Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
1
Principal
Amount
Long-Term
Fixed
Income
(
97
.2
%
)
Value
Angola
(2.5%)
Angola
Government
International
Bond
$
1,000,000
9.500%,
11/12/2025
$
980,040
13,000,000
8.250%,
5/9/2028
11,729,900
6,000,000
8.750%,
4/14/2032
a
5,148,912
2,000,000
9.125%,
11/26/2049
1,580,612
Total
19,439,464
Argentina
(1.7%)
Argentina
Government
International
Bond
1,800,000
0.750%,
7/9/2030
b
727,316
22,200,000
3.625%,
7/9/2035
b
7,407,864
15,700,000
3.500%,
7/9/2041
b
5,229,543
Total
13,364,723
Azerbaijan
(0.7%)
Azerbaijan
Government
International
Bond
5,900,000
3.500%,
9/1/2032
5,050,990
Total
5,050,990
Bahrain
(2.1%)
Bahrain
Government
International
Bond
1,000,000
4.250%,
1/25/2028
928,750
1,000,000
5.250%,
1/25/2033
877,530
3,000,000
5.625%,
5/18/2034
a
2,660,550
1,000,000
7.750%,
4/18/2035
a
1,029,782
6,000,000
7.500%,
9/20/2047
a
5,525,712
1,000,000
7.500%,
9/20/2047
920,952
CBB
International
Sukuk
Programme
SPC
4,000,000
6.250%,
11/14/2024
3,985,000
Total
15,928,276
Brazil
(2.3%)
Brazil
Government
International
Bond
5,800,000
4.750%,
1/14/2050
4,264,079
3,000,000
2.875%,
6/6/2025
2,896,592
1,000,000
4.500%,
5/30/2029
955,307
5,000,000
3.875%,
6/12/2030
4,523,635
4,300,000
5.000%,
1/27/2045
3,412,483
2,000,000
5.625%,
2/21/2047
1,697,511
Total
17,749,607
Canada
(1.0%)
Canacol
Energy,
Ltd.
3,000,000
5.750%,
11/24/2028
a
2,064,821
Petronas
Energy
Canada,
Ltd.
6,000,000
2.112%,
3/23/2028
a
5,431,332
Total
7,496,153
Cayman
Islands
(0.3%)
Oryx
Funding,
Ltd.
2,200,000
5.800%,
2/3/2031
2,180,750
Total
2,180,750
Chile
(3.1%)
Chile
Government
International
Bond
1,700,000
3.100%,
1/22/2061
1,087,920
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Chile
(3.1%)
-
continued
$
8,500,000
3.500%,
1/25/2050
$
6,267,230
1,200,000
3.125%,
1/21/2026
1,165,349
2,600,000
3.240%,
2/6/2028
c
2,464,668
8,850,000
2.550%,
7/27/2033
7,287,285
2,000,000
3.500%,
1/31/2034
1,764,774
2,000,000
4.340%,
3/7/2042
1,762,147
Corporacion
Nacional
del
Cobre
de
Chile
2,000,000
6.440%,
1/26/2036
a
2,041,920
Total
23,841,293
Colombia
(3.1%)
Colombia
Government
International
Bond
3,375,000
3.875%,
4/25/2027
3,195,740
786,000
3.125%,
4/15/2031
628,158
1,000,000
7.500%,
2/2/2034
1,022,239
1,000,000
8.000%,
11/14/2035
1,052,885
1,500,000
7.375%,
9/18/2037
1,497,228
10,500,000
6.125%,
1/18/2041
9,141,405
3,000,000
4.125%,
2/22/2042
2,029,489
1,605,000
5.625%,
2/26/2044
1,276,338
3,000,000
5.000%,
6/15/2045
c
2,183,740
Ecopetrol
SA
1,000,000
8.875%,
1/13/2033
1,055,923
1,000,000
8.375%,
1/19/2036
1,012,700
Total
24,095,845
Costa
Rica
(1.4%)
Costa
Rica
Government
International
Bond
1,000,000
7.300%,
11/13/2054
a
1,046,403
3,000,000
6.550%,
4/3/2034
a
3,069,010
6,900,000
7.000%,
4/4/2044
6,989,438
Total
11,104,851
Dominican
Republic
(4.3%)
Dominican
Republic
Government
International
Bond
1,300,000
6.875%,
1/29/2026
a
1,317,811
1,000,000
5.950%,
1/25/2027
a
1,001,999
3,000,000
5.500%,
2/22/2029
a
2,902,070
4,500,000
4.875%,
9/23/2032
a
4,010,945
130,000,000
11.250%,
9/15/2035
a,d
2,365,269
2,500,000
7.450%,
4/30/2044
a
2,598,083
3,900,000
6.850%,
1/27/2045
3,804,411
8,300,000
6.500%,
2/15/2048
a
7,846,540
8,000,000
6.400%,
6/5/2049
a
7,368,644
Total
33,215,772
Ecuador
(1.0%)
Ecuador
Government
International
Bond
2,500,000
6.000%,
7/31/2030
b
1,305,808
14,800,000
3.500%,
7/31/2035
b
6,015,056
Total
7,320,864
Egypt
(2.3%)
Egypt
Government
International
Bond
2,500,000
7.500%,
2/16/2061
a
1,432,355
2,000,000
8.875%,
5/29/2050
a
1,251,032
2,000,000
8.750%,
9/30/2051
a
1,242,260
500,000
8.150%,
11/20/2059
a
300,969
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
2
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Egypt
(2.3%)
-
continued
$
1,500,000
3.875%,
2/16/2026
$
1,215,480
3,300,000
7.600%,
3/1/2029
2,429,275
3,500,000
7.053%,
1/15/2032
a
2,345,140
3,000,000
8.500%,
1/31/2047
1,828,350
9,000,000
7.903%,
2/21/2048
5,332,518
Total
17,377,379
El
Salvador
(0.8%)
El
Salvador
Government
International
Bond
3,300,000
8.625%,
2/28/2029
c
2,974,950
4,500,000
7.625%,
2/1/2041
3,386,250
Total
6,361,200
Gabon
(0.3%)
Gabon
Government
International
Bond
662,000
6.950%,
6/16/2025
636,155
2,000,000
6.625%,
2/6/2031
1,631,840
Total
2,267,995
Ghana
(1.0%)
Ghana
Government
International
Bond
2,000,000
6.375%,
2/11/2027
e
895,620
3,000,000
7.750%,
4/7/2029
a,e
1,326,000
3,556,000
8.625%,
4/7/2034
a,e
1,569,085
1,444,000
8.625%,
4/7/2034
e
637,165
4,000,000
7.875%,
2/11/2035
a,e
1,766,416
4,000,000
8.875%,
5/7/2042
e
1,745,160
Total
7,939,446
Guatemala
(1.4%)
Guatemala
Government
International
Bond
1,000,000
6.125%,
6/1/2050
a
904,865
4,590,000
4.500%,
5/3/2026
4,450,333
2,200,000
4.375%,
6/5/2027
2,102,549
3,000,000
5.375%,
4/24/2032
2,868,089
1,000,000
4.650%,
10/7/2041
a,c
795,094
Total
11,120,930
Honduras
(0.1%)
Honduras
Government
International
Bond
1,000,000
6.250%,
1/19/2027
954,217
Total
954,217
Hungary
(1.3%)
Hungary
Government
International
Bond
3,000,000
5.250%,
6/16/2029
a
2,970,000
2,000,000
2.125%,
9/22/2031
1,597,500
3,000,000
6.250%,
9/22/2032
a
3,130,710
Magyar
Export-Import
Bank
Zrt
2,500,000
6.125%,
12/4/2027
a
2,519,360
Total
10,217,570
Indonesia
(5.0%)
Indonesia
Government
International
Bond
2,000,000
4.125%,
1/15/2025
1,987,178
6,100,000
4.750%,
1/8/2026
a
6,084,966
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Indonesia
(5.0%)
-
continued
$
3,700,000
4.100%,
4/24/2028
$
3,608,921
3,400,000
6.625%,
2/17/2037
a
3,861,296
2,000,000
7.750%,
1/17/2038
a
2,491,648
726,000
6.750%,
1/15/2044
a
848,880
4,000,000
5.125%,
1/15/2045
a
3,925,091
1,200,000
5.250%,
1/8/2047
a
1,191,344
1,500,000
4.350%,
1/11/2048
1,304,387
Pertamina
Persero
PT
1,500,000
6.450%,
5/30/2044
1,582,786
Perusahaan
Listrik
Negara
PT
1,000,000
4.375%,
2/5/2050
786,327
2,000,000
3.375%,
2/5/2030
1,800,000
2,400,000
5.250%,
10/24/2042
2,214,635
Perusahaan
Penerbit
SBSN
Indonesia
III
1,500,000
4.150%,
3/29/2027
a
1,472,729
1,500,000
4.400%,
6/6/2027
a
1,484,047
PT
Perusahaan
Gas
Negara
(Persero)
Tbk
PT
4,000,000
5.125%,
5/16/2024
3,988,800
Total
38,633,035
Ivory
Coast
(2.3%)
Ivory
Coast
Government
International
Bond
16,000,000
6.125%,
6/15/2033
c
14,386,560
3,000,000
8.250%,
1/30/2037
a
2,980,500
Total
17,367,060
Jersey
(1.4%)
Galaxy
Pipeline
Assets
Bidco,
Ltd.
4,247,200
2.160%,
3/31/2034
3,645,215
6,500,000
2.625%,
3/31/2036
a
5,278,759
1,866,240
2.940%,
9/30/2040
a
1,494,000
Total
10,417,974
Jordan
(0.8%)
Jordan
Government
International
Bond
2,500,000
7.500%,
1/13/2029
a
2,443,770
4,500,000
5.850%,
7/7/2030
4,027,500
Total
6,471,270
Kazakhstan
(0.9%)
Kazakhstan
Government
International
Bond
4,000,000
6.500%,
7/21/2045
4,413,000
KazMunayGas
National
Company
JSC
1,000,000
3.500%,
4/14/2033
818,020
1,700,000
5.750%,
4/19/2047
1,474,070
Total
6,705,090
Kenya
(0.6%)
Kenya
Government
International
Bond
3,000,000
6.875%,
6/24/2024
2,913,750
1,500,000
8.000%,
5/22/2032
1,319,484
Total
4,233,234
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
3
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Lebanon
(0.1%)
Lebanon
Government
International
Bond
$
10,000,000
6.650%,
4/22/2024
e
$
574,800
3,000,000
6.600%,
11/27/2026
e
163,560
5,000,000
6.850%,
3/23/2027
e
283,680
Total
1,022,040
Luxembourg
(0.6%)
EIG
Pearl
Holdings
SARL
3,500,000
3.545%,
8/31/2036
a
2,950,850
Greensaif
Pipelines
Bidco
SARL
2,000,000
6.129%,
2/23/2038
a
2,047,772
Total
4,998,622
Malaysia
(1.2%)
Petronas
Capital,
Ltd.
3,500,000
4.550%,
4/21/2050
3,093,665
6,400,000
3.500%,
4/21/2030
5,929,474
Total
9,023,139
Mexico
(6.1%)
America
Movil
SAB
de
CV
3,000,000
5.375%,
4/4/2032
a
2,793,985
Comision
Federal
de
Electricidad
1,000,000
3.875%,
7/26/2033
a
810,219
Mexico
Government
International
Bond
7,240,000
6.338%,
5/4/2053
7,216,863
781,000
4.150%,
3/28/2027
770,190
885,000
3.750%,
1/11/2028
849,639
2,000,000
5.400%,
2/9/2028
2,034,954
1,000,000
3.500%,
2/12/2034
836,998
2,000,000
6.000%,
5/7/2036
2,036,929
5,800,000
6.050%,
1/11/2040
5,784,816
2,000,000
4.600%,
2/10/2048
1,615,762
Petroleos
Mexicanos
14,300,000
7.690%,
1/23/2050
9,997,233
1,000,000
8.750%,
6/2/2029
965,961
6,200,000
5.950%,
1/28/2031
4,892,265
1,915,000
6.700%,
2/16/2032
1,563,560
6,600,000
6.625%,
6/15/2035
4,967,924
Total
47,137,298
Mongolia
(0.2%)
Mongolia
Government
International
Bond
1,700,000
5.125%,
4/7/2026
1,637,044
Total
1,637,044
Morocco
(0.4%)
Morocco
Government
International
Bond
3,000,000
4.000%,
12/15/2050
2,040,000
OCP
SA
1,500,000
5.125%,
6/23/2051
1,080,630
Total
3,120,630
Mozambique
(1.2%)
Mozambique
Government
International
Bond
10,861,000
9.000%,
9/15/2031
9,364,354
Total
9,364,354
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Namibia
(0.3%)
Namibia
Government
International
Bond
$
2,000,000
5.250%,
10/29/2025
$
1,969,440
Total
1,969,440
Netherlands
(1.3%)
AES
Andres
BV
2,000,000
5.700%,
5/4/2028
a
1,840,000
IHS
Netherlands
Holdco
BV
3,000,000
8.000%,
9/18/2027
a
2,760,000
Majapahit
Holding
BV
2,000,000
7.875%,
6/29/2037
2,367,848
Petrobras
Global
Finance
BV
3,000,000
6.500%,
7/3/2033
2,977,146
Total
9,944,994
Nigeria
(2.1%)
Nigeria
Government
International
Bond
13,100,000
7.875%,
2/16/2032
11,356,652
1,000,000
7.375%,
9/28/2033
a
821,500
5,000,000
7.696%,
2/23/2038
3,932,600
Total
16,110,752
Oman
(3.1%)
Oman
Government
International
Bond
4,000,000
4.875%,
2/1/2025
3,960,000
5,000,000
4.750%,
6/15/2026
a
4,915,450
4,000,000
5.625%,
1/17/2028
a
4,030,640
2,500,000
7.375%,
10/28/2032
a
2,781,250
8,500,000
6.750%,
1/17/2048
a
8,538,284
Total
24,225,624
Pakistan
(0.9%)
Pakistan
Government
International
Bond
2,000,000
6.000%,
4/8/2026
a
1,550,000
4,500,000
6.875%,
12/5/2027
3,268,800
3,000,000
7.375%,
4/8/2031
a
1,949,100
Total
6,767,900
Panama
(2.0%)
Aeropuerto
Internacional
de
Tocumen
SA
2,000,000
4.000%,
8/11/2041
a
1,482,000
Panama
Bonos
del
Tesoro
6,000,000
3.362%,
6/30/2031
4,641,000
Panama
Government
International
Bond
4,800,000
4.500%,
4/16/2050
3,162,793
1,000,000
3.750%,
3/16/2025
974,878
5,079,000
6.700%,
1/26/2036
4,876,406
Total
15,137,077
Paraguay
(1.6%)
Paraguay
Government
International
Bond
4,800,000
5.400%,
3/30/2050
4,124,438
3,500,000
4.700%,
3/27/2027
3,441,033
2,000,000
5.850%,
8/21/2033
a
1,988,522
1,000,000
6.100%,
8/11/2044
953,734
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
4
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Paraguay
(1.6%)
-
continued
$
2,000,000
5.600%,
3/13/2048
$
1,779,967
Total
12,287,694
Peru
(2.9%)
Fondo
Mivivienda
SA
2,000,000
4.625%,
4/12/2027
a
1,944,707
Peru
Government
International
Bond
11,000,000
2.783%,
1/23/2031
9,546,592
1,100,000
8.750%,
11/21/2033
1,370,916
2,000,000
3.000%,
1/15/2034
c
1,667,591
6,000,000
3.300%,
3/11/2041
4,554,431
Petroleos
del
Peru
SA
4,500,000
5.625%,
6/19/2047
a
2,870,934
Total
21,955,171
Philippines
(1.6%)
Philippines
Government
International
Bond
3,000,000
3.750%,
1/14/2029
2,881,589
5,025,000
7.750%,
1/14/2031
5,887,235
1,625,000
6.375%,
10/23/2034
1,807,716
2,420,000
3.950%,
1/20/2040
2,107,405
Total
12,683,945
Poland
(0.6%)
Bank
Gospodarstwa
Krajowego
1,500,000
5.375%,
5/22/2033
a
1,504,995
Poland
Government
International
Bond
3,000,000
4.875%,
10/4/2033
2,990,100
Total
4,495,095
Qatar
(3.2%)
Qatar
Government
International
Bond
4,800,000
4.400%,
4/16/2050
a
4,200,000
6,000,000
3.375%,
3/14/2024
a
5,978,400
3,000,000
3.250%,
6/2/2026
a
2,909,820
1,000,000
3.750%,
4/16/2030
a
966,046
1,000,000
5.750%,
1/20/2042
a
1,065,556
8,000,000
4.817%,
3/14/2049
a
7,440,000
QatarEnergy
3,000,000
3.125%,
7/12/2041
a
2,219,760
Total
24,779,582
Romania
(2.7%)
Romania
Government
International
Bond
4,100,000
4.000%,
2/14/2051
2,952,000
2,000,000
3.000%,
2/27/2027
1,866,040
6,000,000
5.250%,
11/25/2027
a
5,941,140
1,000,000
6.625%,
2/17/2028
a
1,035,150
4,000,000
3.000%,
2/14/2031
3,397,520
2,000,000
3.625%,
3/27/2032
a
1,728,816
2,000,000
7.125%,
1/17/2033
a
2,157,280
1,500,000
6.375%,
1/30/2034
a
1,531,857
Total
20,609,803
Saudi
Arabia
(3.7%)
Saudi
Arabia
Government
International
Bond
10,600,000
3.750%,
1/21/2055
7,526,000
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Saudi
Arabia
(3.7%)
-
continued
$
6,300,000
3.250%,
10/26/2026
a
$
6,032,250
4,000,000
3.625%,
3/4/2028
a
3,834,144
2,300,000
4.375%,
4/16/2029
a
2,256,300
5,000,000
2.250%,
2/2/2033
a
4,037,500
1,500,000
4.500%,
10/26/2046
1,275,000
Saudi
Arabian
Oil
Company
4,500,000
2.250%,
11/24/2030
a
3,786,912
Total
28,748,106
Senegal
(0.8%)
Senegal
Government
International
Bond
1,500,000
6.250%,
7/30/2024
1,483,860
4,700,000
6.250%,
5/23/2033
4,070,153
1,000,000
6.750%,
3/13/2048
748,822
Total
6,302,835
Serbia
(0.7%)
Serbia
Government
International
Bond
2,000,000
6.250%,
5/26/2028
a
2,036,860
3,500,000
6.500%,
9/26/2033
a
3,567,690
Total
5,604,550
South
Africa
(2.2%)
Eskom
Holdings
SOC,
Ltd.
1,000,000
7.125%,
2/11/2025
994,940
6,000,000
6.350%,
8/10/2028
a
5,812,380
2,000,000
8.450%,
8/10/2028
1,996,056
South
Africa
Government
International
Bond
3,500,000
6.250%,
3/8/2041
2,948,225
2,000,000
5.375%,
7/24/2044
1,486,592
5,100,000
5.650%,
9/27/2047
3,786,750
Total
17,024,943
Sri
Lanka
(0.9%)
Sri
Lanka
Government
International
Bond
6,000,000
6.825%,
7/18/2026
e
3,109,748
5,000,000
6.200%,
5/11/2027
e
2,543,046
1,000,000
6.750%,
4/18/2028
e
510,413
2,000,000
7.550%,
3/28/2030
e
1,009,618
Total
7,172,825
Trinidad
and
Tobago
(0.7%)
Heritage
Petroleum
Company,
Ltd.
1,000,000
9.000%,
8/12/2029
a
1,057,000
Telecommunications
Services
of
Trinidad
and
Tobago,
Ltd.
4,300,000
8.875%,
10/18/2029
a
3,977,500
Total
5,034,500
Turkey
(3.5%)
Turkiye
Government
International
Bond
2,000,000
5.750%,
3/22/2024
1,997,500
4,000,000
6.375%,
10/14/2025
3,987,600
5,600,000
6.125%,
10/24/2028
5,369,000
4,800,000
6.500%,
9/20/2033
c
4,381,440
2,639,000
6.875%,
3/17/2036
2,397,822
4,435,000
6.750%,
5/30/2040
3,836,496
2,000,000
6.000%,
1/14/2041
1,592,260
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
5
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Turkey
(3.5%)
-
continued
$
1,000,000
4.875%,
4/16/2043
$
675,000
1,800,000
5.750%,
5/11/2047
1,310,328
Turkiye
Ihracat
Kredi
Bankasi
AS
1,500,000
9.375%,
1/31/2026
a
1,563,912
Total
27,111,358
Ukraine
(0.6%)
State
Agency
of
Roads
of
Ukraine
3,000,000
6.250%,
6/24/2028
a,e
753,588
Ukraine
Government
International
Bond
2,000,000
7.750%,
9/1/2026
e
515,592
3,000,000
7.750%,
9/1/2028
e
749,280
1,900,000
9.750%,
11/1/2030
e
502,668
2,000,000
6.876%,
5/21/2031
e
429,892
7,500,000
7.375%,
9/25/2034
e
1,701,750
Total
4,652,770
United
Arab
Emirates
(2.8%)
Abu
Dhabi
Government
International
Bond
2,500,000
3.875%,
4/16/2050
a
2,001,305
3,000,000
3.000%,
9/15/2051
a
2,032,752
3,000,000
3.125%,
5/3/2026
a
2,900,526
8,500,000
2.500%,
9/30/2029
a,c
7,703,125
Finance
Department
Government
of
Sharjah
6,000,000
4.000%,
7/28/2050
a
3,848,148
United
Arab
Emirates
Government
International
Bond
3,000,000
4.050%,
7/7/2032
a
2,904,810
Total
21,390,666
United
Kingdom
(0.3%)
NAK
Naftogaz
Ukraine
via
Kondor
Finance
plc
4,000,000
7.625%,
11/8/2028
a
2,056,224
Total
2,056,224
Uruguay
(2.1%)
Uruguay
Government
International
Bond
3,000,000
4.975%,
4/20/2055
2,828,543
2,000,000
5.100%,
6/18/2050
1,943,695
11,840,312
4.375%,
1/23/2031
11,667,001
Total
16,439,239
Uzbekistan
(0.9%)
Uzbekistan
Government
International
Bond
1,000,000
7.850%,
10/12/2028
a
1,036,600
1,000,000
3.700%,
11/25/2030
817,500
4,000,000
3.900%,
10/19/2031
a
3,241,760
Uzbekneftegaz
JSC
2,000,000
4.750%,
11/16/2028
a
1,665,464
Total
6,761,324
Vietnam
(0.7%)
Vietnam
Government
International
Bond
5,400,000
4.800%,
11/19/2024
5,340,600
Total
5,340,600
Principal
Amount
Long-Term
Fixed
Income
(97.2%)
Value
Virgin
Islands,
British
(3.3%)
Sinopec
Group
Overseas
Development
2017,
Ltd.
$
5,000,000
3.625%,
4/12/2027
$
4,861,670
Sinopec
Group
Overseas
Development
2018,
Ltd.
6,200,000
2.300%,
1/8/2031
5,395,116
State
Grid
Overseas
Investment
2016,
Ltd.
12,500,000
2.875%,
5/18/2026
12,002,239
3,000,000
3.500%,
5/4/2027
2,907,070
Total
25,166,095
Zambia
(0.2%)
Zambia
Government
International
Bond
2,000,000
8.500%,
4/14/2024
e
1,264,096
Total
1,264,096
Total
Long-Term
Fixed
Income
(cost
$865,908,801)
748,195,323
Shares
Collateral
Held
for
Securities
Loaned
(
2
.7
%
)
20,617,495
Thrivent
Cash
Management
Trust
20,617,495
Total
Collateral
Held
for
Securities
Loaned
(cost
$20,617,495)
20,617,495
Shares
Short-Term
Investments
(
1
.4
%
)
Thrivent
Core
Short-Term
Reserve
Fund
1,077,139
5.670%
10,771,386
Total
Short-Term
Investments
(cost
$10,771,386)
10,771,386
Total
Investments
(cost
$897,297,682)
101.3%
$
779,584,204
Other
Assets
and
Liabilities,
Net
(1.3%)
(
10,128,972
)
Total
Net
Assets
100.0%
$
769,455,232
a
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
January
31,
2024,
the
value
of
these
investments
was
$265,400,902
or
34.5%
of
total
net
assets.
b
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
January
31,
2024.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Principal
amount
is
displayed
in
Dominican
Republic
Pesos.
e
Defaulted
security. Interest
is
not
being
accrued.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
6
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Debt
Fund
as
of
January
31,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
19,632,411
Total
lending
$19,632,411
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$20,617,495
Net
amounts
due
to
counterparty
$985,084
Definitions:
plc
-
Public
Limited
Company
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
in
valuing
Emerging
Markets
Debt
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Communications
Services
9,531,485
–
9,531,485
–
Energy
71,195,773
–
71,195,773
–
Financials
1,504,995
–
1,504,995
–
Foreign
Government
649,036,732
–
649,036,732
–
Transportation
1,482,000
–
1,482,000
–
Utilities
15,444,338
–
15,444,338
–
Subtotal
Investments
in
Securities
$
748,195,323
$
–
$
748,195,323
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
10,771,386
Collateral
Held
for
Securities
Loaned
20,617,495
Subtotal
Other
Investments
$
31,388,881
Total
Investments
at
Value
$
779,584,204
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
7
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
1/31/2024
Shares
Held
at
1/31/2024
%
of
Net
Assets
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$
11,288
$
22,959
$
23,476
$
10,771
1,077
1.4%
Total
Affiliated
Short-Term
Investments
11,288
10,771
1.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
23,593
32,910
35,886
20,617
20,617
2.7
Total
Collateral
Held
for
Securities
Loaned
23,593
20,617
2.7
Total
Value
$
34,881
$
31,388
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$–
$–
$
–
$
168
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$
168
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
44
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
44
Total
Value
$–
$–
$
–
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
8
Shares
Common
Stock
(
97.9%
)
Value
Belgium
(<0.1%)
3,303
Titan
Cement
International
SA
$
85,134
Total
85,134
Brazil
(6.7%)
82,200
Ambev
SA
217,180
167,700
Atacadao
SA
354,396
145,300
Azul
SA
a
393,868
215,000
B3
SA
-
Brasil
Bolsa
Balcao
567,617
34,000
Banco
ABC
Brasil
SA
162,369
183,755
Banco
Bradesco
SA
ADR
569,640
3,900
Banco
BTG
Pactual
SA
28,401
175,400
Banco
do
Brasil
SA
2,001,679
149,319
Centrais
Eletricas
Brasileiras
SA
ADR
b
1,233,375
26,491
Companhia
Paranaense
de
Energia
ADR
b
215,372
6,622
Companhia
Paranaense
de
Energia
ADR
a,b
48,142
253,418
Companhia
Siderurgica
Nacional
SA
ADR
b
894,566
241,400
CPFL
Energia
SA
1,765,283
36,000
Cury
Construtora
e
Incorporadora
SA
134,499
120,100
Dexco
SA
187,384
125,800
Enauta
Participacoes
SA
479,139
176,869
Gerdau
SA
ADR
748,156
403,100
Iochpe-Maxion
SA
1,005,635
558,320
Itau
Unibanco
Holding
SA
ADR
3,684,912
877,995
Itausa
SA
1,779,241
94,719
Jalles
Machado
SA
141,283
185,600
JBS
S/A
879,974
15,400
Localiza
Rent
a
Car
SA
169,125
127,400
Metalurgica
Gerdau
SA
255,602
60,600
Movida
Participacoes
SA
114,610
337,300
Petroleo
Brasileiro
SA
2,774,297
101,436
Petroleo
Brasileiro
SA
ADR
1,731,512
41,500
PRIO
SA/Brazil
369,231
227,100
Randon
SA
Implementos
e
Participacoes
534,471
248,500
Telefonica
Brasil
SA
2,573,077
670,800
TIM
SA/Brazil
2,358,577
254,270
Vale
SA
ADR
3,480,956
140,000
Vibra
Energia
SA
672,533
Total
32,526,102
Cayman
Islands
(11.6%)
942,004
Alibaba
Group
Holding,
Ltd.
8,448,813
33,019
Baidu.com,
Inc.
ADR
a
3,477,231
853,000
China
Feihe,
Ltd.
c
390,789
1,329,000
China
Mengniu
Dairy
Company,
Ltd.
2,944,692
872,000
China
Resources
Building
Materials
Technology
Holdings,
Ltd.
139,676
111,600
Chow
Tai
Fook
Jewellery
Group,
Ltd.
151,183
666,000
Consun
Pharmaceutical
Group,
Ltd.
454,002
261,000
Geely
Automobile
Holdings,
Ltd.
247,391
84,331
Hello
Group,
Inc.
ADR
495,023
114,248
JD.com,
Inc.
1,288,276
70,775
JOYY,
Inc.
ADR
2,169,962
50,000
Kingboard
Holdings,
Ltd.
88,995
948,500
Li
Ning
Company,
Ltd.
2,026,301
259,620
Meituan
a,c
2,088,183
91,500
NetDragon
Websoft
Holdings,
Ltd.
125,328
Shares
Common
Stock
(97.9%)
Value
Cayman
Islands
(11.6%)
-
continued
8,358
NetEase,
Inc.
ADR
$
816,075
40,273
PDD
Holdings,
Inc.
ADR
a
5,109,435
518,000
Seazen
Group,
Ltd.
a
71,231
4,912,000
Shui
On
Land,
Ltd.
440,808
806,000
Sino
Biopharmaceutical,
Ltd.
290,834
235,600
Sunny
Optical
Technology
(Group)
Company,
Ltd.
1,448,089
89,234
TAL
Education
Group
ADR
a
949,450
516,100
Tencent
Holdings,
Ltd.
17,914,513
273,080
Tencent
Music
Entertainment
Group
ADR
a
2,566,952
161,600
Tongcheng
Travel
Holdings,
Ltd.
a
329,641
208,000
Topsports
International
Holdings,
Ltd.
c
134,822
925,600
Xiaomi
Corporation
a,c
1,458,310
349,500
Zhongsheng
Group
Holdings,
Ltd.
589,965
Total
56,655,970
Chile
(0.5%)
5,101
Banco
de
Chile
ADR
113,344
8,833
Banco
de
Credito
e
Inversiones
SA
233,888
302,031
Cencosud
SA
525,615
3,617,644
Colbun
SA
513,427
125,416
Embotelladora
Andina
SA
319,542
155,820
Empresas
CMPC
SA
253,890
251,806
S.A.C.I.
Falabella
a
597,665
Total
2,557,371
China
(11.9%)
11,617,800
Agricultural
Bank
of
China,
Ltd.
6,295,665
2,631,500
Aluminum
Corporation
of
China,
Ltd.,
Class
A
2,091,640
4,418,000
Aluminum
Corporation
of
China,
Ltd.,
Class
H
2,153,162
243,500
Anhui
Conch
Cement
Company,
Ltd.,
Class
H
487,714
5,059,300
Bank
of
China,
Ltd.,
Class
A
3,045,906
488,000
Bank
of
China,
Ltd.,
Class
H
183,132
3,022,700
Bank
of
Communications
Company,
Ltd.
2,529,700
3,470,513
Baoshan
Iron
&
Steel
Company,
Ltd.
2,976,597
5,655,400
BOE
Technology
Group
Company,
Ltd.
2,836,014
17,000
BYD
Company,
Ltd.,
Class
H
380,633
5,246,000
CGN
Power
Company,
Ltd.
c
1,470,060
421,300
China
Construction
Bank
Corporation,
Class
A
403,107
676,000
China
Construction
Bank
Corporation,
Class
H
401,452
535,100
China
Merchants
Securities
Company,
Ltd.
997,555
9,900
China
Merchants
Shekou
Industrial
Zone
Holdings
Company,
Ltd.
12,119
2,100,000
China
National
Building
Material
Company,
Ltd.
740,763
3,987,000
China
Petroleum
&
Chemical
Corporation,
Class
H
2,074,051
1,603,000
China
Railway
Group,
Ltd.
733,112
53,200
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Company,
Ltd.
387,826
8,000
China
Tourism
Group
Duty
Free
Corporation,
Ltd.
c
70,158
573,500
China
United
Network
Communications,
Ltd.
360,956
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
9
Shares
Common
Stock
(97.9%)
Value
China
(11.9%)
-
continued
2,640,000
CMOC
Group,
Ltd.
$
1,446,070
566,500
COSCO
SHIPPING
Holdings
Company,
Ltd.,
Class
H
595,181
3,920,000
CRRC
Corporation,
Ltd.
1,821,990
745,500
Foxconn
Industrial
Internet
Company,
Ltd.
1,379,788
101,600
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
H
c
459,325
698,000
Great
Wall
Motor
Company,
Ltd.,
Class
H
687,256
388,800
Gree
Electric
Appliances,
Inc.
of
Zhuhai
1,912,172
4,557,160
Greenland
Holdings
Corporation,
Ltd.
a
1,340,597
288,900
Guotai
Junan
Securities
Company,
Ltd.
588,642
176,800
Huatai
Securities
Company,
Ltd.
c
208,575
1,521,300
Huaxia
Bank
Company,
Ltd.
1,283,775
174,000
Jiangsu
Hengrui
Medicine
Company,
Ltd.
909,943
1,502,000
Jiangxi
Copper
Company,
Ltd.,
Class
H
2,100,593
4,113,000
People's
Insurance
Company
(Group)
of
China,
Ltd.
1,278,641
796,300
PetroChina
Company,
Ltd.,
Class
A
927,690
2,284,000
PetroChina
Company,
Ltd.,
Class
H
1,652,168
605,000
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
H
2,543,144
685,100
Poly
Developments
and
Holdings
Group
Company,
Ltd.
914,285
196,400
Seazen
Holdings
Company,
Ltd.
a
270,685
1,999,500
Shenwan
Hongyuan
Group
Company,
Ltd.
1,218,190
1,721,000
Shenzhen
Overseas
Chinese
Town
Company,
Ltd.
a
708,201
169,100
Shenzhou
International
Group
Holdings,
Ltd.
1,505,904
38,700
Sichuan
Kelun
Pharmaceutical
Company,
Ltd.
124,733
562,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
407,012
76,000
Tsingtao
Brewery
Company,
Ltd.
433,711
456,000
Wanda
Film
Holding
Company,
Ltd.
a
701,870
54,200
ZTE
Corporation
94,187
Total
58,145,650
Colombia
(<0.1%)
8,687
Bancolombia
SA
73,084
Total
73,084
Cyprus
(<0.1%)
71,245
Ros
Agro
plc
GDR
a,d
0
Total
0
Czech
Republic
(0.4%)
56,103
Komercni
Banka
AS
1,840,609
285
Philip
Morris
CR
198,457
Total
2,039,066
Greece
(0.1%)
117,846
Eurobank
Ergasias
Services
and
Holdings
SA
a
227,585
9,507
Mytilineos
SA
390,419
Shares
Common
Stock
(97.9%)
Value
Greece
(0.1%)
-
continued
11,658
National
Bank
of
Greece
SA
a
$
88,636
Total
706,640
Hong
Kong
(1.0%)
1,404,500
China
Overseas
Land
&
Investment,
Ltd.
2,124,714
313,440
CSPC
Pharmaceutical
Group,
Ltd.
230,595
1,280,000
Weichai
Power
Company,
Ltd.,
Class
H
2,259,794
96,000
Yuexiu
Property
Company,
Ltd.
60,116
Total
4,675,219
Hungary
(0.7%)
125,090
MOL
Hungarian
Oil
&
Gas
plc
1,025,181
53,129
OTP
Bank
Nyrt
2,461,402
Total
3,486,583
India
(19.9%)
3,195
ABB
India,
Ltd.
179,945
27,555
Angel
One,
Ltd.
1,087,285
13,046
Asian
Paints,
Ltd.
463,414
144,710
Axis
Bank,
Ltd.
1,860,582
67,884
Bajaj
Auto,
Ltd.
6,275,399
6,031
Bajaj
Finserv,
Ltd.
118,166
208,710
Bharat
Petroleum
Corporation,
Ltd.
1,265,003
65,049
Birlasoft,
Ltd.
664,574
7,331
Ceat,
Ltd.
234,059
14,397
Chennai
Petroleum
Corporation,
Ltd.
147,919
257,213
Cipla,
Ltd.
4,183,363
143,919
Coal
India,
Ltd.
704,680
6,116
CRISIL,
Ltd.
301,747
28,125
Cummins
India,
Ltd.
777,066
1,639
Dixon
Technologies
India,
Ltd.
118,370
42,333
Gujarat
State
Petronet,
Ltd.
187,466
225,845
HCL
Technologies,
Ltd.
4,283,309
81,008
HDFC
Asset
Management
Company,
Ltd.
c
3,494,350
104,379
Hero
MotoCorp,
Ltd.
5,810,905
51,756
Hindalco
Industries,
Ltd.
360,458
54,172
Hindustan
Petroleum
Corporation,
Ltd.
a
302,321
61,638
ICICI
Bank,
Ltd.
ADR
1,503,967
7,377
ICICI
Securities,
Ltd.
c
72,887
1,434,791
Indian
Oil
Corporation,
Ltd.
2,540,827
10,035
Indraprastha
Gas,
Ltd.
52,059
212,010
Infosys,
Ltd.
ADR
4,210,519
173,590
Jindal
Saw,
Ltd.
1,088,302
120,667
JK
Tyre
&
Industries,
Ltd.
766,418
166,310
Kotak
Mahindra
Bank,
Ltd.
3,655,299
73,070
KPIT
Technologies,
Ltd.
1,364,635
105,630
Larsen
&
Toubro,
Ltd.
4,422,228
17,456
LTIMindtree,
Ltd.
c
1,143,347
224,085
Manappuram
Finance,
Ltd.
498,375
2,761
Maruti
Suzuki
India,
Ltd.
338,640
736
MRF,
Ltd.
1,262,042
4,052
Mrs
Bectors
Food
Specialities,
Ltd.
57,985
16,640
Nestle
India,
Ltd.
501,938
17,721
Nippon
Life
India
Asset
Management,
Ltd.
c
111,776
1,602,850
Oil
&
Natural
Gas
Corporation,
Ltd.
4,869,003
12,928
Persistent
Systems,
Ltd.
1,297,479
32,685
PI
Industries,
Ltd.
1,328,227
40,770
Pidilite
Industries,
Ltd.
1,242,632
39,948
Polycab
India,
Ltd.
2,088,100
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
10
Shares
Common
Stock
(97.9%)
Value
India
(19.9%)
-
continued
770,466
Power
Finance
Corporation,
Ltd.
$
4,113,990
498,058
REC,
Ltd.
2,991,915
105,399
Reliance
Industries,
Ltd.
3,621,143
493,357
Samvardhana
Motherson
International,
Ltd.
672,602
734,671
State
Bank
of
India
5,674,874
7,956
Supreme
Industries,
Ltd.
395,831
153,792
Tata
Consultancy
Services,
Ltd.
7,063,841
158,058
Tata
Motors,
Ltd.
1,682,187
20,614
Torrent
Power,
Ltd.
258,149
22,633
UltraTech
Cement,
Ltd.
2,767,382
162,572
Welspun
Living,
Ltd.
321,379
Total
96,800,359
Indonesia
(2.8%)
10,874,500
Bank
Central
Asia
Tbk
PT
6,579,360
4,841,100
Bank
Mandiri
Persero
Tbk
PT
a
2,038,179
14,484,200
Bank
Rakyat
Indonesia
Persero
Tbk
PT
5,217,724
Total
13,835,263
Kuwait
(0.8%)
88,605
HumanSoft
Holding
Company
KSCC
989,206
48,173
Kuwait
Finance
House
KSCP
120,746
143,899
Mobile
Telecommunications
Company
KSCP
245,936
697,822
National
Bank
of
Kuwait
KSC
2,221,883
129,867
National
Industries
Group
Holding
100,646
Total
3,678,417
Luxembourg
(0.2%)
43,906
Reinet
Investments
SCA
1,100,411
Total
1,100,411
Malaysia
(0.5%)
439,700
Hong
Leong
Bank
Bhd
1,784,484
117,300
IOI
Corporation
Bhd
98,901
31,400
Petronas
Dagangan
Bhd
141,665
383,868
Sports
Toto
Bhd
a
120,923
92,600
Ta
Ann
Holdings
Bhd
72,240
Total
2,218,213
Mexico
(2.0%)
16,486
America
Movil
SAB
de
CV
ADR
297,572
135,500
Arca
Continental
SAB
de
CV
1,540,519
141,324
Cemex
SAB
de
CV
ADR
a
1,170,163
30,371
Coca-Cola
FEMSA
SAB
de
CV
ADR
2,883,423
2,566
Fomento
Economico
Mexicano
SAB
de
CV
ADR
347,795
101,200
Grupo
Financiero
Banorte
SAB
de
CV
ADR
1,029,022
218,700
Grupo
Mexico
SAB
de
CV
1,127,331
423,100
Megacable
Holdings
SAB
de
CV
1,081,626
55,100
Wal-Mart
de
Mexico
SAB
de
CV
227,584
Total
9,705,035
Netherlands
(<0.1%)
27,784
NEPI
Rockcastle
NV
187,101
Total
187,101
Shares
Common
Stock
(97.9%)
Value
Philippines
(0.2%)
47,580
SM
Investments
Corporation
$
759,601
Total
759,601
Poland
(1.5%)
47,620
Asseco
Poland
SA
867,463
30,310
Bank
Polska
Kasa
Opieki
SA
1,165,908
2,622
Budimex
SA
449,207
19,052
KGHM
Polska
Miedz
SA
530,801
159
LPP
SA
618,266
4,328
Orlen
SA
67,484
158,924
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
2,016,433
120,126
Powszechny
Zaklad
Ubezpieczen
SA
1,446,337
1,248
Santander
Bank
Polska
SA
151,155
Total
7,313,054
Qatar
(0.4%)
603,450
Commercial
Bank
PSQC
869,276
161,643
Doha
Bank
QPSC
75,570
261,017
Gulf
International
Services
QSC
201,721
69,334
Gulf
Warehousing
Company
61,889
234,526
Masraf
Al
Rayan
QSC
151,264
145,214
Qatar
Gas
Transport
Company,
Ltd.
138,339
27,892
Qatar
International
Islamic
Bank
QSC
79,829
79,667
Qatar
National
Bank
QPSC
338,862
Total
1,916,750
Russian
Federation
(<0.1%)
647,134
Gazprom
PJSC
ADR
a,d
65
23,359
LUKOIL
PJSC
a,d,e
0
23,091
Mechel
PJSC
ADR
a,b,d
2
56,865
MMC
Norilsk
Nickel
PJSC
ADR
a,d
6
1,696
Novatek
PJSC
GDR
a,d
0
2,615
Polyus
PJSC
a,d
0
1,260,120
Sberbank
of
Russia
PJSC
a,d,e
1
67,230
Sovcomflot
OAO
a,d,e
0
2,930,700
Surgutneftegas
PJSC
a,d,e
3
257,974
Surgutneftegas
PJSC
ADR
a,d
26
Total
103
Saudi
Arabia
(3.6%)
5,352
Al
Masane
Al
Kobra
Mining
Company
77,066
265,249
Al
Rajhi
Bank
5,921,133
7,217
Alinma
Bank
79,490
11,112
Almunajem
Foods
Company
254,453
17,854
Arab
National
Bank
118,718
19,641
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Company
1,518,293
13,164
Eastern
Province
Cement
Company
124,967
106,479
Fawaz
Abdulaziz
Al
Hokair
&
Company
a
479,130
382,996
Jarir
Marketing
Company
1,556,454
4,695
National
Medical
Care
Company
237,048
32,978
SABIC
Agri-Nutrients
Company
1,124,411
207,279
Saudi
Arabian
Oil
Company
c
1,688,514
3,595
Saudi
Basic
Industries
Corporation
74,523
14,927
Saudi
Electricity
Company
75,321
222,026
Saudi
National
Bank
2,397,777
32,418
Saudi
Public
Transport
Company
a
174,151
145,268
Saudi
Telecom
Company
1,580,750
Total
17,482,199
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
11
Shares
Common
Stock
(97.9%)
Value
South
Africa
(2.1%)
136,976
Absa
Group,
Ltd.
$
1,196,009
229,764
AECI,
Ltd.
1,237,818
2,534
Anglo
American
Platinum,
Ltd.
107,280
107,705
Aspen
Pharmacare
Holdings,
Ltd.
1,116,485
21,255
Barloworld,
Ltd.
85,031
30,182
Coronation
Fund
Managers,
Ltd.
50,237
219,945
DataTec,
Ltd.
481,418
195,540
FirstRand,
Ltd.
708,191
35,894
Kumba
Iron
Ore,
Ltd.
1,060,208
70,699
Momentum
Metropolitan
Holdings
79,186
2,597
MTN
Group,
Ltd.
13,252
9,279
Naspers,
Ltd.
1,554,838
56,567
Sasol,
Ltd.
491,325
174,179
Standard
Bank
Group
1,858,219
34,479
Super
Group,
Ltd.
51,564
Total
10,091,061
South
Korea
(9.1%)
7,963
Caregen
Company,
Ltd.
a
127,688
6,334
CJ
Corporation
a
444,891
22,819
Green
Cross
Holdings
Corporation
a
252,621
67,654
GS
Holdings
Corporation
a
2,346,196
5,138
Hanmi
Pharm
Company,
Ltd.
1,246,565
60,820
Hanon
Systems
283,864
4,903
Hanwha
Corporation
a
99,767
10,841
HD
Hyundai
Company,
Ltd.
577,822
9,044
Hyundai
Motor
Company
1,315,452
40,601
Kakao
Corporation
a
1,587,735
1,269
Korea
Zinc
Company,
Ltd.
449,556
1,161
LG
Chem,
Ltd.
376,495
758
LG
H&H
Company,
Ltd.
171,801
22,212
Lotte
Shopping
Company,
Ltd.
a
1,365,648
10,889
NAVER
Corporation
1,623,791
1,875
NCSoft
Corporation
a
276,731
149,597
NH
Investment
&
Securities
Company,
Ltd.
a
1,186,950
15,673
PharmaResearch
Company,
Ltd.
a
1,235,210
7,156
POSCO
Holdings,
Inc.
2,270,457
2,557
Samsung
Biologics
Company,
Ltd.
a,c
1,609,561
23,193
Samsung
C&T
Corporation
2,395,941
312,127
Samsung
Electronics
Company,
Ltd.
16,959,995
802
Samsung
SDI
Company,
Ltd.
222,574
40,604
Samsung
Securities
Corporation,
Ltd.
1,141,303
54,850
SD
Biosensor,
Inc.
426,779
4,619
SK
Biopharmaceuticals
Company,
Ltd.
a
320,828
29,649
SK
Hynix,
Inc.
2,969,071
23,040
Yuhan
Corporation
a
1,018,351
Total
44,303,643
Taiwan
(18.2%)
78,532
ASE
Technology
Holding
Company,
Ltd.
ADR
729,562
464,000
Asia
Cement
Corporation
588,407
52,000
Asustek
Computer,
Inc.
738,364
1,407,000
Capital
Securities
Corporation
721,347
1,190,000
Cathay
Financial
Holding
Company,
Ltd.
1,673,413
453,000
Chang
Hwa
Commercial
Bank,
Ltd.
252,889
1,472,000
Cheng
Shin
Rubber
Industry
Company,
Ltd.
2,134,319
60,000
Chicony
Electronics
Company,
Ltd.
314,594
Shares
Common
Stock
(97.9%)
Value
Taiwan
(18.2%)
-
continued
25,000
Chicony
Power
Technology
Company,
Ltd.
$
116,604
67,000
China
Steel
Chemical
Corporation
242,818
665,000
Chipbond
Technology
Corporation
1,529,790
6,201
Chunghwa
Telecom
Company,
Ltd.
ADR
233,034
174,000
Delta
Electronics,
Inc.
1,557,055
68,000
ELAN
Microelectronics
Corporation
325,261
484,000
Feng
Hsin
Steel
Company,
Ltd.
1,049,225
79,000
Getac
Holdings
Corporation
259,782
27,000
Global
Mixed
Mode
Technology,
Inc.
211,816
1,957,000
Inventec
Corporation
3,437,116
507,000
Lite-On
Technology
Corporation
1,755,799
117,000
MediaTek,
Inc.
3,610,342
295,000
Micro-Star
International
Company,
Ltd.
1,711,009
1,292,000
Nan
Ya
Plastics
Corporation
2,503,909
281,000
Novatek
Microelectronics
Corporation
4,577,407
711,000
Pegatron
Corporation
1,874,318
535,000
Pou
Chen
Corporation
538,578
41,000
Powertech
Technology,
Inc.
190,350
58,000
President
Chain
Store
Corporation
489,018
611,000
Quanta
Computer,
Inc.
4,831,188
45,000
Radiant
Opto-Electronics
Corporation
199,005
248,000
Realtek
Semiconductor
Corporation
3,711,420
35,000
Sigurd
Microelectronics
Corporation
75,445
112,000
Systex
Corporation
412,582
1,118,874
Taichung
Commercial
Bank
Company,
Ltd.
a
560,961
2,236,650
Taiwan
Cooperative
Financial
Holding
Company,
Ltd.
1,814,587
41,000
Taiwan
Fertilizer
Company,
Ltd.
89,030
1,719,000
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
34,411,802
283,164
Topco
Scientific
Company,
Ltd.
1,696,382
25,000
TTY
Biopharm
Company,
Ltd.
62,059
1,288,000
Uni-President
Enterprises
Corporation
2,976,419
139,000
USI
Corporation
81,112
68,000
Wistron
Corporation
248,970
68,000
WPG
Holdings,
Ltd.
189,306
4,603,879
Yuanta
Financial
Holding
Company,
Ltd.
a
3,968,979
Total
88,695,373
Thailand
(<0.1%)
445,300
Krung
Thai
Bank
pcl
NVDR
199,590
Total
199,590
Turkey
(0.8%)
61,424
BIM
Birlesik
Magazalar
AS
770,254
208,460
KOC
Holding
AS
1,100,971
185,197
Turk
Hava
Yollari
Anonim
Ortakligi
a
1,660,085
58,724
Turkiye
Petrol
Rafinerileri
AS
289,324
Total
3,820,634
United
Arab
Emirates
(2.3%)
255,837
Abu
Dhabi
Commercial
Bank
PJSC
d
626,889
81,983
Abu
Dhabi
Islamic
Bank
PJSC
249,993
1,282,023
Deyaar
Development
PJSC
a
246,721
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
12
Shares
Common
Stock
(97.9%)
Value
United
Arab
Emirates
(2.3%)
-
continued
1,930,764
Dubai
Islamic
Bank
PJSC
$
3,322,242
1,606,155
Emaar
Properties
PJSC
3,247,440
148,525
Emirates
Central
Cooling
Systems
Corporation
70,766
726,251
Emirates
NBD
Bank
PJSC
3,499,814
Total
11,263,865
United
States
(0.6%)
82,482
Yum
China
Holding,
Inc.
2,853,052
Total
2,853,052
Virgin
Islands,
British
(<0.1%)
17,004
VK
IPJSC
GDR
a,d
0
Total
0
Total
Common
Stock
(cost
$465,485,444)
477,174,543
Shares
Preferred
Stock
(
1.0%
)
Brazil
(0.1%)
470,200
Companhia
de
Sanena
Do
Parana
532,420
Total
532,420
Russian
Federation
(<0.1%)
652
Transneft
PJSC
a,d,e
0
Total
0
South
Korea
(0.9%)
3,053
Hyundai
Motor
Company,
2nd
Preferred
269,768
7,097
Hyundai
Motor
Company,
Preferred
627,533
80,032
Samsung
Electronics
Company,
Ltd.
3,501,869
Total
4,399,170
Total
Preferred
Stock
(cost
$6,288,329)
4,931,590
Shares
Collateral
Held
for
Securities
Loaned
(
0.3%
)
1,649,928
Thrivent
Cash
Management
Trust
1,649,928
Total
Collateral
Held
for
Securities
Loaned
(cost
$1,649,928)
1,649,928
Shares
or
Principal
Amount
Short-Term
Investments
(
1.2%
)
Federal
Home
Loan
Bank
Discount
Notes
700,000
5.210%,
4/10/2024
f,g
692,949
Thrivent
Core
Short-Term
Reserve
Fund
524,998
5.670%
5,249,983
Total
Short-Term
Investments
(cost
$5,942,993)
5,942,932
Total
Investments
(cost
$479,366,694)
100.4%
$489,698,993
Other
Assets
and
Liabilities,
Net
(0.4%)
(2,125,787)
Total
Net
Assets
100.0%
$487,573,206
a
Non-income
producing
security.
b
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
January
31,
2024,
the
value
of
these
investments
was
$14,400,657
or
3.0%
of
total
net
assets.
d
Pursuant
to
sanctions
related
to
the
Russian
invasion
of
Ukraine
which
restricts
the
ability
of
Russia
and
its
allied
nations
to
make
payments
on
its
dollar-denominated
sovereign
debt
and
equity,
existing
accruals
on
these
securities
have
been
reserved
and
income
is
currently
not
being
accrued.
e
All
or
a
portion
of
the
security
is
on
loan.
f
The
interest
rate
shown
reflects
the
yield.
g
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Equity
Fund
as
of
January
31,
2024:
Securities
Lending
Transactions
Common
Stock
$
1,601,446
Total
lending
$1,601,446
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$1,649,928
Net
amounts
due
to
counterparty
$48,482
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Bhd
-
Borhad
-
suffix
used
in
Malaysia
to
identify
a
Public
Limited
Company
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
pcl
-
Public
Company
Limited
plc
-
Public
Limited
Company
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
13
Reference
Description:
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
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^
40,499,991
10,055,849
30,444,142
0
Consumer
Discretionary
59,126,900
8,911,937
50,214,963
–
Consumer
Staples^
16,797,969
3,231,218
13,566,751
0
Energy^
27,589,128
1,731,512
25,857,522
94
Financials
118,309,465
5,871,863
111,810,712
626,890
Health
Care
16,159,796
–
16,159,796
–
Industrials
25,280,524
–
25,280,524
–
Information
Technology
117,432,273
4,940,081
112,492,192
–
Materials^
40,465,059
6,293,841
34,171,210
8
Real
Estate
9,624,018
–
9,624,018
–
Utilities
5,889,420
1,496,889
4,392,531
–
Preferred
Stock
Consumer
Discretionary
897,301
–
897,301
–
Energy^
0
–
–
0
Information
Technology
3,501,869
–
3,501,869
–
Utilities
532,420
–
532,420
–
Short-Term
Investments
692,949
–
692,949
–
Subtotal
Investments
in
Securities
$482,799,082
$42,533,190
$439,638,900
$626,992
Other
Investments *
Total
Affiliated
Short-Term
Investments
5,249,983
Collateral
Held
for
Securities
Loaned
1,649,928
Subtotal
Other
Investments
$6,899,911
Total
Investments
at
Value
$489,698,993
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
^
Level
3
security
in
this
section
is
fair
valued
at
<$1.
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
in
valuing
Emerging
Markets
Equity
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
346,286
346,286
–
–
Total
Liability
Derivatives
$346,286
$346,286
$–
$–
The
following
table
presents
Emerging
Markets
Equity
Fund's
futures
contracts
held
as
of
January
31,
2024.
Investments
and/or
cash
totaling
$692,949
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
469
March
2024
$
23,346,046
(
$
346,286)
Total
Futures
Long
Contracts
$
23,346,046
(
$
346,286)
Total
Futures
Contracts
$
23,346,046
($346,286)
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(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
10/31/2023
Gross
Purchases
Gross
Sales
Value
1/31/2024
Shares
Held
at
1/31/2024
%
of
Net
Assets
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$4,761
$32,170
$31,681
$5,250
525
1.1%
Total
Affiliated
Short-Term
Investments
4,761
5,250
1.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
4
2,544
898
1,650
1,650
0.3
Total
Collateral
Held
for
Securities
Loaned
4
1,650
0.3
Total
Value
$4,765
$6,900
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$–
$–
$
–
$53
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$53
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
1
Total
Affiliated
Income
from
Securities
Loaned,
Net
$1
Total
Value
$–
$–
$
–
International
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
15
Shares
Common
Stock
(
99.1%
)
Value
Australia
(6.9%)
3,710
Ansell,
Ltd.
$
58,350
176,985
Aristocrat
Leisure,
Ltd.
5,102,602
106,650
Aurizon
Holdings,
Ltd.
262,897
33,483
Australia
and
New
Zealand
Banking
Group,
Ltd.
590,788
174,467
BHP
Group,
Ltd.
5,337,664
269,946
BlueScope
Steel,
Ltd.
4,121,631
104,801
Brambles,
Ltd.
999,256
13,999
CAR
Group,
Ltd.
300,578
25,048
Computershare,
Ltd.
414,877
38,057
CSL,
Ltd.
7,473,560
78,763
Fortescue,
Ltd.
1,522,237
12,902
GrainCorp,
Ltd.
67,786
123,290
Independence
Group
NL
599,340
14,970
IRESS,
Ltd.
79,482
20,564
JB
Hi-Fi,
Ltd.
765,034
556,244
Lottery
Corporation,
Ltd.
1,825,811
46,127
Nine
Entertainment
Company
Holdings,
Ltd.
59,181
33,715
Origin
Energy,
Ltd.
188,171
6,461
Premier
Investments,
Ltd.
117,637
245,693
Qantas
Airways,
Ltd.
a
885,815
23,005
Rio
Tinto,
Ltd.
1,979,526
56,090
Santos,
Ltd.
283,476
26,034
Sonic
Healthcare,
Ltd.
542,816
80,703
Ventia
Services
Group
Pty,
Ltd.
173,147
15,285
Wesfarmers,
Ltd.
578,645
Total
34,330,307
Austria
(0.1%)
8,872
BAWAG
Group
AG
b
456,787
3,549
OMV
AG
157,970
1,443
Verbund
AG
117,342
Total
732,099
Belgium
(0.8%)
23,514
Groupe
Bruxelles
Lambert
SA
1,782,581
15,986
Solvay
SA
437,191
15,986
Syensqo
SA
a
1,425,097
2,490
UCB
SA
234,223
Total
3,879,092
Bermuda
(0.2%)
23,300
Jardine
Matheson
Holdings,
Ltd.
938,990
Total
938,990
Canada
(10.6%)
7,033
Agnico
Eagle
Mines,
Ltd.
345,674
12,922
Air
Canada
a
175,119
71,583
Alimentation
Couche-Tard,
Inc.
4,194,510
23,811
ATCO,
Ltd.
665,918
15,850
Bank
of
Montreal
1,492,985
38,654
Bank
of
Nova
Scotia
1,807,562
31,455
Barrick
Gold
Corporation
491,320
3,035
Boralex,
Inc.
73,209
323
Boyd
Group
Services,
Inc.
69,427
1,039
BRP,
Inc.
65,565
4,356
Canadian
Apartment
Properties
REIT
151,210
17,560
Canadian
Imperial
Bank
of
Commerce
793,593
48,016
Canadian
National
Railway
Company
5,956,420
82,893
Canadian
Utilities,
Ltd.
1,889,131
9,017
Canadian
Western
Bank
198,589
Shares
Common
Stock
(99.1%)
Value
Canada
(10.6%)
-
continued
33,941
Capital
Power
Corporation
$
933,065
1,922
CCL
Industries,
Inc.
82,258
24,382
CGI,
Inc.
a
2,730,450
6,593
Cogeco
Communications,
Inc.
304,285
856
Constellation
Software,
Inc./Canada
2,365,857
4,018
Descartes
Systems
Group,
Inc.
a
351,816
9,542
Dollarama,
Inc.
700,293
8,453
Dream
Industrial
REIT
84,376
9,967
Finning
International,
Inc.
288,457
733
FirstService
Corporation
122,682
33,382
Fortis,
Inc.
1,339,302
1,801
Franco-Nevada
Corporation
194,958
3,287
George
Weston,
Ltd.
418,805
33,045
Hydro
One,
Ltd.
980,695
805
iA
Financial
Corporation,
Inc.
54,726
14,670
Imperial
Oil,
Ltd.
846,189
8,980
Intact
Financial
Corporation
1,404,325
9,038
InterRent
REIT
90,552
12,648
Laurentian
Bank
of
Canada
249,583
17,638
Loblaw
Companies,
Ltd.
1,762,554
188,488
Manulife
Financial
Corporation
4,166,658
44,726
Metro,
Inc./CN
2,348,327
4,085
National
Bank
of
Canada
312,440
42,417
Royal
Bank
of
Canada
4,139,637
14,450
Russel
Metals,
Inc.
473,874
7,575
Shopify,
Inc.
a
606,530
6,276
Sun
Life
Financial,
Inc.
325,319
42,047
Superior
Plus
Corporation
288,351
3,341
Teck
Resources,
Ltd.
133,673
8,376
Thomson
Reuters
Corporation
1,243,582
3,977
TMX
Group,
Ltd.
98,356
17,943
Toromont
Industries,
Ltd.
1,571,622
46,542
Toronto-Dominion
Bank
2,827,242
53,755
TransAlta
Corporation
389,433
12,558
Tricon
Residential,
Inc.
138,241
5,009
Wheaton
Precious
Metals
Corporation
234,772
Total
52,973,517
Cayman
Islands
(0.1%)
9,000
ASMPT,
Ltd.
86,853
495,000
WH
Group,
Ltd.
b
292,048
Total
378,901
Denmark
(3.3%)
20,936
Carlsberg
AS
2,693,782
22,267
DSV
AS
3,983,785
65,569
Novo
Nordisk
AS
7,494,829
16,695
Pandora
AS
2,439,423
443
Rockwool
International
AS
120,774
Total
16,732,593
Finland
(0.1%)
1,075
Cargotec
Oyj
61,114
14,611
Kesko
Oyj
285,346
Total
346,460
France
(7.4%)
696
Arkema
SA
75,747
1,925
AXA
SA
64,613
127
BioMerieux
13,669
53,040
Carrefour
SA
905,511
49,492
Compagnie
de
Saint-Gobain
SA
3,499,394
51,016
Credit
Agricole
SA
730,793
41,103
Dassault
Systemes
SE
2,130,701
International
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
16
Shares
Common
Stock
(99.1%)
Value
France
(7.4%)
-
continued
31,570
Eiffage
SA
$
3,303,161
383
Ipsen
SA
44,159
9,356
Ipsos
SA
614,039
2,635
Kering
SA
1,082,384
37,742
Legrand
SA
3,680,674
4,795
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,989,707
5,383
Pernod-Ricard
SA
882,730
4,992
Publicis
Groupe
SA
500,164
78,544
Sanofi
SA
7,865,797
4,097
Schneider
Electric
SE
804,853
115,480
Societe
Generale
SA
2,968,406
736
Sopra
Steria
Group
172,631
4,529
Thales
SA
662,382
9,795
TotalEnergies
SE
635,454
811
Veolia
Environnement
SA
26,425
16,928
Vinci
SA
2,138,376
1,256
Wendel
SA
113,872
Total
36,905,642
Germany
(6.5%)
8,532
Allianz
SE
2,279,537
6,639
BASF
SE
317,370
788
Bayer
AG
24,520
18,221
Bayerische
Motoren
Werke
AG
1,895,943
13,270
Brenntag
AG
1,173,196
14,375
Daimler
Truck
Holding
AG
513,720
121,356
Deutsche
Bank
AG
1,567,638
9,591
Deutsche
Boerse
AG
1,909,940
47,562
Deutsche
Post
AG
2,277,932
50,373
Deutsche
Telekom
AG
1,236,543
119,524
E.ON
SE
1,617,067
7,421
Evonik
Industries
AG
136,517
39,950
Fresenius
SE
&
Company
KGaA
1,121,505
13,938
Heidelberg
Materials
AG
1,287,092
57,887
Infineon
Technologies
AG
2,110,373
8,829
LEG
Immobilien
AG
a
732,624
8,825
Mercedes-Benz
Group
AG
595,798
6,490
Merck
KGaA
1,064,846
1,605
Muenchener
Rueckversicherungs-
Gesellschaft
AG
683,276
1,422
Nemetschek
SE
131,212
2,207
RWE
AG
81,494
25,289
SAP
SE
4,381,214
9,951
Scout24
SE
b
732,692
26,626
Siemens
AG
4,766,670
3,840
TAG
Immobilien
AG
a
53,748
6,575
TeamViewer
SE
a,b
94,263
Total
32,786,730
Hong
Kong
(1.4%)
172,500
BOC
Hong
Kong
(Holdings),
Ltd.
413,447
203,000
CK
Hutchison
Holdings,
Ltd.
1,048,459
16,000
CLP
Holdings,
Ltd.
127,255
44,000
Henderson
Land
Development
Company,
Ltd.
114,647
158,100
Hong
Kong
Exchanges
&
Clearing,
Ltd.
4,793,403
27,000
Hysan
Development
Company,
Ltd.
46,602
58,000
Swire
Pacific,
Ltd.
448,748
17,500
Techtronic
Industries
Company,
Ltd.
185,869
Total
7,178,430
Shares
Common
Stock
(99.1%)
Value
Israel
(0.8%)
30,294
Bank
Hapoalim
BM
$
257,739
87,351
Bank
Leumi
Le-Israel
BM
663,445
11,555
Check
Point
Software
Technologies,
Ltd.
a
1,836,436
168
Israel
Corporation,
Ltd.
a
38,501
1,316
Mizrahi
Tefahot
Bank,
Ltd.
48,978
2,754
NICE,
Ltd.
a
571,406
17,745
Plus500,
Ltd.
401,336
Total
3,817,841
Italy
(4.5%)
3,876
ACEA
SPA
61,165
25,236
Azimut
Holding
SPA
703,545
2,621
Banca
IFIS
SPA
45,366
95,618
Banca
Mediolanum
SPA
978,524
540,038
Enel
SPA
3,684,868
241,098
Eni
SPA
3,843,409
35,275
Hera
SPA
124,260
1,828,014
Intesa
Sanpaolo
SPA
5,632,629
47,505
Iren
SPA
99,702
278,069
Italgas
SPA
1,585,376
9,315
Moncler
SPA
573,026
83,533
Recordati
SPA
4,610,525
972
Reply
SPA
133,271
64,713
Unipol
Gruppo
SPA
401,841
Total
22,477,507
Japan
(20.5%)
45,200
Advantest
Corporation
a
1,798,863
7,000
Ain
Holdings,
Inc.
228,434
13,600
Arcs
Company,
Ltd.
270,603
176,700
Astellas
Pharma,
Inc.
2,057,227
106,100
Canon,
Inc.
2,922,752
10,400
Capcom
Company,
Ltd.
396,643
5,800
Dai
Nippon
Printing
Company,
Ltd.
167,852
16,200
Daiichi
Sankyo
Company,
Ltd.
485,012
7,100
Daikin
Industries,
Ltd.
1,137,650
1,400
Daito
Trust
Construction
Company,
Ltd.
159,251
17,900
Daiwa
House
Industry
Company,
Ltd.
553,503
4,800
Denso
Corporation
a
75,399
2,900
DISCO
Corporation
782,534
552,200
Eneos
Holdings,
Inc.
2,230,090
2,000
FANUC
Corporation
55,325
1,100
Fast
Retailing
Company,
Ltd.
293,675
4,900
Ferrotec
Holdings
Corporation
94,503
7,000
Fuji
Soft,
Inc.
306,827
28,000
FUJIFILM
Holdings
NPV
1,774,778
13,700
Fujitsu,
Ltd.
1,896,276
20,100
Heiwa
Corporation
298,643
13,300
Hitachi,
Ltd.
1,044,720
221,400
Honda
Motor
Company,
Ltd.
a
2,474,823
22,800
Hoya
Corporation
2,896,265
42,400
Inaba
Denki
Sangyo
Company,
Ltd.
1,013,097
8,500
ITOCHU
Corporation
385,765
62,500
Japan
Tobacco,
Inc.
1,647,337
17,700
JFE
Holdings,
Inc.
279,462
27,600
Kajima
Corporation
492,573
5,400
Kakaku.com,
Inc.
61,427
12,600
Kawasaki
Kisen
Kaisha,
Ltd.
613,920
116,500
KDDI
Corporation
3,860,234
5,100
Keyence
Corporation
2,281,729
17,100
Kubota
Corporation
258,851
42,300
Kyoei
Steel,
Ltd.
608,008
International
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
17
Shares
Common
Stock
(99.1%)
Value
Japan
(20.5%)
-
continued
7,000
Medipal
Holdings
Corporation
$
111,727
14,300
MEITEC
Group
Holdings,
Inc.
282,902
73,200
Mitsubishi
Chemical
Group
Corporation
441,377
131,200
Mitsubishi
Corporation
a
2,261,225
21,800
Mitsubishi
Estate
Company,
Ltd.
302,059
54,500
Mitsubishi
HC
Capital,
Inc.
386,429
336,700
Mitsubishi
UFJ
Financial
Group,
Inc.
3,153,717
13,300
Mitsui
&
Company,
Ltd.
539,411
151,600
Mizuho
Financial
Group,
Inc.
2,753,294
10,100
MS
and
AD
Insurance
Group
Holdings,
Inc.
417,077
60,100
Murata
Manufacturing
Company,
Ltd.
a
1,213,547
10,900
Net
One
Systems
Company,
Ltd.
177,224
2,800
Nidec
Corporation
104,431
75,400
Nihon
M&A
Center
Holdings,
Inc.
453,220
37,100
Nintendo
Company,
Ltd.
2,072,811
13,400
Nippon
Steel
Corporation
322,467
3,600
Nishimatsu
Construction
Company,
Ltd.
98,960
7,100
Nitori
Holdings
Company,
Ltd.
929,260
20,100
Nitto
Kogyo
Corporation
546,976
47,600
Nomura
Holdings,
Inc.
256,381
10,300
Nomura
Research
Institute,
Ltd.
315,010
7,800
NSD
Company,
Ltd.
146,375
84,200
NTT
Data
Group
Corporation
1,212,785
19,100
Ono
Pharmaceutical
Company,
Ltd.
344,261
45,300
Oriental
Land
Company,
Ltd.
1,682,446
93,300
ORIX
Corporation
1,801,555
4,900
Otsuka
Corporation
206,181
11,300
Otsuka
Holdings
Company,
Ltd.
444,184
87,100
Panasonic
Holdings
Corporation
820,376
57,100
Persol
Holdings
Company,
Ltd.
a
90,773
46,500
Recruit
Holdings
Company,
Ltd.
1,836,690
63,500
Renesas
Electronics
Corporation
a
1,041,882
80,200
Rohm
Company,
Ltd.
a
1,384,191
2,200
Sankyo
Company,
Ltd.
134,566
2,700
Sankyu,
Inc.
100,932
1,300
SCREEN
Holdings
Company,
Ltd.
a
127,477
26,700
Secom
Company,
Ltd.
1,937,896
45,400
Sekisui
Chemical
Company,
Ltd.
648,200
33,800
Sekisui
House,
Ltd.
763,008
57,000
Seven
&
I
Holdings
Company,
Ltd.
2,251,205
9,400
SG
Holdings
Company,
Ltd.
121,731
36,700
Shin-Etsu
Chemical
Company,
Ltd.
1,444,592
2,300
SMC
Corporation
1,280,282
57,600
SoftBank
Group
Corporation
2,486,629
17,900
Sohgo
Security
Services
Company,
Ltd.
97,716
26,300
Sojitz
Corporation
620,717
26,200
Sompo
Holdings,
Inc.
1,358,508
26,800
Sony
Group
Corporation
2,628,233
18,100
Sumco
Corporation
274,404
18,200
Sumitomo
Mitsui
Financial
Group,
Inc.
946,644
44,200
Sumitomo
Mitsui
Trust
Holdings,
Inc.
a
905,803
3,300
Taikisha,
Ltd.
98,396
16,200
Taiyo
Holdings
Company,
Ltd.
356,948
4,200
Takara
Standard
Company,
Ltd.
50,182
127,500
Takeda
Pharmaceutical
Company,
Ltd.
3,747,286
4,900
Terumo
Corporation
165,875
26,600
TIS,
Inc.
591,633
Shares
Common
Stock
(99.1%)
Value
Japan
(20.5%)
-
continued
36,900
Toagosei
Company,
Ltd.
$
353,197
21,000
Tokio
Marine
Holdings,
Inc.
553,716
9,200
Tokyo
Electron,
Ltd.
1,707,267
39,900
TOPPAN
Holdings,
Inc.
1,099,822
364,700
Toyota
Motor
Corporation
7,282,264
17,600
Tsubakimoto
Chain
Company
509,000
55,100
TV
Asahi
Holdings
Corporation
656,762
15,000
UBE
Corporation
249,383
4,100
ULVAC,
Inc.
200,668
36,300
Yakult
Honsha
Company,
Ltd.
a
792,850
123,300
Yamada
Holdings
Company,
Ltd.
376,630
9,600
Yuasa
Trading
Company,
Ltd.
319,864
59,200
ZOZO,
Inc.
1,296,274
Total
102,591,815
Jersey
(0.8%)
5,943
Experian
plc
247,361
471,569
Glencore
plc
2,495,049
475,312
Man
Group
plc
1,428,201
Total
4,170,611
Luxembourg
(0.4%)
83,239
B&M
European
Value
Retail
SA
545,525
44,739
Tenaris
SA
ADR
1,423,147
Total
1,968,672
Netherlands
(6.2%)
1,045
ASM
International
NV
579,172
14,825
ASML
Holding
NV
12,861,941
10,847
Euronext
NV
b
954,067
2,693
EXOR
NV
260,554
4,079
IMCD
NV
622,619
120,863
Koninklijke
(Royal)
KPN
NV
411,143
188,210
Koninklijke
Ahold
Delhaize
NV
5,293,040
14,244
Koninklijke
Vopak
NV
444,962
201,456
MFE-MediaForEurope
NV
514,237
26,489
QIAGEN
NV
1,149,268
226,906
Stellantis
NV
4,997,959
65,018
STMicroelectronics
NV
2,854,767
530
Wolters
Kluwer
NV
78,130
Total
31,021,859
New
Zealand
(<0.1%)
50,557
Contact
Energy,
Ltd.
249,387
Total
249,387
Norway
(1.3%)
135,598
DNB
Bank
ASA
2,635,989
72,077
Equinor
ASA
2,062,634
14,757
Norsk
Hydro
ASA
86,483
58,574
Yara
International
ASA
1,936,027
Total
6,721,133
Portugal
(0.3%)
96,162
EDP
-
Energias
de
Portugal
SA
428,923
59,190
Galp
Energia
SGPS
SA
931,750
Total
1,360,673
Singapore
(1.2%)
33,500
CapitaLand
Integrated
Commercial
Trust
49,941
256,300
ComfortDelGro
Corporation,
Ltd.
266,574
173,700
DBS
Group
Holdings,
Ltd.
4,114,137
136,200
Genting
Singapore,
Ltd.
102,287
International
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
18
Shares
Common
Stock
(99.1%)
Value
Singapore
(1.2%)
-
continued
68,900
Singapore
Exchange,
Ltd.
$
481,104
19,900
Singapore
Technologies
Engineering,
Ltd.
55,141
45,800
United
Overseas
Bank,
Ltd.
965,397
Total
6,034,581
Spain
(3.5%)
95,153
Acerinox
SA
1,004,544
1,460
Aena
SME
SA
b
258,283
33,601
Amadeus
IT
Holding
SA
2,354,761
405,813
Banco
Bilbao
Vizcaya
Argentaria
SA
3,798,167
1,028,553
Banco
Santander
SA
4,133,799
46,331
Compania
de
Distribucion
Integral
Logista
Holdings
SA
1,310,467
16,369
Industria
de
Diseno
Textil
SA
699,893
2,654
Laboratorios
Farmaceuticos
ROVI
SA
183,052
249,485
Repsol
SA
3,684,450
925
Vidrala
SA
92,713
Total
17,520,129
Sweden
(2.4%)
35,341
AB
Industrivarden,
Class
A
1,112,605
31,054
AB
Industrivarden,
Class
C
975,999
7,822
Alfa
Laval
AB
287,011
125,436
Assa
Abloy
AB
3,440,173
106,632
Granges
AB
1,057,327
55,164
Hexpol
AB
631,438
51,735
Investor
AB,
Class
B
1,218,089
6,450
Nyfosa
AB
57,691
18,455
Skandinaviska
Enskilda
Banken
AB
262,100
45,625
SKF
AB
899,047
183,423
SSAB
AB,
Class
A
1,426,997
7,065
Svolder
AB
39,077
18,322
Trelleborg
AB
557,671
Total
11,965,225
Switzerland
(8.1%)
49,425
ABB,
Ltd.
2,091,263
74,123
Holcim
AG
5,661,430
65
Lindt
&
Spruengli
AG
826,082
769
Lonza
Group
AG
375,968
41,334
Nestle
SA
4,710,034
136,869
Novartis
AG
14,154,144
500
Partners
Group
Holding
AG
674,587
14,516
PSP
Swiss
Property
AG
1,932,037
15,820
Roche
Holding
AG,
Participation
Certificates
4,504,213
9,638
Sandoz
Group
AG
a
330,535
1,719
Schindler
Holding
AG,
Participation
Certificates
428,184
101
Siegfried
Holding
AG
100,611
2,408
Sonova
Holding
AG
769,589
3,085
Swiss
Prime
Site
AG
312,465
902
Tecan
Group
AG
344,307
689
Vontobel
Holding
AG
45,384
6,143
Zurich
Insurance
Group
AG
3,121,194
Total
40,382,027
United
Kingdom
(11.7%)
49,656
AstraZeneca
plc
6,583,228
459,164
Auto
Trader
Group
plc
b
4,224,250
241,276
Barclays
plc
448,370
2,857
Bellway
plc
99,544
Shares
Common
Stock
(99.1%)
Value
United
Kingdom
(11.7%)
-
continued
9,839
Berkeley
Group
Holdings
plc
$
595,797
484,708
BP
plc
2,830,893
13,491
Bunzl
plc
548,271
18,939
Burberry
Group
plc
311,961
57,088
Compass
Group
plc
1,572,417
83,815
Diageo
plc
3,027,215
10,355
Domino's
Pizza
Group
plc
45,730
41,754
Evraz
plc
a,c
5
77,211
Halma
plc
2,137,129
52,438
Howden
Joinery
Group
plc
531,033
835,452
HSBC
Holdings
plc
6,522,954
90,974
IG
Group
Holdings
plc
817,504
127,987
Imperial
Brands
plc
3,072,341
42,976
InterContinental
Hotels
Group
plc
4,072,104
19,269
Mondi
plc
345,293
93,492
Moneysupermarket.com
Group
plc
301,653
31,053
Next
plc
3,315,106
18,668
PageGroup
plc
108,495
9,477
Paragon
Banking
Group
plc
84,408
40,928
Pearson
plc
502,095
22,523
Pets
at
Home
Group
plc
79,979
29,037
Redde
Northgate
plc
130,635
127,023
RELX
plc
5,242,751
119,716
Rightmove
plc
847,250
262,279
Shell
plc
8,131,251
326,096
Tesco
plc
1,181,647
25,699
Whitbread
plc
1,164,882
Total
58,876,191
Total
Common
Stock
(cost
$423,903,049)
496,340,412
Shares
Preferred
Stock
(
<0.1%
)
Germany
(<0.1%)
1,857
Bayerische
Motoren
Werke
AG
181,448
Total
181,448
Total
Preferred
Stock
(cost
$130,546)
181,448
Shares
or
Principal
Amount
Short-Term
Investments
(
0.4%
)
Federal
Home
Loan
Bank
Discount
Notes
100,000
5.244%,
3/13/2024
d,e
99,390
100,000
5.230%,
4/3/2024
d,e
99,094
300,000
5.205%,
4/12/2024
d,e
296,892
Thrivent
Core
Short-Term
Reserve
Fund
157,592
5.670%
1,575,917
Total
Short-Term
Investments
(cost
$2,071,340)
2,071,293
Total
Investments
(cost
$426,104,935)
99.5%
$498,593,153
Other
Assets
and
Liabilities,
Net
0.5%
2,568,709
Total
Net
Assets
100.0%
$501,161,862
International
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
19
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
January
31,
2024,
the
value
of
these
investments
was
$7,012,390
or
1.4%
of
total
net
assets.
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
The
interest
rate
shown
reflects
the
yield.
e
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
in
valuing
International
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
19,580,521
–
19,580,521
–
Consumer
Discretionary
59,895,705
–
59,895,705
–
Consumer
Staples
37,152,187
–
37,152,187
–
Energy
27,505,675
1,423,147
26,082,528
–
Financials
91,986,309
–
91,986,309
–
Health
Care
69,295,551
–
69,295,551
–
Industrials
76,397,830
–
76,397,830
–
Information
Technology
56,672,410
2,442,966
54,229,444
–
Materials
37,553,308
563,403
36,989,900
5
Real
Estate
5,350,377
–
5,350,377
–
Utilities
14,950,539
–
14,950,539
–
Preferred
Stock
Consumer
Discretionary
181,448
–
181,448
–
Short-Term
Investments
495,376
–
495,376
–
Subtotal
Investments
in
Securities
$497,017,236
$4,429,516
$492,587,715
$5
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,575,917
Subtotal
Other
Investments
$1,575,917
Total
Investments
at
Value
$498,593,153
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
in
valuing
International
Equity
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
240,700
240,700
–
–
Total
Asset
Derivatives
$240,700
$240,700
$–
$–
International
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(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
The
following
table
presents
International
Equity
Fund's
futures
contracts
held
as
of
January
31,
2024.
Investments
and/or
cash
totaling
$495,376
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
132
March
2024
$
14,497,100
$
240,700
Total
Futures
Long
Contracts
$
14,497,100
$
240,700
Total
Futures
Contracts
$
14,497,100
$240,700
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
1/31/2024
Shares
Held
at
1/31/2024
%
of
Net
Assets
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$616
$7,385
$6,425
$1,576
158
0.3%
Total
Affiliated
Short-Term
Investments
616
1,576
0.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
4,528
14,282
18,810
–
–
–
Total
Collateral
Held
for
Securities
Loaned
4,528
–
–
Total
Value
$5,144
$1,576
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$–
$–
$–
$18
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$18
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
13
Total
Affiliated
Income
from
Securities
Loaned,
Net
$13
Total
$–
$–
$–
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
21
Shares
Common
Stock
(
93
.1
%
)
Value
Communications
Services
(5.4%)
3,754
Comcast
Corporation
$
174,711
2,513
Electronic
Arts,
Inc.
345,739
688
T-Mobile
US,
Inc.
110,926
12,951
Verizon
Communications,
Inc.
548,475
Total
1,179,851
Consumer
Discretionary
(4.3%)
49
Home
Depot,
Inc.
17,295
1,728
McDonald's
Corporation
505,820
348
O'Reilly
Automotive,
Inc.
a
356,021
130
Ulta
Beauty,
Inc.
a
65,267
Total
944,403
Consumer
Staples
(12.1%)
5,596
Altria
Group,
Inc.
224,512
49
Church
&
Dwight
Company,
Inc.
4,893
4,639
Coca-Cola
Company
275,974
4,365
Colgate-Palmolive
Company
367,533
1,559
Hershey
Company
301,729
2,818
Keurig
Dr.
Pepper,
Inc.
88,598
2,334
Kimberly-Clark
Corporation
282,344
5,572
Mondelez
International,
Inc.
419,404
1,361
PepsiCo,
Inc.
229,369
161
Philip
Morris
International,
Inc.
14,627
1,538
Procter
&
Gamble
Company
241,681
1,104
Walmart,
Inc.
182,436
993
WK
Kellogg
Company
12,899
Total
2,645,999
Energy
(1.5%)
1,789
Cheniere
Energy,
Inc.
293,378
447
Exxon
Mobil
Corporation
45,956
Total
339,334
Financials
(13.8%)
122
Arthur
J.
Gallagher
&
Company
28,324
874
Berkshire
Hathaway,
Inc.
a
335,389
2,789
Brown
&
Brown,
Inc.
216,315
2,524
Cboe
Global
Markets,
Inc.
464,037
1,036
Chubb,
Ltd.
253,820
964
Cincinnati
Financial
Corporation
106,811
1,438
CME
Group,
Inc.
295,998
67
Financial
Institutions,
Inc.
1,400
1,075
Fiserv,
Inc.
a
152,510
2,544
Hartford
Financial
Services
Group,
Inc.
221,226
744
Intercontinental
Exchange,
Inc.
94,734
847
Loews
Corporation
61,712
2,162
Marsh
&
McLennan
Companies,
Inc.
419,082
661
Mastercard,
Inc.
296,941
235
Progressive
Corporation
41,889
93
Visa,
Inc.
25,413
Total
3,015,601
Health
Care
(18.8%)
2,573
Abbott
Laboratories
291,135
1,447
AbbVie,
Inc.
237,887
933
Amgen,
Inc.
293,205
473
Boston
Scientific
Corporation
a
29,922
7,728
Bristol-Myers
Squibb
Company
377,667
573
CVS
Health
Corporation
42,614
471
Eli
Lilly
&
Company
304,082
1,768
Exelixis,
Inc.
a
38,472
Shares
Common
Stock
(93.1%)
Value
Health
Care
(18.8%)
-
continued
3,230
Gilead
Sciences,
Inc.
$
252,780
330
Humana,
Inc.
124,760
2,241
Johnson
&
Johnson
356,095
149
McKesson
Corporation
74,484
2,867
Medtronic
plc
250,977
3,781
Merck
&
Company,
Inc.
456,669
3,607
Pfizer,
Inc.
97,678
96
Regeneron
Pharmaceuticals,
Inc.
a
90,507
91
Thermo
Fisher
Scientific,
Inc.
49,047
449
UnitedHealth
Group,
Inc.
229,771
1,058
Vertex
Pharmaceuticals,
Inc.
a
458,516
185
Waters
Corporation
a
58,776
Total
4,115,044
Industrials
(10.1%)
819
Automatic
Data
Processing,
Inc.
201,294
2,113
Copart,
Inc.
a
101,508
3,493
CSX
Corporation
124,700
646
Cummins,
Inc.
154,588
38
Expeditors
International
of
Washington,
Inc.
4,801
404
Ferguson
plc
75,895
3,733
Howmet
Aerospace,
Inc.
210,019
329
IDEX
Corporation
69,583
558
Lockheed
Martin
Corporation
239,611
536
MSC
Industrial
Direct
Company,
Inc.
52,892
1,386
Paychex,
Inc.
168,718
2,107
Pentair
plc
154,169
1,217
Republic
Services,
Inc.
208,253
75
Veralto
Corporation
5,752
703
Waste
Connections,
Inc.
109,148
1,766
Waste
Management,
Inc.
327,823
Total
2,208,754
Information
Technology
(20.5%)
316
Accenture
plc
114,986
233
Adobe,
Inc.
a
143,943
1,669
Amphenol
Corporation
168,736
1,236
Apple,
Inc.
227,918
75
Arista
Networks,
Inc.
a
19,401
302
Broadcom,
Inc.
356,360
350
Cadence
Design
Systems,
Inc.
a
100,961
9,598
Cisco
Systems,
Inc.
481,628
954
CommVault
Systems,
Inc.
a
87,463
781
International
Business
Machines
Corporation
143,438
4,075
Juniper
Networks,
Inc.
150,612
619
Keysight
Technologies,
Inc.
a
94,868
889
Microsoft
Corporation
353,449
903
Motorola
Solutions,
Inc.
288,509
1,089
Oracle
Corporation
121,641
149
QUALCOMM,
Inc.
22,128
913
Roper
Industries,
Inc.
490,281
561
Salesforce,
Inc.
a
157,692
1,360
TE
Connectivity,
Ltd.
193,378
175
Teledyne
Technologies,
Inc.
a
73,232
2,227
Texas
Instruments,
Inc.
356,587
1,796
VeriSign,
Inc.
a
357,188
Total
4,504,399
Materials
(0.2%)
383
AptarGroup,
Inc.
49,744
Total
49,744
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
22
Shares
Common
Stock
(93.1%)
Value
Real
Estate
(<0.1%)
266
Essential
Properties
Realty
Trust,
Inc.
$
6,626
Total
6,626
Utilities
(6.4%)
3,545
Alliant
Energy
Corporation
172,500
3,107
American
Electric
Power
Company,
Inc.
242,781
431
American
Water
Works
Company,
Inc.
53,453
529
Consolidated
Edison,
Inc.
48,086
253
Dominion
Energy,
Inc.
11,567
1,252
Duke
Energy
Corporation
119,979
4,102
Essential
Utilities,
Inc.
147,098
3,413
Evergy,
Inc.
173,278
6,269
NiSource,
Inc.
162,806
1,764
OGE
Energy
Corporation
58,635
4,007
Portland
General
Electric
Company
164,007
381
Sempra
27,264
177
Southern
Company
12,305
Total
1,393,759
Total
Common
Stock
(cost
$15,571,932)
20,403,514
Shares
or
Principal
Amount
Short-Term
Investments
(
6
.7
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
110,553
5.670%
1,105,527
U.S.
Treasury
Bills
370,000
5.080%,
2/1/2024
b
370,000
Total
Short-Term
Investments
(cost
$1,475,527)
1,475,527
Total
Investments
(cost
$17,047,459)
99.8%
$
21,879,041
Other
Assets
and
Liabilities,
Net
0.2%
36,121
Total
Net
Assets
100.0%
$
21,915,162
a
Non-income
producing
security.
b
The
interest
rate
shown
reflects
the
yield.
Definitions:
plc
-
Public
Limited
Company
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
23
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
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
1,179,851
1,179,851
–
–
Consumer
Discretionary
944,403
944,403
–
–
Consumer
Staples
2,645,999
2,645,999
–
–
Energy
339,334
339,334
–
–
Financials
3,015,601
3,015,601
–
–
Health
Care
4,115,044
4,115,044
–
–
Industrials
2,208,754
2,208,754
–
–
Information
Technology
4,504,399
4,504,399
–
–
Materials
49,744
49,744
–
–
Real
Estate
6,626
6,626
–
–
Utilities
1,393,759
1,393,759
–
–
Short-Term
Investments
370,000
–
370,000
–
Subtotal
Investments
in
Securities
$
20,773,514
$
20,403,514
$
370,000
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,105,527
Subtotal
Other
Investments
$
1,105,527
Total
Investments
at
Value
$
21,879,041
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Low
Volatility
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
1/31/2024
Shares
Held
at
1/31/2024
%
of
Net
Assets
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$
1,111
$
5,676
$
5,681
$
1,106
111
5.1%
Total
Affiliated
Short-Term
Investments
1,111
1,106
5.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
5,181
268
5,449
–
–
–
Total
Collateral
Held
for
Securities
Loaned
5,181
–
–
Total
Value
$
6,292
$
1,106
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$–
$–
$
–
$19
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$19
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
13
Total
Affiliated
Income
from
Securities
Loaned,
Net
$13
Total
$–
$–
$
–
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
24
Shares
Common
Stock
(
98
.2
%
)
Value
Communications
Services
(2.3%)
525,930
Imax
Corporation
a
$
7,347,242
482,427
Warner
Brothers
Discovery,
Inc.
a
4,833,919
Total
12,181,161
Consumer
Discretionary
(9.7%)
86,617
Aptiv
plc
a
7,044,561
102,637
Cedar
Fair,
LP
4,184,510
142,248
Cheesecake
Factory,
Inc.
4,889,064
59,445
D.R.
Horton,
Inc.
8,495,285
50,331
Lear
Corporation
6,688,990
131,859
PUMA
SE
5,306,484
52,861
Signet
Jewelers,
Ltd.
5,258,612
171,623
Six
Flags
Entertainment
Corporation
4,326,616
119,773
Tapestry,
Inc.
4,645,995
Total
50,840,117
Consumer
Staples
(8.2%)
59,526
Dollar
Tree,
Inc.
a
7,775,286
73,223
J.M.
Smucker
Company
9,632,486
66,877
Lamb
Weston
Holdings,
Inc.
6,850,880
67,536
Reckitt
Benckiser
Group
plc
4,882,907
90,258
Sysco
Corporation
7,304,580
137,017
US
Foods
Holding
Corporation
a
6,304,152
Total
42,750,291
Energy
(8.2%)
100,946
Chesapeake
Energy
Corporation
7,783,946
308,950
Coterra
Energy,
Inc.
7,686,676
151,225
Devon
Energy
Corporation
6,354,474
240,076
Enterprise
Products
Partners,
LP
6,424,434
125,988
Helmerich
&
Payne,
Inc.
5,072,277
31,388
Marathon
Petroleum
Corporation
5,197,853
101,404
Noble
Corporation
plc
4,474,958
Total
42,994,618
Financials
(19.3%)
67,470
Allstate
Corporation
10,474,717
73,877
Capital
One
Financial
Corporation
9,997,036
287,500
Carlyle
Group,
Inc.
11,505,750
36,614
Cboe
Global
Markets,
Inc.
6,731,484
114,038
Comerica,
Inc.
5,996,118
165,209
Equitable
Holdings,
Inc.
5,400,682
69,131
M&T
Bank
Corporation
9,546,991
44,471
Raymond
James
Financial,
Inc.
4,899,815
59,669
Selective
Insurance
Group,
Inc.
6,256,891
145,548
Synovus
Financial
Corporation
5,481,338
139,944
Texas
Capital
Bancshares,
Inc.
a
8,536,584
115,068
Voya
Financial,
Inc.
8,327,471
80,516
Wintrust
Financial
Corporation
7,808,442
Total
100,963,319
Health
Care
(7.4%)
315,276
Avantor,
Inc.
a
7,248,195
197,265
Baxter
International,
Inc.
7,632,183
44,232
Cardinal
Health,
Inc.
4,829,692
47,437
Laboratory
Corporation
of
America
Holdings
10,545,245
52,269
Universal
Health
Services,
Inc.
8,300,840
Total
38,556,155
Industrials
(17.5%)
61,315
AGCO
Corporation
7,500,664
260,855
Barnes
Group,
Inc.
8,636,909
Shares
Common
Stock
(98.2%)
Value
Industrials
(17.5%)
-
continued
37,379
Booz
Allen
Hamilton
Holding
Corporation
$
5,261,842
18,330
Carlisle
Companies,
Inc.
5,760,386
345,215
Flowserve
Corporation
13,784,435
41,574
General
Dynamics
Corporation
11,016,694
134,030
Hexcel
Corporation
8,898,252
42,190
JB
Hunt
Transport
Services,
Inc.
8,479,346
152,472
Sensata
Technologies
Holding
plc
5,514,912
236,063
Southwest
Airlines
Company
7,055,923
251,047
Werner
Enterprises,
Inc.
9,928,909
Total
91,838,272
Information
Technology
(7.5%)
75,691
CommVault
Systems,
Inc.
a
6,939,351
46,252
Jabil,
Inc.
5,794,913
322,954
Knowles
Corporation
a
5,267,380
95,009
MKS
Instruments,
Inc.
10,113,708
25,312
PTC,
Inc.
a
4,572,613
113,994
Western
Digital
Corporation
a
6,526,156
Total
39,214,121
Materials
(7.7%)
230,595
Alcoa
Corporation
6,860,201
176,396
Axalta
Coating
Systems,
Ltd.
a
5,718,758
152,836
Berry
Plastics
Group,
Inc.
10,004,645
71,505
Celanese
Corporation
10,460,466
100,070
CF
Industries
Holdings,
Inc.
7,556,286
Total
40,600,356
Real
Estate
(5.4%)
27,308
AvalonBay
Communities,
Inc.
4,888,405
43,618
CBRE
Group,
Inc.
a
3,764,670
47,554
Crown
Castle,
Inc.
5,147,721
552,057
Healthcare
Realty
Trust,
Inc.
8,893,638
42,589
Simon
Property
Group,
Inc.
5,903,261
Total
28,597,695
Utilities
(5.0%)
104,607
Alliant
Energy
Corporation
5,090,177
53,034
Constellation
Energy
Corporation
6,470,148
60,871
DTE
Energy
Company
6,417,021
308,515
NiSource,
Inc.
8,012,134
Total
25,989,480
Total
Common
Stock
(cost
$467,967,501)
514,525,585
Shares
Short-Term
Investments
(
1
.5
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
776,493
5.670%
7,764,932
Total
Short-Term
Investments
(cost
$7,764,932)
7,764,932
Total
Investments
(cost
$475,732,433)
99.7%
$
522,290,517
Other
Assets
and
Liabilities,
Net
0.3%
1,555,489
Total
Net
Assets
100.0%
$
523,846,006
a
Non-income
producing
security.
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
25
Definitions:
plc
-
Public
Limited
Company
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
in
valuing
Mid
Cap
Value
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
12,181,161
12,181,161
–
–
Consumer
Discretionary
50,840,117
45,533,633
5,306,484
–
Consumer
Staples
42,750,291
37,867,384
4,882,907
–
Energy
42,994,618
42,994,618
–
–
Financials
100,963,319
100,963,319
–
–
Health
Care
38,556,155
38,556,155
–
–
Industrials
91,838,272
91,838,272
–
–
Information
Technology
39,214,121
39,214,121
–
–
Materials
40,600,356
40,600,356
–
–
Real
Estate
28,597,695
28,597,695
–
–
Utilities
25,989,480
25,989,480
–
–
Subtotal
Investments
in
Securities
$
514,525,585
$
504,336,194
$
10,189,391
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
7,764,932
Subtotal
Other
Investments
$
7,764,932
Total
Investments
at
Value
$
522,290,517
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Value
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
1/31/2024
Shares
Held
at
1/31/2024
%
of
Net
Assets
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$
9,131
$
14,910
$
16,276
$
7,765
776
1.5%
Total
Affiliated
Short-Term
Investments
9,131
7,765
1.5
Total
Value
$
9,131
$
7,765
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$–
$–
$
–
$131
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$131
Total
$–
$–
$
–
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Asset-Backed
Securities
(
0.4%
)
a
Value
Dext
ABS,
LLC
$
674,439
5.680% ,4/15/2024,
Ser.
2023-1
b
$
674,378
Westlake
Automobile
Receivables
Trust
17,830,313
5.877% ,11/15/2024,
Ser.
2023-4A
b
17,840,884
Total
18,515,262
Principal
Amount
Basic
Materials
(
2.7%
)
a
Value
Air
Products
and
Chemicals,
Inc.
20,000,000
5.350% ,2/5/2024
b
19,985,258
BASF
SE
25,000,000
5.410% ,2/2/2024
b
24,992,607
25,000,000
5.530% ,3/28/2024
b
24,786,686
Nutrien,
Ltd.
25,000,000
5.600% ,2/27/2024
b
24,895,156
15,000,000
5.600% ,3/18/2024
b
14,890,131
25,000,000
5.610% ,3/28/2024
b
24,778,848
Total
134,328,686
Principal
Amount
Capital
Goods
(
3.7%
)
a
Value
Amcor
Finance
USA,
Inc.
15,750,000
5.630% ,2/12/2024
b,c
15,721,322
15,000,000
5.630% ,2/23/2024
b,c
14,946,965
20,000,000
5.500% ,3/12/2024
b,c
19,872,733
Amcor
Flexibles
North
America,
Inc.
15,000,000
5.600% ,2/5/2024
b,c
14,988,652
15,000,000
5.680% ,2/13/2024
b,c
14,969,792
10,000,000
5.570% ,3/7/2024
b,c
9,943,240
John
Deere
Capital
Corporation
25,000,000
5.330% ,3/15/2024
b
24,837,302
17,083,000
5.553%
(SOFRRATE
+
0.200%),10/11/2024
d
17,078,926
Parker-Hannifin
Corporation
25,000,000
5.500% ,3/12/2024
b
24,841,305
Siemens
Financieringsmaatschappij
NV
25,000,000
5.789%
(SOFRRATE
+
0.430%),3/11/2024
b,d
25,003,614
Total
182,203,851
Principal
Amount
Communications
Services
(
0.7%
)
a
Value
AT&T,
Inc.
7,935,000
0.900% ,3/25/2024
7,880,642
Verizon
Communications,
Inc.
10,550,000
0.750% ,3/22/2024
10,479,891
Walt
Disney
Company
16,800,000
5.450% ,3/12/2024
b,c
16,695,271
Total
35,055,804
Principal
Amount
Consumer
Cyclical
(
11.7%
)
a
Value
American
Honda
Finance
Corporation
6,889,000
5.680% ,3/11/2024
c
6,846,186
42,295,000
5.668% ,3/13/2024
c
42,018,969
25,000,000
5.650% ,4/3/2024
c
24,754,650
25,000,000
5.620% ,4/4/2024
c
24,750,785
Principal
Amount
Consumer
Cyclical
(11.7%)
a
Value
BMW
US
Capital,
LLC
$
12,500,000
5.888%
(SOFRINDX
+
0.530%),4/1/2024
b,d
$
12,506,500
10,000,000
5.741%
(SOFRINDX
+
0.380%),8/12/2024
b,d
10,000,506
Daimler
Finance
North
America,
LLC
10,000,000
0.750% ,3/1/2024
b
9,960,272
ERAC
USA
Finance,
LLC
25,000,000
5.600% ,2/5/2024
b,c
24,981,156
14,250,000
5.600% ,2/6/2024
b,c
14,237,107
25,000,000
5.510% ,2/7/2024
b,c
24,973,604
6,000,000
5.650% ,2/12/2024
b,c
5,989,075
12,000,000
5.700% ,2/16/2024
b,c
11,970,728
2,500,000
5.700% ,2/20/2024
b,c
2,492,341
16,200,000
5.680% ,2/26/2024
b,c
16,135,021
22,350,000
5.700% ,2/29/2024
b,c
22,249,655
Hyundai
Capital
America
4,000,000
4.300% ,2/1/2024
b
4,000,000
25,000,000
5.650% ,2/13/2024
b,c
24,950,898
25,000,000
5.650% ,2/14/2024
b,c
24,947,058
25,000,000
5.650% ,2/21/2024
b,c
24,919,923
21,000,000
5.490% ,2/26/2024
b,c
20,916,223
Toyota
Credit
Canada,
Inc.
20,000,000
5.700% ,7/22/2024
c
19,500,546
Toyota
Credit
de
Puerto
Rico
Corporation
10,000,000
5.630% ,2/12/2024
9,982,352
Toyota
Finance
Australia,
Ltd.
25,000,000
5.610% ,2/23/2024
c
24,914,967
25,000,000
5.670% ,3/15/2024
c
24,836,711
Toyota
Motor
Credit
Corporation
7,727,000
5.930%
(SOFRRATE
+
0.620%),6/13/2024
d
7,734,811
20,000,000
5.830%
(SOFRRATE
+
0.520%),8/22/2024
d
20,019,835
6,909,000
5.649%
(SOFRRATE
+
0.290%),9/13/2024
d
6,909,509
Volkswagen
Group
of
America
Finance,
LLC
17,000,000
5.510% ,2/21/2024
b,c
16,944,149
VW
Credit,
Inc.
25,000,000
5.740% ,2/1/2024
b,c
24,996,235
23,235,000
5.590% ,2/2/2024
b,c
23,228,000
4,080,000
5.780% ,2/15/2024
b,c
4,070,680
3,925,000
5.780% ,2/16/2024
b,c
3,915,426
25,000,000
5.570% ,2/27/2024
b,c
24,895,744
10,000,000
5.670% ,3/5/2024
b,c
9,947,275
11,895,000
5.600% ,4/8/2024
b,c
11,769,117
Total
587,266,014
Principal
Amount
Consumer
Non-Cyclical
(
3.9%
)
a
Value
Cencora,
Inc.
25,000,000
5.510% ,2/1/2024
b
24,996,186
25,000,000
5.680% ,2/7/2024
b
24,973,264
Cigna
Group
5,011,000
0.613% ,3/15/2024
4,982,068
City
of
Hope
15,000,000
5.380% ,3/26/2024
c
14,873,309
Coca-Cola
Company
25,000,000
5.330% ,3/26/2024
b
24,800,816
McKesson
Corporation
4,705,000
5.410% ,2/2/2024
b
4,703,583
25,000,000
5.560% ,2/16/2024
b
24,939,017
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Consumer
Non-Cyclical
(3.9%)
a
Value
$
25,000,000
5.650% ,2/26/2024
b
$
24,899,723
25,000,000
5.590% ,2/28/2024
b
24,891,755
Medtronic
Global
Holdings
SCA
15,000,000
5.430% ,2/13/2024
b,c
14,970,559
PepsiCo,
Inc.
5,000,000
5.761%
(SOFRINDX
+
0.400%),11/12/2024
d
5,008,797
Total
194,039,077
Principal
Amount
Energy
(
0.3%
)
a
Value
BP
Capital
Markets
plc
10,000,000
5.380% ,2/5/2024
b,c
9,992,522
Williams
Companies,
Inc
6,935,000
4.300% ,3/4/2024
6,927,557
Total
16,920,079
Principal
Amount
Financials
(
38.3%
)
a
Value
AllianceBernstein,
LP
25,000,000
5.400% ,2/29/2024
b
24,892,275
ANZ
New
Zealand
International,
Ltd./London
25,000,000
5.330% ,2/7/2024
b,c
24,974,139
31,145,000
3.400% ,3/19/2024
b
31,059,280
4,746,000
5.961%
(SOFRRATE
+
0.600%),2/18/2025
b,d
4,749,499
AvalonBay
Communities,
Inc.
20,000,000
5.400% ,2/1/2024
b
19,996,988
Bank
of
Montreal
24,000,000
3.300% ,2/5/2024
23,995,421
7,000,000
2.150% ,3/8/2024
6,976,096
Bank
of
New
York
Mellon
Corporation
10,668,000
0.500% ,4/26/2024
10,544,109
4,105,000
5.615%
(SOFRRATE
+
0.260%),4/26/2024
d
4,104,057
Bank
of
New
Zealand
10,000,000
3.500% ,2/20/2024
b
9,989,552
Bank
of
Nova
Scotia
6,568,000
2.440% ,3/11/2024
6,548,133
Barclays
Bank
plc
25,000,000
5.660% ,2/2/2024
b,c
24,992,635
25,000,000
5.350% ,5/6/2024
b,c
24,643,520
4,950,000
5.500% ,6/5/2024
b,c
4,858,354
Barton
Capital
SA
8,000,000
5.380% ,2/2/2024
b,c
7,997,634
25,000,000
5.380% ,2/6/2024
b,c
24,977,797
15,000,000
5.430% ,3/20/2024
b,c
14,890,063
10,000,000
5.410% ,4/2/2024
b,c
9,907,528
BPCE
SA
9,100,000
5.460% ,2/15/2024
b
9,079,813
25,000,000
5.560%
(SOFRRATE
+
0.250%),7/31/2024
b,d
25,008,172
CAFCO,
LLC
15,000,000
5.430% ,4/22/2024
b,c
14,817,117
Chariot
Funding,
LLC
15,000,000
5.400% ,2/28/2024
b
14,937,391
10,000,000
5.420% ,3/15/2024
b
9,934,367
20,000,000
5.380% ,3/27/2024
b
19,832,249
25,000,000
5.400% ,4/1/2024
b
24,771,306
Charles
Schwab
Corporation
14,828,000
0.750% ,3/18/2024
14,738,866
Principal
Amount
Financials
(38.3%)
a
Value
$
7,221,000
5.859%
(SOFRINDX
+
0.500%),3/18/2024
d
$
7,219,634
Charta,
LLC
15,000,000
5.560% ,2/9/2024
b,c
14,979,962
10,000,000
5.570% ,2/13/2024
b,c
9,980,607
25,000,000
5.570% ,2/28/2024
b,c
24,895,177
1,500,000
5.450% ,3/4/2024
b,c
1,492,594
Citibank
NA
25,000,000
5.660%
(SOFRRATE
+
0.350%),2/20/2024
d
25,003,610
15,000,000
5.960%
(SOFRRATE
+
0.650%),6/17/2024
d
15,025,481
25,000,000
5.910%
(SOFRRATE
+
0.600%),10/28/2024
d
25,054,963
25,000,000
5.690%
(SOFRRATE
+
0.380%),1/10/2025
d
25,001,525
CRC
Funding,
LLC
16,890,000
5.600% ,2/20/2024
b,c
16,839,777
25,000,000
5.580% ,2/28/2024
b,c
24,895,652
Credit
Agricole
SA
8,763,000
3.875% ,4/15/2024
b
8,729,294
Credit
Suisse
AG/New
York,
NY
8,200,000
5.752%
(SOFRINDX
+
0.390%),2/2/2024
d
8,200,000
Dealers
Capital
Access
Trust,
LLC
25,000,000
5.460% ,3/18/2024
24,823,598
15,000,000
5.410% ,3/22/2024
14,884,527
12,850,000
5.370% ,3/26/2024
12,742,744
Equifax,
Inc.
25,000,000
5.400% ,2/1/2024
b
24,996,235
FMS
Wertmanagement
2,100,000
5.390% ,5/10/2024
b
2,069,227
Goldman
Sachs
Group,
Inc.
5,091,000
3.625% ,2/20/2024
5,085,480
12,419,000
4.000% ,3/3/2024
12,400,486
20,007,000
3.000% ,3/15/2024
19,945,821
Gotham
Funding
Corporation
25,000,000
5.430% ,3/27/2024
b,c
24,791,063
ING
US
Funding,
LLC
15,000,000
5.780%
(SOFRRATE
+
0.470%),2/9/2024
b,c,d
15,001,393
Intercontinental
Exchange,
Inc.
16,000,000
5.540% ,2/6/2024
b
15,985,458
10,000,000
5.530% ,2/21/2024
b
9,967,811
J.P.
Morgan
Chase
&
Company
16,702,000
3.875% ,2/1/2024
16,702,000
Jupiter
Securitization
Company,
LLC
25,000,000
5.710%
(SOFRRATE
+
0.400%),6/3/2024
b,c,d
25,011,141
25,000,000
5.720%
(SOFRRATE
+
0.410%),7/10/2024
b,c,d
25,002,926
25,000,000
5.660%
(SOFRRATE
+
0.350%),10/23/2024
b,c,d
24,999,945
Liberty
Street
Funding,
LLC
25,000,000
5.450% ,3/11/2024
b,c
24,850,833
35,000,000
5.429% ,3/28/2024
b,c
34,703,299
MetLife
Short
Term
Funding,
LLC
19,500,000
5.600%
(SOFRRATE
+
0.290%),2/20/2024
b,c,d
19,501,919
Mid-America
Apartments,
LP
25,000,000
5.530% ,2/20/2024
b
24,923,486
Mitsubishi
UFJ
Trust
&
Banking
Corporation/NY
25,000,000
5.620% ,2/12/2024
b
24,955,561
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Financials
(38.3%)
a
Value
$
25,000,000
5.630% ,2/20/2024
b
$
24,925,968
Mizuho
Bank,
Ltd./New
York,
NY
10,000,000
5.740%
(SOFRRATE
+
0.430%),2/2/2024
d
10,000,181
15,000,000
5.720%
(SOFRRATE
+
0.410%),2/12/2024
d
15,001,566
National
Australia
Bank,
Ltd.
25,000,000
5.610% ,3/4/2024
b
24,877,969
National
Bank
of
Canada
20,945,000
5.585% ,2/26/2024
b
20,864,125
New
York
Life
Global
Funding
11,804,000
5.665%
(SOFRRATE
+
0.310%),4/26/2024
b,d
11,807,541
New
York
Life
Short
Term
Funding,
LLC
20,000,000
5.440% ,3/6/2024
b
19,895,907
Nordea
Bank
Abp
12,050,000
5.680%
(SOFRRATE
+
0.370%),3/8/2024
b,d
12,053,533
Old
Line
Funding,
LLC
25,000,000
5.660%
(SOFRRATE
+
0.350%),4/4/2024
b,c,d
25,004,070
25,000,000
5.420% ,4/8/2024
b,c
24,744,685
25,000,000
5.550%
(SOFRRATE
+
0.240%),7/31/2024
b,c,d
25,001,061
Pacific
Life
Short
Term
Funding,
LLC
4,700,000
5.500% ,2/1/2024
b
4,699,308
4,200,000
5.410% ,3/21/2024
b
4,168,792
15,000,000
5.340% ,4/5/2024
b
14,855,149
1,700,000
5.330% ,5/28/2024
b
1,670,540
Pricoa
Short
Term
Funding,
LLC
25,000,000
5.910%
(SOFRRATE
+
0.600%),10/7/2024
b,d
25,046,851
Principal
Life
Global
Funding
II
13,054,000
5.803%
(SOFRRATE
+
0.450%),4/12/2024
b,d
13,058,438
Protective
Life
Global
Funding
6,000,000
3.104% ,4/15/2024
b
5,972,052
6,300,000
6.409%
(SOFRRATE
+
1.050%),12/11/2024
b,d
6,328,124
Prudential
Financial,
Inc.
25,000,000
5.400% ,2/8/2024
b
24,969,829
25,000,000
5.450% ,2/23/2024
b
24,913,051
Royal
Bank
of
Canada
5,090,000
5.715%
(SOFRINDX
+
0.360%),7/29/2024
d
5,093,563
Royal
Bank
of
Canada/New
York,
NY
20,000,000
5.870%
(SOFRRATE
+
0.560%),11/1/2024
b,d
20,044,520
Simon
Property
Group,
LP
11,244,000
3.750% ,2/1/2024
11,244,000
Standard
Chartered
Bank/New
York
9,698,000
5.640% ,2/21/2024
b
9,668,051
Sumitomo
Mitsui
Banking
Corporation
6,000,000
5.630% ,2/1/2024
b
5,999,117
Sumitomo
Mitsui
Banking
Corporation/New
York
15,000,000
5.740%
(SOFRRATE
+
0.430%),2/5/2024
d
15,000,611
5,000,000
5.850% ,4/24/2024
5,003,761
Sumitomo
Mitsui
Trust
Bank,
Ltd.
5,000,000
0.850% ,3/25/2024
b
4,966,483
Principal
Amount
Financials
(38.3%)
a
Value
Sumitomo
Mitsui
Trust
Bank,
Ltd./
New
York
$
25,000,000
5.650% ,3/1/2024
b
$
24,889,229
Suncorp-Metway,
Ltd.
5,900,000
5.730% ,4/29/2024
b
5,818,026
10,000,000
5.720% ,4/30/2024
b
9,859,500
Svenska
Handelsbanken
AB
7,114,000
0.550% ,6/11/2024
b
6,990,383
Swedbank
AB
10,600,000
0.850% ,3/18/2024
b
10,538,947
Thunder
Bay
Funding,
LLC
25,000,000
5.740%
(SOFRRATE
+
0.430%),6/6/2024
b,c,d
25,010,529
Toronto-Dominion
Bank
15,890,000
0.550% ,3/4/2024
15,821,217
39,211,000
5.717%
(SOFRRATE
+
0.355%),3/4/2024
d
39,218,087
14,543,000
2.350% ,3/8/2024
14,498,799
6,200,000
6.269%
(SOFRRATE
+
0.910%),3/8/2024
d
6,204,276
6,076,000
5.709%
(SOFRRATE
+
0.350%),9/10/2024
d
6,076,835
10,000,000
4.285% ,9/13/2024
9,933,206
25,000,000
5.690%
(SOFRRATE
+
0.380%),1/7/2025
b,d
25,015,973
Toronto-Dominion
Bank/New
York
15,000,000
5.840%
0,4/1/2024
d
15,010,564
UBS
AG/London
33,095,000
5.721%
(SOFRRATE
+
0.360%),2/9/2024
b,d
33,095,000
UDR,
Inc.
25,000,000
5.560% ,2/8/2024
b,c
24,969,797
25,000,000
5.540% ,2/27/2024
b,c
24,895,744
US
Bancorp
16,000,000
3.375% ,2/5/2024
15,996,947
Victory
Receivables
Corporation
25,000,000
5.610% ,2/12/2024
b,c
24,955,406
Wells
Fargo
Bank
NA
25,000,000
5.940%
(SOFRRATE
+
0.630%),4/5/2024
d
25,024,676
10,000,000
5.910%
(SOFRRATE
+
0.600%),9/12/2024
d
10,021,093
15,000,000
5.940%
(SOFRRATE
+
0.630%),9/16/2024
d
15,034,863
10,000,000
5.870%
(SOFRRATE
+
0.560%),10/25/2024
d
10,023,192
15,000,000
5.910%
(SOFRRATE
+
0.600%),11/7/2024
d
15,039,406
Westpac
Banking
Corporation
5,000,000
3.300% ,2/26/2024
4,992,384
28,299,000
6.411%
(TSFR3M
+
1.032%),2/26/2024
d
28,314,152
5,000,000
5.661%
(SOFRRATE
+
0.300%),11/18/2024
d
5,000,390
Westpac
Securities
NZ,
Ltd./
London
23,193,000
5.650% ,4/15/2024
b,c
22,926,522
Total
1,915,933,579
Principal
Amount
Foreign
(
2.4%
)
a
Value
Caisse
d'Amortissement
de
la
Dette
Sociale
25,000,000
5.540% ,2/6/2024
b
24,977,803
46,191,000
5.455% ,2/13/2024
b
46,102,008
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Foreign
(2.4%)
a
Value
$
25,000,000
5.560% ,2/20/2024
b
$
24,925,817
25,000,000
5.560% ,2/23/2024
b
24,914,755
Total
120,920,383
Principal
Amount
Technology
(
1.0%
)
a
Value
International
Business
Machines
Corporation
13,468,000
3.625% ,2/12/2024
13,460,341
Microchip
Technology,
Inc.
25,000,000
5.530% ,2/23/2024
b,c
24,910,605
10,000,000
5.530% ,2/29/2024
b,c
9,954,893
Total
48,325,839
Principal
Amount
Transportation
(
5.0%
)
a
Value
Canadian
National
Railway
Company
25,000,000
5.560% ,2/1/2024
b,c
24,996,297
25,000,000
5.500% ,2/5/2024
b,c
24,981,444
25,000,000
5.610% ,2/7/2024
b,c
24,973,993
9,710,000
5.460% ,2/13/2024
b,c
9,691,222
4,000,000
5.620% ,3/7/2024
b,c
3,978,424
10,000,000
5.590% ,3/8/2024
b,c
9,944,486
Canadian
Pacific
Railway
Company
15,000,000
5.500% ,2/1/2024
b
14,997,741
25,000,000
5.490% ,2/14/2024
b
24,946,766
15,000,000
5.500% ,2/21/2024
b
14,951,691
Ryder
System,
Inc.
20,000,000
5.550% ,2/16/2024
19,951,213
25,000,000
5.520% ,2/21/2024
24,919,486
19,190,000
5.530% ,2/22/2024
19,125,177
25,000,000
5.540% ,2/23/2024
24,911,608
Union
Pacific
Corporation
6,000,000
3.150% ,3/1/2024
5,988,925
Total
248,358,473
Principal
Amount
U.S.
Government
&
Agencies
(
10.5%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
45,000,000
5.510%
(SOFRRATE
+
0.200%),8/7/2025
d
45,014,909
Federal
Farm
Credit
Bank
25,000,000
5.410%
(SOFRRATE
+
0.100%),9/19/2024
d
25,001,578
11,000,000
5.460%
(SOFRRATE
+
0.150%),1/3/2025
d
11,007,445
15,000,000
5.430%
(FEDL
1M
+
0.100%),1/24/2025
d
14,999,806
50,000,000
5.480%
(FEDL
1M
+
0.150%),2/3/2025
d
49,997,338
5,000,000
5.470%
(SOFRRATE
+
0.160%),4/10/2025
d
5,002,555
5,000,000
5.470%
(SOFRRATE
+
0.160%),5/15/2025
d
5,002,947
Federal
Home
Loan
Bank
20,000,000
5.345%
(SOFRRATE
+
0.035%),2/16/2024
d
19,999,981
20,000,000
5.350%
(SOFRRATE
+
0.040%),2/16/2024
d
20,000,022
25,000,000
5.390%
(SOFRRATE
+
0.080%),2/26/2024
d
25,000,835
25,000,000
5.355%
(SOFRRATE
+
0.045%),3/4/2024
d
25,000,237
Principal
Amount
U.S.
Government
&
Agencies
(10.5%)
a
Value
$
18,000,000
5.360%
(SOFRRATE
+
0.050%),3/8/2024
d
$
18,000,038
23,000,000
5.430%
(SOFRRATE
+
0.120%),3/14/2024
d
23,002,475
25,000,000
5.365%
(SOFRRATE
+
0.055%),5/15/2024
d
25,002,574
20,000,000
5.375%
(SOFRRATE
+
0.065%),5/24/2024
d
20,002,841
25,000,000
5.430%
(SOFRRATE
+
0.120%),5/28/2024
d
25,008,126
25,000,000
5.370%
(SOFRRATE
+
0.060%),6/24/2024
d
25,003,453
22,000,000
5.375%
(SOFRRATE
+
0.065%),7/23/2024
d
22,004,059
20,000,000
5.510%
(SOFRRATE
+
0.200%),1/7/2026
d
19,999,688
U.S.
International
Development
Finance
Corporation
7,989,231
5.470%
(T-BILL
3M
+
FLAT),2/7/2024
d
7,989,231
6,530,400
5.500%
(T-BILL
3M
+
FLAT),2/7/2024
d
6,530,400
10,470,085
5.500%
(T-BILL
3M
+
FLAT),2/7/2024
d
10,470,085
10,790,598
5.500%
(T-BILL
3M
+
FLAT),2/7/2024
d
10,790,598
2,222,220
5.500%
(T-BILL
3M
+
FLAT),2/7/2024
d
2,222,220
10,000,000
5.780% ,6/14/2024
10,069,343
U.S.
Treasury
Notes
50,000,000
5.332%
(USBMMY
3M
+
0.037%),7/31/2024
d
49,976,860
Total
522,099,644
Principal
Amount
U.S.
Municipals
(
1.6%
)
a
Value
Austin,
TX
17,500,000
5.400% ,2/12/2024
c
17,497,525
Idaho
Housing
&
Finance
Association
12,850,000
5.620% ,2/7/2024
c
12,850,207
25,000,000
5.750% ,3/6/2024
c
25,005,778
24,000,000
5.750% ,3/7/2024
c
24,005,698
Total
79,359,208
Principal
Amount
Utilities
(
17.9%
)
a
Value
Ameren
Illinois
Company
5,000,000
5.570% ,2/8/2024
4,993,959
American
Electric
Power
Company,
Inc.
15,000,000
5.480% ,2/9/2024
b
14,979,589
25,000,000
5.640% ,2/13/2024
b
24,950,627
25,000,000
5.700% ,2/14/2024
b
24,946,766
25,896,000
5.620% ,3/11/2024
b
25,735,253
Berkshire
Hathaway
Energy
Company
9,000,000
5.500% ,2/6/2024
b
8,991,857
25,000,000
5.590% ,2/13/2024
b
24,950,647
25,000,000
5.590% ,2/16/2024
b
24,939,055
Consolidated
Edison
Company
of
New
York,
Inc.
25,000,000
5.610% ,2/15/2024
b
24,942,896
25,000,000
5.610% ,2/16/2024
b
24,939,017
10,000,000
5.500% ,3/7/2024
b
9,944,360
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Utilities
(17.9%)
a
Value
$
25,000,000
5.640% ,3/13/2024
b
$
24,837,600
25,160,000
5.500% ,3/15/2024
b
24,988,737
10,000,000
5.500% ,3/18/2024
b
9,927,228
DTE
Electric
Company
25,000,000
5.400% ,2/6/2024
24,976,345
25,000,000
5.400% ,2/8/2024
24,968,440
25,000,000
5.430% ,2/21/2024
24,917,721
DTE
Energy
Company
25,000,000
5.520% ,2/9/2024
b,c
24,965,981
21,000,000
5.500% ,2/15/2024
b,c
20,952,032
Duke
Energy
Corporation
35,000,000
5.360% ,2/1/2024
b
34,994,729
25,000,000
5.630% ,2/6/2024
b
24,977,381
13,400,000
5.400% ,2/8/2024
b
13,383,811
29,695,000
5.438% ,2/12/2024
b
29,640,930
22,000,000
5.480% ,3/19/2024
b
21,835,968
Enbridge
US,
Inc.
15,000,000
5.550% ,2/16/2024
b,c
14,962,799
Kinder
Morgan,
Inc.
7,750,000
5.450% ,2/1/2024
b
7,748,773
National
Rural
Utilities
Cooperative
Finance
Corporation
26,320,000
5.470% ,2/5/2024
26,300,537
NiSource,
Inc.
25,000,000
5.500% ,2/21/2024
b
24,919,486
PacifiCorp
11,510,000
3.600% ,4/1/2024
11,470,752
PECO
Energy
Company
42,885,000
5.380% ,2/1/2024
b
42,885,000
Sempra
15,000,000
5.480% ,2/8/2024
b
14,981,874
26,500,000
5.490% ,2/9/2024
b
26,463,924
25,000,000
5.470% ,2/14/2024
b
24,946,681
Southern
Company
10,000,000
5.480% ,2/9/2024
b
9,986,393
25,000,000
5.570% ,2/13/2024
b
24,950,627
22,380,000
5.590% ,2/14/2024
b
22,332,345
25,000,000
5.590% ,2/20/2024
b
24,923,410
18,886,000
0.600% ,2/26/2024
18,821,292
Southern
Power
Company
25,000,000
5.580% ,2/12/2024
b
24,954,479
TransCanada
PipeLines,
Ltd.
10,000,000
5.520% ,2/16/2024
b
9,975,607
15,000,000
5.500% ,2/26/2024
b
14,939,834
Wisconsin
Electric
Power
Company
7,785,000
5.380% ,2/5/2024
7,779,135
Xcel
Energy,
Inc.
4,500,000
5.400% ,2/7/2024
b
4,495,249
16,520,000
5.450% ,2/8/2024
b
16,500,042
Total
894,019,168
Total
Investments
(cost
$4,996,944,851)
100.1%
$4,997,345,067
Other
Assets
and
Liabilities,
Net
(0.1)%
(4,748,755)
Total
Net
Assets
100.0%
$4,992,596,312
a
The
interest
rate
shown
reflects
the
yield.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
January
31,
2024,
the
value
of
these
investments
was
$3,287,250,453
or
65.8%
of
total
net
assets.
c
Denotes
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution
or
government.
d
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
January
31,
2024.
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:
plc
-
Public
Limited
Company
Ser.
-
Series
Reference
Rate
Index:
FEDL
1M
-
Federal
Funds
1
Month
Rate
SOFRINDX
-
Secured
Overnight
Financing
Rate
Compounded
Index
SOFRRATE
-
Secured
Overnight
Financing
Rate
T-BILL
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USBMMY
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
Money
Market
Yield
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
January
31,
2024
(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
January
31,
2024,
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
18,515,262
–
18,515,262
–
Basic
Materials
134,328,686
–
134,328,686
–
Capital
Goods
182,203,851
–
182,203,851
–
Communications
Services
35,055,804
–
35,055,804
–
Consumer
Cyclical
587,266,014
–
587,266,014
–
Consumer
Non-Cyclical
194,039,077
–
194,039,077
–
Energy
16,920,079
–
16,920,079
–
Financials
1,915,933,579
–
1,915,933,579
–
Foreign
120,920,383
–
120,920,383
–
Technology
48,325,839
–
48,325,839
–
Transportation
248,358,473
–
248,358,473
–
U.S.
Government
&
Agencies
522,099,644
–
522,099,644
–
U.S.
Municipals
79,359,208
–
79,359,208
–
Utilities
894,019,168
–
894,019,168
–
Total
Investments
at
Value
$4,997,345,067
$–
$4,997,345,067
$–
Small
Cap
Value
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
32
Shares
Common
Stock
(
97
.3
%
)
Value
Communications
Services
(1.2%)
92,351
Ziff
Davis,
Inc.
a
$
6,224,458
Total
6,224,458
Consumer
Discretionary
(13.2%)
36,268
Asbury
Automotive
Group,
Inc.
a
7,582,188
202,325
Cedar
Fair,
LP
8,248,790
275,366
Cheesecake
Factory,
Inc.
9,464,329
621,224
Everi
Holdings,
Inc.
a
6,466,942
48,411
Grand
Canyon
Education,
Inc.
a
6,321,993
66,194
Lear
Corporation
8,797,183
64,006
Meritage
Homes
Corporation
10,600,034
58,358
PVH
Corporation
7,018,133
40,931
Signet
Jewelers,
Ltd.
4,071,816
32,881
Wyndham
Hotels
&
Resorts,
Inc.
2,562,416
Total
71,133,824
Consumer
Staples
(4.2%)
29,927
Casey's
General
Stores,
Inc.
8,120,991
255,487
Pilgrim's
Pride
Corporation
a
6,941,582
519,282
Primo
Water
Corporation
7,571,131
Total
22,633,704
Energy
(6.0%)
64,751
Gulfport
Energy
Corporation
a
8,216,902
366,616
Magnolia
Oil
&
Gas
Corporation
7,559,622
444,116
NOV,
Inc.
8,664,703
408,307
TechnipFMC
plc
7,896,657
Total
32,337,884
Financials
(22.7%)
220,591
Ally
Financial,
Inc.
8,091,278
159,290
Banner
Corporation
7,419,728
283,424
Cadence
Bank
7,544,747
183,627
Essent
Group,
Ltd.
10,128,865
54,975
Evercore,
Inc.
9,440,857
725,206
F.N.B.
Corporation
9,558,215
613,150
First
Commonwealth
Financial
Corporation
8,590,231
224,608
Heartland
Financial
USA,
Inc.
7,966,846
47,455
Houlihan
Lokey,
Inc.
5,684,160
509,774
Old
National
Bancorp
8,395,978
59,022
RLI
Corporation
8,048,830
150,088
Voya
Financial,
Inc.
10,861,869
168,851
Western
Alliance
Bancorp
10,799,710
96,548
Wintrust
Financial
Corporation
9,363,225
Total
121,894,539
Health
Care
(7.3%)
167,906
Enovis
Corporation
a
9,856,082
220,933
Envista
Holdings
Corporation
a
5,191,926
196,384
Globus
Medical,
Inc.
a
10,367,111
123,422
Progyny,
Inc.
a
4,701,144
136,159
QuidelOrtho
Corporation
a
9,328,253
Total
39,444,516
Industrials
(18.6%)
130,188
AAR
Corporation
a
7,918,034
253,181
Air
Lease
Corporation
10,585,498
279,959
Barnes
Group,
Inc.
9,269,442
12,060
Curtiss-Wright
Corporation
2,684,194
317,393
Dun
&
Bradstreet
Holdings,
Inc.
3,678,585
218,931
Fluor
Corporation
a
8,255,888
117,389
Greenbrier
Companies,
Inc.
5,336,504
43,476
Herc
Holdings,
Inc.
6,412,275
Shares
Common
Stock
(97.3%)
Value
Industrials
(18.6%)
-
continued
92,240
Kirby
Corporation
a
$
7,255,598
66,255
ManpowerGroup,
Inc.
4,912,146
451,024
Masterbrand,
Inc.
a
6,345,908
46,440
Moog,
Inc.
6,492,312
434,819
Schneider
National,
Inc.
10,661,762
121,702
Timken
Company
9,968,611
Total
99,776,757
Information
Technology
(9.7%)
285,121
Celestica,
Inc.
a
9,796,758
151,185
Ciena
Corporation
a
8,012,805
69,847
FormFactor,
Inc.
a
2,707,968
328,471
Knowles
Corporation
a
5,357,362
101,566
MKS
Instruments,
Inc.
10,811,701
78,299
Plexus
Corporation
a
7,416,481
581,042
TTM
Technologies,
Inc.
a
8,082,294
Total
52,185,369
Materials
(6.9%)
82,373
Berry
Plastics
Group,
Inc.
5,392,137
150,949
Greif,
Inc.
9,450,917
136,630
Ingevity
Corporation
a
5,951,603
281,003
Summit
Materials,
Inc.
a
10,166,688
441,650
Tronox
Holdings
plc
6,090,353
Total
37,051,698
Real
Estate
(5.4%)
93,444
Agree
Realty
Corporation
5,570,197
958,079
Cushman
and
Wakefield
plc
a
10,078,991
392,531
Independence
Realty
Trust,
Inc.
5,766,280
345,163
Plymouth
Industrial
REIT,
Inc.
7,641,909
Total
29,057,377
Utilities
(2.1%)
107,869
Black
Hills
Corporation
5,583,299
104,632
Spire,
Inc.
5,939,959
Total
11,523,258
Total
Common
Stock
(cost
$491,417,561)
523,263,384
Shares
Short-Term
Investments
(
1
.5
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
828,874
5.670%
8,288,744
Total
Short-Term
Investments
(cost
$8,288,744)
8,288,744
Total
Investments
(cost
$499,706,305)
98.8%
$
531,552,128
Other
Assets
and
Liabilities,
Net
1.2%
6,522,681
Total
Net
Assets
100.0%
$
538,074,809
a
Non-income
producing
security.
Definitions:
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Small
Cap
Value
Fund
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
33
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
January
31,
2024,
in
valuing
Small
Cap
Value
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
6,224,458
6,224,458
–
–
Consumer
Discretionary
71,133,824
71,133,824
–
–
Consumer
Staples
22,633,704
22,633,704
–
–
Energy
32,337,884
32,337,884
–
–
Financials
121,894,539
121,894,539
–
–
Health
Care
39,444,516
39,444,516
–
–
Industrials
99,776,757
99,776,757
–
–
Information
Technology
52,185,369
52,185,369
–
–
Materials
37,051,698
37,051,698
–
–
Real
Estate
29,057,377
29,057,377
–
–
Utilities
11,523,258
11,523,258
–
–
Subtotal
Investments
in
Securities
$
523,263,384
$
523,263,384
$
–
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
8,288,744
Subtotal
Other
Investments
$
8,288,744
Total
Investments
at
Value
$
531,552,128
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Small
Cap
Value
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
1/31/2024
Shares
Held
at
1/31/2024
%
of
Net
Assets
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$
13,034
$
19,558
$
24,303
$
8,289
829
1.5%
Total
Affiliated
Short-Term
Investments
13,034
8,289
1.5
Total
Value
$
13,034
$
8,289
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
1/31/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.670%
$–
$–
$
–
$179
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$179
Total
$–
$–
$
–
Notes
to
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
34
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—
The
Funds
record
their
investments
at
fair
value
using
market
quotations
when
they
are
readily
available
pursuant
to
Rule
2a-5.
The
Funds'
investments
are
recorded
at
fair
value
determined
in
good
faith
when
market
quotations
are
not
readily
available.
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing
price
of
the
national
market
system. Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations
obtained
from
dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements are
valued at the
clearinghouse
end
of
day
price.
Swap
agreements
not
cleared
on
exchanges will
be
valued at
the
mid-price
from
the
primary
approved pricing
service.
Forward
foreign
currency
exchange
contracts
are
marked-to-
market
based
upon
foreign
currency
exchange
rates
provided
by
the
pricing
service.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
Thrivent
Money
Market
seeks
to
maintain
a stable
net
asset
value
of
$1.00
per
share,
pursuant
to
procedures
established
by
the
Board,
and
generally
utilizes
the
amortized
cost
method.
Valuing securities
held
by
Thrivent
Money
Market
on
the
basis
of
amortized
cost
(which
approximates
market
value)
involves
a constant
amortization
of
premium
or
accretion
of discount
to
maturity.
Thrivent
Money
Market
will
not
value
a
security
at
amortized
cost,
but
will
instead
make
a
fair
value
determination
of
each
security,
if
it
determines
that
amortized
cost
is
not
approximately
the
same
as
the
fair
value
of
the
security.
The
Board
has
chosen
the
Funds'
investment
Adviser
as
the
valuation
designee,
responsible
for daily
valuation
of
the
Funds'
securities.
The
Adviser
has
formed
a
Valuation
Committee
(the
“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-
needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
Certain
Funds
may
invest
in
Private
Equity Funds
("Private
Funds"),
which
are
fair
valued
by
the
Funds
pursuant
to
valuation
procedures
designed
by
the
Committee. Private
Funds
are
typically
valued
at
an
amount
equal
to
the
Net
Asset
Value
(NAV)
of
a
fund's
investment
in
the Private
Fund
when
this
information
is
readily
available
to
the
fund.
This
is
commonly
referred
to
as
using
the
NAV
as
a
practical
expedient,
which
allows
for
the
estimation
of
the
fair
value
of
an
investment
in
an investment
company
based
on
the
NAV
of
the
investment
company,
if
it
is
calculated
in
a
manner
consistent
with
ASC
946.
The
Committee
has
determined
that
for
the
Private
Funds
held
by
the
Funds,
if
the
NAV
of
the
Private
Fund
is
not
readily
available
for
the
daily
pricing
needs
of
the
Funds,
the
Committee,
pursuant
to
the
valuation
procedures,
will
adjust
the
daily
value
of
the Private
Fund
via
a
model
utilizing
unobservable
inputs.
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
Notes
to
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
35
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.
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
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
A
derivative
may
incur
a loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative
contract.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Funds
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
the
broker’s
customers,
potentially
resulting
in
losses to
the
Funds.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Funds'
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for mitigating
exposure or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Funds
mitigate
their
counterparty
risk,
the
Funds
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
each
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
margining
in
excess
of
the
minimum
requirements in
certain
situations.
Collateral
terms
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options,
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to
the
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Funds
attempt
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that
they
believe
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Futures
Contracts
— Certain
Funds may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts.
The
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
Notes
to
Schedule
of
Investments
as
of
January
31,
2024
(unaudited)
36
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the three
months
ended January
31,
2024,
Core
Emerging
Markets
Equity, Core
International
Equity,
and
Core
Low
Volatility
Equity used
equity
futures
to
manage
exposure
to
the
equities
market.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
Securities
Lending
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA,
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL").
The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of
U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received.
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day.
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities.
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated income
from
securities
loaned,
net on
the
Statement
of
Operations.
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money.
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred.
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss.
Some
of
these
losses
may
be
indemnified
by
the
lending
agent.
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.