Thrivent International Allocation Fund

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Thrivent International Allocation Fund 02/28/2020 The list of portfolio holdings is based on effective date (trade date plus one) and may not represent current or future portfolio composition. This information should not be construed as a recommendation to buy or sell any of the securities mentioned. The industry percentages shown represent the percentage of the fund's net assets. The percentage of net assets by security may not sum up to the percentage of net assets by industry as shown, due to rounding. This portfolio data has not been audited or adjusted for certain financial statement reclassifications. An audit could potentially result in adjustments to this data. For adjusted holdings information and information on our significant accounting policies, refer to the fund's annual and semiannual reports. For audited portfolio holdings information, please refer to the fund's annual report. Holdings for the funds are reported periodically to the Securities and Exchange Commission (SEC). Quarterly Non-money market fund holdings filed on Form N-PORT and N-CSR and monthly money market fund holdings filed on Form N-MFP can be obtained on the SEC's website at www.sec.gov. Due to reporting requirements, there could be variations in the holdings information shown here and that filed with the SEC.

Communications Services (2.33%) Security Name Market Value % of Net Assets Advanced Info Service Public Company, Ltd. NVDR $309,331 0.04% Ascential plc 106,719 0.01% Auto Trader Group plc 819,022 0.10% Baidu.com, Inc. ADR 968,119 0.12% Capcom Company, Ltd. 103,328 0.01% Carsales.com, Ltd. 437,112 0.05% Cheil Worldwide, Inc. 222,260 0.03% China Mobile, Ltd. 509,351 0.06% China Telecom Corporation, Ltd. 907,974 0.11% China Unicom (Hong Kong), Ltd. ADR 89,712 0.01% CITIC Telecom International Holdings, Ltd. 200,087 0.02% Daiichikosho Company, Ltd. 494,681 0.06% Dena Company, Ltd. 1,057,398 0.13% DiGi.Com Berhad 123,140 0.02% Euromoney Institutional Investor plc 101,860 0.01% F@N Communications, Inc. 230,405 0.03% Gree, Inc. 284,343 0.03% Intouch Holdings Public Company, Ltd. NVDR 68,610 0.01% Kakao Corporation 332,497 0.04% Let's GOWEX SA 0 <0.01% Major Cineplex Group Public Company, Ltd. NVDR 172,388 0.02% Media Nusantara Citra Tbk PT 62,943 0.01% Metropole Television SA 220,903 0.03% Naspers, Ltd. 650,754 0.08% NAVER Corporation 202,823 0.02% New Work SE 101,281 0.01% PVR, Ltd. 205,447 0.03% Scout24 AG 300,496 0.04% SerComm Corporation 314,226 0.04% SKY Perfect JSAT Holdings, Inc. 185,138 0.02% SoftBank Corporation 1,137,711 0.14% Telekomunikasi Indonesia Persero Tbk PT ADR 279,166 0.03% Tencent Holdings, Ltd. 5,237,289 0.63% TV Asahi Holdings Corporation 2,875,472 0.35% Vision, Inc. 103,697 0.01% Total 19,415,683

Consumer Discretionary (9.55%) Security Name Market Value % of Net Assets Adidas AG $2,755,507 0.33% Aisan Industry Company, Ltd. 40,350 0.01% Alibaba Group Holding, Ltd. ADR 6,099,808 0.73% Alpen Company, Ltd. 1,480 <0.01% Amara Raja Batteries, Ltd. 502,926 0.06%

1 AOKI Holdings, Inc. 156,297 0.02% Aoyama Trading Company, Ltd. 238,356 0.03% Arcland Sakamoto Company, Ltd. 80,546 0.01% Aristocrat Leisure, Ltd. 2,012,768 0.24% ASKUL Corporation 45,174 0.01% Astra International Tbk PT 490,372 0.06% Autobacs Seven Company, Ltd. 153,488 0.02% Bajaj Auto, Ltd. 401,817 0.05% Barratt Developments plc 506,679 0.06% Bellway plc 1,555,610 0.19% Beneteau SA 47,534 0.01% Berjaya Sports Toto Berhad 43,875 0.01% Betsson AB 391,442 0.05% Bilia AB 287,752 0.04% boohoo group plc 1,050,489 0.13% Breville Group, Ltd. 343,696 0.04% Bridgestone Corporation 874,913 0.11% Card Factory plc 61,826 0.01% Chiyoda Company, Ltd. 470,653 0.06% Citizen Watch Company, Ltd. 495,589 0.06% Countryside Properties plc 113,930 0.01% Crest Nicholson Holdings plc 116,718 0.01% DCM Holdings Company, Ltd. 454,305 0.06% Denso Corporation 5,409,395 0.65% Dometic Group AB 117,485 0.01% Dunelm Group plc 238,762 0.03% Dustin Group AB 36,503 <0.01% Eagle Industry Company, Ltd. 4,525 <0.01% EDION Corporation 250,352 0.03% Europris ASA 375,021 0.05% Evolution Gaming Group AB 549,036 0.07% Exedy Corporation 2,701,885 0.32% Far Eastern Department Stores, Ltd. 63,585 0.01% Ferrari NV 522,958 0.06% Foster Electric Company, Ltd. 63,757 0.01% Frasers Group plc 63,514 0.01% Fu Shou Yuan International Group, Ltd. 50,051 0.01% Fujibo Holdings, Inc. 32,806 <0.01% Games Workshop Group plc 295,125 0.04% Geo Holdings Corporation 171,951 0.02% Goodbaby International Holdings, Ltd. 19,304 <0.01% Greaves Cotton, Ltd. 14,268 <0.01% Hana Tour Service, Inc. 101,700 0.01% Handsome Corporation 47,578 0.01% Hermes International 1,512,368 0.18% Hero Motocorp, Ltd. 44,443 0.01% Hyundai Department Store Company, Ltd. 168,513 0.02% Hyundai Wia Corporation 139,832 0.02% Iida Group Holdings Company, Ltd. 213,522 0.03% Inchcape plc 196,180 0.02% Industria de Diseno Textil SA 731,770 0.09% Inwido AB 182,921 0.02% Isuzu Motors, Ltd. 354,589 0.04% Izumi Company, Ltd. 99,310 0.01% JB Hi-Fi, Ltd. 778,521 0.09% JD.com, Inc. ADR 1,008,731 0.12% JVCKENWOOD Corporation 350,239 0.04% K's Holdings Corporation 938,300 0.11% Kangwon Land, Inc. 118,760 0.01%

2 Kaufman & Broad SA 246,419 0.03% Klockner & Company SE 245,937 0.03% Kohnan Shoji Company, Ltd. 300,074 0.04% KOMEDA Holdings Company, Ltd. 228,752 0.03% KOMERI Company, Ltd. 272,898 0.03% LeoVegas AB 41,967 0.01% LG Electronics, Inc. 151,655 0.02% LVMH Moet Hennessy Louis Vuitton SE 5,088,085 0.61% M.Video PJSC 368,197 0.04% Maisons du Monde SA 230,457 0.03% Maruti Suzuki India, Ltd. 254,593 0.03% MEDIA DO HOLDINGS Company, Ltd. 39,557 0.01% Meiko Network Japan Company, Ltd. 64,451 0.01% Midea Group Company, Ltd. 314,102 0.04% Mitra Adiperkasa Tbk PT 55,669 0.01% Moneysupermarket.com Group plc 3,577,654 0.43% Motus Holdings, Ltd. 131,362 0.02% NetEnt AB 356,927 0.04% New Oriental Education & Technology Group, Inc. ADR 540,847 0.07% Nexity SA 211,650 0.03% NHK Spring Company, Ltd. 18,167 <0.01% Nick Scali, Ltd. 47,965 0.01% Nihon Unisys, Ltd. 680,934 0.08% Nissan Motor Company, Ltd. 3,378,010 0.41% Nobia AB 287,778 0.04% Noritake Company, Ltd. 76,884 0.01% Onward Holdings Company, Ltd. 1,098,498 0.13% Park24 Company, Ltd. 1,434,348 0.17% Petrobras Distribuidora SA 180,175 0.02% Piaggio & C. SPA 1,041,120 0.13% Playtech plc 254,689 0.03% Pou Chen Corporation 117,689 0.01% Randon SA Implementos e Participacoes 73,932 0.01% Redrow plc 1,853,544 0.22% Rinnai Corporation 3,129,786 0.38% Riso Kyoiku Corporation, Ltd. 204,231 0.03% Rocket Internet SE 91,496 0.01% SA D'Ieteren NV 418,616 0.05% Saint Marc Holdings Company, Ltd. 102,249 0.01% Saizeriya Company, Ltd. 17,173 <0.01% Seiko Holdings Corporation 542,712 0.07% SEIREN Company, Ltd. 5,108 <0.01% Shanghai Industrial Urban Development Group, Ltd. 14,839 <0.01% Shimachu Company, Ltd. 194,293 0.02% SHIMAMURA Company, Ltd. 1,439,104 0.17% SkiStar AB 38,373 0.01% Sumitomo Electric Industries, Ltd. 5,224,309 0.63% Sumitomo Forestry Company, Ltd. 158,693 0.02% Sumitomo Rubber Industries, Ltd. 1,850,324 0.22% Super Retail Group, Ltd. 180,452 0.02% T-GAIA Corporation 39,793 0.01% Taiho Kogyo Company, Ltd. 59,812 0.01% Takara Leben Company, Ltd. 322,691 0.04% Takkt AG 149,596 0.02% Tama Home Company, Ltd. 135,737 0.02% Tamron Company, Ltd. 11,025 <0.01% TANSEISHA Company, Ltd. 169,249 0.02% Taylor Wimpey plc 1,096,157 0.13% Topre Corporation 74,084 0.01%

3 Tupy SA 76,670 0.01% Universal Entertainment Corporation 305,032 0.04% Vistry Group plc 1,230,634 0.15% Vita Group, Ltd. 377,822 0.05% Yellow Hat, Ltd. 225,329 0.03% Yum China Holding, Inc. 543,084 0.07% Zenrin Company, Ltd. 101,193 0.01% Total 79,556,105

Consumer Staples (4.41%) Security Name Market Value % of Net Assets Arcs Company, Ltd. $91,995 0.01% Asahi Holdings, Inc. 45,553 0.01% Austevoll Seafood ASA 296,736 0.04% Binggrae Company, Ltd. 64,816 0.01% Charoen Pokphand Foods Public Company, Ltd. NVDR 282,811 0.03% China Mengniu Dairy Company, Ltd. 62,130 0.01% Cloetta AB 877,303 0.11% Cocokara Fine, Inc. 166,684 0.02% CP ALL Public Company, Ltd. NVDR 483,872 0.06% Create SD Holdings Company, Ltd. 27,071 <0.01% Essity Aktiebolag 518,966 0.06% Fomento Economico Mexicano SAB de CV ADR 261,262 0.03% Fuji Oil Holdings, Inc. 516,867 0.06% GFPT Public Company, Ltd. NVDR 61,432 0.01% Gillette India, Ltd. 16,362 <0.01% Glanbia plc 627,906 0.08% Golden Agri-Resources, Ltd. 12,045 <0.01% Greggs plc 858,520 0.10% Grieg Seafood ASA 154,005 0.02% GS Holdings Corporation 237,609 0.03% Kanematsu Corporation 67,320 0.01% Kesko Oyj 19,285 <0.01% Kuala Lumpur Kepong Berhad 116,253 0.01% Kweichow Moutai Company, Ltd. 503,978 0.06% La Doria SPA 57,119 0.01% Leroy Seafood Group ASA 267,326 0.03% LG Household & Health Care, Ltd. 100,950 0.01% Lindt & Spruengli AG 413,651 0.05% Mandom Corporation 326,359 0.04% Matsumotokiyoshi Holdings Company, Ltd. 745,308 0.09% Ministop Company, Ltd. 134,807 0.02% Mitsubishi Shokuhin Company, Ltd. 142,024 0.02% Mitsui Sugar Company, Ltd. 63,241 0.01% Morinaga Milk Industry Company, Ltd. 28,192 <0.01% Nestle India, Ltd. 203,993 0.02% Nestle SA 9,465,792 1.14% Nichirei Corporation 946,900 0.11% Nihon Chouzai Company, Ltd. 156,113 0.02% Nippon Flour Mills Company, Ltd. 166,043 0.02% Nippon Suisan Kaisha, Ltd. 25,540 <0.01% Nisshin Oillio Group, Ltd. 460,004 0.06% President Chain Store Corporation 380,713 0.05% Prima Meat Packers, Ltd. 201,572 0.02% Raisio Oyj 43,821 0.01% SalMar ASA 452,336 0.05% Scandinavian Tobacco Group AS 8,575 <0.01% Select Harvests, Ltd. 85,287 0.01% Standard Foods Corporation 31,250 <0.01%

4 Sugi Holdings Company, Ltd. 1,206,683 0.15% Sundrug Company, Ltd. 6,325,606 0.76% Thai Union Group Public Company, Ltd. NVDR 300,496 0.04% Thai Vegetable Oil Public Company, Ltd. NVDR 179,166 0.02% Tingyi (Cayman Islands) Holding Corporation 212,989 0.03% Tsingtao Brewery Company, Ltd. 73,952 0.01% Uni-President Enterprises Corporation 1,179,955 0.14% Unilever NV 1,899,062 0.23% Unilever plc 3,623,524 0.44% Valor Company, Ltd. 7,562 <0.01% Wal-Mart de Mexico, SAB de CV 478,007 0.06% Total 36,764,699

Energy (3.38%) Security Name Market Value % of Net Assets Beach Energy, Ltd. $737,204 0.09% Canadian Natural Resources, Ltd. 271,715 0.03% China Aviation Oil (Singapore) Corporation, Ltd. 58,788 0.01% China Coal Energy Company, Ltd. 264,200 0.03% China Petroleum & Chemical Corporation ADR 323,980 0.04% CNOOC, Ltd. 411,769 0.05% Coal India, Ltd. 132,971 0.02% Cosan SA 274,480 0.03% Drax Group plc 141,217 0.02% Gazprom OAO ADR 172,618 0.02% Gaztransport Et Technigaz SA 383,517 0.05% Japan Petroleum Exploration Company, Ltd. 67,507 0.01% JXTG Holdings, Inc. 4,040,812 0.49% Lukoil ADR 1,090,048 0.13% Lundin Petroleum AB 278,146 0.03% Melco International Development, Ltd. 746,632 0.09% Oil and Natural Gas Corporation, Ltd. 236,490 0.03% PAO Transneft 628,771 0.08% Paz Oil Company, Ltd. 44,520 0.01% Petroleo Brasileiro SA 736,000 0.09% Petroleo Brasileiro SA ADR 477,212 0.06% Petroleos de Venezuela SA 325,000 0.04% Petroleos de Venezuela SA 402,000 0.05% Petroleos de Venezuela SA 63,700 0.01% Petroleos de Venezuela SA 68,000 0.01% Petroleos de Venezuela SA 7,000 <0.01% Peyto Exploration & Development Corporation 71,569 0.01% Polski Koncern Naftowy Orlen SA 109,036 0.01% Rosneft Oil Company PJSC GDR 416,032 0.05% Royal Dutch Shell plc, Class A 4,378,602 0.53% Royal Dutch Shell plc, Class B 4,915,532 0.59% Serba Dinamik Holdings Berhad 96,663 0.01% Suncor Energy, Inc. 230,524 0.03% Surgutneftegas ADR 351,347 0.04% Surgutneftegas PJSC 601,021 0.07% TGS Nopec Geophysical Company ASA 60,435 0.01% Total SA 3,378,124 0.41% TransCanada Energy Corporation 380,643 0.05% Woodside Petroleum, Ltd. 347,574 0.04% Z Energy, Ltd. 442,622 0.05% Total 28,164,021

5 Financials (18.31%) Security Name Market Value % of Net Assets Aareal Bank AG $711,669 0.09% AB Industrivarden 3,806,035 0.46% AEON Credit Service (M) Berhad 18,662 <0.01% Alaris Royalty Corporation 841,871 0.10% Allianz SE 10,556,113 1.27% Anima Holding SPA 239,813 0.03% Aviva plc 374,347 0.05% Azimut Holding SPA 1,672,074 0.20% Baloise Holding AG 7,398,141 0.89% Banca Generali SPA 1,382,692 0.17% Banca IFIS SPA 15,411 <0.01% Banca Mediolanum SPA 302,844 0.04% Banca Popolare Di Sondrio SCRL 37,813 0.01% Banco ABC Brasil SA 405,810 0.05% Banco Bilbao Vizcaya Argentaria SA 1,299,542 0.16% Banco do Brasil SA 289,113 0.04% Banco Santander Chile SA ADR 253,504 0.03% Bancolombia SA ADR 69,416 0.01% Bank Leumi Le-Israel BM 3,321,940 0.40% Bank of China, Ltd. 272,954 0.03% Bank of Communications Company, Ltd. 635,726 0.08% Bank of Montreal 2,142,152 0.26% Bank of the Philippine Islands 83,870 0.01% BAWAG Group AG 411,091 0.05% Brewin Dolphin Holdings plc 118,211 0.01% Bure Equity AB 297,063 0.04% Capital Securities Corporation 24,934 <0.01% Cerved Information Solutions SPA 210,086 0.03% China Construction Bank Corporation 810,720 0.10% China Development Financial Holding Corporation 609,047 0.07% China Everbright Bank Company, Ltd. 67,880 0.01% CI Financial Corporation 7,574,797 0.91% CITIC, Ltd. 1,071,432 0.13% CNP Assurances 571,616 0.07% Coface SA 328,406 0.04% Commonwealth Bank of Australia 5,406,905 0.65% Credit Agricole SA 265,974 0.03% CTBC Financial Holding Company, Ltd. 450,494 0.05% DBS Group Holdings, Ltd. 3,615,736 0.43% Deutsche Boerse AG 5,383,690 0.65% Deutsche Pfandbriefbank AG 4,092,513 0.49% Direct Line Insurance Group plc 2,158,235 0.26% DnB ASA 4,776,666 0.57% EFG Hermes Holding Company 105,536 0.01% EML Payments Limited 217,226 0.03% Euronext NV 3,282,260 0.39% Far East Horizon, Ltd. 108,191 0.01% Financial Products Group Company, Ltd. 80,245 0.01% First International Bank of Israel, Ltd. 1,559,116 0.19% FirstRand, Ltd. 307,758 0.04% Flow Traders 500,140 0.06% Fosun International, Ltd. 116,521 0.01% Fubon Financial Holding Company, Ltd. 1,553,197 0.19% Fuyo General Lease Company, Ltd. 180,058 0.02% Genworth Mortgage Insurance Australia, Ltd. 436,266 0.05% Gimv NV 117,954 0.01% Grupo Financiero Banorte SAB de CV ADR 253,317 0.03%

6 Hachijuni Bank, Ltd. 92,426 0.01% Haci Omer Sabanci Holding AS 414,018 0.05% Hanwha Corporation 160,269 0.02% Hanwha Investment & Securities Corporation, Ltd. 17,175 <0.01% Hanwha Life Insurance Corporation, Ltd. 71,929 0.01% Helvetia Holding AG 750,840 0.09% Housing Development Finance Corporation 1,153,523 0.14% HSBC Holdings plc 10,833,539 1.30% Hypoport AG 48,913 0.01% IBF Financial Holdings Company, Ltd. 99,780 0.01% ICICI Bank, Ltd. ADR 102,749 0.01% IG Group Holdings plc 1,479,305 0.18% Industrial and Commercial Bank of China, Ltd. 634,477 0.08% Investec, Ltd. 666,102 0.08% Invincible Investment Corporation 433,396 0.05% Israel Discount Bank, Ltd. 7,020,915 0.84% Itau Unibanco Holding SA ADR 451,434 0.05% JAFCO Company, Ltd. 87,081 0.01% JB Financial Group Corporation, Ltd. 158,353 0.02% Jupiter Fund Management plc 576,916 0.07% KBC Ancora 301,866 0.04% L E Lundbergforetagen AB 211,555 0.03% Laurentian Bank of Canada 3,487,816 0.42% Lloyds TSB Group plc 935,383 0.11% Man Group plc 1,015,409 0.12% Manulife Financial Corporation 3,354,830 0.40% Mizrahi Tefahot Bank, Ltd. 129,946 0.02% Momentum Metropolitan Holdings 281,695 0.03% Moscow Exchange MICEX-RTS PJSC 795,936 0.10% Multi Commodity Exchange of India, Ltd. 81,188 0.01% Namchow Holdings Company, Ltd. 44,877 0.01% OneSavings Bank plc 14,082 <0.01% Onex Corporation 2,327,528 0.28% Open House Company, Ltd. 334,789 0.04% Paragon Banking Group plc 753,789 0.09% Perpetual, Ltd. 361,406 0.04% Phoenix Group Holdings plc 90,640 0.01% Ping An Insurance Company of China, Ltd. 1,915,837 0.23% Plus500, Ltd. 997,775 0.12% Power Corporation of Canada 665,660 0.08% Rathbone Brothers plc 10,218 <0.01% RMB Holdings, Ltd. 297,762 0.04% Samsung Card Corporation, Ltd. 294,407 0.04% Samsung Securities Corporation, Ltd. 353,424 0.04% Sanne Group PLC 41,891 0.01% Singapore Exchange, Ltd. 542,171 0.07% Skandinaviska Enskilda Banken AB 513,198 0.06% SpareBank 1 Nord-Norge 32,947 <0.01% SpareBank 1 SMN 156,387 0.02% Strike Company, Ltd. 52,126 0.01% Sun Hung Kai & Company, Ltd. 64,158 0.01% Sun Life Financial, Inc. 3,740,609 0.45% Svenska Handelsbanken AB 434,448 0.05% Swiss Life Holding AG 5,179,769 0.62% Taichung Commercial Bank Company, Ltd. 111,896 0.01% TMX Group, Ltd. 737,798 0.09% Topdanmark AS 742,714 0.09% Toronto-Dominion Bank 10,447,016 1.25% UniCredit SPA 667,869 0.08%

7 Unipol Gruppo SPA 347,348 0.04% UNIQA Insurance Group AG 190,679 0.02% Value Partners Group, Ltd. 223,025 0.03% Yuanta Financial Holding Company, Ltd. 831,488 0.10% Total 152,563,291

Health Care (11.14%) Security Name Market Value % of Net Assets 3SBio, Inc. $74,396 0.01% Abcam plc 279,981 0.03% Alembic Pharmaceuticals, Ltd. 127,452 0.02% Amplifon SPA 404,593 0.05% Ansell, Ltd. 467,841 0.06% Applus Services SA 282,273 0.03% Arjo AB 330,919 0.04% Bangkok Dusit Medical Services Public Company, Ltd. NVDR 222,793 0.03% Beijing SL Pharmaceutical Company, Ltd. 83,130 0.01% BioArctic AB 5,782 <0.01% BioGaia AB 41,553 0.01% China Medical System Holdings, Ltd. 5,058 <0.01% China National Accord Medicines Corporation, Ltd. 115,833 0.01% China Resources Double-Crane Pharmaceutical Company, Ltd. 286,274 0.03% China Resources Pharmaceutical Group, Ltd. 142,893 0.02% China Resources Sanjiu Medical and Pharmaceutical Company, Ltd. 291,987 0.04% China Shineway Pharmaceutical Group, Ltd. 56,964 0.01% China Traditional Chinese Medicine Holdings Company, Ltd. 105,528 0.01% Clinuvel Pharmaceuticals, Ltd. 82,463 0.01% Coloplast AS 1,749,218 0.21% Consun Pharmaceutical Group, Ltd. 69,250 0.01% ConvaTec Group plc 73,263 0.01% CSL, Ltd. 10,704,434 1.28% CSPC Pharmaceutical Group, Ltd. 158,512 0.02% Divi's Laboratories, Ltd. 428,944 0.05% Dr. Lal PathLabs, Ltd. 32,082 <0.01% Dr. Reddy's Laboratories, Ltd. ADR 372,845 0.05% Eckert & Ziegler Strahlen- und Medizintechnik AG 183,829 0.02% EPS Holdings, Inc. 114,636 0.01% Faes Farma SA 26,337 <0.01% Galenica AG 1,112,990 0.13% Gerresheimer AG 1,139,852 0.14% GlaxoSmithKline plc 11,322,282 1.36% GN Store Nord AS 1,798,836 0.22% Granules India, Ltd. 81,741 0.01% Green Cross Corporation 73,375 0.01% Grifols SA 1,962,631 0.24% Hogy Medical Company, Ltd. 326,214 0.04% Hualan Biological Engineering, Inc. 277,252 0.03% Hugel, Inc. 79,823 0.01% Industri Jamu Dan Farmasi Sido Muncul Tbk PT 23,527 <0.01% Innate Pharma SA 60,607 0.01% Japan Lifeline Company, Ltd. 430,150 0.05% Kaken Pharmaceutical Company, Ltd. 183,345 0.02% KYORIN Holdings, Inc. 664,367 0.08% Lifco AB 240,142 0.03% Livzon Pharmaceutical Group, Inc. 103,819 0.01% MorphoSys AG 37,510 0.01% Nichi-Iko Pharmaceutical Company, Ltd. 504,187 0.06% Nikkiso Company, Ltd. 124,735 0.02% Novartis AG 11,008,873 1.32%

8 Novo Nordisk AS 7,699,702 0.92% Paramount Bed Holdings Company, Ltd. 227,904 0.03% Pharming Group NV 1,027,864 0.12% Recordati SPA 3,010,702 0.36% Roche Holding AG 17,737,088 2.13% Roche Holding AG-BR 1,854,952 0.22% Sawai Pharmaceutical Company, Ltd. 1,005,917 0.12% Seegene, Inc. 277,440 0.03% Shandong Weigao Group Medical Polymer Company, Ltd. 182,683 0.02% Shanghai Haohai Biological Technology Company, Ltd. 21,186 <0.01% Shanghai Pharmaceuticals Holding Company, Ltd. 111,193 0.01% Siegfried Holding AG 804,274 0.10% Sinopharm Group Company, Ltd. 105,557 0.01% Smith & Nephew plc 911,867 0.11% Sonova Holding AG 4,313,047 0.52% Straumann Holding AG 711,199 0.09% Swedish Orphan Biovitrum AB 79,627 0.01% Syngene International, Ltd. 59,259 0.01% Taisho Pharmaceutical Holdings Company, Ltd. 85,978 0.01% Takeda Pharmaceutical Company, Ltd. 1,267,382 0.15% Tecan Group AG 1,298,143 0.16% Toho Holdings Company, Ltd. 377,103 0.05% Tong Ren Tang Technologies Company, Ltd. 174,573 0.02% Towa Pharmaceutical Company, Ltd. 336,410 0.04% United Laboratories International Holdings 75,670 0.01% Vitrolife AB 124,627 0.02% Winning Health Technology Group Company, Ltd. 102,191 0.01% Total 92,860,860

Industrials (13.20%) Security Name Market Value % of Net Assets Aalberts NV $3,826,092 0.46% Aeroflot PJSC 87,203 0.01% Aica Kogyo Company, Ltd. 176,308 0.02% Aichi Corporation 211,195 0.03% Air New Zealand, Ltd. 93,348 0.01% Amadeus Fire AG 405,905 0.05% Arcadis NV 95,693 0.01% Assa Abloy AB 363,065 0.04% ASTM SPA 570,648 0.07% Austal, Ltd. 401,522 0.05% Avianca Holdings SA ADR 65,620 0.01% Barloworld, Ltd. 598,447 0.07% Biesse SPA 57,629 0.01% Bodycote plc 521,852 0.06% Bucher Industries AG 1,179,450 0.14% Bunka Shutter Company, Ltd. 142,320 0.02% Central Glass Company, Ltd. 181,030 0.02% China Resources Land, Ltd. 1,196,597 0.14% China Yuchai International, Ltd. 25,598 <0.01% Chiyoda Integre Company, Ltd. 46,580 0.01% CIA De Distribucion Integral 1,620,745 0.19% Construcciones y Auxiliar de Ferrocarriles SA 131,940 0.02% Conzzeta AG 96,133 0.01% Cosel Company, Ltd. 53,539 0.01% Daiichi Jitsugyo Company, Ltd. 30,944 <0.01% Daiseki Company, Ltd. 150,469 0.02% Dart Group plc 114,175 0.01% Derichebourg 124,468 0.02%

9 Deutz AG 394,437 0.05% Doosan Heavy Construction Corporation, Ltd. 68,817 0.01% DSV AS 1,742,433 0.21% Embraer SA ADR 47,503 0.01% Enav SPA 428,218 0.05% Finnair Oyj 87,850 0.01% Flughafen Zuerich AG 1,166,476 0.14% Geberit AG 706,087 0.09% Getinge AB 210,667 0.03% Glory, Ltd. 488,794 0.06% Go-Ahead Group plc 64,297 0.01% GOL Linhas Aereas Inteligentes SA 130,534 0.02% Golden Ocean Group, Ltd. 141,811 0.02% GS Yuasa Corporation 3,145,788 0.38% Hanwa Company, Ltd. 2,850,088 0.34% Hays plc 34,758 <0.01% Hino Motors, Ltd. 1,323,131 0.16% HomeServe plc 961,068 0.12% Huber & Suhner AG 526,608 0.06% Ibstock plc 353,426 0.04% IMI plc 76,467 0.01% Inabata & Company, Ltd. 25,345 <0.01% Iochpe-Maxion SA 253,825 0.03% IPH, Ltd. 629,634 0.08% Jacquet Metal Service 56,019 0.01% Jungheinrich AG 485,535 0.06% Kanamoto Company, Ltd. 178,088 0.02% Kandenko Company, Ltd. 2,328,893 0.28% Kardex AG 260,981 0.03% KEPCO Plant Service & Engineering Company, Ltd. 49,505 0.01% Kinden Corporation 1,008,546 0.12% KITZ Corporation 119,472 0.01% Kokuyo Company, Ltd. 423,656 0.05% Koninklijke Philips NV 4,559,397 0.55% Konoike Transport Company, Ltd. 380,506 0.05% Kyokuto Kaihatsu Kogyo Company, Ltd. 102,122 0.01% Landis+Gyr Group AG 1,424,583 0.17% Legrand SA 7,542,186 0.91% LG International Corporation 118,897 0.01% Lindab International AB 371,258 0.05% LS Industrial Systems Company, Ltd. 70,312 0.01% Macnica Fuji Electronics Holdings, Inc. 196,906 0.02% Makino Milling Machine Company, Ltd. 114,339 0.01% Manila Electric Company 81,033 0.01% Marubeni Corporation 3,785,103 0.45% Mersen 12,159 <0.01% MIRAIT Holdings Corporation 234,181 0.03% Mitsubishi Corporation 7,898,822 0.95% Mitsubishi Pencil Company, Ltd. 8,230 <0.01% Mitsui & Company, Ltd. 7,145,111 0.86% Morgan Sindall Group plc 87,639 0.01% Mytilineos SA 256,343 0.03% Nagase & Company., Ltd. 91,972 0.01% National Express Group plc 3,018,763 0.36% Nichiha Corporation 73,184 0.01% Nikkon Holdings Company, Ltd. 251,499 0.03% Nishimatsu Construction Company, Ltd. 808,858 0.10% Nishio Rent All Company, Ltd. 148,042 0.02% Nitto Kogyo Corporation 15,734 <0.01%

10 Nobina AB 842,346 0.10% Nomura Company, Ltd. 109,955 0.01% OC Oerlikon Corporation AG 232,396 0.03% Organo Corporation 70,738 0.01% PageGroup plc 178,939 0.02% Per Aarsleff Holding AS 101,902 0.01% Relia, Inc. 553,497 0.07% RELX plc 2,144,509 0.26% Rexel SA 1,284,028 0.15% Rheinmetall AG 867,649 0.10% Rotork plc 374,474 0.05% RWS Holdings plc 164,142 0.02% Sanki Engineering Company, Ltd. 136,109 0.02% Sanwa Holdings Corporation 86,127 0.01% Sato Holdings Corporation 359,730 0.04% Schneider Electric SE 7,956,745 0.96% Seino Holdings Company, Ltd. 228,677 0.03% Senko Group Holdings Company, Ltd. 84,246 0.01% Shin Zu Shing Company, Ltd. 22,280 <0.01% ShinMaywa Industries, Ltd. 75,879 0.01% Shun Tak Holdings, Ltd. 167,915 0.02% Signify NV 4,662,424 0.56% SKF AB 1,921,612 0.23% Sojitz Corporation 4,047,429 0.49% Stagecoach Group plc 28,269 <0.01% Sumitomo Corporation 1,181,634 0.14% Sumitomo Warehouse Company, Ltd. 227,843 0.03% Taikisha, Ltd. 62,950 0.01% Takuma Company, Ltd. 281,589 0.03% TECO Electric & Machinery Company, Ltd. 101,362 0.01% Tinexta SPA 4,663 <0.01% TKH Group NV 403,802 0.05% Toa Corporation 118,698 0.01% Toyo Tanso Company, Ltd. 175,034 0.02% Transurban Group 996,707 0.12% Tsubakimoto Chain Company 1,174,585 0.14% Turk Hava Yollari Anonim Ortakligi 219,244 0.03% United Integrated Services Company, Ltd. 89,195 0.01% Uponor Oyj 180,143 0.02% Ushio, Inc. 545,085 0.07% Valmet Oyj 1,194,652 0.14% VAT Group AG 90,396 0.01% Veidekke ASA 75,618 0.01% Vinci SA 1,081,916 0.13% Volvo AB 245,653 0.03% Wakita & Company, Ltd. 190,692 0.02% Wienerberger AG 783,432 0.09% Wijaya Karya Persero Tbk PT 74,080 0.01% Wisdom Marine Lines Company, Ltd. 20,530 <0.01% Xiamen C&D, Inc. 656,945 0.08% Yuexiu Transport Infrastructure, Ltd. 742,258 0.09% Zoomlion Heavy Industry Science and Technology Company, Ltd. 212,606 0.03% Total 109,967,779

Information Technology (9.01%) Security Name Market Value % of Net Assets AEM Holdings, Ltd. $724,988 0.09% Altium, Ltd. 418,149 0.05% Amadeus IT Holding SA 5,105,425 0.61%

11 Argo Graphics, Inc. 77,612 0.01% ASM International NV 3,199,076 0.38% ASM Pacific Technology, Ltd. 244,286 0.03% ASML Holding NV 4,576,437 0.55% Asseco Poland SA 327,871 0.04% AT&S Austria Technologie & Systemtechnik AG 80,157 0.01% Atea ASA 5,245 <0.01% AudioCodes, Ltd. 283,643 0.03% Barco NV 964,523 0.12% BayCurrent Consulting, Inc. 426,212 0.05% BE Semiconductor Industries NV 2,850,305 0.34% Broadleaf Company, Ltd. 38,426 0.01% CANCOM SE 335,902 0.04% Canon Electronics, Inc. 297,821 0.04% Canon, Inc. 1,291,359 0.16% CGI, Inc. 6,884,683 0.83% CompuGroup Medical SE 444,456 0.05% Computacenter plc 303,561 0.04% Computer Engineering & Consulting, Ltd. 161,084 0.02% Computershare, Ltd. 108,677 0.01% CONEXIO Corporation 7,529 <0.01% DataTec, Ltd. 167,321 0.02% DB HiTek Company, Ltd. 84,503 0.01% Dexerials Corporation 111,601 0.01% Dialog Semiconductor plc 650,526 0.08% Diploma plc 339,776 0.04% DTS Corporation 1,073,817 0.13% eREX Company, Ltd. 276,405 0.03% Fortnox AB 120,473 0.01% Fuji Soft, Inc. 574,699 0.07% Global Dominion Access SA 50,856 0.01% Halma plc 3,200,740 0.38% HCL Technologies, Ltd. 860,990 0.10% Hon Hai Precision Industry Company, Ltd. 1,406,499 0.17% Hosiden Corporation 88,880 0.01% IBIDEN Company, Ltd. 1,088,877 0.13% IGG, Inc. 115,850 0.01% INES Corporation 200,329 0.02% Infosys, Ltd. ADR 294,074 0.04% Internet Initiative Japan Inc. 33,104 <0.01% IRESS, Ltd. 72,605 0.01% Japan Aviation Electronics Industry, Ltd. 255,993 0.03% Kanematsu Electronics, Ltd. 76,789 0.01% Logitech International SA 1,462,173 0.18% MediaTek, Inc. 313,884 0.04% Micronic Mydata AB 422,176 0.05% Mindtree, Ltd. 92,034 0.01% Mitsubishi Research Institute, Inc. 93,989 0.01% NCSoft Corporation 265,136 0.03% NEC Networks & System Integration Corporation 1,057,796 0.13% Nemetschek SE 367,133 0.04% NetEase, Inc. ADR 850,318 0.10% NIIT Technologies, Ltd. 47,789 0.01% Nippon Electric Glass Company, Ltd. 147,178 0.02% Nojima Corporation 125,423 0.02% Nolato AB 727,369 0.09% Nordic Semiconductor ASA 351,353 0.04% NSD Company, Ltd. 334,505 0.04% OBIC Business Consultants Company, Ltd. 142,612 0.02%

12 Oracle Corporation Japan 569,011 0.07% Otsuka Corporation 920,030 0.11% Persistent Systems, Ltd. 51,326 0.01% Polycab India, Ltd. 186,719 0.02% Powertech Technology, Inc. 1,049,988 0.13% Pro Medicus, Ltd. 514,508 0.06% Quadient SAS 219,849 0.03% Ryoyo Electro Corporation 204,864 0.03% Sage Group plc 3,106,650 0.37% Samsung Electronics Company, Ltd. 3,619,320 0.43% Samsung Electronics Company, Ltd. 895,656 0.11% SAP SE 712,724 0.09% SB Technology Corporation 64,439 0.01% SCSK Corporation 1,035,136 0.12% Seojin System Company, Ltd. 67,541 0.01% Shinko Electric Industries Company, Ltd. 497,914 0.06% Sigurd Microelectronics Corporation 62,908 0.01% Siltronic AG 872,044 0.11% SimCorp AS 578,917 0.07% SK Hynix, Inc. 423,911 0.05% Software AG 72,378 0.01% Sopra Group SA 158,836 0.02% Spirent Communications plc 153,121 0.02% STMicroelectronics NV 1,503,384 0.18% Supreme Electronics Company, Ltd. 135,788 0.02% Syncmold Enterprise Corporation 176,287 0.02% Synnex Technology International Corporation 161,115 0.02% Systex Corporation 187,059 0.02% Taiwan Semiconductor Manufacturing Company, Ltd. 4,284,959 0.51% Tata Consultancy Services, Ltd. 579,058 0.07% Tata Elxsi, Ltd. 475,517 0.06% Tech Mahindra, Ltd. 710,890 0.09% Technology One, Ltd. 560,881 0.07% TIS, Inc. 1,631,282 0.20% TKC Corporation 85,974 0.01% Tokyo Seimitsu Company, Ltd. 116,741 0.01% Topco Scientific Company, Ltd. 206,682 0.03% Transcend Information, Inc. 268,560 0.03% Transcosmos, Inc. 197,028 0.02% TXC Corporation 111,257 0.01% Wipro, Ltd. ADR 425,206 0.05% Wistron Corporation 80,726 0.01% WT Microelectronics Company, Ltd. 30,425 <0.01% YoungPoong Corporation 20,542 <0.01% Total 75,090,152

Materials (5.44%) Security Name Market Value % of Net Assets Acerinox SA $235,794 0.03% Adeka Corporation 137,662 0.02% AECI, Ltd. 331,415 0.04% Air Water, Inc. 1,306,705 0.16% AK Holdings, Inc. 25,406 <0.01% Anhui Conch Cement Company, Ltd., Class A 91,618 0.01% Anhui Conch Cement Company, Ltd., Class H 606,624 0.07% BHP Group plc 503,481 0.06% BHP Group, Ltd. 1,308,883 0.16% Biotage AB 240,352 0.03% Buzzi Unicem SPA 625,714 0.08%

13 CAP SA 226,968 0.03% Cheng Loong Corporation 24,024 <0.01% China Man-Made Fiber Corporation 50,026 0.01% China National Building Material Company, Ltd. 282,870 0.03% Chugoku Marine Paints, Ltd. 78,930 0.01% CSR, Ltd. 256,196 0.03% Daiken Corporation 1,525 <0.01% Dongkuk Steel Mill Corporation , Ltd. 62,537 0.01% Elkem ASA 366,302 0.04% Evolution Mining, Ltd. 58,553 0.01% Feng Hsin Iron & Steel Company, Ltd. 35,799 <0.01% Forterra plc 49,268 0.01% Gerdau SA ADR 232,841 0.03% Givaudan SA 330,235 0.04% Granges AB 274,033 0.03% Heidelberg Cement India, Ltd. 79,603 0.01% Hexpol AB 1,188,512 0.14% Hokuetsu Corporation 192,670 0.02% Hyundai Steel Company 80,165 0.01% Impala Platinum Holdings, Ltd. 255,794 0.03% Independence Group NL 557,958 0.07% Inner Mongolia Eerduosi Resources Company, Ltd. 205,039 0.03% Jiangxi Copper Company, Ltd. 90,644 0.01% Jindal Saw, Ltd. 53,550 0.01% Kingboard Holdings, Ltd. 339,022 0.04% Koninklijke DSM NV 1,566,006 0.19% Korea Zinc Company, Ltd. 863,551 0.10% Koza Anadolu Metal Madencilik Isletmeleri AS 89,696 0.01% Kureha Corporation 340,063 0.04% Lintec Corporation 919,762 0.11% Marshalls plc 375,515 0.05% Maruichi Steel Tube, Ltd. 217,711 0.03% Metalurgica Gerdau SA 695,807 0.08% Metsa Board Oyj 94,520 0.01% Mitsubishi Materials Corporation 859,800 0.10% Mitsui Mining and Smelting Company, Ltd. 547,296 0.07% Nippon Light Metal Holdings Company, Ltd. 3,329,004 0.40% Nippon Paper Industries Company, Ltd. 164,848 0.02% Nippon Steel Corporation 4,721,433 0.57% Nippon Steel Trading Corporation 1,304,271 0.16% Northern Star Resources, Ltd. 389,420 0.05% NV Bekaert SA 57,468 0.01% Perseus Mining, Ltd. 172,834 0.02% POSCO 459,858 0.06% Ramelius Resources, Ltd. 62,582 0.01% Regis Resources, Ltd. 993,775 0.12% Reliance Industries, Ltd. 183,145 0.02% Rengo Company, Ltd. 196,552 0.02% Rio Tinto plc 1,411,400 0.17% Rio Tinto, Ltd. 1,896,680 0.23% Sanyo Special Steel Company, Ltd. 480,450 0.06% Saracen Mineral Holdings, Ltd. 886,053 0.11% SeAH Besteel Corporation 19,532 <0.01% Shinkong Synthetic Fibers Corporation 183,818 0.02% Silver Lake Resources, Ltd. 24,506 <0.01% Soulbrain Company, Ltd. 44,167 0.01% STO SE & Company 51,698 0.01% Sumitomo Chemical Company, Ltd. 1,519,909 0.18% Sumitomo Osaka Cement Company, Ltd. 342,915 0.04%

14 Taekwang Industrial Corporation, Ltd. 137,478 0.02% Taiwan Hon Chuan Enterprise Company, Ltd. 75,581 0.01% Toray Industries, Inc. 3,942,790 0.47% Ube Industries, Ltd. 560,482 0.07% UPM-Kymmene Oyj 4,256,496 0.51% Vale SA ADR 110,279 0.01% Westgold Resources, Ltd. 10,938 <0.01% Total 45,346,805

Real Estate (7.20%) Security Name Market Value % of Net Assets Abacus Property Group $20,795 <0.01% AEON REIT Investment Corporation 299,351 0.04% Allied Properties REIT 1,830,249 0.22% Allreal Holding AG 179,060 0.02% Alstria Office REIT AG 1,270,290 0.15% Ascendas REIT 248,679 0.03% Bachem Holding AG 7,720 <0.01% BR Malls Participacoes SA 829,234 0.10% BWP Trust 253,001 0.03% Castellum AB 2,358,808 0.28% Central China Real Estate, Ltd. 26,964 <0.01% Charter Hall Group 1,507,791 0.18% China Aoyuan Group, Ltd. 248,194 0.03% China Vanke Company, Ltd. 494,211 0.06% Corporacion Inmobiliaria Vesta, SAB de CV 604,403 0.07% Daito Trust Construction Company, Ltd. 3,630,979 0.44% Dios Fastigheter AB 384,877 0.05% Emira Property Fund, Ltd. 17,745 <0.01% Entra ASA 3,668,070 0.44% Fabege AB 440,097 0.05% First Capital REIT 332,133 0.04% Frontier Real Estate Investment Corporation 264,812 0.03% Goldcrest Company, Ltd. 207,622 0.03% Grainger plc 78,093 0.01% Granite REIT 5,465,505 0.66% Great Portland Estates plc 1,403,565 0.17% Hang Lung Group, Ltd. 588,711 0.07% Heiwa Real Estate REIT, Inc. 568,070 0.07% Hibernia REIT plc 25,382 <0.01% Huaku Development Company, Ltd. 87,911 0.01% Hysan Development Company, Ltd. 175,453 0.02% Ichigo Real Estate Investment Corporation 373,736 0.05% Ichigo, Inc. 65,217 0.01% Immofinanz AG 282,790 0.03% Inmobiliaria Colonial Socimi SA 103,244 0.01% Japan Hotel REIT Investment Corporation 1,237,162 0.15% Japan Logistics Fund, Inc. 235,786 0.03% K Wah International Holdings, Ltd. 2,435 <0.01% Kenedix Retail REIT Corporation 1,185,770 0.14% Kenedix, Inc. 92,855 0.01% Klepierre SA 1,676,284 0.20% Kungsleden AB 3,773,041 0.45% Lar Espana Real Estate SOCIMI SA 76,079 0.01% Longfor Group Holdings, Ltd. 177,364 0.02% MCUBS MidCity Investment Corporation 713,959 0.09% Merlin Properties Socimi SA 1,672,053 0.20% Neinor Homes SA 155,388 0.02% NSI NV 89,849 0.01%

15 Nyfosa AB 37,631 0.01% Premier Investment Corporation 768,520 0.09% PSP Swiss Property AG 9,270,035 1.11% Quebecor, Inc. 1,860,503 0.22% RioCan REIT 634,721 0.08% Road King Infrastructure, Ltd. 62,131 0.01% S IMMO AG 105,952 0.01% Safestore Holdings plc 382,273 0.05% Samty Corporation, Ltd. 480,157 0.06% Sekisui House REIT, Inc. 267,555 0.03% Shanghai Industrial Holdings, Ltd. 233,179 0.03% Shui On Land, Ltd. 380,651 0.05% Star Asia Investment Corporation 21,445 <0.01% Starts Corporation, Inc. 76,243 0.01% Swiss Prime Site AG 345,680 0.04% TAG Immobilien AG 4,414,981 0.53% Tosei Corporation 421,496 0.05% Tritax Big Box REIT plc 37,349 <0.01% UNITE Group plc 30,463 <0.01% Vastned Retail NV 58,926 0.01% Watkin Jones plc 7,288 <0.01% Wihlborgs Fastigheter AB 96,629 0.01% Workspace Group plc 11,901 <0.01% Yanlord Land Group, Ltd. 127,441 0.02% Yuexiu Property Company, Ltd. 443,983 0.05% Total 60,007,918

Utilities (0.99%) Security Name Market Value % of Net Assets A2A SPA $400,965 0.05% Acea SPA 95,595 0.01% AES Tiete Energia SA 288,803 0.04% China Yangtze Power Company, Ltd. 359,991 0.04% Colbun SA 28,966 <0.01% Contact Energy, Ltd. 214,212 0.03% EDP - Energias do Brasil SA 314,631 0.04% Enagas SA 2,440,605 0.29% Enea SA 61,317 0.01% Falck Renewables SPA 106,978 0.01% Hera SPA 31,736 <0.01% Iren SPA 510,221 0.06% Northland Power, Inc. 3,017,236 0.36% Okinawa Electric Power Company, Inc. 191,794 0.02% Redes Energeticas Nacionais SGPS SA 10,044 <0.01% Scatec Solar ASA 34,122 <0.01% Shikoku Electric Power Company 140,182 0.02% Total 8,247,400

Short-Term Investments (15.11%) Security Name Market Value % of Net Assets Thrivent Core Short-Term Reserve Fund $112,553,920 13.51% Federal Home Loan Bank Discount Notes 1,497,672 0.18% Federal Home Loan Bank Discount Notes 199,572 0.02% Federal Home Loan Bank Discount Notes 199,623 0.02% Federal Home Loan Bank Discount Notes 399,966 0.05% Federal Home Loan Bank Discount Notes 4,491,695 0.54% Federal Home Loan Bank Discount Notes 5,594,490 0.67% Federal Home Loan Bank Discount Notes 998,406 0.12%

16 Total 125,935,344

Futures (-1.97%) Security Name Value and Unrealized Gain/Loss % of Net Assets CME Euro Foreign Exchange Currency $-769,032 -0.09% Eurex Euro STOXX 50 Index -6,290,820 -0.76% FTSE 100 Index -11,208 <-0.01% ICE mini MSCI EAFE Index -11,585,290 -1.39% ICE US mini MSCI Emerging Markets Index 2,289,538 0.28% TSE Tokyo Price Index -19,966 <-0.01% Total -16,386,777

Total Net Assets $833,429,441