Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Principal

Amount

Long-Term

Fixed

Income

(

96.5%

)

Value

Angola

(2.6%)

Angola

Government

International

Bond

$

2,000,000

9.500%, 

11/12/2025

$

2,005,000

13,000,000

8.250%, 

5/9/2028

11,956,750

6,000,000

8.750%, 

4/14/2032

a

5,256,960

2,000,000

9.125%, 

11/26/2049

1,615,000

Total

20,833,710

Argentina

(1.4%)

Argentina

Government

International

Bond

1,800,000

0.750%, 

7/9/2030

b

620,684

15,700,000

3.625%, 

7/9/2035

b

4,868,634

17,700,000

3.500%, 

7/9/2041

b

5,726,904

Total

11,216,222

Azerbaijan

(0.9%)

Azerbaijan

Government

International

Bond

7,900,000

3.500%, 

9/1/2032

6,755,290

Total

6,755,290

Bahrain

(2.5%)

Bahrain

Government

International

Bond

4,000,000

6.125%, 

8/1/2023

a

4,000,000

1,000,000

4.250%, 

1/25/2028

927,180

1,000,000

5.250%, 

1/25/2033

895,000

3,000,000

5.625%, 

5/18/2034

a

2,690,538

1,000,000

7.750%, 

4/18/2035

a

1,035,820

6,000,000

7.500%, 

9/20/2047

a,c

5,678,520

1,000,000

7.500%, 

9/20/2047

946,420

CBB

International

Sukuk

Programme

SPC

4,000,000

6.250%, 

11/14/2024

3,995,616

Total

20,169,094

Brazil

(2.5%)

Brazil

Government

International

Bond

5,800,000

4.750%, 

1/14/2050

4,435,536

3,000,000

2.875%, 

6/6/2025

2,854,228

1,000,000

4.500%, 

5/30/2029

950,978

7,000,000

3.875%, 

6/12/2030

6,265,084

4,300,000

5.000%, 

1/27/2045

3,483,531

2,000,000

5.625%, 

2/21/2047

c

1,746,673

Total

19,736,030

Canada

(1.0%)

Canacol

Energy,

Ltd.

3,000,000

5.750%, 

11/24/2028

a

2,629,178

Petronas

Energy

Canada,

Ltd.

6,000,000

2.112%, 

3/23/2028

a,c

5,325,814

Total

7,954,992

Chile

(3.1%)

Chile

Government

International

Bond

1,700,000

3.100%, 

1/22/2061

1,105,512

8,500,000

3.500%, 

1/25/2050

c

6,376,270

1,200,000

3.125%, 

1/21/2026

1,146,541

2,600,000

3.240%, 

2/6/2028

2,427,257

11,850,000

2.550%, 

7/27/2033

9,626,481

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Chile

(3.1%)

-

continued

$

2,000,000

3.500%, 

1/31/2034

$

1,751,554

2,000,000

4.340%, 

3/7/2042

c

1,764,705

Total

24,198,320

Colombia

(2.8%)

Colombia

Government

International

Bond

3,375,000

3.875%, 

4/25/2027

3,103,194

786,000

3.125%, 

4/15/2031

613,760

1,000,000

7.500%, 

2/2/2034

1,009,382

1,500,000

7.375%, 

9/18/2037

1,479,192

10,500,000

6.125%, 

1/18/2041

8,911,052

3,000,000

4.125%, 

2/22/2042

2,005,772

1,605,000

5.625%, 

2/26/2044

1,250,615

3,000,000

5.000%, 

6/15/2045

2,156,862

Ecopetrol

SA

2,000,000

8.875%, 

1/13/2033

2,051,672

Total

22,581,501

Costa

Rica

(0.7%)

Costa

Rica

Government

International

Bond

1,000,000

6.550%, 

4/3/2034

a

1,013,000

4,900,000

7.000%, 

4/4/2044

c

4,844,875

Total

5,857,875

Dominican

Republic

(3.8%)

Dominican

Republic

Government

International

Bond

1,300,000

6.875%, 

1/29/2026

a

1,311,081

1,000,000

5.950%, 

1/25/2027

a

986,077

3,000,000

5.500%, 

2/22/2029

a

2,849,456

4,500,000

4.875%, 

9/23/2032

a

3,897,334

2,500,000

7.450%, 

4/30/2044

a

2,496,391

4,900,000

6.850%, 

1/27/2045

4,557,782

8,300,000

6.500%, 

2/15/2048

a

7,368,310

8,000,000

6.400%, 

6/5/2049

a,c

6,980,928

Total

30,447,359

Ecuador

(0.8%)

Ecuador

Government

International

Bond

2,500,000

6.000%, 

7/31/2030

b

1,185,207

14,800,000

3.500%, 

7/31/2035

b

5,087,535

Total

6,272,742

Egypt

(1.9%)

Egypt

Government

International

Bond

2,500,000

7.500%, 

2/16/2061

a

1,362,500

2,000,000

8.875%, 

5/29/2050

a

1,175,400

2,000,000

8.750%, 

9/30/2051

a

1,168,268

500,000

8.150%, 

11/20/2059

a

281,515

3,300,000

7.600%, 

3/1/2029

2,367,849

3,500,000

7.053%, 

1/15/2032

a

2,219,714

3,000,000

8.500%, 

1/31/2047

1,744,680

9,000,000

7.903%, 

2/21/2048

4,968,630

Total

15,288,556

El

Salvador

(0.7%)

El

Salvador

Government

International

Bond

3,300,000

8.625%, 

2/28/2029

2,377,917

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

El

Salvador

(0.7%)

-

continued

$

5,000,000

7.625%, 

2/1/2041

$

3,106,355

Total

5,484,272

Gabon

(0.3%)

Gabon

Government

International

Bond

1,000,000

6.950%, 

6/16/2025

954,400

2,000,000

6.625%, 

2/6/2031

1,687,100

Total

2,641,500

Ghana

(1.0%)

Ghana

Government

International

Bond

2,000,000

6.375%, 

2/11/2027

d

907,352

3,000,000

7.750%, 

4/7/2029

a,d

1,357,500

5,000,000

8.625%, 

4/7/2034

a,d

2,262,500

4,000,000

7.875%, 

2/11/2035

a,d

1,820,000

4,000,000

8.875%, 

5/7/2042

d

1,770,000

Total

8,117,352

Guatemala

(1.7%)

Guatemala

Government

International

Bond

1,000,000

6.125%, 

6/1/2050

a

925,361

4,590,000

4.500%, 

5/3/2026

4,376,056

3,700,000

4.375%, 

6/5/2027

3,481,984

4,000,000

5.375%, 

4/24/2032

3,800,026

1,000,000

4.650%, 

10/7/2041

a

807,161

Total

13,390,588

Honduras

(0.1%)

Honduras

Government

International

Bond

1,000,000

6.250%, 

1/19/2027

917,500

Total

917,500

Hungary

(1.1%)

Hungary

Government

International

Bond

3,000,000

5.250%, 

6/16/2029

a

2,936,070

3,000,000

6.250%, 

9/22/2032

a

3,078,300

Magyar

Export-Import

Bank

Zrt

2,500,000

6.125%, 

12/4/2027

a

2,504,149

Total

8,518,519

Indonesia

(5.1%)

Indonesia

Government

International

Bond

2,000,000

4.125%, 

1/15/2025

1,966,994

6,100,000

4.750%, 

1/8/2026

a

6,063,564

3,700,000

4.100%, 

4/24/2028

3,561,710

2,000,000

4.850%, 

1/11/2033

1,997,854

3,400,000

6.625%, 

2/17/2037

a

3,876,580

2,000,000

7.750%, 

1/17/2038

a

2,507,396

726,000

6.750%, 

1/15/2044

a

854,313

4,000,000

5.125%, 

1/15/2045

a

3,978,027

1,200,000

5.250%, 

1/8/2047

a

1,204,290

1,500,000

4.350%, 

1/11/2048

1,319,868

Pertamina

Persero

PT

1,500,000

6.450%, 

5/30/2044

1,567,210

Perusahaan

Listrik

Negara

PT

1,000,000

4.375%, 

2/5/2050

762,877

2,000,000

3.375%, 

2/5/2030

1,768,000

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Indonesia

(5.1%)

-

continued

$

2,400,000

5.250%, 

10/24/2042

$

2,168,902

Perusahaan

Penerbit

SBSN

Indonesia

III

1,500,000

4.150%, 

3/29/2027

a

1,468,417

1,500,000

4.400%, 

6/6/2027

a

1,474,149

PT

Perusahaan

Gas

Negara

(Persero)

Tbk

PT

4,000,000

5.125%, 

5/16/2024

3,971,320

Total

40,511,471

Ivory

Coast

(1.9%)

Ivory

Coast

Government

International

Bond

16,500,000

6.125%, 

6/15/2033

14,807,430

Total

14,807,430

Jersey

(1.3%)

Galaxy

Pipeline

Assets

Bidco,

Ltd.

4,435,500

2.160%, 

3/31/2034

3,770,848

6,500,000

2.625%, 

3/31/2036

a

5,256,430

1,899,700

2.940%, 

9/30/2040

a

1,532,185

Total

10,559,463

Jordan

(0.8%)

Jordan

Government

International

Bond

2,500,000

7.500%, 

1/13/2029

a

2,525,085

4,500,000

5.850%, 

7/7/2030

4,174,704

Total

6,699,789

Kazakhstan

(0.8%)

Kazakhstan

Government

International

Bond

4,000,000

6.500%, 

7/21/2045

4,278,880

KazMunayGas

National

Company

JSC

1,000,000

3.500%, 

4/14/2033

789,840

1,700,000

5.750%, 

4/19/2047

1,426,344

Total

6,495,064

Kenya

(0.4%)

Kenya

Government

International

Bond

2,000,000

6.875%, 

6/24/2024

1,906,300

1,500,000

8.000%, 

5/22/2032

1,291,875

Total

3,198,175

Lebanon

(0.2%)

Lebanon

Government

International

Bond

10,000,000

6.650%, 

4/22/2024

d

723,360

3,000,000

6.600%, 

11/27/2026

d

214,890

5,000,000

6.850%, 

3/23/2027

d

358,150

Total

1,296,400

Luxembourg

(0.5%)

EIG

Pearl

Holdings

SARL

2,500,000

3.545%, 

8/31/2036

a

2,112,830

Greensaif

Pipelines

Bidco

Sarl

2,000,000

6.129%, 

2/23/2038

a

2,057,371

Total

4,170,201

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Malaysia

(1.1%)

Petronas

Capital,

Ltd.

$

3,500,000

4.550%, 

4/21/2050

$

3,170,581

6,400,000

3.500%, 

4/21/2030

5,884,662

Total

9,055,243

Mexico

(6.5%)

America

Movil

SAB

de

CV

3,000,000

5.375%, 

4/4/2032

a

2,742,039

Comision

Federal

de

Electricidad

1,000,000

3.875%, 

7/26/2033

a

782,116

Mexico

Government

International

Bond

7,240,000

6.338%, 

5/4/2053

7,381,408

1,781,000

4.150%, 

3/28/2027

1,740,544

885,000

3.750%, 

1/11/2028

838,172

2,000,000

5.400%, 

2/9/2028

2,023,413

2,000,000

3.500%, 

2/12/2034

1,679,023

5,800,000

6.050%, 

1/11/2040

5,883,387

2,000,000

4.600%, 

2/10/2048

1,642,479

Petroleos

Mexicanos

14,300,000

7.690%, 

1/23/2050

9,951,701

1,000,000

8.750%, 

6/2/2029

912,925

900,000

6.840%, 

1/23/2030

721,531

8,200,000

5.950%, 

1/28/2031

6,088,206

3,415,000

6.700%, 

2/16/2032

2,631,265

9,100,000

6.625%, 

6/15/2035

6,484,458

Total

51,502,667

Mongolia

(0.2%)

Mongolia

Government

International

Bond

1,700,000

5.125%, 

4/7/2026

1,603,128

Total

1,603,128

Morocco

(0.4%)

Morocco

Government

International

Bond

3,000,000

4.000%, 

12/15/2050

2,055,000

OCP

SA

1,500,000

5.125%, 

6/23/2051

1,132,080

Total

3,187,080

Mozambique

(1.1%)

Mozambique

Government

International

Bond

10,861,000

5.000%, 

9/15/2031

b

8,499,819

Total

8,499,819

Namibia

(0.2%)

Namibia

Government

International

Bond

2,000,000

5.250%, 

10/29/2025

1,900,120

Total

1,900,120

Netherlands

(1.4%)

AES

Andres

BV

3,000,000

5.700%, 

5/4/2028

a

2,715,000

IHS

Netherlands

Holdco

BV

3,000,000

8.000%, 

9/18/2027

a

2,731,320

Majapahit

Holding

BV

2,000,000

7.875%, 

6/29/2037

2,317,500

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Netherlands

(1.4%)

-

continued

Petrobras

Global

Finance

BV

$

3,000,000

6.500%, 

7/3/2033

$

2,946,543

Total

10,710,363

Nigeria

(2.3%)

Nigeria

Government

International

Bond

15,100,000

7.875%, 

2/16/2032

13,174,750

1,000,000

7.375%, 

9/28/2033

a

827,000

5,000,000

7.696%, 

2/23/2038

3,953,600

Total

17,955,350

Oman

(3.4%)

Oman

Government

International

Bond

4,000,000

4.875%, 

2/1/2025

3,935,040

5,000,000

4.750%, 

6/15/2026

a

4,879,870

4,000,000

5.625%, 

1/17/2028

a

3,976,032

5,500,000

7.375%, 

10/28/2032

a

6,123,073

8,500,000

6.750%, 

1/17/2048

a

8,398,510

Total

27,312,525

Pakistan

(0.6%)

Pakistan

Government

International

Bond

2,000,000

6.000%, 

4/8/2026

a

1,077,488

4,500,000

6.875%, 

12/5/2027

2,385,000

3,000,000

7.375%, 

4/8/2031

a

1,470,000

Total

4,932,488

Panama

(2.6%)

Aeropuerto

Internacional

de

Tocumen

SA

2,000,000

4.000%, 

8/11/2041

a

1,667,936

Panama

Bonos

del

Tesoro

8,000,000

3.362%, 

6/30/2031

6,656,000

Panama

Government

International

Bond

4,800,000

4.500%, 

4/16/2050

3,715,543

3,000,000

3.750%, 

3/16/2025

2,902,556

5,079,000

6.700%, 

1/26/2036

5,427,321

Total

20,369,356

Paraguay

(1.5%)

Paraguay

Government

International

Bond

4,800,000

5.400%, 

3/30/2050

4,143,711

3,500,000

4.700%, 

3/27/2027

3,393,232

2,000,000

5.850%, 

8/21/2033

a

2,004,981

1,000,000

6.100%, 

8/11/2044

952,595

2,000,000

5.600%, 

3/13/2048

1,767,316

Total

12,261,835

Peru

(2.9%)

Fondo

Mivivienda

SA

2,000,000

4.625%, 

4/12/2027

a,c

1,927,322

Peru

Government

International

Bond

11,000,000

2.783%, 

1/23/2031

9,339,968

2,100,000

8.750%, 

11/21/2033

2,634,327

2,000,000

3.000%, 

1/15/2034

1,641,751

6,000,000

3.300%, 

3/11/2041

4,553,756

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Peru

(2.9%)

-

continued

Petroleos

del

Peru

SA

$

4,500,000

5.625%, 

6/19/2047

a

$

3,015,000

Total

23,112,124

Philippines

(2.0%)

Philippines

Government

International

Bond

3,000,000

4.200%, 

1/21/2024

2,976,150

3,000,000

3.750%, 

1/14/2029

2,845,572

5,025,000

7.750%, 

1/14/2031

5,884,275

1,625,000

6.375%, 

10/23/2034

1,801,698

2,420,000

3.950%, 

1/20/2040

2,087,096

Total

15,594,791

Poland

(0.6%)

Bank

Gospodarstwa

Krajowego

1,500,000

5.375%, 

5/22/2033

a

1,495,410

Republic

of

Poland

Government

International

Bond

3,000,000

4.875%, 

10/4/2033

2,961,900

Total

4,457,310

Qatar

(3.3%)

Qatar

Government

International

Bond

4,800,000

4.400%, 

4/16/2050

a

4,336,128

6,000,000

3.375%, 

3/14/2024

a

5,907,600

3,000,000

3.250%, 

6/2/2026

a

2,871,852

1,000,000

3.750%, 

4/16/2030

a

958,780

2,000,000

5.750%, 

1/20/2042

a

2,195,464

8,000,000

4.817%, 

3/14/2049

a

7,680,000

QatarEnergy

3,000,000

3.125%, 

7/12/2041

a

2,274,492

Total

26,224,316

Romania

(2.7%)

Romania

Government

International

Bond

4,100,000

4.000%, 

2/14/2051

2,989,228

2,000,000

3.000%, 

2/27/2027

1,820,000

6,000,000

5.250%, 

11/25/2027

a

5,878,440

1,000,000

6.625%, 

2/17/2028

a

1,035,602

5,000,000

3.000%, 

2/14/2031

4,187,100

3,500,000

3.625%, 

3/27/2032

a

3,006,500

2,000,000

7.125%, 

1/17/2033

a

2,149,000

Total

21,065,870

Saudi

Arabia

(4.1%)

Saudi

Arabia

Government

International

Bond

10,600,000

3.750%, 

1/21/2055

7,917,988

6,300,000

3.250%, 

10/26/2026

a

5,978,070

4,000,000

3.625%, 

3/4/2028

a

3,792,520

2,300,000

4.375%, 

4/16/2029

a

2,245,214

1,000,000

5.500%, 

10/25/2032

a

1,049,640

5,000,000

2.250%, 

2/2/2033

a

4,016,300

2,500,000

4.875%, 

7/18/2033

a

2,498,835

1,500,000

4.500%, 

10/26/2046

1,299,060

Saudi

Arabian

Oil

Company

4,500,000

2.250%, 

11/24/2030

a

3,751,155

Total

32,548,782

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Senegal

(1.1%)

Senegal

Government

International

Bond

$

4,500,000

6.250%, 

7/30/2024

$

4,465,350

3,700,000

6.250%, 

5/23/2033

3,180,816

1,000,000

6.750%, 

3/13/2048

747,580

Total

8,393,746

Serbia

(0.6%)

Serbia

Government

International

Bond

1,000,000

6.250%, 

5/26/2028

a

1,000,368

4,000,000

6.500%, 

9/26/2033

a

4,007,440

Total

5,007,808

South

Africa

(2.4%)

Eskom

Holdings

SOC,

Ltd.

2,000,000

6.750%, 

8/6/2023

1,995,472

1,000,000

7.125%, 

2/11/2025

992,500

6,000,000

6.350%, 

8/10/2028

a

5,727,120

2,000,000

8.450%, 

8/10/2028

1,972,640

South

Africa

Government

International

Bond

3,500,000

6.250%, 

3/8/2041

2,965,410

2,000,000

5.375%, 

7/24/2044

c

1,503,040

5,100,000

5.650%, 

9/27/2047

3,812,729

Total

18,968,911

Sri

Lanka

(0.7%)

Sri

Lanka

Government

International

Bond

4,000,000

6.825%, 

7/18/2026

d

1,826,703

5,000,000

6.200%, 

5/11/2027

d

2,218,234

1,000,000

6.750%, 

4/18/2028

d

443,394

2,000,000

7.550%, 

3/28/2030

d

888,102

Total

5,376,433

Trinidad

and

Tobago

(0.7%)

Heritage

Petroleum

Company,

Ltd.

2,000,000

9.000%, 

8/12/2029

a

2,078,000

Telecommunications

Services

of

Trinidad

and

Tobago,

Ltd.

4,300,000

8.875%, 

10/18/2029

a

3,538,900

Total

5,616,900

Turkey

(3.5%)

Turkey

Government

International

Bond

2,000,000

5.750%, 

3/22/2024

c

1,986,460

4,000,000

6.375%, 

10/14/2025

3,908,400

5,600,000

6.125%, 

10/24/2028

5,206,544

5,800,000

6.500%, 

9/20/2033

c

5,179,980

2,639,000

6.875%, 

3/17/2036

2,361,456

4,435,000

6.750%, 

5/30/2040

3,748,906

2,000,000

6.000%, 

1/14/2041

1,575,000

1,000,000

4.875%, 

4/16/2043

683,790

1,800,000

5.750%, 

5/11/2047

1,320,041

Turkiye

Ihracat

Kredi

Bankasi

AS

1,500,000

9.375%, 

1/31/2026

a,c

1,524,450

Total

27,495,027

Ukraine

(0.7%)

State

Agency

of

Roads

of

Ukraine

3,000,000

6.250%, 

6/24/2028

a,d

795,000

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Ukraine

(0.7%)

-

continued

Ukraine

Government

International

Bond

$

2,000,000

7.750%, 

9/1/2026

d

$

624,480

3,000,000

7.750%, 

9/1/2028

d

941,328

1,900,000

9.750%, 

11/1/2030

d

595,270

2,000,000

6.876%, 

5/21/2031

d

595,424

7,500,000

7.375%, 

9/25/2034

d

2,222,655

Total

5,774,157

United

Arab

Emirates

(2.7%)

Abu

Dhabi

Government

International

Bond

2,500,000

3.875%, 

4/16/2050

a

2,094,780

3,000,000

3.000%, 

9/15/2051

a

2,119,758

3,000,000

3.125%, 

5/3/2026

a

2,871,600

8,500,000

2.500%, 

9/30/2029

a,c

7,614,844

Finance

Department

Government

of

Sharjah

6,000,000

4.000%, 

7/28/2050

a

3,864,600

UAE

Government

International

Bond

3,000,000

4.050%, 

7/7/2032

a

2,932,956

Total

21,498,538

United

Kingdom

(0.2%)

NAK

Naftogaz

Ukraine

4,000,000

7.625%, 

11/8/2026

a

1,480,000

Total

1,480,000

Uruguay

(2.1%)

Uruguay

Government

International

Bond

3,000,000

4.975%, 

4/20/2055

2,900,215

2,000,000

5.100%, 

6/18/2050

1,994,752

11,840,312

4.375%, 

1/23/2031

11,586,984

Total

16,481,951

Uzbekistan

(0.7%)

Uzbekistan

Government

International

Bond

1,000,000

3.700%, 

11/25/2030

821,930

4,000,000

3.900%, 

10/19/2031

a

3,283,960

Uzbekneftegaz

JSC

2,000,000

4.750%, 

11/16/2028

a

1,664,920

Total

5,770,810

Vietnam

(1.0%)

Vietnam

Government

International

Bond

7,900,000

4.800%, 

11/19/2024

7,726,263

Total

7,726,263

Virgin

Islands,

British

(3.3%)

Sinopec

Group

Overseas

Development

2017,

Ltd.

5,000,000

3.625%, 

4/12/2027

4,786,008

Sinopec

Group

Overseas

Development

2018,

Ltd.

7,700,000

2.300%, 

1/8/2031

6,573,259

State

Grid

Overseas

Investment

2016,

Ltd.

12,500,000

2.875%, 

5/18/2026

11,675,701

Principal

Amount

Long-Term

Fixed

Income

(96.5%)

Value

Virgin

Islands,

British

(3.3%)

-

continued

$

3,000,000

3.500%, 

5/4/2027

$

2,868,989

Total

25,903,957

Total

Long-Term

Fixed

Income

(cost

$898,417,176)

765,907,083

Shares

Collateral

Held

for

Securities

Loaned

(

2.3%

)

18,264,981

Thrivent

Cash

Management

Trust

18,264,981

Total

Collateral

Held

for

Securities

Loaned

(cost

$18,264,981)

18,264,981

Shares

Registered

Investment

Companies

(

0.3%

)

Value

U.S.

Unaffiliated  (0.3%)

26,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

2,279,680

Total

2,279,680

Total

Registered

Investment

Companies

(cost

$2,193,880)

2,279,680

Shares

Short-Term

Investments

(

1.7%

)

Thrivent

Core

Short-Term

Reserve

Fund

1,367,691

5.550%

13,676,914

Total

Short-Term

Investments

(cost

$13,676,915)

13,676,914

Total

Investments

(cost

$932,552,952)

100.8%

$800,128,658

Other

Assets

and

Liabilities,

Net

(0.8%)

(6,246,234)

Total

Net

Assets

100.0%

$793,882,424

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2023,

the

value

of

these

investments

was

$264,385,867

or

33.3%

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

July

31,

2023.

c

All

or

a

portion

of

the

security

is

on

loan.

d

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

July

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

17,625,271

Total

lending

$17,625,271

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$18,264,981

Net

amounts

due

to

counterparty

$639,710

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Definitions:

ETF

-

Exchange

Traded

Fund

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

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

9,012,259

–

9,012,259

–

Energy

77,934,677

–

77,934,677

–

Financials

1,495,410

–

1,495,410

–

Foreign

Government

659,689,762

–

659,689,762

–

Transportation

1,667,936

–

1,667,936

–

Utilities

16,107,039

–

16,107,039

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,279,680

2,279,680

–

–

Subtotal

Investments

in

Securities

$

768,186,763

$2,279,680

$765,907,083

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

13,676,914

Collateral

Held

for

Securities

Loaned

18,264,981

Subtotal

Other

Investments

$31,941,895

Total

Investments

at

Value

$800,128,658

*

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

the

table

above

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

7/31/2023

Shares

Held

at

7/31/2023

%

of

Net

Assets

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$19,291

$116,901

$

122,515

$13,677

1,368

1.7%

Total

Affiliated

Short-Term

Investments

19,291

13,677

1.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

13,503

97,911

93,149

18,265

18,265

2.3

Total

Collateral

Held

for

Securities

Loaned

13,503

18,265

2.3

Total

Value

$32,794

$31,942

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$–

$–

$

–

$719

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$719

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

49

Total

Affiliated

Income

from

Securities

Loaned,

Net

$49

Total

Value

$–

$–

$

–

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(

98.0%

)

Value

Belgium

(<0.1%)

3,303

Titan

Cement

International

SA

$

69,437

Total

69,437

Bermuda

(<0.1%)

179,000

Road

King

Infrastructure,

Ltd.

a

67,653

812,200

Shanghai

Industrial

Urban

Development

Group,

Ltd.

46,995

131,677

Skyworth

Group,

Ltd.

60,176

Total

174,824

Brazil

(5.8%)

82,200

Ambev

SA

257,443

267,000

B3

SA

-

Brasil

Bolsa

Balcao

842,430

183,755

Banco

Bradesco

SA

ADR

648,655

12,200

Banco

BTG

Pactual

SA

87,564

202,900

Banco

do

Brasil

SA

2,069,440

117,000

BB

Seguridade

Participacoes

SA

770,474

57,358

Centrais

Eletricas

Brasileiras

SA

ADR

b

465,747

193,390

Companhia

Energetica

de

Minas

Gerais

ADR

508,616

252,350

Companhia

Siderurgica

Nacional

SA

ADR

744,433

325,200

EDP

-

Energias

do

Brasil

SA

1,642,935

72,400

ENGIE

Brasil

Energia

SA

674,738

211,304

Gerdau

SA

ADR

1,299,520

65,300

Guararapes

Confeccoes

SA

100,807

183,500

Hypera

SA

1,675,220

239,968

Itau

Unibanco

Holding

SA

ADR

1,442,208

341,900

Itausa

SA

710,010

44,800

Jalles

Machado

SA

a

84,034

202,500

JBS

S/A

803,790

15,400

Localiza

Rent

a

Car

SA

218,751

192,800

Metalurgica

Gerdau

SA

559,390

482,800

Petroleo

Brasileiro

SA

3,177,317

211,711

Petroleo

Brasileiro

SA

ADR

3,107,917

186,400

Telefonica

Brasil

SA

1,667,006

40,398

Telefonica

Brasil

SA

ADR

362,774

167,200

TIM

SA/Brazil

505,269

320,099

Vale

SA

ADR

4,683,048

628,700

Via

SA

a

284,518

19,200

WEG

SA

162,126

Total

29,556,180

Cayman

Islands

(15.6%)

1,106,804

Alibaba

Group

Holding,

Ltd.

a

14,144,275

68,800

ANTA

Sports

Products,

Ltd.

815,343

28,914

Baidu.com,

Inc.

ADR

a

4,510,295

135,000

China

Overseas

Property

Holdings,

Ltd.

158,607

172,000

China

Resources

Land,

Ltd.

802,592

51,922

China

Resources

Microelectronics,

Ltd.

417,379

570,400

Chow

Tai

Fook

Jewellery

Group,

Ltd.

995,865

666,000

Consun

Pharmaceutical

Group,

Ltd.

487,958

261,000

Geely

Automobile

Holdings,

Ltd.

380,860

490,000

Haidilao

International

Holding,

Ltd.

c

1,383,987

115,622

Hello

Group,

Inc.

ADR

1,231,374

55,769

Huazhu

Group,

Ltd.

ADR

a

2,679,143

173,298

JD.com,

Inc.

3,587,890

3,568

JOYY,

Inc.

ADR

124,024

16,069

Kanzhun,

Ltd.

ADR

a

300,169

69,036

KE

Holdings,

Inc.

ADR

a

1,202,607

Shares

Common

Stock

(98.0%)

Value

Cayman

Islands

(15.6%)

-

continued

205,300

Kuaishou

Technology

a,c

$

1,801,846

2,500

Li

Auto,

Inc

a

53,668

366,720

Meituan

a,c

7,000,729

16,246

MINISO

Group

Holding,

Ltd.

ADR

341,328

91,500

NetDragon

Websoft

Holdings,

Ltd.

181,694

30,587

NetEase,

Inc.

ADR

3,326,030

41,757

PDD

Holdings,

Inc.

ADR

a

3,750,614

384,000

Seazen

Group,

Ltd.

a

86,475

4,912,000

Shui

On

Land,

Ltd.

549,563

806,000

Sino

Biopharmaceutical,

Ltd.

365,551

487,200

Tencent

Holdings,

Ltd.

22,392,274

284,857

Tencent

Music

Entertainment

Group

ADR

a

1,991,150

216,800

Tongcheng

Travel

Holdings,

Ltd.

a

526,090

360,000

Topsports

International

Holdings,

Ltd.

c

332,773

50,991

Trip.com

Group,

Ltd.

ADR

a

2,092,671

32,000

Want

Want

China

Holdings,

Ltd.

22,316

2,670

Weibo

Corporation

ADR

42,052

611,000

Xiaomi

Corporation

a,c

972,028

58,500

Zhongsheng

Group

Holdings,

Ltd.

205,537

Total

79,256,757

Chile

(0.6%)

415,049

Cencosud

SA

891,994

4,473,946

Colbun

SA

706,333

125,416

Embotelladora

Andina

SA

344,610

64,304

Empresas

CMPC

SA

126,930

41,919

Empresas

Copec

SA

321,533

173,616

S.A.C.I.

Falabella

480,114

2,022

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

149,001

Total

3,020,515

China

(12.8%)

3,299,200

Agricultural

Bank

of

China,

Ltd.

1,671,852

8,302,700

Bank

of

China,

Ltd.,

Class

A

4,545,122

3,022,700

Bank

of

Communications

Company,

Ltd.

2,463,708

2,759,613

Baoshan

Iron

&

Steel

Company,

Ltd.

2,481,691

132,000

Beijing

North

Star

Company,

Ltd.

a

15,287

46,800

Beijing

Tongrentang

Company,

Ltd.

334,379

2,788,300

BOE

Technology

Group

Company,

Ltd.

1,652,169

11,500

BYD

Company,

Ltd.,

Class

H

409,607

5,246,000

CGN

Power

Company,

Ltd.

c

1,287,582

2,434,000

China

Cinda

Asset

Management

Company,

Ltd.

256,880

535,100

China

Merchants

Securities

Company,

Ltd.

1,122,028

483,600

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

965,898

351,360

China

Petroleum

&

Chemical

Corporation,

Class

A

305,300

3,987,000

China

Petroleum

&

Chemical

Corporation,

Class

H

2,232,866

2,178,000

China

Railway

Group,

Ltd.

1,431,951

53,200

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Company,

Ltd.

373,016

328,500

China

State

Construction

Engineering

Corporation,

Ltd.

281,389

5,600

China

Tourism

Group

Duty

Free

Corporation,

Ltd.

c

89,960

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(98.0%)

Value

China

(12.8%)

-

continued

713,800

China

Vanke

Company,

Ltd.,

Class

A

$

1,525,743

119,100

China

Vanke

Company,

Ltd.,

Class

H

168,807

399,235

CITIC

Securities

Company,

Ltd.,

Class

A

1,349,374

3,402,000

CMOC

Group,

Ltd.

2,276,581

3,753,000

CRRC

Corporation,

Ltd.

2,071,313

856,300

Daqin

Railway

Company,

Ltd.

858,025

605,700

Focus

Media

Information

Technology

Company,

Ltd.

632,313

1,116,200

Foxconn

Industrial

Internet

Company,

Ltd.

3,495,797

154,000

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

c

686,258

381,000

GF

Securities

Company,

Ltd.,

Class

H

609,611

79,900

Gree

Electric

Appliances,

Inc.

of

Zhuhai

433,905

5,496,860

Greenland

Holdings

Corporation,

Ltd.

a

2,494,717

324,533

Guangzhou

Baiyunshan

Pharmaceutical

Holdings,

Ltd.

1,448,282

821,000

Guotai

Junan

Securities

Company,

Ltd.

1,792,592

293,600

Haier

Smart

Home

Company,

Ltd.,

Class

H

965,501

54,558

Hundsun

Technologies,

Inc.

314,511

298,600

Jiangxi

Copper

Company,

Ltd.,

Class

A

837,158

1,610,000

Jiangxi

Copper

Company,

Ltd.,

Class

H

2,704,734

68,560

LONGi

Green

Energy

Technology

Company,

Ltd.

287,297

4,406,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

1,696,261

116,200

Perfect

World

Company,

Ltd./China

244,331

796,300

PetroChina

Company,

Ltd.

884,427

2,778,000

PetroChina

Company,

Ltd.

2,036,933

383,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.

2,794,466

190,836

Shanghai

Baosight

Software

Company,

Ltd.

1,284,136

19,000

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

53,497

182,100

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

330,519

1,999,500

Shenwan

Hongyuan

Group

Company,

Ltd.

1,411,257

1,238,700

Shenzhen

Overseas

Chinese

Town

Company,

Ltd.

a

852,352

69,300

Shenzhou

International

Group

Holdings,

Ltd.

735,607

38,700

Sichuan

Kelun

Pharmaceutical

Company,

Ltd.

149,676

562,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

507,285

92,000

Tsingtao

Brewery

Company,

Ltd.

827,295

102,328

Vipshop

Holdings,

Ltd.

ADR

a

1,926,836

534,400

Wanda

Film

Holding

Company,

Ltd.

a

1,083,662

87,100

Wanhua

Chemical

Group

Company,

Ltd.

1,194,055

15,260

Zhejiang

NHU

Company,

Ltd.

35,276

51,300

Zhongjin

Gold

Corporation,

Ltd.

76,501

Shares

Common

Stock

(98.0%)

Value

China

(12.8%)

-

continued

224,000

Zijin

Mining

Group

Company,

Ltd.

$

386,876

Total

65,384,452

Colombia

(<0.1%)

8,687

Bancolombia

SA

74,441

Total

74,441

Cyprus

(<0.1%)

71,245

Ros

Agro

plc

GDR

a,d

0

Total

0

Czech

Republic

(0.3%)

44,833

Komercni

Banka

AS

1,468,292

285

Philip

Morris

CR

222,206

Total

1,690,498

Egypt

(0.1%)

412,944

Commercial

International

Bank

Egypt

SAE

GDR

497,185

Total

497,185

Greece

(0.5%)

22,373

Mytilineos

SA

931,074

271,567

National

Bank

of

Greece

SA

a

1,870,214

Total

2,801,288

Hong

Kong

(0.8%)

442,000

China

Resources

Beer

(Holdings)

Company,

Ltd.

2,847,750

367,000

CITIC,

Ltd.

414,279

891,440

CSPC

Pharmaceutical

Group,

Ltd.

744,598

96,000

Yuexiu

Property

Company,

Ltd.

126,689

Total

4,133,316

Hungary

(0.3%)

31,206

MOL

Hungarian

Oil

&

Gas

plc

246,362

39,226

OTP

Bank

Nyrt

1,426,498

Total

1,672,860

India

(14.6%)

6,622

ABB

India,

Ltd.

367,022

19,519

Amara

Raja

Batteries,

Ltd.

150,729

83,821

Asian

Paints,

Ltd.

3,443,200

29,783

Bajaj

Auto,

Ltd.

1,787,778

4,823

Bajaj

Finance,

Ltd.

428,764

87,013

Bajaj

Finserv,

Ltd.

1,693,365

36,736

Britannia

Industries,

Ltd.

2,141,374

250,805

Cipla,

Ltd.

3,587,077

143,919

Coal

India,

Ltd.

401,684

41,607

Coromandel

International,

Ltd.

521,050

6,116

CRISIL,

Ltd.

291,398

53,553

Cummins

India,

Ltd.

1,282,917

19,626

Dr.

Reddy's

Laboratories,

Ltd.

ADR

1,347,914

261,374

HCL

Technologies,

Ltd.

3,552,589

263,062

HDFC

Life

Insurance

Company,

Ltd.

c

2,069,839

36,271

Hindustan

Unilever,

Ltd.

1,129,864

1,199,623

Indian

Oil

Corporation,

Ltd.

1,368,264

282,034

Infosys,

Ltd.

ADR

4,698,686

275,750

ITC,

Ltd.

1,562,510

265,487

Jio

Financial

Services,

Ltd.,

Bonus

Shares

a,d

802,953

172,283

Kotak

Mahindra

Bank,

Ltd.

3,893,444

59,106

Larsen

&

Toubro,

Ltd.

a

1,928,554

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock

(98.0%)

Value

India

(14.6%)

-

continued

12,047

LTIMindtree,

Ltd.

c

$

717,871

6,768

Mphasis,

Ltd.

189,122

433

MRF,

Ltd.

542,459

2,094

Nestle

India,

Ltd.

574,241

159,789

NTPC,

Ltd.

424,755

17,174

Persistent

Systems,

Ltd.

992,337

67,639

PI

Industries,

Ltd.

2,975,600

60,878

Pidilite

Industries,

Ltd.

1,937,029

3,345

Polycab

India,

Ltd.

196,084

282,469

REC,

Ltd.

697,507

265,487

Reliance

Industries,

Ltd.

8,241,508

70,193

SBI

Cards

and

Payment

Services,

Ltd.

730,714

150,864

SBI

Life

Insurance

Company,

Ltd.

c

2,355,004

27,748

Schaeffler

India,

Ltd.

1,054,259

36,828

Siemens,

Ltd.

1,784,668

10,663

Solar

Industries

India,

Ltd.

493,294

28,739

Sun

Pharmaceutical

Industries,

Ltd.

399,753

7,956

Supreme

Industries,

Ltd.

343,675

175,123

Tata

Consultancy

Services,

Ltd.

7,295,449

6,802

Tata

Elxsi,

Ltd.

593,043

55,918

Tech

Mahindra,

Ltd.

759,547

5,618

Thermax,

Ltd.

177,685

24,632

Trent,

Ltd.

526,879

18,190

UltraTech

Cement,

Ltd.

1,841,042

Total

74,294,500

Indonesia

(2.4%)

3,437,600

Astra

International

Tbk

PT

1,562,198

11,255,100

Bank

Central

Asia

Tbk

PT

6,816,446

4,150,100

Bank

Mandiri

Persero

Tbk

PT

1,577,642

5,555,900

Bank

Rakyat

Indonesia

Persero

Tbk

PT

2,080,151

Total

12,036,437

Kuwait

(1.0%)

243,764

Boubyan

Bank

KSCP

491,948

102,117

HumanSoft

Holding

Company

KSCC

1,196,852

48,173

Kuwait

Finance

House

KSCP

123,756

312,911

Mobile

Telecommunications

Company

KSCP

530,688

739,254

National

Bank

of

Kuwait

KSC

2,315,042

312,622

National

Industries

Group

Holding

236,221

Total

4,894,507

Luxembourg

(0.3%)

52,021

Allegro.eu

SA

a,c

458,644

43,906

Reinet

Investments

SCA

1,063,662

Total

1,522,306

Malaysia

(0.9%)

29,100

AEON

Credit

Service

(M)

Berhad

77,703

719,400

Hong

Leong

Bank

Berhad

3,125,511

597,700

Mah

Sing

Group

Berhad

88,843

23,600

Malayan

Banking

Berhad

47,217

250,100

MISC

Berhad

398,750

19,500

Petronas

Dagangan

BHD

99,295

229,100

Public

Bank

Berhad

211,919

97,300

QL

Resources

Berhad

118,253

36,177

RHB

Bank

BHD

45,673

376,342

Sports

Toto

BHD

121,858

92,600

Ta

Ann

Holdings

Berhad

76,397

Total

4,411,419

Shares

Common

Stock

(98.0%)

Value

Mexico

(2.7%)

51,775

America

Movil

SAB

de

CV

ADR

$

1,083,133

252,300

Arca

Continental

SAB

de

CV

2,531,438

307,575

Cemex

SAB

de

CV

ADR

a

2,343,722

32,270

Coca-Cola

FEMSA

SAB

de

CV

ADR

2,721,006

2,566

Fomento

Economico

Mexicano

SAB

de

CV

ADR

290,600

101,200

Grupo

Financiero

Banorte

SAB

de

CV

ADR

959,602

388,400

Grupo

Mexico

SAB

de

CV

2,020,515

33,700

Kimberly-Clark

de

Mexico,

SA

de

CV

79,475

575,200

Megacable

Holdings

SAB

de

CV

1,458,524

55,100

Wal-Mart

de

Mexico

SAB

de

CV

229,515

Total

13,717,530

Netherlands

(0.2%)

140,811

NEPI

Rockcastle

NV

843,665

Total

843,665

Philippines

(0.6%)

72,090

Aboitiz

Equity

Ventures,

Inc.

70,561

76,160

Jollibee

Foods

Corporation

353,743

149,350

SM

Investments

Corporation

2,481,570

Total

2,905,874

Poland

(1.2%)

86,778

Asseco

Poland

SA

1,728,834

148,242

Orlen

SA

a

2,642,201

68,475

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

694,749

88,110

Powszechny

Zaklad

Ubezpieczen

SA

891,052

3,689

Santander

Bank

Polska

SA

a

365,992

Total

6,322,828

Qatar

(0.2%)

78,253

Commercial

Bank

PSQC

134,418

125,537

Gulf

International

Services

QSC

71,426

662,878

Masraf

Al

Rayan

QSC

457,150

71,602

Ooredoo

QPSC

224,838

19,736

Qatar

Electricity

&

Water

Company

QSC

98,326

145,214

Qatar

Gas

Transport

Company,

Ltd.

168,149

Total

1,154,307

Russian

Federation

(<0.1%)

647,134

Gazprom

PJSC

ADR

a,d

65

23,359

LUKOIL

PJSC

d,e

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

0

2,615

Polyus

PJSC

a,d

0

1,260,120

Sberbank

of

Russia

PJSC

d,e

1

67,230

Sovcomflot

OAO

d

0

2,930,700

Surgutneftegas

PJSC

d,e

3

257,974

Surgutneftegas

PJSC

ADR

a,d

26

Total

103

Saudi

Arabia

(4.0%)

237,934

Al

Rajhi

Bank

4,729,549

243,740

Alinma

Bank

2,403,169

17,854

Arab

National

Bank

126,762

25,111

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

1,934,474

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Shares

Common

Stock

(98.0%)

Value

Saudi

Arabia

(4.0%)

-

continued

13,164

Eastern

Province

Cement

Company

$

158,742

303,477

Jarir

Marketing

Company

1,254,025

387,075

National

Commercial

Bank

3,977,510

231,098

Riyad

Bank

1,959,148

4,562

SABIC

Agri-Nutrients

Company

175,337

38,043

Saudi

Arabian

Oil

Company

c

328,760

16,787

Saudi

Basic

Industries

Corporation

383,658

76,807

Saudi

Electricity

Company

459,481

201,495

Saudi

Telecom

Company

2,278,438

26,367

Savola

Group

297,204

Total

20,466,257

Singapore

(<0.1%)

10,312

China

Yuchai

International,

Ltd.

109,410

Total

109,410

South

Africa

(2.3%)

136,976

Absa

Group,

Ltd.

1,451,732

173,861

AECI,

Ltd.

916,759

118,272

Aspen

Pharmacare

Holdings,

Ltd.

1,268,380

21,255

Barloworld,

Ltd.

99,478

30,182

Coronation

Fund

Managers,

Ltd.

55,373

219,945

DataTec,

Ltd.

431,681

195,540

FirstRand,

Ltd.

795,432

70,268

Gold

Fields,

Ltd.

ADR

1,087,046

54,107

Kumba

Iron

Ore,

Ltd.

1,484,213

178,640

Momentum

Metropolitan

Holdings

189,390

25,942

MTN

Group,

Ltd.

203,155

10,279

Naspers,

Ltd.

2,019,689

67,728

Sasol,

Ltd.

945,626

68,379

Standard

Bank

Group

730,294

34,479

Super

Group,

Ltd.

66,187

76,107

Vukile

Property

Fund,

Ltd.

55,621

Total

11,800,056

South

Korea

(10.9%)

4,442

Celltrion,

Inc.

511,040

1,306

Chong

Kun

Dang

Pharmaceutical

Corporation

79,025

1,844

Chongkundang

Holdings

Corporation

71,123

6,334

CJ

Corporation

322,006

16,108

Doosan

Bobcat,

Inc.

738,898

150

Ecopro

BM

Company,

Ltd.

49,339

22,819

Green

Cross

Holdings

Corporation

245,344

78,509

GS

Holdings

Corporation

2,319,897

5,038

Hanmi

Pharm

Company,

Ltd.

1,053,388

28,218

Hanwha

Corporation

683,011

8,873

Huons

Global

Company,

Ltd.

139,270

6,458

HYBE

Company,

Ltd.

a

1,329,944

3,617

Hyundai

Motor

Company

556,127

13,862

JYP

Entertainment

Corporation

1,484,106

44,333

Kakao

Corporation

1,784,712

43,681

Kia

Corporation

2,834,867

3,329

Korea

Zinc

Company,

Ltd.

1,289,598

1,288

LG

Chem,

Ltd.

655,213

3,503

LG

Electronics,

Inc.

298,180

33,844

Lotte

Shopping

Company,

Ltd.

1,858,602

6,283

Meritz

Financial

Group,

Inc.

242,589

10,331

NAVER

Corporation

1,840,647

2,345

NCSoft

Corporation

508,739

79,968

NH

Investment

&

Securities

Company,

Ltd.

621,025

184

NongShim

Company,

Ltd.

57,250

18,127

PharmaResearch

Company,

Ltd.

1,893,571

Shares

Common

Stock

(98.0%)

Value

South

Korea

(10.9%)

-

continued

7,811

POSCO

Holdings,

Inc.

$

3,935,818

4,741

Samsung

Biologics

Company,

Ltd.

a,c

2,846,821

23,193

Samsung

C&T

Corporation

1,879,111

321,104

Samsung

Electronics

Company,

Ltd.

17,581,300

1,495

Samsung

SDI

Company,

Ltd.

780,397

66,765

Samsung

Securities

Corporation,

Ltd.

1,880,154

2,414

SGC

Energy

Company,

Ltd.

47,082

29,649

SK

Hynix,

Inc.

2,871,359

54

Taekwang

Industrial

Corporation,

Ltd.

25,286

Total

55,314,839

Taiwan

(15.5%)

29,000

Advantech

Company,

Ltd.

362,145

2,896

Advantech

Company,

Ltd.,

Bonus

Shares

a,d

35,808

78,532

ASE

Technology

Holding

Company,

Ltd.

ADR

b

630,612

464,000

Asia

Cement

Corporation

595,283

1,407,000

Capital

Securities

Corporation

715,244

1,492,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

1,828,791

25,000

Chicony

Power

Technology

Company,

Ltd.

82,834

67,000

China

Steel

Chemical

Corporation

231,639

923,000

China

Steel

Corporation

821,166

723,000

Chipbond

Technology

Corporation

1,598,316

159,000

Delta

Electronics,

Inc.

1,856,121

176,000

Everlight

Electronics

Company,

Ltd.

291,110

296,000

Far

Eastern

New

Century

Corporation

279,951

484,000

Feng

Hsin

Steel

Company,

Ltd.

1,063,814

260,000

Formosa

Plastics

Corporation

688,400

100,000

Getac

Holdings

Corporation

216,111

111,000

Gigabyte

Technology

Company,

Ltd.

1,112,664

19,000

Hotai

Motor

Company,

Ltd.

a

458,759

845,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

598,611

33,000

Makalot

Industrial

Company,

Ltd.

327,851

117,000

MediaTek,

Inc.

2,574,576

237,000

Micro-Star

International

Company,

Ltd.

1,470,003

1,904,000

Nan

Ya

Plastics

Corporation

4,242,914

331,000

Novatek

Microelectronics

Corporation

4,476,292

986,000

Pou

Chen

Corporation

981,146

512,000

Quanta

Computer,

Inc.

3,895,226

165,000

Radiant

Opto-Electronics

Corporation

633,639

291,000

Realtek

Semiconductor

Corporation

3,996,631

153,000

Sigurd

Microelectronics

Corporation

258,010

37,000

SinoPac

Financial

Holdings

Company,

Ltd.

21,972

144,000

Systex

Corporation

539,868

448,056

Taichung

Commercial

Bank

Company,

Ltd.

212,694

18,818

Taichung

Commercial

Bank

Company,

Ltd.,

Bonus

Shares

a,d

8,486

2,693,000

Taiwan

Cooperative

Financial

Holding

Company,

Ltd.

2,520,900

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Shares

Common

Stock

(98.0%)

Value

Taiwan

(15.5%)

-

continued

1,874,000

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

$

33,839,950

433,164

Topco

Scientific

Company,

Ltd.

2,481,534

61,000

TTY

Biopharm

Company,

Ltd.

148,609

241,000

United

Microelectronics

Corporation

362,151

216,000

USI

Corporation

160,346

78,000

Vanguard

International

Semiconductor

Corporation

192,313

9,000

Voltronic

Power

Technology

Corporation

502,205

67,000

YFY,

Inc.

78,647

1,861,950

Yuanta

Financial

Holding

Company,

Ltd.

1,447,904

Total

78,841,246

Thailand

(1.4%)

245,100

Bangchak

Corporation

PCL

NVDR

274,274

1,061,000

Bangkok

Dusit

Medical

Services

Public

Company,

Ltd.

NVDR

892,596

94,600

Bumrungrad

Hospital

Public

Company,

Ltd.

d

597,561

348,200

Central

Pattana

pcl

NVDR

692,488

509,300

Home

Product

Center

pcl

NVDR

211,444

2,494,100

Krung

Thai

Bank

Public

Company,

Ltd.

NVDR

1,494,949

11,993,700

Land

and

Houses

Public

Company,

Ltd.

NVDR

2,979,109

233,200

Tipco

Asphalt

pcl

NVDR

121,271

Total

7,263,692

Turkey

(1.2%)

275,415

BIM

Birlesik

Magazalar

AS

2,211,643

267,218

KOC

Holding

AS

1,339,486

67,251

TOFAS

Turk

Otomobil

Fabrikasi

AS

753,838

224,328

Turk

Hava

Yollari

Anonim

Ortakligi

a

1,950,818

Total

6,255,785

United

Arab

Emirates

(0.9%)

81,983

Abu

Dhabi

Islamic

Bank

PJSC

250,889

243,067

Aldar

Properties

PJSC

342,068

580,807

Deyaar

Development

PJSC

a

115,413

283,158

Dubai

Islamic

Bank

PJSC

443,440

1,212,384

Emaar

Properties

PJSC

2,230,845

257,404

Emirates

Central

Cooling

Systems

Corporation

134,557

199,507

Emirates

NBD

Bank

PJSC

923,142

Total

4,440,354

United

States

(0.9%)

71,731

Yum

China

Holding,

Inc.

4,377,026

Total

4,377,026

Virgin

Islands,

British

(<0.1%)

17,004

VK

Company,

Ltd.

GDR

a,d

0

Total

0

Total

Common

Stock

(cost

$486,888,869)

499,303,894

Shares

Preferred

Stock

(

0.7%

)

Value

Russian

Federation

(<0.1%)

652

Transneft

PJSC

d,e

$

0

Total

0

South

Korea

(0.7%)

82,900

Samsung

Electronics

Company,

Ltd.

3,733,881

Total

3,733,881

Total

Preferred

Stock

(cost

$5,103,750)

3,733,881

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

478,955

Thrivent

Cash

Management

Trust

478,955

Total

Collateral

Held

for

Securities

Loaned

(cost

$478,955)

478,955

Shares

or

Principal

Amount

Short-Term

Investments

(

0.8%

)

Federal

Home

Loan

Bank

Discount

Notes

500,000

5.270%,

 10/25/2023

f,g

494,001

Thrivent

Core

Short-Term

Reserve

Fund

356,746

5.550%

3,567,456

Total

Short-Term

Investments

(cost

$4,061,235)

4,061,457

Total

Investments

(cost

$496,532,809)

99.6%

$507,578,187

Other

Assets

and

Liabilities,

Net

0.4%

2,122,050

Total

Net

Assets

100.0%

$509,700,237

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2023,

the

value

of

these

investments

was

$22,332,102

or

4.4%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

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.

e

All

or

a

portion

of

the

security

is

on

loan.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

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

July

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

468,227

Total

lending

$468,227

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$478,955

Net

amounts

due

to

counterparty

$10,728

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

31,

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

July

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^

53,123,187

12,971,001

40,152,186

0

Consumer

Discretionary

67,278,807

15,167,618

52,111,189

–

Consumer

Staples^

20,322,208

3,011,606

17,310,602

0

Energy^

25,908,310

3,107,917

22,800,299

94

Financials

93,863,542

2,090,863

90,961,239

811,440

Health

Care

23,521,203

1,347,914

21,575,728

597,561

Industrials

28,565,571

258,411

28,307,160

–

Information

Technology

111,438,612

5,329,298

106,073,506

35,808

Materials^

52,420,265

10,157,769

42,262,488

8

Real

Estate

16,412,037

1,202,607

15,209,430

–

Utilities

6,450,152

974,363

5,475,789

–

Preferred

Stock

Energy^

–

–

–

0

Information

Technology

3,733,881

–

3,733,881

–

Short-Term

Investments

494,001

–

494,001

–

Subtotal

Investments

in

Securities

$503,531,776

$55,619,367

$446,467,498

$1,444,911

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,567,456

Collateral

Held

for

Securities

Loaned

478,955

Subtotal

Other

Investments

$4,046,411

Total

Investments

at

Value

$507,578,187

*

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

the

table

above

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.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2023,

in

valuing

Emerging

Markets

Equity

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

510,708

510,708

–

–

Total

Asset

Derivatives

$510,708

$510,708

$–

$–

The

following

table

presents

Emerging

Markets

Equity

Fund's

futures

contracts

held

as

of

July

31,

2023.

Investments

and/or

cash

totaling

$494,001

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

237

September

2023

$

11,982,747

$

510,708

Total

Futures

Long

Contracts

$

11,982,747

$

510,708

Total

Futures

Contracts

$

11,982,747

$510,708

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

July

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

7/31/2023

Shares

Held

at

7/31/2023

%

of

Net

Assets

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$4,055

$83,554

$84,042

$3,567

357

0.7%

Total

Affiliated

Short-Term

Investments

4,055

3,567

0.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

1,649

30,453

31,623

479

479

<0.1

Total

Collateral

Held

for

Securities

Loaned

1,649

479

<0.1

Total

Value

$5,704

$4,046

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$–

$–

$

–

$164

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$164

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

36

Total

Affiliated

Income

from

Securities

Loaned,

Net

$36

Total

Value

$–

$–

$

–

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

(

99.0%

)

Value

Australia

(6.9%)

34,849

APA

Group

$

234,434

150,316

Aristocrat

Leisure,

Ltd.

3,981,153

11,835

ASX,

Ltd.

494,450

341,923

Aurizon

Holdings,

Ltd.

876,285

116,236

Australia

and

New

Zealand

Banking

Group,

Ltd.

2,016,599

187,259

BHP

Group,

Ltd.

5,827,850

109,913

BlueScope

Steel,

Ltd.

1,620,894

59,680

Brambles,

Ltd.

564,619

21,976

Carsales.com,

Ltd.

367,346

115,250

Coles

Group,

Ltd.

1,409,347

108,877

Computershare,

Ltd.

1,836,239

33,055

CSL,

Ltd.

5,953,744

86,456

Fortescue

Metals

Group,

Ltd.

1,270,966

13,838

GrainCorp,

Ltd.

75,324

221,236

GWA

Group,

Ltd.

292,007

217,090

Humm

Group,

Ltd.

65,619

55,377

Insurance

Australia

Group,

Ltd.

221,066

7,693

IRESS,

Ltd.

53,780

24,051

JB

Hi-Fi,

Ltd.

739,707

575,506

Lottery

Corporation,

Ltd.

2,002,701

4,106

Perpetual,

Ltd.

68,161

6,930

Premier

Investments,

Ltd.

103,325

333

REA

Group,

Ltd.

35,303

50,694

Rio

Tinto,

Ltd.

4,014,194

52,513

SEEK,

Ltd.

880,650

2,405

Sonic

Healthcare,

Ltd.

56,825

8,970

Technology

One,

Ltd.

95,038

60,567

Westpac

Banking

Corporation

910,375

Total

36,068,001

Austria

(0.3%)

4,307

BAWAG

Group

AG

a

209,827

27,790

OMV

AG

1,252,059

6,355

Raiffeisen

Bank

International

AG

102,757

1,194

Verbund

AG

98,932

Total

1,663,575

Belgium

(0.6%)

17,595

Groupe

Bruxelles

Lambert

SA

1,423,659

1,332

Proximus

SADP

10,212

9,936

Solvay

SA

1,193,303

7,431

UCB

SA

657,998

Total

3,285,172

Bermuda

(0.2%)

53,000

CK

Infrastructure

Holdings,

Ltd.

280,865

10,700

Jardine

Matheson

Holdings,

Ltd.

528,366

116,000

Road

King

Infrastructure,

Ltd.

b

43,842

Total

853,073

Canada

(10.4%)

18,156

ATCO,

Ltd.

518,251

16,593

Bank

of

Montreal

1,541,960

41,683

Bank

of

Nova

Scotia

2,098,928

254,288

Barrick

Gold

Corporation

4,392,887

50,601

Bausch

Health

Companies,

Inc.

b

491,336

7,635

Boralex,

Inc.

197,555

4,252

BRP,

Inc.

391,165

34,689

Canadian

Imperial

Bank

of

Commerce

1,527,879

51,385

Canadian

National

Railway

Company

6,228,626

31,577

Canadian

Utilities,

Ltd.

786,402

21,856

Canadian

Western

Bank

436,739

Shares

Common

Stock

(99.0%)

Value

Canada

(10.4%)

-

continued

5,451

Capital

Power

Corporation

$

170,063

29,739

CGI,

Inc.

b

3,022,050

7,079

Cogeco

Communications,

Inc.

358,661

18,052

Crescent

Point

Energy

Corporation

146,344

15,923

Dream

Industrial

REIT

171,347

20,605

Enbridge,

Inc.

757,540

18,162

Finning

International,

Inc.

625,578

31,188

Fortis,

Inc.

1,329,449

9,551

Gibson

Energy,

Inc.

155,508

14,919

Imperial

Oil,

Ltd.

803,735

5,854

Intact

Financial

Corporation

864,837

9,860

InterRent

REIT

95,785

11,744

Loblaw

Companies,

Ltd.

1,042,011

89,848

Manulife

Financial

Corporation

1,796,074

15,147

MEG

Energy

Corporation

b

270,053

14,308

Metro,

Inc./CN

770,059

4,792

National

Bank

of

Canada

375,322

10,107

Northland

Power,

Inc.

195,525

2,733

Nutrien,

Ltd.

188,277

3,004

Onex

Corporation

184,502

15,954

Rogers

Communications,

Inc.

698,581

36,500

Royal

Bank

of

Canada

3,618,583

14,909

Russel

Metals,

Inc.

438,796

30,114

Shopify,

Inc.

b

2,035,104

83,336

Sun

Life

Financial,

Inc.

4,385,939

19,391

Superior

Plus

Corporation

145,287

96,384

TC

Energy

Corporation

3,454,372

5,101

Thomson

Reuters

Corporation

688,566

14,911

Toromont

Industries,

Ltd.

1,270,429

47,174

Toronto-Dominion

Bank

3,110,948

35,625

Tourmaline

Oil

Corporation

1,846,292

8,306

TransAlta

Corporation

84,720

6,288

TransAlta

Renewables,

Inc.

63,994

Total

53,776,059

Cayman

Islands

(<0.1%)

9,600

ASMPT,

Ltd.

93,639

Total

93,639

Denmark

(3.8%)

4,938

Carlsberg

AS

740,612

395

Dampskibsselskabet

Norden

AS

19,787

39,460

Danske

Bank

AS

936,980

19,818

DSV

AS

3,966,375

3,417

Jyske

Bank

AS

b

258,478

83,056

Novo

Nordisk

AS

13,392,966

4,157

Pandora

AS

415,833

607

Ringkjoebing

Landbobank

AS

86,387

Total

19,817,418

Finland

(0.1%)

1,146

Cargotec

Oyj

54,733

15,671

Kesko

Oyj

313,558

4,347

Orion

Oyj

167,061

1,049

Stora

Enso

Oyj

12,860

Total

548,212

France

(7.7%)

22,927

Air

Liquide

SA

4,122,156

1,407

BioMerieux

151,041

53,144

Compagnie

de

Saint-Gobain

3,594,217

136,418

Credit

Agricole

SA

1,693,688

44,086

Dassault

Systemes

SE

1,884,185

2,873

Edenred

186,603

11,290

Eiffage

SA

1,174,589

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock

(99.0%)

Value

France

(7.7%)

-

continued

108,026

Engie

SA

$

1,772,210

2,130

Hermes

International

4,714,275

10,035

Ipsos

SA

501,652

1,741

La

Francaise

des

Jeux

SAEM

a

66,467

37,009

Legrand

SA

3,707,818

2,181

LNA

Sante

70,262

5,127

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,761,816

21,375

Publicis

Groupe

SA

1,723,377

16,975

Rexel

SA

409,477

49,837

Sanofi

5,316,864

4,378

Schneider

Electric

SE

780,917

790

Sopra

Group

SA

171,775

1,604

Teleperformance

SA

232,643

15,893

Thales

SA

2,377,443

10,517

TotalEnergies

SE

638,979

738

Wendel

SA

72,852

3,618

Worldline

SA

a,b

143,416

Total

40,268,722

Germany

(6.4%)

7,366

Allianz

SE

1,760,478

2,618

AURELIUS

Equity

Opportunities

SE

&

Company

KGaA

34,024

628

Aurubis

AG

59,115

7,128

BASF

SE

382,141

44,603

Bayer

AG

2,608,549

4,812

Bayerische

Motoren

Werke

AG

586,826

1,909

Brenntag

AG

148,110

98,842

Commerzbank

AG

1,182,302

2,927

CTS

Eventim

AG

&

Company

KGAA

199,757

125,324

Deutsche

Bank

AG

1,389,240

10,920

Deutsche

Boerse

AG

2,092,298

93,577

Deutsche

Lufthansa

AG

b

943,846

49,248

Deutsche

Telekom

AG

1,073,672

24,071

DHL

Group

1,237,814

140,033

E.ON

SE

1,771,471

4,753

Encavis

AG

b

79,698

35,404

Fresenius

SE

&

Company

KGaA

1,111,059

1,395

Gerresheimer

AG

165,230

8,259

Heidelberg

Materials

AG

669,378

61,668

Infineon

Technologies

AG

2,709,427

3,263

KION

Group

AG

136,730

3,832

LEG

Immobilien

AG

b

270,934

12,566

Mercedes-Benz

Group

AG

1,003,562

9,577

Merck

KGaA

1,682,926

1,474

Muenchener

Rueckversicherungs-

Gesellschaft

AG

554,884

837

Nemetschek

SE

60,908

17,070

Porsche

Automobil

Holding

SE

1,007,235

9,102

RWE

AG

391,740

22,755

SAP

SE

3,104,061

4,918

Scout24

SE

a

325,110

16,323

Siemens

AG

2,782,142

556

Volkswagen

AG

88,858

64,752

Vonovia

SE

1,508,728

Total

33,122,253

Hong

Kong

(2.2%)

313,500

BOC

Hong

Kong

(Holdings),

Ltd.

956,816

247,500

CK

Hutchison

Holdings,

Ltd.

1,526,414

116,000

Hang

Lung

Properties,

Ltd.

181,024

28,400

Hang

Seng

Bank,

Ltd.

434,110

Shares

Common

Stock

(99.0%)

Value

Hong

Kong

(2.2%)

-

continued

48,000

Henderson

Land

Development

Company,

Ltd.

$

148,376

175,500

Hong

Kong

Exchanges

&

Clearing,

Ltd.

7,399,436

30,000

Hysan

Development

Company,

Ltd.

70,889

30,500

Sun

Hung

Kai

Properties,

Ltd.

382,977

52,000

Swire

Pacific,

Ltd.

434,680

Total

11,534,722

Ireland

(0.1%)

2,061

Flutter

Entertainment

plc

b

409,934

Total

409,934

Israel

(0.7%)

4,651

Azrieli

Group,

Ltd.

264,665

76,453

Bank

Hapoalim

BM

679,119

89,099

Bank

Leumi

Le-Israel

BM

711,244

3,155

First

International

Bank

of

Israel,

Ltd.

133,370

181

Israel

Corporation,

Ltd.

56,437

14,408

Mizrahi

Tefahot

Bank,

Ltd.

520,200

3,361

NICE,

Ltd.

b

731,591

964

Nova,

Ltd.

b

119,829

15,476

Plus500,

Ltd.

299,109

Total

3,515,564

Italy

(3.3%)

121,589

A2A

SPA

231,988

8,112

Azimut

Holding

SPA

191,546

8,238

Banca

Farmafactoring

SPA

a

92,986

75,853

Banca

Mediolanum

SPA

737,061

131,342

Banca

Monte

dei

Paschi

di

Siena

SPA

b

379,304

23,627

Banca

Popolare

di

Sondrio

SPA

114,137

3,854

Buzzi

SPA

109,523

723,428

Enel

SPA

4,988,203

1,108,645

Intesa

Sanpaolo

SPA

3,205,848

27,380

Iren

SPA

55,486

94,138

Italgas

SPA

554,649

26,051

Moncler

SPA

1,880,204

4,061

Prysmian

SPA

161,934

77,123

Recordati

SPA

3,982,655

1,043

Reply

SPA

112,996

17,350

UniCredit

SPA

439,309

20,653

Unipol

Gruppo

SPA

114,990

Total

17,352,819

Japan

(19.9%)

12,100

Advantest

Corporation

1,673,550

11,000

AGC,

Inc.

397,470

6,000

Ain

Holdings,

Inc.

213,335

14,700

Arcs

Company,

Ltd.

256,494

46,900

Astellas

Pharma,

Inc.

685,788

23,600

Benesse

Holdings,

Inc.

308,345

19,600

Chiyoda

Company,

Ltd.

138,324

6,100

Chugai

Pharmaceutical

Company,

Ltd.

181,544

14,300

Chugoku

Electric

Power

Company,

Inc.

b

99,235

11,700

COMSYS

Holdings

Corporation

233,867

13,900

Dai

Nippon

Printing

Company,

Ltd.

395,121

26,500

Daiichi

Sankyo

Company,

Ltd.

816,190

7,600

Daikin

Industries,

Ltd.

1,536,711

5,600

Daito

Trust

Construction

Company,

Ltd.

602,384

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Shares

Common

Stock

(99.0%)

Value

Japan

(19.9%)

-

continued

81,500

Daiwa

House

Industry

Company,

Ltd.

$

2,215,083

1,200

Denso

Corporation

83,553

256,900

Eneos

Holdings,

Inc.

932,069

8,700

FANUC

Corporation

266,154

2,500

Fast

Retailing

Company,

Ltd.

626,282

3,100

Food

&

Life

Companies,

Ltd.

60,998

14,200

Fuji

Soft,

Inc.

473,121

19,300

FUJIFILM

Holdings

NPV

1,120,667

12,600

Fujitsu,

Ltd.

1,631,572

1,500

Hamamatsu

Photonics

KK

72,272

3,100

Heiwa

Corporation

52,510

14,200

Hitachi,

Ltd.

929,596

54,600

Honda

Motor

Company,

Ltd.

1,740,724

8,800

Hoya

Corporation

1,024,843

6,100

Iida

Group

Holdings

Company,

Ltd.

107,009

43,700

Inaba

Denki

Sangyo

Company,

Ltd.

970,741

9,100

ITOCHU

Corporation

368,052

40,700

ITOCHU

Techno-Solutions

Corporation

1,031,507

131,800

Japan

Post

Holdings

Company,

Ltd.

962,481

121,900

Japan

Tobacco,

Inc.

2,704,913

44,200

Kajima

Corporation

698,469

32,700

Kawasaki

Kisen

Kaisha,

Ltd.

986,057

108,400

KDDI

Corporation

3,190,396

6,900

Keyence

Corporation

3,096,321

47,900

Kinden

Corporation

660,619

15,800

Komatsu,

Ltd.

442,628

2,600

Kumagai

Gumi

Company,

Ltd.

58,886

44,000

Kyoei

Steel,

Ltd.

662,252

13,900

Kyowa

Hakko

Kirin

Company,

Ltd.

265,430

3,900

Lintec

Corporation

64,365

2,300

Management

Solutions

Company,

Ltd.

65,939

4,800

Marubeni

Corporation

84,984

74,200

Mazda

Motor

Corporation

736,101

7,900

McDonald's

Holdings

Company

(Japan),

Ltd.

310,969

14,900

MEITEC

Corporation

271,632

7,400

Ministop

Company,

Ltd.

76,659

6,600

MISUMI

Group,

Inc.

120,741

24,800

Mitsubishi

Corporation

1,268,928

349,200

Mitsubishi

HC

Capital,

Inc.

2,310,088

271,300

Mitsubishi

UFJ

Financial

Group,

Inc.

2,184,577

13,900

Mitsui

&

Company,

Ltd.

542,518

49,000

Mizuho

Financial

Group,

Inc.

831,303

24,700

Murata

Manufacturing

Company,

Ltd.

1,467,222

15,200

NGK

Insulators,

Ltd.

186,417

21,400

Nidec

Corporation

1,278,115

62,500

Nintendo

Company,

Ltd.

2,827,173

63,600

Nippon

Steel

Corporation

1,453,666

61,700

Nippon

Television

Holdings,

Inc.

585,927

31,200

Nippon

Yusen

Kabushiki

Kaisha

758,976

250,400

Nissan

Motor

Company,

Ltd.

1,103,049

14,400

Nitori

Holdings

Company,

Ltd.

1,763,318

21,300

Nitto

Kogyo

Corporation

545,000

29,500

Nomura

Research

Institute,

Ltd.

838,240

126,600

NTT

Data

Group

Corporation

1,761,158

2,800

Oisix

ra

daichi,

Inc.

b

46,031

81,500

Olympus

Corporation

1,329,830

4,700

Ono

Pharmaceutical

Company,

Ltd.

86,129

4,000

Oracle

Corporation

Japan

280,395

82,000

Oriental

Land

Company,

Ltd.

3,144,990

Shares

Common

Stock

(99.0%)

Value

Japan

(19.9%)

-

continued

37,500

ORIX

Corporation

$

721,370

12,100

Otsuka

Holdings

Company,

Ltd.

444,885

37,700

Pan

Pacific

International

Holdings

Company

745,390

7,500

Rakus

Company,

Ltd.

127,316

57,800

Recruit

Holdings

Company,

Ltd.

2,001,942

25,900

Renesas

Electronics

Corporation

b

499,711

1,300

Rohto

Pharmaceutical

Company,

Ltd.

27,709

2,200

Ryoyo

Electro

Corporation

54,641

100

Saizeriya

Company,

Ltd.

3,180

19,400

Sangetsu

Company,

Ltd.

356,140

2,200

Sawai

Group

Holdings

Company,

Ltd.

54,796

31,800

Secom

Company,

Ltd.

2,133,936

25,400

Seino

Holdings

Company,

Ltd.

399,759

41,000

Shin-Etsu

Chemical

Company,

Ltd.

1,350,739

3,600

Shionogi

&

Company,

Ltd.

150,869

2,700

SMC

Corporation

1,410,920

61,900

SoftBank

Group

Corporation

3,148,385

13,200

Sohgo

Security

Services

Company,

Ltd.

80,704

28,800

Sony

Group

Corporation

2,697,588

13,700

Sumitomo

Corporation

293,905

47,600

Sumitomo

Mitsui

Financial

Group,

Inc.

2,230,140

47,000

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,828,380

700

Sysmex

Corporation

47,400

3,600

Taikisha,

Ltd.

107,190

17,100

Taiyo

Holdings

Company,

Ltd.

320,018

4,300

Takara

Standard

Company,

Ltd.

56,337

78,300

Takeda

Pharmaceutical

Company,

Ltd.

2,394,011

21,000

Terumo

Corporation

687,731

22,600

TIS,

Inc.

573,222

39,000

Toagosei

Company,

Ltd.

369,896

10,100

Tokio

Marine

Holdings,

Inc.

232,249

20,000

Tokyo

Electron,

Ltd.

3,001,741

32,400

Toppan,

Inc.

762,648

408,100

Toyota

Motor

Corporation

6,861,696

18,300

Tsubakimoto

Chain

Company

487,914

57,500

TV

Asahi

Holdings

Corporation

725,553

6,900

Universal

Entertainment

Corporation

124,817

7,900

Yakult

Honsha

Company,

Ltd.

438,338

9,600

Yuasa

Trading

Company,

Ltd.

307,499

15,600

Zensho

Holdings

Company,

Ltd.

831,266

40,400

ZOZO,

Inc.

788,690

Total

103,178,624

Jersey

(0.5%)

173,734

Glencore

plc

1,056,553

465,926

Man

Group

plc

1,428,341

19,640

WPP

plc

214,444

Total

2,699,338

Luxembourg

(0.9%)

31,839

ArcelorMittal

SA

920,845

196,859

Aroundtown

SA

b

305,845

87,109

B&M

European

Value

Retail

SA

618,728

80,572

Tenaris

SA

ADR

2,698,356

Total

4,543,774

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Shares

Common

Stock

(99.0%)

Value

Netherlands

(7.2%)

7,068

Aalberts

NV

$

318,942

29,584

ABN

AMRO

Group

NV

a

503,025

2,631

ASM

International

NV

1,249,942

14,562

ASML

Holding

NV

10,430,356

21,471

Euronext

NV

a

1,634,245

14,166

Ferrari

NV

4,541,451

28,309

ForFarmers

NV

88,854

592

Heineken

Holding

NV

48,530

12,579

Heineken

NV

1,231,257

1,379

IMCD

NV

208,960

146,832

Koninklijke

Ahold

Delhaize

NV

5,061,121

13,018

Koninklijke

Vopak

NV

490,805

1,052,485

MFE-MediaForEurope

NV

557,082

27,564

QIAGEN

NV

b

1,293,351

169,615

Stellantis

NV

3,480,157

67,390

STMicroelectronics

NV

3,604,463

2,150

Technip

Energies

NV

49,003

44,673

Unilever

plc

2,404,662

Total

37,196,206

New

Zealand

(0.1%)

54,392

Contact

Energy,

Ltd.

280,855

1,793

Xero,

Ltd.

b

147,387

Total

428,242

Norway

(1.5%)

131,792

DNB

Bank

ASA

2,715,902

77,017

Equinor

ASA

2,355,833

10,325

Leroy

Seafood

Group

ASA

42,957

15,843

Norsk

Hydro

ASA

103,763

62,825

Yara

International

ASA

2,565,899

Total

7,784,354

Singapore

(0.9%)

160,200

DBS

Group

Holdings,

Ltd.

4,132,686

40,000

Singapore

Exchange,

Ltd.

292,392

50,459

Wing

Tai

Holdings,

Ltd.

54,258

Total

4,479,336

Spain

(3.6%)

102,052

Acerinox

SA

1,074,349

3,386

Aena

SME

SA

a

540,720

14,683

Amadeus

IT

Holding

SA

1,053,306

407,899

Banco

Bilbao

Vizcaya

Argentaria

SA

3,233,177

628,922

Banco

Santander

SA

2,548,581

234,784

CaixaBank

SA

949,753

52,131

Cia

de

Distribucion

Integral

Logista

Holdings

SA

1,450,556

3,029

Endesa

SA

64,920

117,100

Iberdrola

SA

1,461,594

111,567

Industria

de

Diseno

Textil

SA

4,270,562

2,332

Redeia

Corporacion

SA

39,005

110,953

Repsol

SA

1,693,974

994

Vidrala

SA

101,201

Total

18,481,698

Sweden

(2.2%)

34,888

AB

Industrivarden,

Class

A

990,713

42,008

AB

Industrivarden,

Class

C

1,190,120

134,531

Assa

Abloy

AB

3,234,514

13,589

Atlas

Copco

AB,

Class

A

193,044

10,655

Atlas

Copco

AB,

Class

B

131,578

2,799

Epiroc

AB,

Class

A

55,884

Shares

Common

Stock

(99.0%)

Value

Sweden

(2.2%)

-

continued

9,822

Epiroc

AB,

Class

B

$

166,867

15,390

Fastighets

AB

Balder

b

71,817

112,261

Granges

AB

1,146,623

15,091

Hexagon

AB

146,320

59,164

Hexpol

AB

641,841

6,587

Indutrade

AB

138,237

2,549

L

E

Lundbergforetagen

AB

112,333

4,240

Lifco

AB

85,486

6,918

Nyfosa

AB

43,887

246,643

SSAB

AB,

Class

A

1,565,060

116,193

SSAB

AB,

Class

B

710,863

7,065

Svolder

AB

40,008

7,755

Swedbank

AB

142,240

28,883

Telefonaktiebolaget

LM

Ericsson

145,295

2,356

Trelleborg

AB

62,723

17,232

Volvo

AB,

Class

B

380,114

Total

11,395,567

Switzerland

(7.4%)

3,885

Baloise

Holding

AG

601,355

165

Bucher

Industries

AG

73,526

5,829

Coca-Cola

HBC

AG

171,507

19,174

Compagnie

Financiere

Richemont

SA

3,087,645

4,528

Galenica

AG

a

364,414

20,795

Holcim,

Ltd.

1,449,348

462

Julius

Baer

Group,

Ltd.

32,722

65,266

Nestle

SA

7,996,339

121,154

Novartis

AG

12,684,487

1,247

Partners

Group

Holding

AG

1,399,925

15,570

PSP

Swiss

Property

AG

1,834,770

108

Roche

Holding

AG,

Bearer

Shares

35,809

7,847

Roche

Holding

AG,

Participation

Certificates

2,432,974

770

Schindler

Holding

AG

178,534

8,729

Schindler

Holding

AG,

Participation

Certificates

2,119,548

8,574

Sika

AG

2,668,552

2,619

Tecan

Group

AG

1,042,182

5,321

Temenos

AG

457,621

698

Vontobel

Holding

AG

47,022

Total

38,678,280

United

Kingdom

(12.1%)

12,715

3i

Group

plc

322,595

53,322

AstraZeneca

plc

7,661,113

368,758

Auto

Trader

Group

plc

a

3,058,326

23,583

BAE

Systems

plc

282,031

18,837

Balfour

Beatty

plc

84,466

351,750

Barclays

plc

697,983

661,673

BP

plc

4,105,322

1,951

British

American

Tobacco

plc

65,609

15,517

Bunzl

plc

575,184

12,749

Coca-Cola

European

Partners

plc

808,159

61,293

Compass

Group

plc

1,594,702

101,399

Diageo

plc

4,425,288

41,754

Evraz

plc

b,c

5

115,651

GSK

plc

2,058,725

108,155

Halma

plc

3,105,989

726,278

HSBC

Holdings

plc

6,032,774

14,600

IG

Group

Holdings

plc

132,664

82,631

Imperial

Brands

plc

1,952,196

41,599

InterContinental

Hotels

Group

plc

3,074,469

7,308

Lancashire

Holdings,

Ltd.

55,935

130,200

Moneysupermarket.com

Group

plc

458,501

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Shares

Common

Stock

(99.0%)

Value

United

Kingdom

(12.1%)

-

continued

10,939

Next

plc

$

989,334

20,026

PageGroup

plc

114,673

10,164

Paragon

Banking

Group

plc

68,872

31,611

Redde

Northgate

plc

139,554

136,656

RELX

plc

4,599,400

57,723

Rightmove

plc

422,936

73,934

Rio

Tinto

plc

4,886,879

66,143

Sage

Group

plc

795,607

267,377

Shell

plc

8,103,609

5,988

Spirax-Sarco

Engineering

plc

855,206

29,750

Standard

Chartered

plc

285,766

158,881

Tesco

plc

526,226

11,781

TORM

plc

289,971

3,818

Whitbread

plc

171,509

Total

62,801,578

Total

Common

Stock

(cost

$441,700,612)

513,976,160

Shares

Preferred

Stock

(

<0.1%

)

Germany

(0.1%)

1,992

Bayerische

Motoren

Werke

AG

223,805

3,595

Volkswagen

AG

476,252

Total

700,057

Total

Preferred

Stock

(cost

$607,602)

700,057

Shares

or

Principal

Amount

Short-Term

Investments

(

0.3%

)

Federal

Home

Loan

Bank

Discount

Notes

100,000

5.100%,

 8/16/2023

d,e

99,789

100,000

5.160%,

 9/19/2023

d,e

99,309

Thrivent

Core

Short-Term

Reserve

Fund

149,593

5.550%

1,495,929

Total

Short-Term

Investments

(cost

$1,695,015)

1,695,027

Total

Investments

(cost

$444,003,229)

99.4%

$516,371,244

Other

Assets

and

Liabilities,

Net

0.6%

2,952,646

Total

Net

Assets

100.0%

$519,323,890

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2023,

the

value

of

these

investments

was

$6,938,536

or

1.3%

of

total

net

assets.

b

Non-income

producing

security.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

The

interest

rate

shown

reflects

the

yield.

e

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

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

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

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

21,363,044

–

21,363,044

–

Consumer

Discretionary

67,619,863

–

67,619,863

–

Consumer

Staples

32,937,095

808,159

32,128,936

–

Energy

30,043,824

2,698,356

27,345,468

–

Financials

93,146,156

–

93,146,156

–

Health

Care

71,551,017

491,336

71,059,681

–

Industrials

73,704,622

–

73,704,622

–

Information

Technology

51,980,019

2,035,104

49,944,915

–

Materials

47,032,698

188,277

46,844,416

5

Real

Estate

8,701,291

–

8,701,291

–

Utilities

15,896,531

–

15,896,531

–

Preferred

Stock

Consumer

Discretionary

700,057

–

700,057

–

Short-Term

Investments

199,098

–

199,098

–

Subtotal

Investments

in

Securities

$514,875,315

$6,221,232

$508,654,078

$5

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,495,929

Subtotal

Other

Investments

$1,495,929

Total

Investments

at

Value

$516,371,244

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2023,

in

valuing

International

Equity

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

164,496

164,496

–

–

Total

Asset

Derivatives

$164,496

$164,496

$–

$–

The

following

table

presents

International

Equity

Fund's

futures

contracts

held

as

of

July

31,

2023.

Investments

and/or

cash

totaling

$199,098

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

42

September

2023

$

4,467,684

$

164,496

Total

Futures

Long

Contracts

$

4,467,684

$

164,496

Total

Futures

Contracts

$

4,467,684

$164,496

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

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

7/31/2023

Shares

Held

at

7/31/2023

%

of

Net

Assets

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$1,206

$

47,107

$46,817

$1,496

150

0.3%

Total

Affiliated

Short-Term

Investments

1,206

1,496

0.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,639

38,334

41,973

–

–

–

Total

Collateral

Held

for

Securities

Loaned

3,639

–

–

Total

Value

$4,845

$1,496

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$–

$–

$–

$68

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$68

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

89

Total

Affiliated

Income

from

Securities

Loaned,

Net

$89

Total

$–

$–

$–

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(

99

.7

%

)

Value

Communications

Services

(6.3%)

18,319

Alphabet,

Inc.,

Class

A

a

$

2,431,298

25,833

Alphabet,

Inc.,

Class

C

a

3,438,631

8,540

Charter

Communications,

Inc.

a

3,460,322

326,598

Comcast

Corporation

14,781,825

75,107

Electronic

Arts,

Inc.

10,240,839

11,855

Liberty

Global

plc,

Class

C

a

234,255

35,766

T-Mobile

US,

Inc.

a

4,927,482

697,421

Verizon

Communications,

Inc.

23,768,108

Total

63,282,760

Consumer

Discretionary

(4.8%)

26,629

Choice

Hotels

International,

Inc.

b

3,481,742

17,382

Home

Depot,

Inc.

5,802,807

62,494

McDonald's

Corporation

18,323,241

16,247

O'Reilly

Automotive,

Inc.

a

15,041,310

11,749

Ulta

Beauty,

Inc.

a

5,225,955

Total

47,875,055

Consumer

Staples

(14.2%)

88,491

Altria

Group,

Inc.

4,019,261

44,914

Church

&

Dwight

Company,

Inc.

4,296,922

33,992

Clorox

Company

5,149,108

118,630

Coca-Cola

Company

7,346,756

175,887

Colgate-Palmolive

Company

13,413,143

3,299

Flowers

Foods,

Inc.

81,518

15,389

Hershey

Company

3,559,630

307,992

Hormel

Foods

Corporation

12,590,713

206,630

Kellogg

Company

13,821,481

146,601

Keurig

Dr.

Pepper,

Inc.

4,985,900

88,594

Kimberly-Clark

Corporation

11,437,485

190,863

Kraft

Heinz

Company

6,905,423

120,711

Kroger

Company

5,871,383

256,980

Mondelez

International,

Inc.

19,049,927

70,775

PepsiCo,

Inc.

13,267,482

16,953

Post

Holdings,

Inc.

a

1,446,091

80,015

Procter

&

Gamble

Company

12,506,345

14,257

Walmart,

Inc.

2,279,124

Total

142,027,692

Energy

(1.5%)

93,689

Cheniere

Energy,

Inc.

15,164,502

Total

15,164,502

Financials

(11.1%)

5,102

AMERISAFE,

Inc.

265,916

7,523

Arthur

J.

Gallagher

&

Company

1,615,940

6,093

Banner

Corporation

290,088

44,307

Berkshire

Hathaway,

Inc.

a

15,594,292

85,266

Cboe

Global

Markets,

Inc.

11,909,955

17,462

Central

Pacific

Financial

Corporation

318,507

44,100

Chubb,

Ltd.

9,014,481

8,634

Citigroup,

Inc.

411,496

20,968

Citizens

Financial

Group,

Inc.

676,428

75,298

CME

Group,

Inc.

14,981,290

15,548

Employers

Holdings,

Inc.

600,619

11,141

Erie

Indemnity

Company

2,472,856

3,500

Financial

Institutions,

Inc.

67,130

206,862

First

Horizon

Corporation

2,819,529

55,926

Fiserv,

Inc.

a

7,058,420

13,105

Global

Payments,

Inc.

1,444,826

11,744

Hanmi

Financial

Corporation

223,136

132,353

Hartford

Financial

Services

Group,

Inc.

9,513,534

44,054

Loews

Corporation

2,759,983

Shares

Common

Stock

(99.7%)

Value

Financials

(11.1%)

-

continued

13,453

Marsh

&

McLennan

Companies,

Inc.

$

2,534,814

34,041

Mastercard,

Inc.

13,421,686

33,038

Mr.

Cooper

Group,

Inc.

a

1,915,213

80,880

PayPal

Holdings,

Inc.

a

6,132,322

12,205

Progressive

Corporation

1,537,586

3,103

Visa,

Inc.

737,676

53,208

W.R.

Berkley

Corporation

3,282,402

Total

111,600,125

Health

Care

(19.3%)

114,180

Abbott

Laboratories

12,711,659

75,289

AbbVie,

Inc.

11,261,729

29,288

Amgen,

Inc.

6,857,785

117,722

Baxter

International,

Inc.

5,324,566

23,420

Biogen,

Inc.

a

6,327,850

24,592

Boston

Scientific

Corporation

a

1,275,095

274,027

Bristol-Myers

Squibb

Company

17,041,739

120,768

Centene

Corporation

a

8,223,093

11,648

Danaher

Corporation

2,970,939

26,252

Eli

Lilly

&

Company

11,932,847

168,027

Gilead

Sciences,

Inc.

12,793,576

45,344

Hologic,

Inc.

a

3,601,220

124,597

Johnson

&

Johnson

20,873,735

194,285

Merck

&

Company,

Inc.

20,720,495

41,322

Pfizer,

Inc.

1,490,071

5,016

Regeneron

Pharmaceuticals,

Inc.

a

3,721,421

23,331

ResMed,

Inc.

5,187,648

2,560

Thermo

Fisher

Scientific,

Inc.

1,404,570

22,067

UnitedHealth

Group,

Inc.

11,174,067

55,387

Vertex

Pharmaceuticals,

Inc.

a

19,515,056

367,901

Viatris,

Inc.

3,873,997

20,120

Waters

Corporation

a

5,557,345

Total

193,840,503

Industrials

(12.4%)

22,706

Acuity

Brands,

Inc.

3,751,940

70,559

Automatic

Data

Processing,

Inc.

17,446,418

54,952

Copart,

Inc.

a

4,857,207

181,699

CSX

Corporation

6,054,211

32,031

Cummins,

Inc.

8,353,685

1,969

Expeditors

International

of

Washington,

Inc.

250,654

17,099

IDEX

Corporation

3,861,125

8,548

L3Harris

Technologies,

Inc.

1,619,761

27,601

Lockheed

Martin

Corporation

12,320,258

29,065

MSC

Industrial

Direct

Company,

Inc.

2,933,240

20,755

Northrop

Grumman

Corporation

9,235,975

72,088

Paychex,

Inc.

9,044,881

121,753

Pentair

plc

8,461,834

47,801

Republic

Services,

Inc.

7,223,209

4,365

Wabash

National

Corporation

103,363

36,566

Waste

Connections,

Inc.

5,162,022

143,084

Waste

Management,

Inc.

23,435,728

Total

124,115,511

Information

Technology

(20.5%)

16,453

Accenture

plc

5,204,907

16,989

Adobe,

Inc.

a

9,278,882

53,277

Amphenol

Corporation

4,704,892

63,269

Apple,

Inc.

12,429,195

33,187

Arista

Networks,

Inc.

a

5,146,972

11,928

Cadence

Design

Systems,

Inc.

a

2,791,271

501,005

Cisco

Systems,

Inc.

26,072,300

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Shares

Common

Stock

(99.7%)

Value

Information

Technology

(20.5%)

-

continued

29,867

Fortinet,

Inc.

a

$

2,321,263

54,185

Gen

Digital,

Inc.

1,053,898

40,633

International

Business

Machines

Corporation

5,858,466

328,085

Juniper

Networks,

Inc.

9,120,763

85,885

Keysight

Technologies,

Inc.

a

13,834,356

52,681

Microsoft

Corporation

17,696,601

36,438

Motorola

Solutions,

Inc.

10,444,224

30,917

NetScout

Systems,

Inc.

a

864,130

56,650

Oracle

Corporation

6,641,079

7,768

QUALCOMM,

Inc.

1,026,697

26,672

Roper

Industries,

Inc.

13,150,630

37,569

Salesforce,

Inc.

a

8,453,401

116,608

Texas

Instruments,

Inc.

20,989,440

61,123

VeriSign,

Inc.

a

12,893,897

98,548

VMware,

Inc.

a

15,534,121

Total

205,511,385

Materials

(1.5%)

352,247

Newmont

Corporation

15,118,441

Total

15,118,441

Real

Estate

(0.9%)

3,297

Equity

Residential

217,404

30,911

Public

Storage

8,709,175

Total

8,926,579

Utilities

(7.2%)

151,224

American

Electric

Power

Company,

Inc.

12,814,722

37,049

Avista

Corporation

1,431,573

4,937

Consolidated

Edison,

Inc.

468,324

53,088

Dominion

Energy,

Inc.

2,842,862

243,750

Duke

Energy

Corporation

22,819,875

58,836

Edison

International

4,233,838

146,857

Evergy,

Inc.

8,807,014

310,283

NiSource,

Inc.

8,638,279

37,344

NorthWestern

Corporation

2,108,816

56,705

OGE

Energy

Corporation

2,049,886

18,412

Pinnacle

West

Capital

Corporation

1,524,882

84,571

Portland

General

Electric

Company

4,031,500

12,525

Southern

Company

906,058

Total

72,677,629

Total

Common

Stock

(cost

$879,983,042)

1,000,140,182

Shares

Collateral

Held

for

Securities

Loaned

(

0

.3

%

)

Value

3,313,800

Thrivent

Cash

Management

Trust

3,313,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,313,800)

3,313,800

Shares

Short-Term

Investments

(

0

.3

%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

253,554

5.550%

$

2,535,539

Total

Short-Term

Investments

(cost

$2,535,539)

2,535,539

Total

Investments

(cost

$885,832,381)

100.3%

$

1,005,989,521

Other

Assets

and

Liabilities,

Net

(0.3%)

(

2,923,901

)

Total

Net

Assets

100.0%

$

1,003,065,620

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Low

Volatility

Equity

Fund

as

of

July

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

3,294,900

Total

lending

$3,294,900

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,313,800

Net

amounts

due

to

counterparty

$18,900

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

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

63,282,760

63,282,760

–

–

Consumer

Discretionary

47,875,055

47,875,055

–

–

Consumer

Staples

142,027,692

142,027,692

–

–

Energy

15,164,502

15,164,502

–

–

Financials

111,600,125

111,600,125

–

–

Health

Care

193,840,503

193,840,503

–

–

Industrials

124,115,511

124,115,511

–

–

Information

Technology

205,511,385

205,511,385

–

–

Materials

15,118,441

15,118,441

–

–

Real

Estate

8,926,579

8,926,579

–

–

Utilities

72,677,629

72,677,629

–

–

Subtotal

Investments

in

Securities

$

1,000,140,182

$

1,000,140,182

$

–

$

–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,535,539

Collateral

Held

for

Securities

Loaned

3,313,800

Subtotal

Other

Investments

$

5,849,339

Total

Investments

at

Value

$

1,005,989,521

*

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

the

table

above

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

7/31/2023

Shares

Held

at

7/31/2023

%

of

Net

Assets

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$

1,086

$

22,602

$

21,152

$

2,536

254

0.3%

Total

Affiliated

Short-Term

Investments

1,086

2,536

0.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

9,590

6,276

3,314

3,314

0.3

Total

Collateral

Held

for

Securities

Loaned

–

3,314

0.3

Total

Value

$

1,086

$

5,850

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$–

$–

$

–

$84

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$84

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

$–

$–

$

–

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Shares

Common

Stock

(

98.1%

)

Value

Communications

Services

(2.3%)

405,958

Imax

Corporation

a

$

7,473,687

411,982

Warner

Brothers

Discovery,

Inc.

a

5,384,604

Total

12,858,291

Consumer

Discretionary

(11.0%)

43,953

Aptiv

plc

a

4,812,414

174,520

Cedar

Fair,

LP

6,797,554

194,825

Cheesecake

Factory,

Inc.

7,165,663

64,336

D.R.

Horton,

Inc.

8,171,959

200,732

eBay,

Inc.

8,934,581

65,023

Lear

Corporation

10,062,959

130,927

PUMA

SE

8,848,254

158,225

Tapestry,

Inc.

6,827,409

Total

61,620,793

Consumer

Staples

(5.9%)

59,330

Dollar

Tree,

Inc.

a

9,156,399

57,848

Lamb

Weston

Holdings,

Inc.

5,994,788

97,685

Sysco

Corporation

7,454,342

244,380

US

Foods

Holding

Corporation

a

10,442,358

Total

33,047,887

Energy

(7.2%)

352,621

Enterprise

Products

Partners,

LP

9,347,983

78,328

Helmerich

&

Payne,

Inc.

3,506,745

42,913

Marathon

Petroleum

Corporation

5,708,287

194,304

Noble

Corporation

plc

a

10,156,270

50,987

Pioneer

Natural

Resources

Company

11,506,236

Total

40,225,521

Financials

(18.8%)

78,271

Allstate

Corporation

8,819,576

40,828

Capital

One

Financial

Corporation

4,777,693

350,274

Carlyle

Group,

Inc.

12,487,268

39,627

Cboe

Global

Markets,

Inc.

5,535,099

94,326

Comerica,

Inc.

5,089,831

436,346

Eastern

Bankshares,

Inc.

6,161,206

283,087

Equitable

Holdings,

Inc.

8,121,766

104,971

Fidelity

National

Information

Services,

Inc.

6,338,149

64,644

M&T

Bank

Corporation

9,041,110

35,768

Raymond

James

Financial,

Inc.

3,936,984

43,165

Selective

Insurance

Group,

Inc.

4,454,196

163,781

Synovus

Financial

Corporation

5,552,176

108,017

Texas

Capital

Bancshares,

Inc.

a

6,896,886

124,536

Voya

Financial,

Inc.

9,248,043

102,448

Wintrust

Financial

Corporation

8,642,513

Total

105,102,496

Health

Care

(7.2%)

341,219

Avantor,

Inc.

a

7,018,875

213,497

Baxter

International,

Inc.

9,656,469

67,716

Cardinal

Health,

Inc.

6,193,983

51,340

Laboratory

Corporation

of

America

Holdings

10,983,166

46,346

Universal

Health

Services,

Inc.

6,440,240

Total

40,292,733

Industrials

(16.6%)

55,257

AGCO

Corporation

7,354,707

280,833

Barnes

Group,

Inc.

11,036,737

70,931

Booz

Allen

Hamilton

Holding

Corporation

8,588,325

Shares

Common

Stock

(98.1%)

Value

Industrials

(16.6%)

-

continued

24,448

Carlisle

Companies,

Inc.

$

6,776,986

287,516

Flowserve

Corporation

10,856,604

60,941

General

Dynamics

Corporation

13,625,189

66,458

JB

Hunt

Transport

Services,

Inc.

13,553,444

285,011

Sensata

Technologies

Holding

plc

12,041,715

255,488

Southwest

Airlines

Company

8,727,470

Total

92,561,177

Information

Technology

(8.8%)

99,782

CommVault

Systems,

Inc.

a

7,776,011

48,233

Jabil,

Inc.

5,337,946

173,814

Juniper

Networks,

Inc.

4,832,029

256,499

Knowles

Corporation

a

4,686,237

88,869

MKS

Instruments,

Inc.

9,701,829

38,911

ON

Semiconductor

Corporation

a

4,192,660

52,880

PTC,

Inc.

a

7,710,433

109,361

Western

Digital

Corporation

a

4,654,404

Total

48,891,549

Materials

(8.3%)

197,442

Alcoa

Corporation

7,145,426

190,911

Axalta

Coating

Systems,

Ltd.

a

6,109,152

177,895

Berry

Plastics

Group,

Inc.

11,664,575

97,091

Celanese

Corporation

12,174,241

113,803

CF

Industries

Holdings,

Inc.

9,340,950

Total

46,434,344

Real

Estate

(6.8%)

29,555

AvalonBay

Communities,

Inc.

5,575,551

83,333

CBRE

Group,

Inc.

a

6,942,472

426,665

Healthcare

Realty

Trust,

Inc.

8,332,767

536,699

Host

Hotels

&

Resorts,

Inc.

9,875,262

368,076

Kimco

Realty

Corporation

7,457,220

Total

38,183,272

Utilities

(5.2%)

87,276

Alliant

Energy

Corporation

4,690,212

94,366

Constellation

Energy

Corporation

9,120,474

53,400

DTE

Energy

Company

6,103,620

333,901

NiSource,

Inc.

9,295,804

Total

29,210,110

Total

Common

Stock

(cost

$495,425,511)

548,428,173

Shares

Short-Term

Investments

(

1.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

986,390

5.550%

9,863,899

Total

Short-Term

Investments

(cost

$9,863,899)

9,863,899

Total

Investments

(cost

$505,289,410)

99.9%

$558,292,072

Other

Assets

and

Liabilities,

Net

0.1%

508,920

Total

Net

Assets

100.0%

$558,800,992

a

Non-income

producing

security.

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2023,

in

valuing

Mid

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

12,858,291

12,858,291

–

–

Consumer

Discretionary

61,620,793

52,772,539

8,848,254

–

Consumer

Staples

33,047,887

33,047,887

–

–

Energy

40,225,521

40,225,521

–

–

Financials

105,102,496

105,102,496

–

–

Health

Care

40,292,733

40,292,733

–

–

Industrials

92,561,177

92,561,177

–

–

Information

Technology

48,891,549

48,891,549

–

–

Materials

46,434,344

46,434,344

–

–

Real

Estate

38,183,272

38,183,272

–

–

Utilities

29,210,110

29,210,110

–

–

Subtotal

Investments

in

Securities

$

548,428,173

$539,579,919

$8,848,254

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

9,863,899

Subtotal

Other

Investments

$9,863,899

Total

Investments

at

Value

$558,292,072

*

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

the

table

above

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

Mid

Cap

Value

Fund,

is

as

follows:

Fund

Value

2/28/2023

Gross

Purchases

Gross

Sales

Value

7/31/2023

Shares

Held

at

7/31/2023

%

of

Net

Assets

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$–

$118,070

$108,206

$9,864

986

1.8%

Total

Affiliated

Short-Term

Investments

–

9,864

1.8

Total

Value

$–

$9,864

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

2/28/2023

-

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$–

$–

$–

$105

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$105

Total

$–

$–

$–

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Asset-Backed

Securities

(

0.3%

)

a

Value

Dext

ABS,

LLC

$

6,537,859

5.680% ,4/15/2024,

Ser.

2023-1

b

$

6,530,651

Enterprise

Fleet

Financing,

LLC

2,416,410

5.148% ,11/20/2023,

Ser.

2022-4

b

2,415,357

4,275,060

5.330% ,3/20/2024,

Ser.

2023-1

b

4,270,909

Westlake

Automobile

Receivables

Trust

1,633,748

5.046% ,1/16/2024,

Ser.

2023-1A

b

1,633,143

Total

14,850,060

Principal

Amount

Basic

Materials

(

3.9%

)

a

Value

BASF

SE

25,000,000

5.540% ,10/25/2023

b

24,672,663

EIDP,

Inc.

25,000,000

5.570% ,9/5/2023

b

24,862,350

Nutrien,

Ltd.

23,000,000

5.520% ,8/1/2023

b

22,996,486

19,250,000

5.500% ,8/3/2023

b

19,241,177

20,300,000

5.470% ,8/10/2023

b

20,268,986

10,000,000

5.420% ,8/11/2023

b

9,983,194

10,000,000

5.500% ,8/21/2023

b

9,967,917

25,000,000

5.500% ,8/22/2023

b

24,915,911

17,450,000

5.480% ,8/23/2023

b

17,388,582

Total

174,297,266

Principal

Amount

Capital

Goods

(

5.3%

)

a

Value

Amcor

Finance

USA,

Inc.

25,000,000

5.460% ,8/4/2023

b,c

24,984,595

Amcor

Flexibles

North

America,

Inc.

25,000,000

5.460% ,8/7/2023

b,c

24,973,361

25,000,000

5.530% ,8/11/2023

b,c

24,957,680

25,000,000

5.550% ,8/25/2023

b,c

24,902,465

John

Deere

Canada,

ULC

25,000,000

5.370% ,8/18/2023

b,c

24,933,825

Parker-Hannifin

Corporation

25,000,000

5.520% ,8/23/2023

b

24,912,472

25,000,000

5.520% ,8/24/2023

b

24,908,583

Siemens

Financieringsmaatschappij

NV

25,000,000

5.632%

(SOFRRATE

+

0.430%),3/11/2024

b,d

25,036,250

Waste

Management,

Inc.

10,000,000

5.400% ,8/2/2023

b,c

9,996,967

25,000,000

5.440% ,8/8/2023

b,c

24,969,667

Total

234,575,865

Principal

Amount

Consumer

Cyclical

(

6.9%

)

a

Value

American

Honda

Finance

Corporation

7,250,000

5.510% ,8/21/2023

c

7,227,036

10,035,000

5.490% ,8/28/2023

c

9,992,072

50,000,000

5.580% ,9/6/2023

c

49,716,436

22,500,000

5.587% ,9/18/2023

c

22,330,736

Hyundai

Capital

America

15,200,000

5.400% ,8/14/2023

b,c

15,167,749

24,750,000

5.400% ,8/15/2023

b,c

24,693,694

10,039,000

1.250% ,9/18/2023

b

9,977,251

Principal

Amount

Consumer

Cyclical

(6.9%)

a

Value

Toyota

Credit

Canada,

Inc.

$

20,000,000

5.130% ,8/4/2023

c

$

19,988,087

25,000,000

5.140% ,8/23/2023

c

24,914,005

Toyota

Credit

de

Puerto

Rico

Corporation

15,000,000

5.450% ,10/30/2023

14,794,757

10,000,000

5.520% ,11/10/2023

9,845,668

Toyota

Motor

Credit

Corporation

10,000,000

6.060%

(SOFRRATE

+

0.750%),12/11/2023

d

10,016,210

VW

Credit,

Inc.

10,000,000

5.400% ,8/11/2023

b,c

9,983,317

25,000,000

5.440% ,8/17/2023

b,c

24,935,542

25,000,000

5.460% ,8/25/2023

b,c

24,904,739

25,000,000

5.520% ,9/5/2023

b,c

24,861,750

Total

303,349,049

Principal

Amount

Consumer

Non-Cyclical

(

7.1%

)

a

Value

Anheuser-Busch

InBev

Worldwide,

Inc.

25,000,000

5.470% ,8/14/2023

b,c

24,946,790

GlaxoSmithKline,

LLC

25,000,000

5.350% ,9/25/2023

b,c

24,791,050

Medtronic

Global

Holdings

SCA

10,000,000

5.330% ,8/3/2023

b,c

9,995,409

Proctor

&

Gamble

Company

25,000,000

5.050% ,9/15/2023

b

24,835,454

Reckitt

Benckiser

Treasury

Services

plc

35,000,000

5.400% ,8/14/2023

b,c

34,926,282

25,000,000

5.420% ,8/21/2023

b,c

24,920,929

3,500,000

5.430% ,8/30/2023

b,c

3,483,813

15,000,000

5.410% ,8/31/2023

b,c

14,928,209

Roche

Holdings,

Inc.

25,000,000

5.532%

(SOFRRATE

+

0.330%),9/11/2023

b,d

24,997,975

Stanley

Black

&

Decker,

Inc.

37,500,000

5.433% ,8/1/2023

b

37,494,291

5,705,000

5.450% ,8/2/2023

b

5,703,262

25,000,000

5.450% ,8/4/2023

b

24,984,761

25,000,000

5.500% ,8/30/2023

b

24,884,792

Thermo

Fisher

Scientific,

Inc.

25,000,000

5.520% ,8/18/2023

b

24,931,750

8,729,000

5.553% ,8/21/2023

b

8,701,198

Total

314,525,965

Principal

Amount

Energy

(

1.8%

)

a

Value

BP

Capital

Markets

plc

9,600,000

5.360% ,8/3/2023

b,c

9,595,672

25,000,000

5.380% ,8/7/2023

b,c

24,973,702

Chevron

USA,

Inc.

25,000,000

5.539%

(LIBOR

3M

+

0.200%),8/11/2023

d

25,001,553

Schlumberger

Investment

SA

5,358,000

3.650% ,12/1/2023

5,320,285

Shell

International

Finance

BV

5,375,000

0.375% ,9/15/2023

5,341,795

10,000,000

5.721%

(LIBOR

3M

+

0.400%),11/13/2023

d

10,008,256

Total

80,241,263

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Financials

(

37.2%

)

a

Value

ANZ

New

Zealand

International,

Ltd./London

$

25,000,000

5.429% ,11/24/2023

b,c

$

24,567,014

Bank

of

America

NA

11,750,000

5.660%

0,11/20/2023

d

11,752,142

Bank

of

Montreal

6,978,000

0.400% ,9/15/2023

6,934,442

Bank

of

Montreal/Chicago,

IL

10,000,000

5.440% ,9/19/2023

10,000,781

Bank

of

New

York

Mellon

Corporation

10,653,000

2.200% ,8/16/2023

10,638,200

4,105,000

5.588%

(SOFRRATE

+

0.260%),4/26/2024

d

4,097,814

Bank

of

Nova

Scotia

10,735,000

5.768%

(SOFRINDX

+

0.550%),9/15/2023

d

10,737,976

10,000,000

5.770%

(SOFRRATE

+

0.470%),10/5/2023

b,d

10,004,464

CAFCO,

LLC

25,000,000

5.120% ,9/18/2023

b,c

24,816,284

15,000,000

5.460% ,10/16/2023

b,c

14,825,691

Chariot

Funding,

LLC

25,000,000

5.420% ,9/8/2023

b

24,854,156

10,000,000

5.410% ,9/14/2023

b

9,932,562

25,000,000

5.460% ,9/29/2023

b

24,772,917

25,000,000

5.460% ,10/18/2023

b

24,700,678

25,000,000

5.450% ,10/23/2023

b

24,681,617

12,000,000

5.550% ,12/11/2023

b

11,753,374

Charles

Schwab

Corporation

7,221,000

5.722%

(SOFRINDX

+

0.500%),3/18/2024

d

7,206,089

Ciesco,

LLC

25,000,000

5.250% ,9/18/2023

b,c

24,816,182

10,000,000

5.270% ,10/23/2023

b,c

9,872,787

Citibank

NA

15,000,000

5.960%

(SOFRRATE

+

0.650%),6/17/2024

d

15,005,252

Citigroup

Global

Markets,

Inc.

25,000,000

5.960%

(SOFRRATE

+

0.650%),9/21/2023

b,d

25,016,570

Cooperatieve

Rabobank

UA/NY

25,000,000

5.720%

(SOFRRATE

+

0.420%),10/27/2023

d

25,012,291

8,375,000

5.590%

(SOFRINDX

+

0.300%),1/12/2024

d

8,374,665

CRC

Funding,

LLC

25,000,000

5.240% ,9/8/2023

b,c

24,854,156

10,000,000

5.420% ,9/18/2023

b,c

9,926,405

Dealers

Capital

Access

Trust,

LLC

15,000,000

5.290% ,8/3/2023

14,993,325

8,810,000

5.320% ,8/4/2023

8,804,773

2,975,000

5.300% ,8/14/2023

2,968,815

10,000,000

5.300% ,8/15/2023

9,977,721

25,000,000

5.400% ,8/28/2023

24,895,817

Equifax,

Inc.

25,000,000

5.400% ,8/1/2023

b

24,996,208

Erste

Abwicklungsanstalt

25,000,000

5.040% ,8/18/2023

b

24,933,625

GTA

Funding,

LLC

25,000,000

5.350% ,9/20/2023

b

24,808,573

HSBC

Bank

plc

10,000,000

5.720%

(SOFRRATE

+

0.420%),1/26/2024

b,d

10,000,075

Principal

Amount

Financials

(37.2%)

a

Value

ING

US

Funding,

LLC

$

10,000,000

5.770%

(SOFRRATE

+

0.460%),9/29/2023

b,c,d

$

10,006,450

15,000,000

5.780%

(SOFRRATE

+

0.470%),2/9/2024

b,c,d

15,000,487

Jupiter

Securitization

Company,

LLC

25,000,000

5.460% ,9/22/2023

b,c

24,800,956

25,000,000

5.500% ,12/21/2023

b,c

24,446,769

Lime

Funding,

LLC

25,000,000

5.360% ,8/16/2023

b

24,940,545

25,000,000

5.470% ,9/27/2023

b

24,781,010

Lloyds

Bank

plc

7,000,000

5.350% ,8/8/2023

6,991,738

8,030,000

5.410% ,9/20/2023

7,967,831

15,250,000

5.490% ,11/17/2023

14,992,351

Macquarie

Bank,

Ltd.

25,000,000

5.300% ,9/25/2023

b

24,788,833

20,000,000

5.485% ,10/17/2023

b

19,764,093

15,000,000

5.515% ,11/1/2023

b

14,788,735

MassMutual

Global

Funding

II

9,924,000

0.480% ,8/28/2023

b

9,887,324

MetLife

Short

Term

Funding,

LLC

25,000,000

5.430%

(SOFRRATE

+

0.120%),8/25/2023

b,c,d

24,998,723

11,165,000

5.340% ,9/11/2023

b

11,094,921

Mitsubishi

UFJ

Trust

&

Banking

Corporation/NY

4,000,000

5.370% ,8/1/2023

b

3,999,415

Mizuho

Bank,

Ltd./New

York,

NY

10,000,000

5.770%

(SOFRRATE

+

0.460%),11/2/2023

d

10,004,357

MUFG

Bank,

Ltd./New

York,

NY

20,000,000

5.400% ,9/28/2023

19,825,884

Nederlandse

Waterschapsbank

NV

19,406,000

5.310% ,10/19/2023

b

19,176,017

New

York

Life

Global

Funding

10,118,000

5.674%

(SOFRINDX

+

0.360%),10/21/2023

b,d

10,118,554

11,804,000

5.638%

(SOFRRATE

+

0.310%),4/26/2024

b,d

11,802,172

Nordea

Bank

Abp

10,000,000

3.750% ,8/30/2023

b

9,984,099

10,000,000

5.680%

(SOFRRATE

+

0.380%),12/20/2023

b,d

10,001,933

Nordea

Bank

Abp/New

York,

NY

25,000,000

5.880%

(SOFRRATE

+

0.580%),8/31/2023

d

25,008,056

Old

Line

Funding,

LLC

25,000,000

5.610%

(SOFRRATE

+

0.300%),9/22/2023

b,c,d

25,000,007

25,000,000

5.480% ,10/20/2023

b,c

24,693,100

25,000,000

5.660%

(SOFRRATE

+

0.450%),11/6/2023

b,c,d

25,003,533

25,000,000

5.530% ,11/28/2023

b,c

24,535,583

Pacific

Life

Short

Term

Funding,

LLC

25,000,000

5.210% ,8/7/2023

b

24,974,139

20,000,000

5.400% ,11/3/2023

b

19,712,308

Pricoa

Global

Funding

I

13,000,000

3.450% ,9/1/2023

b

12,972,789

Pricoa

Short

Term

Funding,

LLC

25,000,000

5.580% ,1/16/2024

b

24,340,783

Protective

Life

Corporation

20,000,000

5.400% ,8/10/2023

b

19,969,094

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Financials

(37.2%)

a

Value

$

25,000,000

5.450% ,8/17/2023

b

$

24,934,255

25,000,000

5.500% ,8/24/2023

b

24,907,083

Protective

Life

Global

Funding

15,000,000

0.631% ,10/13/2023

b

14,839,418

Royal

Bank

of

Canada

15,913,000

6.190%

(TSFR3M

+

0.922%),10/5/2023

d

15,922,431

28,910,000

5.609%

(SOFRINDX

+

0.300%),1/19/2024

d

28,866,049

Royal

Bank

of

Canada/New

York,

NY

15,000,000

5.800%

(SOFRRATE

+

0.500%),10/4/2023

b,d

15,007,427

Skandinaviska

Enskilda

Banken

AB

15,000,000

5.560%

(SOFRRATE

+

0.260%),8/25/2023

b,d

15,001,381

46,000,000

0.550% ,9/1/2023

b

45,793,920

21,378,000

5.816%

(LIBOR

3M

+

0.320%),9/1/2023

b,d

21,378,094

Sumitomo

Mitsui

Banking

Corporation/New

York

15,000,000

5.750%

(SOFRRATE

+

0.450%),1/3/2024

d

15,004,704

Suncorp-Metway,

Ltd.

20,000,000

5.270% ,8/2/2023

b

19,993,744

25,000,000

5.440% ,9/27/2023

b

24,770,538

Svenska

Handelsbanken

AB

4,000,000

3.900% ,11/20/2023

3,977,257

Svenska

Handelsbanken/New

York,

NY

10,000,000

6.040%

(SOFRRATE

+

0.730%),8/3/2023

d

10,000,520

Swedbank

Ab

10,000,000

5.500% ,11/1/2023

9,860,758

Thunder

Bay

Funding,

LLC

25,000,000

5.500% ,11/28/2023

b,c

24,539,750

25,000,000

5.770%

(SOFRRATE

+

0.460%),1/11/2024

b,c,d

25,004,950

Toronto-Dominion

Bank

15,000,000

5.560%

(SOFRRATE

+

0.260%),12/11/2023

b,d

14,997,930

6,915,000

5.539%

(SOFRRATE

+

0.355%),3/4/2024

d

6,905,632

Toronto-Dominion

Bank/New

York

15,000,000

5.830%

0,4/1/2024

d

15,000,958

Truist

Bank

19,055,000

5.498%

(SOFRRATE

+

0.200%),1/17/2024

d

18,930,380

UDR,

Inc.

25,000,000

5.580% ,8/28/2023

b,c

24,892,920

Victory

Receivables

Corporation

25,000,000

5.420% ,9/14/2023

b,c

24,831,094

Wells

Fargo

Bank

NA

15,000,000

5.770%

(SOFRRATE

+

0.470%),11/6/2023

d

15,008,386

25,000,000

5.930%

(SOFRRATE

+

0.630%),4/5/2024

d

25,026,975

Westpac

Banking

Corporation

15,000,000

5.520%

(SOFRRATE

+

0.460%),11/10/2023

b,d

15,008,087

24,299,000

6.194%

(TSFR3M

+

1.032%),2/26/2024

d

24,342,501

Total

1,650,653,172

Principal

Amount

Foreign

(

0.3%

)

a

Value

Caisse

des

Depots

et

Consignations

$

15,000,000

5.315% ,9/26/2023

b

$

14,872,581

Total

14,872,581

Principal

Amount

Transportation

(

2.2%

)

a

Value

Canadian

National

Railway

Company

14,400,000

5.260% ,8/9/2023

b,c

14,380,420

10,100,000

5.370% ,8/10/2023

b,c

10,084,727

25,000,000

5.360% ,8/24/2023

b,c

24,908,483

10,000,000

5.450% ,9/6/2023

b,c

9,943,092

Ryder

System,

Inc.

25,000,000

5.450% ,8/9/2023

24,965,875

15,000,000

5.500% ,8/24/2023

14,945,200

Total

99,227,797

Principal

Amount

U.S.

Government

&

Agencies

(

11.3%

)

a

Value

Federal

Farm

Credit

Bank

25,000,000

5.360%

(SOFRRATE

+

0.060%),11/22/2023

d

25,001,730

11,000,000

5.450%

(SOFRRATE

+

0.150%),1/3/2025

d

10,997,091

15,000,000

5.430%

(FEDL

1M

+

0.100%),1/24/2025

d

14,999,202

50,000,000

5.480%

(FEDL

1M

+

0.150%),2/3/2025

d

49,996,176

5,000,000

5.460%

(SOFRRATE

+

0.160%),4/10/2025

d

5,001,503

5,000,000

5.460%

(SOFRRATE

+

0.160%),5/15/2025

d

4,997,531

Federal

Home

Loan

Bank

10,000,000

5.410%

(SOFRRATE

+

0.110%),8/18/2023

d

10,000,349

10,000,000

5.320%

(SOFRRATE

+

0.020%),8/24/2023

d

10,002,529

25,000,000

5.420%

(SOFRRATE

+

0.120%),9/6/2023

d

25,002,311

10,000,000

5.325%

(SOFRRATE

+

0.025%),9/25/2023

d

10,000,167

15,000,000

5.340%

(SOFRRATE

+

0.040%),10/23/2023

d

15,001,607

40,000,000

5.380%

(SOFRRATE

+

0.080%),10/23/2023

d

40,007,925

50,000,000

5.360%

(SOFRRATE

+

0.060%),11/28/2023

d

50,012,400

10,000,000

5.390%

(SOFRRATE

+

0.090%),12/1/2023

d

10,003,587

3,330,000

5.370%

(SOFRRATE

+

0.070%),12/14/2023

d

3,330,389

25,000,000

5.380%

(SOFRRATE

+

0.080%),2/26/2024

d

24,999,914

23,000,000

5.420%

(SOFRRATE

+

0.120%),3/14/2024

d

23,004,335

25,000,000

5.400% ,3/27/2024

24,911,171

25,000,000

5.420%

(SOFRRATE

+

0.120%),5/28/2024

d

25,003,084

Federal

Home

Loan

Bank

Discount

Notes

5,000,000

5.290% ,9/22/2023

4,963,318

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

U.S.

Government

&

Agencies

(11.3%)

a

Value

U.S.

International

Development

Finance

Corporation

$

2,666,664

5.450%

(T-BILL

3M

+

FLAT),8/7/2023

d

$

2,666,664

11,111,111

5.500%

(T-BILL

3M

+

FLAT),8/7/2023

d

11,111,110

11,431,623

5.500%

(T-BILL

3M

+

FLAT),8/7/2023

d

11,431,623

6,860,700

5.520%

(T-BILL

3M

+

FLAT),8/7/2023

d

6,860,700

8,876,923

5.650%

(T-BILL

3M

+

FLAT),8/7/2023

d

8,876,923

U.S.

Treasury

Bills

25,000,000

5.330% ,10/3/2023

24,770,969

U.S.

Treasury

Notes

50,000,000

5.378%

(USBMMY

3M

+

0.037%),7/31/2024

d

50,016,127

Total

502,970,435

Principal

Amount

U.S.

Municipals

(

0.1%

)

a

Value

Los

Angeles

County

Metropolitan

Transportation

Auth.

5,000,000

5.450% ,9/13/2023

c

4,999,688

Total

4,999,688

Principal

Amount

Utilities

(

24.4%

)

a

Value

American

Electric

Power

Company,

Inc.

25,000,000

5.440% ,8/4/2023

b

24,984,833

25,000,000

5.490% ,8/15/2023

b

24,943,125

25,000,000

5.450% ,8/17/2023

b

24,935,542

25,000,000

5.550% ,8/25/2023

b

24,904,739

Berkshire

Hathaway

Energy

Company

25,000,000

5.370% ,8/11/2023

b

24,958,292

25,000,000

5.400% ,8/14/2023

b

24,946,917

25,000,000

5.350% ,8/15/2023

b

24,943,125

CenterPoint

Energy,

Inc.

25,000,000

5.450% ,8/1/2023

b

24,996,236

25,000,000

5.500% ,8/2/2023

b

24,992,472

10,300,000

5.515% ,8/7/2023

b

10,289,145

15,000,000

5.510% ,8/10/2023

b

14,977,354

5,000,000

5.400% ,8/14/2023

b

4,989,393

15,000,000

5.470% ,9/6/2023

b

14,914,715

Consolidated

Edison

Company

of

New

York,

Inc.

8,405,000

5.430% ,8/3/2023

b

8,401,176

25,000,000

5.300% ,8/7/2023

b

24,973,458

15,200,000

5.450% ,8/22/2023

b

15,149,245

DTE

Electric

Company

15,000,000

5.250% ,8/4/2023

14,990,400

Duke

Energy

Corporation

25,000,000

5.410% ,8/8/2023

b

24,969,667

23,000,000

5.380% ,8/9/2023

b

22,968,605

25,000,000

5.410% ,8/14/2023

b

24,946,917

Enbridge

US,

Inc.

15,000,000

5.450% ,8/3/2023

b,c

14,992,930

25,000,000

5.440% ,8/8/2023

b,c

24,968,639

16,800,000

5.460% ,8/14/2023

b,c

16,763,315

10,500,000

5.450% ,8/16/2023

b,c

10,473,815

25,000,000

5.500% ,8/23/2023

b,c

24,910,172

4,590,000

5.460% ,8/25/2023

b,c

4,572,042

Principal

Amount

Utilities

(24.4%)

a

Value

Eversource

Energy

$

23,000,000

5.400% ,8/8/2023

b

$

22,971,832

Florida

Power

&

Light

Company

5,000,000

5.670%

(SOFRINDX

+

0.380%),1/12/2024

d

5,000,000

NextEra

Energy

Capital

Holdings,

Inc.

20,030,000

5.420% ,8/1/2023

b,c

20,026,879

25,000,000

5.450% ,8/7/2023

b,c

24,972,729

25,000,000

5.450% ,8/8/2023

b,c

24,968,833

25,000,000

5.450% ,8/16/2023

b,c

24,937,667

25,000,000

5.450% ,8/17/2023

b,c

24,933,771

15,000,000

5.450% ,8/18/2023

b,c

14,957,925

5,000,000

5.470% ,8/22/2023

b,c

4,982,837

NiSource,

Inc.

25,000,000

5.370% ,8/2/2023

b

24,992,417

25,000,000

5.420% ,8/8/2023

b

24,969,667

15,000,000

5.420% ,8/9/2023

b

14,979,525

10,000,000

5.400% ,8/17/2023

b

9,974,217

Southern

Company

11,000,000

5.400% ,8/1/2023

b

10,998,332

25,000,000

5.400% ,8/4/2023

b

24,984,833

TransCanada

PipeLine

USA,

Ltd.

13,050,000

5.550% ,8/25/2023

b,c

13,000,274

TransCanada

PipeLines,

Ltd.

25,000,000

5.500% ,8/2/2023

b

24,992,417

25,000,000

5.450% ,8/9/2023

b

24,965,875

25,000,000

5.630% ,8/23/2023

b

24,912,584

5,500,000

5.510% ,8/31/2023

b

5,473,847

11,450,000

5.500% ,9/19/2023

b

11,361,374

10,000,000

5.550% ,9/21/2023

b

9,919,328

Union

Electric

Company

41,500,000

5.400% ,8/1/2023

41,493,706

Virginia

Electric

and

Power

Company

10,000,000

5.370% ,8/15/2023

9,977,012

25,000,000

5.450% ,9/7/2023

24,853,726

20,000,000

5.450% ,9/12/2023

19,867,369

25,000,000

5.460% ,9/13/2023

24,830,325

25,000,000

5.510% ,9/28/2023

24,771,457

WEC

Energy

Group,

Inc.

25,000,000

5.430% ,8/9/2023

b

24,965,875

Xcel

Energy,

Inc.

14,000,000

5.400% ,8/3/2023

b

13,993,630

Total

1,080,886,532

Total

Investments

(cost

$4,475,963,094)

100.8%

$4,475,449,673

Other

Assets

and

Liabilities,

Net

(0.8)%

(36,940,389)

Total

Net

Assets

100.0%

$4,438,509,284

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

July

31,

2023,

the

value

of

these

investments

was

$3,102,250,713

or

69.9%

of

total

net

assets.

c

Denotes

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution

or

government.

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

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

TSFR3M

-

CME

Term

SOFR

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

July

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

14,850,060

–

14,850,060

–

Basic

Materials

174,297,266

–

174,297,266

–

Capital

Goods

234,575,865

–

234,575,865

–

Consumer

Cyclical

303,349,049

–

303,349,049

–

Consumer

Non-Cyclical

314,525,965

–

314,525,965

–

Energy

80,241,263

–

80,241,263

–

Financials

1,650,653,172

–

1,650,653,172

–

Foreign

14,872,581

–

14,872,581

–

Transportation

99,227,797

–

99,227,797

–

U.S.

Government

&

Agencies

502,970,435

–

502,970,435

–

U.S.

Municipals

4,999,688

–

4,999,688

–

Utilities

1,080,886,532

–

1,080,886,532

–

Total

Investments

at

Value

$4,475,449,673

$–

$4,475,449,673

$–

Small

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Shares

Common

Stock

(

95.5%

)

Value

Communications

Services

(1.1%)

90,373

Ziff

Davis,

Inc.

a

$

6,553,850

Total

6,553,850

Consumer

Discretionary

(12.2%)

214,384

Cedar

Fair,

LP

8,350,257

261,643

Cheesecake

Factory,

Inc.

9,623,229

635,792

Everi

Holdings,

Inc.

a

9,435,153

91,056

Grand

Canyon

Education,

Inc.

a

9,884,129

56,083

Lear

Corporation

8,679,405

81,056

Meritage

Homes

Corporation

12,073,291

216,334

Tapestry,

Inc.

9,334,812

34,841

Wyndham

Hotels

&

Resorts,

Inc.

2,714,811

Total

70,095,087

Consumer

Staples

(3.8%)

36,645

Casey's

General

Stores,

Inc.

9,258,726

183,004

Pilgrim's

Pride

Corporation

a

4,533,009

550,232

Primo

Water

Corporation

7,796,787

Total

21,588,522

Energy

(5.9%)

78,492

Helmerich

&

Payne,

Inc.

3,514,087

388,467

Magnolia

Oil

&

Gas

Corporation

8,604,544

492,501

NOV,

Inc.

9,889,420

641,149

TechnipFMC

plc

a

11,758,673

Total

33,766,724

Financials

(19.2%)

246,302

Ally

Financial,

Inc.

7,522,063

158,912

Banner

Corporation

7,565,800

371,507

Cadence

Bank

9,306,250

357,847

Columbia

Banking

System,

Inc.

7,997,880

143,421

Essent

Group,

Ltd.

7,113,682

177,688

Federated

Hermes,

Inc.

6,011,185

649,694

First

Commonwealth

Financial

Corporation

9,381,581

50,283

Houlihan

Lokey,

Inc.

5,020,758

540,157

Old

National

Bancorp

9,198,874

71,204

RLI

Corporation

9,499,326

159,033

Voya

Financial,

Inc.

11,809,791

169,050

Western

Alliance

Bancorp

8,782,147

126,849

Wintrust

Financial

Corporation

10,700,982

Total

109,910,319

Health

Care

(7.4%)

121,909

Enovis

Corporation

a

7,789,985

229,218

Envista

Holdings

Corporation

a

7,887,392

73,941

Halozyme

Therapeutics,

Inc.

a

3,176,505

183,755

NuVasive,

Inc.

a

7,572,544

273,714

POINT

Biopharma

Global,

Inc.

a

2,447,003

130,778

Progyny,

Inc.

a

5,461,289

93,092

QuidelOrtho

Corporation

a

8,132,517

Total

42,467,235

Industrials

(20.0%)

187,735

AAR

Corporation

a

11,226,553

268,271

Air

Lease

Corporation

11,358,594

228,350

Barnes

Group,

Inc.

8,974,155

39,274

Curtiss-Wright

Corporation

7,515,473

336,310

Dun

&

Bradstreet

Holdings,

Inc.

3,975,184

266,645

Fluor

Corporation

a

8,260,662

124,385

Greenbrier

Companies,

Inc.

5,745,343

126,676

Kirby

Corporation

a

10,321,560

70,204

ManpowerGroup,

Inc.

5,537,691

Shares

Common

Stock

(95.5%)

Value

Industrials

(20.0%)

-

continued

68,872

Moog,

Inc.

$

7,261,864

80,619

RB

Global,

Inc.

5,198,313

146,000

Resources

Connection,

Inc.

2,333,080

345,014

Schneider

National,

Inc.

10,629,881

96,489

Timken

Company

8,959,969

150,512

V2X,

Inc.

a

7,745,348

Total

115,043,670

Information

Technology

(9.1%)

509,857

Celestica,

Inc.

a

11,206,657

97,285

Ciena

Corporation

a

4,105,427

74,010

FormFactor,

Inc.

a

2,750,212

348,048

Knowles

Corporation

a

6,358,837

105,630

MKS

Instruments,

Inc.

11,531,627

82,966

Plexus

Corporation

a

8,171,321

561,002

TTM

Technologies,

Inc.

a

8,055,989

Total

52,180,070

Materials

(9.2%)

47,678

AptarGroup,

Inc.

5,790,970

149,179

Berry

Plastics

Group,

Inc.

9,781,667

154,109

Carpenter

Technology

Corporation

9,224,965

144,773

Ingevity

Corporation

a

9,268,367

281,527

Summit

Materials,

Inc.

a

10,185,647

629,521

Tronox

Holdings

plc

8,366,334

Total

52,617,950

Real

Estate

(5.2%)

99,014

Agree

Realty

Corporation

6,414,127

813,089

Cushman

and

Wakefield

plc

a

7,992,665

415,926

Independence

Realty

Trust,

Inc.

7,087,379

360,715

Plymouth

Industrial

REIT,

Inc.

8,213,480

Total

29,707,651

Utilities

(2.4%)

114,298

Black

Hills

Corporation

6,895,599

110,867

Spire,

Inc.

7,047,815

Total

13,943,414

Total

Common

Stock

(cost

$504,287,237)

547,874,492

Shares

Registered

Investment

Companies

(

2.4%

)

Value

U.S.

Unaffiliated  (2.4%)

91,547

iShares

Russell

2000

Value

Index

Fund

13,845,568

Total

13,845,568

Total

Registered

Investment

Companies

(cost

$12,656,515)

13,845,568

Shares

Short-Term

Investments

(

1.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,035,313

5.550%

10,353,129

Total

Short-Term

Investments

(cost

$10,353,129)

10,353,129

Total

Investments

(cost

$527,296,881)

99.7%

$572,073,189

Other

Assets

and

Liabilities,

Net

0.3%

1,653,609

Total

Net

Assets

100.0%

$573,726,798

Small

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

a

Non-income

producing

security.

Definitions:

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

July

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

6,553,850

6,553,850

–

–

Consumer

Discretionary

70,095,087

70,095,087

–

–

Consumer

Staples

21,588,522

21,588,522

–

–

Energy

33,766,724

33,766,724

–

–

Financials

109,910,319

109,910,319

–

–

Health

Care

42,467,235

42,467,235

–

–

Industrials

115,043,670

115,043,670

–

–

Information

Technology

52,180,070

52,180,070

–

–

Materials

52,617,950

52,617,950

–

–

Real

Estate

29,707,651

29,707,651

–

–

Utilities

13,943,414

13,943,414

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

13,845,568

13,845,568

–

–

Subtotal

Investments

in

Securities

$561,720,060

$561,720,060

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

10,353,129

Subtotal

Other

Investments

$10,353,129

Total

Investments

at

Value

$572,073,189

*

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

the

table

above

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

7/31/2023

Shares

Held

at

7/31/2023

%

of

Net

Assets

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$17,148

$73,612

$80,407

$10,353

1,035

1.8%

Total

Affiliated

Short-Term

Investments

17,148

10,353

1.8

Total

Value

$17,148

$10,353

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

7/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.550%

$–

$–

$–

$444

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$444

Total

$–

$–

$–

Notes

to

Schedule

of

Investments

as

of

July

31,

2023

(unaudited)

34

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

July

31,

2023

(unaudited)

35

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 nine

months ended July

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

July

31,

2023

(unaudited)

36

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

July

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

$

17,625,271

Emerging

Markets

Equity

468,227

Low

Volatility

Equity

3,294,900