York

10,000,000

5.390% ,7/14/2023

10,017,781

Sumitomo

Mitsui

Banking

Corporation/New

York

25,000,000

4.700%

(SOFRRATE

+

0.400%),3/22/2023

d

25,005,344

15,000,000

4.730%

(SOFRRATE

+

0.430%),3/28/2023

d

15,004,505

Sumitomo

Mitsui

Trust

Bank,

Ltd./

New

York

25,000,000

4.780% ,2/28/2023

25,004,436

10,000,000

4.830% ,5/1/2023

10,001,182

15,000,000

4.580%

(SOFRRATE

+

0.280%),5/15/2023

d

15,004,743

Svenska

Handelsbanken/New

York,

NY

15,000,000

4.540%

(SOFRRATE

+

0.240%),2/15/2023

d

15,000,755

10,000,000

5.030%

(SOFRRATE

+

0.730%),8/3/2023

d

10,024,140

Toronto-Dominion

Bank

15,000,000

4.800%

(SOFRRATE

+

0.500%),3/6/2023

b,d

15,005,260

5,169,000

5.438%

(LIBOR

3M

+

0.640%),7/19/2023

d

5,178,161

Toronto-Dominion

Holdings

USA,

Inc.

15,000,000

4.550%

(SOFRRATE

+

0.250%),2/9/2023

d

15,000,473

15,000,000

4.780%

(FEDL

1M

+

0.450%),5/15/2023

d

15,010,494

15,000,000

4.950%

(SOFRRATE

+

0.650%),7/3/2023

d

15,026,971

Principal

Amount

Financials

(32.3%)

a

Value

Truist

Bank

$

11,000,000

5.010%

(SOFRRATE

+

0.730%),3/9/2023

d

$

11,007,084

9,055,000

4.500%

(SOFRRATE

+

0.200%),1/17/2024

d

9,031,680

UDR,

Inc.

15,000,000

4.710% ,2/16/2023

b,c

14,968,440

25,000,000

4.800% ,3/1/2023

b,c

24,903,998

Westpac

Banking

Corporation

5,000,000

5.326%

(LIBOR

3M

+

0.720%),5/15/2023

d

5,006,023

4,199,000

5.506%

(LIBOR

3M

+

0.770%),2/26/2024

d

4,204,786

Westpac

Banking

Corporation

NZ,

Ltd./London

16,174,000

4.804% ,3/27/2023

b,c

16,062,137

Total

1,419,762,306

Principal

Amount

Technology

(

0.9%

)

a

Value

Oracle

Corporation

27,960,000

4.740% ,2/23/2023

b

27,875,649

9,795,000

4.790% ,3/3/2023

b

9,755,071

Total

37,630,720

Principal

Amount

U.S.

Government

&

Agencies

(

7.0%

)

a

Value

Federal

Home

Loan

Bank

30,000,000

4.325%

(SOFRRATE

+

0.025%),2/6/2023

d

29,999,845

15,000,000

4.350%

(SOFRRATE

+

0.050%),2/27/2023

d

15,000,048

10,000,000

4.330%

(SOFRRATE

+

0.030%),2/28/2023

d

9,999,893

15,000,000

4.355%

(SOFRRATE

+

0.055%),3/10/2023

d

15,000,233

25,000,000

4.330%

(SOFRRATE

+

0.030%),3/21/2023

d

24,999,721

15,000,000

4.340%

(SOFRRATE

+

0.040%),3/27/2023

d

15,000,069

50,000,000

4.355%

(SOFRRATE

+

0.055%),4/3/2023

d

50,001,796

10,000,000

4.360%

(SOFRRATE

+

0.060%),4/18/2023

d

10,000,622

20,000,000

4.350%

(SOFRRATE

+

0.050%),6/27/2023

d

19,999,848

20,000,000

4.350%

(SOFRRATE

+

0.050%),6/27/2023

d

19,999,848

3,330,000

4.370%

(SOFRRATE

+

0.070%),12/14/2023

d

3,329,474

U.S.

International

Development

Finance

Corporation

9,764,617

4.900%

(T-BILL

3M

+

FLAT),2/7/2023

d

9,764,617

3,700,000

0.950% ,4/23/2023

3,763,873

3,111,109

4.550%

(T-BILL

3M

+

FLAT),5/15/2026

d

3,111,109

7,174,800

4.600%

(T-BILL

3M

+

FLAT),9/2/2031

d

7,174,800

11,752,136

4.550%

(T-BILL

3M

+

FLAT),3/15/2032

d

11,752,136

12,072,649

4.550%

(T-BILL

3M

+

FLAT),6/15/2032

d

12,072,649

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

U.S.

Government

&

Agencies

(7.0%)

a

Value

U.S.

Treasury

Notes

$

50,000,000

4.666%

(USBMMY

3M

+

0.037%),7/31/2024

d

$

49,982,488

Total

310,953,069

Principal

Amount

U.S.

Municipals

(

1.0%

)

a

Value

Austin,

TX

9,200,000

4.550% ,3/8/2023

c

9,200,000

California

State

20,010,000

4.520% ,3/2/2023

c

20,025,172

Los

Angeles

County

Metropolitan

Transportation

Auth.

15,000,000

4.550% ,3/2/2023

c

15,008,671

Total

44,233,843

Principal

Amount

Utilities

(

28.6%

)

a

Value

Ameren

Illinois

Company

25,000,000

4.750% ,2/21/2023

24,930,773

American

Electric

Power

Company,

Inc.

21,350,000

4.720% ,2/8/2023

b

21,327,639

25,000,000

4.850% ,2/15/2023

b

24,950,719

13,650,000

4.850% ,3/6/2023

b

13,588,339

15,000,000

4.800% ,3/13/2023

b

14,917,880

25,000,000

4.900% ,3/16/2023

b

24,852,814

25,000,000

5.000% ,3/27/2023

b

24,814,642

Baltimore

Gas

and

Electric

Company

25,000,000

4.800% ,2/27/2023

24,910,712

25,000,000

4.800% ,2/28/2023

24,907,347

CenterPoint

Energy,

Inc.

8,000,000

4.790% ,2/2/2023

b

7,997,961

10,000,000

4.800% ,2/6/2023

b

9,992,165

25,000,000

4.808% ,2/7/2023

b

24,977,007

9,750,000

4.750% ,2/9/2023

b

9,738,471

10,000,000

4.790% ,2/13/2023

b

9,982,916

18,700,000

4.760% ,2/14/2023

b

18,665,595

5,000,000

4.780% ,2/23/2023

b

4,984,820

20,000,000

4.780% ,2/27/2023

b

19,928,570

4,000,000

4.800% ,3/3/2023

b

3,983,560

15,000,000

4.800% ,3/9/2023

b

14,926,108

Consolidated

Edison

Company

of

New

York,

Inc.

25,000,000

4.670% ,2/15/2023

b

24,950,719

25,000,000

4.880% ,2/24/2023

b

24,920,867

25,000,000

4.750% ,3/1/2023

b

24,904,340

DTE

Electric

Company

25,000,000

4.620% ,2/9/2023

24,969,856

4,935,000

4.730% ,2/24/2023

4,919,264

DTE

Energy

Company

25,000,000

4.720% ,2/13/2023

b,c

24,957,335

Duke

Energy

Corporation

15,000,000

4.590% ,2/7/2023

b

14,986,321

14,873,000

4.670% ,2/16/2023

b

14,841,707

34,000,000

4.717% ,2/22/2023

b

33,901,305

Enbridge

US,

Inc.

24,750,000

4.930% ,2/1/2023

b,c

24,746,743

25,000,000

4.820% ,2/2/2023

b,c

24,993,383

25,000,000

4.820% ,2/21/2023

b,c

24,928,527

25,000,000

4.860% ,2/28/2023

b,c

24,904,567

Eversource

Energy

25,000,000

4.650% ,2/7/2023

b

24,977,785

25,000,000

4.630% ,2/8/2023

b

24,974,600

Principal

Amount

Utilities

(28.6%)

a

Value

$

25,000,000

4.720% ,2/24/2023

b

$

24,923,350

Florida

Power

&

Light

Company

25,905,000

4.550%

(SOFRINDX

+

0.250%),5/10/2023

d

25,878,572

ITC

Holdings

Corporation

6,000,000

4.750% ,2/8/2023

b

5,993,716

22,000,000

4.750% ,2/13/2023

b

21,962,455

19,600,000

4.780% ,2/17/2023

b

19,556,166

National

Rural

Utilities

Cooperative

Finance

Corporation

25,000,000

4.610% ,2/1/2023

24,997,003

20,500,000

4.750% ,2/14/2023

20,464,269

25,000,000

4.710% ,2/22/2023

24,931,311

Nextera

Energy

Capital

Holdings,

Inc.

25,000,000

4.630% ,2/6/2023

b,c

24,980,333

25,000,000

4.770% ,3/2/2023

b,c

24,900,625

8,940,000

4.810% ,3/6/2023

b,c

8,899,616

11,375,000

4.760% ,3/7/2023

b,c

11,322,060

25,000,000

4.780% ,3/9/2023

b,c

24,876,847

Northern

States

Power

Company/

MN

7,500,000

4.700% ,2/7/2023

b

7,493,131

PPL

Electric

Utilities

Corporation

25,000,000

4.974%

(LIBOR

3M

+

0.250%),9/28/2023

d

24,904,105

San

Diego

Gas

&

Electric

Company

7,810,000

4.700% ,2/8/2023

b

7,801,631

Sempra

Energy

15,000,000

4.700% ,2/14/2023

b

14,972,367

19,000,000

4.700% ,2/15/2023

b

18,962,467

Southern

Company

Gas

Capital

Corporation

16,895,000

4.720% ,2/16/2023

b,c

16,859,078

Southern

Power

Company

21,000,000

4.700% ,2/9/2023

b

20,975,246

TransCanada

PipeLines,

Ltd.

25,000,000

5.000% ,2/1/2023

b

24,996,848

25,000,000

4.910% ,2/2/2023

b

24,993,657

25,000,000

5.000% ,2/21/2023

b

24,930,773

11,500,000

5.000% ,2/22/2023

b

11,466,618

15,000,000

5.100% ,3/6/2023

b

14,932,241

Union

Electric

Company

15,000,000

4.630% ,2/6/2023

14,988,318

25,000,000

4.710% ,2/13/2023

24,957,497

25,000,000

4.750% ,2/21/2023

24,931,167

25,000,000

4.700% ,2/23/2023

24,924,579

Virginia

Electric

and

Power

Company

25,000,000

4.770% ,2/17/2023

24,945,848

Total

1,258,977,251

Total

Investments

(cost

$4,472,768,581)

101.7%

$4,473,125,888

Other

Assets

and

Liabilities,

Net

(1.7)%

(75,567,660)

Total

Net

Assets

100.0%

$4,397,558,228

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

a

The

interest

rate

shown

reflects

the

yield.

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

January

31,

2023,

the

value

of

these

investments

was

$2,886,190,818

or

65.6%

of

total

net

assets.

c

Denotes

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution

or

government.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2023.

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.  

Definitions:

Auth.

-

Authority

Ser.

-

Series

Reference

Rate

Index:

FEDL

1M

-

Federal

Funds

1

Month

Rate

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

USBMMY

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Money    

Market

Yield

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2023,

in

valuing

Short-Term

Reserve

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Asset-Backed

Securities

30,421,613

–

30,421,613

–

Basic

Materials

64,656,643

–

64,656,643

–

Capital

Goods

222,516,523

–

222,516,523

–

Communications

Services

30,067,193

–

30,067,193

–

Consumer

Cyclical

654,597,810

–

654,597,810

–

Consumer

Non-Cyclical

282,936,924

–

282,936,924

–

Energy

116,371,993

–

116,371,993

–

Financials

1,419,762,306

–

1,419,762,306

–

Technology

37,630,720

–

37,630,720

–

U.S.

Government

&

Agencies

310,953,069

–

310,953,069

–

U.S.

Municipals

44,233,843

–

44,233,843

–

Utilities

1,258,977,251

–

1,258,977,251

–

Total

Investments

at

Value

$4,473,125,888

$–

$4,473,125,888

$–

Small

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Shares

Common

Stock

(

94.2%

)

Value

Communications

Services

(0.4%)

155,634

Imax

Corporation

a

$

2,645,778

Total

2,645,778

Consumer

Discretionary

(12.9%)

252,962

Cedar

Fair,

LP

10,609,226

737,959

Everi

Holdings,

Inc.

a

12,818,348

91,056

Grand

Canyon

Education,

Inc.

a

10,613,487

52,672

Lear

Corporation

7,678,524

81,056

Meritage

Homes

Corporation

a

8,728,921

79,270

Papa

John's

International,

Inc.

7,109,726

238,088

Tapestry,

Inc.

10,849,670

34,841

Wyndham

Hotels

&

Resorts,

Inc.

2,700,526

170,297

Zumiez,

Inc.

a

4,398,772

Total

75,507,200

Consumer

Staples

(4.5%)

29,740

Casey's

General

Stores,

Inc.

7,015,964

226,029

Hain

Celestial

Group,

Inc.

a

4,638,115

71,963

Lamb

Weston

Holdings,

Inc.

7,188,384

481,668

Primo

Water

Corporation

7,538,104

Total

26,380,567

Energy

(6.8%)

170,410

Helmerich

&

Payne,

Inc.

8,254,660

337,345

Magnolia

Oil

&

Gas

Corporation

7,964,716

587,012

NOV,

Inc.

14,346,573

650,798

TechnipFMC

plc

a

9,039,584

Total

39,605,533

Financials

(20.8%)

201,481

Banner

Corporation

13,062,013

508,757

Berkshire

Hills

Bancorp,

Inc.

15,796,905

284,709

Cadence

Bank

7,282,856

274,051

Columbia

Banking

System,

Inc.

8,470,916

413,445

Eastern

Bankshares,

Inc.

6,685,406

190,829

Equitable

Holdings,

Inc.

6,119,886

259,661

Federated

Hermes,

Inc.

10,204,677

778,200

First

Commonwealth

Financial

Corporation

11,447,322

50,283

Houlihan

Lokey,

Inc.

4,981,537

720,009

Old

National

Bancorp

12,600,158

100,314

RLI

Corporation

13,286,589

126,849

Wintrust

Financial

Corporation

11,602,878

Total

121,541,143

Health

Care

(5.8%)

89,990

Acadia

Healthcare

Company,

Inc.

a

7,560,960

229,218

Envista

Holdings

Corporation

a

8,937,210

73,941

Halozyme

Therapeutics,

Inc.

a

3,827,926

79,544

Ionis

Pharmaceuticals,

Inc.

a

3,171,419

183,755

NuVasive,

Inc.

a

8,379,228

57,354

Progyny,

Inc.

a

1,972,404

Total

33,849,147

Industrials

(17.5%)

243,263

AAR

Corporation

a

12,513,449

131,956

Air

Lease

Corporation

5,934,061

146,736

Barnes

Group,

Inc.

6,494,535

54,519

Crane

Holdings,

Company

6,319,297

39,274

Curtiss-Wright

Corporation

6,511,629

336,310

Dun

&

Bradstreet

Holdings,

Inc.

4,926,942

45,197

Forward

Air

Corporation

4,874,497

183,238

Greenbrier

Companies,

Inc.

5,665,719

153,502

IAA,

Inc.

a

6,405,639

Shares

Common

Stock

(94.2%)

Value

Industrials

(17.5%)

-

continued

163,326

Kirby

Corporation

a

$

11,560,214

158,421

ManpowerGroup,

Inc.

13,807,974

632,074

Resources

Connection,

Inc.

10,915,918

45,254

WESCO

International,

Inc.

a

6,743,299

Total

102,673,173

Information

Technology

(6.6%)

97,285

Ciena

Corporation

a

5,060,766

348,048

Knowles

Corporation

a

6,692,963

11,809

Littelfuse,

Inc.

3,031,252

89,214

MKS

Instruments,

Inc.

9,128,377

86,778

Plexus

Corporation

a

8,329,820

397,742

TTM

Technologies,

Inc.

a

6,252,504

Total

38,495,682

Materials

(9.7%)

75,295

AptarGroup,

Inc.

8,707,114

59,879

Ashland,

Inc.

6,542,978

134,164

Berry

Plastics

Group,

Inc.

8,281,944

211,348

Carpenter

Technology

Corporation

10,205,995

93,902

Compass

Minerals

International,

Inc.

4,381,467

113,202

Ingevity

Corporation

a

9,332,373

281,527

Summit

Materials,

Inc.

a

9,250,977

Total

56,702,848

Real

Estate

(6.4%)

99,014

Agree

Realty

Corporation

7,389,415

553,341

Cushman

and

Wakefield

plc

a

7,984,711

160,881

Healthcare

Realty

Trust,

Inc.

3,463,768

415,926

Independence

Realty

Trust,

Inc.

7,831,886

93,958

National

Storage

Affiliates

Trust

3,833,486

410,272

Pebblebrook

Hotel

Trust

6,728,461

Total

37,231,727

Utilities

(2.8%)

114,298

Black

Hills

Corporation

8,272,889

110,867

Spire,

Inc.

8,006,815

Total

16,279,704

Total

Common

Stock

(cost

$505,299,989)

550,912,502

Shares

Registered

Investment

Companies

(

2.9%

)

Value

Unaffiliated  (2.9%)

111,811

iShares

Russell

2000

Value

Index

Fund

17,003,099

Total

17,003,099

Total

Registered

Investment

Companies

(cost

$16,243,163)

17,003,099

Shares

Short-Term

Investments

(

2.9%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,673,487

4.830%

16,734,869

Total

Short-Term

Investments

(cost

$16,734,870)

16,734,869

Total

Investments

(cost

$538,278,022)

100.0%

$584,650,470

Other

Assets

and

Liabilities,

Net

(<0.1%)

(168,533)

Total

Net

Assets

100.0%

$584,481,937

Small

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

a

Non-income

producing

security.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2023,

in

valuing

Small

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

2,645,778

2,645,778

–

–

Consumer

Discretionary

75,507,200

75,507,200

–

–

Consumer

Staples

26,380,567

26,380,567

–

–

Energy

39,605,533

39,605,533

–

–

Financials

121,541,143

121,541,143

–

–

Health

Care

33,849,147

33,849,147

–

–

Industrials

102,673,173

102,673,173

–

–

Information

Technology

38,495,682

38,495,682

–

–

Materials

56,702,848

56,702,848

–

–

Real

Estate

37,231,727

37,231,727

–

–

Utilities

16,279,704

16,279,704

–

–

Registered

Investment

Companies

Unaffiliated

17,003,099

17,003,099

–

–

Subtotal

Investments

in

Securities

$567,915,601

$567,915,601

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

16,734,869

Subtotal

Other

Investments

$16,734,869

Total

Investments

at

Value

$584,650,470

*

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

Small

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

1/31/2023

Shares

Held

at

1/31/2023

%

of

Net

Assets

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$17,148

$19,528

$19,941

$16,735

1,673

2.9%

Total

Affiliated

Short-Term

Investments

17,148

16,735

2.9

Total

Value

$17,148

$16,735

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

1/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.830%

$–

$–

$–

$193

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$193

Total

$–

$–

$–

Notes

to

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

31

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

The

Funds

record

their

investments

at

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

to

Rule

2a-5. 

The

Funds'

investments

are

recorded

at

fair

value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

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

(the

“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.

Thrivent

Money

Market

Fund

seeks

to

maintain

a stable

net

asset

value

of

$1.00

per

share,

pursuant

to

procedures

established

by

the

Board,

and

generally

utilizes

the

amortized

cost

method. 

Valuing securities

held

by

Thrivent

Money

Market

Fund

on

the

basis

of

amortized

cost

(which

approximates

market

value)

involves

a constant

amortization

of

premium

or

accretion

of discount

to

maturity.

The

Thrivent

Money

Market

Fund

will

not

value

a

security

at

amortized

cost,

but

will

instead

make

a

fair

value

determination

of

each

security,

if

it

determines

that

amortized

cost

is

not

approximately

the

same

as

the

fair

value

of

the

security. 

The

Board

has

chosen

the

Funds'

investment

Adviser

as

the

valuation

designee,

responsible

for daily

valuation

of

the

Funds'

securities.

The

Adviser

has

formed

a

Valuation

Committee

(the

“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.

Derivative

Financial

Instruments 

— Certain

Funds

may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts

and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each applicable

Fund

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives to

manage

Notes

to

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

32

the

risk

of its

positions

in

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-

rata

basis

across

all

the

broker’s

customers,

potentially

resulting

in

losses to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

 In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum

requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options,

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to

the

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Futures

Contracts 

— Certain

Funds may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts.

The

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the period ended January

31,

2023,

Core

Emerging

Markets

Equity

and

Core

International

Equity used

equity

futures

to

manage

exposure

to

the

equities

market.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

Securities

Lending 

—

The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA,

doing

business

as

Goldman

Sachs Agency

Lending ("GSAL").

The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of

U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

Notes

to

Schedule

of

Investments

as

of

January

31,

2023

(unaudited)

33

securities

to

be

more

or

less

than

the

value

of

the

collateral

received. 

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day. 

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities. 

All

cash

collateral

received

is

invested

in

Thrivent

Cash

Management

Trust.

The

Funds

receive dividends

and

interest

that would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent

Cash

Management

Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated income

from

securities

loaned,

net on

the

Statement

of

Operations. 

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss. 

Some

of

these

losses

may

be

indemnified

by

the

lending

agent. 

As

of

January

31,

2023,

the

value

of

securities

on

loan

is

as

follows:

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. 

Fund

Securities

on

Loan

Emerging

Markets

Debt

$

6,108,878

Emerging

Markets

Equity

1,085,409

International

Equity

1,682,615

Low

Volatility

Equity

788,212