Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
1
Principal
Amount
Long-Term
Fixed
Income
(
94.9%
)
Value
Angola
(1.8%)
Angola
Government
International
Bond
$
4,000,000
9.500%,
11/12/2025
$
4,409,976
11,000,000
8.250%,
5/9/2028
11,550,000
2,500,000
8.000%,
11/26/2029
2,584,700
2,000,000
9.125%,
11/26/2049
2,052,920
Total
20,597,596
Argentina
(1.0%)
Argentina
Government
International
Bond
1,800,000
0.500%,
7/9/2030
a
654,300
16,000,000
1.125%,
7/9/2035
a
5,160,160
16,500,000
2.500%,
7/9/2041
a
6,163,575
Total
11,978,035
Azerbaijan
(0.4%)
Azerbaijan
Government
International
Bond
3,900,000
3.500%,
9/1/2032
4,046,250
Total
4,046,250
Bahrain
(1.3%)
Bahrain
Government
International
Bond
4,000,000
6.125%,
8/1/2023
b
4,276,800
2,000,000
7.000%,
10/12/2028
b
2,217,948
3,000,000
7.500%,
9/20/2047
b
3,178,860
1,000,000
7.500%,
9/20/2047
1,059,620
CBB
International
Sukuk
Programme
SPC
4,000,000
6.250%,
11/14/2024
4,346,440
Total
15,079,668
Belarus
(0.7%)
Belarus
Government
International
Bond
2,500,000
6.875%,
2/28/2023
2,504,150
6,100,000
6.200%,
2/28/2030
5,372,026
Total
7,876,176
Brazil
(1.9%)
Brazil
Government
International
Bond
2,900,000
4.750%,
1/14/2050
2,782,608
4,800,000
2.625%,
1/5/2023
4,945,152
3,000,000
2.875%,
6/6/2025
3,095,340
1,000,000
4.500%,
5/30/2029
1,068,360
3,000,000
3.875%,
6/12/2030
3,029,160
1,300,000
5.000%,
1/27/2045
1,297,010
2,000,000
5.625%,
2/21/2047
2,157,020
Petrobras
Global
Finance
BV
2,900,000
6.850%,
6/5/2115
3,234,109
Total
21,608,759
Canada
(0.9%)
Canacol
Energy,
Ltd.
4,500,000
7.250%,
5/3/2025
4,725,045
Petronas
Energy
Canada,
Ltd.
6,000,000
2.112%,
3/23/2028
b
6,103,881
Total
10,828,926
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Cayman
Islands
(0.3%)
Rutas
2
and
7
Finance,
Ltd.
$
1,500,000
Zero
Coupon,
9/30/2036
b
$
1,134,750
SA
Global
Sukuk,
Ltd.
2,000,000
2.694%,
6/17/2031
b
2,050,000
Total
3,184,750
Chile
(2.9%)
Chile
Government
International
Bond
6,000,000
3.500%,
1/25/2050
6,328,140
4,000,000
3.125%,
1/21/2026
4,300,520
4,600,000
3.240%,
2/6/2028
5,010,320
3,000,000
2.450%,
1/31/2031
3,065,580
9,850,000
2.550%,
7/27/2033
10,044,734
Corporacion
Nacional
del
Cobre
de
Chile
4,600,000
3.750%,
1/15/2031
5,020,738
Total
33,770,032
Colombia
(3.4%)
Colombia
Government
International
Bond
5,000,000
2.625%,
3/15/2023
5,079,400
3,375,000
3.875%,
4/25/2027
3,569,974
3,700,000
4.500%,
3/15/2029
4,017,645
4,986,000
3.125%,
4/15/2031
4,885,831
4,000,000
7.375%,
9/18/2037
5,176,800
7,500,000
6.125%,
1/18/2041
8,791,725
4,605,000
5.625%,
2/26/2044
5,141,805
2,000,000
5.000%,
6/15/2045
2,090,960
Total
38,754,140
Costa
Rica
(0.8%)
Costa
Rica
Government
International
Bond
2,500,000
4.375%,
4/30/2025
2,572,525
2,000,000
6.125%,
2/19/2031
2,130,020
4,500,000
7.000%,
4/4/2044
4,725,000
Total
9,427,545
Dominican
Republic
(3.5%)
Dominican
Republic
Government
International
Bond
5,000,000
5.875%,
1/30/2060
b
5,045,050
3,000,000
6.875%,
1/29/2026
b,c
3,454,500
4,000,000
5.950%,
1/25/2027
b,c
4,494,040
5,500,000
4.875%,
9/23/2032
b
5,706,305
2,000,000
5.300%,
1/21/2041
b
2,028,000
3,300,000
7.450%,
4/30/2044
b
4,026,033
4,900,000
6.850%,
1/27/2045
5,567,674
1,000,000
6.500%,
2/15/2048
b
1,096,260
8,000,000
6.400%,
6/5/2049
b
8,688,080
Total
40,105,942
Ecuador
(1.8%)
Ecuador
Government
International
Bond
7,500,000
0.500%,
7/31/2030
a
6,543,825
21,000,000
0.500%,
7/31/2035
a
14,542,710
Total
21,086,535
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
2
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Egypt
(4.5%)
Egypt
Government
International
Bond
$
4,000,000
7.500%,
2/16/2061
b
$
3,720,000
2,000,000
8.875%,
5/29/2050
b
2,128,220
500,000
8.150%,
11/20/2059
b
492,750
4,000,000
6.125%,
1/31/2022
4,074,000
7,800,000
7.600%,
3/1/2029
8,461,440
11,000,000
7.053%,
1/15/2032
b
11,194,700
5,000,000
7.625%,
5/29/2032
5,274,100
2,000,000
6.875%,
4/30/2040
1,923,220
5,000,000
8.500%,
1/31/2047
5,163,480
9,000,000
7.903%,
2/21/2048
8,775,000
Total
51,206,910
El
Salvador
(0.8%)
El
Salvador
Government
International
Bond
4,700,000
8.625%,
2/28/2029
4,410,997
5,000,000
7.625%,
2/1/2041
4,175,050
Total
8,586,047
Ghana
(1.9%)
Ghana
Government
International
Bond
3,000,000
7.750%,
4/7/2029
b
3,021,330
2,000,000
10.750%,
10/14/2030
2,490,000
5,000,000
8.625%,
4/7/2034
b
5,049,920
7,000,000
7.875%,
2/11/2035
b
6,714,092
4,000,000
8.875%,
5/7/2042
3,962,240
Total
21,237,582
Guatemala
(1.0%)
Guatemala
Government
International
Bond
1,000,000
6.125%,
6/1/2050
b
1,195,010
4,590,000
4.500%,
5/3/2026
5,003,146
3,700,000
4.375%,
6/5/2027
3,997,887
1,200,000
5.375%,
4/24/2032
b
1,379,400
Total
11,575,443
Honduras
(0.3%)
Honduras
Government
International
Bond
1,000,000
6.250%,
1/19/2027
1,092,510
2,000,000
5.625%,
6/24/2030
b
2,087,500
Total
3,180,010
Indonesia
(5.3%)
Indonesia
Government
International
Bond
4,650,000
3.750%,
4/25/2022
b
4,756,997
4,000,000
3.375%,
4/15/2023
b
4,185,433
2,397,000
5.875%,
1/15/2024
b
2,694,996
5,000,000
4.125%,
1/15/2025
5,515,371
6,100,000
4.750%,
1/8/2026
b
6,978,034
2,000,000
6.625%,
2/17/2037
b
2,781,759
2,000,000
7.750%,
1/17/2038
b
3,041,821
726,000
6.750%,
1/15/2044
b
1,077,453
3,700,000
5.125%,
1/15/2045
b
4,602,719
1,200,000
5.250%,
1/8/2047
b
1,539,877
1,500,000
4.350%,
1/11/2048
1,714,153
Pertamina
Persero
PT
1,500,000
6.450%,
5/30/2044
1,951,616
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Indonesia
(5.3%)
-
continued
Perusahaan
Listrik
Negara
PT
$
1,000,000
4.375%,
2/5/2050
$
1,025,000
2,000,000
3.375%,
2/5/2030
2,050,000
6,300,000
5.250%,
10/24/2042
7,097,013
Perusahaan
Penerbit
SBSN
Indonesia
III
1,000,000
3.750%,
3/1/2023
b,c
1,047,590
2,500,000
4.350%,
9/10/2024
b
2,753,700
1,500,000
4.150%,
3/29/2027
b
1,681,020
PT
Perusahaan
Gas
Negara
(Persero)
Tbk
PT
4,000,000
5.125%,
5/16/2024
4,410,582
Total
60,905,134
Ivory
Coast
(1.6%)
Ivory
Coast
Government
International
Bond
16,500,000
6.125%,
6/15/2033
17,857,950
Total
17,857,950
Jersey
(1.0%)
Galaxy
Pipeline
Assets
Bidco,
Ltd.
3,000,000
2.160%,
3/31/2034
2,970,392
6,500,000
2.625%,
3/31/2036
b
6,437,603
2,000,000
2.940%,
9/30/2040
b
2,014,384
Total
11,422,379
Kazakhstan
(1.2%)
Kazakhstan
Government
International
Bond
4,700,000
6.500%,
7/21/2045
6,928,458
KazMunayGas
National
Company
JSC
5,000,000
3.500%,
4/14/2033
5,188,500
1,700,000
5.750%,
4/19/2047
2,115,140
Total
14,232,098
Kenya
(0.3%)
Kenya
Government
International
Bond
3,000,000
8.000%,
5/22/2032
3,387,780
Total
3,387,780
Malaysia
(1.1%)
Petronas
Capital,
Ltd.
5,000,000
4.550%,
4/21/2050
6,144,847
6,400,000
3.500%,
4/21/2030
6,999,487
Total
13,144,334
Mexico
(6.0%)
Comision
Federal
de
Electricidad
966,667
4.050%,
3/20/2050
858,400
4,000,000
3.875%,
7/26/2033
b
3,980,000
Mexico
Government
International
Bond
4,560,000
4.500%,
1/31/2050
4,884,307
5,781,000
4.150%,
3/28/2027
c
6,575,830
1,885,000
3.750%,
1/11/2028
2,070,239
5,800,000
6.050%,
1/11/2040
7,314,264
2,000,000
4.600%,
2/10/2048
2,163,320
Petroleos
Mexicanos
10,300,000
7.690%,
1/23/2050
10,011,600
4,000,000
4.250%,
1/15/2025
4,114,960
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
3
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Mexico
(6.0%)
-
continued
$
5,700,000
6.840%,
1/23/2030
$
5,946,240
8,200,000
5.950%,
1/28/2031
8,060,600
7,100,000
6.625%,
6/15/2035
6,855,689
Total
Play
Telecomunicaciones
SA
de
CV
6,000,000
7.500%,
11/12/2025
b
6,408,600
Total
69,244,049
Mongolia
(0.3%)
Mongolia
Government
International
Bond
3,700,000
5.125%,
4/7/2026
3,898,016
Total
3,898,016
Morocco
(1.1%)
Morocco
Government
International
Bond
8,000,000
2.375%,
12/15/2027
b
7,880,000
2,000,000
3.000%,
12/15/2032
1,943,800
1,000,000
5.500%,
12/11/2042
1,145,740
OCP
SA
1,500,000
6.875%,
4/25/2044
1,841,058
Total
12,810,598
Netherlands
(0.6%)
AES
Andres
BV
3,000,000
5.700%,
5/4/2028
b
3,097,500
IHS
Netherlands
Holdco
BV
3,000,000
8.000%,
9/18/2027
b
3,210,000
Total
6,307,500
Nigeria
(1.1%)
Nigeria
Government
International
Bond
2,000,000
6.375%,
7/12/2023
2,132,500
4,600,000
7.875%,
2/16/2032
4,922,000
5,000,000
7.696%,
2/23/2038
5,122,200
Total
12,176,700
Oman
(2.9%)
Oman
Government
International
Bond
3,000,000
4.125%,
1/17/2023
b
3,070,800
2,000,000
5.932%,
10/31/2025
b
2,210,000
5,000,000
4.750%,
6/15/2026
b
5,168,950
4,000,000
5.625%,
1/17/2028
b
4,207,760
9,500,000
7.375%,
10/28/2032
b
10,861,901
7,500,000
6.750%,
1/17/2048
b
7,575,000
Total
33,094,411
Pakistan
(0.7%)
Pakistan
Government
International
Bond
3,000,000
6.000%,
4/8/2026
b
3,018,750
3,000,000
6.875%,
12/5/2027
3,067,500
2,000,000
7.375%,
4/8/2031
b
2,009,040
Total
8,095,290
Panama
(2.7%)
Panama
Bonos
del
Tesoro
4,000,000
4.950%,
5/24/2024
4,443,435
8,000,000
3.362%,
6/30/2031
8,020,000
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Panama
(2.7%)
-
continued
Panama
Government
International
Bond
$
4,800,000
4.500%,
4/16/2050
$
5,462,496
1,000,000
9.375%,
1/16/2023
1,123,750
3,000,000
3.750%,
3/16/2025
3,261,120
2,000,000
3.875%,
3/17/2028
2,202,100
5,079,000
6.700%,
1/26/2036
6,932,886
Total
31,445,787
Paraguay
(1.5%)
Paraguay
Government
International
Bond
7,800,000
5.400%,
3/30/2050
9,174,828
4,500,000
4.700%,
3/27/2027
5,060,295
2,500,000
4.950%,
4/28/2031
2,862,500
Total
17,097,623
Peru
(2.5%)
Peru
Government
International
Bond
1,700,000
3.550%,
3/10/2051
1,692,180
1,000,000
7.350%,
7/21/2025
1,217,180
11,000,000
2.783%,
1/23/2031
11,042,790
3,000,000
8.750%,
11/21/2033
4,640,820
5,000,000
3.300%,
3/11/2041
4,875,000
Petroleos
del
Peru
SA
5,000,000
5.625%,
6/19/2047
b
5,162,500
Total
28,630,470
Philippines
(1.9%)
Philippines
Government
International
Bond
3,000,000
4.200%,
1/21/2024
3,260,863
3,000,000
3.750%,
1/14/2029
3,393,141
5,025,000
7.750%,
1/14/2031
7,406,166
2,625,000
6.375%,
10/23/2034
3,704,176
3,720,000
3.950%,
1/20/2040
4,159,985
Total
21,924,331
Qatar
(4.5%)
Qatar
Government
International
Bond
5,700,000
4.400%,
4/16/2050
b
7,028,168
6,000,000
4.500%,
1/20/2022
b
6,115,608
3,000,000
3.875%,
4/23/2023
b
3,176,898
6,000,000
3.375%,
3/14/2024
b
6,418,500
3,000,000
3.250%,
6/2/2026
b
3,279,300
1,000,000
4.000%,
3/14/2029
b
1,153,750
3,000,000
3.750%,
4/16/2030
b
3,411,600
2,000,000
5.750%,
1/20/2042
b
2,809,896
8,000,000
4.817%,
3/14/2049
b
10,408,384
Qatar
Petroleum
3,000,000
2.250%,
7/12/2031
b
3,035,256
4,000,000
3.125%,
7/12/2041
b
4,147,480
Total
50,984,840
Romania
(1.3%)
Romania
Government
International
Bond
3,100,000
4.000%,
2/14/2051
3,278,343
7,200,000
4.875%,
1/22/2024
7,910,194
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
4
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Romania
(1.3%)
-
continued
$
3,000,000
3.000%,
2/14/2031
$
3,113,670
Total
14,302,207
Russian
Federation
(2.9%)
Russia
Government
International
Bond
2,000,000
4.500%,
4/4/2022
b
2,052,404
7,600,000
4.750%,
5/27/2026
8,654,728
4,000,000
4.250%,
6/23/2027
b
4,478,848
2,000,000
12.750%,
6/24/2028
b
3,355,000
2,400,000
4.375%,
3/21/2029
2,721,312
675,000
7.500%,
3/31/2030
b
775,426
2,600,000
5.100%,
3/28/2035
b
3,136,250
6,000,000
5.250%,
6/23/2047
b
7,620,000
Total
32,793,968
Saudi
Arabia
(4.3%)
Saudi
Arabia
Government
International
Bond
13,000,000
3.750%,
1/21/2055
13,812,500
2,500,000
2.375%,
10/26/2021
b
2,510,980
3,000,000
2.875%,
3/4/2023
b
3,103,764
8,300,000
3.250%,
10/26/2026
b
9,036,758
4,000,000
3.625%,
3/4/2028
b
4,425,696
3,800,000
4.375%,
4/16/2029
b
4,411,724
7,000,000
2.250%,
2/2/2033
b
6,869,870
Saudi
Arabian
Oil
Company
1,500,000
1.625%,
11/24/2025
b
1,515,150
3,500,000
2.250%,
11/24/2030
b
3,465,000
Total
49,151,442
Senegal
(1.4%)
Senegal
Government
International
Bond
4,500,000
6.250%,
7/30/2024
4,990,950
10,700,000
6.250%,
5/23/2033
11,340,930
Total
16,331,880
South
Africa
(2.9%)
Eskom
Holdings
SOC,
Ltd.
4,500,000
6.350%,
8/10/2028
b
4,987,350
South
Africa
Government
International
Bond
4,125,000
5.875%,
5/30/2022
4,302,210
2,000,000
4.665%,
1/17/2024
2,149,360
3,500,000
5.875%,
9/16/2025
3,959,690
1,500,000
4.850%,
9/27/2027
1,610,250
1,500,000
5.875%,
6/22/2030
c
1,702,500
5,500,000
6.250%,
3/8/2041
6,049,340
8,200,000
5.650%,
9/27/2047
8,312,012
Total
33,072,712
Supranational
(0.4%)
Africa
Finance
Corporation
5,000,000
2.875%,
4/28/2028
b
5,025,000
Total
5,025,000
Trinidad
and
Tobago
(0.3%)
Telecommunications
Services
of
Trinidad
and
Tobago,
Ltd.
3,000,000
8.875%,
10/18/2029
b
3,210,000
Total
3,210,000
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Turkey
(3.8%)
Hazine
Mustesarligi
Varlik
Kiralama
AS
$
3,000,000
5.800%,
2/21/2022
b
$
3,051,726
Turkey
Government
International
Bond
3,000,000
6.250%,
9/26/2022
c
3,116,016
5,000,000
7.250%,
12/23/2023
5,398,020
8,000,000
5.750%,
3/22/2024
8,310,400
6,000,000
6.375%,
10/14/2025
6,297,120
4,000,000
4.750%,
1/26/2026
3,950,320
1,000,000
5.125%,
2/17/2028
977,500
4,139,000
6.875%,
3/17/2036
4,215,571
5,935,000
6.750%,
5/30/2040
5,873,775
3,000,000
5.750%,
5/11/2047
2,590,140
Total
43,780,588
Ukraine
(1.8%)
State
Agency
of
Roads
of
Ukraine
3,000,000
6.250%,
6/24/2028
b
2,970,000
Ukraine
Government
International
Bond
2,000,000
7.750%,
9/1/2024
2,170,408
4,900,000
9.750%,
11/1/2028
5,823,650
9,500,000
7.375%,
9/25/2032
9,880,000
Total
20,844,058
United
Arab
Emirates
(2.5%)
Abu
Dhabi
Government
International
Bond
6,200,000
3.875%,
4/16/2050
b
7,215,126
3,000,000
2.500%,
10/11/2022
b
3,077,070
3,000,000
3.125%,
5/3/2026
b
3,281,160
8,500,000
2.500%,
9/30/2029
b
8,938,175
Finance
Department
Government
of
Sharjah
7,000,000
4.000%,
7/28/2050
b
6,351,800
Total
28,863,331
United
Kingdom
(0.8%)
Gazprom
PJSC
5,000,000
3.250%,
2/25/2030
b
4,981,750
NAK
Naftogaz
Ukraine
4,000,000
7.625%,
11/8/2026
b
4,085,858
Total
9,067,608
Uruguay
(2.2%)
Uruguay
Government
International
Bond
4,000,000
4.975%,
4/20/2055
5,161,520
4,000,000
5.100%,
6/18/2050
5,239,440
12,740,312
4.375%,
1/23/2031
14,891,004
Total
25,291,964
Uzbekistan
(0.6%)
Uzbekistan
Government
International
Bond
7,000,000
3.900%,
10/19/2031
b
6,970,250
Total
6,970,250
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
5
Principal
Amount
Long-Term
Fixed
Income
(94.9%)
Value
Vietnam
(1.4%)
Vietnam
Government
International
Bond
$
14,600,000
4.800%,
11/19/2024
$
16,207,101
Total
16,207,101
Virgin
Islands,
British
(2.8%)
Sinopec
Group
Overseas
Development
2017,
Ltd.
5,000,000
3.625%,
4/12/2027
5,540,716
Sinopec
Group
Overseas
Development
2018,
Ltd.
9,700,000
2.300%,
1/8/2031
9,750,966
State
Grid
Overseas
Investment
2016,
Ltd.
12,500,000
2.875%,
5/18/2026
13,355,490
3,000,000
3.500%,
5/4/2027
3,330,060
Total
31,977,232
Total
Long-Term
Fixed
Income
(cost
$1,045,488,116)
1,087,678,977
Shares
Collateral
Held
for
Securities
Loaned
(
1.6%
)
18,447,320
Thrivent
Cash
Management
Trust
18,447,320
Total
Collateral
Held
for
Securities
Loaned
(cost
$18,447,320)
18,447,320
Shares
Registered
Investment
Companies
(
0.9%
)
Value
Unaffiliated (0.9%)
88,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
9,920,240
Total
9,920,240
Total
Registered
Investment
Companies
(cost
$8,571,298)
9,920,240
Shares
Short-Term
Investments
(
2.3%
)
Thrivent
Core
Short-Term
Reserve
Fund
2,581,577
0.130%
25,815,770
Total
Short-Term
Investments
(cost
$25,815,770)
25,815,770
Total
Investments
(cost
$1,098,322,504)
99.7%
$1,141,862,307
Other
Assets
and
Liabilities,
Net
0.3%
3,984,528
Total
Net
Assets
100.0%
$1,145,846,835
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
July
30,
2021.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
July
30,
2021,
the
value
of
these
investments
was
$375,824,591
or
32.8%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Debt
Fund
as
of
July
30,
2021:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
17,920,961
Total
lending
$17,920,961
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$18,447,320
Net
amounts
due
to
counterparty
$526,359
Definitions:
ETF
-
Exchange
Traded
Fund
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
July
30,
2021
(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
July
30,
2021,
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
5,020,738
–
5,020,738
–
Capital
Goods
9,407,603
–
9,407,603
–
Communications
Services
12,828,600
–
12,828,600
–
Consumer
Non-Cyclical
2,050,000
–
2,050,000
–
Energy
110,105,760
–
110,105,760
–
Financials
1,134,750
–
1,134,750
–
Foreign
Government
934,636,094
–
934,636,094
–
Utilities
12,495,432
–
12,495,432
–
Registered
Investment
Companies
Unaffiliated
9,920,240
9,920,240
–
–
Subtotal
Investments
in
Securities
$1,097,599,217
$9,920,240
$1,087,678,977
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
25,815,770
Collateral
Held
for
Securities
Loaned
18,447,320
Subtotal
Other
Investments
$44,263,090
Total
Investments
at
Value
$1,141,862,307
*
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
10/31/2020
Gross
Purchases
Gross
Sales
Value
7/30/2021
Shares
Held
at
7/30/2021
%
of
Net
Assets
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$32,552
$239,125
$245,861
$25,816
2,582
2.3%
Total
Affiliated
Short-Term
Investments
32,552
25,816
2.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
6,981
149,413
137,947
18,447
18,447
1.6
Total
Collateral
Held
for
Securities
Loaned
6,981
18,447
1.6
Total
Value
$39,533
$44,263
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$(8)
$8
$
–
$52
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$52
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
0
18
Total
Affiliated
Income
from
Securities
Loaned,
Net
$18
Total
Value
$(8)
$8
$0
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
7
Shares
Common
Stock
(
98.0%
)
Value
Bermuda
(0.2%)
162,000
Road
King
Infrastructure,
Ltd.
$
188,805
730,200
Shanghai
Industrial
Urban
Development
Group,
Ltd.
62,155
1,626,000
Yuexiu
Transport
Infrastructure,
Ltd.
857,799
Total
1,108,759
Brazil
(5.1%)
119,600
Ambev
SA
382,803
94,900
Atacadao
SA
348,752
44,100
Azul
SA
a
329,379
259,000
B3
SA
-
Brasil
Bolsa
Balcao
761,845
125,300
Banco
ABC
Brasil
SA
360,148
220,399
Banco
Bradesco
SA
ADR
1,029,263
126,400
Banco
do
Brasil
SA
766,178
12,300
Banco
Inter
SA
167,227
37,746
Banco
Santander
Brasil
SA
ADR
b
292,909
157,600
BB
Seguridade
Participacoes
SA
646,347
146,300
BRF
SA
a
717,982
70,100
CCR
SA
174,300
96,433
Centrais
Eletricas
Brasileiras
SA
ADR
b
754,106
100,900
Cia
Brasileira
de
Distribuicao
606,378
89,865
Companhia
Siderurgica
Nacional
SA
ADR
799,798
168,800
EDP
-
Energias
do
Brasil
SA
557,454
58,700
Enauta
Participacoes
SA
169,397
90,400
ENGIE
Brasil
Energia
SA
658,354
220,097
Itau
Unibanco
Holding
SA
ADR
1,269,960
57,500
Itausa
SA
123,429
170,000
JBS
SA
1,047,761
5,700
Localiza
Rent
a
Car
SA
68,149
28,400
Locaweb
Servicos
de
Internet
SA
c
136,377
75,900
Magazine
Luiza
SA
300,204
156,400
Metalurgica
Gerdau
SA
427,917
11,100
Natura
&
Company
Holding
SA
a
113,850
93,900
Petro
Rio
SA
a
319,656
161,800
Petrobras
Distribuidora
SA
881,656
373,500
Petroleo
Brasileiro
SA
1,931,952
121,175
Petroleo
Brasileiro
SA
ADR
1,292,937
221,400
Raia
Drogasil
SA
1,075,065
17,200
Sendas
Distribuidora
SA
286,257
30,200
Sul
America
SA
174,477
100,500
Telefonica
Brasil
SA
793,850
75,097
Telefonica
Brasil
SA
ADR
599,274
330,800
TIM
SA
720,256
9,747
TIM
SA
ADR
106,242
111,200
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
438,117
303,915
Vale
SA
ADR
6,388,294
35,300
WEG
SA
242,642
Total
28,260,942
Cayman
Islands
(13.9%)
645,500
3SBio,
Inc.
a,c
537,842
208,000
ANTA
Sports
Products,
Ltd.
4,528,445
27,873
Baidu.com,
Inc.
ADR
a
4,571,451
58,000
China
Education
Group
Holdings,
Ltd.
105,174
504,000
China
Medical
System
Holdings,
Ltd.
1,023,526
222,000
China
Meidong
Auto
Holdings,
Ltd.
1,198,303
612,000
Consun
Pharmaceutical
Group,
Ltd.
361,235
13,000
Country
Garden
Services
Holdings
Company,
Ltd.
105,559
Shares
Common
Stock
(98.0%)
Value
Cayman
Islands
(13.9%)
-
continued
137,000
ENN
Energy
Holdings,
Ltd.
$
2,858,958
1,672,000
IGG,
Inc.
1,900,694
10,603
JOYY,
Inc.
ADR
566,730
144,000
Li
Ning
Company,
Ltd.
1,520,830
381,500
Longfor
Group
Holdings,
Ltd.
c
1,773,291
182,500
Meituan
Dianping
a,c
5,050,035
242,000
NetDragon
Websoft
Holdings,
Ltd.
565,132
66,771
NetEase
,
Inc.
ADR
6,824,664
103,519
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
a
224,636
33,746
NIO,
Inc.
ADR
a
1,507,771
7,400
Noah
Holdings,
Ltd.
ADR
a
285,640
8,960
Pinduoduo
,
Inc.
ADR
a
820,826
4,911,500
Shui
On
Land,
Ltd.
a
784,561
433,400
Tencent
Holdings,
Ltd.
26,137,551
34,000
Tingyi
(Cayman
Islands)
Holding
Corporation
61,299
1,265,000
Want
Want
China
Holdings,
Ltd.
853,883
41,356
Weibo
Corporation
ADR
a
2,332,479
38,500
Wuxi
Biologics
(Cayman),
Inc.
a,c
588,059
906,500
Xiabuxiabu
Catering
Management
Holdings
Company,
Ltd.
c
807,514
1,355,200
Xiaomi
Corporation
a,c
4,438,656
556,000
Zhongsheng
Group
Holdings,
Ltd.
5,124,232
Total
77,458,976
Chile
(0.5%)
10,885
Banco
de
Credito
e
Inversiones
SA
448,949
18,508
Banco
Santander
Chile
SA
ADR
361,646
11,766
CAP
SA
203,882
197,722
Cencosud
SA
358,611
26,656
Cia
Cervecerias
Unidas
SA
ADR
b
566,707
2,766,375
Colbun
SA
404,630
115,369
Embotelladora
Andina
SA
275,924
28,775
Enel
Chile
SA
ADR
b
74,815
202,009
SMU
SA
20,646
Total
2,715,810
China
(18.1%)
58,419
Aier
Eye
Hospital
Group
Company,
Ltd.
533,430
126,365
Alibaba
Group
Holding,
Ltd.
ADR
a
24,665,184
107,100
Anhui
Conch
Cement
Company,
Ltd.,
Class
A
588,195
458,000
Anhui
Conch
Cement
Company,
Ltd.,
Class
H
2,190,571
34,533
Autohome
,
Inc.
ADR
1,564,345
779,000
Bank
of
China,
Ltd.
270,695
789,500
Bank
of
Jiangsu
Company,
Ltd.
765,835
132,000
Beijing
North
Star
Company,
Ltd.
22,256
24,182
BYD
Company,
Ltd.,
Class
A
999,633
17,000
BYD
Company,
Ltd.,
Class
H
525,444
2,167,000
China
Cinda
Asset
Management
Company,
Ltd.
368,086
3,896,000
China
Construction
Bank
Corporation
2,713,735
192,400
China
International
Capital
Corporation,
Ltd.
c
443,198
84,100
China
International
Travel
Service
Corporation,
Ltd.
3,145,483
283,000
China
Merchants
Bank
Company,
Ltd.
2,152,939
278,200
China
Pacific
Insurance
(Group)
Company,
Ltd.
783,418
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
8
Shares
Common
Stock
(98.0%)
Value
China
(18.1%)
-
continued
40,259
China
Petroleum
&
Chemical
Corporation
ADR
$
1,840,642
709,556
China
Shenhua
Energy
Company,
Ltd.,
Class
A
1,871,236
1,334,500
China
Shenhua
Energy
Company,
Ltd.,
Class
H
2,525,169
491,000
China
Vanke
Company,
Ltd.,
Class
H
1,279,083
818,000
CITIC
Securities
Company,
Ltd.
1,821,669
22,300
Foshan
Haitian
Flavouring
and
Food
Company,
Ltd.
396,570
1,329,800
GF
Securities
Company,
Ltd.
1,889,456
990,000
GF
Securities
Company,
Ltd.
2,367,524
766,800
Guangzhou
R&F
Properties
Company,
Ltd.
672,877
2,143,200
Haitong
Securities
Company,
Ltd.
1,766,304
657,682
Henan
Shuanghui
Investment
&
Development
Company,
Ltd.
2,619,930
246,061
Huadong
Medicine
Company,
Ltd.
1,358,600
792,681
Industrial
Bank
Company,
Ltd.
2,172,859
16,920
JD.com,
Inc.
ADR
a
1,199,289
48,500
Jiangsu
Yangnong
Chemical
Company,
Ltd.
945,954
652,000
Jiangxi
Copper
Company,
Ltd.
1,368,883
21,000
Kweichow
Moutai
Company,
Ltd.
5,469,650
62,000
Lenovo
Group,
Ltd.
57,814
65,700
Midea
Group
Company,
Ltd.
648,081
108,480
NARI
Technology
Company,
Ltd.
528,350
9,800
Offcn
Education
Technology
Company,
Ltd.
a
19,832
2,197,000
People's
Insurance
Company
(Group)
of
China,
Ltd.
681,793
12,779
PetroChina
Company,
Ltd.
ADR
b
534,673
788,000
PICC
Property
and
Casualty
Company,
Ltd.
636,559
86,900
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
A
723,850
539,000
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
H
4,716,705
400,182
S.
F.
Holding
Company,
Ltd.
3,673,911
198,800
Shandong
Sun
Paper
Industry
Joint
Stock
Company,
Ltd.
357,122
25,000
Shanghai
Fosun
Pharmaceutical
(Group)
Company,
Ltd.
229,117
204,000
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Company,
Ltd.
366,842
761,400
Shanghai
Pudong
Development
Bank
Company,
Ltd.
1,066,238
333,300
Shenzhen
Overseas
Chinese
Town
Company,
Ltd.
333,322
55,700
Shenzhou
International
Group
Holdings,
Ltd.
1,236,166
88,500
Suning.Com
Company,
Ltd.
a
80,970
870,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
641,488
6,000
Tsingtao
Brewery
Company,
Ltd.
47,422
94,277
Vipshop
Holdings,
Ltd.
ADR
a
1,567,826
47,400
Wanhua
Chemical
Group
Company,
Ltd.
838,290
80,900
Wuhu
Sanqi
Interactive
Entertainment
Network
Technology
Group
Company,
Ltd.
243,050
26,013
WuXi
AppTec
Company,
Ltd.,
Class
A
606,657
Shares
Common
Stock
(98.0%)
Value
China
(18.1%)
-
continued
85,600
WuXi
AppTec
Company,
Ltd.,
Class
H
c
$
1,897,350
55,500
Yunnan
Baiyao
Group
Company,
Ltd.
852,569
59,900
Zhangzhou
Pientzehuang
Pharmaceutical
Company,
Ltd.
3,407,853
440,000
Zijin
Mining
Group
Company,
Ltd.
624,004
471,000
Zoomlion
Heavy
Industry
Science
and
Technology
Company,
Ltd.,
Class
A
557,282
427,000
Zoomlion
Heavy
Industry
Science
and
Technology
Company,
Ltd.,
Class
H
367,761
Total
100,841,039
Colombia
(0.1%)
22,138
Bancolombia
SA
ADR
629,826
25,052
Interconexion
Electrica
SA
140,958
Total
770,784
Cyprus
(0.1%)
22,124
Ros
Agro
plc
GDR
321,561
Total
321,561
Czech
Republic
(0.6%)
45,398
CEZ
AS
1,259,350
28,691
Komercni
Banka
AS
a
1,065,030
252,762
Moneta
Money
Bank
AS
a,c
1,027,562
259
Philip
Morris
CR
174,925
Total
3,526,867
Egypt
(0.3%)
227,297
Commercial
International
Bank
Egypt
SAE
GDR
a
825,088
966,820
EFG
Hermes
Holding
Company
a
713,710
Total
1,538,798
Greece
(0.6%)
781,596
Eurobank
Ergasias
Services
and
Holdings
SA
a
736,676
46,424
Hellenic
Telecommnications
Organization
SA
847,163
11,811
JUMBO
SA
187,641
71,226
Mytilineos
SA
1,321,152
3,346
Sarantis
SA
34,929
Total
3,127,561
Hong
Kong
(1.6%)
3,527,440
CSPC
Pharmaceutical
Group,
Ltd.
4,761,476
539,000
Far
East
Horizon,
Ltd.
574,987
256,000
Hang
Lung
Group,
Ltd.
626,890
271,000
Shanghai
Industrial
Holdings,
Ltd.
413,780
795,000
Weichai
Power
Company,
Ltd.
1,742,468
1,051,200
Yuexiu
Property
Company,
Ltd.
978,842
Total
9,098,443
Hungary
(0.4%)
29,135
OTP
Bank
Nyrt
a
1,571,132
16,063
Richter
Gedeon
Nyrt
440,700
Total
2,011,832
India
(12.1%)
34,025
ACC,
Ltd.
1,096,422
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
9
Shares
Common
Stock
(98.0%)
Value
India
(12.1%)
-
continued
82,564
Adani
Ports
and
Special
Economic
Zone,
Ltd.
$
750,257
180,636
Aditya
Birla
Capital,
Ltd.
a
281,732
257,070
Amara
Raja
Batteries,
Ltd.
2,489,142
474,717
Ambuja
Cements,
Ltd.
2,628,092
88,531
Bajaj
Auto,
Ltd.
4,562,814
13,495
Bajaj
Finserv
,
Ltd.
2,587,045
1,120
Blue
Dart
Express,
Ltd.
82,425
293,613
Cipla
,
Ltd.
a
3,633,337
36,857
Cummins
India,
Ltd.
422,597
35,919
Cyient
,
Ltd.
476,674
5,366
Dixon
Technologies,
Ltd.
a
310,533
6,404
Dr.
Lal
PathLabs
,
Ltd.
c
306,602
7,117
Endurance
Technologies,
Ltd.
a,c
165,797
105,333
Exide
Industries,
Ltd.
253,219
35,635
Graphite
India,
Ltd.
a
339,428
20,136
Gujarat
Gas,
Ltd.
193,683
334,893
HCL
Technologies,
Ltd.
4,617,943
42,866
Heidelberg
Cement
India,
Ltd.
152,654
62,943
Hero
Motocorp
,
Ltd.
2,340,974
21,342
Housing
Development
Finance
Corporation
702,571
401,226
Infosys,
Ltd.
ADR
8,875,119
2,963
JK
Cement,
Ltd.
a
129,817
28,546
Jubilant
FoodWorks
,
Ltd.
a
1,452,096
9,566
Kotak
Mahindra
Bank,
Ltd.
a
213,275
5,154
L&T
Technology
Services,
Ltd.
c
257,169
38,541
Laurus
Labs,
Ltd.
c
332,663
20,261
Mahanagar
Gas,
Ltd.
317,972
28,127
Marico,
Ltd.
206,932
145,333
Motherson
Sumi
Systems,
Ltd.
a
459,019
2,203,145
Oil
and
Natural
Gas
Corporation,
Ltd.
3,412,672
1,686
Page
Industries,
Ltd.
715,223
21,911
Persistent
Systems,
Ltd.
927,800
2,902
PI
Industries,
Ltd.
115,107
23,491
Pidilite
Industries,
Ltd.
720,113
47,057
PNB
Housing
Finance,
Ltd.
a,c
425,990
46,340
Polycab
India,
Ltd.
1,153,455
372,302
Power
Grid
Corporation
of
India
Ltd.,
BNS
a,d
814,969
1,116,907
Power
Grid
Corporation
of
India,
Ltd.
2,573,588
73,145
Reliance
Industries,
Ltd.
2,005,057
3,178
Schaeffler
India,
Ltd.
292,878
8,060
Sundram
Fasteners,
Ltd.
82,863
14,095
Supreme
Industries,
Ltd.
398,006
139,536
Tata
Consultancy
Services,
Ltd.
5,948,937
45,639
Tata
Elxsi
,
Ltd.
2,593,199
27,404
Tech
Mahindra,
Ltd.
446,119
513,752
Wipro,
Ltd.
ADR
4,279,554
Total
67,543,533
Indonesia
(0.3%)
4,114,900
Mitra
Adiperkasa
Tbk
PT
a
176,479
458,700
PT
Japfa
Comfeed
Indonesia
Tbk
49,566
1,613,500
PT
Kalbe
Farma
Tbk
140,624
57,310
Telekomunikasi
Indonesia
Persero
Tbk
PT
ADR
1,280,878
Total
1,647,547
Kuwait
(0.4%)
21,926
HumanSoft
Holding
Company
KSC
259,533
627,543
Kuwait
Finance
House
K.S.C.P.
1,639,612
Shares
Common
Stock
(98.0%)
Value
Kuwait
(0.4%)
-
continued
49,973
Mobile
Telecommunications
Company
KSCP
$
98,299
321,005
National
Industries
Group
Holding
a
243,269
Total
2,240,713
Luxembourg
(0.1%)
40,931
Allegro.eu
SA
a,c
702,281
Total
702,281
Malaysia
(0.6%)
26,100
AEON
Credit
Service
(M)
Berhad
73,971
337,132
Berjaya
Sports
Toto
Berhad
155,784
174,400
Bursa
Malaysia
Berhad
314,297
198,900
Hong
Leong
Bank
Berhad
848,389
552,600
Mah
Sing
Group
Berhad
110,651
296,900
Press
Metal
Aluminium
Holdings
Berhad
339,113
1,356,100
Public
Bank
Berhad
1,278,976
71,700
TIME
dotCom
Berhad
244,646
35,440
V.S.
Industry
Berhad
,
Warrants
(Expires
06/14/2024)
a
2,897
109,800
Yinson
Holdings
Berhad
124,371
Total
3,493,095
Mexico
(1.7%)
78,996
America
Movil
SAB
de
CV
ADR
1,315,284
99,300
Arca
Continental
SAB
de
CV
606,039
2,586
Coca-Cola
FEMSA
SAB
de
CV
ADR
146,290
20,155
Fomento
Economico
Mexicano
SAB
de
CV
ADR
1,760,942
139,500
Gentera
,
SAB
de
CV
a
81,151
10,970
Grupo
Aeroportuario
del
Sureste
,
SAB
de
CV
a
198,489
267,800
Grupo
Financiero
Banorte
SAB
de
CV
ADR
1,732,485
339,600
Grupo
Mexico,
SAB
de
CV
1,555,528
136,100
Megacable
Holdings
SAB
de
CV
479,277
20,000
Regional
SA
124,072
388,800
Wal-Mart
de
Mexico,
SAB
de
CV
1,280,879
Total
9,280,436
Netherlands
(0.1%)
7,507
Yandex
NV
a
510,361
Total
510,361
Philippines
(0.1%)
7,735
Globe
Telecom,
Inc.
287,828
24,450
Manila
Electric
Company
129,791
36,490
Security
Bank
Corporation
80,314
Total
497,933
Poland
(0.9%)
98,296
Asseco
Poland
SA
2,045,848
1,789
Bank
Handlowy
w
Warszawie
SA
a
21,012
42,335
Bank
Pekao
SA
a
1,033,964
10,471
CCC
Spolka
Akcyjna
a
330,483
15,029
Jastrzebska
Spolka
Weglowa
SA
a
135,687
3,840
mBank
SA
a
319,579
783
Mercator
Medical
Spolka
Akcyjna
a
41,685
135,012
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
a
1,326,160
Total
5,254,418
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
10
Shares
Common
Stock
(98.0%)
Value
Russian
Federation
(3.9%)
327,460
Alrosa
PJSC
$
579,996
490,775
Gazprom
PJSC
ADR
3,819,457
35,803
Lukoil
ADR
3,067,809
21,535
Mechel
PJSC
ADR
a
46,946
27,349
MMC
Norilsk
Nickel
PJSC
ADR
946,109
3,064
Novatek
PJSC
GDR
681,823
6,227
Novolipetsk
Steel
OJSC
GDR
218,466
690
PAO
Transneft
1,535,045
206,299
Rosneft
Oil
Company
PJSC
GDR
1,517,831
1,420,700
Sberbank
of
Russia
PJSC
5,939,627
56,815
Severstal
PJSC
1,389,715
60,790
Sovcomflot
OAO
72,414
2,279,100
Surgutneftegas
PJSC
1,189,691
185,958
Surgutneftegas
PJSC
ADR
815,416
Total
21,820,345
Saudi
Arabia
(3.1%)
22,999
Al
Jouf
Agricultural
Development
Company
494,272
137,517
Al
Rajhi
Bank
4,068,474
75,521
Arabian
Cement
Company
937,367
99,759
Arriyadh
Development
Company
764,975
261,850
Bank
AlJazira
a
1,350,860
7,081
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Company
322,255
46,144
Eastern
Province
Cement
Company
607,190
3,522
Jarir
Marketing
Company
188,920
72,246
National
Commercial
Bank
1,059,495
7,603
National
Medical
Care
Company
142,673
4,483
Qassim
Cement
Company
102,799
252,077
Riyad
Bank
1,760,990
72,258
Saudi
Basic
Industries
Corporation
2,324,208
51,642
Saudi
British
Bank
a
424,108
37,916
Saudi
Industrial
Investment
Group
Company
373,609
19,581
Saudi
Industrial
Services
Company
253,221
36,952
Saudi
Telecom
Company
1,319,113
4,215
Southern
Province
Cement
Company
95,755
41,285
Yanbu
Cement
Company
513,753
Total
17,104,037
Singapore
(<0.1%)
9,317
China
Yuchai
International,
Ltd.
136,494
Total
136,494
South
Africa
(3.4%)
183,455
AECI,
Ltd.
1,249,234
20,883
African
Rainbow
Minerals,
Ltd.
426,091
7,320
Anglo
American
Platinum,
Ltd.
957,974
104,875
Barloworld,
Ltd.
773,647
184,187
DataTec
,
Ltd.
296,057
7,537
Exxaro
Resources,
Ltd.
93,271
191,248
FirstRand,
Ltd.
709,581
59,414
Impala
Platinum
Holdings,
Ltd.
1,071,023
64,426
Investec,
Ltd.
240,371
18,186
Kumba
Iron
Ore,
Ltd.
964,846
26,001
Massmart
Holdings,
Ltd.
a
102,487
450,039
Momentum
Metropolitan
Holdings
590,683
86,548
Motus
Holdings,
Ltd.
502,821
58,565
Mr
Price
Group,
Ltd.
871,405
189,583
MTN
Group,
Ltd.
a
1,361,724
26,496
Naspers,
Ltd.
5,113,206
214,538
Ninety
One,
Ltd.
662,741
86,789
Old
Mutual,
Ltd.
76,534
Shares
Common
Stock
(98.0%)
Value
South
Africa
(3.4%)
-
continued
33,204
Pick
n
Pay
Stores,
Ltd.
$
118,441
273,057
Sanlam,
Ltd.
1,078,716
39,059
Sasol,
Ltd.
a
582,329
37,984
Shoprite
Holdings,
Ltd.
415,844
97,371
Sibanye
Stillwater,
Ltd.
424,361
27,337
Standard
Bank
Group
230,399
66,447
Telkom
SA
SOC,
Ltd.
a
192,204
Total
19,105,990
South
Korea
(10.9%)
4,361
Celltrion
,
Inc.
a
962,718
44,974
Cheil
Worldwide,
Inc.
947,374
23,928
Chong
Kun
Dang
Pharmaceutical
Corporation
2,708,801
1,666
ChongKunDang
Company,
Ltd.
145,741
1,490
Daou
Technology,
Inc.
34,634
3,559
Dentium
Company,
Ltd.
223,728
9,273
DIO
Corporation
a
394,664
34,144
DongKook
Pharmaceutical
Company,
Ltd.
749,379
28,742
Green
Cross
Holdings
Corporation
788,933
4,558
Hansol
Chemical
Company,
Ltd.
1,061,312
719
Hugel
,
Inc.
a
149,829
967
Huons
Global
Company,
Ltd.
54,869
3,109
Hyundai
Glovis
Company,
Ltd.
526,915
6,399
Hyundai
Green
Food
Company,
Ltd.
56,012
1,143
Hyundai
Home
Shopping
Network
Corporation
80,842
2,256
Hyundai
Motor
Company
429,351
59,135
Hyundai
Steel
Company
2,781,683
63,977
JB
Financial
Group
Corporation,
Ltd.
429,974
51,286
Kia
Corporation
3,745,450
1,976
Korea
Electric
Terminal
Company,
Ltd.
162,774
816
Korea
Zinc
Company,
Ltd.
388,484
2,117
Kumho
Petrochemical
Company,
Ltd.
375,018
4,757
LG
Chem
,
Ltd.
3,494,035
2,850
Lotte
Shopping
Company,
Ltd.
266,675
21,212
LS
Electric
Company,
Ltd.
1,199,169
26,278
LX
International
Corporation
706,919
17,754
LX
Semicon
Company,
Ltd.
1,853,192
24,880
Meritz
Fire
&
Marine
Insurance
Company,
Ltd.
552,315
145,446
Meritz
Securities
Company,
Ltd.
621,584
383
NAVER
Corporation
144,354
5,039
Osstem
Implant
Company,
Ltd.
566,979
734
PharmaResearch
Company,
Ltd.
56,773
16,231
POSCO
5,162,381
292,181
Samsung
Electronics
Company,
Ltd.
19,966,595
75,634
Samsung
Securities
Corporation,
Ltd.
2,913,895
3,137
Sebang
Global
Battery
Company,
Ltd.
238,649
21,056
Shinhan
Financial
Group
Company,
Ltd.
713,655
28,025
SK
Hynix,
Inc.
2,743,546
7,730
SK,
Inc.
1,804,045
313
Taekwang
Industrial
Corporation,
Ltd.
305,429
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
11
Shares
Common
Stock
(98.0%)
Value
South
Korea
(10.9%)
-
continued
1,112
UNID
Company,
Ltd.
$
114,208
Total
60,622,883
Taiwan
(16.3%)
1,270,000
Asia
Cement
Corporation
a
2,357,488
2,059,000
Capital
Securities
Corporation
1,181,221
287,000
Chipbond
Technology
Corporation
771,308
1,909,000
CTBC
Financial
Holding
Company,
Ltd.
a
1,563,286
595,000
Delta
Electronics,
Inc.
6,130,850
295,000
Feng
Hsin
Iron
&
Steel
Company,
Ltd.
a
861,103
233,000
Formosa
Plastics
Corporation
833,457
1,492,000
Fubon
Financial
Holding
Company,
Ltd.
4,010,736
224,000
Giga-Byte
Technology
Company,
Ltd.
804,828
101,000
Greatek
Electronics,
Inc.
345,018
125,000
Holtek
Semiconductor,
Inc.
604,342
110,000
Huaku
Development
Company,
Ltd.
334,346
1,423,006
IBF
Financial
Holdings
Company,
Ltd.
837,851
60,000
International
Games
System
Co.,
Ltd.
1,872,359
1,577,000
King
Yuan
Electronics
Company,
Ltd.
a
2,628,908
288,415
Makalot
Industrial
Company,
Ltd.
2,454,877
6,000
MediaTek
,
Inc.
196,187
100,000
Nan
Ya
Plastics
Corporation
312,086
61,000
Nantex
Industry
Company,
Ltd.
268,778
200,000
Novatek
Microelectronics
Corporation
a
3,679,065
60,000
Phison
Electronics
Corporation
a
1,025,389
171,000
Realtek
Semiconductor
Corporation
3,610,461
925,000
Sigurd
Microelectronics
Corporation
a
2,128,522
158,000
Sinbon
Electronics
Company,
Ltd.
1,359,154
51,000
Syncmold
Enterprise
Corporation
a
149,987
180,000
Systex
Corporation
564,207
739,062
Taichung
Commercial
Bank
Company,
Ltd.
314,738
77,000
Taiwan
Cogeneration
Corporation
a
105,648
28,000
Taiwan
Hon
Chuan
Enterprise
Company,
Ltd.
78,313
95,000
Taiwan
Paiho
,
Ltd.
315,801
2,004,000
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
41,882,598
527,000
Topco
Scientific
Company,
Ltd.
2,446,521
53,000
Tripod
Technology
Corporation
227,900
1,415,000
Tung
Ho
Steel
Enterprise
Corporation
2,368,184
689,000
United
Microelectronics
Corporation
1,440,801
177,000
Vanguard
International
Semiconductor
Corporation
a
733,354
Total
90,799,672
Thailand
(1.1%)
25,600
AEON
Thana
Sinsap
(Thailand)
Public
Company,
Ltd.
NVDR
132,697
1,451,700
AP
(Thailand)
Public
Company,
Ltd.
NVDR
349,315
345,100
Com7
Public
Company,
Ltd.
NVDR
681,062
517,500
Eastern
Polymer
Group
Public
Company,
Ltd.
NVDR
190,719
Shares
Common
Stock
(98.0%)
Value
Thailand
(1.1%)
-
continued
98,700
Kasikornbank
pcl
NVDR
$
309,089
5,357,200
Land
and
Houses
Public
Company,
Ltd.
NVDR
1,271,721
40,900
PTT
Exploration
and
Production
Public
Company,
Ltd.
NVDR
128,095
196,200
Srisawad
Corporation
Public
Company,
Ltd.
NVDR
382,285
804,400
Thai
Vegetable
Oil
Public
Company,
Ltd.
NVDR
770,142
787,500
TISCO
Financial
Group
Public
Company,
Ltd.
2,107,943
Total
6,323,068
Turkey
(0.4%)
5,721
Ford
Otomotiv
Sanayi
AS
117,164
138,321
Is
Yatirim
Menkul
Degerler
AS
223,045
64,863
Koza
Altin
Isletmeleri
AS
a
802,818
105,404
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
a
169,693
18,405
Nuh
Cimento
Sanayi
AS
83,671
3,160
Otokar
Otomotiv
ve
Savunma
Sanayi
AS
109,321
149,905
TAV
Havalimanlari
Holding
AS
a
401,197
13,798
Turkcell
Iletisim
Hizmetleri
AS
ADR
b
62,781
62,869
Turkiye
Garanti
Bankasi
AS
63,570
84,056
Vestel
Elektronik
Sanayi
ve
Ticaret
AS
297,877
Total
2,331,137
United
States
(1.1%)
99,039
Yum
China
Holding,
Inc.
6,159,235
Total
6,159,235
Virgin
Islands,
British
(<0.1%)
9,465
Mail.Ru
Group,
Ltd.
GDR
a
197,068
Total
197,068
Total
Common
Stock
(cost
$481,929,522)
546,551,618
Shares
Preferred
Stock
(
0.6%
)
South
Korea
(0.6%)
2,820
LG
Chem
,
Ltd.
940,654
40,982
Samsung
Electronics
Company,
Ltd.
2,572,682
Total
3,513,336
Total
Preferred
Stock
(cost
$2,834,444)
3,513,336
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
754,655
Thrivent
Cash
Management
Trust
754,655
Total
Collateral
Held
for
Securities
Loaned
(cost
$754,655)
754,655
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
12
Shares
or
Principal
Amount
Short-Term
Investments
(
1.3%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
300,000
0.005%,
8/4/2021
e,f
$
299,999
100,000
0.016%,
8/11/2021
e,f
99,999
100,000
0.043%,
8/20/2021
e,f
99,999
300,000
0.040%,
9/22/2021
e,f
299,983
800,000
0.040%,
9/23/2021
e,f
799,954
Thrivent
Core
Short-Term
Reserve
Fund
571,691
0.130%
5,716,906
Total
Short-Term
Investments
(cost
$7,316,837)
7,316,840
Total
Investments
(cost
$492,835,458)
100.0%
$558,136,449
Other
Assets
and
Liabilities,
Net
0.0%
(159,964)
Total
Net
Assets
100.0%
$557,976,485
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
July
30,
2021,
the
value
of
these
investments
was
$18,890,386
or
3.4%
of
total
net
assets.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Equity
Fund
as
of
July
30,
2021:
Securities
Lending
Transactions
Common
Stock
$
703,523
Total
lending
$703,523
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$754,655
Net
amounts
due
to
counterparty
$51,132
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
NVDR
-
Non-Voting
Depository
Receipts
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
13
Reference
Description:
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
July
30,
2021,
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
54,937,818
11,118,586
43,819,232
–
Consumer
Discretionary
88,253,798
36,144,767
52,109,031
–
Consumer
Staples
21,227,227
3,273,737
17,953,490
–
Energy
28,883,289
3,668,252
25,215,037
–
Financials
84,718,329
3,869,244
80,849,085
–
Health
Care
30,037,220
–
30,037,220
–
Industrials
24,975,754
136,494
24,839,260
–
Information
Technology
134,683,494
20,054,152
114,629,342
–
Materials
56,632,720
6,435,240
50,197,480
–
Real
Estate
11,139,597
–
11,139,597
–
Utilities
11,062,372
754,106
9,493,297
814,969
Preferred
Stock
Information
Technology
2,572,682
–
2,572,682
–
Materials
940,654
–
940,654
–
Short-Term
Investments
1,599,934
–
1,599,934
–
Subtotal
Investments
in
Securities
$551,664,888
$85,454,578
$465,395,341
$814,969
Other
Investments *
Total
Affiliated
Short-Term
Investments
5,716,906
Collateral
Held
for
Securities
Loaned
754,655
Subtotal
Other
Investments
$6,471,561
Total
Investments
at
Value
$558,136,449
*
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
1,023,361
1,023,361
–
–
Total
Liability
Derivatives
$1,023,361
$1,023,361
$–
$–
The
following
table
presents
Emerging
Markets
Equity
Fund's
futures
contracts
held
as
of
July
30,
2021.
Investments
and/or
cash
totaling
$1,199,957
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
269
September
2021
$
18,208,426
(
$
1,023,361)
Total
Futures
Long
Contracts
$
18,208,426
(
$
1,023,361)
Total
Futures
Contracts
$
18,208,426
($1,023,361)
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(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
10/31/2020
Gross
Purchases
Gross
Sales
Value
7/30/2021
Shares
Held
at
7/30/2021
%
of
Net
Assets
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$23,017
$111,049
$128,349
$5,717
572
1.0%
Total
Affiliated
Short-Term
Investments
23,017
5,717
1.0
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
215
25,170
24,630
755
755
<0.1
Total
Collateral
Held
for
Securities
Loaned
215
755
<0.1
Total
Value
$23,232
$6,472
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$–
$–
$–
$5
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$5
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
0
17
Total
Affiliated
Income
from
Securities
Loaned,
Net
$17
Total
Value
$–
$–
$0
International
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
15
Shares
Common
Stock
(
99.0%
)
Value
Australia
(7.1%)
26,998
ARB
Corporation,
Ltd.
$
928,693
135,606
Aristocrat
Leisure,
Ltd.
4,155,660
21,660
ASX,
Ltd.
1,227,027
65,030
BHP
Group,
Ltd.
2,554,295
7,960
Breville
Group,
Ltd.
189,231
135,380
Carsales.com,
Ltd.
2,182,996
114,837
Commonwealth
Bank
of
Australia
8,418,456
177,784
Computershare,
Ltd.
2,044,100
8,107
Credit
Corporation
Group,
Ltd.
166,888
49,868
CSL,
Ltd.
10,616,403
57,416
DEXUS
Property
Group
433,722
18,712
Domino's
Pizza
Enterprises,
Ltd.
1,609,981
42,765
Endeavour
Group,
Ltd.
a
208,069
326,941
GWA
Group,
Ltd.
675,307
312,804
Humm
Group,
Ltd.
a
214,934
36,438
Ingenia
Communities
Group
155,530
9,372
IRESS,
Ltd.
97,263
105,963
Medibank
Private,
Ltd.
258,431
15,628
Premier
Investments,
Ltd.
309,372
26,569
REA
Group,
Ltd.
3,164,993
33,422
Reece,
Ltd.
579,795
34,183
Rio
Tinto,
Ltd.
3,350,265
190,135
Sandfire
Resources,
Ltd.
962,373
150,255
SEEK,
Ltd.
3,250,297
9,475
Sonic
Healthcare,
Ltd.
279,951
571,973
Tabcorp
Holdings,
Ltd.
2,087,758
12,238
Technology
One,
Ltd.
85,062
12,437
Washington
H.
Soul
Pattinson
and
Company,
Ltd.
299,431
10,028
Wesfarmers,
Ltd.
452,128
145,140
Westpac
Banking
Corporation
2,607,062
78,642
Woodside
Petroleum,
Ltd.
1,263,299
30,964
Woolworths,
Ltd.
885,761
9,630
WorleyParsons
,
Ltd.
79,076
Total
55,793,609
Austria
(0.2%)
1,952
BAWAG
Group
AG
b
110,893
26,875
OMV
AG
1,451,088
5,275
Raiffeisen
Bank
International
AG
124,726
Total
1,686,707
Belgium
(0.5%)
29,480
Groupe
Bruxelles
Lambert
SA
3,429,987
1,878
KBC
Groep
NV
151,222
4,315
Telenet
Group
Holding
NV
161,949
Total
3,743,158
Bermuda
(0.2%)
66,000
CK
Infrastructure
Holdings,
Ltd.
398,435
36,600
Hongkong
Land
Holdings,
Ltd.
166,053
10,900
Jardine
Matheson
Holdings,
Ltd.
647,896
170,000
Road
King
Infrastructure,
Ltd.
198,129
Total
1,410,513
Canada
(10.7%)
69,273
Bank
of
Nova
Scotia
4,323,732
127,825
BCE,
Inc.
6,379,980
18,341
Canadian
Apartment
Properties
REIT
916,609
71,633
Canadian
National
Railway
Company
7,783,400
67,343
Canadian
Natural
Resources,
Ltd.
2,222,276
89,784
Canadian
Pacific
Railway,
Ltd.
6,666,872
13,573
Canadian
Western
Bank
370,005
Shares
Common
Stock
(99.0%)
Value
Canada
(10.7%)
-
continued
113,861
CGI,
Inc.
a
$
10,357,555
224,973
CI
Financial
Corporation
4,102,385
51,986
Dollarama
,
Inc.
2,448,042
1,344
FirstService
Corporation
250,335
1,054
Kinaxis
,
Inc.
a
136,743
101,943
Laurentian
Bank
of
Canada
3,464,558
2,910
Onex
Corporation
221,819
3,596
Open
Text
Corporation
186,775
37,094
Quebecor,
Inc.
970,462
15,429
Restaurant
Brands
International,
Inc.
1,052,104
38,682
Rogers
Communications,
Inc.
1,974,407
80,703
Royal
Bank
of
Canada
8,162,155
6,397
Shopify,
Inc.
a
9,595,052
57,263
TC
Energy
Corporation
2,791,548
29,098
TELUS
Corporation
646,285
52,483
Thomson
Reuters
Corporation
5,561,280
6,903
TMX
Group,
Ltd.
758,080
40,199
Toronto-Dominion
Bank
2,672,737
Total
84,015,196
Denmark
(4.3%)
595
A.P.
Moller
-
Maersk
AS,
Class
B
1,651,258
197
Alk-Abello
AS
a
97,122
38,737
Carlsberg
AS
7,158,035
27,873
DSV
AS
6,794,461
3,211
Genmab
AS
a
1,451,305
4,169
GN
Store
Nord
AS
365,344
5,600
Jyske
Bank
AS
a
271,733
312
Netcompany
Group
AS
b
38,544
155,006
Novo
Nordisk
AS
14,349,116
13,899
Royal
Unibrew
AS
1,883,512
2,210
Topdanmark
AS
112,540
Total
34,172,970
Finland
(0.7%)
9,599
Fortum
Oyj
264,456
16,203
KONE
Oyj
1,342,044
39,616
Neste
Oil
Oyj
2,435,237
5,950
Orion
Oyj
253,266
23,955
UPM-
Kymmene
Oyj
978,934
Total
5,273,937
France
(7.6%)
37,079
Air
Liquide
SA
6,448,377
65,780
BNP
Paribas
SA
4,011,224
278
Credit
Agricole
SA
3,876
22,011
Dassault
Systemes
SE
1,214,180
2,764
Gaztransport
Et
Technigaz
SA
221,640
1,226
Hermes
International
1,874,287
16,501
Ipsos
SA
766,610
102,283
Legrand
SA
11,516,984
3,102
LNA
Sante
195,395
14,326
L'Oreal
SA
6,554,077
4,726
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,783,966
1,510
Sartorius
Stedim
Biotech
861,977
79,338
Schneider
Electric
SE
13,288,245
100,971
Societe
Generale
2,957,019
137,863
Total
Energies
SE
6,011,774
1,308
Wendel
SA
183,598
Total
59,893,229
Germany
(6.2%)
5,751
Adidas
AG
2,087,353
International
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
16
Shares
Common
Stock
(99.0%)
Value
Germany
(6.2%)
-
continued
69,060
Allianz
SE
$
17,165,847
61,176
Alstria
Office
REIT
AG
1,294,318
216
Bechtle
AG
44,600
1,902
Carl
Zeiss
Meditec
AG
423,601
2,907
CompuGroup
Medical
SE
and
Company
KGaA
233,287
908
Dermapharm
Holding
SE
72,634
13,759
Deutsche
Boerse
AG
2,295,891
54,504
Deutsche
Pfandbriefbank
AG
b
600,396
148,255
Deutsche
Telekom
AG
3,076,920
8,145
Evonik
Industries
AG
283,204
2,058
Gerresheimer
AG
214,885
4,879
LEG
Immobilien
AG
771,113
16,415
Merck
KGaA
3,360,229
6,845
SAP
SE
982,339
2,180
Sartorius
Aktiengesellschaft
1,318,715
4,912
Siemens
AG
766,437
204
Sixt
SE
a
28,382
2,440
Stroeer
SE
192,993
39,595
Symrise
AG
5,838,261
189,789
TAG
Immobilien
AG
6,294,259
5,401
Wacker
Chemie
AG
794,512
2,601
Zalando
SE
a,b
289,004
Total
48,429,180
Hong
Kong
(0.8%)
192,000
CK
Hutchison
Holdings,
Ltd.
1,402,811
36,500
CLP
Holdings,
Ltd.
376,367
299,000
Galaxy
Entertainment
Group,
Ltd.
a
2,026,336
7,000
Henderson
Land
Development
Company,
Ltd.
31,276
351,000
Hong
Kong
and
China
Gas
Company,
Ltd.
570,845
41,000
Hysan
Development
Company,
Ltd.
161,443
30,400
Link
REIT
290,513
87,500
Power
Assets
Holdings,
Ltd.
565,705
28,500
Sun
Hung
Kai
Properties,
Ltd.
407,703
28,500
Swire
Pacific,
Ltd.
177,037
Total
6,010,036
Ireland
(<0.1%)
72,301
AIB
Group
plc
a
177,575
11,975
Glanbia
plc
205,578
Total
383,153
Isle
of
Man
(0.4%)
123,715
Entain
plc
a
3,119,653
Total
3,119,653
Israel
(0.6%)
133,757
Bank
Hapoalim
,
Ltd.
a
1,064,429
230,120
Bank
Leumi
Le-Israel
BM
a
1,758,391
2,388
First
International
Bank
of
Israel,
Ltd.
a
75,724
50,816
Mizrahi
Tefahot
Bank,
Ltd.
a
1,540,010
4,511
Radware
,
Inc.
a
145,389
Total
4,583,943
Italy
(2.7%)
134,254
A2A
SPA
284,841
33,515
Amplifon
SPA
1,655,128
26,408
Azimut
Holding
SPA
679,326
8,141
Banca
Farmafactoring
SPA
b
84,985
632,119
Enel
SPA
5,825,336
142,854
Eni
SPA
1,689,342
Shares
Common
Stock
(99.0%)
Value
Italy
(2.7%)
-
continued
4,145
Interpump
Group
SPA
$
259,103
25,020
Iren
SPA
76,146
38,067
Italgas
SPA
257,665
222,609
Mediobanca
SPA
a
2,605,519
44,760
Poste
Italiane
SPA
b
592,288
97,506
Recordati
SPA
6,030,929
806
Reply
SPA
144,085
2,266,428
Telecom
Italia
SPA
992,500
9,137
UniCredit
SPA
109,292
Total
21,286,485
Japan
(20.3%)
16,800
ABC-MART,
Inc.
926,291
31,900
Advantest
Corporation
2,816,164
13,200
AEON
Financial
Service
Company,
Ltd.
162,623
55,600
Air
Water,
Inc.
831,176
10,500
Alfresca
Holdings
Corporation
159,914
30,800
Amada
Holdings
Company,
Ltd.
316,567
9,700
AnGes
,
Inc.
a,c
60,934
22,200
Arcs
Company,
Ltd.
452,148
19,600
Asahi
Group
Holdings,
Ltd.
881,893
321,100
Astellas
Pharmaceutical,
Inc.
5,114,282
11,500
Bandai
Namco
Holdings,
Inc.
744,098
1,900
BayCurrent
Consulting,
Inc.
756,638
29,100
Chiyoda
Company,
Ltd.
231,268
77,400
Chugai
Pharmaceutical
Company,
Ltd.
2,852,232
37,900
Dai
Nippon
Printing
Company,
Ltd.
893,126
8,800
Daikin
Industries,
Ltd.
1,837,728
21
Daiwa
Office
Investment
Corporation
151,516
223
Daiwa
Securities
Living
Investment
Corporation
244,832
40,400
Denso
Corporation
2,775,527
8,400
DIP
Corporation
245,668
6,200
DISCO
Corporation
1,770,452
5,700
Eisai
Company,
Ltd.
468,841
4,300
Fast
Retailing
Company,
Ltd.
2,916,273
30,000
Fuji
Soft,
Inc.
1,515,847
13,300
Hanwa
Company,
Ltd.
393,547
6,000
Hikari
Tsushin,
Inc.
1,038,784
94,500
Honda
Motor
Company,
Ltd.
3,035,139
13,900
Hoya
Corporation
1,962,258
118
Hulic
REIT,
Inc.
208,772
57,800
Inaba
Denki
Sangyo
Company,
Ltd.
1,410,515
26,600
ITOCHU
Techno-Solutions
Corporation
815,972
7,300
Izumi
Company,
Ltd.
249,875
232,800
Japan
Post
Bank
Company,
Ltd.
1,975,939
580
Japan
Retail
Fund
Investment
Corporation
607,571
49,700
Japan
Tobacco,
Inc.
971,153
64,700
Kamigumi
Company,
Ltd.
1,365,348
63,600
Kao
Corporation
3,829,442
135,200
KDDI
Corporation
4,134,903
256
Kenedix
Retail
REIT
Corporation
710,530
14,700
Keyence
Corporation
8,187,944
71,500
Kinden
Corporation
1,159,463
10,700
Kobe
Bussan
Company,
Ltd.
360,273
3,200
Komatsu,
Ltd.
80,189
8,900
KOMEDA
Holdings
Company,
Ltd.
166,853
59,200
Kyoei
Steel,
Ltd.
767,120
9,300
Lasertec
Corporation
1,745,905
6,300
Lintec
Corporation
137,341
International
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
17
Shares
Common
Stock
(99.0%)
Value
Japan
(20.3%)
-
continued
25,600
M3,
Inc.
$
1,674,411
229,900
Marubeni
Corporation
1,956,774
33,900
Marui
Group
Company,
Ltd.
593,830
12,200
Ministop
Company,
Ltd.
158,960
156,100
Mitsubishi
Corporation
4,378,415
189,700
Mitsubishi
Electric
Corporation
2,573,708
328,300
Mitsubishi
HC
Capital,
Inc.
1,790,655
79,600
Mitsubishi
UFJ
Financial
Group,
Inc.
420,501
25,600
Mitsuboshi
Belting,
Ltd.
427,475
211,700
Mitsui
&
Company,
Ltd.
4,859,025
300
Mori
Hills
REIT
Investment
Corporation
441,253
1,500
MS
and
AD
Insurance
Group
Holdings,
Inc.
46,367
6,800
Murata
Manufacturing
Company,
Ltd.
564,303
67,700
NEC
Networks
&
System
Integration
Corporation
1,200,562
79,600
NHK
Spring
Company,
Ltd.
615,012
36,100
Nidec
Corporation
4,051,991
900
Nihon
Unisys,
Ltd.
27,139
900
Nintendo
Company,
Ltd.
462,693
73
Nippon
Building
Fund,
Inc.
471,774
12
Nippon
REIT
Investment
Corporation
49,779
202,300
Nippon
Telegraph
and
Telephone
Corporation
5,180,523
15,700
Nissan
Chemical
Industries,
Ltd.
769,515
214,700
Nissan
Motor
Company,
Ltd.
a
1,246,085
1,300
Nitori
Holdings
Company,
Ltd.
247,099
31,700
Nitto
Kogyo
Corporation
523,116
100,700
Obayashi
Corporation
823,449
24,500
Oracle
Corporation
Japan
1,830,151
173,600
ORIX
Corporation
3,037,203
5,700
OUTSOURCING,
Inc.
109,103
19,100
PLENUS
Company,
Ltd.
367,829
19,800
Recruit
Holdings
Company,
Ltd.
1,026,247
146,300
Renesas
Electronics
Corporation
a
1,587,887
11,000
Rinnai
Corporation
1,021,895
15,500
Ryoyo
Electro
Corporation
341,533
39,100
Sangetsu
Company,
Ltd.
568,188
3,400
Sankyu,
Inc.
152,821
9,900
Sawai
Group
Holdings
Company,
Ltd.
424,029
23,600
Secom
Company,
Ltd.
1,786,298
38,300
Sekisui
House,
Ltd.
758,550
48,700
Seven
&
I
Holdings
Company,
Ltd.
2,173,013
26,600
Shin-Etsu
Chemical
Company,
Ltd.
4,339,239
2,300
Shinko
Electric
Industries
Company,
Ltd.
78,179
13,800
Shionogi
&
Company,
Ltd.
726,773
6,300
SHO-BOND
Holdings
Company,
Ltd.
266,122
232,200
SoftBank
Corporation
3,032,813
22,300
SoftBank
Group
Corporation
1,402,350
293,400
Sojitz
Corporation
897,595
23,600
Sony
Group
Corporation
2,465,409
700
Sugi
Holdings
Company,
Ltd.
51,658
4,500
Sumco
Corporation
104,078
184,700
Sumitomo
Corporation
2,510,058
286,900
Sumitomo
Electric
Industries,
Ltd.
4,075,907
9,200
Sumitomo
Heavy
Industries,
Ltd.
254,819
116,800
Sumitomo
Mitsui
Financial
Group,
Inc.
3,937,221
19,200
Sundrug
Company,
Ltd.
623,273
Shares
Common
Stock
(99.0%)
Value
Japan
(20.3%)
-
continued
5,700
Taikisha,
Ltd.
$
180,039
23,400
Taisei
Corporation
788,612
12,600
Taiyo
Holdings
Company,
Ltd.
582,214
4,300
Takara
Standard
Company,
Ltd.
62,627
64,800
Takeda
Pharmaceutical
Company,
Ltd.
2,156,967
13,900
Terumo
Corporation
539,469
5,000
TIS,
Inc.
129,681
57,900
Toagosei
Company,
Ltd.
604,840
30,200
Tokio
Marine
Holdings,
Inc.
1,439,364
12,500
Tokyo
Electron,
Ltd.
5,155,318
3,100
Tokyo
Seimitsu
Company,
Ltd.
132,723
29,800
Toppan
Forms
Company,
Ltd.
287,043
24,900
Toyota
Motor
Corporation
2,235,409
2,000
Trend
Micro,
Inc.
104,126
26,800
Tsubakimoto
Chain
Company
816,148
85,000
TV
Asahi
Holdings
Corporation
1,321,164
21,400
USS
Company,
Ltd.
372,530
500
ValueCommerce
Company,
Ltd.
17,351
9,100
WealthNavi
,
Inc.
a
354,643
14,300
Yuasa
Trading
Company,
Ltd.
408,660
450,300
Z
Holdings
Corporation
2,253,834
Total
159,888,291
Jersey
(0.2%)
30,374
Experian
plc
1,337,248
50,328
Man
Group
plc
138,479
Total
1,475,727
Luxembourg
(1.0%)
376,640
B&M
European
Value
Retail
SA
2,893,682
15,743
Eurofins
Scientific
SE
1,883,065
140,596
Tenaris
SA
ADR
2,873,782
Total
7,650,529
Netherlands
(6.1%)
51,787
Aalberts
NV
3,157,108
127,982
ABN
AMRO
Group
NV
a,b
1,491,843
1,148
Akzo
Nobel
NV
141,810
25,164
ASML
Holding
NV
19,235,036
65,948
Euronext
NV
b
7,336,489
2,709
Ferrari
NV
590,396
41,411
ForFarmers
BV
235,058
3,217
IMCD
NV
557,387
46,747
ING
Groep
NV
599,799
151,028
Koninklijke
(Royal)
KPN
NV
495,581
45,258
Koninklijke
DSM
NV
9,123,208
8,799
Qiagen
NV
a
471,568
1,203
RHI
Magnesita
NV
63,275
18,000
Signify
NV
b
1,008,342
56,403
Unilever
NV
3,251,073
Total
47,757,973
New
Zealand
(0.3%)
116,385
Contact
Energy,
Ltd.
661,542
18,967
Meridian
Energy,
Ltd.
68,962
4,371
Spark
New
Zealand,
Ltd.
14,428
16,966
Xero
,
Ltd.
a
1,760,257
Total
2,505,189
Norway
(1.3%)
328,052
DNB
Bank
ASA
6,722,750
3,838
Entra
ASA
b
93,574
132,170
Equinor
ASA
2,574,565
International
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
18
Shares
Common
Stock
(99.0%)
Value
Norway
(1.3%)
-
continued
2,410
Orkla
ASA
$
21,888
16,191
Yara
International
ASA
853,372
Total
10,266,149
Portugal
(0.1%)
41,112
Galp
Energia
SGPS
SA
400,914
Total
400,914
Singapore
(1.2%)
694,944
Ascendas
REIT
1,599,235
332,600
DBS
Group
Holdings,
Ltd.
7,442,375
62,800
SembCorp
Industries,
Ltd.
96,872
24,000
Singapore
Exchange,
Ltd.
210,000
191,300
Singapore
Press
Holdings,
Ltd.
265,425
72,959
Wing
Tai
Holdings,
Ltd.
98,539
Total
9,712,446
Spain
(1.0%)
1,038
Acciona
SA
159,140
4,721
Almirall
SA
74,908
417,910
Banco
Bilbao
Vizcaya
Argentaria
SA
2,675,253
78,751
Banco
de
Sabadell
SA
a
54,752
427,161
Banco
Santander
SA
1,564,762
20,915
CIA
De
Distribucion
Integral
450,844
2,971
CIE
Automotive
SA
88,572
39,545
Iberdrola
SA
475,929
25,806
Industria
de
Diseno
Textil
SA
875,250
207,864
Mediaset
Espana
Comunicacion
SA
a
1,236,596
Total
7,656,006
Sweden
(5.0%)
3,460
AB
Industrivarden
,
Class
A
138,054
142,228
AB
Industrivarden
,
Class
C
5,444,484
5,011
Addtech
AB
104,267
38,000
Alfa
Laval
AB
1,586,915
118,971
Assa
Abloy
AB
3,816,149
136,598
Atlas
Copco
AB,
Class
A
9,251,106
43,701
Atlas
Copco
AB,
Class
B
2,484,767
12,454
Axfood
AB
337,089
10,303
Boliden
AB
401,528
41,470
Castellum
AB
1,161,455
35,528
Dometic
Group
AB
b
603,031
12,233
Evolution
Gaming
Group
AB
b
2,128,545
1,760
Fortnox
AB
94,415
153,449
Granges
AB
2,028,542
192,034
Hexpol
AB
2,614,533
7,320
Holmen
AB
385,340
141,625
Husqvarna
AB
1,981,848
23,114
Indutrade
AB
753,941
8,430
L
E
Lundbergforetagen
AB
601,548
51,240
Nobina
AB
b
472,474
19,657
Skanska
AB
554,911
37,500
Thule
Group
AB
b
1,893,335
30,440
Trelleborg
AB
752,465
456
Wihlborgs
Fastigheter
AB
10,624
Total
39,601,366
Switzerland
(11.2%)
577
Bachem
Holding
AG
382,034
30,752
Baloise
Holding
AG
4,848,685
888
Banque
Cantonale
Vaudoise
79,273
154
Barry
Callebaut
AG
390,334
Shares
Common
Stock
(99.0%)
Value
Switzerland
(11.2%)
-
continued
207
BKW
FMB
Energie
$
22,803
560
Bucher
Industries
AG
311,651
2
Chocoladefabriken
Lindt
and
Spruengli
AG
231,826
31,142
Coca-Cola
HBC
AG
1,176,019
465
EMS-CHEMIE
Holding
AG
515,480
6,503
Ferguson
plc
911,655
2,669
Geberit
AG
2,191,458
19,201
Holcim,
Ltd.
1,125,585
2,166
Kuehne
&
Nagel
International
AG
730,663
284
Lindt
&
Spruengli
AG
3,182,205
4,750
Lonza
Group
AG
3,698,474
119,352
Nestle
SA
15,113,505
184,504
Novartis
AG
17,062,638
3,326
Partners
Group
Holding
AG
5,682,019
41,703
PSP
Swiss
Property
AG
5,643,585
4,124
Roche
Holding
AG
1,593,151
272
Siegfried
Holding
AG
275,232
21,532
Sika
AG
7,585,090
17,725
Sonova
Holding
AG
6,959,455
6,365
Swiss
Life
Holding
AG
3,283,086
9,361
Tecan
Group
AG
5,398,200
1,006
Vontobel
Holding
AG
88,702
Total
88,482,808
United
Kingdom
(9.3%)
27,402
888
Holdings
Public
Company,
Ltd.
141,508
749,302
Auto
Trader
Group
plc
a,b
6,788,833
53,592
Avacta
Group
plc
a
101,311
975,107
Barclays
plc
2,358,876
134,281
Barratt
Developments
plc
1,312,291
14,591
Bellway
plc
666,190
903,442
BP
plc
3,626,460
4,388
Coca-Cola
European
Partners
plc
272,319
24,325
Croda
International
plc
2,847,531
2,698
CVS
Group
plc
a
90,096
30,648
Dechra
Pharmaceuticals
plc
2,117,269
146,514
Diageo
plc
7,265,127
3,240
Diploma
plc
133,098
8,281
Genus
plc
634,540
274,636
Halma
plc
11,024,224
42,372
Hays
plc
a
87,168
106,662
Howden
Joinery
Group
plc
1,329,184
131,221
HSBC
Holdings
plc
724,369
30,419
Imperial
Brands
plc
651,284
5,853
InterContinental
Hotels
Group
plc
a
386,556
43,540
Intermediate
Capital
Group
plc
1,312,109
152,376
ITV
plc
a
236,939
94,033
John
Wood
Group
plc
a
284,844
2,877
LondonMetric
Property
plc
9,939
63,047
Marks
and
Spencer
Group
plc
a
118,689
18,376
Mondi
plc
509,455
194,282
Moneysupermarket.com
Group
plc
685,689
1,613
Next
plc
a
176,695
158,060
PageGroup
plc
a
1,351,184
31,372
Paragon
Banking
Group
plc
240,931
17,510
Playtech
plc
a
90,055
44,913
Redde
Northgate
plc
264,042
224,488
RELX
plc
6,598,705
26,909
Rio
Tinto
plc
2,285,674
231,577
Royal
Dutch
Shell
plc,
Class
A
4,654,945
373,766
Royal
Dutch
Shell
plc,
Class
B
7,385,352
5,554
Spectris
plc
275,682
13,966
Spirax-Sarco
Engineering
plc
2,909,815
97,836
Standard
Chartered
plc
586,511
International
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
19
Shares
Common
Stock
(99.0%)
Value
United
Kingdom
(9.3%)
-
continued
15,316
Tate
&
Lyle
plc
$
157,125
246,395
Tritax
Big
Box
REIT
plc
720,847
Total
73,413,461
Total
Common
Stock
(cost
$624,617,032)
778,612,628
Shares
Preferred
Stock
(
0.3%
)
Germany
(0.3%)
9,816
Volkswagen
AG
2,390,896
Total
2,390,896
Total
Preferred
Stock
(cost
$2,532,118)
2,390,896
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
50,820
Thrivent
Cash
Management
Trust
50,820
Total
Collateral
Held
for
Securities
Loaned
(cost
$50,820)
50,820
Shares
or
Principal
Amount
Short-Term
Investments
(
0.3%
)
Federal
Home
Loan
Bank
Discount
Notes
200,000
0.004%,
8/4/2021
d,e
199,999
200,000
0.003%,
8/6/2021
d,e
199,999
300,000
0.010%,
8/11/2021
d,e
299,998
100,000
0.040%,
9/17/2021
d,e
99,995
300,000
0.040%,
9/23/2021
d,e
299,983
Thrivent
Core
Short-Term
Reserve
Fund
154,675
0.130%
1,546,746
Total
Short-Term
Investments
(cost
$2,646,721)
2,646,720
Total
Investments
(cost
$629,846,691)
99.6%
$783,701,064
Other
Assets
and
Liabilities,
Net
0.4%
2,840,468
Total
Net
Assets
100.0%
$786,541,532
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
July
30,
2021,
the
value
of
these
investments
was
$23,532,576
or
3.0%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
e
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
International
Equity
Fund
as
of
July
30,
2021:
Securities
Lending
Transactions
Common
Stock
$
48,370
Total
lending
$48,370
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$50,820
Net
amounts
due
to
counterparty
$2,450
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
International
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
20
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
July
30,
2021,
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
48,303,145
–
48,303,145
–
Consumer
Discretionary
68,664,573
1,052,104
67,612,469
–
Consumer
Staples
59,133,825
272,319
58,861,506
–
Energy
40,523,238
2,873,782
37,649,456
–
Financials
143,697,537
–
143,697,537
–
Health
Care
94,409,348
–
94,409,348
–
Industrials
133,375,187
–
133,375,187
–
Information
Technology
94,176,508
9,740,441
84,436,067
–
Materials
60,074,391
–
60,074,391
–
Real
Estate
26,527,172
–
26,527,172
–
Utilities
9,727,704
–
9,727,704
–
Preferred
Stock
Consumer
Discretionary
2,390,896
–
2,390,896
–
Short-Term
Investments
1,099,974
–
1,099,974
–
Subtotal
Investments
in
Securities
$782,103,498
$13,938,646
$768,164,852
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,546,746
Collateral
Held
for
Securities
Loaned
50,820
Subtotal
Other
Investments
$1,597,566
Total
Investments
at
Value
$783,701,064
*
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
152,718
152,718
–
–
Total
Liability
Derivatives
$152,718
$152,718
$–
$–
The
following
table
presents
International
Equity
Fund's
futures
contracts
held
as
of
July
30,
2021.
Investments
and/or
cash
totaling
$1,099,974
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
128
September
2021
$
14,996,878
(
$
152,718)
Total
Futures
Long
Contracts
$
14,996,878
(
$
152,718)
Total
Futures
Contracts
$
14,996,878
($152,718)
International
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
21
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
International
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2020
Gross
Purchases
Gross
Sales
Value
7/30/2021
Shares
Held
at
7/30/2021
%
of
Net
Assets
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$1,061
$59,063
$58,577
$1,547
155
0.2%
Total
Affiliated
Short-Term
Investments
1,061
1,547
0.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8,557
140,983
149,489
51
51
<0.1
Total
Collateral
Held
for
Securities
Loaned
8,557
51
<0.1
Total
Value
$9,618
$1,598
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$–
$0
$–
$2
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
1
113
Total
Affiliated
Income
from
Securities
Loaned,
Net
$113
Total
$–
$0
$1
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
22
Shares
Common
Stock
(
99.8%
)
Value
Communications
Services
(8.7%)
50,594
Activision
Blizzard,
Inc.
$
4,230,670
1,399
Alphabet,
Inc.,
Class
C
a
3,783,484
507,911
AT&T,
Inc.
14,246,904
134,075
Comcast
Corporation
7,887,632
71,602
Electronic
Arts,
Inc.
10,307,824
14,287
InterActive
Corporation
a
1,961,462
42,128
Match
Group,
Inc.
a
6,709,727
72,795
News
Corporation,
Class
A
1,792,941
84,389
Omnicom
Group,
Inc.
6,145,207
6,027
RingCentral,
Inc.
a
1,610,836
19,276
Take-Two
Interactive
Software,
Inc.
a
3,342,844
36,646
T-Mobile
US,
Inc.
a
5,277,757
527,128
Verizon
Communications,
Inc.
29,403,200
5,513
Walt
Disney
Company
a
970,398
Total
97,670,886
Consumer
Discretionary
(4.9%)
4,004
AutoZone,
Inc.
a
6,500,774
21,244
Dollar
General
Corporation
4,942,204
7,016
Domino's
Pizza,
Inc.
3,686,838
30,691
Home
Depot,
Inc.
10,072,479
90,625
McDonald's
Corporation
21,995,594
190
NVR,
Inc.
a
992,294
26,168
Peloton
Interactive,
Inc.
a
3,089,132
14,852
Target
Corporation
3,877,115
Total
55,156,430
Consumer
Staples
(13.0%)
72,163
Altria
Group,
Inc.
3,466,711
9,286
Celsius
Holdings,
Inc.
a
637,298
13,217
Church
&
Dwight
Company,
Inc.
1,144,328
37,394
Clorox
Company
6,764,201
121,482
Coca-Cola
Company
6,928,118
191,444
Colgate-Palmolive
Company
15,219,798
24,620
Costco
Wholesale
Corporation
10,579,706
7,821
General
Mills,
Inc.
460,344
76,231
Hershey
Company
13,636,201
75,742
Hormel
Foods
Corporation
3,512,914
33,555
Kellogg
Company
2,126,045
175,641
Kroger
Company
7,148,589
3,342
McCormick
&
Company,
Inc.
281,296
258,647
Mondelez
International,
Inc.
16,362,009
44,178
Monster
Beverage
Corporation
a
4,166,869
134,023
PepsiCo,
Inc.
21,034,910
75,775
Philip
Morris
International,
Inc.
7,584,320
109,265
Procter
&
Gamble
Company
15,540,761
66,392
Sprouts
Farmers
Markets,
Inc.
a
1,631,915
55,004
Wal-Mart
Stores,
Inc.
7,840,820
Total
146,067,153
Energy
(0.1%)
17,945
DT
Midstream,
Inc.
a
760,868
Total
760,868
Financials
(8.0%)
44,393
Aon
plc
11,543,512
22,255
Arthur
J.
Gallagher
&
Company
3,100,344
56,493
Berkshire
Hathaway,
Inc.
a
15,721,437
8,069
BlackRock,
Inc.
6,997,195
13,334
Cboe
Global
Markets,
Inc.
1,579,679
13,655
Chubb,
Ltd.
2,304,145
27,253
Citigroup,
Inc.
1,842,848
61,322
CME
Group,
Inc.
13,008,236
7,268
FactSet
Research
Systems,
Inc.
2,596,711
Shares
Common
Stock
(99.8%)
Value
Financials
(8.0%)
-
continued
6,586
Financial
Institutions,
Inc.
$
193,892
31,052
HomeStreet
,
Inc.
1,170,971
73,370
Hope
Bancorp,
Inc.
972,152
311,234
Huntington
Bancshares,
Inc.
4,382,175
16,607
Intercontinental
Exchange,
Inc.
1,990,017
1,380
Markel
Corporation
a
1,664,514
84,535
Marsh
&
McLennan
Companies,
Inc.
12,445,242
14,317
Nasdaq,
Inc.
2,673,413
27,655
T.
Rowe
Price
Group,
Inc.
5,646,045
Total
89,832,528
Health
Care
(21.5%)
7,338
10X
Genomics,
Inc.
a
1,344,542
73,310
Abbott
Laboratories
8,869,044
9,010
AbbVie,
Inc.
1,047,863
62,333
Agilent
Technologies,
Inc.
9,551,286
41,748
Amgen,
Inc.
10,083,812
139,480
Baxter
International,
Inc.
10,788,778
27,461
Becton,
Dickinson
and
Company
7,023,151
11,148
Bio-
Techne
Corporation
5,376,011
850
Cooper
Companies,
Inc.
358,504
25,281
Danaher
Corporation
7,520,845
86,346
Eli
Lilly
and
Company
21,025,251
232,802
Gilead
Sciences,
Inc.
15,898,048
144,904
Johnson
&
Johnson
24,952,469
153,528
Medtronic
plc
20,159,762
179,928
Merck
&
Company,
Inc.
13,831,065
29,521
Moderna
,
Inc.
a
10,438,626
19,582
Organon
and
Company
a
568,074
75,663
Pfizer,
Inc.
3,239,133
41,149
Premier,
Inc.
1,466,550
41,456
Regeneron
Pharmaceuticals,
Inc.
a
23,821,032
34,773
Stryker
Corporation
9,421,397
14,793
Thermo
Fisher
Scientific,
Inc.
7,988,368
38,073
UnitedHealth
Group,
Inc.
15,694,452
30,752
Vertex
Pharmaceuticals,
Inc.
a
6,198,988
25,005
Zoetis,
Inc.
5,068,513
Total
241,735,564
Industrials
(8.2%)
50,581
AMETEK,
Inc.
7,033,288
8,786
Expeditors
International
of
Washington,
Inc.
1,126,804
11,459
Honeywell
International,
Inc.
2,679,000
5,395
IDEX
Corporation
1,222,993
38,719
Illinois
Tool
Works,
Inc.
8,776,436
10,755
JB
Hunt
Transport
Services,
Inc.
1,811,680
21,856
L3Harris
Technologies,
Inc.
4,955,629
37,097
Landstar
System,
Inc.
5,824,229
12,427
Linde
plc
3,819,936
10,121
Lockheed
Martin
Corporation
3,761,672
11,570
Northrop
Grumman
Corporation
4,200,141
68,964
PACCAR,
Inc.
5,723,322
93,731
Republic
Services,
Inc.
11,094,001
6,888
Verisk
Analytics,
Inc.
1,308,307
88,996
Waste
Connections,
Inc.
11,274,903
119,770
Waste
Management,
Inc.
17,757,100
Total
92,369,441
Information
Technology
(25.3%)
89,099
Accenture
plc
28,304,970
42,809
Adobe,
Inc.
a
26,611,359
8,162
Amphenol
Corporation
591,663
34,215
Automatic
Data
Processing,
Inc.
7,172,490
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
23
Shares
Common
Stock
(99.8%)
Value
Information
Technology
(25.3%)
-
continued
27,352
Broadridge
Financial
Solutions,
Inc.
$
4,745,299
3,908
Cadence
Design
Systems,
Inc.
a
577,016
18,144
Cisco
Systems,
Inc.
1,004,633
59,871
Citrix
Systems,
Inc.
6,032,003
43,827
Cloudflare
,
Inc.
a
5,199,197
4,582
Coupa
Software,
Inc.
a
994,294
10,644
Digital
Turbine,
Inc.
a
670,040
1,595
EPAM
Systems,
Inc.
a
892,881
21,032
Fidelity
National
Information
Services,
Inc.
3,134,820
6,133
FleetCor
Technologies,
Inc.
a
1,583,663
130,582
Intel
Corporation
7,014,865
23,164
Intuit,
Inc.
12,276,225
89,513
Jack
Henry
&
Associates,
Inc.
15,583,318
90,534
Keysight
Technologies,
Inc.
a
14,897,370
20,397
KLA-Tencor
Corporation
7,101,420
11,645
Mastercard
,
Inc.
4,494,271
101,923
Microsoft
Corporation
29,038,882
74,518
Motorola
Solutions,
Inc.
16,686,071
44,281
Oracle
Corporation
3,858,646
137,061
Paychex,
Inc.
15,600,283
191
ServiceNow
,
Inc.
a
112,287
27,201
Synopsys,
Inc.
a
7,833,616
62,417
Texas
Instruments,
Inc.
11,897,929
33,175
Tyler
Technologies,
Inc.
a
16,343,332
13,037
VeriSign,
Inc.
a
2,820,816
74,717
Visa,
Inc.
18,409,522
21,604
Zoom
Video
Communications,
Inc.
a
8,168,472
19,045
Zscaler
,
Inc.
a
4,492,906
Total
284,144,559
Materials
(2.1%)
4,623
Air
Products
and
Chemicals,
Inc.
1,345,432
28,537
Avery
Dennison
Corporation
6,012,175
156,419
Newmont
Mining
Corporation
9,826,242
40,969
Royal
Gold,
Inc.
4,978,553
4,644
Sherwin-Williams
Company
1,351,543
Total
23,513,945
Real
Estate
(3.7%)
78,545
Essential
Properties
Realty
Trust,
Inc.
2,340,641
69,195
Extra
Space
Storage,
Inc.
12,049,617
106,115
National
Storage
Affiliates
Trust
5,748,250
69,427
Public
Storage,
Inc.
21,694,549
Total
41,833,057
Utilities
(4.3%)
73,301
American
Electric
Power
Company,
Inc.
6,459,284
172,018
Consolidated
Edison,
Inc.
12,689,768
18,008
Duke
Energy
Corporation
1,892,821
89,691
NextEra
Energy,
Inc.
6,986,929
28,140
Sempra
Energy
3,676,491
35,647
Southern
Company
2,276,774
69,864
WEC
Energy
Group,
Inc.
6,576,997
105,634
Xcel
Energy,
Inc.
7,209,520
Total
47,768,584
Total
Common
Stock
(cost
$869,490,952)
1,120,853,015
Shares
Short-Term
Investments
(
0.1%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
107,641
0.130%
$
1,076,411
Total
Short-Term
Investments
(cost
$1,076,411)
1,076,411
Total
Investments
(cost
$870,567,363)
99.9%
$1,121,929,426
Other
Assets
and
Liabilities,
Net
0.1%
1,158,395
Total
Net
Assets
100.0%
$1,123,087,821
a
Non-income
producing
security.
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
24
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
July
30,
2021,
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
97,670,886
97,670,886
–
–
Consumer
Discretionary
55,156,430
55,156,430
–
–
Consumer
Staples
146,067,153
146,067,153
–
–
Energy
760,868
760,868
–
–
Financials
89,832,528
89,832,528
–
–
Health
Care
241,735,564
241,735,564
–
–
Industrials
92,369,441
92,369,441
–
–
Information
Technology
284,144,559
284,144,559
–
–
Materials
23,513,945
23,513,945
–
–
Real
Estate
41,833,057
41,833,057
–
–
Utilities
47,768,584
47,768,584
–
–
Subtotal
Investments
in
Securities
$1,120,853,015
$1,120,853,015
$–
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,076,411
Subtotal
Other
Investments
$1,076,411
Total
Investments
at
Value
$1,121,929,426
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Low
Volatility
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2020
Gross
Purchases
Gross
Sales
Value
7/30/2021
Shares
Held
at
7/30/2021
%
of
Net
Assets
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$1,599
$22,399
$22,922
$1,076
108
0.1%
Total
Affiliated
Short-Term
Investments
1,599
1,076
0.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
4,196
17,946
22,142
–
–
–
Total
Collateral
Held
for
Securities
Loaned
4,196
–
–
Total
Value
$5,795
$1,076
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
7/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$2
$(2)
$–
$2
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
0
9
Total
Affiliated
Income
from
Securities
Loaned,
Net
$9
Total
$2
$(2)
$0
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Asset-Backed
Securities
(
3.7%
)
a
Value
AmeriCredit
Automobile
Receivables
Trust
$
11,356,248
0.135% ,
6/20/2022,
Ser.
2021-2
$
11,356,224
Amur
Equipment
Finance
Receivables
IX,
LLC
4,967,573
0.220% ,
4/20/2022,
Ser.
2021-1A
b
4,967,986
BCC
Funding
XVII,
LLC
1,335,915
0.310% ,
10/20/2021,
Ser.
2020-1
b
1,336,011
Carvana
Auto
Receivables
Trust
11,175,801
0.129% ,
7/10/2022,
Ser.
2021-P2
11,175,841
DLLAD,
LLC
12,000,000
0.158% ,
8/19/2022,
Ser.
2021-1A
b
12,000,653
Enterprise
Fleet
Financing,
LLC
19,000,000
0.175% ,
7/20/2022,
Ser.
2021-2
b
19,001,539
Exeter
Automobile
Receivables
Trust
5,979,117
0.125% ,
6/15/2022,
Ser.
2021-2A
5,978,689
Foursight
Capital
Automobile
Receivables
Trust
8,250,000
0.161% ,
7/15/2022,
Ser.
2021-2
b
8,250,313
HPEFS
Equipment
Trust
2021-2
25,000,000
0.138% ,
6/20/2022,
Ser.
2021-2A
b
25,001,417
Kubota
Credit
Owner
Trust
25,000,000
0.165% ,
8/15/2022,
Ser.
2021-2A
b
25,002,232
MMAF
Equipment
Finance,
LLC
5,700,051
0.182% ,
5/13/2022,
Ser.
2021-A
b
5,701,098
NMEF
Funding,
LLC
8,281,790
0.341% ,
3/15/2022,
Ser.
2021-A
b
8,283,310
Oscar
US
Funding
Trust
16,700,000
0.162% ,
8/10/2022,
Ser.
2021-2A
b
16,692,947
Oscar
US
Funding
XII,
LLC
548,964
0.222% ,
3/10/2022,
Ser.
2021-1A
b
548,856
Santander
Drive
Auto
Receivables
Trust
9,006,275
0.142% ,
6/15/2022,
Ser.
2021-2
9,006,256
22,500,000
0.141% ,
7/15/2022,
Ser.
2021-3
22,499,854
SCF
Equipment
Leasing,
LLC
4,106,975
0.234% ,
3/11/2022,
Ser.
2021-1A
b
4,107,015
Tesla
Auto
Lease
Trust
6,423,817
0.157% ,
4/20/2022,
Ser.
2021-A
b
6,423,640
Westlake
Automobile
Receivables
Trust
1,689,478
0.157% ,
3/15/2022,
Ser.
2021-1A
b
1,689,503
Principal
Amount
Asset-Backed
Securities
(3.7%)
a
Value
$
20,186,077
0.149% ,
6/16/2022,
Ser.
2021-2A
b
$
20,186,172
Total
219,209,556
Principal
Amount
Basic
Materials
(
2.8%
)
a
Value
BASF
SE
10,420,000
0.100% ,
8/2/2021
b
10,419,913
10,000,000
0.110% ,
8/9/2021
b
9,999,700
25,000,000
0.140% ,
9/27/2021
b
24,994,715
Nutrien
,
Ltd.
25,000,000
0.130% ,
8/2/2021
b
24,999,683
15,000,000
0.130% ,
8/6/2021
b
14,999,469
25,000,000
0.130% ,
8/18/2021
b
24,997,915
Sherwin-Williams
Company
15,000,000
0.140% ,
8/9/2021
b
14,999,250
12,360,000
0.120% ,
8/10/2021
b
12,359,320
25,000,000
0.140% ,
8/17/2021
b
24,997,725
1,000,000
0.130% ,
8/23/2021
b
999,881
Total
163,767,571
Principal
Amount
Capital
Goods
(
4.3%
)
a
Value
Amcor
Fin
USA,
Inc.
25,000,000
0.130% ,
8/2/2021
b,c
24,999,727
Amcor
Flexibles
North
America,
Inc.
25,000,000
0.120% ,
8/6/2021
b,c
24,999,261
Amphenol
Corporation
15,000,000
0.150% ,
8/13/2021
b
14,999,364
25,000,000
0.150% ,
8/17/2021
b
24,998,600
25,000,000
0.160% ,
8/24/2021
b
24,997,969
Caterpillar
Financial
Services
Corporation
5,149,000
0.721%
(LIBOR
3M
+
0.590%),
6/6/2022
d
5,172,399
Eaton
Corporation
10,000,000
0.180% ,
8/2/2021
b,c
9,999,891
25,000,000
0.170% ,
8/3/2021
b,c
24,999,636
25,000,000
0.130% ,
8/6/2021
b,c
24,999,358
Honeywell
International,
Inc.
31,360,000
0.483% ,
8/19/2022
31,364,408
John
Deere
Capital
Corporation
14,185,000
0.388%
(LIBOR
3M
+
0.260%),
9/10/2021
d
14,188,518
5,975,000
3.125% ,
9/10/2021
5,993,088
17,955,000
0.608%
(LIBOR
3M
+
0.480%),
9/8/2022
d
18,049,554
Total
249,761,773
Principal
Amount
Consumer
Cyclical
(
6.1%
)
a
Value
American
Honda
Finance
Corporation
13,000,000
0.170% ,
8/4/2021
c
12,999,783
25,000,000
0.160% ,
9/8/2021
c
24,995,083
10,000,000
0.160% ,
9/9/2021
c
9,997,984
23,000,000
0.190% ,
9/22/2021
c
22,993,376
25,000,000
0.170% ,
9/28/2021
c
24,991,667
14,000,000
0.180% ,
10/18/2021
c
13,993,778
BMW
Finance
NV
4,000,000
0.958%
(LIBOR
3M
+
0.790%),
8/12/2022
b,d
4,030,665
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Consumer
Cyclical
(6.1%)
a
Value
BMW
US
Capital
LLC
$
10,900,000
0.660%
(LIBOR
3M
+
0.500%),
8/13/2021
b,d
$
10,902,223
Home
Depot,
Inc.
20,000,000
0.445%
(LIBOR
3M
+
0.310%),
3/1/2022
d
20,037,037
Hyundai
Capital
America
25,000,000
0.140% ,
8/10/2021
b,c
24,999,190
17,600,000
0.140% ,
8/16/2021
b,c
17,599,078
25,000,000
0.170% ,
8/27/2021
b,c
24,997,686
25,000,000
0.170% ,
8/30/2021
b,c
24,997,395
Toyota
Finance
Australia,
Ltd.
15,000,000
0.200% ,
9/7/2021
c
14,998,440
25,000,000
0.130% ,
10/21/2021
c
24,993,199
Toyota
Motor
Credit
Corporation
5,680,000
0.285%
(LIBOR
3M
+
0.125%),
8/13/2021
d
5,680,349
4,000,000
0.428%
(LIBOR
3M
+
0.290%),
10/7/2021
d
4,001,779
11,915,000
0.304%
(LIBOR
3M
+
0.150%),
2/14/2022
d
11,922,420
2,844,000
0.608%
(LIBOR
3M
+
0.480%),
9/8/2022
d
2,857,291
VW
Credit,
Inc.
10,000,000
0.180% ,
8/24/2021
b,c
9,998,979
25,000,000
0.170% ,
9/9/2021
b,c
24,995,530
17,000,000
0.140% ,
9/13/2021
b,c
16,996,600
8,020,000
0.150% ,
9/21/2021
b,c
8,017,981
Total
361,997,513
Principal
Amount
Consumer
Non-Cyclical
(
2.1%
)
a
Value
Anheuser-Busch
InBev
Worldwide,
Inc.
25,000,000
0.100% ,
8/20/2021
b,c
24,996,354
Anthem,
Inc.
5,935,000
0.110% ,
8/2/2021
b
5,934,936
General
Mills,
Inc.
20,000,000
0.100% ,
8/4/2021
b
19,999,636
Kellogg
Company
6,410,000
0.100% ,
8/12/2021
b
6,409,681
PepsiCo,
Inc.
10,410,000
0.668%
(LIBOR
3M
+
0.530%),
10/6/2021
d
10,419,253
10,000,000
0.541%
(LIBOR
3M
+
0.365%),
5/2/2022
d
10,027,451
Philip
Morris
International,
Inc.
3,520,000
0.080% ,
8/2/2021
b
3,519,982
Reckitt
Benckiser
Treasury
Services
plc
15,000,000
0.130% ,
8/6/2021
b,c
14,999,475
10,000,000
0.140% ,
8/20/2021
b,c
9,998,927
UnitedHealth
Group,
Inc.
17,225,000
0.110% ,
8/23/2021
b
17,223,438
Total
123,529,133
Principal
Amount
Energy
(
1.2%
)
a
Value
Chevron
Corporation
11,421,000
0.686%
(LIBOR
3M
+
0.530%),
11/15/2021
d
11,437,462
ConocoPhillips
Company
4,052,000
0.140% ,
8/17/2021
b,c
4,051,797
12,590,000
0.130% ,
8/24/2021
b,c
12,589,003
Principal
Amount
Energy
(1.2%)
a
Value
Suncor
Energy,
Inc.
$
25,000,000
0.200% ,
8/10/2021
b,c
$
24,998,961
Total
Capital
Canada,
Ltd.
15,000,000
0.110% ,
8/12/2021
b,c
14,999,556
Total
68,076,779
Principal
Amount
Financials
(
34.8%
)
a
Value
Alexandria
Real
Estate
Equities,
Inc.
25,000,000
0.150% ,
8/4/2021
b,c
24,999,410
AllianceBernstein
,
LP
25,000,000
0.100% ,
8/30/2021
b
24,998,062
25,000,000
0.140% ,
8/31/2021
b
24,998,000
Alpine
Securitization,
LLC
25,000,000
0.170% ,
9/22/2021
b,c
25,002,173
ANZ
New
Zealand
International,
Ltd.
25,000,000
0.134%
(LIBOR
3M
+
FLAT),
10/21/2021
b,c,d
24,999,408
14,873,000
1.125%
(LIBOR
3M
+
1.000%),
1/25/2022
b,d
14,944,470
Atlantic
Asset
Securitization,
LLC
25,000,000
0.100% ,
8/17/2021
b,c
24,998,850
10,000,000
0.090% ,
9/21/2021
b,c
9,998,454
Australia
&
New
Zealand
Banking
Group,
Ltd.
27,690,000
1.020%
(LIBOR
3M
+
0.870%),
11/23/2021
b,d
27,762,049
15,000,000
0.153%
(LIBOR
3M
+
0.030%),
3/9/2022
b,d
15,001,036
Bank
of
Montreal
5,000,000
0.929%
(LIBOR
3M
+
0.790%),
8/27/2021
d
5,002,781
Bank
of
Montreal
Chicago
15,150,000
0.225%
(LIBOR
3M
+
0.050%),
8/6/2021
d
15,150,122
25,000,000
0.192%
(BSBY1M
+
0.120%),
12/1/2021
d
24,995,000
10,000,000
0.180%
(LIBOR
3M
+
0.020%),
2/11/2022
d
9,999,965
10,000,000
0.168%
(LIBOR
3M
+
0.050%),
3/16/2022
d
10,001,299
15,000,000
0.236%
(LIBOR
3M
+
0.050%),
6/6/2022
d
15,001,308
Bank
of
Nova
Scotia
10,000,000
0.771%
(LIBOR
3M
+
0.640%),
3/7/2022
d
10,035,052
4,400,000
1.119%
(LIBOR
3M
+
1.000%),
3/14/2022
d
4,415,868
15,000,000
0.210%
(SOFRRATE
+
0.160%),
7/18/2022
d
15,000,538
Barclays
Bank
plc
17,000,000
0.170% ,
8/9/2021
b,c
16,999,622
25,000,000
0.130% ,
9/20/2021
b,c
24,995,305
Barton
Capital
SA
10,000,000
0.100% ,
8/18/2021
b,c
9,999,509
BNP
Paribas
SA
20,643,000
0.560%
(LIBOR
3M
+
0.390%),
8/7/2021
b,d
20,644,032
Canadian
Imperial
Bank
of
Commerce
34,400,000
0.335%
(LIBOR
3M
+
0.160%),
8/6/2021
d
34,400,626
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Financials
(34.8%)
a
Value
$
6,180,000
0.219%
(LIBOR
3M
+
0.100%),
12/13/2021
d
$
6,182,310
10,000,000
0.244%
(LIBOR
3M
+
0.110%),
1/18/2022
d
10,004,587
15,000,000
0.200%
(FEDL
1M
+
0.100%),
7/26/2022
d
15,000,000
Chariot
Funding,
LLC
18,000,000
0.100% ,
8/25/2021
b
17,998,934
25,000,000
0.080% ,
9/1/2021
b
24,998,167
10,000,000
0.090% ,
9/13/2021
b
9,999,000
Citigroup
Global
Markets,
Inc.
25,000,000
0.130% ,
8/6/2021
b
24,999,611
Citigroup,
Inc.
24,850,000
2.350% ,
8/2/2021
24,850,000
Commonwealth
Bank
of
Australia
5,250,000
0.961%
(LIBOR
3M
+
0.830%),
9/6/2021
b,d
5,254,293
Cooperatieve
Rabobank
13,379,000
0.949%
(LIBOR
3M
+
0.830%),
1/10/2022
d
13,428,082
Credit
Agricole
Corporate
and
Investment
Bank
15,000,000
0.200%
(SOFRRATE
+
0.150%),
7/15/2022
d
14,999,887
Dealers
Capital
Access
Trust,
LLC
10,250,000
0.080% ,
8/25/2021
10,249,134
Erste
Abwicklungsanstalt
15,000,000
0.130% ,
8/4/2021
b
14,999,813
20,000,000
0.130% ,
8/9/2021
b
19,999,500
Goldman
Sachs
Bank
USA
4,250,000
0.210% ,
10/1/2021
4,250,966
15,000,000
0.220%
(SOFRRATE
+
0.170%),
7/26/2022
d
14,998,277
Healthpeak
Properties,
Inc.
25,000,000
0.180%
b
24,999,450
ING
Bank
NV
2,000,000
1.036%
(LIBOR
3M
+
0.880%),
8/15/2021
b,d
2,000,647
Intercontinental
Exchange,
Inc.
6,300,000
0.210% ,
8/2/2021
b
6,299,926
Jupiter
Securitization
Company,
LLC
10,000,000
0.080% ,
8/5/2021
b,c
9,999,850
15,000,000
0.090% ,
8/11/2021
b,c
14,999,550
4,585,000
0.100% ,
8/17/2021
b,c
4,584,789
25,000,000
0.090% ,
8/20/2021
b,c
24,998,629
La
Fayette
Asset
Securitization,
LLC
7,360,000
0.080% ,
8/20/2021
b,c
7,359,596
7,095,000
0.080% ,
8/26/2021
b,c
7,094,479
Lime
Funding,
LLC
20,005,000
0.110% ,
8/19/2021
b
20,003,966
25,008,000
0.120% ,
9/10/2021
b
25,004,616
Lloyds
Banking
Group
plc
15,000,000
0.219%
(LIBOR
3M
+
0.100%),
9/15/2021
d
15,001,767
LMA
Americas,
LLC
14,390,000
0.080% ,
8/4/2021
b,c
14,389,820
25,000,000
0.080% ,
8/10/2021
b,c
24,999,313
Macquarie
Bank,
Ltd.
4,600,000
0.625%
(LIBOR
3M
+
0.450%),
8/6/2021
b,d
4,600,226
25,000,000
0.120% ,
8/25/2021
b
24,998,068
25,000,000
0.120% ,
9/15/2021
b
24,996,083
Principal
Amount
Financials
(34.8%)
a
Value
Mid-America
Apartments,
LP
$
20,125,000
0.130% ,
8/3/2021
b
$
20,124,707
Mizuho
Bank,
Ltd.
7,000,000
0.160% ,
8/31/2021
7,000,435
Mizuho
Securities
USA
LLC
10,000,000
0.212%
(LIBOR
3M
+
0.050%),
8/10/2021
b,d
10,000,036
National
Australia
Bank,
Ltd.
10,000,000
0.214%
(LIBOR
1M
+
0.110%),
8/31/2021
b,d
10,001,130
20,000,000
0.715%
(LIBOR
3M
+
0.580%),
9/20/2021
b,d
20,012,829
5,500,000
0.886%
(LIBOR
3M
+
0.710%),
11/4/2021
b,d
5,509,464
15,000,000
0.236%
(LIBOR
3M
+
0.060%),
11/5/2021
b,d
15,002,189
5,815,000
1.009%
(LIBOR
3M
+
0.890%),
1/10/2022
b,d
5,837,094
25,000,000
0.160%
(FEDL
1M
+
0.060%),
3/15/2022
b,d
25,001,535
Nationwide
Building
Society
25,000,000
0.090% ,
8/2/2021
b
24,999,833
25,000,000
0.090% ,
8/4/2021
b
24,999,722
25,000,000
0.090% ,
8/9/2021
b
24,999,445
10,000,000
0.090% ,
8/10/2021
b
9,999,756
25,000,000
0.090% ,
8/17/2021
b
24,998,975
25,000,000
0.090% ,
8/31/2021
b
24,998,000
Nederlandse
Waterschapsbank
NV
25,000,000
0.085% ,
8/23/2021
b
24,998,400
25,000,000
0.085% ,
8/30/2021
b
24,997,847
New
York
Life
Global
Funding
16,796,000
0.495%
(LIBOR
3M
+
0.320%),
8/6/2021
b,d
16,796,563
20,390,000
0.414%
(LIBOR
3M
+
0.280%),
1/21/2022
b,d
20,422,099
20,801,000
0.648%
(LIBOR
3M
+
0.520%),
6/10/2022
b,d
20,895,432
22,350,000
0.559%
(LIBOR
3M
+
0.440%),
7/12/2022
b,d
22,439,285
Nieuw
Amsterdam
Receivables
Corporation
15,000,000
0.110% ,
8/10/2021
b,c
14,999,588
Nordea
Bank
Abp
15,000,000
0.184%
(LIBOR
3M
+
0.050%),
10/20/2021
d
15,002,284
Old
Line
Funding,
LLC
25,000,000
0.162%
(LIBOR
3M
+
FLAT),
8/9/2021
b,c,d
25,000,013
25,000,000
0.145%
(LIBOR
3M
+
0.020%),
1/28/2022
b,c,d
24,999,928
Realty
Income
Corporation
10,000,000
0.160% ,
8/3/2021
9,999,799
15,000,000
0.150% ,
8/27/2021
14,998,133
Royal
Bank
of
Canada
25,000,000
0.139%
(LIBOR
3M
+
0.020%),
9/13/2021
d
25,000,814
15,000,000
0.185%
(LIBOR
3M
+
0.050%),
10/8/2021
d
15,001,376
15,000,000
0.192%
(LIBOR
3M
+
0.060%),
10/28/2021
d
15,002,207
10,000,000
0.221%
(LIBOR
3M
+
0.090%),
12/7/2021
d
10,002,910
15,000,000
0.218%
(LIBOR
3M
+
0.090%),
12/10/2021
d
15,004,417
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Financials
(34.8%)
a
Value
$
10,000,000
0.906%
(LIBOR
3M
+
0.730%),
2/1/2022
d
$
10,037,432
15,000,000
0.176%
(LIBOR
3M
+
0.020%),
2/17/2022
d
15,000,819
15,000,000
0.175%
(LIBOR
3M
+
0.050%),
3/11/2022
d
15,002,860
5,200,000
0.600%
(LIBOR
3M
+
0.470%),
4/29/2022
d
5,216,277
15,000,000
0.179%
(LIBOR
3M
+
0.030%),
5/20/2022
d
15,000,042
15,000,000
0.161%
(LIBOR
3M
+
0.030%),
6/7/2022
d
15,000,122
10,000,000
0.179%
(LIBOR
3M
+
0.050%),
8/1/2022
d
10,000,000
Simon
Property
Group,
LP
7,000,000
0.160% ,
8/16/2021
b
6,999,732
10,000,000
0.150% ,
8/30/2021
b
9,999,225
12,900,000
0.150% ,
9/7/2021
b
12,898,742
9,711,000
0.150% ,
9/17/2021
b
9,709,810
Skandinaviska
Enskilda
Banken
AB
8,000,000
0.199%
(LIBOR
3M
+
0.070%),
12/3/2021
d
8,001,710
Sumitomo
Mitsui
Trust
Bank,
Ltd.
13,500,000
0.100% ,
9/27/2021
b
13,498,009
Suncorp-
Metway
,
Ltd.
10,500,000
0.090% ,
8/23/2021
b
10,498,250
Svenska
Handelsbanken
AB
5,000,000
0.265% ,
8/23/2021
5,000,616
15,000,000
0.184%
(LIBOR
3M
+
0.050%),
10/19/2021
b,d
15,002,959
25,000,000
0.176%
(LIBOR
3M
+
0.020%),
2/17/2022
b,d
25,000,011
Svenska
Handelsbanken
NY
10,000,000
0.236%
(LIBOR
3M
+
0.060%),
11/5/2021
d
10,001,342
15,000,000
0.172%
(LIBOR
3M
+
0.010%),
2/8/2022
d
14,999,151
5,200,000
0.168%
(LIBOR
3M
+
0.030%),
7/22/2022
d
5,199,963
Thunder
Bay
Funding,
LLC
25,000,000
0.156%
(LIBOR
3M
+
FLAT),
8/16/2021
b,c,d
25,000,013
25,000,000
0.138%
(LIBOR
3M
+
FLAT),
10/22/2021
b,c,d
24,999,970
Toronto-Dominion
Bank
15,000,000
0.260%
(SOFRRATE
+
0.210%),
6/3/2022
b,d
15,008,889
Toronto-Dominion
Bank
NY
10,000,000
0.136%
(BSBY3M
+
0.050%),
12/9/2021
d
9,998,000
15,000,000
0.174%
(LIBOR
3M
+
0.020%),
2/14/2022
d
15,000,737
10,000,000
0.210%
(FEDL
1M
+
0.110%),
8/12/2022
d
10,000,000
Truist
Bank
5,000,000
0.746%
(LIBOR
3M
+
0.590%),
5/17/2022
d
5,021,503
23,855,000
0.766%
(LIBOR
3M
+
0.590%),
8/2/2022
d
23,855,000
U.S.
Bank
NA
32,592,000
0.314%
(LIBOR
3M
+
0.180%),
1/21/2022
d
32,616,661
15,000,000
0.590%
(LIBOR
3M
+
0.440%),
5/23/2022
d
15,048,111
Principal
Amount
Financials
(34.8%)
a
Value
UBS
AG
London
$
15,000,000
0.169%
(LIBOR
3M
+
0.050%),
9/15/2021
b,d
$
15,000,487
10,000,000
0.185%
(LIBOR
3M
+
0.050%),
9/21/2021
b,d
10,000,267
UBS
Group
AG
10,000,000
0.199%
(LIBOR
3M
+
0.080%),
10/12/2021
b,d
10,000,776
UDR,
Inc.
25,000,000
0.180% ,
8/9/2021
b,c
24,999,063
19,500,000
0.170% ,
8/17/2021
b,c
19,498,616
15,000,000
0.170% ,
8/31/2021
b,c
14,997,987
Victory
Receivables
Corporation
11,350,000
0.090% ,
8/23/2021
b,c
11,349,274
Wells
Fargo
Bank
NA
16,002,000
0.648%
(LIBOR
3M
+
0.510%),
10/22/2021
d
16,013,481
19,307,000
2.082%
0,
9/9/2022
d
19,343,122
Westpac
Banking
Corporation
10,000,000
2.000% ,
8/19/2021
10,008,360
15,000,000
0.186%
(LIBOR
3M
+
0.010%),
2/4/2022
b,d
14,999,851
Total
2,066,759,760
Principal
Amount
Foreign
(
0.8%
)
a
Value
Caisse
d'Amortissement
de
la
Dette
Sociale
25,000,000
0.090% ,
8/10/2021
b
24,999,389
25,000,000
0.085% ,
8/23/2021
b
24,998,567
Total
49,997,956
Principal
Amount
Technology
(
0.9%
)
a
Value
Intel
Corporation
30,000,000
0.510%
(LIBOR
3M
+
0.350%),
5/11/2022
d
30,078,437
Oracle
Corporation
22,302,000
1.900% ,
9/15/2021
22,330,470
Total
52,408,907
Principal
Amount
Transportation
(
0.4%
)
a
Value
Union
Pacific
Corporation
25,000,000
0.150% ,
8/6/2021
b
24,999,368
Total
24,999,368
Principal
Amount
U.S.
Government
&
Agencies
(
27.1%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
30,270,000
0.030%
(LIBOR
3M
+
(0.130)%),
8/13/2021
d
30,269,770
6,340,000
0.038%
(LIBOR
3M
+
(0.100)%),
10/6/2021
d
6,340,166
10,000,000
0.149%
(LIBOR
1M
+
0.060%),
10/18/2021
d
10,002,362
21,500,000
0.089%
(LIBOR
1M
+
FLAT),
11/22/2021
d
21,503,442
9,000,000
0.100%
(LIBOR
1M
+
FLAT),
12/1/2021
d
9,001,418
20,500,000
0.121%
(LIBOR
3M
+
(0.010)%),
12/2/2021
d
20,506,066
44,000,000
0.075%
(LIBOR
1M
+
(0.025)%),
12/10/2021
d
44,003,227
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
29
Principal
Amount
U.S.
Government
&
Agencies
(27.1%)
a
Value
$
2,885,000
0.015%
(LIBOR
3M
+
(0.120)%),
12/22/2021
d
$
2,884,334
5,000,000
0.225%
(LIBOR
3M
+
0.080%),
1/3/2022
d
5,003,629
64,000,000
0.115%
(LIBOR
1M
+
0.030%),
1/21/2022
d
64,001,696
98,585,000
0.025%
(LIBOR
3M
+
(0.100)%),
1/25/2022
d
98,561,413
65,745,000
0.055%
(LIBOR
3M
+
(0.100)%),
2/18/2022
d
65,734,356
22,885,000
0.047%
(LIBOR
3M
+
(0.100)%),
2/25/2022
d
22,880,624
Federal
Farm
Credit
Bank
20,000,000
0.055%
(LIBOR
3M
+
(0.120)%),
8/6/2021
d
19,999,963
100,000,000
0.085%
(LIBOR
1M
+
(0.015)%),
9/1/2021
d
100,003,131
20,000,000
0.263%
(LIBOR
1M
+
0.160%),
10/4/2021
d
20,006,237
15,000,000
0.209%
(LIBOR
1M
+
0.120%),
10/18/2021
d
15,005,468
35,000,000
0.094%
(LIBOR
1M
+
0.010%),
10/20/2021
d
35,004,688
5,290,000
0.029%
(LIBOR
3M
+
(0.100)%),
10/27/2021
d
5,289,927
25,000,000
0.233%
(LIBOR
1M
+
0.130%),
11/5/2021
d
25,011,501
80,000,000
0.042%
(LIBOR
3M
+
(0.120)%),
11/10/2021
d
79,996,271
98,920,000
0.071%
(LIBOR
1M
+
(0.020)%),
11/16/2021
d
98,928,623
200,000,000
0.091%
(LIBOR
1M
+
(0.010)%),
12/2/2021
d
200,024,948
30,000,000
0.029%
(LIBOR
3M
+
(0.090)%),
12/15/2021
d
29,997,946
25,000,000
0.120%
(LIBOR
1M
+
0.030%),
12/29/2021
d
25,005,095
10,305,000
0.329%
(LIBOR
1M
+
0.240%),
1/18/2022
d
10,317,118
8,225,000
0.180%
(LIBOR
1M
+
0.080%),
7/13/2022
d
8,228,399
16,200,000
0.183%
(LIBOR
1M
+
0.080%),
9/6/2022
d
16,210,151
Federal
Home
Loan
Bank
76,480,000
0.071%
(LIBOR
3M
+
(0.105)%),
8/4/2021
d
76,480,264
85,620,000
0.070%
(LIBOR
3M
+
(0.080)%),
8/24/2021
d
85,622,980
9,000,000
0.200%
(SOFRRATE
+
0.150%),
9/3/2021
d
9,001,140
75,240,000
0.024%
(LIBOR
3M
+
(0.095)%),
9/13/2021
d
75,238,905
25,000,000
0.084%
(LIBOR
1M
+
FLAT),
10/20/2021
d
25,002,374
19,840,000
0.232%
(LIBOR
3M
+
0.100%),
10/28/2021
d
19,851,645
5,775,000
0.056%
(LIBOR
3M
+
(0.120)%),
11/3/2021
d
5,774,554
7,670,000
0.069%
(LIBOR
1M
+
(0.020)%),
12/17/2021
d
7,670,624
89,400,000
0.072%
(LIBOR
1M
+
(0.015)%),
12/23/2021
d
89,407,306
Federal
Home
Loan
Mortgage
Corporation
15,000,000
0.200%
(SOFRRATE
+
0.150%),
3/4/2022
d
15,013,322
Principal
Amount
U.S.
Government
&
Agencies
(27.1%)
a
Value
Federal
National
Mortgage
Association
$
24,000,000
0.200%
(SOFRRATE
+
0.150%),
12/10/2021
d
$
24,010,761
10,000,000
0.220%
(SOFRRATE
+
0.170%),
3/9/2022
d
10,008,371
25,000,000
0.240%
(SOFRRATE
+
0.190%),
5/27/2022
d
25,032,302
U.S.
International
Development
Finance
Corporation
11,540,000
0.090%
(T-BILL
3M
+
FLAT),
8/6/2021
d
11,540,000
4,000,000
0.090%
(T-BILL
3M
+
FLAT),
5/15/2026
d
4,000,000
7,858,800
0.090%
(T-BILL
3M
+
FLAT),
9/2/2031
d
7,858,800
13,675,214
0.090%
(T-BILL
3M
+
FLAT),
3/15/2032
d
13,675,213
13,995,726
0.090%
(T-BILL
3M
+
FLAT),
6/15/2032
d
13,995,726
Total
1,608,906,256
Principal
Amount
U.S.
Municipals
(
1.6%
)
a
Value
California
State
13,000,000
0.080% ,
8/4/2021
c
13,000,107
18,320,000
0.120% ,
8/19/2021
c
18,320,386
City
of
Memphis,
TN
17,242,000
0.100% ,
8/16/2021
c
17,242,321
11,500,000
0.080% ,
8/24/2021
c
11,500,158
Harris
County,
TX
27,575,000
0.090% ,
8/18/2021
c
27,575,430
Wisconsin
State
10,000,000
0.110% ,
8/5/2021
10,000,115
Total
97,638,517
Principal
Amount
Utilities
(
17.2%
)
a
Value
American
Electric
Power
Company,
Inc.
10,000,000
0.180% ,
8/3/2021
b
9,999,854
5,500,000
0.200% ,
8/9/2021
b
5,499,794
25,000,000
0.200% ,
8/10/2021
b
24,998,961
25,000,000
0.170% ,
8/24/2021
b
24,997,448
25,000,000
0.160% ,
8/26/2021
b
24,997,225
American
Water
Capital
Corporation
12,000,000
0.100% ,
8/4/2021
b,c
11,999,783
Arizona
Public
Service
Company
25,000,000
0.100% ,
8/2/2021
24,999,729
25,000,000
0.100% ,
8/5/2021
24,999,458
25,000,000
0.100% ,
8/6/2021
24,999,368
Centerpoint
Energy,
Inc.
10,000,000
0.150% ,
8/5/2021
b
9,999,780
10,000,000
0.150% ,
8/20/2021
b
9,999,160
25,000,000
0.136% ,
8/25/2021
b
24,997,346
5,000,000
0.130% ,
8/26/2021
b
4,999,445
Consolidated
Edison,
Inc.
15,000,000
0.120% ,
8/23/2021
b
14,998,540
Dominion
Energy
South
Carolina,
Inc.
20,805,000
0.167% ,
9/13/2021
20,800,839
Dominion
Energy,
Inc.
33,485,000
0.180% ,
9/28/2021
b
33,474,955
25,000,000
0.210% ,
10/12/2021
b
24,990,288
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Utilities
(17.2%)
a
Value
Duke
Energy
Corporation
$
21,800,000
0.110% ,
8/6/2021
b
$
21,799,440
33,000,000
0.120% ,
8/11/2021
b
32,998,493
Entergy
Corporation
25,000,000
0.150% ,
8/27/2021
b
24,996,286
Eversource
Energy
15,000,000
0.150% ,
8/4/2021
b
14,999,729
ITC
Holdings
Corporation
11,021,000
0.180% ,
8/18/2021
b
11,020,168
25,000,000
0.190% ,
9/7/2021
b
24,995,775
25,000,000
0.190% ,
9/14/2021
b
24,994,857
Long
Island
Power
Auth.
20,000,000
0.080% ,
8/5/2021
c
20,000,112
22,500,000
0.090% ,
8/18/2021
c
22,500,000
25,000,000
0.090% ,
8/19/2021
c
24,999,868
National
Rural
Utilities
Cooperative
Finance
15,000,000
0.090% ,
8/2/2021
14,999,900
21,000,000
0.101% ,
8/17/2021
20,999,139
25,000,000
0.100% ,
8/23/2021
24,998,567
NextEra
Energy
Capital
Holdings,
Inc.
20,186,000
2.403% ,
9/1/2021
20,220,150
NiSource,
Inc.
25,000,000
0.140% ,
8/9/2021
b
24,999,063
Public
Service
Enterprise
Group,
Inc.
25,000,000
0.180% ,
8/20/2021
b
24,997,900
Sempra
Energy
29,000,000
0.150% ,
8/3/2021
b
28,999,536
20,000,000
0.150% ,
8/5/2021
b
19,999,547
20,000,000
0.170% ,
8/12/2021
b
19,999,003
Southern
Company
Gas
Capital
Corporation
25,000,000
0.160% ,
8/10/2021
b,c
24,998,961
Southern
Power
Company
25,000,000
0.120% ,
8/2/2021
b
24,999,727
TransCanada
American
Investments,
Ltd.
10,000,000
0.210% ,
8/3/2021
b
9,999,854
10,000,000
0.190% ,
8/5/2021
b
9,999,780
10,000,000
0.180% ,
8/17/2021
b
9,999,290
16,250,000
0.200% ,
9/21/2021
b
16,245,909
Virginia
Electric
&
Power
Company
54,500,000
0.174% ,
8/2/2021
54,499,410
20,000,000
0.150% ,
8/3/2021
19,999,711
15,000,000
0.180% ,
8/4/2021
14,999,729
20,000,000
0.150% ,
9/28/2021
19,995,333
19,699,000
0.154% ,
9/29/2021
19,694,327
25,000,000
0.180% ,
10/13/2021
24,992,448
WEC
Energy
Group,
Inc.
20,000,000
0.140% ,
8/5/2021
b
19,999,560
7,000,000
0.150% ,
8/19/2021
b
6,999,444
Total
1,022,692,989
Total
Investments
(cost
$6,109,682,111)
103.0%
$6,109,746,078
Other
Assets
and
Liabilities,
Net
(3.0)%
(178,573,085)
Total
Net
Assets
100.0%
$5,931,172,993
a
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
July
30,
2021,
the
value
of
these
investments
was
$2,905,617,874
or
49.0%
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
July
30,
2021.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description. The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Definitions:
Auth.
-
Authority
Ser.
-
Series
Reference
Rate
Index:
BSBY1M
-
Bloomberg
Short-Term
Bank
Yield
1
Month
BSBY3M
-
Bloomberg
Short-Term
Bank
Yield
3
Month
FEDL
1M
-
Federal
Funds
1
Month
Rate
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
SOFRRATE
-
Secured
Overnight
Financing
Rate
T-BILL
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
31
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
July
30,
2021,
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
219,209,556
–
219,209,556
–
Basic
Materials
163,767,571
–
163,767,571
–
Capital
Goods
249,761,773
–
249,761,773
–
Consumer
Cyclical
361,997,513
–
361,997,513
–
Consumer
Non-Cyclical
123,529,133
–
123,529,133
–
Energy
68,076,779
–
68,076,779
–
Financials
2,066,759,760
–
2,066,759,760
–
Foreign
49,997,956
–
49,997,956
–
Technology
52,408,907
–
52,408,907
–
Transportation
24,999,368
–
24,999,368
–
U.S.
Government
&
Agencies
1,608,906,256
–
1,608,906,256
–
U.S.
Municipals
97,638,517
–
97,638,517
–
Utilities
1,022,692,989
–
1,022,692,989
–
Total
Investments
at
Value
$6,109,746,078
$–
$6,109,746,078
$–
Notes
to
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
32
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing
price
of
the
national
market
system. Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations
obtained
from
dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements are
valued at the
clearinghouse
end
of
day
price.
Swap
agreements
not
cleared
on
exchanges will
be
valued at
the
mid-price
from
the
primary
approved pricing
service.
Forward
foreign
currency
exchange
contracts
are
marked-to-
market
based
upon
foreign
currency
exchange
rates
provided
by
the
pricing
service.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
Securities
held
by
the
Money
Market
Fund
are
valued
on
the
basis
of
amortized
cost
(which
approximates
market
value),
whereby
a
portfolio
security
is
valued
at
its
cost
initially
and
thereafter
valued
to
reflect
a
constant
amortization
to
maturity
of
any
discount
or
premium.
The
Money
Market
Fund
and
the
Trust’s
investment
adviser,
Thrivent
Asset
Management,
LLC
(“Thrivent
Asset
Mgt.”
or
the
“Adviser”),
follow
procedures
designed
to
help
maintain
a
constant
net
asset
value
of
$1.00
per
share.
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Funds'
securities
to
the
Funds'
investment
Adviser.
The
Adviser
has
formed
a
Valuation
Committee
(“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
("GAAP"),
the
various
inputs
used
to
determine
the
fair
value
of
the
Funds’
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities,
typically
included
in
this
level
are
U.S.
equity
securities,
futures,
options
and
registered
investment
company
funds. Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk,
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts. Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments.
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available
for
sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Funds
value
certain
foreign
securities
traded
on
foreign
exchanges
that
close
prior
to
the
close of
the
New
York
Stock
Exchange
using
a
fair
value
pricing
service.
The
fair
value
pricing
service
uses
a
multi-factor
model
that
may
take
into
account
the
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
applicable,
to
determine
price
adjustments
for
each
security
in
order
to
reflect
the
effects
of
post-closing
events.
The
Board
has
authorized
the
Adviser
to
make
fair
valuation
determinations
pursuant
to
policies
approved
by
the
Board.
Foreign
Denominated
Investments
—
Foreign
denominated
assets
and
currency
contracts
may
involve
more
risks
than
domestic
transactions
including
currency
risk,
political
and
economic
risk,
regulatory
risk,
and
market
risk.
Certain
Funds
may
also
invest
in
securities
of
companies
located
in
emerging
markets.
Future
economic
or
political
developments
could
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
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
July
30,
2021
(unaudited)
33
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,
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.
Options
— Certain
Funds may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Funds
intend
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
in
security
prices
or
interest
rates.
The
Funds
may
also
enter
into
options
contracts
to
protect
against
adverse
foreign
exchange
rate
fluctuations.
Option
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
A
Fund
will
realize
a
gain
or
loss
upon
expiration
or
closing
of
the
option
transaction.
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security
while
writing
call
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
a
Fund
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Fund
or
sell
to
the
Fund
the
underlying
asset
as
required.
In
the
case
where
a
Fund
has
written
an
option,
the
Fund
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-
the-counter
options
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
option
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
Futures
Contracts
— Certain
Funds may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
Notes
to
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
34
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 July
30,
2021,
Core
Emerging
Markets
Equity
and
Core
International
Equity
used
equity
futures
to
manage
exposure
to
the
equities
market.
Foreign
Currency
Forward
Contracts
—
In
connection
with
purchases
and
sales
of
securities
denominated
in
foreign
currencies, certain
Funds
may
enter
into
foreign
currency
forward contracts.
Additionally,
the
Funds
may
enter
into
such
contracts
to mitigate
currency
and
counterparty
exposure
to other
foreign-currency-denominated
investments.
These
contracts
are
recorded
at
value
and
the realized-
and
change
in
unrealized-
foreign
exchange
gains
and
losses
are
included
in
the
Statement
of
Operations.
In
the
event
that
counterparties
fail
to
settle
these forward
contracts,
the
Funds
could
be
exposed
to
foreign
currency
fluctuations.
Foreign
currency
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded
daily
as
the
difference
between
the
contract
exchange
rate
and
the
closing
forward
rate
applied
to
the
face
amount
of
the
contract.
A
realized
gain
or
loss
is
recorded
at
the
time
a
forward
contract
is
closed.
These
contracts
are
over-the-counter
and
the
Fund
is
exposed
to
counterparty
risk
equal
to
the
discounted
net
amount
of
payments
to
the
Fund.
Swap
Agreements
— Certain
Funds may enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements.
Certain swap
agreements
are
over-the-counter
and
the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty. Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps
—
A
credit
default
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
credit
default
swap
transaction,
a
buyer
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
The
seller
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
buyer
of
a
credit
default
swap
is
said
to
buy
protection
whereas
a
seller
of
a
credit
default
swap
is
said
to
sell
protection.
The
Funds
may
be
either
the
protection
seller
or
the
protection
buyer.
Certain
Funds
enter
into
credit
default
derivative
contracts
directly
through
credit
default
swaps
(CDS)
or
through
credit
default
swap
indices
("CDX
Indices").
CDX
Indices
are
static
pools
of
equally
weighted
credit
default
swaps
referencing
corporate
bonds
and/or
loans
designed
to increase
or
decrease diversified
credit
exposure
to
these
asset
classes.
Funds
sell
default
protection
and
assume
long-risk
positions
in
individual
credits
or
indices.
Index
positions
are
entered
into
to
gain
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
In
the
event
that
a
position
defaults,
by
going
into
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money,
within
any
given
CDX
Index
held,
the
maximum
potential
amount
of
future
payments
required
would
be
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
on
the
notional
amount
of
the
index.
In
the
event
of
a
default
under
a
CDS
contract
the
maximum
potential
amount
of
future
payments
would
be
the
notional
amount.
Notes
to
Schedule
of
Investments
as
of
July
30,
2021
(unaudited)
35
Funds
buy
default
protection
in
order
to
reduce
their
overall
credit
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
If
a
default
event
as
specified
in
the
CDS
reference
entity
agreement
occurs,
the
Fund
has
the
option
to
receive
a
cash
payment
in
exchange
for
the
credit
loss
or
the
reference
entity
obligation
as
of
the
date
of
the
credit
event.
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement.
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension or
subordination
to
other
obligations.
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.