Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Principal

Amount

Long-Term

Fixed

Income

(

95.6%

)

Value

Angola

(2.0%)

Angola

Government

International

Bond

$

4,000,000

9.500%, 

11/12/2025

$

4,368,400

14,000,000

8.250%, 

5/9/2028

14,103,600

2,000,000

9.125%, 

11/26/2049

1,910,704

Total

20,382,704

Argentina

(0.9%)

Argentina

Government

International

Bond

1,800,000

0.500%, 

7/9/2030

a

607,518

17,700,000

1.125%, 

7/9/2035

a

5,460,627

8,700,000

2.500%, 

7/9/2041

a

3,104,943

Total

9,173,088

Azerbaijan

(0.2%)

Azerbaijan

Government

International

Bond

1,900,000

3.500%, 

9/1/2032

1,880,088

Total

1,880,088

Bahrain

(2.1%)

Bahrain

Government

International

Bond

4,000,000

6.125%, 

8/1/2023

b

4,182,080

1,100,000

7.000%, 

10/12/2028

b

1,169,885

2,000,000

5.250%, 

1/25/2033

1,815,000

3,000,000

5.625%, 

5/18/2034

b

2,734,350

6,000,000

7.500%, 

9/20/2047

b

5,827,980

1,000,000

7.500%, 

9/20/2047

971,330

CBB

International

Sukuk

Programme

SPC

4,000,000

6.250%, 

11/14/2024

4,263,200

Total

20,963,825

Belarus

(0.5%)

Belarus

Government

International

Bond

1,000,000

6.875%, 

2/28/2023

947,140

5,500,000

6.200%, 

2/28/2030

4,067,965

Total

5,015,105

Brazil

(2.0%)

Brazil

Government

International

Bond

2,900,000

4.750%, 

1/14/2050

2,423,327

4,800,000

2.625%, 

1/5/2023

4,861,152

3,000,000

2.875%, 

6/6/2025

3,006,150

1,000,000

4.500%, 

5/30/2029

995,560

3,000,000

3.875%, 

6/12/2030

2,824,620

1,300,000

5.000%, 

1/27/2045

1,154,894

2,000,000

5.625%, 

2/21/2047

1,886,400

Petrobras

Global

Finance

BV

2,900,000

6.850%, 

6/5/2115

2,758,915

Total

19,911,018

Canada

(0.9%)

Canacol

Energy,

Ltd.

3,000,000

5.750%, 

11/24/2028

b

2,925,060

Petronas

Energy

Canada,

Ltd.

6,000,000

2.112%, 

3/23/2028

b

5,862,185

Total

8,787,245

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

Chile

(3.2%)

Chile

Government

International

Bond

$

1,700,000

3.100%, 

1/22/2061

$

1,466,250

9,500,000

3.500%, 

1/25/2050

9,134,345

1,200,000

3.125%, 

1/21/2026

1,240,812

4,600,000

3.240%, 

2/6/2028

4,746,326

3,000,000

2.450%, 

1/31/2031

c

2,895,000

11,850,000

2.550%, 

7/27/2033

11,123,358

2,000,000

3.500%, 

1/31/2034

2,044,000

Total

32,650,091

Colombia

(3.3%)

Colombia

Government

International

Bond

5,000,000

2.625%, 

3/15/2023

5,026,450

3,375,000

3.875%, 

4/25/2027

3,310,909

4,986,000

3.125%, 

4/15/2031

4,282,675

4,000,000

7.375%, 

9/18/2037

4,439,880

10,500,000

6.125%, 

1/18/2041

10,290,525

4,605,000

5.625%, 

2/26/2044

4,207,726

2,000,000

5.000%, 

6/15/2045

1,699,520

Total

33,257,685

Costa

Rica

(0.6%)

Costa

Rica

Government

International

Bond

2,500,000

4.375%, 

4/30/2025

2,521,275

3,900,000

7.000%, 

4/4/2044

3,611,439

Total

6,132,714

Dominican

Republic

(3.6%)

Dominican

Republic

Government

International

Bond

1,300,000

6.875%, 

1/29/2026

b

1,462,513

4,000,000

5.950%, 

1/25/2027

b

4,380,040

5,500,000

4.875%, 

9/23/2032

b

5,395,555

3,300,000

7.450%, 

4/30/2044

b

3,731,673

4,900,000

6.850%, 

1/27/2045

5,134,710

8,300,000

6.500%, 

2/15/2048

b,c

8,393,873

8,000,000

6.400%, 

6/5/2049

b

7,971,200

Total

36,469,564

Ecuador

(2.2%)

Ecuador

Government

International

Bond

10,500,000

5.000%, 

7/31/2030

a

9,108,750

18,800,000

1.000%, 

7/31/2035

a

13,282,200

Total

22,390,950

Egypt

(3.8%)

Egypt

Government

International

Bond

4,000,000

7.500%, 

2/16/2061

b

3,099,760

2,000,000

8.875%, 

5/29/2050

b

1,708,076

2,000,000

8.750%, 

9/30/2051

b

1,690,040

500,000

8.150%, 

11/20/2059

b

403,010

1,000,000

5.800%, 

9/30/2027

b

936,348

5,800,000

7.600%, 

3/1/2029

5,581,920

8,500,000

7.053%, 

1/15/2032

b

7,478,470

5,000,000

7.625%, 

5/29/2032

4,488,700

2,000,000

6.875%, 

4/30/2040

1,606,920

5,000,000

8.500%, 

1/31/2047

4,170,470

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

Egypt

(3.8%)

-

continued

$

9,000,000

7.903%, 

2/21/2048

$

7,167,780

Total

38,331,494

El

Salvador

(0.4%)

El

Salvador

Government

International

Bond

3,300,000

8.625%, 

2/28/2029

1,914,033

5,000,000

7.625%, 

2/1/2041

2,662,000

Total

4,576,033

Ghana

(1.7%)

Ghana

Government

International

Bond

4,000,000

6.375%, 

2/11/2027

3,200,000

3,000,000

7.750%, 

4/7/2029

b

2,349,750

5,000,000

8.625%, 

4/7/2034

b

3,816,500

6,500,000

7.875%, 

2/11/2035

b

4,864,340

4,000,000

8.875%, 

5/7/2042

3,010,920

Total

17,241,510

Guatemala

(1.0%)

Guatemala

Government

International

Bond

1,000,000

6.125%, 

6/1/2050

b

1,091,100

4,590,000

4.500%, 

5/3/2026

4,730,913

3,700,000

4.375%, 

6/5/2027

3,805,487

1,000,000

4.650%, 

10/7/2041

b

962,500

Total

10,590,000

Honduras

(0.1%)

Honduras

Government

International

Bond

1,000,000

6.250%, 

1/19/2027

997,510

Total

997,510

Hungary

(0.1%)

Hungary

Government

International

Bond

1,500,000

3.125%, 

9/21/2051

b

1,393,581

Total

1,393,581

Indonesia

(5.0%)

Indonesia

Government

International

Bond

4,650,000

3.750%, 

4/25/2022

b

4,676,549

964,000

3.375%, 

4/15/2023

b

988,399

2,397,000

5.875%, 

1/15/2024

b

2,600,717

5,000,000

4.125%, 

1/15/2025

5,318,867

6,100,000

4.750%, 

1/8/2026

b

6,697,991

2,000,000

6.625%, 

2/17/2037

b

2,635,386

2,000,000

7.750%, 

1/17/2038

b

2,890,413

726,000

6.750%, 

1/15/2044

b

1,010,673

3,700,000

5.125%, 

1/15/2045

b

4,300,510

1,200,000

5.250%, 

1/8/2047

b

1,428,324

1,500,000

4.350%, 

1/11/2048

1,593,176

Pertamina

Persero

PT

1,500,000

6.450%, 

5/30/2044

1,821,365

Perusahaan

Listrik

Negara

PT

1,000,000

4.375%, 

2/5/2050

935,260

2,000,000

3.375%, 

2/5/2030

1,952,660

6,400,000

5.250%, 

10/24/2042

6,668,928

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

Indonesia

(5.0%)

-

continued

Perusahaan

Penerbit

SBSN

Indonesia

III

$

1,500,000

4.150%, 

3/29/2027

b

$

1,617,855

PT

Perusahaan

Gas

Negara

(Persero)

Tbk

PT

4,000,000

5.125%, 

5/16/2024

4,233,002

Total

51,370,075

Ivory

Coast

(1.7%)

Ivory

Coast

Government

International

Bond

16,500,000

6.125%, 

6/15/2033

16,912,500

Total

16,912,500

Jersey

(1.0%)

Galaxy

Pipeline

Assets

Bidco,

Ltd.

2,000,000

2.160%, 

3/31/2034

1,917,294

6,500,000

2.625%, 

3/31/2036

b

6,118,262

2,000,000

2.940%, 

9/30/2040

b

1,902,255

Total

9,937,811

Jordan

(0.6%)

Jordan

Government

International

Bond

6,500,000

5.850%, 

7/7/2030

6,413,459

Total

6,413,459

Kazakhstan

(1.2%)

Kazakhstan

Government

International

Bond

4,000,000

6.500%, 

7/21/2045

5,333,824

KazMunayGas

National

Company

JSC

5,000,000

3.500%, 

4/14/2033

4,886,400

1,700,000

5.750%, 

4/19/2047

1,900,651

Total

12,120,875

Kenya

(0.3%)

Kenya

Government

International

Bond

3,000,000

8.000%, 

5/22/2032

3,140,148

Total

3,140,148

Lebanon

(0.2%)

Lebanon

Government

International

Bond

10,000,000

6.650%, 

4/22/2024

d

1,050,000

3,000,000

6.600%, 

11/27/2026

d

309,300

5,000,000

6.850%, 

3/23/2027

d

517,000

Total

1,876,300

Luxembourg

(0.2%)

EIG

Pearl

Holdings

SARL

2,500,000

3.545%, 

8/31/2036

b

2,492,705

Total

2,492,705

Malaysia

(1.2%)

Petronas

Capital,

Ltd.

5,000,000

4.550%, 

4/21/2050

5,919,032

6,400,000

3.500%, 

4/21/2030

6,750,209

Total

12,669,241

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

Mexico

(6.2%)

Comision

Federal

de

Electricidad

$

2,000,000

3.875%, 

7/26/2033

b

$

1,852,500

Mexico

Government

International

Bond

5,560,000

4.500%, 

1/31/2050

5,512,240

2,000,000

4.400%, 

2/12/2052

1,921,820

1,781,000

4.150%, 

3/28/2027

c

1,928,164

1,885,000

3.750%, 

1/11/2028

1,982,737

2,000,000

3.500%, 

2/12/2034

1,929,020

5,800,000

6.050%, 

1/11/2040

6,873,812

2,000,000

4.600%, 

2/10/2048

1,998,340

Petroleos

Mexicanos

14,300,000

7.690%, 

1/23/2050

13,248,950

1,900,000

6.840%, 

1/23/2030

1,944,650

8,200,000

5.950%, 

1/28/2031

c

7,802,300

3,415,000

6.700%, 

2/16/2032

b

3,380,508

7,100,000

6.625%, 

6/15/2035

6,620,821

Total

Play

Telecomunicaciones

SA

de

CV

6,000,000

7.500%, 

11/12/2025

b

6,027,660

Total

63,023,522

Mongolia

(0.4%)

Mongolia

Government

International

Bond

3,700,000

5.125%, 

4/7/2026

3,753,135

Total

3,753,135

Morocco

(1.0%)

Morocco

Government

International

Bond

7,000,000

2.375%, 

12/15/2027

b

6,641,250

1,000,000

5.500%, 

12/11/2042

1,056,100

OCP

SA

1,500,000

5.125%, 

6/23/2051

1,357,500

900,000

6.875%, 

4/25/2044

1,003,500

Total

10,058,350

Mozambique

(0.3%)

Mozambique

Government

International

Bond

3,300,000

5.000%, 

9/15/2031

a

2,767,545

Total

2,767,545

Netherlands

(0.6%)

AES

Andres

BV

3,000,000

5.700%, 

5/4/2028

b

3,000,000

IHS

Netherlands

Holdco

BV

3,000,000

8.000%, 

9/18/2027

b

3,142,500

Total

6,142,500

Nigeria

(1.9%)

Nigeria

Government

International

Bond

2,000,000

6.375%, 

7/12/2023

2,080,400

12,100,000

7.875%, 

2/16/2032

11,767,250

1,000,000

7.375%, 

9/28/2033

b

930,600

5,000,000

7.696%, 

2/23/2038

4,504,800

Total

19,283,050

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

Oman

(3.7%)

Oman

Government

International

Bond

$

3,000,000

4.125%, 

1/17/2023

b

$

3,045,000

4,000,000

4.875%, 

2/1/2025

4,120,160

5,000,000

4.750%, 

6/15/2026

b

5,108,090

4,000,000

5.625%, 

1/17/2028

b

4,161,624

9,500,000

7.375%, 

10/28/2032

b

10,782,500

10,500,000

6.750%, 

1/17/2048

b

10,266,900

Total

37,484,274

Pakistan

(0.9%)

Pakistan

Government

International

Bond

2,000,000

6.000%, 

4/8/2026

b

1,925,000

4,500,000

6.875%, 

12/5/2027

4,376,250

3,000,000

7.375%, 

4/8/2031

b

2,816,310

Total

9,117,560

Panama

(3.1%)

Aeropuerto

Internacional

de

Tocumen

SA

5,000,000

4.000%, 

8/11/2041

b,c

4,845,849

Panama

Bonos

del

Tesoro

9,000,000

3.362%, 

6/30/2031

8,856,000

Panama

Government

International

Bond

4,800,000

4.500%, 

4/16/2050

4,927,680

1,000,000

9.375%, 

1/16/2023

1,060,780

3,000,000

3.750%, 

3/16/2025

3,124,710

2,000,000

3.875%, 

3/17/2028

2,103,000

5,079,000

6.700%, 

1/26/2036

6,475,776

Total

31,393,795

Paraguay

(1.5%)

Paraguay

Government

International

Bond

7,800,000

5.400%, 

3/30/2050

8,346,078

4,500,000

4.700%, 

3/27/2027

4,860,045

2,000,000

5.600%, 

3/13/2048

2,180,020

Total

15,386,143

Peru

(2.3%)

Peru

Government

International

Bond

1,000,000

7.350%, 

7/21/2025

1,170,970

11,000,000

2.783%, 

1/23/2031

10,629,960

1,100,000

8.750%, 

11/21/2033

1,652,750

2,000,000

3.000%, 

1/15/2034

1,920,000

5,000,000

3.300%, 

3/11/2041

4,686,000

Petroleos

del

Peru

SA

3,500,000

5.625%, 

6/19/2047

b

3,225,285

Total

23,284,965

Philippines

(1.9%)

Philippines

Government

International

Bond

3,000,000

4.200%, 

1/21/2024

3,155,872

3,000,000

3.750%, 

1/14/2029

3,260,908

5,025,000

7.750%, 

1/14/2031

7,010,124

2,625,000

6.375%, 

10/23/2034

3,505,003

2,420,000

3.950%, 

1/20/2040

2,539,598

Total

19,471,505

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

Qatar

(3.6%)

Qatar

Government

International

Bond

$

5,700,000

4.400%, 

4/16/2050

b

$

6,761,625

3,000,000

3.875%, 

4/23/2023

b

3,096,660

6,000,000

3.375%, 

3/14/2024

b

6,214,764

3,000,000

3.250%, 

6/2/2026

b

3,139,560

1,000,000

3.750%, 

4/16/2030

b

1,095,696

2,000,000

5.750%, 

1/20/2042

b

2,690,128

8,000,000

4.817%, 

3/14/2049

b

10,000,000

QatarEnergy

4,000,000

3.125%, 

7/12/2041

b

3,875,600

Total

36,874,033

Romania

(1.3%)

Romania

Government

International

Bond

3,100,000

4.000%, 

2/14/2051

2,895,853

3,700,000

4.875%, 

1/22/2024

3,903,722

3,000,000

3.000%, 

2/14/2031

2,902,500

3,500,000

3.625%, 

3/27/2032

b

3,495,625

Total

13,197,700

Russian

Federation

(2.9%)

Russia

Government

International

Bond

2,000,000

4.500%, 

4/4/2022

b,c

2,006,000

7,600,000

4.750%, 

5/27/2026

7,790,000

4,000,000

4.250%, 

6/23/2027

b

4,010,000

2,000,000

12.750%, 

6/24/2028

b

2,942,200

3,400,000

4.375%, 

3/21/2029

3,396,933

585,000

7.500%, 

3/31/2030

b

628,875

2,600,000

5.100%, 

3/28/2035

b

2,730,822

5,200,000

5.250%, 

6/23/2047

b

5,637,840

Total

29,142,670

Saudi

Arabia

(3.8%)

Saudi

Arabia

Government

International

Bond

10,600,000

3.750%, 

1/21/2055

10,747,446

3,000,000

2.875%, 

3/4/2023

b

3,048,876

6,300,000

3.250%, 

10/26/2026

b

6,580,400

4,000,000

3.625%, 

3/4/2028

b

4,249,632

3,800,000

4.375%, 

4/16/2029

b

4,251,250

7,000,000

2.250%, 

2/2/2033

b

6,650,084

1,500,000

4.500%, 

10/26/2046

1,681,500

Saudi

Arabian

Oil

Company

2,000,000

2.250%, 

11/24/2030

b

1,897,580

Total

39,106,768

Senegal

(1.5%)

Senegal

Government

International

Bond

4,500,000

6.250%, 

7/30/2024

4,772,790

10,700,000

6.250%, 

5/23/2033

10,764,200

Total

15,536,990

South

Africa

(2.5%)

Eskom

Holdings

SOC,

Ltd.

1,000,000

7.125%, 

2/11/2025

1,013,480

4,500,000

6.350%, 

8/10/2028

b

4,702,500

South

Africa

Government

International

Bond

4,125,000

5.875%, 

5/30/2022

4,186,710

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

South

Africa

(2.5%)

-

continued

$

2,000,000

4.665%, 

1/17/2024

$

2,085,760

2,500,000

5.875%, 

9/16/2025

2,722,250

1,500,000

4.850%, 

9/27/2027

1,552,500

3,500,000

6.250%, 

3/8/2041

3,561,460

6,100,000

5.650%, 

9/27/2047

5,534,286

Total

25,358,946

Sri

Lanka

(0.4%)

Sri

Lanka

Government

International

Bond

3,000,000

6.825%, 

7/18/2026

1,500,000

5,000,000

6.200%, 

5/11/2027

2,432,800

1,000,000

6.750%, 

4/18/2028

486,560

Total

4,419,360

Trinidad

and

Tobago

(0.5%)

Telecommunications

Services

of

Trinidad

and

Tobago,

Ltd.

5,000,000

8.875%, 

10/18/2029

b

5,193,950

Total

5,193,950

Turkey

(3.8%)

Hazine

Mustesarligi

Varlik

Kiralama

AS

3,000,000

5.800%, 

2/21/2022

b

2,996,940

Turkey

Government

International

Bond

3,000,000

6.250%, 

9/26/2022

c

3,052,320

5,000,000

7.250%, 

12/23/2023

c

5,179,850

8,000,000

5.750%, 

3/22/2024

8,000,000

6,000,000

6.375%, 

10/14/2025

5,924,640

3,500,000

6.500%, 

9/20/2033

3,117,100

4,139,000

6.875%, 

3/17/2036

3,743,535

5,935,000

6.750%, 

5/30/2040

5,146,369

1,800,000

5.750%, 

5/11/2047

1,378,836

Total

38,539,590

Ukraine

(1.2%)

State

Agency

of

Roads

of

Ukraine

3,000,000

6.250%, 

6/24/2028

b

2,329,872

Ukraine

Government

International

Bond

2,000,000

7.750%, 

9/1/2024

1,779,256

1,900,000

9.750%, 

11/1/2028

1,788,166

7,500,000

7.375%, 

9/25/2032

6,329,700

Total

12,226,994

United

Arab

Emirates

(2.6%)

Abu

Dhabi

Government

International

Bond

3,500,000

3.875%, 

4/16/2050

b

3,886,603

3,000,000

3.000%, 

9/15/2051

b

2,859,360

3,000,000

2.500%, 

10/11/2022

b

3,031,800

3,000,000

3.125%, 

5/3/2026

b

3,134,802

8,500,000

2.500%, 

9/30/2029

b

8,588,026

Finance

Department

Government

of

Sharjah

6,000,000

4.000%, 

7/28/2050

b

5,092,896

Total

26,593,487

United

Kingdom

(0.6%)

Gazprom

PJSC

3,000,000

3.250%, 

2/25/2030

b

2,686,758

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income

(95.6%)

Value

United

Kingdom

(0.6%)

-

continued

NAK

Naftogaz

Ukraine

$

4,000,000

7.625%, 

11/8/2026

b

$

2,996,749

Total

5,683,507

Uruguay

(2.2%)

Uruguay

Government

International

Bond

3,000,000

4.975%, 

4/20/2055

3,706,740

4,000,000

5.100%, 

6/18/2050

4,974,640

11,840,312

4.375%, 

1/23/2031

13,282,462

Total

21,963,842

Uzbekistan

(0.6%)

Uzbekistan

Government

International

Bond

5,000,000

3.900%, 

10/19/2031

b

4,657,350

Uzbekneftegaz

JSC

2,000,000

4.750%, 

11/16/2028

b

1,848,928

Total

6,506,278

Vietnam

(1.5%)

Vietnam

Government

International

Bond

14,600,000

4.800%, 

11/19/2024

15,599,032

Total

15,599,032

Virgin

Islands,

British

(2.8%)

Sinopec

Group

Overseas

Development

2017,

Ltd.

5,000,000

3.625%, 

4/12/2027

5,284,569

Sinopec

Group

Overseas

Development

2018,

Ltd.

7,700,000

2.300%, 

1/8/2031

7,398,352

State

Grid

Overseas

Investment

2016,

Ltd.

12,500,000

2.875%, 

5/18/2026

12,920,933

3,000,000

3.500%, 

5/4/2027

3,187,991

Total

28,791,845

Total

Long-Term

Fixed

Income

(cost

$1,005,365,972)

972,978,655

Shares

Collateral

Held

for

Securities

Loaned

(

1.8%

)

18,677,043

Thrivent

Cash

Management

Trust

18,677,043

Total

Collateral

Held

for

Securities

Loaned

(cost

$18,677,043)

18,677,043

Shares

Registered

Investment

Companies

(

0.5%

)

Value

Unaffiliated  (0.5%)

48,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

c

5,058,240

Total

5,058,240

Total

Registered

Investment

Companies

(cost

$4,645,070)

5,058,240

Shares

Short-Term

Investments

(

2.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,748,543

0.210%

$

27,485,428

Total

Short-Term

Investments

(cost

$27,485,428)

27,485,428

Total

Investments

(cost

$1,056,173,513)

100.6%

$1,024,199,366

Other

Assets

and

Liabilities,

Net

(0.6%)

(6,066,513)

Total

Net

Assets

100.0%

$1,018,132,853

a

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

January

31,

2022.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2022,

the

value

of

these

investments

was

$333,351,235

or

32.7%

of

total

net

assets.

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

January

31,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

13,300,530

Common

Stock

4,805,328

Total

lending

$18,105,858

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$18,677,043

Net

amounts

due

to

counterparty

$571,185

Definitions:

ETF

-

Exchange

Traded

Fund

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2022,

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

Basic

Materials

2,361,000

–

2,361,000

–

Capital

Goods

2,329,872

–

2,329,872

–

Communications

Services

14,364,110

–

14,364,110

–

Energy

107,465,383

–

107,465,383

–

Foreign

Government

801,145,187

–

801,145,187

–

Transportation

4,845,849

–

4,845,849

–

Utilities

40,467,254

–

40,467,254

–

Registered

Investment

Companies

Unaffiliated

5,058,240

5,058,240

–

–

Subtotal

Investments

in

Securities

$978,036,895

$5,058,240

$972,978,655

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

27,485,428

Collateral

Held

for

Securities

Loaned

18,677,043

Subtotal

Other

Investments

$46,162,471

Total

Investments

at

Value

$1,024,199,366

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Debt

Fund,

is

as

follows:

Fund

Value

10/31/2021

Gross

Purchases

Gross

Sales

Value

1/31/2022

Shares

Held

at

1/31/2022

%

of

Net

Assets

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$15,142

$66,811

$54,468

$27,485

2,749

2.7%

Total

Affiliated

Short-Term

Investments

15,142

27,485

2.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

17,238

79,608

78,169

18,677

18,677

1.8

Total

Collateral

Held

for

Securities

Loaned

17,238

18,677

1.8

Total

Value

$32,380

$46,162

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$–

$–

$

–

$7

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

7

13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

Value

$–

$–

$

7

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(

98.2%

)

Value

Bermuda

(0.2%)

72,000

China

Water

Affairs

Group,

Ltd.

$

84,195

30,000

COSCO

SHIPPING

Ports,

Ltd.

23,898

98,500

Hopson

Development

Holdings,

Ltd.

205,241

179,000

Road

King

Infrastructure,

Ltd.

169,875

812,200

Shanghai

Industrial

Urban

Development

Group,

Ltd.

78,471

1,262,000

Yuexiu

Transport

Infrastructure,

Ltd.

763,961

Total

1,325,641

Brazil

(4.6%)

64,800

Alpargatas

SA

354,502

61,900

Ambev

SA

175,438

68,900

Americanas

SA

a

412,354

62,800

Atacadao

SA

197,385

196,600

B3

SA

-

Brasil

Bolsa

Balcao

543,509

202,723

Banco

Bradesco

SA

ADR

869,682

108,900

Banco

do

Brasil

SA

671,845

123,900

BB

Seguridade

Participacoes

SA

541,790

7,200

Braskem

SA

66,805

221,800

BRF

SA

a

928,953

156,600

C&A

Modas

,

Ltda.

a

194,641

247,871

Centrais

Eletricas

Brasileiras

SA

ADR

b

1,640,906

33,500

Cia

Brasileira

de

Distribuicao

142,199

129,486

Companhia

Siderurgica

Nacional

SA

ADR

b

617,648

65,200

EDP

-

Energias

do

Brasil

SA

264,479

28,479

Embraer

SA

ADR

a

437,153

136,100

ENGIE

Brasil

Energia

SA

1,048,027

44,082

Gerdau

SA

ADR

230,549

5,209

Getnet

Adquirencia

e

Servicos

para

Meios

de

Pagamento

SA

ADR

6,563

217,403

Itau

Unibanco

Holding

SA

ADR

1,026,142

329,100

JBS

SA

2,184,042

174,500

Metalurgica

Gerdau

SA

382,513

457,300

Petroleo

Brasileiro

SA

2,787,669

255,985

Petroleo

Brasileiro

SA

ADR

3,417,400

45,000

SIMPAR

SA

93,896

33,400

Suzano

SA

373,180

64,000

Telefonica

Brasil

SA

601,420

103,184

Telefonica

Brasil

SA

ADR

b

967,866

280,700

TIM

SA

704,644

254,244

Vale

SA

ADR

3,859,424

342,100

Vibra

Energia

SA

1,474,674

39,000

WEG

SA

237,300

Total

27,454,598

Cayman

Islands

(13.1%)

148,600

ANTA

Sports

Products,

Ltd.

2,231,269

19,227

Baidu.com,

Inc.

ADR

a

3,071,321

1,118

Bilibili

,

Inc.

ADR

a,b

39,454

186,000

Bosideng

International

Holdings,

Ltd.

90,663

37,000

China

Education

Group

Holdings,

Ltd.

32,385

219,000

China

Medical

System

Holdings,

Ltd.

366,722

298,000

China

Meidong

Auto

Holdings,

Ltd.

1,399,121

785,000

China

Overseas

Property

Holdings,

Ltd.

911,652

12,000

Chlitina

Holding,

Ltd.

91,194

666,000

Consun

Pharmaceutical

Group,

Ltd.

325,439

Shares

Common

Stock

(98.2%)

Value

Cayman

Islands

(13.1%)

-

continued

516,000

Country

Garden

Holdings

Company,

Ltd.

$

423,820

112,000

Country

Garden

Services

Holdings

Company,

Ltd.

661,608

197,000

Fu

Shou

Yuan

International

Group,

Ltd.

154,608

793,000

Geely

Automobile

Holdings,

Ltd.

1,716,653

194,000

Greentown

Service

Group

Company,

Ltd.

212,983

111,070

Hello

Group,

Inc.

ADR

1,080,711

1,025,000

IGG,

Inc.

641,347

21,829

JD.com,

Inc.,

Bonus

Shares

a,c

785,968

13,247

Li

Auto,

Inc.

ADR

a

345,614

250,500

Li

Ning

Company,

Ltd.

2,444,380

377,000

Longfor

Group

Holdings,

Ltd.

d

2,261,558

281,800

Meituan

Dianping

a,d

8,407,318

266,000

NetDragon

Websoft

Holdings,

Ltd.

671,412

39,390

NetEase

,

Inc.

ADR

4,071,350

114,305

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

163,456

76,272

NIO,

Inc.

ADR

a

1,869,427

35,422

Pinduoduo

,

Inc.

ADR

a

2,119,652

5,425,500

Shui

On

Land,

Ltd.

767,008

22,800

Sunny

Optical

Technology

(Group)

Company,

Ltd.

588,641

21,406

TAL

Education

Group

ADR

a

61,221

453,700

Tencent

Holdings,

Ltd.

28,429,877

70,311

Tencent

Music

Entertainment

Group

ADR

a

434,522

3,409

Trip.com

Group,

Ltd.

ADR

a

90,713

2,561,000

Want

Want

China

Holdings,

Ltd.

2,512,640

36,887

Weibo

Corporation

ADR

a

1,278,135

183,500

WuXi

Biologics

(Cayman),

Inc.

a,d

1,839,177

401,500

Xiabuxiabu

Catering

Management

Holdings

Company,

Ltd.

d

253,519

1,500,000

Xiaomi

Corporation

a,d

3,182,054

12,846

XPeng

,

Inc.

ADR

a

450,766

420,000

Yadea

Group

Holdings,

Ltd.

d

598,076

222,000

Zhongsheng

Group

Holdings,

Ltd.

1,705,430

Total

78,782,864

Chile

(0.4%)

12,549

Banco

de

Credito

e

Inversiones

SA

454,521

12,993

CAP

SA

145,876

218,911

Cencosud

SA

403,224

15,481

Cia

Cervecerias

Unidas

SA

ADR

258,068

4,473,946

Colbun

SA

369,884

4,180,066

Compania

Sud

Americana

de

Vapores

SA

363,310

218,384

Embotelladora

Andina

SA

469,101

3,099

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

167,811

Total

2,631,795

China

(17.6%)

271,866

Aier

Eye

Hospital

Group

Company,

Ltd.

1,393,364

137,616

Alibaba

Group

Holding,

Ltd.

ADR

a

17,310,717

200,000

A-Living

Smart

City

Services

Company,

Ltd.

d

389,370

128,400

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

793,951

23,600

Asymchem

Laboratories

(Tianjin)

Company,

Ltd.

1,206,741

1,095,343

Bank

of

Beijing

Company,

Ltd.

775,389

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(98.2%)

Value

China

(17.6%)

-

continued

3,431,000

Bank

of

China,

Ltd.

$

1,337,379

1,112,900

Bank

of

Shanghai

Company,

Ltd.

1,233,717

132,000

Beijing

North

Star

Company,

Ltd.

19,854

21,882

BYD

Company,

Ltd.,

Class

A

816,731

72,500

BYD

Company,

Ltd.,

Class

H

2,144,338

5,339,000

CGN

Power

Company,

Ltd.

d

1,475,163

47,662

Changzhou

Xingyu

Automotive

Lighting

Systems

1,282,434

5,992,000

China

Construction

Bank

Corporation

4,597,952

852,000

China

Galaxy

Securities

Company,

Ltd.

505,215

36,500

China

International

Travel

Service

Corporation,

Ltd.

1,197,277

26,686

China

Life

Insurance

Company,

Ltd.

ADR

b

238,306

147,800

China

Merchants

Bank

Company,

Ltd.,

Class

A

1,150,203

373,000

China

Merchants

Bank

Company,

Ltd.,

Class

H

3,117,581

175,000

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

374,011

57,300

China

National

Nuclear

Power

Company,

Ltd.

64,109

21,600

China

Pacific

Insurance

(Group)

Company,

Ltd.

65,755

2,079

China

Petroleum

&

Chemical

Corporation

ADR

108,316

227,456

China

Shenhua

Energy

Company,

Ltd.,

Class

A

811,753

589,000

China

Shenhua

Energy

Company,

Ltd.,

Class

H

1,448,732

59,475

CITIC

Securities

Company

Ltd.,

Rights

a,c

23,830

396,500

CITIC

Securities

Company,

Ltd.

1,061,756

24,000

Contemporary

Amperex

Technology

Company,

Ltd.

2,318,094

29,500

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

a

53,667

337,700

Dongxing

Securities

Company,

Ltd.

564,887

10,400

East

Money

Information

Company,

Ltd.

51,988

89,832

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

A

678,870

122,400

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

d

662,822

37,900

GF

Securities

Company,

Ltd.,

Class

A

125,319

372,200

GF

Securities

Company,

Ltd.,

Class

H

645,146

173,300

Goertek

,

Inc.

1,306,950

72,500

Great

Wall

Motor

Company,

Ltd.,

Class

A

470,234

151,000

Great

Wall

Motor

Company,

Ltd.,

Class

H

409,677

471,433

Guangzhou

Baiyunshan

Pharmaceutical

Holdings,

Ltd.

2,155,745

341,200

Guangzhou

R&F

Properties

Company,

Ltd.

b

151,871

45,900

Haier

Smart

Home

Company,

Ltd.,

Class

A

202,429

129,200

Haier

Smart

Home

Company,

Ltd.,

Class

H

517,968

243,200

Haitong

Securities

Company,

Ltd.,

Class

A

441,234

Shares

Common

Stock

(98.2%)

Value

China

(17.6%)

-

continued

1,022,800

Haitong

Securities

Company,

Ltd.,

Class

H

$

920,432

18,400

Huagong

Tech

Company,

Ltd.

71,421

357,700

Huatai

Securities

Company,

Ltd.

968,929

226,706

Iflytek

Company,

Ltd.

1,569,378

2,522,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

1,527,943

266,116

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

1,605,385

82,388

JD.com,

Inc.

ADR

a

6,169,213

10,200

Jiangsu

Yangnong

Chemical

Company,

Ltd.

189,610

285,000

Jiangxi

Copper

Company,

Ltd.

467,332

13,000

Kweichow

Moutai

Company,

Ltd.

3,886,390

1,596,000

Lenovo

Group,

Ltd.

1,729,599

117,400

LONGi

Green

Energy

Technology

Company,

Ltd.

1,316,061

185,170

Luxshare

Precision

Industry

Company,

Ltd.

1,388,666

60,500

Midea

Group

Company,

Ltd.

703,422

279,280

NARI

Technology

Company,

Ltd.

1,562,404

1,442,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

456,321

40,100

Perfect

World

Company,

Ltd.

87,265

31,856

PetroChina

Company,

Ltd.

ADR

b

1,576,554

1,076,000

PICC

Property

and

Casualty

Company,

Ltd.

1,002,565

402,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

3,194,169

5,000

Sangfor

Technologies,

Inc.

122,622

189,158

Shandong

Linglong

Tyre

Company,

Ltd.

916,058

73,000

Shanghai

Baosight

Software

Company,

Ltd.

624,472

134,500

Shanghai

Fosun

Pharmaceutical

(Group)

Company,

Ltd.

539,334

484,688

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Company,

Ltd.

806,855

842,800

Shanghai

Pudong

Development

Bank

Company,

Ltd.

1,118,930

129,900

Shanghai

Yuyuan

Tourist

Mart

(Group)

Company,

Ltd.

189,141

16,300

Shanxi

Xinghuacun

Fen

Wine

Factory

Company,

Ltd.

710,383

468,400

Shenwan

Hongyuan

Group

Company,

Ltd.

346,026

124,700

Shenzhen

Inovance

Technology

Company,

Ltd.

1,193,969

7,500

Shenzhen

Mindray

Bio-Medical

Electronics

Company,

Ltd.

380,906

460,100

Shenzhen

Overseas

Chinese

Town

Company,

Ltd.

563,480

1,000

Shenzhou

International

Group

Holdings,

Ltd.

18,555

2,532,300

Sinotrans

,

Ltd.

1,632,486

625,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

586,372

93,700

Wanhua

Chemical

Group

Company,

Ltd.

1,352,709

143,300

Weichai

Power

Company,

Ltd.,

Class

A

354,444

399,700

Wuchan

Zhongda

Group

Company,

Ltd.

333,811

66,500

Wuliangye

Yibin

Company,

Ltd.

2,093,470

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock

(98.2%)

Value

China

(17.6%)

-

continued

47,813

WuXi

AppTec

Company,

Ltd.,

Class

A

$

795,248

53,100

WuXi

AppTec

Company,

Ltd.,

Class

H

d

761,628

46,000

Yunnan

Baiyao

Group

Company,

Ltd.

655,317

25,400

Zhangzhou

Pientzehuang

Pharmaceutical

Company,

Ltd.

1,439,888

868,000

Zijin

Mining

Group

Company,

Ltd.

1,126,847

440,800

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

A

492,541

717,600

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

H

469,999

Total

105,719,395

Colombia

(0.2%)

775

Bancolombia

SA

ADR

27,574

62,324

Ecopetrol

SA

ADR

b

918,656

Total

946,230

Cyprus

(0.2%)

71,245

Ros

Agro

plc

GDR

1,017,386

Total

1,017,386

Czech

Republic

(0.7%)

51,359

CEZ

AS

1,905,595

46,555

Komercni

Banka

AS

2,064,404

285

Philip

Morris

CR

217,110

Total

4,187,109

Egypt

(0.4%)

338,546

Commercial

International

Bank

Egypt

SAE

GDR

a

1,096,889

1,063,742

EFG

Hermes

Holding

Company

a

998,220

Total

2,095,109

Greece

(0.7%)

873,759

Eurobank

Ergasias

Services

and

Holdings

SA

a

988,219

6,247

GEK

Terna

Holding

Real

Estate

Construction

SA

a

64,868

51,078

Hellenic

Telecommnications

Organization

SA

992,815

27,439

JUMBO

SA

408,133

10,507

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

168,262

75,055

Mytilineos

SA

1,283,928

3,712

Sarantis

SA

36,825

Total

3,943,050

Hong

Kong

(0.8%)

406,000

China

Everbright

Environment

Group,

Ltd.

301,596

1,761,440

CSPC

Pharmaceutical

Group,

Ltd.

2,140,836

1,546,000

Far

East

Horizon,

Ltd.

1,322,528

157,000

Hang

Lung

Group,

Ltd.

349,408

152,000

Shanghai

Industrial

Holdings,

Ltd.

224,239

224,200

Yuexiu

Property

Company,

Ltd.

227,809

Total

4,566,416

Shares

Common

Stock

(98.2%)

Value

Hungary

(0.3%)

32,496

OTP

Bank

Nyrt

a

$

1,885,651

Total

1,885,651

India

(14.2%)

91,209

Adani

Ports

and

Special

Economic

Zone,

Ltd.

882,807

621,353

Ambuja

Cements,

Ltd.

3,058,901

61,472

Asian

Paints,

Ltd.

2,604,940

11,587

Bajaj

Finserv

,

Ltd.

2,456,772

100,205

Britannia

Industries,

Ltd.

4,764,599

246,477

Cipla

,

Ltd.

3,128,986

12,348

Cyient

,

Ltd.

156,159

2,380

Divi's

Laboratories,

Ltd.

129,238

10,719

Dr.

Lal

PathLabs

,

Ltd.

d

429,360

23,577

Housing

Development

Finance

Corporation

804,465

505,216

Indian

Energy

Exchange,

Ltd.

d

1,608,254

442,597

Infosys,

Ltd.

ADR

10,432,011

92,975

Jubilant

FoodWorks

,

Ltd.

4,241,989

177,937

Kotak

Mahindra

Bank,

Ltd.

4,459,984

14,849

Larsen

&

Toubro

Infotech

,

Ltd.

d

1,256,729

35,062

Larsen

&

Toubro,

Ltd.

903,576

31,367

Marico,

Ltd.

203,529

1,797,796

Oil

and

Natural

Gas

Corporation,

Ltd.

4,203,780

2,226

Page

Industries,

Ltd.

1,271,475

20,887

Persistent

Systems,

Ltd.

1,239,629

5,500

Pidilite

Industries,

Ltd.

181,625

52,034

PNB

Housing

Finance,

Ltd.

a,d

304,886

2,553,873

Power

Grid

Corporation

of

India,

Ltd.

7,401,884

493,281

Reliance

Industries,

Ltd.

15,897,062

5,262

Schaeffler

India,

Ltd.

635,036

9,792

Supreme

Industries,

Ltd.

275,568

83,483

Tata

Consultancy

Services,

Ltd.

4,203,858

35,336

Tata

Elxsi

,

Ltd.

3,623,354

107,655

Tech

Mahindra,

Ltd.

2,148,979

2,410

Ultra

Tech

Cement,

Ltd.

234,224

257,341

Wipro,

Ltd.

ADR

1,978,952

Total

85,122,611

Indonesia

(1.2%)

688,500

Astra

International

Tbk

PT

263,508

8,154,000

Bank

Central

Asia

Tbk

PT

4,337,091

1,926,700

Mitra

Adiperkasa

Tbk

PT

a

104,946

73,400

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

2,182,182

Total

6,887,727

Kuwait

(0.6%)

4,926

Agility

Public

Warehousing

Company

KSCP

16,397

43,364

Boubyan

Bank

KSCP

a

115,470

41,059

HumanSoft

Holding

Company

KSCP

422,387

219,789

Kuwait

Finance

House

KSCP

658,084

83,749

Kuwait

International

Bank

KSCP

a

61,401

156,173

Mobile

Telecommunications

Company

KSCP

308,637

210,582

National

Bank

of

Kuwait

KSC

721,861

1,261,165

National

Industries

Group

Holding

a

1,224,513

Total

3,528,750

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Shares

Common

Stock

(98.2%)

Value

Luxembourg

(0.1%)

91,026

Allegro.eu

SA

a,d

$

843,662

Total

843,662

Malaysia

(0.6%)

29,100

AEON

Credit

Service

(M)

Berhad

102,064

373,232

Berjaya

Sports

Toto

Berhad

169,678

16,200

Bursa

Malaysia

Berhad

24,229

342,500

Genting

Malaysia

Berhad

224,248

468,400

Hong

Leong

Bank

Berhad

2,171,057

597,700

Mah

Sing

Group

Berhad

96,392

12,500

Malaysian

Pacific

Industries

Berhad

119,185

30,300

PETRONAS

Gas

Berhad

123,114

66,500

Public

Bank

Berhad

66,986

240,300

Tenaga

Nasional

Berhad

527,138

238,800

TIME

dotCom

Berhad

243,050

Total

3,867,141

Mexico

(1.6%)

82,450

America

Movil

SAB

de

CV

ADR

1,555,007

205,600

Arca

Continental

SAB

de

CV

1,213,387

366,100

Banco

del

Bajio

SA

d

789,064

6,578

Fomento

Economico

Mexicano

SAB

de

CV

ADR

494,797

254,500

Gentera

,

SAB

de

CV

a

182,473

189,300

Grupo

Financiero

Banorte

SAB

de

CV

ADR

1,197,395

107,500

Grupo

Mexico,

SAB

de

CV

462,300

314,100

Megacable

Holdings

SAB

de

CV

1,012,283

127,885

Promotora

y

Operadora

de

Infraestructura

,

SAB

de

CV

936,881

163,500

Qualitas

Controladora

SAB

de

CV

883,683

176,700

Wal-Mart

de

Mexico,

SAB

de

CV

599,365

Total

9,326,635

Philippines

(0.1%)

8,675

Globe

Telecom,

Inc.

529,142

Total

529,142

Poland

(1.3%)

108,384

Asseco

Poland

SA

2,179,234

1,789

Bank

Handlowy

w

Warszawie

SA

27,693

333,821

Bank

Millennium

SA

a

674,784

46,600

Bank

Pekao

SA

1,552,775

91,598

Cyfrowy

Polsat

SA

707,594

6,201

mBank

SA

a

710,173

149,152

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

a

1,746,021

Total

7,598,274

Russian

Federation

(3.0%)

615,878

Gazprom

PJSC

ADR

5,361,412

23,359

Lukoil

ADR

2,091,809

23,091

Mechel

PJSC

ADR

a

67,657

49,705

MMC

Norilsk

Nickel

PJSC

ADR

1,405,071

2,924

Novatek

PJSC

GDR

617,565

652

PAO

Transneft

1,249,388

5,230

Polyus

PJSC

GDR

409,715

1,260,120

Sberbank

of

Russia

PJSC

4,342,653

67,230

Sovcomflot

OAO

62,834

2,930,700

Surgutneftegas

PJSC

1,414,489

257,974

Surgutneftegas

PJSC

ADR

1,215,602

Total

18,238,195

Shares

Common

Stock

(98.2%)

Value

Saudi

Arabia

(4.0%)

151,591

Al

Rajhi

Bank

$

6,020,072

110,450

Arriyadh

Development

Company

799,230

95,844

Bank

AlJazira

595,134

14,503

Banque

Saudi

Fransi

203,406

7,831

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

345,977

28,683

Dur

Hospitality

Company

a

254,966

29,263

Eastern

Province

Cement

Company

352,928

23,517

Jarir

Marketing

Company

1,265,514

6,203

Mouwasat

Medical

Services

Company

327,919

120,519

National

Commercial

Bank

2,370,613

49,312

National

Industrialization

Company

a

300,937

3,687

Qassim

Cement

Company

78,616

382,696

Riyad

Bank

3,468,020

66,303

Saudi

Arabian

Mining

Company

a

1,634,018

118,474

Saudi

Basic

Industries

Corporation

3,965,743

6,296

Saudi

Research

and

Marketing

Group

a

405,557

60,097

Saudi

Telecom

Company

1,890,715

Total

24,279,365

Singapore

(0.1%)

18,400

BOC

Aviation,

Ltd.

d

154,692

10,312

China

Yuchai

International,

Ltd.

141,996

Total

296,688

South

Africa

(3.2%)

189,099

AECI,

Ltd.

1,401,695

8,053

Anglo

American

Platinum,

Ltd.

975,736

16,903

Aspen

Pharmacare

Holdings,

Ltd.

227,558

104,467

Barloworld,

Ltd.

904,112

18,010

Clicks

Group,

Ltd.

345,811

202,651

DataTec

,

Ltd.

502,738

214,347

FirstRand,

Ltd.

864,054

26,921

Gold

Fields,

Ltd.

ADR

285,363

23,567

Impala

Platinum

Holdings,

Ltd.

363,329

141,007

Investec,

Ltd.

795,584

16,815

Kumba

Iron

Ore,

Ltd.

599,913

112,046

Massmart

Holdings,

Ltd.

a

402,914

564,173

Momentum

Metropolitan

Holdings

738,367

95,267

Motus

Holdings,

Ltd.

725,194

199,054

MTN

Group,

Ltd.

a

2,503,289

10,055

Naspers,

Ltd.

1,625,373

201,824

Ninety

One,

Ltd.

693,713

237,941

Pepkor

Holdings,

Ltd.

d

350,022

165,951

Resilient

REIT,

Ltd.

650,200

298,953

Sanlam,

Ltd.

1,228,266

63,540

Sasol,

Ltd.

a

1,430,438

67,216

Shoprite

Holdings,

Ltd.

918,414

63,221

Sibanye

Stillwater,

Ltd.

235,648

28,706

Spar

Group,

Ltd.

313,921

22,284

Standard

Bank

Group

217,496

34,479

Super

Group,

Ltd.

74,956

Total

19,374,104

South

Korea

(9.7%)

2,041

AfreecaTV

Company,

Ltd.

a

267,751

17,259

Amicogen

,

Inc.

a

380,357

973

Celltrion

Pharm,

Inc.

a

67,622

29

Celltrion

Pharm,

Inc.,

Bonus

Shares

a,c

1,915

14,542

Cheil

Worldwide,

Inc.

267,749

18,814

Chong

Kun

Dang

Pharmaceutical

Corporation

a

1,463,442

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Shares

Common

Stock

(98.2%)

Value

South

Korea

(9.7%)

-

continued

1,844

Chongkundang

Holdings

Corporation

a

$

105,351

7,279

CJ

ENM

Company,

Ltd.

a

754,667

4,139

Daewoong

Company,

Ltd.

a

84,930

4,350

DIO

Corporation

a

125,448

5,652

DongKook

Pharmaceutical

Company,

Ltd.

a

95,039

1,710

GOLFZON

Company,

Ltd.

a

229,911

26,657

Green

Cross

Holdings

Corporation

a

495,051

4,169

GS

Holdings

Corporation

134,604

10,965

Huons

Global

Company,

Ltd.

296,226

548

Huons

Global

Company,

Ltd.,

Bonus

Shares

a,c

14,064

2,587

Hyundai

Department

Store

Company,

Ltd.

a

155,800

6,779

Hyundai

Steel

Company

223,898

182,801

Industrial

Bank

of

Korea

1,587,135

115,962

JB

Financial

Group

Corporation,

Ltd.

a

790,970

21,458

JYP

Entertainment

Corporation

a

751,668

5,241

Kakao

Corporation

378,566

188,895

Kangwon

Land,

Inc.

a

3,971,683

56,829

Kia

Corporation

3,962,444

1,199

Korea

Zinc

Company,

Ltd.

a

510,028

16,098

Korean

Reinsurance

Company

a

136,953

63,852

KT&G

Corporation

4,124,575

1,034

LG

Chem

,

Ltd.

a

554,287

18,565

Lotte

Shopping

Company,

Ltd.

a

1,247,808

23,433

LS

Electric

Company,

Ltd.

a

967,354

17,275

LX

Semicon

Company,

Ltd.

1,980,690

20,259

Meritz

Fire

&

Marine

Insurance

Company,

Ltd.

a

780,328

196,561

Meritz

Securities

Company,

Ltd.

1,001,760

16,537

NHN

Corporation

a

476,940

9,801

NKMAX

Company,

Ltd.

a

150,750

6,312

Osstem

Implant

Company,

Ltd.

a,c

638,837

555

Park

Systems

Corporation

a

56,394

3,719

Pearl

Abyss

Corporation

a

296,695

24,806

PharmaResearch

Company,

Ltd.

1,583,769

23,441

PI

Advanced

Materials

Company,

Ltd.

811,126

4,551

Samsung

Biologics

Company,

Ltd.

a,d

2,817,429

296,655

Samsung

Electronics

Company,

Ltd.

18,451,671

53,164

Samsung

Securities

Corporation,

Ltd.

1,795,099

3,396

Sebang

Global

Battery

Company,

Ltd.

a

177,299

5,377

SK,

Inc.

995,387

5,388

SKC

Company,

Ltd.

a

648,661

973

SM

Entertainment

Company,

Ltd.

a

48,698

17,912

S-Oil

Corporation

1,359,761

209

Taekwang

Industrial

Corporation,

Ltd.

a

175,314

Total

58,393,904

Taiwan

(17.3%)

1,553,000

Capital

Securities

Corporation

916,161

213,000

Cathay

Financial

Holding

Company,

Ltd.

494,063

19,000

Charoen

Pokphand

Enterprise

(Taiwan)

Company,

Ltd.

56,884

76,000

China

Steel

Chemical

Corporation

316,524

2,307,000

China

Steel

Corporation

2,823,327

Shares

Common

Stock

(98.2%)

Value

Taiwan

(17.3%)

-

continued

54,000

Eclat

Textile

Company,

Ltd.

$

1,197,962

27,000

Elite

Material

Company,

Ltd.

263,264

458,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

1,375,261

854,000

First

Financial

Holding

Company,

Ltd.

777,669

257,000

Formosa

Plastics

Corporation

985,459

1,882,076

Fubon

Financial

Holding

Company,

Ltd.

5,193,616

454,000

Holtek

Semiconductor,

Inc.

1,691,475

10,000

Hotai

Motor

Company,

Ltd.

219,000

62,000

International

Games

System

Company,

Ltd.

1,602,037

1,669,000

King

Yuan

Electronics

Company,

Ltd.

2,766,615

8,000

Lotes

Company,

Ltd.

210,257

318,415

Makalot

Industrial

Company,

Ltd.

2,682,097

7,000

MediaTek

,

Inc.

278,034

13,000

Momo.com,

Inc.

531,218

2,192,000

Nan

Ya

Plastics

Corporation

6,921,780

249,000

Novatek

Microelectronics

Corporation

4,378,976

265,000

Realtek

Semiconductor

Corporation

5,141,037

967,000

Sigurd

Microelectronics

Corporation

2,003,959

32,000

Simplo

Technology

Company,

Ltd.

365,955

96,000

Sinbon

Electronics

Company,

Ltd.

933,699

182,000

Systex

Corporation

557,029

85,000

Taiwan

Cogeneration

Corporation

113,822

2,234,000

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

51,654,533

477,000

Topco

Scientific

Company,

Ltd.

2,874,788

30,000

U-Ming

Marine

Transport

Corporation

59,246

80,000

United

Microelectronics

Corporation

167,144

196,000

Vanguard

International

Semiconductor

Corporation

945,486

68,000

Voltronic

Power

Technology

Corporation

3,504,404

Total

104,002,781

Thailand

(1.3%)

3,405,200

AP

(Thailand)

Public

Company,

Ltd.

NVDR

1,047,032

30,200

Bumrungrad

Hospital

Public

Company,

Ltd.

128,632

258,100

Com7

Public

Company,

Ltd.

NVDR

613,027

5,936,300

Land

and

Houses

Public

Company,

Ltd.

NVDR

1,753,601

45,300

PTT

Exploration

and

Production

Public

Company,

Ltd.

NVDR

177,794

216,300

Siam

Commercial

Bank

Public

Company,

Ltd.

NVDR

822,224

13,200

Thai

Vegetable

Oil

Public

Company,

Ltd.

NVDR

12,630

1,153,600

TISCO

Financial

Group

Public

Company,

Ltd.

3,437,890

Total

7,992,830

Turkey

(0.3%)

2,673,119

Dogan

Sirketler

Grubu

Holding

AS

607,133

499,127

Eregli

Demir

ve

Celik

Fabrikalari

TAS

1,022,217

151,453

Haci

Omer

Sabanci

Holding

AS

173,510

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Shares

Common

Stock

(98.2%)

Value

Turkey

(0.3%)

-

continued

45,008

TOFAS

Turk

Otomobil

Fabrikasi

AS

$

269,130

Total

2,071,990

United

States

(0.4%)

55,035

Yum

China

Holding,

Inc.

2,651,036

Total

2,651,036

Virgin

Islands,

British

(<0.1%)

17,004

VK

Company,

Ltd.

GDR

a

134,838

Total

134,838

Total

Common

Stock

(cost

$542,192,780)

589,694,917

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

5,083,185

Thrivent

Cash

Management

Trust

5,083,185

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,083,185)

5,083,185

Shares

Preferred

Stock

(

<0.1%

)

Brazil

(<0.1%)

283,300

Companhia

de

Saneamento

do

Parana

215,539

Total

215,539

Total

Preferred

Stock

(cost

$205,427)

215,539

Shares

Short-Term

Investments

(

1.0%

)

Thrivent

Core

Short-Term

Reserve

Fund

580,641

0.210%

5,806,412

Total

Short-Term

Investments

(cost

$5,806,412)

5,806,412

Total

Investments

(cost

$553,287,804)

100.0%

$600,800,053

Other

Assets

and

Liabilities,

Net

0.0%

(232,086)

Total

Net

Assets

100.0%

$600,567,967

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2022,

the

value

of

these

investments

was

$28,384,783

or

4.7%

of

total

net

assets.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Emerging

Markets

Equity

Fund

as

of

January

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

4,958,758

Total

lending

$4,958,758

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,083,185

Net

amounts

due

to

counterparty

$124,427

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

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Reference

Description:

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2022,

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

56,610,434

8,427,016

48,183,418

–

Consumer

Discretionary

90,330,100

31,231,815

58,312,317

785,968

Consumer

Staples

32,070,934

1,370,513

30,700,421

–

Energy

31,584,951

6,020,926

25,564,025

–

Financials

104,381,776

2,161,704

102,196,242

23,830

Health

Care

27,624,617

–

26,969,801

654,816

Industrials

24,810,790

746,960

24,063,830

–

Information

Technology

135,267,394

16,488,876

118,778,518

–

Materials

58,604,060

4,442,993

54,161,067

–

Real

Estate

10,750,016

–

10,750,016

–

Utilities

17,659,845

1,640,906

16,018,939

–

Preferred

Stock

Utilities

215,539

–

215,539

–

Subtotal

Investments

in

Securities

$589,910,456

$72,531,709

$515,914,133

$1,464,614

Other

Investments  *

Total

Affiliated

Short-Term

Investments

5,806,412

Collateral

Held

for

Securities

Loaned

5,083,185

Subtotal

Other

Investments

$10,889,597

Total

Investments

at

Value

$600,800,053

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

261,356

261,356

–

–

Total

Liability

Derivatives

$261,356

$261,356

$–

$–

The

following

table

presents

Emerging

Markets

Equity

Fund's

futures

contracts

held

as

of

January

31,

2022.

Investments

and/or

cash

totaling

$968,820

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

424

March

2022

$

26,227,116

(

$

261,356)

Total

Futures

Long

Contracts

$

26,227,116

(

$

261,356)

Total

Futures

Contracts

$

26,227,116

($261,356)

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(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

10/31/2021

Gross

Purchases

Gross

Sales

Value

1/31/2022

Shares

Held

at

1/31/2022

%

of

Net

Assets

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$850

$59,841

$54,885

$5,806

581

1.0%

Total

Affiliated

Short-Term

Investments

850

5,806

1.0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,102

10,108

8,127

5,083

5,083

0.8

Total

Collateral

Held

for

Securities

Loaned

3,102

5,083

0.8

Total

Value

$3,952

$10,889

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$–

$–

$

–

$3

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

1

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

$–

$–

$

1

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

(

99.0%

)

Value

Australia

(6.8%)

18,358

AGL

Energy,

Ltd.

$

92,717

19,113

ARB

Corporation,

Ltd.

629,752

179,370

Aristocrat

Leisure,

Ltd.

5,199,525

22,461

ASX,

Ltd.

1,332,127

72,431

Aurizon

Holdings,

Ltd.

181,211

33,089

BHP

Group,

Ltd.

a

1,061,181

17,808

BlueScope

Steel,

Ltd.

233,406

82,638

Carsales.com,

Ltd.

1,307,105

17,674

Commonwealth

Bank

of

Australia

1,178,672

103,874

Computershare,

Ltd.

1,439,858

70,482

CSL,

Ltd.

13,056,250

95,417

DEXUS

Property

Group

694,627

7,707

Domino's

Pizza

Enterprises,

Ltd.

568,492

133,347

Fortescue

Metals

Group,

Ltd.

1,872,469

241,626

GWA

Group,

Ltd.

433,311

222,919

Humm

Group,

Ltd.

b

131,824

32,648

Ingenia

Communities

Group

127,676

11,785

Magellan

Financial

Group,

Ltd.

a

156,810

94,470

Origin

Energy,

Ltd.

378,021

14,208

Premier

Investments,

Ltd.

291,517

11,845

REA

Group,

Ltd.

1,227,102

20,210

Rio

Tinto,

Ltd.

1,606,807

166,518

Sandfire

Resources,

Ltd.

800,182

86,887

SEEK,

Ltd.

1,800,573

19,042

Stockland

54,887

540,457

Tabcorp

Holdings,

Ltd.

1,898,936

9,017

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

175,055

7,054

Worley,

Ltd.

58,122

Total

37,988,215

Austria

(0.4%)

38,895

OMV

AG

2,380,533

Total

2,380,533

Belgium

(0.7%)

30,113

Groupe

Bruxelles

Lambert

SA

3,231,195

7,292

KBC

Groep

NV

634,177

3,160

Telenet

Group

Holding

NV

121,307

Total

3,986,679

Bermuda

(0.1%)

30,000

CK

Infrastructure

Holdings,

Ltd.

184,871

30,692

Golden

Ocean

Group,

Ltd.

279,630

122,000

Road

King

Infrastructure,

Ltd.

115,781

Total

580,282

Canada

(11.5%)

34,428

Alimentation

Couche-Tard,

Inc.

1,388,604

4,188

Ballard

Power

Systems,

Inc.

b

43,687

32,571

Bank

of

Montreal

a

3,686,674

40,541

Bank

of

Nova

Scotia

2,920,138

22,056

Barrick

Gold

Corporation

422,155

162,176

BCE,

Inc.

8,471,452

48,815

Canadian

Imperial

Bank

of

Commerce

6,129,765

52,053

Canadian

National

Railway

Company

6,344,311

39,581

Canadian

Pacific

Railway,

Ltd.

2,831,685

9,192

Canadian

Utilities,

Ltd.

267,050

9,767

Canadian

Western

Bank

296,817

89,433

Canopy

Growth

Corporation

a,b

719,038

94,973

CGI,

Inc.

b

8,108,736

103,146

CI

Financial

Corporation

1,914,183

12,812

Dollarama

,

Inc.

661,086

Shares

Common

Stock

(99.0%)

Value

Canada

(11.5%)

-

continued

4,414

Enbridge,

Inc.

$

186,609

1,664

Home

Capital

Group,

Inc.

b

47,152

5,585

Hydro

One,

Ltd.

144,288

5,637

Interfor

Corporation

167,981

72,481

Laurentian

Bank

of

Canada

2,522,566

908

Pembina

Pipeline

Corporation

28,830

4,075

Royal

Bank

of

Canada

464,611

372

Shopify,

Inc.

b

358,697

52,765

Sun

Life

Financial,

Inc.

2,988,280

167,205

TC

Energy

Corporation

8,634,179

62,463

Teck

Resources,

Ltd.

1,928,233

4,684

TELUS

Corporation

110,214

21,877

Thomson

Reuters

Corporation

2,348,531

1,809

TMX

Group,

Ltd.

184,024

788

Toronto-Dominion

Bank

63,113

Total

64,382,689

Cayman

Islands

(0.2%)

4,800

ASM

Pacific

Technology,

Ltd.

48,024

53,385

Melco

Resorts

&

Entertainment.

Ltd.

ADR

b

563,745

85,200

MGM

China

Holdings,

Ltd.

b

56,765

148,000

Sands

China,

Ltd.

b

412,691

9,200

Wynn

Macau,

Ltd.

b

8,314

Total

1,089,539

Denmark

(3.3%)

279

ALK-

Abello

AS

b

117,813

28,510

Carlsberg

AS

4,616,643

26,276

DSV

AS

5,338,777

1,622

Genmab

AS

b

552,340

55,026

Novo

Nordisk

AS

5,473,343

13,505

Royal

Unibrew

AS

1,552,608

1,618

Topdanmark

AS

92,539

35,058

Tryg

AS

830,728

Total

18,574,791

Finland

(1.0%)

20,547

KONE

Oyj

1,330,702

52,189

Neste

Oil

Oyj

2,353,687

24,768

Nordea

Bank

Abp

294,186

19,523

Sampo

Oyj

968,977

35,557

Stora

Enso

Oyj

723,831

4,427

UPM-

Kymmene

Oyj

161,348

Total

5,832,731

France

(7.9%)

34,656

Air

Liquide

SA

5,928,200

1,059

Amundi

SA

c

82,322

2,701

Eramet

SA

b

279,956

898

Hermes

International

1,348,267

12,051

Ipsos

SA

550,645

82,661

Legrand

SA

8,339,278

2,289

LNA

Sante

105,920

14,917

L'Oreal

SA

6,371,713

3,468

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,848,522

25,072

Renault

SA

b

996,416

57,314

Schneider

Electric

SE

9,708,677

43,513

Societe

Generale

SA

1,615,208

113,274

TotalEnergies

SE

6,441,570

Total

44,616,694

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock

(99.0%)

Value

Germany

(6.1%)

5,316

Adidas

AG

$

1,458,795

42,037

Allianz

SE

10,793,055

1,374

Bayerische

Motoren

Werke

AG

145,428

204

CTS

Eventim

AG

&

Company

KGAA

b

14,502

213,823

Deutsche

Bank

AG

b

2,977,153

111,540

Deutsche

Lufthansa

AG

b

867,310

27,780

Deutsche

Pfandbriefbank

AG

c

342,801

48,844

Deutsche

Post

AG

2,939,446

87,670

Deutsche

Telekom

AG

1,655,112

8,289

Merck

KGaA

1,817,754

11,521

Porsche

Automobil

Holding

SE

1,078,924

2,242

PUMA

SE

239,786

3,247

Salzgitter

AG

b

111,087

20,759

SAP

SE

2,604,434

5,901

Scout24

SE

c

352,550

2,036

Siemens

AG

323,256

1,723

Stroeer

SE

129,011

24,152

Symrise

AG

2,886,134

134,016

TAG

Immobilien

AG

3,539,120

44

Volkswagen

AG

12,741

Total

34,288,399

Hong

Kong

(0.4%)

215,500

CK

Hutchison

Holdings,

Ltd.

1,531,629

66,000

Galaxy

Entertainment

Group,

Ltd.

b

382,223

43,000

Hang

Lung

Properties,

Ltd.

91,878

221,000

Hong

Kong

and

China

Gas

Company,

Ltd.

340,618

31,000

Hysan

Development

Company,

Ltd.

95,023

Total

2,441,371

Ireland

(<0.1%)

3,068

Glanbia

plc

42,139

Total

42,139

Isle

of

Man

(0.2%)

49,271

Entain

plc

b

1,066,685

Total

1,066,685

Israel

(1.5%)

219,879

Bank

Hapoalim

,

Ltd.

2,281,848

348,975

Bank

Leumi

Le-Israel

BM

3,742,754

24,910

ICL

Group,

Ltd.

225,274

134

Israel

Corporation,

Ltd.

b

54,688

59,689

Mizrahi

Tefahot

Bank,

Ltd.

2,307,427

Total

8,611,991

Italy

(2.6%)

14,756

Amplifon

SPA

627,217

25,841

Azimut

Holding

SPA

695,094

175,891

BPER

Banca

370,288

6,375

Buzzi

Unicem

SPA

133,116

37,277

Davide

Campari-Milano

NV

468,021

550,035

Enel

SPA

4,233,377

38,045

Finecobank

Banca

Fineco

SPA

639,619

37,762

Iren

SPA

113,603

70,466

Italgas

SPA

467,499

148,152

Mediobanca

SPA

1,697,312

22,487

Pirelli

&

C.

SPA

c

158,988

30,679

Poste

Italiane

SPA

c

411,790

75,240

Recordati

SPA

4,214,959

142,913

Saipem

SPA

b

218,600

Shares

Common

Stock

(99.0%)

Value

Italy

(2.6%)

-

continued

29,721

Unipol

Gruppo

SPA

$

167,202

Total

14,616,685

Japan

(20.0%)

26

Activia

Properties,

Inc.

88,006

18,600

Advantest

Corporation

1,583,094

25,100

Air

Water,

Inc.

382,586

16,000

Arcs

Company,

Ltd.

300,757

227,600

Astellas

Pharma,

Inc.

3,673,595

31,900

Bandai

Namco

Holdings,

Inc.

2,242,192

900

BayCurrent

Consulting,

Inc.

341,567

3,500

Benefit

One,

Inc.

106,447

20,500

Chiyoda

Company,

Ltd.

137,057

50,600

Chugai

Pharmaceutical

Company,

Ltd.

1,643,477

25,300

COMSYS

Holdings

Corporation

601,993

1,700

Daifuku

Company,

Ltd.

118,022

16,600

Daikin

Industries,

Ltd.

3,485,074

800

DISCO

Corporation

219,963

3,100

FANUC

Corporation

613,020

300

Fast

Retailing

Company,

Ltd.

176,539

22,100

Fuji

Soft,

Inc.

925,878

8,900

Hanwa

Company,

Ltd.

244,415

2,700

Hikari

Tsushin,

Inc.

324,175

115,800

Honda

Motor

Company,

Ltd.

3,410,632

4,700

Hoya

Corporation

609,441

43,300

Inaba

Denki

Sangyo

Company,

Ltd.

1,003,442

19,500

ITOCHU

Techno-Solutions

Corporation

531,963

3,100

Izumi

Company,

Ltd.

85,751

5,100

Japan

Exchange

Group,

Inc.

104,911

2,800

Japan

Tobacco,

Inc.

55,902

12,200

JFE

Holdings,

Inc.

156,732

6,500

Kajima

Corporation

78,504

26,100

Kamigumi

Company,

Ltd.

504,343

64,100

Kao

Corporation

3,203,178

99,900

KDDI

Corporation

3,191,677

181

Kenedix

Retail

REIT

Corporation

423,667

9,900

Keyence

Corporation

5,077,934

52,300

Kinden

Corporation

747,583

6,800

Kobe

Bussan

Company,

Ltd.

211,680

3,300

Komatsu,

Ltd.

82,925

6,600

KOMEDA

Holdings

Company,

Ltd.

122,168

43,500

Kyoei

Steel,

Ltd.

591,189

4,100

Lintec

Corporation

95,234

17,700

M3,

Inc.

680,504

133,200

Marubeni

Corporation

1,370,620

9,900

McDonald's

Holdings

Company

(Japan),

Ltd.

432,337

7,800

Ministop

Company,

Ltd.

98,999

109,500

Mitsubishi

Corporation

3,717,792

61,600

Mitsubishi

Electric

Corporation

771,441

439,300

Mitsubishi

HC

Capital,

Inc.

2,268,845

18,800

Mitsuboshi

Belting,

Ltd.

346,663

2,200

Mitsui

&

Company,

Ltd.

54,858

106

Mori

Hills

REIT

Investment

Corporation

129,875

25,900

Murata

Manufacturing

Company,

Ltd.

1,947,247

12,100

NEC

Networks

&

System

Integration

Corporation

174,606

4,300

NGK

Spark

Plug

Company,

Ltd.

73,100

48,900

NHK

Spring

Company,

Ltd.

383,257

23,000

Nidec

Corporation

2,038,487

8,500

Nihon

M&A

Center

Holdings,

Inc.

133,817

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Shares

Common

Stock

(99.0%)

Value

Japan

(20.0%)

-

continued

2,500

Nintendo

Company,

Ltd.

$

1,225,104

59,200

Nippon

Steel

Corporation

967,598

103,400

Nippon

Telegraph

and

Telephone

Corporation

2,959,074

29,600

Nissan

Chemical

Corporation

1,606,046

155,100

Nissan

Motor

Company,

Ltd.

a,b

820,881

20,300

Nitori

Holdings

Company,

Ltd.

2,908,232

23,300

Nitto

Kogyo

Corporation

313,449

41,300

Ono

Pharmaceutical

Company,

Ltd.

1,001,596

22,700

Oracle

Corporation

Japan

1,697,747

93,600

ORIX

Corporation

1,930,699

54,900

Pan

Pacific

International

Holdings

Company

738,890

12,900

Penta-Ocean

Construction

Company,

Ltd.

71,637

13,800

PLENUS

Company,

Ltd.

235,732

12,900

Recruit

Holdings

Company,

Ltd.

637,629

153,100

Renesas

Electronics

Corporation

b

1,757,100

95,500

Resona

Holdings,

Inc.

410,405

11,100

Ryoyo

Electro

Corporation

a

210,085

28,600

Sangetsu

Company,

Ltd.

396,075

7,300

Sawai

Group

Holdings

Company,

Ltd.

276,317

48,600

Secom

Company,

Ltd.

3,422,125

17,100

Sekisui

House,

Ltd.

346,449

5,500

Seven

&

I

Holdings

Company,

Ltd.

279,722

23,600

Shin-Etsu

Chemical

Company,

Ltd.

3,948,502

21,600

Shionogi

&

Company,

Ltd.

1,231,041

9,100

SHO-BOND

Holdings

Company,

Ltd.

398,492

600

SMC

Corporation

334,657

59,800

SoftBank

Corporation

749,645

26,700

SoftBank

Group

Corporation

1,182,798

54,100

Sony

Group

Corporation

6,052,085

4,200

Sumco

Corporation

77,432

147,700

Sumitomo

Corporation

2,282,765

83,500

Sumitomo

Mitsui

Financial

Group,

Inc.

3,007,751

40,600

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,403,997

3,800

Taikisha,

Ltd.

95,026

8,000

Taisei

Corporation

262,249

18,600

Taiyo

Holdings

Company,

Ltd.

548,748

4,300

Takara

Standard

Company,

Ltd.

51,194

12,900

Takeda

Pharmaceutical

Company,

Ltd.

373,883

15,000

Terumo

Corporation

547,558

42,500

Toagosei

Company,

Ltd.

419,123

7,700

Tokyo

Electron,

Ltd.

3,766,325

264,200

Toyota

Motor

Corporation

5,221,432

19,900

Tsubakimoto

Chain

Company

557,299

62,700

TV

Asahi

Holdings

Corporation

815,473

10,500

Yuasa

Trading

Company,

Ltd.

265,722

454,600

Z

Holdings

Corporation

2,308,762

Total

112,233,712

Jersey

(<0.1%)

40,499

Breedon

Group

plc

46,569

Total

46,569

Luxembourg

(0.8%)

62,558

ArcelorMittal

SA

1,858,216

211,156

B&M

European

Value

Retail

SA

1,616,952

Shares

Common

Stock

(99.0%)

Value

Luxembourg

(0.8%)

-

continued

51,112

Tenaris

SA

ADR

$

1,246,111

Total

4,721,279

Marshall

Islands

(<0.1%)

8,182

Atlas

Corporation

118,312

Total

118,312

Netherlands

(6.5%)

30,683

Aalberts

NV

1,875,646

271,196

Aegon

NV

1,529,943

74,222

Airbus

SE

b

9,477,593

3,642

AMG

Advanced

Metallurgical

Group

NV

125,340

14,363

ASML

Holding

NV

9,727,927

38,524

Euronext

NV

c

3,714,168

10,120

Ferrari

NV

2,332,371

29,715

ForFarmers

BV

135,168

2,770

JDE

Peet's

BV

82,945

25,862

Koninklijke

DSM

NV

4,848,077

12,056

QIAGEN

NV

b

595,952

883

RHI

Magnesita

NV

40,728

41,316

Unilever

plc

2,110,297

Total

36,596,155

New

Zealand

(0.1%)

57,837

Contact

Energy,

Ltd.

299,812

38,307

Meridian

Energy,

Ltd.

110,422

3,201

Spark

New

Zealand,

Ltd.

9,149

Total

419,383

Norway

(1.7%)

263,491

DNB

Bank

ASA

6,271,139

52,345

DNO

International

ASA

76,857

96,739

Equinor

ASA

2,666,884

24,545

Kahoot

!

ASA

b

98,547

58,242

Norsk

Hydro

ASA

447,608

Total

9,561,035

Portugal

(0.3%)

137,320

Galp

Energia

SGPS

SA

1,514,121

Total

1,514,121

Singapore

(1.7%)

392,944

Ascendas

REIT

805,866

296,300

DBS

Group

Holdings,

Ltd.

7,782,875

98,300

Oversea-Chinese

Banking

Corporation,

Ltd.

915,003

52,959

Wing

Tai

Holdings,

Ltd.

69,252

Total

9,572,996

Spain

(1.5%)

659,476

Banco

Santander

SA

2,312,509

196,551

CaixaBank

SA

632,377

15,171

CIA

De

Distribucion

Integral

306,938

7,455

Grifols

SA

131,463

83,668

Industria

de

Diseno

Textil

SA

2,537,586

146,515

Mediaset

Espana

Comunicacion

SA

b

686,050

397,220

Telefonica

SA

1,851,659

Total

8,458,582

Sweden

(3.0%)

6,474

AB

Industrivarden

,

Class

A

204,656

86,816

AB

Industrivarden

,

Class

C

2,696,557

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Shares

Common

Stock

(99.0%)

Value

Sweden

(3.0%)

-

continued

77,516

Assa

Abloy

AB

$

2,122,552

38,508

Atlas

Copco

AB,

Class

A

2,279,137

14,317

Atlas

Copco

AB,

Class

B

732,212

9,305

Betsson

AB

52,064

112,614

Granges

AB

1,396,659

121,169

Hexpol

AB

1,445,755

5,611

Holmen

AB

272,525

8,642

Indutrade

AB

214,994

2,765

L

E

Lundbergforetagen

AB

141,282

2,199

Lundin

Energy

AB

89,429

41,310

Skandinaviska

Enskilda

Banken

AB

534,008

74,359

SSAB

AB,

Class

B

b

387,155

21,531

Stillfront

Group

AB

a,b

104,799

127,987

Svenska

Handelsbanken

AB

1,364,029

7,065

Svolder

AB

54,248

106,536

Swedbank

AB

2,085,784

13,110

Thule

Group

AB

c

632,773

Total

16,810,618

Switzerland

(10.0%)

16,492

Baloise

Holding

AG

2,889,012

2,925

Banque

Cantonale

Vaudoise

241,849

17

Barry

Callebaut

AG

39,026

15,422

Coca-Cola

HBC

AG

510,786

38,126

Ferrexpo

plc

125,213

1,058

Galenica

AG

c

74,720

4,795

Geberit

AG

3,257,870

62

Givaudan

SA

256,861

491,118

Glencore

Xstrata

plc

2,558,536

150

Lindt

&

Spruengli

AG

1,740,804

101,055

Nestle

SA

13,050,079

135,802

Novartis

AG

11,799,775

28,854

PSP

Swiss

Property

AG

3,498,665

2,990

Roche

Holding

AG

1,157,128

14,672

Sika

AG

5,133,355

7,794

Sonova

Holding

AG

2,776,535

4,736

Swiss

Life

Holding

AG

3,048,138

7,077

Tecan

Group

AG

3,440,925

2,693

Temenos

AG

322,796

733

Vontobel

Holding

AG

60,752

Total

55,982,825

United

Kingdom

(10.7%)

38,463

AstraZeneca

plc

4,474,323

526,053

Auto

Trader

Group

plc

c

4,766,903

39,410

Avacta

Group

plc

a,b

45,158

1,211,527

Barclays

plc

3,250,307

73,264

Barratt

Developments

plc

609,339

10,688

Bellway

plc

411,265

594,145

BP

plc

3,080,001

10,458

Croda

International

plc

1,129,444

16,452

Dechra

Pharmaceuticals

plc

924,093

127,155

Diageo

plc

6,416,416

41,754

Evraz

plc

283,661

14,489

Greggs

plc

525,477

204,349

Halma

plc

6,926,139

58,687

Howden

Joinery

Group

plc

647,461

362,582

HSBC

Holdings

plc

2,580,620

48,418

InterContinental

Hotels

Group

plc

b

3,199,144

75,724

JD

Sports

Fashion

plc

194,169

41,311

John

Wood

Group

plc

b

124,360

142,201

Moneysupermarket.com

Group

plc

363,393

99,567

PageGroup

plc

785,651

20,174

Paragon

Banking

Group

plc

154,517

36,489

Petrofac,

Ltd.

b

58,678

Shares

Common

Stock

(99.0%)

Value

United

Kingdom

(10.7%)

-

continued

33,181

Redde

Northgate

plc

$

172,929

125,595

RELX

plc

3,863,352

3,764

Rightmove

plc

33,174

9,233

Rio

Tinto

plc

650,791

47,394

Royal

Mail

plc

283,211

428,282

Shell

plc

11,002,018

10,232

Spirax-Sarco

Engineering

plc

1,844,376

189,959

Standard

Chartered

plc

1,383,425

Total

60,183,795

Total

Common

Stock

(cost

$477,291,323)

556,718,805

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

6,353,300

Thrivent

Cash

Management

Trust

6,353,300

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,353,300)

6,353,300

Shares

Preferred

Stock

(

0.2%

)

Germany

(0.2%)

5,167

Volkswagen

AG

1,076,136

Total

1,076,136

Total

Preferred

Stock

(cost

$1,220,540)

1,076,136

Shares

Short-Term

Investments

(

<0.1%

)

Thrivent

Core

Short-Term

Reserve

Fund

57,631

0.210%

576,313

Total

Short-Term

Investments

(cost

$576,312)

576,313

Total

Investments

(cost

$485,441,475)

100.4%

$564,724,554

Other

Assets

and

Liabilities,

Net

(0.4%)

(2,388,161)

Total

Net

Assets

100.0%

$562,336,393

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2022,

the

value

of

these

investments

was

$10,537,015

or

1.9%

of

total

net

assets.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

International

Equity

Fund

as

of

January

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

6,115,851

Total

lending

$6,115,851

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,353,300

Net

amounts

due

to

counterparty

$237,449

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2022,

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

34,398,972

–

34,398,972

–

Consumer

Discretionary

56,782,293

563,745

56,218,548

–

Consumer

Staples

43,920,002

–

43,920,002

–

Energy

41,181,164

1,246,111

39,935,053

–

Financials

111,166,237

–

111,166,237

–

Health

Care

60,133,135

–

60,133,135

–

Industrials

92,923,191

118,312

92,804,879

–

Information

Technology

51,008,870

358,697

50,650,173

–

Materials

48,152,231

1,928,233

46,223,998

–

Real

Estate

11,265,952

–

11,265,952

–

Utilities

5,786,758

–

5,786,758

–

Preferred

Stock

Consumer

Discretionary

1,076,136

–

1,076,136

–

Subtotal

Investments

in

Securities

$557,794,941

$4,215,098

$553,579,843

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

576,313

Collateral

Held

for

Securities

Loaned

6,353,300

Subtotal

Other

Investments

$6,929,613

Total

Investments

at

Value

$564,724,554

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

73,936

73,936

–

–

Total

Liability

Derivatives

$73,936

$73,936

$–

$–

The

following

table

presents

International

Equity

Fund's

futures

contracts

held

as

of

January

31,

2022.

Investments

and/or

cash

totaling

$551,369

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

17

March

2022

$

1,973,941

(

$

73,936)

Total

Futures

Long

Contracts

$

1,973,941

(

$

73,936)

Total

Futures

Contracts

$

1,973,941

($73,936)

International

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

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

10/31/2021

Gross

Purchases

Gross

Sales

Value

1/31/2022

Shares

Held

at

1/31/2022

%

of

Net

Assets

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$1,383

$13,702

$14,509

$576

58

<0.1%

Total

Affiliated

Short-Term

Investments

1,383

576

<0.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

9,020

33,725

36,392

6,353

6,353

1.1

Total

Collateral

Held

for

Securities

Loaned

9,020

6,353

1.1

Total

Value

$10,403

$6,929

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$–

$–

$–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

1

31

Total

Affiliated

Income

from

Securities

Loaned,

Net

$31

Total

$–

$

–

$1

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(

99.8%

)

Value

Communications

Services

(9.3%)

121,379

Activision

Blizzard,

Inc.

$

9,590,155

1,289

Alphabet,

Inc.,

Class

C

a

3,498,307

562,029

AT&T,

Inc.

14,331,740

21,077

Charter

Communications,

Inc.

a

12,505,827

142,695

Comcast

Corporation

7,133,323

82,453

Electronic

Arts,

Inc.

10,938,215

5,098

RingCentral,

Inc.

a

899,746

22,407

Take-Two

Interactive

Software,

Inc.

a

3,659,959

16,473

T-Mobile

US,

Inc.

a

1,781,885

641,078

Verizon

Communications,

Inc.

34,124,582

594

Walt

Disney

Company

a

84,924

Total

98,548,663

Consumer

Discretionary

(7.1%)

270

AutoZone,

Inc.

a

536,314

19,570

Dollar

General

Corporation

4,079,954

27,149

Home

Depot,

Inc.

9,963,140

82,984

McDonald's

Corporation

21,530,199

10,032

Netflix,

Inc.

a

4,285,068

23,061

O'Reilly

Automotive,

Inc.

a

15,030,007

82,007

Target

Corporation

18,076,803

33,127

TJX

Companies,

Inc.

2,384,150

Total

75,885,635

Consumer

Staples

(13.8%)

85,522

Church

&

Dwight

Company,

Inc.

8,778,833

10,085

Clorox

Company

1,692,868

166,763

Coca-Cola

Company

10,174,211

176,355

Colgate-Palmolive

Company

14,540,470

22,679

Costco

Wholesale

Corporation

11,455,843

7,205

General

Mills,

Inc.

494,839

18,322

Hershey

Company

3,610,717

5,041

Kellogg

Company

317,583

686,238

Kroger

Company

29,913,114

3,079

McCormick

&

Company,

Inc.

308,854

238,261

Mondelez

International,

Inc.

15,970,635

43,608

Monster

Beverage

Corporation

a

3,781,686

76,401

PepsiCo,

Inc.

13,257,102

69,802

Philip

Morris

International,

Inc.

7,179,136

100,653

Procter

&

Gamble

Company

16,149,774

62,737

Walmart,

Inc.

8,771,260

Total

146,396,925

Financials

(5.6%)

24,433

Aon

plc

6,754,258

20,501

Arthur

J.

Gallagher

&

Company

3,237,928

15,162

Berkshire

Hathaway,

Inc.

a

4,746,009

7,433

BlackRock,

Inc.

6,116,913

3,204

Cboe

Global

Markets,

Inc.

379,770

18,299

FactSet

Research

Systems,

Inc.

7,720,165

5,412

Hanmi

Financial

Corporation

145,475

15,298

Intercontinental

Exchange,

Inc.

1,937,645

77,872

Marsh

&

McLennan

Companies,

Inc.

11,964,254

432

Midland

States

Bancorp,

Inc.

12,472

22,794

Moody's

Corporation

7,818,342

27,043

Nasdaq,

Inc.

4,846,376

25,475

T.

Rowe

Price

Group,

Inc.

3,934,104

Total

59,613,711

Health

Care

(18.7%)

67,532

Abbott

Laboratories

8,607,629

66,336

Agilent

Technologies,

Inc.

9,241,931

38,457

Amgen,

Inc.

8,735,123

Shares

Common

Stock

(99.8%)

Value

Health

Care

(18.7%)

-

continued

203,154

Baxter

International,

Inc.

$

17,357,478

25,297

Becton,

Dickinson

and

Company

6,428,980

1,278

Chemed

Corporation

599,267

19,389

Danaher

Corporation

5,541,182

38,436

Eli

Lilly

and

Company

9,431,810

234,745

Gilead

Sciences,

Inc.

16,122,287

157,192

Johnson

&

Johnson

27,082,610

10,240

Masimo

Corporation

a

2,251,469

15,083

Medtronic

plc

1,560,940

217,557

Merck

&

Company,

Inc.

17,726,544

30,046

Regeneron

Pharmaceuticals,

Inc.

a

18,285,695

7,668

Repligen

Corporation

a

1,520,871

29,395

Seagen

,

Inc.

a

3,953,921

35,072

UnitedHealth

Group,

Inc.

16,573,975

56,857

Vertex

Pharmaceuticals,

Inc.

a

13,819,094

7,229

Waters

Corporation

a

2,314,147

10,462

West

Pharmaceutical

Services,

Inc.

4,113,868

37,557

Zoetis,

Inc.

7,503,513

Total

198,772,334

Industrials

(10.2%)

11,928

3M

Company

1,980,286

46,594

AMETEK,

Inc.

6,372,661

8,093

Expeditors

International

of

Washington,

Inc.

926,487

10,556

Honeywell

International,

Inc.

2,158,491

30,643

IDEX

Corporation

6,601,728

9,907

JB

Hunt

Transport

Services,

Inc.

1,907,494

16,051

L3Harris

Technologies,

Inc.

3,359,314

34,173

Landstar

System,

Inc.

5,467,680

32,753

Linde

plc

10,437,726

86,343

Republic

Services,

Inc.

11,022,547

41,012

Union

Pacific

Corporation

10,029,484

26,189

United

Parcel

Service,

Inc.

5,295,678

116,838

Verisk

Analytics,

Inc.

22,915,437

21,241

Waste

Connections,

Inc.

2,648,753

110,330

Waste

Management,

Inc.

16,598,045

Total

107,721,811

Information

Technology

(23.6%)

82,076

Accenture

plc

29,020,432

39,435

Adobe,

Inc.

a

21,070,120

7,519

Amphenol

Corporation

598,437

52,339

Analog

Devices,

Inc.

8,582,026

32,481

Apple,

Inc.

5,677,029

31,518

Automatic

Data

Processing,

Inc.

6,498,066

16,922

Broadridge

Financial

Solutions,

Inc.

2,694,321

59,073

Cadence

Design

Systems,

Inc.

a

8,987,366

70,389

Cisco

Systems,

Inc.

3,918,556

19,374

Fidelity

National

Information

Services,

Inc.

2,323,330

67,625

Intel

Corporation

3,301,452

2,872

Intuit,

Inc.

1,594,621

92,542

Jack

Henry

&

Associates,

Inc.

15,529,473

106,311

Keysight

Technologies,

Inc.

a

17,947,423

10,727

Mastercard

,

Inc.

4,144,698

93,890

Microsoft

Corporation

29,197,912

919

Monolithic

Power

Systems,

Inc.

370,293

13,220

Motorola

Solutions,

Inc.

3,066,247

18,445

Oracle

Corporation

1,496,996

126,258

Paychex,

Inc.

14,868,142

7,850

ServiceNow

,

Inc.

a

4,598,373

26,908

Synopsys,

Inc.

a

8,354,934

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(99.8%)

Value

Information

Technology

(23.6%)

-

continued

57,497

Texas

Instruments,

Inc.

$

10,320,137

30,560

Tyler

Technologies,

Inc.

a

14,479,328

18,177

VeriSign,

Inc.

a

3,947,681

77,599

Visa,

Inc.

17,550,566

35,211

Zoom

Video

Communications,

Inc.

a

5,432,353

17,017

Zscaler

,

Inc.

a

4,375,241

Total

249,945,553

Materials

(0.5%)

36,275

Royal

Gold,

Inc.

3,683,726

4,278

Sherwin-Williams

Company

1,225,690

Total

4,909,416

Real

Estate

(2.9%)

541

Extra

Space

Storage,

Inc.

107,221

129,961

National

Storage

Affiliates

Trust

8,000,399

62,019

Public

Storage,

Inc.

22,235,672

Total

30,343,292

Utilities

(8.1%)

25,005

American

States

Water

Company

2,306,211

7,949

American

Water

Works

Company,

Inc.

1,278,199

369,921

Consolidated

Edison,

Inc.

31,979,671

94,124

Entergy

Corporation

10,520,240

43,587

NextEra

Energy,

Inc.

3,405,016

531,273

NiSource,

Inc.

15,502,546

149,036

Sempra

Energy

20,590,814

Total

85,582,697

Total

Common

Stock

(cost

$871,859,195)

1,057,720,037

Shares

Short-Term

Investments

(

0.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

95,345

0.210%

953,445

Total

Short-Term

Investments

(cost

$953,445)

953,445

Total

Investments

(cost

$872,812,640)

99.9%

$1,058,673,482

Other

Assets

and

Liabilities,

Net

0.1%

1,174,614

Total

Net

Assets

100.0%

$1,059,848,096

a

Non-income

producing

security.

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2022,

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

98,548,663

98,548,663

–

–

Consumer

Discretionary

75,885,635

75,885,635

–

–

Consumer

Staples

146,396,925

146,396,925

–

–

Financials

59,613,711

59,613,711

–

–

Health

Care

198,772,334

198,772,334

–

–

Industrials

107,721,811

107,721,811

–

–

Information

Technology

249,945,553

249,945,553

–

–

Materials

4,909,416

4,909,416

–

–

Real

Estate

30,343,292

30,343,292

–

–

Utilities

85,582,697

85,582,697

–

–

Subtotal

Investments

in

Securities

$1,057,720,037

$1,057,720,037

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

953,445

Subtotal

Other

Investments

$953,445

Total

Investments

at

Value

$1,058,673,482

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Low

Volatility

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2021

Gross

Purchases

Gross

Sales

Value

1/31/2022

Shares

Held

at

1/31/2022

%

of

Net

Assets

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$1,211

$6,895

$7,153

$953

95

0.1%

Total

Affiliated

Short-Term

Investments

1,211

953

0.1

Total

Value

$1,211

$953

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

1/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.210%

$–

$–

$–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Total

$–

$–

$–

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Asset-Backed

Securities

(

1.3%

)

a

Value

AXIS

Equipment

Finance

Receivables

X,

LLC

$

12,750,000

0.335% ,1/20/2023,

Ser.

2022-1A

b

$

12,748,329

Carvana

Auto

Receivables

Trust

3,794,467

0.158% ,10/11/2022,

Ser.

2021-P3

3,794,012

Dell

Equipment

Finance

Trust

10,467,943

0.182% ,9/22/2022,

Ser.

2021-2

b

10,463,679

DLLAD,

LLC

894,513

0.158% ,8/22/2022,

Ser.

2021-1A

b

894,406

DLLMT,

LLC

13,908,678

0.229% ,10/20/2022,

Ser.

2021-1A

b

13,902,778

Enterprise

Fleet

Financing,

LLC

4,671,690

0.175% ,7/20/2022,

Ser.

2021-2

b

4,670,650

Exeter

Automobile

Receivables

Trust

1,056,285

0.185% ,11/15/2022,

Ser.

2021-4A

1,056,184

HPEFS

Equipment

Trust

3,511,610

0.138% ,6/20/2022,

Ser.

2021-2A

b

3,511,115

Kubota

Credit

Owner

Trust

6,401,956

0.165% ,8/15/2022,

Ser.

2021-2A

b

6,400,589

MMAF

Equipment

Finance,

LLC

464,923

0.182% ,5/13/2022,

Ser.

2021-A

b

464,897

Pawnee

Equipment

Receivables

15,448,701

0.302% ,10/17/2022,

Ser.

2021-1

b

15,439,833

Prestige

Auto

Receivables

Trust

7,525,471

0.188% ,11/15/2022,

Ser.

2021-1A

b

7,524,173

Santander

Drive

Auto

Receivables

Trust

934,894

0.168% ,11/15/2022,

Ser.

2021-4

934,802

Westlake

Automobile

Receivables

Trust

12,231,987

0.228% ,11/15/2022,

Ser.

2021-3A

b

12,229,373

Total

94,034,820

Principal

Amount

Basic

Materials

(

4.1%

)

a

Value

BASF

SE

25,000,000

0.150% ,2/22/2022

b

24,998,243

25,000,000

0.150% ,2/25/2022

b

24,997,847

25,000,000

0.150% ,2/28/2022

b

24,997,394

Ecolab,

Inc.

25,000,000

0.230% ,2/14/2022

b

24,998,017

25,000,000

0.160% ,2/15/2022

b

24,997,813

25,000,000

0.220% ,3/14/2022

b

24,991,892

Nutrien

,

Ltd.

25,000,000

0.220% ,2/8/2022

b

24,998,856

20,000,000

0.220% ,2/14/2022

b

19,998,102

25,000,000

0.220% ,2/18/2022

b

24,996,775

Sherwin-Williams

Company

25,000,000

0.190% ,2/7/2022

b

24,999,125

25,000,000

0.200% ,2/15/2022

b

24,998,125

Principal

Amount

Basic

Materials

(4.1%)

a

Value

$

25,000,000

0.200% ,2/16/2022

b

$

24,997,989

Total

294,970,178

Principal

Amount

Capital

Goods

(

4.0%

)

a

Value

Amcor

Finance

USA,

Inc.

10,000,000

0.270% ,2/2/2022

b,c

9,999,915

25,000,000

0.300% ,2/3/2022

b,c

24,999,679

25,000,000

0.230% ,2/17/2022

b,c

24,997,462

Amcor

Flexibles

North

America,

Inc.

10,000,000

0.220% ,2/9/2022

b,c

9,999,518

15,000,000

0.210% ,2/14/2022

b,c

14,998,693

15,000,000

0.220% ,2/18/2022

b,c

14,998,215

25,000,000

0.220% ,2/25/2022

b,c

24,995,538

Amphenol

Corporation

25,000,000

0.150% ,2/2/2022

b

24,999,857

25,000,000

0.150% ,2/3/2022

b

24,999,783

Caterpillar

Financial

Services

Corporation

23,000,000

0.891%

(LIBOR

3M

+

0.735%),5/13/2022

d

23,043,555

5,149,000

0.770%

(LIBOR

3M

+

0.590%),6/6/2022

d

5,156,944

Honeywell

International,

Inc.

6,272,000

0.483% ,8/19/2022

6,272,501

John

Deere

Capital

Corporation

5,000,000

0.691%

(LIBOR

3M

+

0.490%),6/13/2022

d

5,006,265

25,355,000

0.670%

(LIBOR

3M

+

0.480%),9/8/2022

d

25,421,648

Waste

Management,

Inc.

25,000,000

0.270% ,2/1/2022

b,c

24,999,895

25,000,000

0.280% ,2/9/2022

b,c

24,998,919

Total

289,888,387

Principal

Amount

Communications

Services

(

1.7%

)

a

Value

AT&T,

Inc.

25,000,000

0.300% ,3/2/2022

b

24,994,792

25,701,000

0.240% ,3/22/2022

b

25,690,648

Verizon

Communications,

Inc.

25,000,000

0.200% ,3/1/2022

b

24,995,026

25,000,000

0.230% ,3/7/2022

b

24,993,632

25,000,000

0.230% ,3/8/2022

b

24,993,400

Total

125,667,498

Principal

Amount

Consumer

Cyclical

(

8.4%

)

a

Value

BMW

Finance

NV

27,000,000

0.944%

(LIBOR

3M

+

0.790%),8/12/2022

b,d

27,085,650

BMW

US

Capital,

LLC

12,000,000

0.856%

(LIBOR

3M

+

0.640%),4/6/2022

b,d

12,006,559

Charta,

LLC

25,000,000

0.120% ,2/1/2022

b,c

24,999,944

25,000,000

0.220% ,4/6/2022

b,c

24,989,483

13,975,000

0.220% ,4/13/2022

b,c

13,967,957

10,000,000

0.290% ,5/3/2022

b,c

9,992,308

15,000,000

0.300% ,5/5/2022

b,c

14,988,211

25,000,000

0.290% ,5/9/2022

b,c

24,979,379

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Consumer

Cyclical

(8.4%)

a

Value

Daimler

Finance

North

America,

LLC

$

55,151,000

1.056%

(LIBOR

3M

+

0.900%),2/15/2022

b,d

$

55,167,543

Home

Depot,

Inc.

20,000,000

0.481%

(LIBOR

3M

+

0.310%),3/1/2022

d

20,004,081

Hyundai

Capital

America

27,075,000

0.200% ,2/1/2022

b,c

27,074,909

25,000,000

0.200% ,2/22/2022

b,c

24,996,960

25,000,000

0.260% ,3/11/2022

b,c

24,992,985

25,000,000

0.240% ,3/14/2022

b,c

24,992,067

23,000,000

0.350% ,4/12/2022

b,c

22,984,169

Toyota

Financial

Services

de

Puerto

Rico,

Inc.

25,000,000

0.170% ,2/24/2022

24,998,117

25,000,000

0.220% ,3/14/2022

24,995,450

25,000,000

0.300% ,5/3/2022

24,978,661

Toyota

Motor

Credit

Corporation

20,065,000

0.306%

(LIBOR

3M

+

0.150%),2/14/2022

d

20,065,401

25,000,000

0.320% ,4/27/2022

c

24,977,843

7,900,000

0.558%

(LIBOR

3M

+

0.400%),5/17/2022

d

7,907,379

21,092,000

0.670%

(LIBOR

3M

+

0.480%),9/8/2022

d

21,124,845

VW

Credit,

Inc.

20,000,000

0.170% ,2/9/2022

b,c

19,999,135

15,000,000

0.180% ,2/11/2022

b,c

14,999,152

19,000,000

0.200% ,2/14/2022

b,c

18,998,493

22,250,000

0.220% ,2/17/2022

b,c

22,247,741

10,000,000

0.220% ,2/23/2022

b,c

9,998,524

25,000,000

0.230% ,2/25/2022

b,c

24,995,885

Total

613,508,831

Principal

Amount

Consumer

Non-Cyclical

(

3.3%

)

a

Value

Avery

Dennison

Corporation

25,000,000

0.380% ,2/8/2022

b

24,999,083

5,000,000

0.380% ,2/9/2022

b

4,999,788

Bristol-Myers

Squibb

Company

23,779,000

0.535%

(LIBOR

3M

+

0.380%),5/16/2022

d

23,795,957

Danaher

Corporation

25,000,000

0.200% ,2/17/2022

b,c

24,997,698

Nestle

Finance

International,

Ltd.

25,000,000

0.120% ,2/11/2022

b,c

24,999,580

PepsiCo,

Inc.

20,000,000

0.497%

(LIBOR

3M

+

0.365%),5/2/2022

d

20,021,722

Stanley

Black

&

Decker,

Inc.

5,000,000

0.200% ,2/1/2022

b

4,999,986

25,000,000

0.180% ,3/1/2022

b

24,996,214

6,000,000

0.220% ,3/7/2022

b

5,998,851

25,000,000

0.210% ,3/11/2022

b

24,994,529

25,000,000

0.200% ,3/31/2022

b

24,989,880

Thermo

Fisher

Scientific,

Inc.

4,200,000

0.360% ,3/1/2022

b

4,199,164

25,000,000

0.360% ,3/3/2022

b

24,994,575

Total

238,987,027

Principal

Amount

Energy

(

2.9%

)

a

Value

BP

Capital

Markets

plc

25,000,000

0.180% ,3/7/2022

b,c

24,996,354

Principal

Amount

Energy

(2.9%)

a

Value

$

25,000,000

0.180% ,3/8/2022

b,c

$

24,996,250

25,000,000

0.180% ,3/11/2022

b,c

24,995,937

Chevron

Corporation

10,000,000

0.655%

(LIBOR

3M

+

0.480%),3/3/2022

d

10,003,094

Chevron

USA,

Inc.

20,380,000

0.264%

(LIBOR

3M

+

0.110%),8/12/2022

d

20,388,816

Exxon

Mobil

Corporation

17,346,000

0.550%

(LIBOR

3M

+

0.370%),3/6/2022

d

17,351,118

Suncor

Energy,

Inc.

15,000,000

0.220% ,2/3/2022

b,c

14,999,808

25,000,000

0.220% ,2/4/2022

b,c

24,999,567

19,000,000

0.220% ,2/7/2022

b,c

18,999,409

2,471,000

0.240% ,2/11/2022

b,c

2,470,860

20,000,000

0.240% ,2/18/2022

b,c

19,997,820

Total

204,199,033

Principal

Amount

Financials

(

42.4%

)

a

Value

Alexandria

Real

Estate

Equities,

Inc.

8,365,000

0.300% ,2/2/2022

b,c

8,364,926

20,000,000

0.260% ,2/9/2022

b,c

19,999,190

25,000,000

0.260% ,2/16/2022

b,c

24,998,022

AllianceBernstein

,

LP

20,000,000

0.180% ,2/24/2022

b

19,998,773

Alpine

Securitization,

LLC

25,000,000

0.260%

0,4/12/2022

b,c,d

24,999,061

Atlantic

Asset

Securitization,

LLC.

7,895,000

0.160% ,2/23/2022

b,c

7,894,511

Australia

&

New

Zealand

Banking

Group,

Ltd.

15,000,000

0.228%

(LIBOR

3M

+

0.030%),3/9/2022

b,d

15,001,855

25,000,000

0.868%

(LIBOR

3M

+

0.710%),5/19/2022

b,d

25,049,586

5,660,000

0.650%

(LIBOR

3M

+

0.490%),11/21/2022

b,d

5,679,596

Bank

of

Montreal

Chicago

10,000,000

0.174%

(LIBOR

3M

+

0.020%),2/11/2022

d

10,000,100

10,000,000

0.261%

(LIBOR

3M

+

0.050%),3/16/2022

d

10,001,495

15,000,000

0.230%

(LIBOR

3M

+

0.050%),6/6/2022

d

15,004,115

Bank

of

Nova

Scotia

21,958,000

0.828%

(LIBOR

3M

+

0.640%),3/7/2022

d

21,971,551

4,400,000

1.198%

(LIBOR

3M

+

1.000%),3/14/2022

d

4,403,320

15,000,000

0.210%

(SOFRRATE

+

0.160%),7/18/2022

d

15,001,539

Barclays

Bank

plc

7,325,000

0.170% ,2/7/2022

b,c

7,324,886

25,000,000

0.220% ,3/30/2022

b,c

24,991,461

25,000,000

0.220% ,3/31/2022

b,c

24,991,150

25,000,000

0.230% ,4/12/2022

b,c

24,987,723

Barton

Capital

SA

7,500,000

0.170% ,2/1/2022

b,c

7,499,983

25,000,000

0.150% ,2/9/2022

b,c

24,999,487

24,150,000

0.210% ,2/18/2022

b,c

24,148,913

25,000,000

0.260% ,3/28/2022

b,c

24,991,678

25,000,000

0.240% ,4/6/2022

b,c

24,988,941

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Financials

(42.4%)

a

Value

BNP

Paribas

SA

$

2,000,000

0.220% ,2/1/2022

$

2,000,008

25,000,000

0.075% ,2/3/2022

24,999,875

BPCE

SA

8,000,000

0.489%

(SOFRRATE

+

0.440%),2/17/2022

b,d

8,001,200

22,232,000

1.051%

(LIBOR

3M

+

0.880%),5/31/2022

d

22,277,117

Canadian

Imperial

Bank

of

Commerce

26,175,000

0.931%

(LIBOR

3M

+

0.720%),6/16/2022

d

26,235,375

15,000,000

0.180%

(FEDL

1M

+

0.100%),7/26/2022

d

14,995,598

10,000,000

0.210%

(SOFRRATE

+

0.160%),9/7/2022

d

10,001,884

25,000,000

0.300%

(SOFRRATE

+

0.250%),12/23/2022

d

25,002,486

Capital

One

Financial

Corporation

5,750,000

3.050% ,3/9/2022

5,752,945

Chariot

Funding,

LLC

10,000,000

0.120% ,2/9/2022

b

9,999,795

25,000,000

0.200% ,3/30/2022

b

24,991,421

25,000,000

0.210% ,4/4/2022

b

24,990,025

Charles

Schwab

Corporation

25,000,000

0.195% ,3/10/2022

b

24,997,071

17,750,000

0.350% ,6/16/2022

b

17,726,061

Ciesco

,

LLC

19,760,000

0.400% ,6/3/2022

b,c

19,738,598

Citigroup,

Inc.

8,935,000

2.750% ,4/25/2022

8,966,273

Commonwealth

Bank

of

Australia

9,283,000

0.901%

(LIBOR

3M

+

0.700%),3/10/2022

b,d

9,289,493

11,500,000

2.750% ,3/10/2022

b

11,527,493

5,800,000

0.894%

(LIBOR

3M

+

0.680%),9/18/2022

b,d

5,821,639

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

10,790,000

3.875% ,2/8/2022

10,795,519

Cooperatieve

Rabobank

UA/NY

4,500,000

0.190% ,5/9/2022

4,499,374

10,000,000

2.750% ,1/10/2023

10,161,838

CRC

Funding,

LLC

25,000,000

0.290% ,5/4/2022

b,c

24,980,560

Credit

Agricole

Corporate

and

Investment

Bank

15,000,000

0.200%

(SOFRRATE

+

0.150%),7/15/2022

d

15,001,374

Credit

Suisse

AG

27,250,000

0.500%

(SOFRRATE

+

0.450%),2/4/2022

d

27,250,466

Dealers

Capital

Access

Trust,

LLC

25,000,000

0.100% ,2/8/2022

24,999,389

15,000,000

0.160% ,2/14/2022

14,999,358

21,000,000

0.290% ,4/21/2022

20,988,660

25,000,000

0.320% ,5/2/2022

24,982,748

Erste

Abwicklungsanstalt

25,000,000

0.190% ,4/14/2022

b

24,990,621

FMS

Wertmanagement

25,000,000

0.140% ,2/8/2022

b

24,999,550

25,000,000

0.140% ,2/23/2022

b

24,998,451

Goldman

Sachs

Bank

USA

25,000,000

0.160%

(SOFRRATE

+

0.110%),2/3/2022

d

25,000,187

Principal

Amount

Financials

(42.4%)

a

Value

$

25,000,000

0.170% ,2/4/2022

$

25,000,222

6,000,000

0.180% ,5/13/2022

5,997,071

15,000,000

0.220%

(SOFRRATE

+

0.170%),7/26/2022

d

14,998,461

25,000,000

0.209%

(SOFRRATE

+

0.160%),9/8/2022

d

24,991,910

25,000,000

0.299%

(SOFRRATE

+

0.250%),11/25/2022

d

25,000,206

25,000,000

0.349%

(SOFRRATE

+

0.300%),2/17/2023

d

24,998,410

Goldman

Sachs

International

25,000,000

0.230% ,3/1/2022

b

24,997,664

Gotham

Funding

Corporation

24,500,000

0.200% ,3/31/2022

b,c

24,490,885

Healthpeak

Properties,

Inc.

7,000,000

0.260% ,2/15/2022

b

6,999,300

14,000,000

0.250% ,2/22/2022

b

13,997,784

21,430,000

0.260% ,2/23/2022

b

21,426,427

23,000,000

0.290% ,3/1/2022

b

22,994,868

25,000,000

0.270% ,3/2/2022

b

24,994,167

25,000,000

0.280% ,3/15/2022

b

24,990,743

10,000,000

0.280% ,3/16/2022

b

9,996,174

ING

Groep

NV

6,700,000

1.370%

(LIBOR

3M

+

1.150%),3/29/2022

d

6,711,450

Intercontinental

Exchange,

Inc.

15,000,000

0.160% ,2/3/2022

b

14,999,730

15,000,000

0.180% ,2/14/2022

b

14,998,540

16,915,000

0.180% ,2/15/2022

b

16,913,212

25,000,000

0.200% ,2/17/2022

b

24,996,995

15,000,000

0.210% ,2/22/2022

b

14,997,648

KeyBank

NA

5,000,000

3.300% ,2/1/2022

5,000,000

Lime

Funding,

LLC

20,004,000

0.140% ,2/7/2022

b

20,003,689

15,000,000

0.150% ,2/9/2022

b

14,999,692

25,000,000

0.260% ,4/7/2022

b

24,988,450

LMA

Americas,

LLC

15,105,000

0.310% ,5/5/2022

b,c

15,093,128

Macquarie

Bank,

Ltd.

25,000,000

0.305% ,5/2/2022

b

24,980,283

Met

Tower

Global

Funding

5,875,000

0.599%

(SOFRRATE

+

0.550%),1/17/2023

b,d

5,894,899

MetLife

Short

Term

Funding,

LLC

15,000,000

0.140% ,2/14/2022

b

14,999,656

25,000,000

0.140% ,3/15/2022

b

24,996,984

Metropolitan

Life

Global

Funding

I

9,050,000

2.650% ,4/8/2022

b

9,087,452

14,325,000

3.875% ,4/11/2022

b

14,412,853

9,800,000

0.619%

(SOFRRATE

+

0.570%),1/13/2023

b,d

9,833,036

Mitsubishi

UFJ

Finance

Group

25,689,000

3.218% ,3/7/2022

25,761,977

Mitsubishi

UFJ

Trust

&

Banking

Corporation

25,000,000

0.190% ,2/17/2022

25,001,050

15,000,000

0.270% ,4/19/2022

b

14,992,785

Mizuho

Financial

Group,

Inc.

5,344,000

1.116%

(LIBOR

3M

+

0.940%),2/28/2022

d

5,347,313

Mizuho

Securities

USA,

LLC

10,000,000

0.180% ,2/14/2022

b

9,999,500

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Financials

(42.4%)

a

Value

National

Australia

Bank,

Ltd.

$

9,000,000

0.135%

(SOFRRATE

+

0.085%),2/16/2022

b,d

$

9,000,252

25,000,000

0.140%

(FEDL

1M

+

0.060%),3/15/2022

b,d

24,999,698

25,000,000

0.260%

(LIBOR

3M

+

0.040%),3/25/2022

b,d

25,003,571

10,000,000

0.880%

(LIBOR

3M

+

0.720%),5/22/2022

b,d

10,017,826

10,000,000

0.180%

(SOFRRATE

+

0.130%),8/31/2022

b,d

9,994,646

17,380,000

0.611%

(LIBOR

3M

+

0.410%),12/13/2022

b,d

17,435,944

New

York

Life

Global

Funding

20,801,000

0.721%

(LIBOR

3M

+

0.520%),6/10/2022

b,d

20,832,759

22,350,000

0.678%

(LIBOR

3M

+

0.440%),7/12/2022

b,d

22,378,983

25,000,000

0.511%

(LIBOR

3M

+

0.280%),1/10/2023

b,d

25,026,024

Nieuw

Amsterdam

Receivables

Corporation

5,625,000

0.160% ,2/2/2022

b,c

5,624,975

6,000,000

0.170% ,2/11/2022

b,c

5,999,844

Nordea

Bank

Abp

10,000,000

0.256%

(LIBOR

3M

+

0.020%),4/11/2022

d

10,000,351

25,000,000

0.188%

(LIBOR

3M

+

0.030%),8/19/2022

d

25,005,430

Old

Line

Funding,

LLC

25,000,000

0.150%

(FEDL

1M

+

0.070%),2/16/2022

b,c,d

25,000,000

25,000,000

0.152%

(LIBOR

1M

+

0.050%),5/2/2022

b,c,d

24,997,908

PNC

Bank

NA

8,445,000

0.768%

(LIBOR

3M

+

0.500%),7/27/2022

d

8,460,476

5,205,000

0.495%

(LIBOR

3M

+

0.325%),2/24/2023

d

5,211,490

Pricoa

Short

Term

Funding,

LLC

10,000,000

0.240% ,4/20/2022

b

9,994,273

25,000,000

0.270% ,5/16/2022

b

24,978,490

Realty

Income

Corporation

19,650,000

0.360% ,2/1/2022

19,649,918

26,000,000

0.290% ,3/10/2022

25,992,618

25,000,000

0.330% ,3/24/2022

24,989,131

25,000,000

0.330% ,3/28/2022

24,987,906

25,000,000

0.350% ,4/13/2022

24,982,400

Regatta

Funding

Company,

LLC

25,000,000

0.180% ,2/2/2022

b,c

24,999,852

25,000,000

0.230% ,4/7/2022

b,c

24,987,808

Royal

Bank

of

Canada

10,000,000

0.862%

(LIBOR

3M

+

0.730%),2/1/2022

d

10,000,000

15,000,000

0.178%

(LIBOR

3M

+

0.020%),2/17/2022

d

15,000,303

25,000,000

0.251%

(LIBOR

3M

+

0.050%),3/11/2022

d

25,003,700

5,200,000

0.769%

(LIBOR

3M

+

0.470%),4/29/2022

d

5,205,264

15,000,000

0.190%

(LIBOR

3M

+

0.030%),5/20/2022

b,d

15,002,056

15,000,000

0.218%

(LIBOR

3M

+

0.030%),6/7/2022

d

15,004,014

Principal

Amount

Financials

(42.4%)

a

Value

$

10,000,000

0.182%

(LIBOR

3M

+

0.050%),8/1/2022

b,d

$

10,003,423

25,000,000

0.300%

(SOFRRATE

+

0.250%),1/11/2023

d

24,999,281

30,190,000

0.601%

(LIBOR

3M

+

0.360%),1/17/2023

d

30,233,494

Simon

Property

Group,

LP

25,000,000

0.202% ,2/14/2022

b

24,998,017

13,485,000

0.260% ,2/22/2022

b

13,483,113

Skandinaviska

Enskilda

Banken

AB

28,469,000

0.846%

(LIBOR

3M

+

0.645%),12/12/2022

b,d

28,589,782

Suncorp-

Metway

,

Ltd.

15,000,000

0.210% ,3/28/2022

b

14,993,210

25,000,000

0.270% ,4/20/2022

b

24,980,744

Svenska

Handelsbanken

AB

25,000,000

0.178%

(LIBOR

3M

+

0.020%),2/17/2022

b,d

25,000,505

Svenska

Handelsbanken

NY

15,000,000

0.154%

(LIBOR

3M

+

0.010%),2/8/2022

d

15,000,057

25,000,000

0.164%

(LIBOR

3M

+

0.010%),2/11/2022

d

25,000,188

25,000,000

0.176%

(LIBOR

3M

+

0.030%),5/10/2022

d

25,003,981

5,200,000

0.289%

(LIBOR

3M

+

0.030%),7/22/2022

d

5,201,706

25,000,000

0.240%

(SOFRRATE

+

0.200%),8/23/2022

d

25,003,390

15,000,000

0.288%

(LIBOR

3M

+

0.040%),10/19/2022

d

15,000,811

Swedbank

AB

25,000,000

0.125% ,3/7/2022

24,997,448

9,500,000

0.898%

(LIBOR

3M

+

0.700%),3/14/2022

b,d

9,506,935

15,000,000

0.190%

(LIBOR

3M

+

0.030%),8/18/2022

d

15,002,466

15,000,000

0.231%

(LIBOR

3M

+

0.030%),9/13/2022

d

15,000,891

Thunder

Bay

Funding,

LLC

25,000,000

0.150%

(FEDL

1M

+

0.070%),3/16/2022

b,c,d

24,999,708

25,000,000

0.275%

(LIBOR

3M

+

0.020%),4/21/2022

b,c,d

25,000,504

Toronto-Dominion

Bank

25,000,000

0.166%

(LIBOR

3M

+

0.020%),2/10/2022

b,d

25,000,201

15,000,000

0.176%

(LIBOR

3M

+

0.020%),2/14/2022

d

15,000,233

25,000,000

0.180%

(LIBOR

3M

+

0.020%),2/18/2022

d

25,000,534

15,000,000

0.250%

(SOFRRATE

+

0.210%),6/3/2022

b,d

15,005,473

10,000,000

0.190%

(FEDL

1M

+

0.110%),8/12/2022

d

9,997,349

Toronto-Dominion

Holdings

USA,

Inc.

15,000,000

0.500% ,6/14/2022

b

14,973,814

Truist

Bank

5,000,000

0.748%

(LIBOR

3M

+

0.590%),5/17/2022

d

5,004,482

Truist

Financial

Corporation

12,105,000

2.750% ,4/1/2022

12,127,463

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Financials

(42.4%)

a

Value

U.S.

Bank

NA

$

20,000,000

0.604%

(LIBOR

3M

+

0.440%),5/23/2022

d

$

20,012,019

5,000,000

0.598%

(LIBOR

3M

+

0.400%),12/9/2022

d

5,005,948

UBS

Group

AG

23,565,000

1.662%

(LIBOR

3M

+

1.530%),2/1/2022

b,d

23,565,000

UBS

Group

Funding

Jersey,

Ltd.

25,559,000

2.650% ,2/1/2022

b

25,559,000

UDR,

Inc.

20,000,000

0.240% ,3/1/2022

b,c

19,996,021

25,000,000

0.250% ,3/2/2022

b,c

24,994,792

Victory

Receivables

Corporation

25,000,000

0.170% ,2/1/2022

b,c

24,999,945

26,247,000

0.197% ,3/31/2022

b,c

26,237,666

Westpac

Banking

Corporation

15,000,000

0.155%

(LIBOR

3M

+

0.010%),2/4/2022

b,d

15,000,013

25,000,000

0.164%

(LIBOR

3M

+

0.010%),2/11/2022

d

25,000,188

20,000,000

0.930%

(LIBOR

3M

+

0.710%),6/28/2022

d

20,052,677

25,000,000

0.380% ,7/6/2022

b,c

24,952,983

10,000,000

0.180%

(SOFRRATE

+

0.130%),9/1/2022

d

9,997,576

4,000,000

0.806%

(LIBOR

3M

+

0.570%),1/11/2023

d

4,019,280

26,046,000

0.634%

(LIBOR

3M

+

0.390%),1/13/2023

d

26,130,477

Westpac

Banking

Corporation

NY

15,000,000

0.240%

(SOFRRATE

+

0.190%),1/12/2023

d

14,994,962

Total

3,068,534,588

Principal

Amount

Foreign

(

1.4%

)

a

Value

Caisse

d'Amortissement

de

la

Dette

Sociale

15,000,000

0.160% ,3/7/2022

b

14,998,440

25,000,000

0.210% ,4/19/2022

b

24,987,650

25,000,000

0.265% ,4/20/2022

b

24,987,327

25,000,000

0.270% ,4/26/2022

b

24,985,420

11,008,000

0.300% ,5/27/2022

b

10,996,330

Total

100,955,167

Principal

Amount

Technology

(

1.2%

)

a

Value

Apple,

Inc.

36,758,000

0.643%

(LIBOR

3M

+

0.500%),2/9/2022

d

36,762,043

22,320,000

0.500%

(LIBOR

3M

+

0.350%),5/11/2022

d

22,339,418

Intel

Corporation

30,000,000

0.504%

(LIBOR

3M

+

0.350%),5/11/2022

d

30,022,764

Total

89,124,225

Principal

Amount

Transportation

(

1.1%

)

a

Value

Union

Pacific

Corporation

25,000,000

0.200% ,2/4/2022

b

24,999,639

15,000,000

0.200% ,2/7/2022

b

14,999,621

15,000,000

0.200% ,2/8/2022

b

14,999,566

Principal

Amount

Transportation

(1.1%)

a

Value

$

25,000,000

0.200% ,2/14/2022

b

$

24,998,736

Total

79,997,562

Principal

Amount

U.S.

Government

&

Agencies

(

5.7%

)

a

Value

Federal

Agricultural

Mortgage

Corporation

65,745,000

0.060%

(LIBOR

3M

+

-0.100%),2/18/2022

d

65,746,930

22,885,000

0.078%

(LIBOR

3M

+

-0.100%),2/25/2022

d

22,886,363

Federal

Farm

Credit

Bank

8,225,000

0.193%

(LIBOR

1M

+

0.080%),7/13/2022

d

8,228,811

16,200,000

0.184%

(LIBOR

1M

+

0.080%),9/6/2022

d

16,205,651

Federal

Home

Loan

Mortgage

Corporation

15,000,000

0.200%

(SOFRRATE

+

0.150%),3/4/2022

d

15,001,761

Federal

National

Mortgage

Association

10,000,000

0.220%

(SOFRRATE

+

0.170%),3/9/2022

d

10,001,700

25,000,000

0.240%

(SOFRRATE

+

0.190%),5/27/2022

d

25,014,769

U.S.

International

Development

Finance

Corporation

11,540,000

0.160%

(T-BILL

3M

+

FLAT),2/7/2022

d

11,540,000

21,200,000

0.000% ,12/14/2022

21,169,719

4,000,000

0.120% ,5/15/2026

4,000,000

7,761,600

0.160%

(T-BILL

3M

+

FLAT),9/2/2031

d

7,761,600

13,034,188

0.080%

(T-BILL

3M

+

FLAT),3/15/2032

d

13,034,187

13,354,700

0.080%

(T-BILL

3M

+

FLAT),6/15/2032

d

13,354,700

U.S.

Treasury

Bills

25,000,000

0.050% ,3/10/2022

24,999,158

15,000,000

0.175% ,4/28/2022

14,993,281

50,000,000

0.078% ,5/12/2022

49,968,577

25,000,000

0.095% ,5/19/2022

24,980,105

25,000,000

0.165% ,6/23/2022

24,967,064

25,000,000

0.190% ,6/30/2022

24,965,061

U.S.

Treasury

Notes

20,000,000

1.875% ,3/31/2022

20,054,736

Total

418,874,173

Principal

Amount

U.S.

Municipals

(

1.4%

)

a

Value

California

State

18,320,000

0.140% ,3/2/2022

c

18,319,674

Los

Angeles

County

Metropolitan

Transportation

Auth.

15,000,000

0.150% ,2/24/2022

c

14,999,800

17,500,000

0.100% ,3/1/2022

c

17,500,000

Massachusetts

Educational

Financing

Auth.

7,000,000

0.160% ,3/2/2022

c

6,999,938

15,500,000

0.250% ,4/12/2022

c

15,497,520

Wisconsin

State

25,000,000

0.100% ,2/16/2022

24,999,780

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

U.S.

Municipals

(1.4%)

a

Value

$

5,084,000

0.100% ,2/17/2022

$

5,083,953

Total

103,400,665

Principal

Amount

Utilities

(

22.6%

)

a

Value

Ameren

Corporation

22,675,000

0.150% ,2/7/2022

22,674,295

25,000,000

0.190% ,2/14/2022

24,998,017

25,000,000

0.160% ,2/15/2022

24,997,812

Ameren

Illinois

Company

13,625,000

0.160% ,2/8/2022

13,624,497

25,000,000

0.220% ,2/22/2022

24,996,501

American

Electric

Power

Company,

Inc.

25,000,000

0.250% ,2/8/2022

b

24,999,078

25,000,000

0.240% ,2/23/2022

b

24,996,310

27,000,000

0.307% ,3/8/2022

b

26,992,872

18,000,000

0.330% ,3/15/2022

b

17,993,980

Baltimore

Gas

and

Electric

Company

25,000,000

0.230% ,2/22/2022

24,996,501

Berkshire

Hathaway

Energy

Company

25,000,000

0.150% ,2/1/2022

b

24,999,895

25,000,000

0.150% ,2/2/2022

b

24,999,787

Dominion

Energy,

Inc.

25,000,000

0.230% ,2/9/2022

b

24,998,919

9,450,000

0.200% ,2/24/2022

b

9,448,526

DTE

Electric

Company

25,000,000

0.200% ,2/3/2022

24,999,729

DTE

Energy

Company

8,000,000

0.150% ,2/3/2022

b,c

7,999,897

Duke

Energy

Corporation

23,000,000

0.140% ,2/7/2022

b

22,999,374

25,000,000

0.230% ,3/8/2022

b

24,994,150

Enbridge

US,

Inc.

25,000,000

0.240% ,2/17/2022

b,c

24,995,667

12,900,000

0.250% ,2/18/2022

b,c

12,897,613

25,000,000

0.250% ,2/24/2022

b,c

24,993,617

25,000,000

0.260% ,2/25/2022

b,c

24,993,333

25,000,000

0.270% ,2/28/2022

b,c

24,992,455

Enbridge,

Inc.

21,305,000

0.660%

(LIBOR

3M

+

0.500%),2/18/2022

d

21,308,834

Eversource

Energy

25,000,000

0.200% ,2/15/2022

b

24,998,646

25,000,000

0.200% ,2/22/2022

b

24,997,112

20,315,000

0.210% ,2/24/2022

b

20,312,400

ITC

Holdings

Corporation

25,000,000

0.250% ,2/4/2022

b

24,999,567

25,000,000

0.250% ,2/25/2022

b

24,995,885

25,000,000

0.280% ,2/28/2022

b,e

24,994,750

25,000,000

0.250% ,3/1/2022

b

24,995,026

Long

Island

Power

Auth.

25,000,000

0.160% ,3/24/2022

c

24,997,750

10,750,000

0.280% ,5/24/2022

c

10,747,277

National

Rural

Utilities

Cooperative

Finance

Corporation

25,000,000

0.200% ,2/1/2022

24,999,944

17,000,000

0.200% ,2/2/2022

16,999,925

25,000,000

0.200% ,2/10/2022

24,999,445

15,000,000

0.190% ,2/17/2022

14,999,412

Principal

Amount

Utilities

(22.6%)

a

Value

NextEra

Energy

Capital

Holdings,

Inc.

$

15,790,000

0.898%

(LIBOR

3M

+

0.720%),2/25/2022

d

$

15,796,536

NiSource,

Inc.

25,000,000

0.190% ,2/10/2022

b

24,998,757

25,000,000

0.220% ,2/17/2022

b

24,997,462

25,000,000

0.220% ,2/22/2022

b

24,996,502

25,000,000

0.230% ,3/2/2022

b

24,994,792

Public

SVC

Enterprise

Group,

Inc.

25,000,000

0.340% ,3/15/2022

b

24,991,639

San

Diego

Gas

&

Electric

Company

23,000,000

0.160% ,2/2/2022

b

22,999,451

23,000,000

0.170% ,2/3/2022

b

22,999,176

23,000,000

0.180% ,2/7/2022

b

22,998,077

25,000,000

0.180% ,2/8/2022

b

24,997,611

Sempra

Energy

25,000,000

0.240% ,2/7/2022

b

24,999,222

25,000,000

0.250% ,2/8/2022

b

24,999,072

25,000,000

0.250% ,2/9/2022

b

24,998,906

25,000,000

0.240% ,2/10/2022

b

24,998,736

Southern

Company

25,000,000

0.190% ,2/9/2022

b

24,998,919

25,000,000

0.200% ,2/18/2022

b

24,997,275

Southern

Company

Gas

Capital

Corporation

20,000,000

0.220% ,2/14/2022

b,c

19,998,040

TransCanada

American

Investments,

Ltd.

25,000,000

0.310% ,2/4/2022

b

24,999,567

12,500,000

0.270% ,2/8/2022

b

12,499,539

20,600,000

0.260% ,3/10/2022

b

20,594,151

25,000,000

0.400% ,3/16/2022

b

24,991,353

15,000,000

0.350% ,4/14/2022

b

14,989,202

Union

Electric

Company

25,000,000

0.150% ,2/7/2022

24,999,222

25,000,000

0.205% ,2/22/2022

24,996,502

Virginia

Electric

and

Power

Company

25,000,000

0.200% ,2/7/2022

24,999,368

WEC

Energy

Group,

Inc.

25,000,000

0.170% ,2/1/2022

b

24,999,895

25,000,000

0.200% ,2/8/2022

b

24,999,078

24,000,000

0.210% ,2/9/2022

b

23,998,962

25,000,000

0.250% ,2/15/2022

b

24,997,813

25,000,000

0.250% ,2/22/2022

b

24,996,502

Xcel

Energy,

Inc.

25,000,000

0.300% ,2/1/2022

b

24,999,895

25,000,000

0.200% ,2/10/2022

b

24,998,757

25,000,000

0.200% ,2/24/2022

b

24,996,100

37,000,000

0.216% ,3/17/2022

b

36,986,819

Total

1,632,731,696

Total

Investments

(cost

$7,355,291,332)

101.5%

$7,354,873,850

Other

Assets

and

Liabilities,

Net

(1.5)%

(112,014,937)

Total

Net

Assets

100.0%

$7,242,858,913

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

a

The

interest

rate

shown

reflects

the

yield.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2022,

the

value

of

these

investments

was

$4,784,664,259

or

66.1%

of

total

net

assets.

c

Denotes

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution

or

government.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2022.

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.  

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Definitions:

Auth.

-

Authority

Ser.

-

Series

Reference

Rate

Index:

FEDL

1M

-

Federal

Funds

1

Month

Rate

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2022,

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

94,034,820

–

94,034,820

–

Basic

Materials

294,970,178

–

294,970,178

–

Capital

Goods

289,888,387

–

289,888,387

–

Communications

Services

125,667,498

–

125,667,498

–

Consumer

Cyclical

613,508,831

–

613,508,831

–

Consumer

Non-Cyclical

238,987,027

–

238,987,027

–

Energy

204,199,033

–

204,199,033

–

Financials

3,068,534,588

–

3,068,534,588

–

Foreign

100,955,167

–

100,955,167

–

Technology

89,124,225

–

89,124,225

–

Transportation

79,997,562

–

79,997,562

–

U.S.

Government

&

Agencies

418,874,173

–

418,874,173

–

U.S.

Municipals

103,400,665

–

103,400,665

–

Utilities

1,632,731,696

–

1,607,736,946

24,994,750

Total

Investments

at

Value

$7,354,873,850

$–

$7,329,879,100

$24,994,750

Notes

to

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

31

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.  Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(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.

Securities

held

by

the

Money

Market

Fund

are

valued

on

the

basis

of

amortized

cost

(which

approximates

market

value),

whereby

a

portfolio

security

is

valued

at

its

cost

initially

and

thereafter

valued

to

reflect

a

constant

amortization

to

maturity

of

any

discount

or

premium.

The

Money

Market

Fund

and

the

Trust’s

investment

adviser,

Thrivent

Asset

Management,

LLC

(“Thrivent

Asset

Mgt.”

or

the

“Adviser”),

follow

procedures

designed

to

help

maintain

a

constant

net

asset

value

of

$1.00

per

share. 

The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Funds'

securities

to

the

Funds'

investment

Adviser.

The

Adviser

has

formed

a

Valuation

Committee

(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

the

risk

of its

positions

in

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

Notes

to

Schedule

of

Investments

as

of

January

31,

2022

(unaudited)

32

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

mark

to

market

loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-

rata

basis

across

all

the

broker’s

customers,

potentially

resulting

in

losses to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

 In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum

requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options,

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to

the

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Futures

Contracts 

— Certain

Funds may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts.

The

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the period ended January

31,

2022,

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.

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.