# EDGAR Filing Document

**Accession Number:** 0001896670
**File Stem:** 0001410368-26-018280
**Filing Date:** 2026-2
**Character Count:** 349670
**Document Hash:** 9da7bd9f96735ea170bf639cfcd05be8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-018280.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001410368-26-018280

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thrivent ETF Trust
- **CENTRAL INDEX KEY:** 0001896670

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23759
- **FILM NUMBER:** 26682210

**BUSINESS ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE
- **STREET 2:** SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211
- **BUSINESS PHONE:** 612-844-7190

**MAIL ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE
- **STREET 2:** SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211

## Series and Classes Contracts Data

### Thrivent Core Plus Bond ETF (Series ID: S000089905)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000256748 | Thrivent Core Plus Bond ETF | TCPB            |

## Nport-Ex

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 3.5%</u>** | **<u>Asset-Backed Securities 3.5%</u>** | **<u>Asset-Backed Securities 3.5%</u>** |
|  | Affirm Asset Securitization Trust, |  |
| $177996 | &nbsp;&nbsp;&nbsp; 5.08%, 4/15/2030, Series 2025-X1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; $178256 |
|  | &nbsp;&nbsp; American Heritage Auto Receivables <br> Trust,<br>|  |
| 110000 | &nbsp;&nbsp;&nbsp; 4.90%, 9/17/2029, Series 2024-1A, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 111126 |
|  | AMSR Trust, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.66%, 6/17/2042, Series 2025-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 477961 |
|  | ARES LXXI CLO, Ltd., |  |
| 235000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.700%), 5.58%, <br> 4/20/2037, Series 2024-71A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 235548 |
|  | &nbsp;&nbsp; Avis Budget Rental Car Funding <br> AESOP LLC,<br>|  |
| 275000 | &nbsp;&nbsp;&nbsp; 5.24%, 8/20/2029, Series 2025-1A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 279549 |
|  | Balboa Bay Loan Funding, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.250%), 6.13%, <br> 1/20/2035, Series 2021-2A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250110 |
|  | Barings CLO, Ltd., |  |
| 750000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.900%), 5.78%, <br> 1/18/2035, Series 2021-3A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 750288 |
|  | Barings Loan Partners CLO, Ltd., |  |
| 180000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.650%), 5.53%, <br> 1/20/2034, Series LP-2A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 179654 |
|  | Battalion CLO IX, Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%), 5.50%, <br> 7/15/2031, Series 2015-9A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1000172 |
|  | Battalion CLO XXI, Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.000%), 5.90%, <br> 7/15/2034, Series 2021-21A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 998082 |
|  | Chenango Park CLO, Ltd., |  |
| 595000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.800%), 5.70%, <br> 4/15/2030, Series 2018-1A, <br> Class BR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 595480 |
|  | Dryden 72 CLO, Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.650%), 5.50%, <br> 5/15/2032, Series 2019-72A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1001893 |
|  | Dryden 78 CLO, Ltd., |  |
| 235000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.730%), 5.61%, <br> 4/17/2037, Series 2020-78A, <br> Class A2R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 235191 |
|  | Hertz Vehicle Financing III LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.45%, 9/25/2029, Series 2025-1A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 253494 |
| 750000 | &nbsp;&nbsp;&nbsp; 5.59%, 12/26/2029, Series 2025-<br> 3A, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 761771 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.14%, 5/25/2032, Series 2025-6A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 497088 |
|  | Hotwire Funding LLC, |  |
| 205000 | &nbsp;&nbsp;&nbsp; 5.89%, 6/20/2054, Series 2024-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 208492 |
|  | LCM 41, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 3.600%), 7.50%, <br> 4/15/2036, Series 41A, <br> Class D1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500904 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 3.5% – continued</u>** | **<u>Asset-Backed Securities 3.5% – continued</u>** | **<u>Asset-Backed Securities 3.5% – continued</u>** |
|  | Madison Park Funding XXIV, Ltd., |  |
| $468258 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.550%), 5.43%, <br> 10/20/2029, Series 2016-24A, <br> Class BR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $468439 |
|  | Octagon Investment Partners 50, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.000%), 5.90%, <br> 1/15/2035, Series 2020-4A, <br> Class CR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500203 |
|  | Park Blue CLO, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.180%), 6.06%, <br> 4/20/2038, Series 2023-3A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 501704 |
|  | Point Securitization Trust, |  |
| 331138 | &nbsp;&nbsp;&nbsp; 6.25%, 6/25/2055, Series 2025-1, <br> Class A1 <sup>a</sup> <br>| &nbsp;&nbsp; 332441 |
|  | RFS Asset Securitization V LLC, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 6.05%, 5/15/2032, Series 2025-1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 404644 |
|  | &nbsp;&nbsp; SLM Private Credit Student Loan <br> Trust,<br>|  |
| 94620 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.662%), 4.38%, <br> 6/15/2033, Series 2004-A, <br> Class A3 <sup>b</sup> <br>| &nbsp;&nbsp; 94347 |
|  | Sunnova Hestia II Issuer LLC, |  |
| 360557 | &nbsp;&nbsp;&nbsp; 5.63%, 7/20/2051, Series 2024-<br> GRID1, Class 1A <sup>a</sup> <br>| &nbsp;&nbsp; 358180 |
|  | Veros Auto Receivables Trust, |  |
| 226313 | &nbsp;&nbsp;&nbsp; 5.31%, 9/15/2028, Series 2025-1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 227087 |
|  | Vibrant CLO IV-R, Ltd., |  |
| 600000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.650%), 5.53%, <br> 10/20/2037, Series 2024-4RA, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 600415 |
|  | **Total** | **12002519** |
| **<u>Basic Materials 1.4%</u>** | **<u>Basic Materials 1.4%</u>** | **<u>Basic Materials 1.4%</u>** |
|  | Anglo American Capital plc, |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.75%, 4/5/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 613610 |
|  | Cleveland-Cliffs, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 267379 |
|  | Eastman Chemical Co., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.00%, 8/1/2029 | &nbsp;&nbsp; 255057 |
|  | First Quantum Minerals, Ltd., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 8.63%, 6/1/2031 <sup>a</sup> <br>| &nbsp;&nbsp; 484078 |
|  | FMC Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 4.366%), 8.45%, <br> 11/1/2055 <sup>b</sup> <br>| &nbsp;&nbsp; 395753 |
|  | Georgia-Pacific LLC, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.40%, 6/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 516047 |
|  | &nbsp;&nbsp; International Flavors & Fragrances, <br> Inc.,<br>|  |
| 421000 | &nbsp;&nbsp;&nbsp; 2.30%, 11/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 379869 |
|  | LYB International Finance III LLC, |  |
| 1010000 | &nbsp;&nbsp;&nbsp; 5.13%, 1/15/2031 | &nbsp;&nbsp; 1013747 |
|  | Methanex Corp., |  |
| 275000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2029 | &nbsp;&nbsp; 277510 |
|  | OCP SA, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.88%, 4/25/2044 | &nbsp;&nbsp; 313050 |
|  | Steel Dynamics, Inc., |  |
| 410000 | &nbsp;&nbsp;&nbsp; 3.45%, 4/15/2030 | &nbsp;&nbsp; 396099 |
|  | **Total** | **4912199** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Collateralized Mortgage Obligations 3.1%</u>** | **<u>Collateralized Mortgage Obligations 3.1%</u>** | **<u>Collateralized Mortgage Obligations 3.1%</u>** |
|  | Angel Oak Mortgage Trust, |  |
| $500000 | &nbsp;&nbsp;&nbsp; 4.93%, 10/25/2070, Series 2025-<br> 13, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; $500624 |
|  | Cross Mortgage Trust, |  |
| 196474 | &nbsp;&nbsp;&nbsp; 6.42%, 4/25/2069, Series 2024-H2, <br> Class A2 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 198344 |
|  | Flagstar Mortgage Trust, |  |
| 694299 | &nbsp;&nbsp;&nbsp; 2.50%, 8/25/2051, Series 2021-<br> 6INV, Class A4 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 580228 |
|  | GCAT Trust, |  |
| 431357 | &nbsp;&nbsp;&nbsp; 5.50%, 1/25/2054, Series 2024-<br> INV1, Class 1A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 434924 |
| 533992 | &nbsp;&nbsp;&nbsp; 6.50%, 1/25/2054, Series 2024-<br> INV1, Class 2A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 548698 |
|  | JP Morgan Mortgage Trust, |  |
| 703236 | &nbsp;&nbsp;&nbsp; 2.50%, 2/25/2052, Series 2021-<br> INV7, Class A2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 588593 |
| 750000 | &nbsp;&nbsp;&nbsp; 5.06%, 6/25/2056, Series 2025-<br> 12MPR, Class A1D <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 747701 |
|  | &nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust,<br>|  |
| 861392 | &nbsp;&nbsp;&nbsp; 5.53%, 5/25/2070, Series 2025-<br> NQM3, Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 867441 |
| 525881 | &nbsp;&nbsp;&nbsp; 5.22%, 9/25/2070, Series 2025-<br> NQM8, Class A2 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 526629 |
|  | PMT Loan Trust, |  |
| 517887 | &nbsp;&nbsp;&nbsp; 2.50%, 7/25/2051, Series 2021-<br> INV1, Class A3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 432800 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.50%, 5/25/2056, Series 2025-<br> INV5, Class A12 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 499602 |
|  | PRET Trust, |  |
| 92769 | &nbsp;&nbsp;&nbsp; 4.00%, 8/25/2064, Series 2025-<br> RPL2, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 90709 |
|  | Provident Funding Mortgage Trust, |  |
| 450000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/25/2055, Series 2025-6, <br> Class A10 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 431178 |
|  | Roc Mortgage Trust, |  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.63%, 2/25/2040, Series 2025-<br> RTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 150799 |
|  | &nbsp;&nbsp; Santander Mortgage Asset <br> Receivable Trust,<br>|  |
| 723510 | &nbsp;&nbsp;&nbsp; 5.07%, 8/25/2065, Series 2025-<br> NQM5, Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 724610 |
|  | &nbsp;&nbsp; Seasoned Loans Structured <br> Transaction Trust,<br>|  |
| 1500000 | &nbsp;&nbsp;&nbsp; 3.00%, 10/25/2035, Series 2025-2, <br> Class A2<br>| &nbsp;&nbsp; 1281062 |
|  | Sequoia Mortgage Trust, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/25/2055, Series 2025-<br> 12, Class A8 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 482999 |
|  | Toorak Mortgage Trust, |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.52%, 2/25/2040, Series 2025-<br> RRTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 200924 |
|  | Verus Securitization Trust, |  |
| 319006 | &nbsp;&nbsp;&nbsp; 6.97%, 12/25/2068, Series 2023-8, <br> Class A3 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 322095 |
| 907187 | &nbsp;&nbsp;&nbsp; 5.58%, 6/25/2070, Series 2025-5, <br> Class A2 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 912183 |
|  | **Total** | **10522143** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Commercial Mortgage-Backed Securities 1.5%</u>** | **<u>Commercial Mortgage-Backed Securities 1.5%</u>** | **<u>Commercial Mortgage-Backed Securities 1.5%</u>** |
|  | Bank, |  |
| $400000 | &nbsp;&nbsp;&nbsp; 2.14%, 3/15/2063, Series 2020-<br> BN28, Class AS<br>| &nbsp;&nbsp; $353884 |
|  | BBCMS Mortgage Trust, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.99%, 5/15/2058, Series 2025-<br> 5C34, Class AS <sup>b</sup> <br>| &nbsp;&nbsp; 520905 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.59%, 7/15/2058, Series 2025-<br> C35, Class A5 <sup>b</sup> <br>| &nbsp;&nbsp; 525699 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.52%, 8/15/2058, Series 2025-<br> 5C36, Class A3<br>| &nbsp;&nbsp; 521559 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.38%, 9/15/2058, Series 2025-<br> 5C37, Class AS <sup>b</sup> <br>| &nbsp;&nbsp; 510181 |
|  | Benchmark Mortgage Trust, |  |
| 225000 | &nbsp;&nbsp;&nbsp; 6.09%, 4/15/2057, Series 2025-<br> V14, Class AM <sup>b</sup> <br>| &nbsp;&nbsp; 234973 |
|  | BMO Mortgage Trust, |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.23%, 12/15/2058, Series 2025-<br> 5C13, Class A3<br>| &nbsp;&nbsp; 1029310 |
|  | CSAIL Commercial Mortgage Trust, |  |
| 484000 | &nbsp;&nbsp;&nbsp; 2.56%, 3/15/2053, Series 2020-<br> C19, Class A3<br>| &nbsp;&nbsp; 442172 |
|  | &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust,<br>|  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.59%, 7/15/2058, Series 2025-<br> 5C5, Class A3<br>| &nbsp;&nbsp; 1044371 |
|  | **Total** | **5183054** |
| **<u>Communication Services 2.2%</u>** | **<u>Communication Services 2.2%</u>** | **<u>Communication Services 2.2%</u>** |
|  | Alphabet, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2055 | &nbsp;&nbsp; 696486 |
|  | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |
| 405000 | &nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 386795 |
|  | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.05%, 3/30/2029 | &nbsp;&nbsp; 718247 |
| 460000 | &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 | &nbsp;&nbsp; 474746 |
| 260000 | &nbsp;&nbsp;&nbsp; 5.85%, 12/1/2035 | &nbsp;&nbsp; 259369 |
|  | Comcast Corp., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 4.95%, 5/15/2032 | &nbsp;&nbsp; 471173 |
| 260000 | &nbsp;&nbsp;&nbsp; 4.65%, 7/15/2042 | &nbsp;&nbsp; 227929 |
|  | Meta Platforms, Inc., |  |
| 1010000 | &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2035 | &nbsp;&nbsp; 1008647 |
|  | Paramount Global, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 7.88%, 7/30/2030 | &nbsp;&nbsp; 270432 |
|  | T-Mobile USA, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.13%, 5/15/2032 | &nbsp;&nbsp; 602007 |
| 960000 | &nbsp;&nbsp;&nbsp; 4.95%, 11/15/2035 | &nbsp;&nbsp; 954433 |
|  | Uber Technologies, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.80%, 9/15/2035 | &nbsp;&nbsp; 507307 |
|  | VeriSign, Inc., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 5.25%, 6/1/2032 | &nbsp;&nbsp; 395724 |
|  | Verizon Communications, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.25%, 4/2/2035 | &nbsp;&nbsp; 518358 |
| 260000 | &nbsp;&nbsp;&nbsp; 5.88%, 11/30/2055 | &nbsp;&nbsp; 256880 |
|  | **Total** | **7748533** |
| **<u>Consumer Discretionary 2.9%</u>** | **<u>Consumer Discretionary 2.9%</u>** | **<u>Consumer Discretionary 2.9%</u>** |
|  | &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP, Ltd.,<br>|  |
| 110000 | &nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 112017 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Consumer Discretionary 2.9% – continued</u>** | **<u>Consumer Discretionary 2.9% – continued</u>** | **<u>Consumer Discretionary 2.9% – continued</u>** |
|  | American Honda Finance Corp., |  |
| $710000 | &nbsp;&nbsp;&nbsp; 5.15%, 7/9/2032 | &nbsp;&nbsp; $729569 |
|  | Brightstar Lottery plc, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.25%, 1/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 259410 |
|  | Delta Air Lines, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.95%, 7/10/2028 | &nbsp;&nbsp; 519172 |
|  | Delta Air Lines, Inc./SkyMiles IP, Ltd., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 261579 |
|  | Flutter Treasury DAC, |  |
| 610000 | &nbsp;&nbsp;&nbsp; 5.88%, 6/4/2031 <sup>a</sup> <br>| &nbsp;&nbsp; 618479 |
|  | Ford Motor Credit Co. LLC, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 6.80%, 11/7/2028 | &nbsp;&nbsp; 272771 |
| 510000 | &nbsp;&nbsp;&nbsp; 5.73%, 9/5/2030 | &nbsp;&nbsp; 517852 |
|  | General Motors Financial Co., Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 4.20%, 10/27/2028 | &nbsp;&nbsp; 460654 |
| 385000 | &nbsp;&nbsp;&nbsp; 5.75%, 2/8/2031 | &nbsp;&nbsp; 404945 |
| 385000 | &nbsp;&nbsp;&nbsp; 5.63%, 4/4/2032 | &nbsp;&nbsp; 400870 |
|  | Honda Motor Co., Ltd., |  |
| 1210000 | &nbsp;&nbsp;&nbsp; 4.44%, 7/8/2028 | &nbsp;&nbsp; 1221653 |
|  | Hyundai Capital America, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.88%, 6/23/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 717635 |
| 500000 | &nbsp;&nbsp;&nbsp; 6.20%, 9/21/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 533041 |
|  | Las Vegas Sands Corp., |  |
| 610000 | &nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp; 625430 |
| 260000 | &nbsp;&nbsp;&nbsp; 6.00%, 8/15/2029 | &nbsp;&nbsp; 271379 |
|  | Mattamy Group Corp., |  |
| 480000 | &nbsp;&nbsp;&nbsp; 4.63%, 3/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 465984 |
|  | Resideo Funding, Inc., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 6.50%, 7/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 394060 |
|  | Royal Caribbean Cruises, Ltd., |  |
| 580000 | &nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 600156 |
|  | Stellantis Finance U.S., Inc., |  |
| 210000 | &nbsp;&nbsp;&nbsp; 5.35%, 3/17/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 213969 |
|  | United Airlines Pass-Through Trust, |  |
| 22266 | &nbsp;&nbsp;&nbsp; 3.75%, 3/3/2028, Series 2014-2, <br> Class A<br>| &nbsp;&nbsp; 22241 |
|  | United Airlines, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.63%, 4/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 258872 |
|  | Yum! Brands, Inc., |  |
| 240000 | &nbsp;&nbsp;&nbsp; 5.38%, 4/1/2032 | &nbsp;&nbsp; 243002 |
|  | **Total** | **10124740** |
| **<u>Consumer Staples 5.8%</u>** | **<u>Consumer Staples 5.8%</u>** | **<u>Consumer Staples 5.8%</u>** |
|  | AbbVie, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.60%, 3/15/2055 | &nbsp;&nbsp; 510915 |
|  | &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC,<br>|  |
| 380000 | &nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 381456 |
|  | BAT Capital Corp., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 | &nbsp;&nbsp; 449695 |
|  | Becton Dickinson & Co., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 4.69%, 12/15/2044 | &nbsp;&nbsp; 518237 |
|  | Block, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 6.00%, 8/15/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 523571 |
|  | Bunge, Ltd. Finance Corp., |  |
| 960000 | &nbsp;&nbsp;&nbsp; 3.20%, 4/21/2031 | &nbsp;&nbsp; 903351 |
|  | Cargill, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.38%, 10/23/2055 <sup>a</sup> <br>| &nbsp;&nbsp; 490824 |
|  | Cigna Group, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.88%, 9/15/2032 | &nbsp;&nbsp; 516636 |
|  | Conagra Brands, Inc., |  |
| 810000 | &nbsp;&nbsp;&nbsp; 4.85%, 11/1/2028 | &nbsp;&nbsp; 819425 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Consumer Staples 5.8% – continued</u>** | **<u>Consumer Staples 5.8% – continued</u>** | **<u>Consumer Staples 5.8% – continued</u>** |
|  | &nbsp;&nbsp; Coty, Inc./HFC Prestige Products, <br> Inc./HFC Prestige International <br> U.S. LLC,<br>|  |
| $510000 | &nbsp;&nbsp;&nbsp; 5.60%, 1/15/2031 <sup>a</sup> <br>| &nbsp;&nbsp; $514639 |
|  | CVS Health Corp., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.00%, 9/15/2032 | &nbsp;&nbsp; 724676 |
| 585000 | &nbsp;&nbsp;&nbsp; 5.05%, 3/25/2048 | &nbsp;&nbsp; 515707 |
|  | Edgewell Personal Care Co., |  |
| 390000 | &nbsp;&nbsp;&nbsp; 5.50%, 6/1/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 390406 |
|  | Elevance Health, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 6.38%, 6/15/2037 | &nbsp;&nbsp; 554444 |
|  | HCA, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.50%, 3/1/2032 | &nbsp;&nbsp; 609610 |
| 460000 | &nbsp;&nbsp;&nbsp; 4.90%, 11/15/2035 | &nbsp;&nbsp; 453710 |
|  | Imperial Brands Finance plc, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.50%, 6/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 514106 |
|  | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS <br> USA Foods Group Holdings, Inc./JBS <br> USA Food Co.,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.50%, 1/15/2036 <sup>a</sup> <br>| &nbsp;&nbsp; 508079 |
|  | &nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food <br> Co./JBS USA Foods Group,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.38%, 2/25/2055 <sup>a</sup> <br>| &nbsp;&nbsp; 508295 |
|  | Keurig Dr. Pepper, Inc., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 4.05%, 4/15/2032 | &nbsp;&nbsp; 370061 |
|  | L'Oreal SA, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.00%, 5/20/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 725721 |
|  | Mars, Inc., |  |
| 310000 | &nbsp;&nbsp;&nbsp; 4.60%, 3/1/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 314247 |
| 60000 | &nbsp;&nbsp;&nbsp; 5.65%, 5/1/2045 <sup>a</sup> <br>| &nbsp;&nbsp; 60481 |
|  | McKesson Corp., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.65%, 5/30/2030 | &nbsp;&nbsp; 722321 |
|  | Pfizer, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2032 | &nbsp;&nbsp; 260599 |
|  | Philip Morris International, Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.25%, 2/13/2034 | &nbsp;&nbsp; 475461 |
| 385000 | &nbsp;&nbsp;&nbsp; 4.13%, 3/4/2043 | &nbsp;&nbsp; 326059 |
|  | Post Holdings, Inc., |  |
| 575000 | &nbsp;&nbsp;&nbsp; 6.25%, 2/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 590798 |
|  | Roche Holdings, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.37%, 12/2/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 498071 |
|  | Royalty Pharma plc, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.20%, 9/25/2035 | &nbsp;&nbsp; 713591 |
|  | S&P Global, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.80%, 12/4/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 448613 |
|  | Sanofi SA, |  |
| 760000 | &nbsp;&nbsp;&nbsp; 4.20%, 11/3/2032 | &nbsp;&nbsp; 758840 |
|  | Stryker Corp., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.20%, 2/10/2035 | &nbsp;&nbsp; 266958 |
|  | Takeda Pharmaceutical Co., Ltd., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.30%, 7/5/2034 | &nbsp;&nbsp; 603519 |
|  | Tenet Healthcare Corp., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 719735 |
|  | UnitedHealth Group, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.88%, 2/15/2053 | &nbsp;&nbsp; 589882 |
|  | Verisk Analytics, Inc., |  |
| 1210000 | &nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 | &nbsp;&nbsp; 1219155 |
|  | **Total** | **20071894** |
| **<u>Energy 2.7%</u>** | **<u>Energy 2.7%</u>** | **<u>Energy 2.7%</u>** |
|  | BP Capital Markets America, Inc., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 3.00%, 3/17/2052 | &nbsp;&nbsp; 246265 |
|  | Cheniere Energy Partners LP, |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 470294 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Energy 2.7% – continued</u>** | **<u>Energy 2.7% – continued</u>** | **<u>Energy 2.7% – continued</u>** |
|  | Columbia Pipelines Holding Co. LLC, |  |
| $385000 | &nbsp;&nbsp;&nbsp; 5.10%, 10/1/2031 <sup>a</sup> <br>| &nbsp;&nbsp; $391497 |
|  | Coterra Energy, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.60%, 3/15/2034 | &nbsp;&nbsp; 731547 |
|  | Devon Energy Corp., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.20%, 9/15/2034 | &nbsp;&nbsp; 258853 |
|  | Diamondback Energy, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 | &nbsp;&nbsp; 764994 |
|  | DT Midstream, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.30%, 4/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 492636 |
|  | Energy Transfer LP, |  |
| 385000 | &nbsp;&nbsp;&nbsp; 5.70%, 4/1/2035 | &nbsp;&nbsp; 398524 |
|  | EOG Resources, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.00%, 7/15/2032 | &nbsp;&nbsp; 727242 |
|  | &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance <br> Co.,<br>|  |
| 605000 | &nbsp;&nbsp;&nbsp; 6.00%, 4/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 587881 |
|  | Kinder Morgan, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.45%, 8/1/2052 | &nbsp;&nbsp; 543878 |
|  | ONEOK, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 6.35%, 1/15/2031 | &nbsp;&nbsp; 762017 |
|  | &nbsp;&nbsp; Repsol E&P Capital Markets <br> U.S. LLC,<br>|  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.20%, 9/16/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 517216 |
|  | &nbsp;&nbsp; Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp.,<br>|  |
| 585000 | &nbsp;&nbsp;&nbsp; 4.00%, 1/15/2032 | &nbsp;&nbsp; 558204 |
|  | Var Energi ASA, |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.88%, 5/22/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 478820 |
|  | Venture Global LNG, Inc., |  |
| 255000 | &nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 245420 |
|  | &nbsp;&nbsp; Venture Global Plaquemines <br> LNG LLC,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.50%, 1/15/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 512120 |
|  | Williams Cos., Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.63%, 6/30/2030 | &nbsp;&nbsp; 716949 |
|  | **Total** | **9404357** |
| **<u>Financials 17.2%</u>** | **<u>Financials 17.2%</u>** | **<u>Financials 17.2%</u>** |
|  | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |
| 385000 | &nbsp;&nbsp;&nbsp; 3.30%, 1/30/2032 | &nbsp;&nbsp; 355478 |
|  | Agree LP, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.60%, 6/15/2035 | &nbsp;&nbsp; 272159 |
|  | Ally Financial, Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.960%), 5.74%, <br> 5/15/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 471679 |
|  | American Express Co., |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.790%), 5.67%, <br> 4/25/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 749664 |
|  | American Homes 4 Rent LP, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.95%, 6/15/2030 | &nbsp;&nbsp; 265203 |
|  | American International Group, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.13%, 3/27/2033 | &nbsp;&nbsp; 524502 |
|  | Ameriprise Financial, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.20%, 4/15/2035 | &nbsp;&nbsp; 724888 |
|  | Aon Corp./Aon Global Holdings plc, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.35%, 2/28/2033 | &nbsp;&nbsp; 531098 |
|  | Apollo Debt Solutions BDC, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.88%, 8/30/2030 | &nbsp;&nbsp; 515842 |
|  | ARES Capital Corp., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.50%, 9/1/2030 | &nbsp;&nbsp; 714632 |
|  | Ares Strategic Income Fund, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.85%, 1/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 701662 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** |
|  | ARES Strategic Income Fund, |  |
| $60000 | &nbsp;&nbsp;&nbsp; 6.35%, 8/15/2029 | &nbsp;&nbsp; $61739 |
|  | Atlas Warehouse Lending Co. LP, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.95%, 11/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 511695 |
|  | &nbsp;&nbsp; Australia & New Zealand Banking <br> Group, Ltd.,<br>|  |
| 760000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.350%), 5.82%, <br> 6/18/2036 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 786030 |
|  | Aviation Capital Group LLC, |  |
| 285000 | &nbsp;&nbsp;&nbsp; 5.13%, 4/10/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 289372 |
| 510000 | &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 510193 |
|  | Avolon Holdings Funding, Ltd., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 399421 |
| 60000 | &nbsp;&nbsp;&nbsp; 5.38%, 5/30/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 61596 |
| 260000 | &nbsp;&nbsp;&nbsp; 4.95%, 10/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 257167 |
|  | Banco Santander SA, |  |
| 610000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.450%), 5.54%, <br> 3/14/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 631209 |
|  | Bank of America Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 2.351%), 6.25%, <br> 7/26/2030, Series UU <sup>b</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 457068 |
| 1060000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.000%), 5.16%, <br> 1/24/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 1094296 |
| 960000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.830%), 4.57%, <br> 4/27/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 957648 |
|  | Bank of Nova Scotia, |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.440%), 4.74%, <br> 11/10/2032 <sup>b</sup> <br>| &nbsp;&nbsp; 717816 |
|  | Barclays plc, |  |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.560%), 4.94%, <br> 9/10/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 469115 |
| 260000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 3.500%), 7.44%, <br> 11/2/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 297298 |
| 260000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.910%), 5.34%, <br> 9/10/2035 <sup>b</sup> <br>| &nbsp;&nbsp; 264209 |
|  | Belrose Funding Trust II, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 6.79%, 5/15/2055 <sup>a</sup> <br>| &nbsp;&nbsp; 737223 |
|  | &nbsp;&nbsp; Blackstone Holdings Finance <br> Co. LLC,<br>|  |
| 510000 | &nbsp;&nbsp;&nbsp; 6.20%, 4/22/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 552873 |
|  | Blackstone Secured Lending Fund, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.13%, 1/31/2031 | &nbsp;&nbsp; 503650 |
|  | Blue Owl Capital Corp., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.95%, 3/15/2029 | &nbsp;&nbsp; 716517 |
|  | Blue Owl Technology Finance Corp., |  |
| 60000 | &nbsp;&nbsp;&nbsp; 6.10%, 3/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 60357 |
|  | BNP Paribas SA, |  |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.450%), 4.79%, <br> 5/9/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 465109 |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.590%), 5.50%, <br> 5/20/2030 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 734467 |
| 60000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.620%), 5.79%, <br> 1/13/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 62984 |
|  | BPCE SA, |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.581%), 5.39%, <br> 5/28/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 728794 |
|  | Brown & Brown, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 6.25%, 6/23/2055 | &nbsp;&nbsp; 270353 |
|  | CaixaBank SA, |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.140%), 4.63%, <br> 7/3/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 717060 |
|  | CBRE Services, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.90%, 1/15/2033 | &nbsp;&nbsp; 713411 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** |
|  | Charles Schwab Corp., |  |
| $710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.230%), 4.91%, <br> 11/14/2036 <sup>b</sup> <br>| &nbsp;&nbsp; $705232 |
|  | &nbsp;&nbsp; Citadel Securities Global <br> Holdings LLC,<br>|  |
| 510000 | &nbsp;&nbsp;&nbsp; 6.20%, 6/18/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 536847 |
|  | Citigroup, Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.143%), 4.64%, <br> 5/7/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 463734 |
| 585000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.338%), 4.54%, <br> 9/19/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 589652 |
| 385000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.939%), 3.79%, <br> 3/17/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 367089 |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.488%), 5.17%, <br> 9/11/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 464300 |
|  | Citizens Financial Group, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.259%), 5.25%, <br> 3/5/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 267162 |
|  | CME Group, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.40%, 3/15/2030 | &nbsp;&nbsp; 263740 |
|  | Cooperatieve Rabobank UA, |  |
| 510000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 0.920%), 4.99%, <br> 5/27/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 521741 |
|  | COPT Defense Properties LP, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2030 | &nbsp;&nbsp; 507524 |
|  | Corebridge Financial, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 6.05%, 9/15/2033 | &nbsp;&nbsp; 541184 |
|  | Cousins Properties LP, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.25%, 7/15/2030 | &nbsp;&nbsp; 266607 |
|  | Credit Agricole SA, |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.460%), 5.22%, <br> 5/27/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 728898 |
|  | Deutsche Bank AG, |  |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.510%), 6.82%, <br> 11/20/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 490494 |
| 260000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.720%), 5.30%, <br> 5/9/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 266387 |
| 260000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.718%), 3.04%, <br> 5/28/2032 <sup>b</sup> <br>| &nbsp;&nbsp; 238693 |
|  | &nbsp;&nbsp; Drawbridge Special Opportunities <br> Fund LP/Drawbridge Special <br> Opportunities Finance,<br>|  |
| 650000 | &nbsp;&nbsp;&nbsp; 5.95%, 9/17/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 619996 |
|  | Encore Capital Group, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 8.50%, 5/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 268737 |
|  | EPR Properties, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2030 | &nbsp;&nbsp; 704469 |
|  | ERP Operating LP, |  |
| 460000 | &nbsp;&nbsp;&nbsp; 4.65%, 9/15/2034 | &nbsp;&nbsp; 455159 |
|  | First Citizens BancShares, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 1.850%), 5.60%, <br> 9/5/2035 <sup>b</sup> <br>| &nbsp;&nbsp; 708765 |
|  | Fortitude Group Holdings LLC, |  |
| 385000 | &nbsp;&nbsp;&nbsp; 6.25%, 4/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 401011 |
|  | GGAM Finance, Ltd., |  |
| 365000 | &nbsp;&nbsp;&nbsp; 8.00%, 6/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 386524 |
|  | Goldman Sachs Group, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.319%), 4.94%, <br> 4/23/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 591682 |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.900%), 4.15%, <br> 10/21/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 709841 |
| 260000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.380%), 5.54%, <br> 1/28/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 269848 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** |
|  | Goldman Sachs Private Credit Corp., |  |
| $410000 | &nbsp;&nbsp;&nbsp; 5.88%, 5/6/2028 <sup>a</sup> <br>| &nbsp;&nbsp; $417645 |
|  | Healthcare Realty Holdings LP, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 3.10%, 2/15/2030 | &nbsp;&nbsp; 246977 |
|  | Highwoods Realty LP, |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.35%, 1/15/2033 | &nbsp;&nbsp; 459655 |
|  | HPS Corporate Lending Fund, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.30%, 6/5/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 714317 |
|  | HSBC Holdings plc, |  |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.460%), 5.55%, <br> 3/4/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 476898 |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.570%), 5.24%, <br> 5/13/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 473927 |
| 510000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.960%), 5.74%, <br> 9/10/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 524989 |
|  | &nbsp;&nbsp; Invitation Homes Operating <br> Partnership LP,<br>|  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.15%, 4/15/2032 | &nbsp;&nbsp; 252364 |
| 710000 | &nbsp;&nbsp;&nbsp; 4.95%, 1/15/2033 | &nbsp;&nbsp; 720310 |
|  | Iron Mountain, Inc., |  |
| 265000 | &nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 261435 |
|  | Jane Street Group/JSG Finance, Inc., |  |
| 245000 | &nbsp;&nbsp;&nbsp; 6.13%, 11/1/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 249302 |
| 250000 | &nbsp;&nbsp;&nbsp; 6.75%, 5/1/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 260949 |
|  | JPMorgan Chase & Co., |  |
| 760000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.800%), 4.92%, <br> 1/24/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 774128 |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.435%), 5.10%, <br> 4/22/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 733058 |
| 510000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.260%), 2.96%, <br> 1/25/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 468017 |
| 960000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.190%), 4.81%, <br> 10/22/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 953245 |
|  | KeyBank NA, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.90%, 8/8/2032 | &nbsp;&nbsp; 508937 |
|  | KeyCorp, |  |
| 60000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 2.420%), 6.40%, <br> 3/6/2035 <sup>b</sup> <br>| &nbsp;&nbsp; 65172 |
|  | Kilroy Realty LP, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 2.65%, 11/15/2033 | &nbsp;&nbsp; 213315 |
| 510000 | &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2035 | &nbsp;&nbsp; 512338 |
|  | Lloyds Banking Group plc, |  |
| 510000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.600%), 6.07%, <br> 6/13/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 536267 |
|  | LPL Holdings, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.65%, 3/15/2035 | &nbsp;&nbsp; 727751 |
|  | M&T Bank Corp., |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.400%), 5.18%, <br> 7/8/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 728903 |
|  | Macquarie Airfinance Holdings, Ltd., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 6.40%, 3/26/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 482032 |
|  | Mitsubishi UFJ Financial Group, Inc., |  |
| 410000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.170%), 5.16%, <br> 4/24/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 422549 |
|  | Mizuho Financial Group, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 0.920%), 4.71%, <br> 7/8/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 719167 |
|  | Morgan Stanley, |  |
| 585000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.260%), 5.66%, <br> 4/18/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 609468 |
| 585000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.510%), 5.19%, <br> 4/17/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 603177 |
| 260000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.757%), 5.66%, <br> 4/17/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 272913 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** |
|  | NatWest Group plc, |  |
| $710000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.050%), 5.12%, <br> 5/23/2031 <sup>b</sup> <br>| &nbsp;&nbsp; $728817 |
|  | Nippon Life Insurance Co., |  |
| 260000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 3.189%), 6.50%, <br> 4/30/2055 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 279965 |
|  | Nomura Holdings, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.90%, 7/1/2030 | &nbsp;&nbsp; 720607 |
|  | Omega Healthcare Investors, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 3.63%, 10/1/2029 | &nbsp;&nbsp; 251735 |
| 260000 | &nbsp;&nbsp;&nbsp; 5.20%, 7/1/2030 | &nbsp;&nbsp; 264598 |
|  | Omnis Funding Trust, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 6.72%, 5/15/2055 <sup>a</sup> <br>| &nbsp;&nbsp; 270362 |
|  | Peachtree Corners Funding Trust II, |  |
| 110000 | &nbsp;&nbsp;&nbsp; 6.01%, 5/15/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 115940 |
|  | &nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I LP,<br>|  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.25%, 8/15/2032 | &nbsp;&nbsp; 521274 |
|  | PNC Financial Services Group, Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.333%), 4.90%, <br> 5/13/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 470772 |
| 310000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.850%), 4.63%, <br> 6/6/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 307247 |
|  | Pricoa Global Funding I, |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.70%, 5/28/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 518994 |
|  | Regency Centers LP, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.25%, 1/15/2034 | &nbsp;&nbsp; 267306 |
|  | Reinsurance Group of America, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 5.75%, 9/15/2034 | &nbsp;&nbsp; 740447 |
|  | Santander Holdings USA, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.249%), 2.49%, <br> 1/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 245722 |
| 310000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.610%), 5.47%, <br> 3/20/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 316801 |
|  | Societe Generale SA, |  |
| 460000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 2.550%), 6.45%, <br> 1/10/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 478445 |
| 260000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.420%), 5.25%, <br> 5/22/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 265234 |
| 760000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.730%), 5.44%, <br> 10/3/2036 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 761652 |
|  | &nbsp;&nbsp; Stellantis Financial Services <br> U.S. Corp.,<br>|  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.40%, 9/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 264006 |
|  | Toronto-Dominion Bank, |  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.93%, 10/15/2035 | &nbsp;&nbsp; 259808 |
| 500000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 2.721%), 6.35%, <br> 10/31/2085 <sup>b</sup> <br>| &nbsp;&nbsp; 506953 |
|  | Truist Financial Corp., |  |
| 510000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.309%), 5.07%, <br> 5/20/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 523928 |
|  | U.S. Bancorp, |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.296%), 5.08%, <br> 5/15/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 731863 |
|  | UBS Group AG, |  |
| 360000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 3.730%), 4.19%, <br> 4/1/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 356569 |
|  | Unum Group, |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2035 | &nbsp;&nbsp; 456546 |
|  | Ventas Realty LP, |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.10%, 7/15/2032 | &nbsp;&nbsp; 472834 |
|  | Wells Fargo & Co., |  |
| 710000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.790%), 6.30%, <br> 10/23/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 750181 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** | **<u>Financials 17.2% – continued</u>** |
| $460000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.500%), 5.15%, <br> 4/23/2031 <sup>b</sup> <br>| &nbsp;&nbsp; $474813 |
| 310000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.500%), 3.35%, <br> 3/2/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 289334 |
|  | **Total** | **59192751** |
| **<u>Foreign Government 1.3%</u>** | **<u>Foreign Government 1.3%</u>** | **<u>Foreign Government 1.3%</u>** |
|  | &nbsp;&nbsp; Brazil Government International <br> Bonds,<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 6.63%, 3/15/2035 | &nbsp;&nbsp; 412080 |
|  | &nbsp;&nbsp; Costa Rica Government International <br> Bonds,<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 7.00%, 4/4/2044 | &nbsp;&nbsp; 328500 |
|  | &nbsp;&nbsp; Dominican Republic International <br> Bonds,<br>|  |
| 450000 | &nbsp;&nbsp;&nbsp; 6.95%, 3/15/2037 <sup>a</sup> <br>| &nbsp;&nbsp; 482895 |
|  | Guatemala Government Bonds, |  |
| 450000 | &nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 <sup>a</sup> <br>| &nbsp;&nbsp; 481050 |
|  | &nbsp;&nbsp; Ivory Coast Government International <br> Bonds,<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 <sup>a</sup> <br>| &nbsp;&nbsp; 431321 |
|  | &nbsp;&nbsp; Mexico Government International <br> Bonds,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.38%, 3/22/2033 | &nbsp;&nbsp; 247750 |
| 500000 | &nbsp;&nbsp;&nbsp; 6.00%, 5/7/2036 | &nbsp;&nbsp; 506500 |
|  | &nbsp;&nbsp; Oman Government International <br> Bonds,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.75%, 1/17/2048 <sup>a</sup> <br>| &nbsp;&nbsp; 275281 |
|  | &nbsp;&nbsp; Paraguay Government International <br> Bonds,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 6.10%, 8/11/2044 | &nbsp;&nbsp; 361978 |
|  | &nbsp;&nbsp; Republic of Uzbekistan International <br> Bonds,<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.95%, 5/25/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 323901 |
|  | Serbia International Bonds, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.00%, 6/12/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 310151 |
|  | &nbsp;&nbsp; Turkiye Government International <br> Bonds,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.88%, 3/17/2036 | &nbsp;&nbsp; 257037 |
|  | **Total** | **4418444** |
| **<u>Industrials 2.5%</u>** | **<u>Industrials 2.5%</u>** | **<u>Industrials 2.5%</u>** |
|  | Amphenol Corp., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 4.40%, 2/15/2033 | &nbsp;&nbsp; 380955 |
|  | Amrize Finance U.S. LLC, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.95%, 4/7/2030 | &nbsp;&nbsp; 102248 |
|  | Axon Enterprise, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 260082 |
|  | BAE Systems plc, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.30%, 3/26/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 258886 |
|  | Ball Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.00%, 6/15/2029 | &nbsp;&nbsp; 256972 |
|  | Boeing Co., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 5.81%, 5/1/2050 | &nbsp;&nbsp; 378684 |
| 585000 | &nbsp;&nbsp;&nbsp; 6.86%, 5/1/2054 | &nbsp;&nbsp; 657036 |
|  | Bombardier, Inc., |  |
| 360000 | &nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 388947 |
|  | Canadian Pacific Railway Co., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.20%, 3/30/2035 | &nbsp;&nbsp; 473465 |
|  | Chart Industries, Inc., |  |
| 245000 | &nbsp;&nbsp;&nbsp; 7.50%, 1/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 255350 |
|  | Genesee & Wyoming, Inc., |  |
| 255000 | &nbsp;&nbsp;&nbsp; 6.25%, 4/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 262970 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Industrials 2.5% – continued</u>** | **<u>Industrials 2.5% – continued</u>** | **<u>Industrials 2.5% – continued</u>** |
|  | Howmet Aerospace, Inc., |  |
| $460000 | &nbsp;&nbsp;&nbsp; 4.55%, 11/15/2032 | &nbsp;&nbsp; $462050 |
|  | L3Harris Technologies, Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.25%, 6/1/2031 | &nbsp;&nbsp; 478590 |
|  | Molex Electronic Technologies LLC, |  |
| 160000 | &nbsp;&nbsp;&nbsp; 4.75%, 4/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 161745 |
|  | Northrop Grumman Corp., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.25%, 7/15/2035 | &nbsp;&nbsp; 269162 |
|  | Quikrete Holdings, Inc., |  |
| 255000 | &nbsp;&nbsp;&nbsp; 6.38%, 3/1/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 265424 |
|  | Rand Parent LLC, |  |
| 60000 | &nbsp;&nbsp;&nbsp; 8.50%, 2/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 62511 |
|  | Regal Rexnord Corp., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 6.30%, 2/15/2030 | &nbsp;&nbsp; 487537 |
|  | RTX Corp., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 6.10%, 3/15/2034 | &nbsp;&nbsp; 284465 |
|  | Ryder System, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.85%, 6/15/2030 | &nbsp;&nbsp; 724323 |
|  | Smurfit Kappa Treasury ULC, |  |
| 385000 | &nbsp;&nbsp;&nbsp; 5.44%, 4/3/2034 | &nbsp;&nbsp; 398629 |
|  | Spirit AeroSystems, Inc., |  |
| 800000 | &nbsp;&nbsp;&nbsp; 4.60%, 6/15/2028 | &nbsp;&nbsp; 800928 |
|  | Wrangler Holdco Corp., |  |
| 370000 | &nbsp;&nbsp;&nbsp; 6.63%, 4/1/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 387842 |
|  | **Total** | **8458801** |
| **<u>Mortgage-Backed Securities 27.7%</u>** | **<u>Mortgage-Backed Securities 27.7%</u>** | **<u>Mortgage-Backed Securities 27.7%</u>** |
|  | Federal Home Loan Mortgage Corp., |  |
| 3882423 | &nbsp;&nbsp;&nbsp; 5.50%, 2/1/2040 | &nbsp;&nbsp; 3991495 |
| 4762561 | &nbsp;&nbsp;&nbsp; 2.50%, 3/1/2052 | &nbsp;&nbsp; 4099853 |
| 3532188 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2052 | &nbsp;&nbsp; 3371504 |
| 731484 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2052 | &nbsp;&nbsp; 733284 |
| 1075404 | &nbsp;&nbsp;&nbsp; 5.50%, 7/1/2053 | &nbsp;&nbsp; 1102363 |
| 5361064 | &nbsp;&nbsp;&nbsp; 4.50%, 7/1/2053 | &nbsp;&nbsp; 5277146 |
| 4540633 | &nbsp;&nbsp;&nbsp; 4.00%, 11/1/2053 | &nbsp;&nbsp; 4351431 |
| 5718452 | &nbsp;&nbsp;&nbsp; 5.00%, 5/1/2054 | &nbsp;&nbsp; 5764657 |
| 5574103 | &nbsp;&nbsp;&nbsp; 5.50%, 11/1/2054 | &nbsp;&nbsp; 5701293 |
| 5377817 | &nbsp;&nbsp;&nbsp; 5.00%, 8/1/2055 | &nbsp;&nbsp; 5423563 |
| 4941278 | &nbsp;&nbsp;&nbsp; 5.50%, 9/1/2055 | &nbsp;&nbsp; 5049175 |
| 5954196 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2055 | &nbsp;&nbsp; 5977403 |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates,<br>|  |
| 40000 | &nbsp;&nbsp;&nbsp; 3.90%, 12/25/2030, Series K158, <br> Class A2 <sup>b</sup> <br>| &nbsp;&nbsp; 39658 |
| 5175000 | &nbsp;&nbsp;&nbsp; 2.58%, 5/25/2032, Series K145, <br> Class A2<br>| &nbsp;&nbsp; 4701222 |
| 1720000 | &nbsp;&nbsp;&nbsp; 3.53%, 8/25/2032, Series K149, <br> Class A2<br>| &nbsp;&nbsp; 1646534 |
| 3095000 | &nbsp;&nbsp;&nbsp; 4.35%, 1/25/2033, Series K-154, <br> Class A2 <sup>b</sup> <br>| &nbsp;&nbsp; 3098881 |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> REMICS,<br>|  |
| 2658415 | &nbsp;&nbsp;&nbsp; 1.50%, 3/25/2051, Series 5092, <br> Class IC <sup>e</sup> <br>| &nbsp;&nbsp; 233476 |
| 750000 | &nbsp;&nbsp;&nbsp; 5.25%, 3/25/2055, Series 5519, <br> Class CL<br>| &nbsp;&nbsp; 746990 |
|  | &nbsp;&nbsp; Federal National Mortgage <br> Association,<br>|  |
| 4798107 | &nbsp;&nbsp;&nbsp; 5.00%, 10/1/2045 | &nbsp;&nbsp; 4826248 |
| 7120683 | &nbsp;&nbsp;&nbsp; 2.00%, 3/1/2052 | &nbsp;&nbsp; 5852939 |
| 6487117 | &nbsp;&nbsp;&nbsp; 3.50%, 5/1/2052 | &nbsp;&nbsp; 6044919 |
| 5634621 | &nbsp;&nbsp;&nbsp; 3.00%, 7/1/2052 | &nbsp;&nbsp; 5067412 |
| 760298 | &nbsp;&nbsp;&nbsp; 4.00%, 6/1/2053 | &nbsp;&nbsp; 725361 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Mortgage-Backed Securities 27.7% – continued</u>** | **<u>Mortgage-Backed Securities 27.7% – continued</u>** | **<u>Mortgage-Backed Securities 27.7% – continued</u>** |
| $4940518 | &nbsp;&nbsp;&nbsp; 5.50%, 6/1/2053 | &nbsp;&nbsp; $5066903 |
| 4859116 | &nbsp;&nbsp;&nbsp; 5.50%, 7/1/2053 | &nbsp;&nbsp; 4969645 |
| 964724 | &nbsp;&nbsp;&nbsp; 6.00%, 9/1/2054 | &nbsp;&nbsp; 990575 |
|  | &nbsp;&nbsp; Federal National Mortgage <br> Association REMICS,<br>|  |
| 76765 | &nbsp;&nbsp;&nbsp; 5.00%, 3/25/2055, Series 2025-24, <br> Class DU<br>| &nbsp;&nbsp; 76216 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 4/25/2055, Series 2025-15, <br> Class BD<br>| &nbsp;&nbsp; 489068 |
|  | **Total** | **95419214** |
| **<u>Technology 3.0%</u>** | **<u>Technology 3.0%</u>** | **<u>Technology 3.0%</u>** |
|  | Accenture Capital, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 4.50%, 10/4/2034 | &nbsp;&nbsp; 576673 |
|  | Broadcom, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 4.20%, 10/15/2030 | &nbsp;&nbsp; 584555 |
| 585000 | &nbsp;&nbsp;&nbsp; 3.42%, 4/15/2033 | &nbsp;&nbsp; 541514 |
| 585000 | &nbsp;&nbsp;&nbsp; 3.50%, 2/15/2041 | &nbsp;&nbsp; 475889 |
|  | Dell International LLC/EMC Corp., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.75%, 10/6/2032 | &nbsp;&nbsp; 709067 |
| 460000 | &nbsp;&nbsp;&nbsp; 4.85%, 2/1/2035 | &nbsp;&nbsp; 453869 |
|  | Fiserv, Inc., |  |
| 660000 | &nbsp;&nbsp;&nbsp; 3.50%, 7/1/2029 | &nbsp;&nbsp; 640036 |
| 460000 | &nbsp;&nbsp;&nbsp; 5.25%, 8/11/2035 | &nbsp;&nbsp; 458970 |
|  | Foundry JV Holdco LLC, |  |
| 635000 | &nbsp;&nbsp;&nbsp; 5.88%, 1/25/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 652110 |
|  | Hewlett Packard Enterprise Co., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.15%, 9/15/2028 | &nbsp;&nbsp; 710625 |
|  | Micron Technology, Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.65%, 11/1/2032 | &nbsp;&nbsp; 483526 |
| 260000 | &nbsp;&nbsp;&nbsp; 5.88%, 2/9/2033 | &nbsp;&nbsp; 276547 |
|  | Open Text Holdings, Inc., |  |
| 625000 | &nbsp;&nbsp;&nbsp; 4.13%, 12/1/2031 <sup>a</sup> <br>| &nbsp;&nbsp; 583065 |
|  | Oracle Corp., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.95%, 9/26/2055 | &nbsp;&nbsp; 451867 |
|  | Paychex, Inc., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.10%, 4/15/2030 | &nbsp;&nbsp; 602266 |
|  | QUALCOMM, Inc., |  |
| 960000 | &nbsp;&nbsp;&nbsp; 4.50%, 5/20/2030 | &nbsp;&nbsp; 975852 |
|  | Roper Technologies, Inc., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 4.90%, 10/15/2034 | &nbsp;&nbsp; 384159 |
|  | Synopsys, Inc., |  |
| 610000 | &nbsp;&nbsp;&nbsp; 5.15%, 4/1/2035 | &nbsp;&nbsp; 619971 |
|  | **Total** | **10180561** |
| **<u>U.S. Government & Agencies 21.2%</u>** | **<u>U.S. Government & Agencies 21.2%</u>** | **<u>U.S. Government & Agencies 21.2%</u>** |
|  | U.S. Treasury Bonds, |  |
| 12275000 | &nbsp;&nbsp;&nbsp; 1.88%, 2/15/2041 | &nbsp;&nbsp; 8575238 |
| 6140000 | &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | &nbsp;&nbsp; 6016720 |
| 8960000 | &nbsp;&nbsp;&nbsp; 3.00%, 8/15/2048 | &nbsp;&nbsp; 6634250 |
| 11950000 | &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | &nbsp;&nbsp; 11271277 |
|  | U.S. Treasury Notes, |  |
| 3025000 | &nbsp;&nbsp;&nbsp; 4.25%, 2/15/2028 | &nbsp;&nbsp; 3071202 |
| 6000000 | &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | &nbsp;&nbsp; 5932969 |
| 10400000 | &nbsp;&nbsp;&nbsp; 4.25%, 1/31/2030 | &nbsp;&nbsp; 10631156 |
| 6500000 | &nbsp;&nbsp;&nbsp; 4.00%, 5/31/2030 | &nbsp;&nbsp; 6582774 |
| 3450000 | &nbsp;&nbsp;&nbsp; 3.50%, 11/30/2030 | &nbsp;&nbsp; 3415231 |
| 5650000 | &nbsp;&nbsp;&nbsp; 3.75%, 10/31/2032 | &nbsp;&nbsp; 5587320 |
| 5350000 | &nbsp;&nbsp;&nbsp; 4.25%, 8/15/2035 | &nbsp;&nbsp; 5388453 |
|  | **Total** | **73106590** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Utilities 3.0%</u>** | **<u>Utilities 3.0%</u>** | **<u>Utilities 3.0%</u>** |
|  | Algonquin Power & Utilities Corp., |  |
| $500000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 3.249%), 4.75%, <br> 1/18/2082 <sup>b</sup> <br>| &nbsp;&nbsp; $493084 |
|  | American Electric Power Co., Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 3.25%, 3/1/2050 | &nbsp;&nbsp; 173161 |
| 500000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 1.940%), 6.05%, <br> 3/15/2056, Series D <sup>b</sup> <br>| &nbsp;&nbsp; 491265 |
|  | Calpine Corp., |  |
| 685000 | &nbsp;&nbsp;&nbsp; 4.50%, 2/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 685453 |
|  | DTE Energy Co., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.20%, 4/1/2030 | &nbsp;&nbsp; 603589 |
|  | Duke Energy Corp., |  |
| 610000 | &nbsp;&nbsp;&nbsp; 5.80%, 6/15/2054 | &nbsp;&nbsp; 603161 |
| 585000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 2.588%), 6.45%, <br> 9/1/2054 <sup>b</sup> <br>| &nbsp;&nbsp; 614003 |
|  | Eskom Holdings, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 6.35%, 8/10/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 362474 |
|  | Evergy Kansas Central, Inc., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 4.70%, 3/13/2028 | &nbsp;&nbsp; 390882 |
|  | Exelon Corp., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.88%, 3/15/2055 | &nbsp;&nbsp; 586625 |
|  | FirstEnergy Corp., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.85%, 7/15/2047, Series C | &nbsp;&nbsp; 448972 |
|  | Florida Power & Light Co., |  |
| 585000 | &nbsp;&nbsp;&nbsp; 5.30%, 6/15/2034 | &nbsp;&nbsp; 612772 |
|  | NiSource, Inc., |  |
| 460000 | &nbsp;&nbsp;&nbsp; 5.35%, 7/15/2035 | &nbsp;&nbsp; 470301 |
| 585000 | &nbsp;&nbsp;&nbsp; 4.38%, 5/15/2047 | &nbsp;&nbsp; 484840 |
|  | NRG Energy, Inc., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 386037 |
|  | Public Service Enterprise Group, Inc., |  |
| 510000 | &nbsp;&nbsp;&nbsp; 4.90%, 3/15/2030 | &nbsp;&nbsp; 521502 |
|  | San Diego Gas & Electric Co., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.40%, 4/15/2035 | &nbsp;&nbsp; 269117 |
|  | Southern Power Co., |  |
| 385000 | &nbsp;&nbsp;&nbsp; 4.25%, 10/1/2030, Series A | &nbsp;&nbsp; 383971 |
|  | Vistra Operations Co. LLC, |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 701086 |
|  | Xcel Energy, Inc., |  |
| 710000 | &nbsp;&nbsp;&nbsp; 4.75%, 3/21/2028 | &nbsp;&nbsp; 719203 |
| 585000 | &nbsp;&nbsp;&nbsp; 3.50%, 12/1/2049 | &nbsp;&nbsp; 419130 |
|  | **Total** | **10420628** |
|  | **Total Long-Term Fixed Income** <br>**(Cost $335,884,353)**<br>| **341166428** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 0.1%** | **Value** |
|  | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class,<br>|  |
| 361181 | &nbsp;&nbsp;&nbsp; 3.74% <sup>f</sup> <br>| &nbsp;&nbsp; $361181 |
|  | **Total Short-Term Investments** <br>**(Cost $361,181)**<br>| **361181** |
|  | **Total Investments** <br>**(Cost $336,245,534) 99.1%**<br>| **$341527609** |
|  | **Other Assets and Liabilities, Net** <br> **0.9%**<br>| **3068136** |
|  | **Total Net Assets 100.0%** | **$344595745** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | Denotes securities sold under Rule 144A of the Securities Act of <br> 1933, which exempts them from registration. These securities may <br> be resold to other dealers in the program or to other qualified <br> institutional buyers. As of December 31, 2025, the value of these <br> investments was $63,832,344 or 18.5% of total net assets.<br>|
| b | Denotes variable rate securities. The rate shown is as of <br> December 31, 2025. The rates of certain variable rate securities are <br> based on a published reference rate and spread; these may vary by <br> security and the reference rate and spread are indicated in their <br> description. The rates of other variable rate securities are <br> determined by the issuer or agent and are based on current market <br> conditions. These securities do not indicate a reference rate and <br> spread in their description.<br>|
| c | Denotes step coupon securities. Step coupon securities pay an <br> initial coupon rate for the first period and then different coupon rates <br> for following periods. The rate shown is as of December 31, 2025.<br>|
| d | Denotes perpetual securities. Perpetual securities pay an indefinite <br> stream of income and have no contractual maturity date. Date <br> shown, if applicable, is next call date.<br>|
| e | Denotes interest only security. Interest only securities represent the <br> right to receive monthly interest payments on an underlying pool of <br> mortgages or assets. The principal shown is the outstanding par <br> amount of the pool as of the end of the period. The actual effective <br> yield of the security is different than the stated coupon rate.<br>|
| f | The interest rate shown reflects the yield. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| CLO | – | Collateralized Loan Obligation |
| CME | – | Chicago Mercantile Exchange |
| REMICS | – | Real Estate Mortgage Investment Conduits |
| plc | – | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>Reference Rate Index:</u>** | **<u>Reference Rate Index:</u>** |  |
| CMT 1Y | – | Constant Maturity Treasury Yield 1 Year |
| CMT 5Y | – | Constant Maturity Treasury Yield 5 Year |
| SOFRINDEX | – | Secured Overnight Financing Rate <br> Compounded Index<br>|
| SOFRRATE | – | Secured Overnight Financing Rate |
| TSFR3M | – | CME Term SOFR 3 Month |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of December 31, 2025, in valuing Thrivent Core Plus Bond ETF's assets carried at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Long-Term Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 12002519 |  | 12002519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 4912199 |  | 4912199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 10522143 |  | 10522143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 5183054 |  | 5183054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 7748533 |  | 7748533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 10124740 |  | 10124740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 20071894 |  | 20071894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 9404357 |  | 9404357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 59192751 |  | 59192751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government | 4418444 |  | 4418444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 8458801 |  | 8458801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 95419214 |  | 95419214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 10180561 |  | 10180561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agencies | 73106590 |  | 73106590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 10420628 |  | 10420628 |  |
| Short-Term Investments | 361181 | 361181 |  |  |
| **Total Investments at Value** | **$341527609** | **$361181** | **$341166428** | **$—** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Mid Cap Value ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 98.9%** | **Value** |
| **<u>Communication Services 2.5%</u>** | **<u>Communication Services 2.5%</u>** | **<u>Communication Services 2.5%</u>** |
| 68860 | IMAX Corp. <sup>a</sup> <br>| &nbsp;&nbsp; $2545066 |
| 145950 | Warner Bros Discovery, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 4206279 |
|  | **Total** | **6751345** |
| **<u>Consumer Discretionary 8.3%</u>** | **<u>Consumer Discretionary 8.3%</u>** | **<u>Consumer Discretionary 8.3%</u>** |
| 17079 | DR Horton, Inc. | &nbsp;&nbsp; 2459888 |
| 66053 | Gildan Activewear, Inc. | &nbsp;&nbsp; 4125670 |
| 176596 | Levi Strauss & Co. Class A | &nbsp;&nbsp; 3662601 |
| 113117 | Six Flags Entertainment Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 1735215 |
| 17079 | Tapestry, Inc. | &nbsp;&nbsp; 2182184 |
| 61451 | Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp; 4643238 |
| 82118 | Yum China Holdings, Inc. | &nbsp;&nbsp; 3920313 |
|  | **Total** | **22729109** |
| **<u>Consumer Staples 5.6%</u>** | **<u>Consumer Staples 5.6%</u>** | **<u>Consumer Staples 5.6%</u>** |
| 13794 | Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp; 1444508 |
| 42502 | J&J Snack Foods Corp. | &nbsp;&nbsp; 3840906 |
| 68471 | Sysco Corp. | &nbsp;&nbsp; 5045628 |
| 75723 | Unilever PLC ADR | &nbsp;&nbsp; 4952284 |
|  | **Total** | **15283326** |
| **<u>Energy 6.8%</u>** | **<u>Energy 6.8%</u>** | **<u>Energy 6.8%</u>** |
| 199446 | Coterra Energy, Inc. | &nbsp;&nbsp; 5249419 |
| 80131 | Devon Energy Corp. | &nbsp;&nbsp; 2935198 |
| 21369 | Diamondback Energy, Inc. | &nbsp;&nbsp; 3212402 |
| 119747 | Enterprise Products Partners LP | &nbsp;&nbsp; 3839089 |
| 14000 | Expand Energy Corp. | &nbsp;&nbsp; 1545040 |
| 65000 | Noble Corp. plc | &nbsp;&nbsp; 1835600 |
|  | **Total** | **18616748** |
| **<u>Financials 18.1%</u>** | **<u>Financials 18.1%</u>** | **<u>Financials 18.1%</u>** |
| 199524 | AGNC Investment Corp. | &nbsp;&nbsp; 2138897 |
| 23864 | Allstate Corp. | &nbsp;&nbsp; 4967292 |
| 12672 | Capital One Financial Corp. | &nbsp;&nbsp; 3071186 |
| 60633 | Carlyle Group, Inc. | &nbsp;&nbsp; 3584017 |
| 42111 | Charles Schwab Corp. | &nbsp;&nbsp; 4207310 |
| 25423 | Equitable Holdings, Inc. | &nbsp;&nbsp; 1211406 |
| 33378 | M&T Bank Corp. | &nbsp;&nbsp; 6724999 |
| 35913 | Selective Insurance Group, Inc. | &nbsp;&nbsp; 3004841 |
| 181905 | Simmons First National Corp. Class A | &nbsp;&nbsp; 3428909 |
| 23590 | Texas Capital Bancshares, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 2135839 |
| 122398 | U.S. Bancorp | &nbsp;&nbsp; 6531157 |
| 59620 | Voya Financial, Inc. | &nbsp;&nbsp; 4441094 |
| 29048 | Wintrust Financial Corp. | &nbsp;&nbsp; 4061491 |
|  | **Total** | **49508438** |
| **<u>Health Care 7.3%</u>** | **<u>Health Care 7.3%</u>** | **<u>Health Care 7.3%</u>** |
| 5496 | Humana, Inc. | &nbsp;&nbsp; 1407690 |
| 19263 | Johnson & Johnson | &nbsp;&nbsp; 3986478 |
| 19533 | Labcorp Holdings, Inc. | &nbsp;&nbsp; 4900439 |
| 18327 | STERIS plc | &nbsp;&nbsp; 4646261 |
| 6213 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 3600123 |
| 4679 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 1544585 |
|  | **Total** | **20085576** |
| **<u>Industrials 18.6%</u>** | **<u>Industrials 18.6%</u>** | **<u>Industrials 18.6%</u>** |
| 11385 | Acuity, Inc. | &nbsp;&nbsp; 4099055 |
| 24097 | AGCO Corp. | &nbsp;&nbsp; 2513799 |
| 55683 | CSX Corp. | &nbsp;&nbsp; 2018509 |
| 58923 | Delta Air Lines, Inc. | &nbsp;&nbsp; 4089256 |
| 58234 | Flowserve Corp. | &nbsp;&nbsp; 4040275 |
| 80365 | Fluor Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 3184865 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 98.9%** | **Value** |
| **<u>Industrials 18.6% – continued</u>** | **<u>Industrials 18.6% – continued</u>** | **<u>Industrials 18.6% – continued</u>** |
| 63400 | Fortive Corp. | &nbsp;&nbsp; $3500314 |
| 14310 | General Dynamics Corp. | &nbsp;&nbsp; 4817605 |
| 53497 | Griffon Corp. | &nbsp;&nbsp; 3940054 |
| 72723 | Hexcel Corp. | &nbsp;&nbsp; 5374230 |
| 12243 | JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 2379305 |
| 55876 | Legence Corp. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 2404903 |
| 60164 | MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp; 5059792 |
| 119357 | Werner Enterprises, Inc. | &nbsp;&nbsp; 3581903 |
|  | **Total** | **51003865** |
| **<u>Information Technology 10.7%</u>** | **<u>Information Technology 10.7%</u>** | **<u>Information Technology 10.7%</u>** |
| 16328 | Coherent Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 3013659 |
| 13959 | Commvault Systems, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 1749900 |
| 9397 | Jabil, Inc. | &nbsp;&nbsp; 2142704 |
| 64884 | Knowles Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 1390464 |
| 31600 | MKS, Inc. | &nbsp;&nbsp; 5049680 |
| 15207 | PTC, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 2649212 |
| 101223 | Ralliant Corp. | &nbsp;&nbsp; 5153263 |
| 5809 | Synopsys, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 2728604 |
| 16415 | TD SYNNEX Corp. | &nbsp;&nbsp; 2466025 |
| 16809 | Western Digital Corp. | &nbsp;&nbsp; 2895686 |
|  | **Total** | **29239197** |
| **<u>Materials 7.6%</u>** | **<u>Materials 7.6%</u>** | **<u>Materials 7.6%</u>** |
| 119084 | Axalta Coating Systems, Ltd. <sup>a</sup> <br>| &nbsp;&nbsp; 3847604 |
| 60322 | Celanese Corp. | &nbsp;&nbsp; 2550414 |
| 14310 | CF Industries Holdings, Inc. | &nbsp;&nbsp; 1106735 |
| 56072 | Crown Holdings, Inc. | &nbsp;&nbsp; 5773734 |
| 31350 | Nucor Corp. | &nbsp;&nbsp; 5113499 |
| 40031 | West Fraser Timber Co., Ltd. | &nbsp;&nbsp; 2446294 |
|  | **Total** | **20838280** |
| **<u>Real Estate 5.6%</u>** | **<u>Real Estate 5.6%</u>** | **<u>Real Estate 5.6%</u>** |
| 13883 | CBRE Group, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 2232248 |
| 21290 | Crown Castle, Inc. | &nbsp;&nbsp; 1892042 |
| 188374 | Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 3192939 |
| 267217 | Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 4737757 |
| 17742 | Simon Property Group, Inc. | &nbsp;&nbsp; 3284222 |
|  | **Total** | **15339208** |
| **<u>Utilities 7.8%</u>** | **<u>Utilities 7.8%</u>** | **<u>Utilities 7.8%</u>** |
| 54744 | Alliant Energy Corp. | &nbsp;&nbsp; 3558907 |
| 7604 | Constellation Energy Corp. | &nbsp;&nbsp; 2686265 |
| 29048 | DTE Energy Co. | &nbsp;&nbsp; 3746611 |
| 29400 | Entergy Corp. | &nbsp;&nbsp; 2717442 |
| 52054 | Evergy, Inc. | &nbsp;&nbsp; 3773395 |
| 69562 | NiSource, Inc. | &nbsp;&nbsp; 2904909 |
| 12596 | Vistra Corp. | &nbsp;&nbsp; 2032113 |
|  | **Total** | **21419642** |
|  | **Total Common Stock** <br>**(Cost $271,140,148)**<br>| **270814734** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Mid Cap Value ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 1.0%** | **Value** |
| 2779347 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class, 3.74% <sup>b</sup> <br>| &nbsp;&nbsp; $2779347 |
|  | **Total Short-Term Investments** <br>**(Cost $2,779,347)**<br>| **2779347** |
|  | **Total Investments** <br>**(Cost $273,919,495) 99.9%**<br>| **273594081** |
|  | **Other Assets and Liabilities, Net 0.1%**  | **246346** |
|  | **Total Net Assets 100.0%** | **$273840427** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a Non-income producing security. <br> b The interest rate shown reflects the yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| ADR | – | American Depositary Receipt, which are certificates for <br> an underlying foreign security's shares held by an <br> issuing U.S. depository bank.<br>|
| plc | – | Public Limited Company |

---

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of December 31, 2025, in valuing Thrivent Mid Cap Value ETF's assets carried at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $6751345 | $6751345 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 22729109 | 22729109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 15283326 | 15283326 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 18616748 | 18616748 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 49508438 | 49508438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 20085576 | 20085576 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 51003865 | 51003865 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 29239197 | 29239197 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 20838280 | 20838280 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 15339208 | 15339208 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 21419642 | 21419642 |  |  |
| Short-Term Investments | 2779347 | 2779347 |  |  |
| **Total Investments at Value** | **$273594081** | **$273594081** | **$—** | **$—** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Small Cap Value ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 96.2%** | **Value** |
| **<u>Consumer Discretionary 11.6%</u>** | **<u>Consumer Discretionary 11.6%</u>** | **<u>Consumer Discretionary 11.6%</u>** |
| 60330 | Advance Auto Parts, Inc. | &nbsp;&nbsp; $2370969 |
| 9874 | Asbury Automotive Group, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 2296001 |
| 17967 | Grand Canyon Education, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 2988092 |
| 37910 | Meritage Homes Corp. | &nbsp;&nbsp; 2494478 |
| 4063 | Murphy USA, Inc. | &nbsp;&nbsp; 1639502 |
| 28583 | Signet Jewelers, Ltd. | &nbsp;&nbsp; 2368959 |
| 73004 | Six Flags Entertainment Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 1119881 |
| 24304 | Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp; 1836410 |
|  | **Total** | **17114292** |
| **<u>Consumer Staples 3.1%</u>** | **<u>Consumer Staples 3.1%</u>** | **<u>Consumer Staples 3.1%</u>** |
| 27454 | J&J Snack Foods Corp. | &nbsp;&nbsp; 2481018 |
| 127581 | Primo Brands Corp. | &nbsp;&nbsp; 2085949 |
|  | **Total** | **4566967** |
| **<u>Energy 5.6%</u>** | **<u>Energy 5.6%</u>** | **<u>Energy 5.6%</u>** |
| 16847 | Gulfport Energy Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 3504008 |
| 76555 | Matador Resources Co. | &nbsp;&nbsp; 3248994 |
| 36250 | TechnipFMC plc | &nbsp;&nbsp; 1615300 |
|  | **Total** | **8368302** |
| **<u>Financials 25.0%</u>** | **<u>Financials 25.0%</u>** | **<u>Financials 25.0%</u>** |
| 57708 | Ally Financial, Inc. | &nbsp;&nbsp; 2613595 |
| 88431 | Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 3121614 |
| 23532 | Banner Corp. | &nbsp;&nbsp; 1474515 |
| 66682 | Cadence Bank | &nbsp;&nbsp; 2856657 |
| 52118 | Enterprise Financial Services Corp. | &nbsp;&nbsp; 2814372 |
| 36689 | Essent Group, Ltd. | &nbsp;&nbsp; 2385152 |
| 5768 | Evercore, Inc. Class A | &nbsp;&nbsp; 1962562 |
| 126479 | First Busey Corp. | &nbsp;&nbsp; 3008936 |
| 7278 | Houlihan Lokey, Inc. | &nbsp;&nbsp; 1267755 |
| 148417 | Old National Bancorp | &nbsp;&nbsp; 3311183 |
| 68274 | Old Republic International Corp. | &nbsp;&nbsp; 3116026 |
| 28983 | RLI Corp. | &nbsp;&nbsp; 1854332 |
| 31525 | UMB Financial Corp. | &nbsp;&nbsp; 3626636 |
| 25067 | Wintrust Financial Corp. | &nbsp;&nbsp; 3504868 |
|  | **Total** | **36918203** |
| **<u>Health Care 5.9%</u>** | **<u>Health Care 5.9%</u>** | **<u>Health Care 5.9%</u>** |
| 162786 | Ardelyx, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 949042 |
| 180318 | Avanos Medical, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 2024971 |
| 39950 | Bruker Corp. | &nbsp;&nbsp; 1882045 |
| 56874 | Enovis Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 1515123 |
| 26278 | Globus Medical, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 2294332 |
|  | **Total** | **8665513** |
| **<u>Industrials 14.2%</u>** | **<u>Industrials 14.2%</u>** | **<u>Industrials 14.2%</u>** |
| 25161 | AAR Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 2083079 |
| 18135 | AGCO Corp. | &nbsp;&nbsp; 1891843 |
| 37745 | Air Lease Corp. | &nbsp;&nbsp; 2424361 |
| 132726 | Gates Industrial Corp. plc <sup>a</sup> <br>| &nbsp;&nbsp; 2849627 |
| 44637 | Korn Ferry | &nbsp;&nbsp; 2946935 |
| 13094 | Moog, Inc. Class A | &nbsp;&nbsp; 3189044 |
| 10292 | Oshkosh Corp. | &nbsp;&nbsp; 1292984 |
| 96854 | Schneider National, Inc. Class B | &nbsp;&nbsp; 2569537 |
| 20143 | Timken Co. | &nbsp;&nbsp; 1694631 |
|  | **Total** | **20942041** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 96.2%** | **Value** |
| **<u>Information Technology 10.2%</u>** | **<u>Information Technology 10.2%</u>** | **<u>Information Technology 10.2%</u>** |
| 16748 | Bel Fuse, Inc. Class B | &nbsp;&nbsp; $2840963 |
| 16014 | Climb Global Solutions, Inc. | &nbsp;&nbsp; 1646079 |
| 54327 | Crane NXT Co. | &nbsp;&nbsp; 2557172 |
| 74265 | Kyndryl Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 1972479 |
| 16770 | MKS, Inc. | &nbsp;&nbsp; 2679846 |
| 16148 | Plexus Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 2373756 |
| 15125 | TTM Technologies, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 1043625 |
|  | **Total** | **15113920** |
| **<u>Materials 10.1%</u>** | **<u>Materials 10.1%</u>** | **<u>Materials 10.1%</u>** |
| 53288 | Ashland, Inc. | &nbsp;&nbsp; 3126407 |
| 218102 | Constellium SE <sup>a</sup> <br>| &nbsp;&nbsp; 4111223 |
| 70981 | Element Solutions, Inc. | &nbsp;&nbsp; 1773815 |
| 57085 | Greif, Inc. Class A | &nbsp;&nbsp; 3864654 |
| 33642 | Ingevity Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 1990934 |
|  | **Total** | **14867033** |
| **<u>Real Estate 5.7%</u>** | **<u>Real Estate 5.7%</u>** | **<u>Real Estate 5.7%</u>** |
| 25581 | Agree Realty Corp. | &nbsp;&nbsp; 1842599 |
| 262878 | Cushman & Wakefield, Ltd. <sup>a</sup> <br>| &nbsp;&nbsp; 4255995 |
| 41337 | First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 2367370 |
|  | **Total** | **8465964** |
| **<u>Utilities 4.8%</u>** | **<u>Utilities 4.8%</u>** | **<u>Utilities 4.8%</u>** |
| 50760 | Black Hills Corp. | &nbsp;&nbsp; 3523759 |
| 42697 | Spire, Inc. | &nbsp;&nbsp; 3531042 |
|  | **Total** | **7054801** |
|  | **Total Common Stock** <br>**(Cost $123,717,242)**<br>| **142077036** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 3.7%** | **Value** |
| 5420738 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class, 3.74% <sup>b</sup> <br>| &nbsp;&nbsp; 5420738 |
|  | **Total Short-Term Investments** <br>**(Cost $5,420,738)**<br>| **5420738** |
|  | **Total Investments** <br>**(Cost $129,137,980) 99.9%**<br>| **147497774** |
|  | **Other Assets and Liabilities, Net 0.1%**  | **133296** |
|  | **Total Net Assets 100.0%** | **$147631070** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a Non-income producing security. <br> b The interest rate shown reflects the yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| plc | – | Public Limited Company |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Small Cap Value ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of December 31, 2025, in valuing Thrivent Small Cap Value ETF's assets carried at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $17114292 | $17114292 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 4566967 | 4566967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 8368302 | 8368302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 36918203 | 36918203 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 8665513 | 8665513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 20942041 | 20942041 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 15113920 | 15113920 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 14867033 | 14867033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 8465964 | 8465964 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 7054801 | 7054801 |  |  |
| Short-Term Investments | 5420738 | 5420738 |  |  |
| **Total Investments at Value** | **$147497774** | **$147497774** | **$—** | **$—** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Small-Mid Cap Equity ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 99.5%** | **Value** |
| **<u>Consumer Discretionary 16.3%</u>** | **<u>Consumer Discretionary 16.3%</u>** | **<u>Consumer Discretionary 16.3%</u>** |
| 30831 | Burlington Stores, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; $8905534 |
| 99636 | Champion Homes, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 8419242 |
| 72394 | Churchill Downs, Inc. | &nbsp;&nbsp; 8236989 |
| 34426 | Group 1 Automotive, Inc. | &nbsp;&nbsp; 13539746 |
| 51577 | Installed Building Products, Inc. | &nbsp;&nbsp; 13378558 |
| 142055 | Patrick Industries, Inc. | &nbsp;&nbsp; 15403024 |
| 162524 | SharkNinja, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 18186436 |
| 28657 | TopBuild Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 11955414 |
| 185246 | Tractor Supply Co. | &nbsp;&nbsp; 9264152 |
| 578232 | Universal Technical Institute, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 15109202 |
| 193865 | Viking Holdings, Ltd. <sup>a</sup> <br>| &nbsp;&nbsp; 13843900 |
|  | **Total** | **136242197** |
| **<u>Consumer Staples 4.1%</u>** | **<u>Consumer Staples 4.1%</u>** | **<u>Consumer Staples 4.1%</u>** |
| 28056 | Casey's General Stores, Inc. | &nbsp;&nbsp; 15506832 |
| 174534 | Turning Point Brands, Inc. | &nbsp;&nbsp; 18919485 |
|  | **Total** | **34426317** |
| **<u>Financials 13.6%</u>** | **<u>Financials 13.6%</u>** | **<u>Financials 13.6%</u>** |
| 81464 | ARES Management Corp. Class A | &nbsp;&nbsp; 13167026 |
| 109861 | Enova International, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 17270149 |
| 177197 | Enterprise Financial Services Corp. | &nbsp;&nbsp; 9568638 |
| 68917 | &nbsp;&nbsp; Federal Agricultural Mortgage Corp. <br> Class C<br>| &nbsp;&nbsp; 12099758 |
| 56894 | HCI Group, Inc. | &nbsp;&nbsp; 10906011 |
| 15699 | Kinsale Capital Group, Inc. | &nbsp;&nbsp; 6140193 |
| 317082 | Old Republic International Corp. | &nbsp;&nbsp; 14471622 |
| 273370 | OneMain Holdings, Inc. | &nbsp;&nbsp; 18466144 |
| 68309 | Raymond James Financial, Inc. | &nbsp;&nbsp; 10969742 |
|  | **Total** | **113059283** |
| **<u>Health Care 6.7%</u>** | **<u>Health Care 6.7%</u>** | **<u>Health Care 6.7%</u>** |
| 192717 | Bio-Techne Corp. | &nbsp;&nbsp; 11333687 |
| 86368 | HealthEquity, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 7912172 |
| 63903 | Labcorp Holdings, Inc. | &nbsp;&nbsp; 16031985 |
| 78822 | Merit Medical Systems, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 6947371 |
| 54623 | STERIS plc | &nbsp;&nbsp; 13848023 |
|  | **Total** | **56073238** |
| **<u>Industrials 29.4%</u>** | **<u>Industrials 29.4%</u>** | **<u>Industrials 29.4%</u>** |
| 65525 | Advanced Drainage Systems, Inc. | &nbsp;&nbsp; 9489986 |
| 83735 | Arcosa, Inc. | &nbsp;&nbsp; 8902705 |
| 73482 | Builders FirstSource, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 7560563 |
| 340172 | CECO Environmental Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 20359294 |
| 285427 | Core & Main, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 14833641 |
| 132280 | Federal Signal Corp. | &nbsp;&nbsp; 14364285 |
| 118376 | FTAI Aviation, Ltd. | &nbsp;&nbsp; 23302316 |
| 92469 | Gates Industrial Corp. plc <sup>a</sup> <br>| &nbsp;&nbsp; 1985310 |
| 152597 | ICF International, Inc. | &nbsp;&nbsp; 13016524 |
| 30355 | IES Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 11808702 |
| 198390 | Limbach Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 15444662 |
| 740681 | LSI Industries, Inc. | &nbsp;&nbsp; 13569276 |
| 130661 | Modine Manufacturing Co. <sup>a</sup> <br>| &nbsp;&nbsp; 17444550 |
| 1141654 | NPK International, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 13608516 |
| 162022 | nVent Electric plc | &nbsp;&nbsp; 16521383 |
| 23767 | Quanta Services, Inc. | &nbsp;&nbsp; 10031100 |
| 72748 | Ryder System, Inc. | &nbsp;&nbsp; 13923240 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 99.5%** | **Value** |
| **<u>Industrials 29.4% – continued</u>** | **<u>Industrials 29.4% – continued</u>** | **<u>Industrials 29.4% – continued</u>** |
| 25989 | Saia, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; $8485928 |
| 47218 | Standex International Corp. | &nbsp;&nbsp; 10259527 |
|  | **Total** | **244911508** |
| **<u>Information Technology 19.7%</u>** | **<u>Information Technology 19.7%</u>** | **<u>Information Technology 19.7%</u>** |
| 24333 | Appfolio, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 5661073 |
| 151613 | Bel Fuse, Inc. Class B | &nbsp;&nbsp; 25718113 |
| 55466 | Celestica, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 16396304 |
| 129402 | Climb Global Solutions, Inc. | &nbsp;&nbsp; 13301232 |
| 109917 | Coherent Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 20287381 |
| 838273 | CompoSecure, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 16161903 |
| 271301 | Daktronics, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 5363621 |
| 451930 | I3 Verticals, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 11384117 |
| 34222 | InterDigital, Inc. | &nbsp;&nbsp; 10895600 |
| 633116 | Kyndryl Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 16815561 |
| 58746 | Littelfuse, Inc. | &nbsp;&nbsp; 14858038 |
| 31889 | Zebra Technologies Corp. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 7743287 |
|  | **Total** | **164586230** |
| **<u>Materials 5.6%</u>** | **<u>Materials 5.6%</u>** | **<u>Materials 5.6%</u>** |
| 559783 | Element Solutions, Inc. | &nbsp;&nbsp; 13988977 |
| 44596 | Hawkins, Inc. | &nbsp;&nbsp; 6335308 |
| 237313 | International Paper Co. | &nbsp;&nbsp; 9347759 |
| 85479 | Knife River Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 6013447 |
| 66346 | Steel Dynamics, Inc. | &nbsp;&nbsp; 11242330 |
|  | **Total** | **46927821** |
| **<u>Utilities 4.1%</u>** | **<u>Utilities 4.1%</u>** | **<u>Utilities 4.1%</u>** |
| 657195 | MDU Resources Group, Inc. | &nbsp;&nbsp; 12828446 |
| 252796 | NiSource, Inc. | &nbsp;&nbsp; 10556761 |
| 28357 | Talen Energy Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 10629338 |
|  | **Total** | **34014545** |
|  | **Total Common Stock** <br>**(Cost $726,536,626)**<br>| **830241139** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 0.3%** | **Value** |
| 3074236 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class, 3.74% <sup>b</sup> <br>| &nbsp;&nbsp; 3074236 |
|  | **Total Short-Term Investments** <br>**(Cost $3,074,236)**<br>| **3074236** |
|  | **Total Investments** <br>**(Cost $729,610,862) 99.8%**<br>| **833315375** |
|  | **Other Assets and Liabilities, Net 0.2%**  | **1288761** |
|  | **Total Net Assets 100.0%** | **$834604136** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a Non-income producing security. <br> b The interest rate shown reflects the yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| plc | – | Public Limited Company |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Small-Mid Cap Equity ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of December 31, 2025, in valuing Thrivent Small-Mid Cap Equity ETF's assets carried at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $136242197 | $136242197 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 34426317 | 34426317 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 113059283 | 113059283 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 56073238 | 56073238 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 244911508 | 244911508 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 164586230 | 164586230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 46927821 | 46927821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 34014545 | 34014545 |  |  |
| Short-Term Investments | 3074236 | 3074236 |  |  |
| **Total Investments at Value** | **$833315375** | **$833315375** | **$—** | **$—** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4%</u>** | **<u>Asset-Backed Securities 19.4%</u>** | **<u>Asset-Backed Securities 19.4%</u>** |
|  | 522 Funding CLO, Ltd., |  |
| $91856 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%), 5.19%, <br> 10/20/2031, Series 2018-3A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $91874 |
|  | Affirm Asset Securitization Trust, |  |
| 19212 | &nbsp;&nbsp;&nbsp; 5.22%, 12/17/2029, Series 2024-<br> X2, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 19218 |
| 177996 | &nbsp;&nbsp;&nbsp; 5.08%, 4/15/2030, Series 2025-X1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 178256 |
| 475833 | &nbsp;&nbsp;&nbsp; 4.45%, 10/15/2030, Series 2025-<br> X2, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 476286 |
|  | Allegro CLO X, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.050%), 5.93%, <br> 4/20/2032, Series 2019-1A, <br> Class CRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250232 |
|  | &nbsp;&nbsp; American Credit Acceptance <br> Receivables Trust,<br>|  |
| 133672 | &nbsp;&nbsp;&nbsp; 4.81%, 9/12/2028, Series 2025-2, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 133911 |
| 373927 | &nbsp;&nbsp;&nbsp; 4.73%, 1/12/2029, Series 2025-3, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 374976 |
| 453009 | &nbsp;&nbsp;&nbsp; 4.42%, 5/14/2029, Series 2025-4, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 453728 |
|  | &nbsp;&nbsp; American Heritage Auto Receivables <br> Trust,<br>|  |
| 110000 | &nbsp;&nbsp;&nbsp; 4.90%, 9/17/2029, Series 2024-1A, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 111126 |
|  | &nbsp;&nbsp; Amur Equipment Finance Receivables <br> XI LLC,<br>|  |
| 149223 | &nbsp;&nbsp;&nbsp; 5.30%, 6/21/2028, Series 2022-2A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 149520 |
|  | Annisa CLO, Ltd., |  |
| 350000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.500%), 5.38%, <br> 7/20/2031, Series 2016-2A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 350083 |
|  | Apex Credit CLO, Ltd., |  |
| 175000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.000%), 5.12%, <br> 10/22/2038, Series 2022-1A, <br> Class XR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 175036 |
|  | Apidos CLO XXXIX, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.850%), 5.02%, <br> 10/21/2038, Series 2022-39A, <br> Class XR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500622 |
|  | Ares LII CLO, Ltd., |  |
| 160409 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.880%), 4.74%, <br> 4/22/2031, Series 2019-52A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 160291 |
|  | ARES LXXI CLO, Ltd., |  |
| 240000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.700%), 5.58%, <br> 4/20/2037, Series 2024-71A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 240560 |
|  | ARI Fleet Lease Trust, |  |
| 8074 | &nbsp;&nbsp;&nbsp; 5.41%, 2/17/2032, Series 2023-A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 8078 |
|  | Atlas Senior Loan Fund XIII, |  |
| 16079 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.342%), 5.20%, <br> 4/22/2031, Series 2019-13A, <br> Class A1NR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 16080 |
|  | Atlas Senior Loan Fund XV, Ltd., |  |
| 265599 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.220%), 5.08%, <br> 10/23/2032, Series 2019-15A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 265818 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** |
|  | Atlas Senior Loan Fund XXVI, Ltd., |  |
| $200000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.120%), 4.99%, <br> 10/22/2038, Series 2025-26A, <br> Class X <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $200300 |
|  | AutoNation Finance Trust, |  |
| 178132 | &nbsp;&nbsp;&nbsp; 4.72%, 4/10/2028, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 178520 |
|  | &nbsp;&nbsp; Avis Budget Rental Car Funding <br> AESOP LLC,<br>|  |
| 216667 | &nbsp;&nbsp;&nbsp; 2.02%, 2/20/2027, Series 2020-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 216227 |
| 166667 | &nbsp;&nbsp;&nbsp; 5.31%, 2/20/2027, Series 2022-3A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 166820 |
| 500000 | &nbsp;&nbsp;&nbsp; 1.63%, 8/20/2027, Series 2021-1A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 494234 |
| 500000 | &nbsp;&nbsp;&nbsp; 1.66%, 2/20/2028, Series 2021-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 488669 |
| 290000 | &nbsp;&nbsp;&nbsp; 5.44%, 2/22/2028, Series 2023-3A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 293473 |
|  | Barings Loan Partners CLO, Ltd., |  |
| 386114 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.950%), 4.83%, <br> 7/20/2033, Series LP-3A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 386235 |
|  | BHG Securitization Trust, |  |
| 66167 | &nbsp;&nbsp;&nbsp; 1.42%, 11/17/2033, Series 2021-A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 65707 |
|  | BlueMountain Fuji U.S. CLO II, Ltd., |  |
| 299171 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%), 5.15%, <br> 10/20/2030, Series 2017-2A, <br> Class A1AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 299228 |
|  | BOF VII AL Funding Trust I, |  |
| 65701 | &nbsp;&nbsp;&nbsp; 6.29%, 7/26/2032, Series 2023-<br> CAR3, Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 66846 |
|  | &nbsp;&nbsp; Bridgecrest Lending Auto <br> Securitization Trust,<br>|  |
| 851953 | &nbsp;&nbsp;&nbsp; 4.73%, 2/15/2028, Series 2025-3, <br> Class A2<br>| &nbsp;&nbsp; 853308 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.35%, 6/15/2028, Series 2025-4, <br> Class A2<br>| &nbsp;&nbsp; 500504 |
|  | California Street CLO IX LP, |  |
| 381522 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.362%), 5.26%, <br> 7/16/2032, Series 2012-9A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 381829 |
|  | &nbsp;&nbsp; Carlyle Global Market Strategies <br> CLO, Ltd.,<br>|  |
| 185343 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.242%), 5.13%, <br> 7/20/2031, Series 2015-1A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 185288 |
|  | Carlyle U.S. CLO, Ltd., |  |
| 415001 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.950%), 4.83%, <br> 4/20/2031, Series 2019-1A, <br> Class A1A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 415167 |
|  | CarVal CLO III, Ltd., |  |
| 232157 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.990%), 4.87%, <br> 7/20/2032, Series 2019-2A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 232177 |
|  | Carval CLO X-C, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.460%), 5.34%, <br> 7/20/2037, Series 2024-2A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250525 |
|  | Carvana Auto Receivables Trust, |  |
| 564723 | &nbsp;&nbsp;&nbsp; 1.03%, 6/10/2027, Series 2021-P3, <br> Class A4<br>| &nbsp;&nbsp; 560630 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** |
|  | CCG Receivables Trust, |  |
| $231751 | &nbsp;&nbsp;&nbsp; 4.48%, 10/14/2032, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; $233038 |
|  | CIFC Funding, Ltd., |  |
| 441991 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.212%), 5.08%, <br> 10/24/2030, Series 2017-4A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 442060 |
|  | CoreVest American Finance, Ltd., |  |
| 153966 | &nbsp;&nbsp;&nbsp; 1.71%, 12/15/2052, Series 2020-4, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 152895 |
|  | CPS Auto Receivables Trust, |  |
| 354651 | &nbsp;&nbsp;&nbsp; 4.71%, 3/15/2029, Series 2025-C, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 355542 |
|  | Dell Equipment Finance Trust, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.68%, 7/22/2027, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 501759 |
|  | Dext ABS LLC, |  |
| 92774 | &nbsp;&nbsp;&nbsp; 6.56%, 5/15/2034, Series 2023-2, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 93291 |
|  | Dryden 45 Senior Loan Fund, |  |
| 292315 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.080%), 4.98%, <br> 10/15/2030, Series 2016-45A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 292369 |
|  | Dryden 55 CLO, Ltd., |  |
| 269440 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%), 5.19%, <br> 4/15/2031, Series 2018-55A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 269633 |
|  | Dryden 78 CLO, Ltd., |  |
| 240000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.730%), 5.61%, <br> 4/17/2037, Series 2020-78A, <br> Class A2R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 240195 |
|  | Dryden XXVI Senior Loan Fund, |  |
| 28614 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.162%), 5.07%, <br> 4/15/2029, Series 2013-26A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 28620 |
|  | Eaton Vance CLO, Ltd., |  |
| 264000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%), 5.41%, <br> 7/15/2037, Series 2019-1A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 264478 |
|  | Enterprise Fleet Financing LLC, |  |
| 231108 | &nbsp;&nbsp;&nbsp; 5.74%, 12/20/2026, Series 2024-2, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 231938 |
| 140753 | &nbsp;&nbsp;&nbsp; 3.27%, 1/20/2028, Series 2022-1, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 140636 |
| 44996 | &nbsp;&nbsp;&nbsp; 5.76%, 10/22/2029, Series 2022-4, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 45148 |
| 80702 | &nbsp;&nbsp;&nbsp; 5.23%, 3/20/2030, Series 2024-1, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 81305 |
|  | Exeter Automobile Receivables Trust, |  |
| 276627 | &nbsp;&nbsp;&nbsp; 4.45%, 3/15/2028, Series 2024-5A, <br> Class A3<br>| &nbsp;&nbsp; 276727 |
| 482230 | &nbsp;&nbsp;&nbsp; 4.53%, 3/15/2028, Series 2025-4A, <br> Class A2<br>| &nbsp;&nbsp; 482925 |
| 89261 | &nbsp;&nbsp;&nbsp; 6.32%, 5/15/2028, Series 2022-6A, <br> Class C<br>| &nbsp;&nbsp; 89527 |
| 162328 | &nbsp;&nbsp;&nbsp; 6.21%, 6/15/2028, Series 2023-3A, <br> Class C<br>| &nbsp;&nbsp; 163056 |
| 200000 | &nbsp;&nbsp;&nbsp; 4.38%, 6/15/2028, Series 2025-5A, <br> Class A2<br>| &nbsp;&nbsp; 200184 |
| 492648 | &nbsp;&nbsp;&nbsp; 5.57%, 9/15/2028, Series 2024-3A, <br> Class B<br>| &nbsp;&nbsp; 494431 |
| 315000 | &nbsp;&nbsp;&nbsp; 5.41%, 5/15/2030, Series 2024-1A, <br> Class C<br>| &nbsp;&nbsp; 318301 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** |
|  | &nbsp;&nbsp; Exeter Select Automobile Receivables <br> Trust,<br>|  |
| $500000 | &nbsp;&nbsp;&nbsp; 4.24%, 5/15/2029, Series 2025-3, <br> Class A2<br>| &nbsp;&nbsp; $500462 |
|  | First Investors Auto Owner Trust, |  |
| 100007 | &nbsp;&nbsp;&nbsp; 3.13%, 5/15/2028, Series 2022-1A, <br> Class C <sup>a</sup> <br>| &nbsp;&nbsp; 99782 |
| 169682 | &nbsp;&nbsp;&nbsp; 6.44%, 10/16/2028, Series 2023-<br> 1A, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 170947 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.31%, 12/15/2028, Series 2025-<br> 1A, Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 500689 |
|  | FirstKey Homes Trust, |  |
| 662544 | &nbsp;&nbsp;&nbsp; 4.25%, 7/17/2038, Series 2022-<br> SFR3, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 661333 |
| 300997 | &nbsp;&nbsp;&nbsp; 1.54%, 8/17/2038, Series 2021-<br> SFR1, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 295959 |
| 750000 | &nbsp;&nbsp;&nbsp; 1.79%, 8/17/2038, Series 2021-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 737021 |
|  | Flagship Credit Auto Trust, |  |
| 421105 | &nbsp;&nbsp;&nbsp; 1.59%, 6/15/2027, Series 2021-2, <br> Class D <sup>a</sup> <br>| &nbsp;&nbsp; 415275 |
| 66567 | &nbsp;&nbsp;&nbsp; 5.22%, 12/15/2027, Series 2023-2, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 66578 |
|  | Flatiron CLO 21, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.360%), 5.24%, <br> 10/19/2037, Series 2021-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250612 |
|  | Ford Credit Auto Owner Trust, |  |
| 133000 | &nbsp;&nbsp;&nbsp; 5.30%, 3/15/2028, Series 2022-D, <br> Class A4<br>| &nbsp;&nbsp; 134056 |
| 100000 | &nbsp;&nbsp;&nbsp; 1.61%, 10/17/2033, Series 2021-1, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 99209 |
|  | Fortress Credit BSL VII, Ltd., |  |
| 455937 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.090%), 4.95%, <br> 7/23/2032, Series 2019-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 455964 |
|  | FRTKL Group, Inc., |  |
| 645000 | &nbsp;&nbsp;&nbsp; 1.57%, 9/17/2038, Series 2021-<br> SFR1, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 631863 |
|  | &nbsp;&nbsp; GreenSky Home Improvement Issuer <br> Trust,<br>|  |
| 39685 | &nbsp;&nbsp;&nbsp; 5.12%, 3/25/2060, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 39864 |
|  | Greywolf CLO VI, Ltd., |  |
| 51009 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.292%), 5.15%, <br> 4/26/2031, Series 2018-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 51007 |
|  | Hertz Vehicle Financing III LLC, |  |
| 240000 | &nbsp;&nbsp;&nbsp; 6.15%, 3/25/2030, Series 2023-4A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 251224 |
|  | Hertz Vehicle Financing III LP, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 2.12%, 12/27/2027, Series 2021-<br> 2A, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 98052 |
|  | Hilton Grand Vacations Trust, |  |
| 18155 | &nbsp;&nbsp;&nbsp; 5.75%, 9/15/2039, Series 2024-1B, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 18589 |
|  | Home Partners of America Trust, |  |
| 163114 | &nbsp;&nbsp;&nbsp; 2.30%, 12/17/2026, Series 2021-2, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 159805 |
|  | HPEFS Equipment Trust, |  |
| 133673 | &nbsp;&nbsp;&nbsp; 6.48%, 1/21/2031, Series 2023-2A, <br> Class C <sup>a</sup> <br>| &nbsp;&nbsp; 134044 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** |
|  | Jamestown CLO XI, Ltd., |  |
| $58320 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.362%), 5.27%, <br> 7/14/2031, Series 2018-11A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $58330 |
|  | KKR CLO 11, Ltd., |  |
| 40002 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%), 5.35%, <br> 1/15/2031, Series 11, Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 40015 |
|  | LCM 29, Ltd., |  |
| 94605 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%), 5.24%, <br> 4/15/2031, Series 29A, Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 94725 |
|  | M&T Equipment Notes, |  |
| 320338 | &nbsp;&nbsp;&nbsp; 5.74%, 7/15/2030, Series 2023-1A, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 322228 |
|  | Madison Park Funding XXIV, Ltd., |  |
| 702388 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.550%), 5.43%, <br> 10/20/2029, Series 2016-24A, <br> Class BR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 702659 |
|  | &nbsp;&nbsp; Neuberger Berman Loan Advisers <br> CLO 35, Ltd.,<br>|  |
| 242451 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.050%), 4.93%, <br> 1/19/2033, Series 2019-35A, <br> Class ARR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 242383 |
|  | Newark BSL CLO 2, Ltd., |  |
| 45526 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.232%), 5.09%, <br> 7/25/2030, Series 2017-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 45548 |
|  | &nbsp;&nbsp; Nissan Master Owner Trust <br> Receivables,<br>|  |
| 410000 | &nbsp;&nbsp;&nbsp; (SOFR30A + 0.670%), 4.65%, <br> 2/15/2028, Series 2024-A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 410126 |
|  | Northwoods Capital XII-B, Ltd., |  |
| 180896 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.190%), 4.91%, <br> 6/15/2031, Series 2018-12BA, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 180688 |
|  | Northwoods Capital XVIII, Ltd., |  |
| 405713 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.362%), 5.25%, <br> 5/20/2032, Series 2019-18A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 406044 |
|  | OCCU Auto Receivables Trust, |  |
| 492386 | &nbsp;&nbsp;&nbsp; 4.82%, 4/17/2028, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 493759 |
| 400000 | &nbsp;&nbsp;&nbsp; 6.29%, 9/17/2029, Series 2023-1A, <br> Class A4 <sup>a</sup> <br>| &nbsp;&nbsp; 407801 |
|  | OCP CLO, Ltd., |  |
| 593034 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%), 5.19%, <br> 4/10/2033, Series 2019-16A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 593317 |
|  | Octagon Investment Partners 36, Ltd., |  |
| 173162 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.232%), 5.14%, <br> 4/15/2031, Series 2018-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 173210 |
|  | Octagon Investment Partners 39, Ltd., |  |
| 138965 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.150%), 5.03%, <br> 10/20/2030, Series 2018-3A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 138963 |
|  | Octane Receivables Trust, |  |
| 76759 | &nbsp;&nbsp;&nbsp; 6.44%, 3/20/2029, Series 2023-3A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 77137 |
|  | OneMain Financial Issuance Trust, |  |
| 759913 | &nbsp;&nbsp;&nbsp; 1.75%, 9/14/2035, Series 2020-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 748016 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** |
|  | OZLM XXI, Ltd., |  |
| $319185 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.150%), 5.03%, <br> 1/20/2031, Series 2017-21A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $319173 |
|  | &nbsp;&nbsp; Pagaya AI Debt Grantor Trust & <br> Pagaya AI Debt Trust,<br>|  |
| 400361 | &nbsp;&nbsp;&nbsp; 6.09%, 11/15/2031, Series 2024-6, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 402340 |
|  | Palmer Square Loan Funding, Ltd., |  |
| 295000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.400%), 5.30%, <br> 4/15/2031, Series 2022-3A, <br> Class A1BR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 295304 |
| 307848 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.050%), 4.95%, <br> 10/15/2032, Series 2024-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 307841 |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.400%), 5.69%, <br> 7/15/2033, Series 2025-2A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250073 |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.950%), 4.66%, <br> 1/15/2034, Series 2025-3A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 499629 |
|  | Rad CLO 14, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%), 5.34%, <br> 1/15/2035, Series 2021-14A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250067 |
|  | Rockford Tower CLO, Ltd., |  |
| 466386 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.130%), 5.02%, <br> 8/20/2032, Series 2019-2A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 466915 |
|  | &nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes,<br>|  |
| 222133 | &nbsp;&nbsp;&nbsp; 4.97%, 1/18/2033, Series 2024-B, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 223687 |
| 2914 | &nbsp;&nbsp;&nbsp; 6.49%, 6/15/2033, Series 2023-A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 2916 |
|  | &nbsp;&nbsp; Santander Drive Auto Receivables <br> Trust,<br>|  |
| 115378 | &nbsp;&nbsp;&nbsp; 4.76%, 8/16/2027, Series 2025-1, <br> Class A2<br>| &nbsp;&nbsp; 115403 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.28%, 1/15/2029, Series 2025-4, <br> Class A2<br>| &nbsp;&nbsp; 501141 |
| 315349 | &nbsp;&nbsp;&nbsp; 3.76%, 7/16/2029, Series 2022-2, <br> Class C<br>| &nbsp;&nbsp; 314954 |
|  | Shackleton CLO, Ltd., |  |
| 84045 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.362%), 5.23%, <br> 5/7/2031, Series 2014-5RA, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 84058 |
|  | Signal Peak CLO 5, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.550%), 5.41%, <br> 4/25/2037, Series 2018-5A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250640 |
|  | &nbsp;&nbsp; SLM Private Credit Student Loan <br> Trust,<br>|  |
| 107678 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.662%), 4.38%, <br> 6/15/2033, Series 2004-A, <br> Class A3 <sup>b</sup> <br>| &nbsp;&nbsp; 107367 |
|  | SMB Private Education Loan Trust, |  |
| 21886 | &nbsp;&nbsp;&nbsp; (TSFR1M + 0.864%), 4.61%, <br> 10/15/2035, Series 2017-B, <br> Class A2B <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 21885 |
|  | SoFi Consumer Loan Program Trust, |  |
| 379669 | &nbsp;&nbsp;&nbsp; 4.47%, 8/15/2034, Series 2025-3, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 380757 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** |
| $442646 | &nbsp;&nbsp;&nbsp; 4.24%, 8/25/2035, Series 2025-4, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; $443113 |
|  | Sound Point CLO II, Ltd., |  |
| 267133 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%), 5.19%, <br> 1/26/2031, Series 2013-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 267194 |
|  | Sound Point CLO XXV, Ltd., |  |
| 472678 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.280%), 5.14%, <br> 4/25/2033, Series 2019-4A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 472897 |
|  | Steele Creek CLO, Ltd., |  |
| 76753 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.272%), 5.18%, <br> 4/15/2031, Series 2018-1A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 76752 |
|  | Symphony CLO XV, Ltd., |  |
| 277932 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.100%), 4.99%, <br> 1/16/2032, Series 2018-20A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 277939 |
| 132073 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.342%), 5.22%, <br> 1/17/2032, Series 2014-15A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 132110 |
|  | Symphony CLO XVI, Ltd., |  |
| 302265 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.200%), 5.10%, <br> 10/15/2031, Series 2015-16A, <br> Class ARR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 302354 |
|  | Tiaa CLO III, Ltd., |  |
| 18247 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.412%), 5.31%, <br> 1/16/2031, Series 2025-52A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 18247 |
|  | TIAA CLO IV, Ltd., |  |
| 354823 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.140%), 5.02%, <br> 1/20/2032, Series 2018-1A, <br> Class A1AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 354873 |
|  | Tricon American Homes, |  |
| 365000 | &nbsp;&nbsp;&nbsp; 2.05%, 7/17/2038, Series 2020-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 359701 |
| 800000 | &nbsp;&nbsp;&nbsp; 2.25%, 7/17/2038, Series 2020-<br> SFR1, Class C <sup>a</sup> <br>| &nbsp;&nbsp; 788542 |
|  | Tricon Residential Trust, |  |
| 750000 | &nbsp;&nbsp;&nbsp; 2.24%, 7/17/2038, Series 2021-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 740769 |
| 258782 | &nbsp;&nbsp;&nbsp; 3.86%, 4/17/2039, Series 2022-<br> SFR1, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 257313 |
| 248307 | &nbsp;&nbsp;&nbsp; (TSFR1M + 1.100%), 4.85%, <br> 3/17/2042, Series 2025-SFR1, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 248504 |
|  | Venture 37 CLO, Ltd., |  |
| 68797 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.250%), 5.15%, <br> 7/15/2032, Series 2019-37A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 68797 |
|  | Venture 42 CLO, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.392%), 5.30%, <br> 4/15/2034, Series 2021-42A, <br> Class A1A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250111 |
|  | Venture XXIX CLO, Ltd., |  |
| 43930 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%), 5.10%, <br> 9/7/2030, Series 2017-29A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 43941 |
|  | Vibrant CLO XI, Ltd., |  |
| 78566 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.382%), 5.27%, <br> 7/20/2032, Series 2019-11A, <br> Class A1R1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 78541 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** | **<u>Asset-Backed Securities 19.4% – continued</u>** |
|  | Voya CLO, Ltd., |  |
| $306821 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%), 5.17%, <br> 7/15/2031, Series 2018-2A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $306994 |
|  | Wellman Park CLO, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.350%), 5.25%, <br> 7/15/2037, Series 2021-1A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 501121 |
|  | &nbsp;&nbsp; Westlake Automobile Receivables <br> Trust,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.31%, 4/17/2028, Series 2025-3A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 500573 |
|  | Wheels Fleet Lease Funding 1 LLC, |  |
| 283766 | &nbsp;&nbsp;&nbsp; 6.46%, 8/18/2038, Series 2023-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 287097 |
|  | World Omni Auto Receivables Trust, |  |
| 180180 | &nbsp;&nbsp;&nbsp; 1.90%, 3/15/2028, Series 2022-A, <br> Class A4<br>| &nbsp;&nbsp; 179503 |
|  | **Total** | **38247860** |
| **<u>Basic Materials 1.9%</u>** | **<u>Basic Materials 1.9%</u>** | **<u>Basic Materials 1.9%</u>** |
|  | Ecolab, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.30%, 6/15/2028 | &nbsp;&nbsp; 757853 |
|  | Georgia-Pacific LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.40%, 6/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 252964 |
|  | Glencore Funding LLC, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 1.63%, 4/27/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 396697 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.750%), 4.48%, <br> 10/1/2026 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 200226 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.060%), 5.07%, <br> 4/4/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 502299 |
|  | &nbsp;&nbsp; International Flavors & Fragrances, <br> Inc.,<br>|  |
| 1000000 | &nbsp;&nbsp;&nbsp; 1.83%, 10/15/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 959411 |
|  | Mosaic Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.35%, 1/15/2029 | &nbsp;&nbsp; 501424 |
|  | SNF Group SACA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.13%, 3/15/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 245627 |
|  | **Total** | **3816501** |
| **<u>Collateralized Mortgage Obligations 1.8%</u>** | **<u>Collateralized Mortgage Obligations 1.8%</u>** | **<u>Collateralized Mortgage Obligations 1.8%</u>** |
|  | CHNGE Mortgage Trust, |  |
| 378571 | &nbsp;&nbsp;&nbsp; 6.53%, 6/25/2058, Series 2023-2, <br> Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 379107 |
|  | CSMC Trust, |  |
| 68787 | &nbsp;&nbsp;&nbsp; 3.66%, 10/25/2059, Series 2019-<br> NQM1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 68300 |
|  | &nbsp;&nbsp; GS Mortgage-Backed Securities <br> Trust,<br>|  |
| 302183 | &nbsp;&nbsp;&nbsp; 6.00%, 9/25/2054, Series 2024-<br> PJ5, Class A7 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 303151 |
|  | JP Morgan Mortgage Trust, |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.94%, 6/25/2056, Series 2025-<br> 12MPR, Class A1B <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 750537 |
|  | PRKCM Trust, |  |
| 568610 | &nbsp;&nbsp;&nbsp; 6.60%, 2/25/2058, Series 2023-<br> AFC1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 567592 |
| 507496 | &nbsp;&nbsp;&nbsp; 6.58%, 9/25/2058, Series 2023-<br> AFC3, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 510290 |
|  | Roc Mortgage Trust, |  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.63%, 2/25/2040, Series 2025-<br> RTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 150799 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Collateralized Mortgage Obligations 1.8% – continued</u>** | **<u>Collateralized Mortgage Obligations 1.8% – continued</u>** | **<u>Collateralized Mortgage Obligations 1.8% – continued</u>** |
|  | Toorak Mortgage Trust, |  |
| $200000 | &nbsp;&nbsp;&nbsp; 5.52%, 2/25/2040, Series 2025-<br> RRTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; $200924 |
|  | Verus Securitization Trust, |  |
| 361107 | &nbsp;&nbsp;&nbsp; 6.74%, 3/25/2068, Series 2023-3, <br> Class A3 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 361198 |
| 219317 | &nbsp;&nbsp;&nbsp; 6.97%, 12/25/2068, Series 2023-8, <br> Class A3 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 221440 |
|  | **Total** | **3513338** |
| **<u>Commercial Mortgage-Backed Securities 1.0%</u>** | **<u>Commercial Mortgage-Backed Securities 1.0%</u>** | **<u>Commercial Mortgage-Backed Securities 1.0%</u>** |
|  | Bank, |  |
| 119083 | &nbsp;&nbsp;&nbsp; 3.42%, 5/15/2050, Series 2017-<br> BNK4, Class ASB<br>| &nbsp;&nbsp; 118620 |
|  | &nbsp;&nbsp; Bank of America Merrill Lynch <br> Commercial Mortgage Trust,<br>|  |
| 484327 | &nbsp;&nbsp;&nbsp; 3.37%, 2/15/2050, Series 2017-<br> BNK3, Class ASB<br>| &nbsp;&nbsp; 482597 |
|  | Benchmark Mortgage Trust, |  |
| 46252 | &nbsp;&nbsp;&nbsp; 5.96%, 7/15/2056, Series 2023-V3, <br> Class A1<br>| &nbsp;&nbsp; 46904 |
|  | CD Mortgage Trust, |  |
| 252711 | &nbsp;&nbsp;&nbsp; 3.22%, 8/15/2050, Series 2017-<br> CD5, Class AAB<br>| &nbsp;&nbsp; 251032 |
|  | Citigroup Commercial Mortgage Trust, |  |
| 23295 | &nbsp;&nbsp;&nbsp; 2.98%, 11/15/2049, Series 2016-<br> C3, Class AAB<br>| &nbsp;&nbsp; 23253 |
|  | CSAIL Commercial Mortgage Trust, |  |
| 172233 | &nbsp;&nbsp;&nbsp; 3.33%, 11/15/2050, Series 2017-<br> CX10, Class ASB <sup>b</sup> <br>| &nbsp;&nbsp; 171362 |
|  | GS Mortgage Securities Trust, |  |
| 44015 | &nbsp;&nbsp;&nbsp; 2.78%, 10/10/2049, Series 2016-<br> GS3, Class AAB<br>| &nbsp;&nbsp; 43947 |
| 230700 | &nbsp;&nbsp;&nbsp; 3.47%, 3/10/2050, Series 2017-<br> GS5, Class AAB<br>| &nbsp;&nbsp; 229608 |
|  | UBS Commercial Mortgage Trust, |  |
| 333100 | &nbsp;&nbsp;&nbsp; 3.26%, 8/15/2050, Series 2017-C2, <br> Class ASB<br>| &nbsp;&nbsp; 331471 |
| 210547 | &nbsp;&nbsp;&nbsp; 3.35%, 11/15/2050, Series 2017-<br> C5, Class ASB<br>| &nbsp;&nbsp; 208945 |
| 63857 | &nbsp;&nbsp;&nbsp; 4.12%, 6/15/2051, Series 2018-<br> C11, Class ASB<br>| &nbsp;&nbsp; 63758 |
|  | **Total** | **1971497** |
| **<u>Communication Services 0.9%</u>** | **<u>Communication Services 0.9%</u>** | **<u>Communication Services 0.9%</u>** |
|  | Amazon.com, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.90%, 11/20/2028 | &nbsp;&nbsp; 501530 |
|  | Discovery Communications LLC, |  |
| 81000 | &nbsp;&nbsp;&nbsp; 3.95%, 3/20/2028 | &nbsp;&nbsp; 79563 |
|  | Expedia Group, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.00%, 2/15/2026 | &nbsp;&nbsp; 100008 |
|  | NTT Finance Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.57%, 7/16/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 504219 |
|  | Paramount Global, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 2.90%, 1/15/2027 | &nbsp;&nbsp; 245935 |
|  | Rogers Communications, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.20%, 3/15/2027 | &nbsp;&nbsp; 395982 |
|  | **Total** | **1827237** |
| **<u>Consumer Discretionary 7.3%</u>** | **<u>Consumer Discretionary 7.3%</u>** | **<u>Consumer Discretionary 7.3%</u>** |
|  | Air Canada, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.88%, 8/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 398094 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Consumer Discretionary 7.3% – continued</u>** | **<u>Consumer Discretionary 7.3% – continued</u>** | **<u>Consumer Discretionary 7.3% – continued</u>** |
|  | American Honda Finance Corp., |  |
| $300000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.730%), 4.47%, <br> 3/8/2027 <sup>b</sup> <br>| &nbsp;&nbsp; $300735 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.870%), 4.85%, <br> 7/9/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 502414 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.820%), 4.57%, <br> 3/3/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 200299 |
|  | Bath & Body Works, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.69%, 1/15/2027 | &nbsp;&nbsp; 509419 |
|  | BMW U.S. Capital LLC, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.780%), 4.50%, <br> 3/19/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 200784 |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.710%), 4.53%, <br> 8/11/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1002626 |
|  | &nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.30%, 8/12/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 1004313 |
|  | Ford Motor Credit Co. LLC, |  |
| 1100000 | &nbsp;&nbsp;&nbsp; 6.95%, 3/6/2026 | &nbsp;&nbsp; 1102480 |
|  | General Motors Financial Co., Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.25%, 3/1/2026 | &nbsp;&nbsp; 400311 |
| 450000 | &nbsp;&nbsp;&nbsp; 5.40%, 4/6/2026 | &nbsp;&nbsp; 451563 |
| 345000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.350%), 5.17%, <br> 5/8/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 346920 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.170%), 5.18%, <br> 4/4/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 501842 |
|  | Honda Motor Co., Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.44%, 7/8/2028 | &nbsp;&nbsp; 1009630 |
|  | Hyundai Capital America, |  |
| 1100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.990%), 4.72%, <br> 3/25/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1104535 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.120%), 4.85%, <br> 6/23/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 502883 |
|  | Las Vegas Sands Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.50%, 8/18/2026 | &nbsp;&nbsp; 298590 |
| 300000 | &nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp; 307589 |
|  | O'Reilly Automotive, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | &nbsp;&nbsp; 253364 |
|  | PACCAR Financial Corp., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.00%, 11/7/2028, Series R | &nbsp;&nbsp; 1004675 |
|  | Royal Caribbean Cruises, Ltd., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 5.50%, 8/31/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 350539 |
|  | Stellantis Finance U.S., Inc., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.35%, 3/17/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 203780 |
|  | Target Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.35%, 6/15/2028 | &nbsp;&nbsp; 758771 |
|  | Taylor Morrison Communities, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 508927 |
|  | United Airlines, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.38%, 4/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 399500 |
|  | &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.060%), 4.79%, <br> 3/25/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 200692 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.45%, 9/11/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 501445 |
|  | Warnermedia Holdings, Inc., |  |
| 79000 | &nbsp;&nbsp;&nbsp; 3.76%, 3/15/2027 | &nbsp;&nbsp; 78469 |
|  | **Total** | **14405189** |
| **<u>Consumer Staples 9.3%</u>** | **<u>Consumer Staples 9.3%</u>** | **<u>Consumer Staples 9.3%</u>** |
|  | Alcon Finance Corp., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.75%, 9/23/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 346821 |
|  | Altria Group, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.88%, 2/4/2028 | &nbsp;&nbsp; 457414 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Consumer Staples 9.3% – continued</u>** | **<u>Consumer Staples 9.3% – continued</u>** | **<u>Consumer Staples 9.3% – continued</u>** |
|  | Amgen, Inc., |  |
| $350000 | &nbsp;&nbsp;&nbsp; 2.60%, 8/19/2026 | &nbsp;&nbsp; $347287 |
|  | BAT Capital Corp., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.22%, 9/6/2026 | &nbsp;&nbsp; 348223 |
|  | Becton Dickinson & Co., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 3.70%, 6/6/2027 | &nbsp;&nbsp; 448119 |
|  | Bunge, Ltd. Finance Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.25%, 8/15/2026 | &nbsp;&nbsp; 298703 |
|  | Campbell's Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.20%, 3/19/2027 | &nbsp;&nbsp; 506480 |
|  | Cargill, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 0.75%, 2/2/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 498699 |
|  | Centene Corp., |  |
| 600000 | &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | &nbsp;&nbsp; 596467 |
|  | Conagra Brands, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 1.38%, 11/1/2027 | &nbsp;&nbsp; 475360 |
|  | CVS Health Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 2.88%, 6/1/2026 | &nbsp;&nbsp; 447721 |
| 749000 | &nbsp;&nbsp;&nbsp; 6.25%, 6/1/2027 | &nbsp;&nbsp; 770436 |
|  | Danone SA, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 2.95%, 11/2/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 396652 |
|  | Eli Lilly & Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2028 | &nbsp;&nbsp; 503367 |
|  | GE HealthCare Technologies, Inc., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 5.65%, 11/15/2027 | &nbsp;&nbsp; 308830 |
|  | Global Payments, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.15%, 1/15/2027 | &nbsp;&nbsp; 342638 |
|  | HCA, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 3/1/2028 | &nbsp;&nbsp; 509320 |
|  | Humana, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 1.35%, 2/3/2027 | &nbsp;&nbsp; 485334 |
|  | Imperial Brands Finance plc, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.50%, 7/26/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 348450 |
| 250000 | &nbsp;&nbsp;&nbsp; 4.50%, 6/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 252013 |
|  | Kraft Heinz Foods Co., |  |
| 550000 | &nbsp;&nbsp;&nbsp; 3.00%, 6/1/2026 | &nbsp;&nbsp; 547587 |
|  | &nbsp;&nbsp; Laboratory Corp. of America <br> Holdings,<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 1.55%, 6/1/2026 | &nbsp;&nbsp; 395871 |
|  | Mars, Inc., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.45%, 3/1/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 201443 |
|  | Merck & Co., Inc., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.570%), 4.32%, <br> 3/15/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 1002142 |
|  | Molson Coors Beverage Co., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.00%, 7/15/2026 | &nbsp;&nbsp; 248621 |
|  | &nbsp;&nbsp; Mondelez International Holdings <br> Netherlands BV,<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 1.25%, 9/24/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 294152 |
|  | Novartis Capital Corp., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.520%), 4.35%, <br> 11/5/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1003890 |
|  | PayPal Holdings, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.670%), 4.41%, <br> 3/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 100387 |
|  | PepsiCo, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.10%, 1/15/2029 | &nbsp;&nbsp; 502740 |
|  | Pernod Ricard SA, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.25%, 6/8/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 299779 |
|  | Pfizer, Inc., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.500%), 4.29%, <br> 11/15/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 1003110 |
|  | Philip Morris International, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.830%), 4.70%, <br> 4/28/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 502791 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Consumer Staples 9.3% – continued</u>** | **<u>Consumer Staples 9.3% – continued</u>** | **<u>Consumer Staples 9.3% – continued</u>** |
| $750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.660%), 4.54%, <br> 10/27/2028 <sup>b</sup> <br>| &nbsp;&nbsp; $750760 |
|  | &nbsp;&nbsp; Shire Acquisitions Investments Ireland <br> DAC,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.20%, 9/23/2026 | &nbsp;&nbsp; 347866 |
|  | &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III BV,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.15%, 10/1/2026 | &nbsp;&nbsp; 494228 |
| 500000 | &nbsp;&nbsp;&nbsp; 6.75%, 3/1/2028 | &nbsp;&nbsp; 518911 |
|  | Tyson Foods, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 3.55%, 6/2/2027 | &nbsp;&nbsp; 744759 |
|  | Universal Health Services, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 1.65%, 9/1/2026 | &nbsp;&nbsp; 98303 |
|  | Viterra Finance BV, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.00%, 4/21/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 347034 |
|  | Zimmer Biomet Holdings, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.70%, 2/19/2027 | &nbsp;&nbsp; 252068 |
|  | **Total** | **18344776** |
| **<u>Energy 1.0%</u>** | **<u>Energy 1.0%</u>** | **<u>Energy 1.0%</u>** |
|  | APA Corp., |  |
| 243000 | &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2028 | &nbsp;&nbsp; 242487 |
|  | Continental Resources, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 391654 |
|  | EOG Resources, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.40%, 7/15/2028 | &nbsp;&nbsp; 505590 |
|  | EQT Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.50%, 7/1/2027 | &nbsp;&nbsp; 509641 |
|  | Ovintiv, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.38%, 1/1/2026 | &nbsp;&nbsp; 400000 |
|  | **Total** | **2049372** |
| **<u>Financials 34.5%</u>** | **<u>Financials 34.5%</u>** | **<u>Financials 34.5%</u>** |
|  | ABN AMRO Bank NV, |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.20%, 7/7/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 1005899 |
|  | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |
| 800000 | &nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp; 789126 |
|  | Aircastle, Ltd., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.25%, 6/15/2026 | &nbsp;&nbsp; 449977 |
|  | Ally Financial, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.960%), 5.74%, <br> 5/15/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 102539 |
|  | American Express Co., |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.970%), 4.86%, <br> 7/28/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 200675 |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.260%), 5.16%, <br> 4/25/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 759367 |
|  | American Tower Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 | &nbsp;&nbsp; 497334 |
|  | Apollo Debt Solutions BDC, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.20%, 12/8/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 499906 |
|  | ARES Capital Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 2.88%, 6/15/2027 | &nbsp;&nbsp; 293585 |
|  | Ares Strategic Income Fund, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.45%, 9/9/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 252090 |
|  | Arthur J Gallagher & Co., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.60%, 12/15/2027 | &nbsp;&nbsp; 757789 |
|  | Athene Global Funding, |  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.62%, 5/8/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 150712 |
|  | Atlas Warehouse Lending Co. LP, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 501876 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** |
|  | &nbsp;&nbsp; Australia & New Zealand Banking <br> Group, Ltd.,<br>|  |
| $1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.620%), 4.40%, <br> 6/18/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $1003794 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.590%), 4.37%, <br> 12/8/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500982 |
|  | Aviation Capital Group LLC, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.50%, 11/1/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 393878 |
|  | Banco Santander SA, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.120%), 5.10%, <br> 7/15/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 201240 |
|  | Bank of America Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%), 3.71%, <br> 4/24/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 746597 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.110%), 4.93%, <br> 5/9/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 503262 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.010%), 4.90%, <br> 1/24/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 500070 |
|  | Bank of Montreal, |  |
| 550000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.880%), 4.57%, <br> 9/10/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 552057 |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.525%), 4.10%, <br> 12/15/2027, Series J <sup>b</sup> <br>| &nbsp;&nbsp; 1001860 |
| 350000 | &nbsp;&nbsp;&nbsp; (5 yr. USD Swap + 1.432%), 3.80%, <br> 12/15/2032 <sup>b</sup> <br>| &nbsp;&nbsp; 345845 |
|  | Bank of New York Mellon Corp., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.680%), 4.42%, <br> 6/9/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1000902 |
|  | Bank of Nova Scotia, |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.760%), 4.48%, <br> 9/15/2028, Series I <sup>b</sup> <br>| &nbsp;&nbsp; 1000852 |
|  | &nbsp;&nbsp; Banque Federative du Credit Mutuel <br> SA,<br>|  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.990%), 4.94%, <br> 10/16/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 753777 |
|  | Barclays plc, |  |
| 1100000 | &nbsp;&nbsp;&nbsp; 5.20%, 5/12/2026 | &nbsp;&nbsp; 1104747 |
|  | Blackstone Private Credit Fund, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 2.63%, 12/15/2026 | &nbsp;&nbsp; 245602 |
|  | Blackstone Secured Lending Fund, |  |
| 450000 | &nbsp;&nbsp;&nbsp; 2.75%, 9/16/2026 | &nbsp;&nbsp; 444704 |
|  | Blue Owl Capital Corp., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 3.40%, 7/15/2026 | &nbsp;&nbsp; 99309 |
|  | Blue Owl Credit Income Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 7.75%, 9/16/2027 | &nbsp;&nbsp; 311922 |
|  | Blue Owl Technology Finance Corp., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 6.10%, 3/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 352080 |
|  | BNP Paribas SA, |  |
| 350000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.004%), 1.32%, <br> 1/13/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 349669 |
| 400000 | &nbsp;&nbsp;&nbsp; (5 yr. USD Swap + 1.483%), 4.38%, <br> 3/1/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 397567 |
|  | Boston Properties LP, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 2.75%, 10/1/2026 | &nbsp;&nbsp; 296867 |
|  | Brown & Brown, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.70%, 6/23/2028 | &nbsp;&nbsp; 758991 |
|  | CaixaBank SA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.140%), 4.63%, <br> 7/3/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 504972 |
|  | &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce,<br>|  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.800%), 4.54%, <br> 9/8/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1001702 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** |
| $100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.030%), 4.76%, <br> 3/30/2029 <sup>b</sup> <br>| &nbsp;&nbsp; $100621 |
|  | Capital One Financial Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.855%), 1.88%, <br> 11/2/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 441526 |
|  | Charles Schwab Corp., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.050%), 4.80%, <br> 3/3/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 1006751 |
|  | Citigroup, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.45%, 9/29/2027 | &nbsp;&nbsp; 452895 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.143%), 4.96%, <br> 5/7/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 503172 |
| 400000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.870%), 4.61%, <br> 3/4/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 400412 |
|  | Commonwealth Bank of Australia, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.640%), 4.41%, <br> 3/14/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 502769 |
|  | Cooperatieve Rabobank UA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.710%), 4.69%, <br> 1/9/2026 <sup>b</sup> <br>| &nbsp;&nbsp; 500050 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.590%), 4.36%, <br> 5/27/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 250714 |
| 1000000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 0.730%), 1.98%, <br> 12/15/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 980127 |
| 300000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.890%), 4.83%, <br> 10/17/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 302428 |
|  | Corebridge Financial, Inc., |  |
| 1300000 | &nbsp;&nbsp;&nbsp; 3.65%, 4/5/2027 | &nbsp;&nbsp; 1291772 |
|  | Crown Castle, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 1.05%, 7/15/2026 | &nbsp;&nbsp; 442558 |
|  | Deutsche Bank AG, |  |
| 400000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.520%), 7.15%, <br> 7/13/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 406104 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.210%), 5.18%, <br> 1/10/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 251369 |
|  | Extra Space Storage LP, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.50%, 7/1/2026 | &nbsp;&nbsp; 299086 |
|  | Fortitude Global Funding, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.63%, 10/6/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 500099 |
|  | GGAM Finance, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 8.00%, 6/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 529484 |
|  | &nbsp;&nbsp; Global Net Lease, Inc./Global Net <br> Lease Operating Partnership LP,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.75%, 12/15/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 486850 |
|  | Goldman Sachs Group, Inc., |  |
| 800000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.012%), 5.87%, <br> 10/28/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 809959 |
| 1600000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.290%), 5.20%, <br> 4/23/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1614433 |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.900%), 4.15%, <br> 10/21/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 999776 |
|  | Goldman Sachs Private Credit Corp., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.88%, 5/6/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 203729 |
| 250000 | &nbsp;&nbsp;&nbsp; 5.38%, 1/31/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 250993 |
|  | Golub Capital BDC, Inc., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 2.50%, 8/24/2026 | &nbsp;&nbsp; 295435 |
|  | Host Hotels & Resorts LP, |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2028 | &nbsp;&nbsp; 750735 |
|  | HSBC Holdings plc, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.030%), 4.81%, <br> 3/3/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 201014 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** |
|  | ING Groep NV, |  |
| $450000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.560%), 5.29%, <br> 9/11/2027 <sup>b</sup> <br>| &nbsp;&nbsp; $453109 |
| 700000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.010%), 4.74%, <br> 3/25/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 703154 |
|  | JPMorgan Chase & Co., |  |
| 1500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.190%), 5.04%, <br> 1/23/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1515524 |
| 650000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.800%), 4.70%, <br> 1/24/2029, Series FRN <sup>b</sup> <br>| &nbsp;&nbsp; 651301 |
|  | KeyCorp, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.25%, 4/6/2027 | &nbsp;&nbsp; 342082 |
|  | KeyCorp Capital I, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.002%), 4.66%, <br> 7/1/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 492670 |
|  | Lloyds Banking Group plc, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.060%), 4.85%, <br> 11/26/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 200970 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.060%), 4.79%, <br> 6/13/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 502158 |
|  | Macquarie Airfinance Holdings, Ltd., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 5.20%, 3/27/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 355284 |
|  | Macquarie Group, Ltd., |  |
| 745000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.995%), 1.94%, <br> 4/14/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 724476 |
|  | Manufacturers & Traders Trust Co., |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.950%), 4.76%, <br> 7/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 756809 |
|  | MassMutual Global Funding II, |  |
| 650000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.770%), 4.64%, <br> 1/29/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 652554 |
|  | Morgan Stanley, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.000%), 2.48%, <br> 1/21/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 491753 |
| 1150000 | &nbsp;&nbsp;&nbsp; 3.59%, 7/22/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1142132 |
| 350000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.380%), 5.33%, <br> 4/12/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 354266 |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.920%), 4.84%, <br> 10/18/2029, Series I <sup>b</sup> <br>| &nbsp;&nbsp; 752490 |
|  | Morgan Stanley Private Bank NA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.770%), 4.47%, <br> 7/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 503368 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.770%), 4.75%, <br> 7/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 500990 |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.780%), 4.58%, <br> 11/17/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1002204 |
|  | National Bank of Canada, |  |
| 550000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.557%), 4.70%, <br> 3/5/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 550499 |
|  | Nationwide Building Society, |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.070%), 5.03%, <br> 7/14/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1001698 |
|  | NatWest Group plc, |  |
| 450000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.250%), 5.03%, <br> 3/1/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 452940 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.100%), 4.89%, <br> 5/23/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 251128 |
|  | NatWest Markets plc, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.950%), 4.68%, <br> 3/21/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 502900 |
|  | New York Life Global Funding, |  |
| 450000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.880%), 4.78%, <br> 4/25/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 454104 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** |
|  | PNC Bank NA, |  |
| $500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.630%), 4.54%, <br> 5/13/2027 <sup>b</sup> <br>| &nbsp;&nbsp; $500727 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.730%), 4.66%, <br> 7/21/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 500690 |
|  | PNC Financial Services Group, Inc., |  |
| 650000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.085%), 4.76%, <br> 1/26/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 650258 |
|  | Prudential Financial, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (US0003M + 2.380%), 4.50%, <br> 9/15/2047 <sup>b</sup> <br>| &nbsp;&nbsp; 494794 |
|  | Reinsurance Group of America, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.95%, 9/15/2026 | &nbsp;&nbsp; 349864 |
|  | RGA Global Funding, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.35%, 8/25/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 502116 |
|  | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.,<br>|  |
| 600000 | &nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 591248 |
|  | Royal Bank of Canada, |  |
| 350000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.720%), 4.51%, <br> 10/18/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 351359 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.700%), 4.55%, <br> 11/3/2028, Series 1 <sup>b</sup> <br>| &nbsp;&nbsp; 500435 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.830%), 4.73%, <br> 1/24/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 250599 |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.880%), 4.71%, <br> 8/6/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 1000924 |
|  | Santander Holdings USA, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.610%), 5.34%, <br> 3/20/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 100967 |
|  | Santander U.K. Group Holdings plc, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.989%), 1.67%, <br> 6/14/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 197764 |
|  | Skandinaviska Enskilda Banken AB, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.750%), 4.51%, <br> 6/2/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 502316 |
|  | Societe Generale SA, |  |
| 750000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.500%), 5.52%, <br> 1/19/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 759514 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.410%), 5.38%, <br> 4/13/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250732 |
|  | State Street Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.950%), 4.85%, <br> 4/24/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 754585 |
|  | &nbsp;&nbsp; Stellantis Financial Services <br> U.S. Corp.,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.95%, 9/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 506870 |
|  | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, <br> Inc.,<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.170%), 5.18%, <br> 7/9/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 202191 |
|  | Sumitomo Mitsui Trust Bank, Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.750%), 4.53%, <br> 9/11/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1003330 |
|  | Svenska Handelsbanken AB, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.38%, 5/23/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 252503 |
|  | Toronto-Dominion Bank, |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.750%), 4.72%, <br> 10/13/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 751004 |
| 700000 | &nbsp;&nbsp;&nbsp; (5 yr. USD Swap + 2.205%), 3.63%, <br> 9/15/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 696014 |
|  | Truist Bank, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.590%), 4.67%, <br> 5/20/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 500857 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** | **<u>Financials 34.5% – continued</u>** |
| $750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.770%), 4.42%, <br> 7/24/2028 <sup>b</sup> <br>| &nbsp;&nbsp; $754296 |
|  | Truist Financial Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.050%), 6.05%, <br> 6/8/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 453621 |
|  | U.S. Bank NA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.910%), 4.72%, <br> 5/15/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 251100 |
|  | &nbsp;&nbsp; VICI Properties LP/VICI Note Co., <br> Inc.,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 4.50%, 9/1/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 350341 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.25%, 12/1/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 499916 |
|  | Wells Fargo & Co., |  |
| 550000 | &nbsp;&nbsp;&nbsp; 4.10%, 6/3/2026 | &nbsp;&nbsp; 550051 |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.370%), 5.28%, <br> 4/23/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 1012720 |
|  | Westpac Banking Corp., |  |
| 650000 | &nbsp;&nbsp;&nbsp; (5 yr. USD SOFR ICE Swap + <br> 2.236%), 4.32%, 11/23/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 649539 |
|  | Weyerhaeuser Co., |  |
| 33000 | &nbsp;&nbsp;&nbsp; 4.75%, 5/15/2026 | &nbsp;&nbsp; 33067 |
|  | Zions Bancorp NA, |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.155%), 4.70%, <br> 8/18/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 749999 |
|  | **Total** | **68195858** |
| **<u>Industrials 3.6%</u>** | **<u>Industrials 3.6%</u>** | **<u>Industrials 3.6%</u>** |
|  | Amphenol Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2027 | &nbsp;&nbsp; 499332 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.38%, 6/12/2028 | &nbsp;&nbsp; 504619 |
|  | Amrize Finance U.S. LLC, |  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.60%, 4/7/2027 | &nbsp;&nbsp; 201316 |
|  | BAE Systems plc, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.00%, 3/26/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 404790 |
|  | Boeing Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.10%, 5/1/2026 | &nbsp;&nbsp; 498018 |
| 500000 | &nbsp;&nbsp;&nbsp; 2.25%, 6/15/2026 | &nbsp;&nbsp; 495586 |
| 450000 | &nbsp;&nbsp;&nbsp; 3.25%, 2/1/2028 | &nbsp;&nbsp; 442282 |
|  | Caterpillar Financial Services Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.520%), 4.27%, <br> 3/3/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 250434 |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.95%, 11/14/2028 | &nbsp;&nbsp; 1002351 |
|  | John Deere Capital Corp., |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.500%), 4.25%, <br> 3/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 200459 |
|  | L3Harris Technologies, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.85%, 12/15/2026 | &nbsp;&nbsp; 499386 |
|  | Lockheed Martin Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.15%, 8/15/2028 | &nbsp;&nbsp; 503184 |
|  | Molex Electronic Technologies LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.75%, 4/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 252726 |
|  | Regal Rexnord Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 6.05%, 2/15/2026 | &nbsp;&nbsp; 450863 |
|  | Spirit AeroSystems, Inc., |  |
| 800000 | &nbsp;&nbsp;&nbsp; 4.60%, 6/15/2028 | &nbsp;&nbsp; 800928 |
|  | **Total** | **7006274** |
| **<u>Mortgage-Backed Securities 4.6%</u>** | **<u>Mortgage-Backed Securities 4.6%</u>** | **<u>Mortgage-Backed Securities 4.6%</u>** |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates,<br>|  |
| 120597 | &nbsp;&nbsp;&nbsp; 3.95%, 12/25/2029, Series K159, <br> Class A1<br>| &nbsp;&nbsp; 120412 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Mortgage-Backed Securities 4.6% – continued</u>** | **<u>Mortgage-Backed Securities 4.6% – continued</u>** | **<u>Mortgage-Backed Securities 4.6% – continued</u>** |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> REMICS,<br>|  |
| $80887 | &nbsp;&nbsp;&nbsp; 1.75%, 6/15/2028, Series 4216, <br> Class KC<br>| &nbsp;&nbsp; $79959 |
| 840370 | &nbsp;&nbsp;&nbsp; (SOFR30A + 0.614%), 4.60%, <br> 1/15/2032, Series 3218, Class FN <sup>b</sup> <br>| &nbsp;&nbsp; 838841 |
| 131618 | &nbsp;&nbsp;&nbsp; 1.50%, 5/15/2032, Series 4224, <br> Class KA<br>| &nbsp;&nbsp; 130798 |
| 66291 | &nbsp;&nbsp;&nbsp; 3.00%, 4/15/2033, Series 4203, <br> Class DM<br>| &nbsp;&nbsp; 65354 |
| 355322 | &nbsp;&nbsp;&nbsp; 3.00%, 4/15/2034, Series 4482, <br> Class CA<br>| &nbsp;&nbsp; 352452 |
| 73461 | &nbsp;&nbsp;&nbsp; 3.00%, 6/15/2038, Series 4391, <br> Class VB<br>| &nbsp;&nbsp; 73299 |
| 84926 | &nbsp;&nbsp;&nbsp; 3.50%, 8/15/2040, Series 4001, <br> Class ML<br>| &nbsp;&nbsp; 84410 |
| 437353 | &nbsp;&nbsp;&nbsp; 2.50%, 5/15/2041, Series 4019, <br> Class JC<br>| &nbsp;&nbsp; 429697 |
| 329096 | &nbsp;&nbsp;&nbsp; 6.00%, 11/25/2048, Series 5349, <br> Class A<br>| &nbsp;&nbsp; 329062 |
| 557110 | &nbsp;&nbsp;&nbsp; 5.50%, 7/25/2049, Series 5417, <br> Class D<br>| &nbsp;&nbsp; 558727 |
|  | &nbsp;&nbsp; Federal National Mortgage <br> Association,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.15%, 3/1/2026 | &nbsp;&nbsp; 348653 |
| 343847 | &nbsp;&nbsp;&nbsp; 3.11%, 5/1/2026 | &nbsp;&nbsp; 341970 |
| 348982 | &nbsp;&nbsp;&nbsp; 2.50%, 8/1/2032 | &nbsp;&nbsp; 344002 |
|  | &nbsp;&nbsp; Federal National Mortgage <br> Association REMICS,<br>|  |
| 70494 | &nbsp;&nbsp;&nbsp; 1.50%, 9/25/2027, Series 2012-<br> 100, Class BA<br>| &nbsp;&nbsp; 69283 |
| 122545 | &nbsp;&nbsp;&nbsp; 1.50%, 9/25/2027, Series 2012-98, <br> Class YM<br>| &nbsp;&nbsp; 120568 |
| 87556 | &nbsp;&nbsp;&nbsp; 1.50%, 1/25/2028, Series 2012-<br> 153, Class DA<br>| &nbsp;&nbsp; 85941 |
| 125511 | &nbsp;&nbsp;&nbsp; 1.50%, 1/25/2028, Series 2012-<br> 148, Class DC<br>| &nbsp;&nbsp; 123479 |
| 682669 | &nbsp;&nbsp;&nbsp; 2.25%, 7/25/2028, Series 2013-73, <br> Class BL<br>| &nbsp;&nbsp; 673719 |
| 24303 | &nbsp;&nbsp;&nbsp; 3.50%, 1/25/2035, Series 2014-53, <br> Class VB<br>| &nbsp;&nbsp; 24233 |
| 340440 | &nbsp;&nbsp;&nbsp; (SOFR30A + 0.414%), 4.29%, <br> 11/25/2036, Series 2006-108, <br> Class FB <sup>b</sup> <br>| &nbsp;&nbsp; 338555 |
| 177096 | &nbsp;&nbsp;&nbsp; 3.00%, 8/25/2043, Series 2016-99, <br> Class H<br>| &nbsp;&nbsp; 175949 |
| 639241 | &nbsp;&nbsp;&nbsp; (SOFR30A + 0.464%), 4.34%, <br> 2/25/2046, Series 2016-3, <br> Class FB <sup>b</sup> <br>| &nbsp;&nbsp; 635958 |
|  | &nbsp;&nbsp; Government National Mortgage <br> Association REMICS,<br>|  |
| 93883 | &nbsp;&nbsp;&nbsp; 3.50%, 9/20/2042, Series 2013-91, <br> Class PB<br>| &nbsp;&nbsp; 93509 |
| 1074830 | &nbsp;&nbsp;&nbsp; (TSFR1M + 0.314%), 4.05%, <br> 9/20/2043, Series 2013-135, <br> Class FM <sup>b</sup> <br>| &nbsp;&nbsp; 1066273 |
| 591091 | &nbsp;&nbsp;&nbsp; 5.00%, 10/20/2043, Series 2022-<br> 213, Class QA<br>| &nbsp;&nbsp; 592635 |
| 143728 | &nbsp;&nbsp;&nbsp; 3.50%, 5/20/2045, Series 2018-<br> 122, Class HA<br>| &nbsp;&nbsp; 143051 |
| 861016 | &nbsp;&nbsp;&nbsp; 5.00%, 1/20/2050, Series 2023-68, <br> Class EA<br>| &nbsp;&nbsp; 861138 |
|  | **Total** | **9101927** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.0%** | **Value** |
| **<u>Technology 1.9%</u>** | **<u>Technology 1.9%</u>** | **<u>Technology 1.9%</u>** |
|  | Analog Devices, Inc., |  |
| $500000 | &nbsp;&nbsp;&nbsp; 4.25%, 6/15/2028 | &nbsp;&nbsp; $504123 |
|  | Dell International LLC/EMC Corp., |  |
| 80000 | &nbsp;&nbsp;&nbsp; 6.02%, 6/15/2026 | &nbsp;&nbsp; 80350 |
| 300000 | &nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 | &nbsp;&nbsp; 304273 |
|  | &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 1.15%, 3/1/2026 | &nbsp;&nbsp; 348303 |
|  | Fiserv, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.38%, 8/21/2028 | &nbsp;&nbsp; 769152 |
|  | Hewlett Packard Enterprise Co., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.45%, 9/25/2026 | &nbsp;&nbsp; 451291 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.05%, 9/15/2027 | &nbsp;&nbsp; 500062 |
|  | Oracle Corp., |  |
| 800000 | &nbsp;&nbsp;&nbsp; 2.65%, 7/15/2026 | &nbsp;&nbsp; 793416 |
|  | **Total** | **3750970** |
| **<u>U.S. Government & Agencies 9.1%</u>** | **<u>U.S. Government & Agencies 9.1%</u>** | **<u>U.S. Government & Agencies 9.1%</u>** |
|  | U.S. Treasury Notes, |  |
| 1050000 | &nbsp;&nbsp;&nbsp; 1.38%, 8/31/2026 | &nbsp;&nbsp; 1035191 |
| 16800000 | &nbsp;&nbsp;&nbsp; 4.13%, 1/31/2027 | &nbsp;&nbsp; 16904344 |
|  | **Total** | **17939535** |
| **<u>Utilities 2.7%</u>** | **<u>Utilities 2.7%</u>** | **<u>Utilities 2.7%</u>** |
|  | Evergy Kansas Central, Inc., |  |
| 150000 | &nbsp;&nbsp;&nbsp; 4.70%, 3/13/2028 | &nbsp;&nbsp; 152292 |
|  | Georgia Power Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2028 | &nbsp;&nbsp; 502765 |
|  | National Fuel Gas Co., |  |
| 602000 | &nbsp;&nbsp;&nbsp; 5.50%, 10/1/2026 | &nbsp;&nbsp; 607983 |
|  | &nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.,<br>|  |
| 2000000 | &nbsp;&nbsp;&nbsp; 3.95%, 12/10/2027 | &nbsp;&nbsp; 2007518 |
|  | &nbsp;&nbsp; NextEra Energy Capital Holdings, <br> Inc.,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 4.95%, 1/29/2026 | &nbsp;&nbsp; 350215 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.69%, 9/1/2027 | &nbsp;&nbsp; 1011883 |
|  | Pacific Gas & Electric Co., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.15%, 1/1/2026 | &nbsp;&nbsp; 300000 |
|  | Xcel Energy, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.35%, 12/1/2026 | &nbsp;&nbsp; 397498 |
|  | **Total** | **5330154** |
|  | **Total Long-Term Fixed Income** <br>**(Cost $194,682,104)**<br>| **195500488** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 0.2%** | **Value** |
|  | &nbsp;&nbsp; Federal Home Loan Bank Discount <br> Notes,<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; 3.57%, 2/20/2026 <sup>d</sup><sup>,</sup><sup>e</sup> <br>| &nbsp;&nbsp; 99501 |
|  | &nbsp;&nbsp; Federal National Mortgage Association <br> Discount Notes,<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; 3.66%, 3/2/2026 <sup>d</sup><sup>,</sup><sup>e</sup> <br>| &nbsp;&nbsp; 198807 |

---

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>| **Short-Term Investments 0.2%** | **Value** |
|  | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class,<br>|  |
| 96506 | &nbsp;&nbsp;&nbsp; 3.74% <sup>e</sup> <br>| &nbsp;&nbsp; $96506 |
|  | **Total Short-Term Investments** <br>**(Cost $394,816)**<br>| **394814** |
|  | **Total Investments** <br>**(Cost $195,076,920) 99.2%**<br>| **$195895302** |
|  | **Other Assets and Liabilities, Net 0.8%** | **1662400** |
|  | **Total Net Assets 100.0%** | **$197557702** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | Denotes securities sold under Rule 144A of the Securities Act of <br> 1933, which exempts them from registration. These securities may <br> be resold to other dealers in the program or to other qualified <br> institutional buyers. As of December 31, 2025, the value of these <br> investments was $68,473,648 or 34.7% of total net assets.<br>|
| b | Denotes variable rate securities. The rate shown is as of <br> December 31, 2025. The rates of certain variable rate securities are <br> based on a published reference rate and spread; these may vary by <br> security and the reference rate and spread are indicated in their <br> description. The rates of other variable rate securities are <br> determined by the issuer or agent and are based on current market <br> conditions. These securities do not indicate a reference rate and <br> spread in their description.<br>|
| c | Denotes step coupon securities. Step coupon securities pay an <br> initial coupon rate for the first period and then different coupon rates <br> for following periods. The rate shown is as of December 31, 2025.<br>|
| d | All or a portion of the security is held on deposit with counterparty <br> and pledged as the initial margin deposit for open futures contracts.<br>|
| e | The interest rate shown reflects the yield. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| CLO | – | Collateralized Loan Obligation |
| REMICS | – | Real Estate Mortgage Investment Conduits |
| plc | – | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **<u>Reference Rate Index:</u>** |  |
| CMT 1Y | Constant Maturity Treasury Yield 1 Year |
| ICE | Intercontinental Exchange |
| SOFR30A | Secured Overnight Financing Rate 30 Year <br> Average <br>|
| SOFRINDEX | Secured Overnight Financing Rate <br> Compounded Index<br>|
| SOFRRATE | Secured Overnight Financing Rate |
| TSFR1M | CME Term SOFR 1 Month |
| TSFR3M | CME Term SOFR 3 Month |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of December 31, 2025(unaudited)

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of December 31, 2025, in valuing Thrivent Ultra Short Bond ETF's assets carried at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Long-Term Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 38247860 |  | 38247860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 3816501 |  | 3816501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 3513338 |  | 3513338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 1971497 |  | 1971497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1827237 |  | 1827237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 14405189 |  | 14405189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 18344776 |  | 18344776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2049372 |  | 2049372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 68195858 |  | 68195858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 7006274 |  | 7006274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 9101927 |  | 9101927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 3750970 |  | 3750970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agencies | 17939535 |  | 17939535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 5330154 |  | 5330154 |  |
| Short-Term Investments | 394814 | 96506 | 298308 |  |
| **Total Investments at Value** | **$195895302** | **$96506** | **$195798796** | **$—** |

---

The following table is a summary of the inputs used, as of December 31, 2025, in valuing Thrivent Ultra Short Bond ETF's other financial instrument assets carried at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 26961 | 26961 |  |  |
| **Total Asset Derivatives** | **$26961** | **$26961** | **$—** | **$—** |

---

The following table presents Ultra Short Bond ETF's futures contracts held as of December 31, 2025. Investments and/or cash totaling $298,308 were pledged as the initial margin deposit for these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Description** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts** <br>**Long/(Short)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Notional Principal** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized**<br>|
| CBOT 2 Yr. U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(82) | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17127754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7051 |
| CBOT 3 Yr. U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(49) | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10468012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19910 |
| **Total Futures Short Contracts** | **Total Futures Short Contracts** | **Total Futures Short Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **$(27595766)** | &nbsp;&nbsp;&nbsp;&nbsp; **$26961** |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **$(27595766)** | &nbsp;&nbsp;&nbsp;&nbsp; **$26961** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reference Description:** | **Reference Description:** | **Reference Description:** |
| CBOT | – | Chicago Board of Trade |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Notes to Schedule of Investments

<br>as of December 31, 2025 <br>(unaudited)

**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 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 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 their net asset value ("NAV") at the close of each business day. Money Market funds where the published daily NAV per share is not available on measurement date shall be fair valued using the NAV per share from the prior day.

The Board has chosen the Funds' investment adviser Thrivent Asset Management, LLC (the "Adviser") as the valuation designee, responsible for overseeing the Funds' valuation policies in accordance with Valuation Policies and Procedures. 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, and other securities requiring fair valuation.

The Committee monitors for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, national news/events, and issuer-specific developments. If the Committee decides that such events warrant using fair value estimates, the Committee will take such events into consideration in determining the fair value of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

In accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the various inputs used to determine the fair value of the Funds' investments are summarized in three broad

levels. Level 1 includes quoted prices in active markets for identical securities, typically included in this level are U.S. equity securities, futures, options and registered investment company funds. Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically included in this level are fixed income securities, international securities, swaps and forward contracts. Level 3 includes significant unobservable inputs such as the Adviser's own assumptions and broker evaluations in determining the fair value of investments. The valuation levels are not necessarily an indication of the risk associated with investing in these securities or other investments. Investments measured using net asset value per share as a practical expedient for fair value and that are not publicly available-for-sale are not categorized within the fair value hierarchy.

**Foreign Currency Translation** — The accounting records of each Fund are maintained in U.S. dollars. Securities and other assets and liabilities that are denominated in foreign currencies are translated into U.S. dollars at the daily closing rates of exchange.

Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. Net realized and unrealized currency gains and losses are recorded from closed currency contracts, disposition of foreign currencies, exchange gains or losses between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Funds do not separately report the effect of changes in foreign exchange rates from changes in prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

For federal income tax purposes, the Funds treat the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the changes in foreign exchange rates between the trade date and settlement date as ordinary income.

**Derivatives Financial Instruments** — The Funds may invest in derivatives, a category that includes options, futures, swaps, foreign currency forward contracts and hybrid instruments. Derivatives are financial instruments whose value is derived from another security, an index or a currency. Each 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 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

------

Notes to Schedule of Investments

<br>as of December 31, 2025 <br>(unaudited)

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 of 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 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 clearing house 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 and 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 a 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** — Each of the 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. A futures contract's daily change in value ("variation margin") is either paid to or received from the broker, and is recorded as an unrealized gain or loss. When the contract is closed, realized gain or loss is recorded equal to the difference between the value of the contract when opened and the value of the contract when closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default.

During the period ended December 31, 2025, Ultra Short Bond ETF used treasury futures to manage the duration and yield curve exposure of the respective Fund as compared to its benchmark.

Additional information for the Fund's policy regarding valuation of investments and other significant accounting policies can be obtained by referring to the Fund's most recent annual or semiannual report.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Thrivent ETF Trust

- **b. Investment Company Act file number:** 811-23759

- **c. CIK number of Registrant:** 0001896670

- **d. LEI of Registrant:** 549300TD5WNREV0BEU12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 MARQUETTE AVENUE

  - **City:** MINNEAPOLIS

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402-3211

  - **Telephone number:** 612-844-7190

**Item A.2. Information about the Series.**

- **a. Name of Series:** Thrivent Core Plus Bond ETF

- **b. EDGAR series identifier (if any):** S000089905

- **c. LEI of Series:** 254900O6N2LIFQWFAG71

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $368465720.41

**Total Liabilities:** $23869975.76

**Net Assets:** $344595744.65

**Delayed Delivery Securities:** $23770368.00

**Cash Not Reported:** $134.42

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -175.75000000 | **1-Year:** -8746.91000000 | **5-Year:** -34404.49000000 | **10-Year:** -29145.29000000 | **30-Year:** -8943.03000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -87.01000000 | **1-Year:** -1587.54000000 | **5-Year:** -5448.10000000 | **10-Year:** -3059.96000000 | **30-Year:** -315.21000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256748 | 0.61%                | 0.65%                | -0.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $187636.40               | $350226.28                                 |
| Month 2  | $263196.25               | $407966.39                                 |
| Month 3  | $124870.24               | $-1598275.44                               |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Universal Total Return Index

- **Index Identifier:** LC07TRUU

### Schedule of Portfolio Investments

| Name                                             | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMSR Trust                                       | AMSR 2025-SFR1 Trust                                                            | CUSIP: 00182MAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $477961.30    | 0.14%             | 2042-06-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                         | American Airlines Inc/AAdvantage Loyalty IP Ltd                                 | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    110000 | PA      | $112017.29    | 0.03%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                       | AbbVie Inc                                                                      | CUSIP: 00287YEB1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    510000 | PA      | $510914.77    | 0.15%             | 2055-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                            | Accenture Capital Inc                                                           | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |    585000 | PA      | $576672.77    | 0.17%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    385000 | PA      | $355478.00    | 0.10%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177996 | PA      | $178255.83    | 0.05%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                         | Agree LP                                                                        | CUSIP: 008513AF0<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              |  | US        |    260000 | PA      | $272158.60    | 0.08%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AB7<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    380000 | PA      | $381456.39    | 0.11%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                          | Algonquin Power & Utilities Corp                                                | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $493083.85    | 0.14%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                               | Ally Financial Inc                                                              | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    460000 | PA      | $471679.27    | 0.14%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                     | Alphabet Inc                                                                    | CUSIP: 02079KBA4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    710000 | PA      | $696486.29    | 0.20%             | 2055-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                          | American Electric Power Co Inc                                                  | CUSIP: 025537AP6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    260000 | PA      | $173161.25    | 0.05%             | 2050-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                          | American Electric Power Co Inc                                                  | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491264.98    | 0.14%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                             | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    710000 | PA      | $749664.19    | 0.22%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                           | American Honda Finance Corp                                                     | CUSIP: 02665WGF2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    710000 | PA      | $729569.01    | 0.21%             | 2032-07-09      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                            | American Homes 4 Rent LP                                                        | CUSIP: 02666TAK3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |    260000 | PA      | $265202.69    | 0.08%             | 2030-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                           | American International Group Inc                                                | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    510000 | PA      | $524502.06    | 0.15%             | 2033-03-27      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receivables Trust         | American Heritage Auto Receivables Trust 2024-1                                 | CUSIP: 026944AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $111125.80    | 0.03%             | 2029-09-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                         | Ameriprise Financial Inc                                                        | CUSIP: 03076CAP1<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    710000 | PA      | $724888.25    | 0.21%             | 2035-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                    | Amphenol Corp                                                                   | CUSIP: 032095AZ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    385000 | PA      | $380954.83    | 0.11%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                           | Anglo American Capital PLC                                                      | CUSIP: 034863BE9<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    585000 | PA      | $613610.02    | 0.18%             | 2034-04-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2025-13                                                | CUSIP: 034952AC5<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500624.40    | 0.15%             | 2070-10-25      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                         | Aon Corp / Aon Global Holdings PLC                                              | CUSIP: 03740LAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    510000 | PA      | $531098.24    | 0.15%             | 2033-02-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                         | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAK9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    510000 | PA      | $515842.07    | 0.15%             | 2030-08-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                | Ares Capital Corp                                                               | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    710000 | PA      | $714632.34    | 0.21%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                         | Ares Strategic Income Fund                                                      | CUSIP: 04020EAB3<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61738.67     | 0.02%             | 2029-08-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                         | Ares Strategic Income Fund                                                      | CUSIP: 04020EAP2<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    710000 | PA      | $701662.11    | 0.20%             | 2029-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                     | Ares LXXI CLO Ltd                                                               | CUSIP: 04020MAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    235000 | PA      | $235548.02    | 0.07%             | 2037-04-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LEND                             | Atlas Warehouse Lending Co LP                                                   | CUSIP: 049463AG7<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    510000 | PA      | $511694.91    | 0.15%             | 2030-11-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                          | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AV8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    760000 | PA      | $786029.62    | 0.23%             | 2036-06-18      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                           | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    285000 | PA      | $289371.65    | 0.08%             | 2030-04-10      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                           | Aviation Capital Group LLC                                                      | CUSIP: 05369AAT8<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    510000 | PA      | $510192.86    | 0.15%             | 2030-10-24      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC         | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RKM5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $279549.33    | 0.08%             | 2029-08-20      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    385000 | PA      | $399421.35    | 0.12%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     60000 | PA      | $61596.39     | 0.02%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    260000 | PA      | $257167.20    | 0.07%             | 2032-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                              | Axon Enterprise Inc                                                             | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260081.79    | 0.08%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2025-5C37                                                  | CUSIP: 05494NAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $510181.35    | 0.15%             | 2058-09-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                  | BAE Systems PLC                                                                 | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $258886.27    | 0.08%             | 2034-03-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    385000 | PA      | $449694.84    | 0.13%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2025-5C36                                                  | CUSIP: 05556CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $521558.90    | 0.15%             | 2058-08-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                         | CUSIP: 056121AA4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    710000 | PA      | $728794.41    | 0.21%             | 2031-05-28      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                      | Balboa Bay Loan Funding 2021-2 Ltd                                              | CUSIP: 05766GAQ0<br>LEI: 549300N3EVICXRV85R74 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250110.25    | 0.07%             | 2035-01-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                       | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256971.94    | 0.07%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                               | Banco Santander SA                                                              | CUSIP: 05964HBB0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    610000 | PA      | $631208.74    | 0.18%             | 2030-03-14      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                            | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    960000 | PA      | $957647.76    | 0.28%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                            | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1094295.56   | 0.32%             | 2031-01-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                            | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    450000 | PA      | $457067.70    | 0.13%             | 2030-07-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                              | Bank of Nova Scotia/The                                                         | CUSIP: 06418GAN7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    710000 | PA      | $717816.35    | 0.21%             | 2032-11-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2020-BNK28                                                                 | CUSIP: 06540YAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $353884.08    | 0.10%             | 2063-03-15      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $297298.33    | 0.09%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                    | CUSIP: 06738ECU7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    460000 | PA      | $469115.02    | 0.14%             | 2030-09-10      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                    | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $264209.32    | 0.08%             | 2035-09-10      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                   | Barings CLO Ltd 2021-III                                                        | CUSIP: 06762TAQ4<br>LEI: 549300V1VT2NXKFG0H98 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750288.00    | 0.22%             | 2035-01-18      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Barings Loan Partners CLO Ltd. 2                 | Barings Loan Partners CLO Ltd 2                                                 | CUSIP: 06763BAN9<br>LEI: 549300J1ZQ7BWN0H0X91 | Long             | ABS-CBDO         | CORP              | KY        |    180000 | PA      | $179653.68    | 0.05%             | 2034-01-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                | Battalion CLO IX Ltd                                                            | CUSIP: 07132EAU9<br>LEI: 549300JMWGEYZEC6GK98 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000172.00   | 0.29%             | 2031-07-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                | Battalion CLO XXI Ltd                                                           | CUSIP: 07134WAU7<br>LEI: 549300EOF4JL75TYXX49 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998082.00    | 0.29%             | 2034-07-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2025-5C34                                                  | CUSIP: 07337BAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $520905.60    | 0.15%             | 2058-05-15      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2025-C35                                                   | CUSIP: 07337DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $525698.75    | 0.15%             | 2058-07-15      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                            | Becton Dickinson & Co                                                           | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    585000 | PA      | $518236.99    | 0.15%             | 2044-12-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| BELROSE FUNDING TRUST II                         | Belrose Funding Trust II                                                        | CUSIP: 08079KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $737223.37    | 0.21%             | 2055-05-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2025-V14 Mortgage Trust                                               | CUSIP: 08164BAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $234972.65    | 0.07%             | 2057-04-15      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                         | Blackstone Holdings Finance Co LLC                                              | CUSIP: 09261BAK6<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |    510000 | PA      | $552873.09    | 0.16%             | 2033-04-22      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND                          | Blackstone Secured Lending Fund                                                 | CUSIP: 09261XAL6<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    510000 | PA      | $503650.16    | 0.15%             | 2031-01-31      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp                                                | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60356.57     | 0.02%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                  | CUSIP: 09659W2W3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    710000 | PA      | $734466.86    | 0.21%             | 2030-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                  | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     60000 | PA      | $62984.08     | 0.02%             | 2033-01-13      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                  | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    460000 | PA      | $465109.05    | 0.13%             | 2029-05-09      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                               | BMO 2025-5C13 Mortgage Trust                                                    | CUSIP: 09664JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1029310.10   | 0.30%             | 2058-12-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    385000 | PA      | $378683.84    | 0.11%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                    | Boeing Co/The                                                                   | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    585000 | PA      | $657036.09    | 0.19%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                   | Bombardier Inc                                                                  | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $388946.88    | 0.11%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                           | BP Capital Markets America Inc                                                  | CUSIP: 10373QBS8<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    385000 | PA      | $246265.18    | 0.07%             | 2052-03-17      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds            | Brazil Government International Bond                                            | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    400000 | PA      | $412080.00    | 0.12%             | 2035-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                    | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    585000 | PA      | $541513.89    | 0.16%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                    | CUSIP: 11135FCV1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    585000 | PA      | $475888.71    | 0.14%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                    | CUSIP: 11135FCW9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    585000 | PA      | $584555.05    | 0.17%             | 2030-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                | Brown & Brown Inc                                                               | CUSIP: 115236AN1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    260000 | PA      | $270352.46    | 0.08%             | 2055-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP                           | Bunge Ltd Finance Corp                                                          | CUSIP: 120568BN9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    960000 | PA      | $903350.56    | 0.26%             | 2031-04-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $386794.64    | 0.11%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                | CBRE Services Inc                                                               | CUSIP: 12505BAL4<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    710000 | PA      | $713411.14    | 0.21%             | 2033-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                  | Cigna Group/The                                                                 | CUSIP: 125523CY4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    510000 | PA      | $516636.34    | 0.15%             | 2032-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC                                    | CME Group Inc                                                                   | CUSIP: 12572QAL9<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    260000 | PA      | $263739.80    | 0.08%             | 2030-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                  | CSAIL 2020-C19 Commercial Mortgage Trust                                        | CUSIP: 12597NAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    484000 | PA      | $442171.66    | 0.13%             | 2053-03-15      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                  | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    585000 | PA      | $515706.67    | 0.15%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                  | CVS Health Corp                                                                 | CUSIP: 126650EJ5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    710000 | PA      | $724676.15    | 0.21%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                               | Coterra Energy Inc                                                              | CUSIP: 127097AL7<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    710000 | PA      | $731547.07    | 0.21%             | 2034-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                             | COPT Defense Properties LP                                                      | CUSIP: 12713UAA4<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              |  | US        |    510000 | PA      | $507523.49    | 0.15%             | 2030-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                    | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    710000 | PA      | $717060.37    | 0.21%             | 2029-07-03      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                     | Calpine Corp                                                                    | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    685000 | PA      | $685453.47    | 0.20%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                         | Canadian Pacific Railway Co                                                     | CUSIP: 13645RBK9<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $473464.54    | 0.14%             | 2035-03-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                      | Cargill Inc                                                                     | CUSIP: 141781CG7<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    510000 | PA      | $490824.39    | 0.14%             | 2055-10-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                             | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    245000 | PA      | $255350.09    | 0.07%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $474745.59    | 0.14%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $718246.75    | 0.21%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $259369.31    | 0.08%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Chenango Park CLO, Ltd.                          | Chenango Park CLO Ltd                                                           | CUSIP: 16409TAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    595000 | PA      | $595480.17    | 0.17%             | 2030-04-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                         | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    460000 | PA      | $470293.95    | 0.14%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                         | Citadel Securities Global Holdings LLC                                          | CUSIP: 17289RAB2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    510000 | PA      | $536847.39    | 0.16%             | 2035-06-18      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                   | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    385000 | PA      | $367089.27    | 0.11%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                   | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    460000 | PA      | $463734.07    | 0.13%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                   | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    460000 | PA      | $464299.77    | 0.13%             | 2036-09-11      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                   | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    585000 | PA      | $589652.00    | 0.17%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                         | Citizens Financial Group Inc                                                    | CUSIP: 174610BJ3<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    260000 | PA      | $267162.30    | 0.08%             | 2031-03-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    260000 | PA      | $267379.17    | 0.08%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                               | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $391497.31    | 0.11%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                     | Comcast Corp                                                                    | CUSIP: 20030NBE0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    260000 | PA      | $227928.90    | 0.07%             | 2042-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                     | Comcast Corp                                                                    | CUSIP: 20030NER8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    460000 | PA      | $471173.39    | 0.14%             | 2032-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                               | Conagra Brands Inc                                                              | CUSIP: 205887CC4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    810000 | PA      | $819425.54    | 0.24%             | 2028-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                         | Corebridge Financial Inc                                                        | CUSIP: 21871XAR0<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    510000 | PA      | $541184.10    | 0.16%             | 2033-09-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                      | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    400000 | PA      | $431320.31    | 0.13%             | 2036-04-01      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                         | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $514638.86    | 0.15%             | 2031-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| COUSINS PROPERTIES LP                            | Cousins Properties LP                                                           | CUSIP: 222793AC5<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              |  | US        |    260000 | PA      | $266606.54    | 0.08%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                               | Credit Agricole SA                                                              | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    710000 | PA      | $728898.29    | 0.21%             | 2031-05-27      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                    | CUSIP: 225401AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    360000 | PA      | $356568.78    | 0.10%             | 2031-04-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                             | Cross 2024-H2 Mortgage Trust                                                    | CUSIP: 22757BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196474 | PA      | $198343.71    | 0.06%             | 2069-04-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                                   | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    585000 | PA      | $603589.44    | 0.18%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                 | DT Midstream Inc                                                                | CUSIP: 23345MAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $492635.61    | 0.14%             | 2032-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBQ3<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    460000 | PA      | $453868.98    | 0.13%             | 2035-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBT7<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    710000 | PA      | $709067.05    | 0.21%             | 2032-10-06      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                              | Delta Air Lines Inc                                                             | CUSIP: 247361A24<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    510000 | PA      | $519171.40    | 0.15%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CK3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    260000 | PA      | $238692.96    | 0.07%             | 2032-05-28      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    460000 | PA      | $490494.35    | 0.14%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526DA4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    260000 | PA      | $266387.24    | 0.08%             | 2031-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                         | Devon Energy Corp                                                               | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258853.44    | 0.08%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                           | Diamondback Energy Inc                                                          | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    710000 | PA      | $764994.26    | 0.22%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                               | Dominican Republic Government International Bond                                | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    450000 | PA      | $482895.00    | 0.14%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                         | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $619995.75    | 0.18%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 72 CLO Ltd                                                               | CUSIP: 26252NAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001893.00   | 0.29%             | 2032-05-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 78 CLO Ltd                                                               | CUSIP: 26253LAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    235000 | PA      | $235191.29    | 0.07%             | 2037-04-17      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                 | Duke Energy Corp                                                                | CUSIP: 26441CCF0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    610000 | PA      | $603160.80    | 0.18%             | 2054-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                 | Duke Energy Corp                                                                | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    585000 | PA      | $614003.27    | 0.18%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                | EOG Resources Inc                                                               | CUSIP: 26875PAY7<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    710000 | PA      | $727242.36    | 0.21%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                                 | ERP Operating LP                                                                | CUSIP: 26884ABP7<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              |  | US        |    460000 | PA      | $455158.47    | 0.13%             | 2034-09-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                   | EPR Properties                                                                  | CUSIP: 26884UAH2<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              |  | US        |    710000 | PA      | $704468.71    | 0.20%             | 2030-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EASTMAN CHEMICAL CO                              | Eastman Chemical Co                                                             | CUSIP: 277432AZ3<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255057.28    | 0.07%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                           | Edgewell Personal Care Co                                                       | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    390000 | PA      | $390406.38    | 0.11%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                         | Encore Capital Group Inc                                                        | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268736.50    | 0.08%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                              | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    385000 | PA      | $398523.81    | 0.12%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                                   | Eskom Holdings                                                                  | CUSIP: 29646AAC0<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    350000 | PA      | $362474.02    | 0.11%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                            | Evergy Kansas Central Inc                                                       | CUSIP: 30036FAE1<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    385000 | PA      | $390881.60    | 0.11%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                      | Exelon Corp                                                                     | CUSIP: 30161NBS9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    585000 | PA      | $586624.80    | 0.17%             | 2055-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                         | FMC Corp                                                                        | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |    500000 | PA      | $395752.87    | 0.11%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                               | Meta Platforms Inc                                                              | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1008646.61   | 0.29%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 3132CXTS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3882423 | PA      | $3991495.46   | 1.16%             | 2040-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 3132DN4F7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3532188 | PA      | $3371504.43   | 0.98%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 3132DQ2P0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1075404 | PA      | $1102362.74   | 0.32%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 3132DUKU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5574103 | PA      | $5701293.27   | 1.65%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 3132DWFG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    731484 | PA      | $733284.46    | 0.21%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                               | CUSIP: 3136BVQK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $489068.25    | 0.14%             | 2055-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                               | CUSIP: 3136BVSX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     76765 | PA      | $76215.69     | 0.02%             | 2055-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FJY60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40000 | PA      | $39658.29     | 0.01%             | 2030-12-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                              | CUSIP: 3137FYCL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2658415 | PA      | $233475.57    | 0.07%             | 2051-03-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H7QH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5175000 | PA      | $4701222.02   | 1.36%             | 2032-05-25      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H93C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1720000 | PA      | $1646533.64   | 0.48%             | 2032-08-25      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H9UD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3095000 | PA      | $3098880.51   | 0.90%             | 2033-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                              | CUSIP: 3137HK6A7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $746989.88    | 0.22%             | 2055-03-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140QSP39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4859116 | PA      | $4969645.47   | 1.44%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140W06P5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6487117 | PA      | $6044918.91   | 1.75%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140W1KE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5634621 | PA      | $5067412.04   | 1.47%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140W1M75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7120683 | PA      | $5852939.35   | 1.70%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140XLR26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4940518 | PA      | $5066902.94   | 1.47%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140XM5T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    760298 | PA      | $725360.90    | 0.21%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31418FCH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    964725 | PA      | $990575.27    | 0.29%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31418FQS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4798107 | PA      | $4826248.36   | 1.40%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 31427M3Z2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4540633 | PA      | $4351430.75   | 1.26%             | 2053-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 31427M6J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4762561 | PA      | $4099853.33   | 1.19%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 31427NH93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5361064 | PA      | $5277145.58   | 1.53%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 31427Q3B6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5718452 | PA      | $5764656.55   | 1.67%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 31427QDG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4941278 | PA      | $5049174.65   | 1.47%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 31427QR46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5954196 | PA      | $5977403.19   | 1.73%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                | CUSIP: 3142GVFV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5377817 | PA      | $5423562.93   | 1.57%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                         | First Citizens BancShares Inc/NC                                                | CUSIP: 319626AA5<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    710000 | PA      | $708765.25    | 0.21%             | 2035-09-05      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                         | First Quantum Minerals Ltd                                                      | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $484078.24    | 0.14%             | 2031-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                       | Fiserv Inc                                                                      | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    660000 | PA      | $640036.58    | 0.19%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                       | Fiserv Inc                                                                      | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    460000 | PA      | $458969.83    | 0.13%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                 | FirstEnergy Corp                                                                | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    510000 | PA      | $448971.71    | 0.13%             | 2047-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                          | Flagstar Mortgage Trust 2021-6INV                                               | CUSIP: 33851GAD7<br>LEI: 549300H3PON1KOB2RF56 | Long             | ABS-MBS          | CORP              | US        |    694299 | PA      | $580227.58    | 0.17%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                         | Florida Power & Light Co                                                        | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    585000 | PA      | $612771.94    | 0.18%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                             | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    610000 | PA      | $618479.00    | 0.18%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                        | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    260000 | PA      | $272771.16    | 0.08%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                        | CUSIP: 345397H48<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    510000 | PA      | $517852.39    | 0.15%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                         | Fortitude Group Holdings LLC                                                    | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    385000 | PA      | $401010.54    | 0.12%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                            | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    635000 | PA      | $652110.52    | 0.19%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                               | Seasoned Loans Structured Transaction Trust Series 2025-2                       | CUSIP: 35564C2S5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1281062.40   | 0.37%             | 2035-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                 | GGAM Finance Ltd                                                                | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    365000 | PA      | $386523.69    | 0.11%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GCAT                                             | GCAT 2024-INV1 Trust                                                            | CUSIP: 36831BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    431357 | PA      | $434923.49    | 0.13%             | 2054-01-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                             | GCAT 2024-INV1 Trust                                                            | CUSIP: 36831BBC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    533992 | PA      | $548697.83    | 0.16%             | 2054-01-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                 | CUSIP: 37045XER3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    385000 | PA      | $404945.04    | 0.12%             | 2031-02-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                 | CUSIP: 37045XFG6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    385000 | PA      | $400870.17    | 0.12%             | 2032-04-04      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                 | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    460000 | PA      | $460654.35    | 0.13%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                            | Genesee & Wyoming Inc                                                           | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |    255000 | PA      | $262969.54    | 0.08%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                              | Georgia-Pacific LLC                                                             | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    510000 | PA      | $516046.93    | 0.15%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                             | Wrangler Holdco Corp                                                            | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $387842.51    | 0.11%             | 2032-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269847.83    | 0.08%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    585000 | PA      | $591681.77    | 0.17%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GD27<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    710000 | PA      | $709841.12    | 0.21%             | 2029-10-21      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS PRIVATE CR                         | Goldman Sachs Private Credit Corp                                               | CUSIP: 38152BAA9<br>LEI: 549300TD27G6372IYJ65 | Long             | DBT              | CORP              | US        |    410000 | PA      | $417644.58    | 0.12%             | 2028-05-06      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                            | Guatemala Government International Bond                                         | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    450000 | PA      | $481050.00    | 0.14%             | 2037-02-06      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                         | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    585000 | PA      | $609609.90    | 0.18%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                         | CUSIP: 404119DF3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    460000 | PA      | $453709.97    | 0.13%             | 2035-11-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                               | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    460000 | PA      | $476897.68    | 0.14%             | 2030-03-04      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                               | CUSIP: 404280EW5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    460000 | PA      | $473927.32    | 0.14%             | 2031-05-13      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                               | CUSIP: 404280FB0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    510000 | PA      | $524988.57    | 0.15%             | 2036-09-10      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FU                         | HPS Corporate Lending Fund                                                      | CUSIP: 40440VAL9<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    710000 | PA      | $714317.43    | 0.21%             | 2027-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                         | Healthcare Realty Holdings LP                                                   | CUSIP: 42225UAG9<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |    260000 | PA      | $246977.02    | 0.07%             | 2030-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                      | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MCU1<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $253493.95    | 0.07%             | 2029-09-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                      | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MDC0<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $761770.65    | 0.22%             | 2029-12-26      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                      | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MDR7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497088.30    | 0.14%             | 2032-05-25      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                 | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBZ1<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    710000 | PA      | $710624.71    | 0.21%             | 2028-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HIGHWOODS REALTY LP                              | Highwoods Realty LP                                                             | CUSIP: 431282AV4<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              |  | US        |    460000 | PA      | $459655.18    | 0.13%             | 2033-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                         | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    605000 | PA      | $587880.98    | 0.17%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                            | Amrize Finance US LLC                                                           | CUSIP: 43475RAR7<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102248.28    | 0.03%             | 2030-04-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                               | Honda Motor Co Ltd                                                              | CUSIP: 438127AD4<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |   1210000 | PA      | $1221652.58   | 0.35%             | 2028-07-08      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                              | Hotwire Funding LLC                                                             | CUSIP: 44148JAH2<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $208491.44    | 0.06%             | 2054-06-20      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                             | Howmet Aerospace Inc                                                            | CUSIP: 443201AD0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    460000 | PA      | $462049.75    | 0.13%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                         | CUSIP: 44891ACP0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $533040.41    | 0.15%             | 2030-09-21      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                         | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    710000 | PA      | $717634.44    | 0.21%             | 2027-06-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                          | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    510000 | PA      | $514106.54    | 0.15%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                         | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    421000 | PA      | $379869.20    | 0.11%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOTTERY PLC                           | Brightstar Lottery PLC                                                          | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $259409.59    | 0.08%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                              | Invitation Homes Operating Partnership LP                                       | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |    260000 | PA      | $252363.66    | 0.07%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                              | Invitation Homes Operating Partnership LP                                       | CUSIP: 46188BAH5<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |    710000 | PA      | $720309.74    | 0.21%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain Inc                                                               | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    265000 | PA      | $261435.25    | 0.08%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                             | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    510000 | PA      | $468016.94    | 0.14%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                             | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    760000 | PA      | $774128.38    | 0.22%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                             | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    710000 | PA      | $733058.28    | 0.21%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                             | CUSIP: 46647PFE1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    960000 | PA      | $953245.43    | 0.28%             | 2036-10-22      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | J.P. Morgan Mortgage Trust 2021-INV7                                            | CUSIP: 46654CAE5<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |    703236 | PA      | $588593.17    | 0.17%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust Series 2025-12MPR                                      | CUSIP: 46660LAD9<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $747701.03    | 0.22%             | 2056-06-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                          | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $249302.20    | 0.07%             | 2032-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                          | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $260949.09    | 0.08%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP                            | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                        | CUSIP: 472140AC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $508295.27    | 0.15%             | 2055-02-25      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD GRP/CO                         | JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Inc / JBS USA Food Co   | CUSIP: 472140AE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $508078.86    | 0.15%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAQ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    385000 | PA      | $370060.95    | 0.11%             | 2032-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                          | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     60000 | PA      | $65171.72     | 0.02%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                      | KeyBank NA/Cleveland OH                                                         | CUSIP: 49327V2C7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    510000 | PA      | $508936.53    | 0.15%             | 2032-08-08      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                 | Kilroy Realty LP                                                                | CUSIP: 49427RAR3<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              |  | US        |    260000 | PA      | $213314.57    | 0.06%             | 2033-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                 | Kilroy Realty LP                                                                | CUSIP: 49427RAT9<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              |  | US        |    510000 | PA      | $512337.96    | 0.15%             | 2035-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                | Kinder Morgan Inc                                                               | CUSIP: 49456BAW1<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    585000 | PA      | $543877.57    | 0.16%             | 2052-08-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                              | LCM 41 Ltd                                                                      | CUSIP: 501971AW5<br>LEI: 549300NXCNS8YRPWOQ95 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500904.00    | 0.15%             | 2036-04-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| L'OREAL SA                                       | L'Oreal SA                                                                      | CUSIP: 502117AA2<br>LEI: 529900JI1GG6F7RKVI53 | Long             | DBT              | CORP              | FR        |    710000 | PA      | $725721.09    | 0.21%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    710000 | PA      | $727750.57    | 0.21%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                | L3Harris Technologies Inc                                                       | CUSIP: 502431AT6<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    460000 | PA      | $478589.98    | 0.14%             | 2031-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                              | LYB International Finance III LLC                                               | CUSIP: 50249AAQ6<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1013747.28   | 0.29%             | 2031-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                             | Las Vegas Sands Corp                                                            | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    260000 | PA      | $271379.24    | 0.08%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                             | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    610000 | PA      | $625430.04    | 0.18%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                         | Lloyds Banking Group PLC                                                        | CUSIP: 539439BE8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    510000 | PA      | $536267.24    | 0.16%             | 2036-06-13      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                             | M&T Bank Corp                                                                   | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    710000 | PA      | $728903.27    | 0.21%             | 2031-07-08      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                         | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    460000 | PA      | $482032.37    | 0.14%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                         | Madison Park Funding XXIV Ltd                                                   | CUSIP: 55820NAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    468259 | PA      | $468439.27    | 0.14%             | 2029-10-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| MARS INC                                         | Mars Inc                                                                        | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    310000 | PA      | $314247.12    | 0.09%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MARS INC                                         | Mars Inc                                                                        | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60480.90     | 0.02%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                               | Mattamy Group Corp                                                              | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    480000 | PA      | $465983.81    | 0.14%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                    | McKesson Corp                                                                   | CUSIP: 581557BW4<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    710000 | PA      | $722321.35    | 0.21%             | 2030-05-30      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                                    | Methanex Corp                                                                   | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    275000 | PA      | $277509.38    | 0.08%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                            | Micron Technology Inc                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    260000 | PA      | $276546.67    | 0.08%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                            | Micron Technology Inc                                                           | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    460000 | PA      | $483526.06    | 0.14%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    410000 | PA      | $422548.94    | 0.12%             | 2031-04-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                           | Mizuho Financial Group Inc                                                      | CUSIP: 60687YDL0<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    710000 | PA      | $719167.04    | 0.21%             | 2031-07-08      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                           | Molex Electronic Technologies LLC                                               | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |    160000 | PA      | $161744.94    | 0.05%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                  | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    585000 | PA      | $609468.05    | 0.18%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                  | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    585000 | PA      | $603177.08    | 0.18%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                  | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    260000 | PA      | $272912.97    | 0.08%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3                        | CUSIP: 61778LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    861392 | PA      | $867441.26    | 0.25%             | 2070-05-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8                        | CUSIP: 61779QAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    525881 | PA      | $526628.96    | 0.15%             | 2070-09-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy Inc                                                                  | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    385000 | PA      | $386036.81    | 0.11%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                | NatWest Group PLC                                                               | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    710000 | PA      | $728817.13    | 0.21%             | 2031-05-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                            | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    260000 | PA      | $279965.14    | 0.08%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                     | NiSource Inc                                                                    | CUSIP: 65473PAX3<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    460000 | PA      | $470301.18    | 0.14%             | 2035-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                     | NiSource Inc                                                                    | CUSIP: 65473QBF9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    585000 | PA      | $484839.73    | 0.14%             | 2047-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                              | Nomura Holdings Inc                                                             | CUSIP: 65535HBZ1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    710000 | PA      | $720607.31    | 0.21%             | 2030-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                            | Northrop Grumman Corp                                                           | CUSIP: 666807CP5<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269162.35    | 0.08%             | 2035-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 50, Ltd.             | Octagon Investment Partners 50 Ltd                                              | CUSIP: 67592MBA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500202.50    | 0.15%             | 2035-01-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                         | Omega Healthcare Investors Inc                                                  | CUSIP: 681936BL3<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |    260000 | PA      | $251735.09    | 0.07%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                         | Omega Healthcare Investors Inc                                                  | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |    260000 | PA      | $264597.59    | 0.08%             | 2030-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                           | Oman Government International Bond                                              | CUSIP: 682051AJ6<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    250000 | PA      | $275280.89    | 0.08%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OMNIS FUNDING TRUST                              | Omnis Funding Trust                                                             | CUSIP: 68218WAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $270361.65    | 0.08%             | 2055-05-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                        | ONEOK Inc                                                                       | CUSIP: 682680BE2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    710000 | PA      | $762017.26    | 0.22%             | 2031-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC                                    | Open Text Holdings Inc                                                          | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $583064.63    | 0.17%             | 2031-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    510000 | PA      | $451867.25    | 0.13%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                            | Blue Owl Capital Corp                                                           | CUSIP: 69121KAH7<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    710000 | PA      | $716517.29    | 0.21%             | 2029-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BE4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    310000 | PA      | $307247.37    | 0.09%             | 2033-06-06      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    460000 | PA      | $470771.69    | 0.14%             | 2031-05-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust 2021-INV1                         | PMT Loan Trust 2021-INV2                                                        | CUSIP: 69359YAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    517887 | PA      | $432800.02    | 0.13%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC             | PRET 2025-RPL2 Trust                                                            | CUSIP: 69392LAA2<br>LEI: 254900640HC5OZKI7J87 | Long             | ABS-MBS          | CORP              | US        |     92769 | PA      | $90709.45     | 0.03%             | 2064-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                | PARK BLUE CLO 2023-III LTD                                                      | CUSIP: 70019AAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501704.00    | 0.15%             | 2038-04-20      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                      | Paychex Inc                                                                     | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    585000 | PA      | $602265.92    | 0.17%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PEACHTREE FUND TRUST II                          | Peachtree Corners Funding Trust II                                              | CUSIP: 70470BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $115939.59    | 0.03%             | 2035-05-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                       | Pfizer Inc                                                                      | CUSIP: 717081FE8<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260598.97    | 0.08%             | 2032-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                 | CUSIP: 718172AW9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    385000 | PA      | $326059.32    | 0.09%             | 2043-03-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                 | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    460000 | PA      | $475461.37    | 0.14%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                          | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAD0<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              |  | US        |    510000 | PA      | $521273.70    | 0.15%             | 2032-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                   | PMT Loan Trust 2025-INV5                                                        | CUSIP: 729907AM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499602.00    | 0.14%             | 2056-05-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust                       | Point Securitization Trust 2025-1                                               | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    331138 | PA      | $332440.70    | 0.10%             | 2055-06-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    575000 | PA      | $590798.04    | 0.17%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PRICOA GLOBAL FUNDING 1                          | Pricoa Global Funding I                                                         | CUSIP: 74153WCW7<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |    510000 | PA      | $518994.16    | 0.15%             | 2030-05-28      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                 | Provident Funding Mortgage Trust 2025-6                                         | CUSIP: 74388TAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $431177.67    | 0.13%             | 2055-12-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                         | Public Service Enterprise Group Inc                                             | CUSIP: 744573BA3<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    510000 | PA      | $521502.00    | 0.15%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                     | QUALCOMM Inc                                                                    | CUSIP: 747525BU6<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    960000 | PA      | $975851.72    | 0.28%             | 2030-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                            | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    255000 | PA      | $265424.40    | 0.08%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RFS Asset Securitization LLC                     | RFS Asset Securitization V LLC                                                  | CUSIP: 74970DAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404644.00    | 0.12%             | 2032-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                         | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDV3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    510000 | PA      | $521741.35    | 0.15%             | 2031-05-27      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                  | Rand Parent LLC                                                                 | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $62511.18     | 0.02%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                         | RTX Corp                                                                        | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    260000 | PA      | $284464.60    | 0.08%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    460000 | PA      | $487536.66    | 0.14%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                               | Regency Centers LP                                                              | CUSIP: 75884RBB8<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |    260000 | PA      | $267306.07    | 0.08%             | 2034-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                          | Reinsurance Group of America Inc                                                | CUSIP: 759351AS8<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    710000 | PA      | $740446.48    | 0.21%             | 2034-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS                           | Repsol E&P Capital Markets US LLC                                               | CUSIP: 76026AAB3<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |    510000 | PA      | $517216.03    | 0.15%             | 2030-09-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                              | Resideo Funding Inc                                                             | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    385000 | PA      | $394060.21    | 0.11%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                               | Roche Holdings Inc                                                              | CUSIP: 771196CT7<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498070.77    | 0.14%             | 2032-12-02      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| ROC Securities Trust                             | Roc Mortgage Trust 2025-RTL1                                                    | CUSIP: 77119RAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $150799.19    | 0.04%             | 2040-02-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                           | Roper Technologies Inc                                                          | CUSIP: 776696AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    385000 | PA      | $384159.34    | 0.11%             | 2034-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    580000 | PA      | $600156.31    | 0.17%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                               | Royalty Pharma PLC                                                              | CUSIP: 78081BAU7<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    710000 | PA      | $713590.76    | 0.21%             | 2035-09-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                 | Ryder System Inc                                                                | CUSIP: 78355HLF4<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    710000 | PA      | $724323.19    | 0.21%             | 2030-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                     | State Street Institutional US Government Money Market Fund                      | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    361181 | NS      | $361181.36    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC                                   | S&P Global Inc                                                                  | CUSIP: 78409VBR4<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    450000 | PA      | $448612.74    | 0.13%             | 2035-12-04      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Private Credit Student Loan Trust 2004-A                                    | CUSIP: 78443CBH6<br>LEI: 54930054KUX5HFXZUQ43 | Long             | ABS-O            | CORP              | US        |     94620 | PA      | $94347.25     | 0.03%             | 2033-06-15      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                  | San Diego Gas & Electric Co                                                     | CUSIP: 797440CG7<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269116.64    | 0.08%             | 2035-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SANOFI SA                                        | Sanofi SA                                                                       | CUSIP: 801060AJ3<br>LEI: 549300E9PC51EN656011 | Long             | DBT              | CORP              | FR        |    760000 | PA      | $758839.98    | 0.22%             | 2032-11-03      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust        | Santander Mortgage Asset Receivable Trust 2025-NQM5                             | CUSIP: 80262CAA6<br>LEI: 254900FHBJ2YHHBOAU80 | Long             | ABS-MBS          | CORP              | US        |    723510 | PA      | $724609.90    | 0.21%             | 2065-08-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                           | Santander Holdings USA Inc                                                      | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245722.03    | 0.07%             | 2028-01-06      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                           | Santander Holdings USA Inc                                                      | CUSIP: 80282KBN5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    310000 | PA      | $316801.20    | 0.09%             | 2029-03-20      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                         | CUSIP: 808513CL7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    710000 | PA      | $705232.44    | 0.20%             | 2036-11-14      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                               | Serbia Government International Bond                                            | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    300000 | PA      | $310151.10    | 0.09%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2025-12                                                  | CUSIP: 81749XAH6<br>LEI: 54930005PH54PMVV8351 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $482999.05    | 0.14%             | 2055-12-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                         | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    260000 | PA      | $261578.97    | 0.08%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                           | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAE1<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    385000 | PA      | $398629.00    | 0.12%             | 2034-04-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                 | Societe Generale SA                                                             | CUSIP: 83368RBR2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    460000 | PA      | $478444.86    | 0.14%             | 2029-01-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                 | Societe Generale SA                                                             | CUSIP: 83368RCH3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    260000 | PA      | $265233.54    | 0.08%             | 2029-05-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                 | Societe Generale SA                                                             | CUSIP: 83368RCK6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    760000 | PA      | $761652.37    | 0.22%             | 2036-10-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                                | Southern Power Co                                                               | CUSIP: 843646AX8<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    385000 | PA      | $383971.03    | 0.11%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                           | Spirit AeroSystems Inc                                                          | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800927.92    | 0.23%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                        | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    510000 | PA      | $523570.59    | 0.15%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                               | Steel Dynamics Inc                                                              | CUSIP: 858119BK5<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    410000 | PA      | $396099.00    | 0.11%             | 2030-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                            | Stellantis Finance US Inc                                                       | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    210000 | PA      | $213969.27    | 0.06%             | 2028-03-17      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FINANCIAL SER                         | Stellantis Financial Services US Corp                                           | CUSIP: 85855FAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $264006.16    | 0.08%             | 2030-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                     | Stryker Corp                                                                    | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266957.57    | 0.08%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia II Issuer, LLC                    | Sunnova Hestia II Issuer LLC                                                    | CUSIP: 86746FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360557 | PA      | $358180.35    | 0.10%             | 2051-07-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                     | Synopsys Inc                                                                    | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    610000 | PA      | $619970.76    | 0.18%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    585000 | PA      | $602007.14    | 0.17%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                | CUSIP: 87264ADX0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    960000 | PA      | $954432.86    | 0.28%             | 2035-11-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TAKEDA PHARMACEUTICAL                            | Takeda Pharmaceutical Co Ltd                                                    | CUSIP: 874060BK1<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    585000 | PA      | $603518.97    | 0.18%             | 2034-07-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $558203.98    | 0.16%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                           | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    710000 | PA      | $719734.81    | 0.21%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                            | Toorak Mortgage Trust 2025-RRTL1                                                | CUSIP: 89053JAB3<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200924.44    | 0.06%             | 2040-02-25      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                            | Toronto-Dominion Bank/The                                                       | CUSIP: 89115KAJ9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $259808.13    | 0.08%             | 2035-10-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                            | Toronto-Dominion Bank/The                                                       | CUSIP: 89116C4H7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $506953.00    | 0.15%             | 2085-10-31      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                            | Truist Financial Corp                                                           | CUSIP: 89788MAU6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    510000 | PA      | $523927.83    | 0.15%             | 2031-05-20      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds           | Turkiye Government International Bond                                           | CUSIP: 900123AY6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    250000 | PA      | $257037.00    | 0.07%             | 2036-03-17      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                            | Uber Technologies Inc                                                           | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    510000 | PA      | $507306.72    | 0.15%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                              | United Airlines Inc                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258872.28    | 0.08%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2014-2 A PTT                          | United Airlines 2014-2 Class A Pass Through Trust                               | CUSIP: 90932QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22266 | PA      | $22241.03     | 0.01%             | 2026-09-03      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds            | Mexico Government International Bond                                            | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    500000 | PA      | $506500.00    | 0.15%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                            | Mexico Government International Bond                                            | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $247750.00    | 0.07%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                       | US Bancorp                                                                      | CUSIP: 91159HJV3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    710000 | PA      | $731862.76    | 0.21%             | 2031-05-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                             | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8960000 | PA      | $6634250.02   | 1.93%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                             | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12275000 | PA      | $8575238.28   | 2.49%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11950000 | PA      | $11271277.28  | 3.27%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                             | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6140000 | PA      | $6016720.34   | 1.75%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5932968.72   | 1.72%             | 2028-11-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10400000 | PA      | $10631156.22  | 3.09%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3025000 | PA      | $3071202.16   | 0.89%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6582773.47   | 1.91%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5350000 | PA      | $5388453.13   | 1.56%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5650000 | PA      | $5587320.31   | 1.62%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CPN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3450000 | PA      | $3415230.49   | 0.99%             | 2030-11-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                           | UnitedHealth Group Inc                                                          | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    585000 | PA      | $589881.68    | 0.17%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                                       | Unum Group                                                                      | CUSIP: 91529YAU0<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |    460000 | PA      | $456546.45    | 0.13%             | 2035-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                             | Uzbekistan Government International Bond                                        | CUSIP: 91822Q2J5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    300000 | PA      | $323901.11    | 0.09%             | 2032-05-25      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                   | Var Energi ASA                                                                  | CUSIP: 92212WAF7<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    460000 | PA      | $478819.52    | 0.14%             | 2030-05-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                                 | Ventas Realty LP                                                                | CUSIP: 92277GBB2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              |  | US        |    460000 | PA      | $472834.20    | 0.14%             | 2032-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                            | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512120.02    | 0.15%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG Inc                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    255000 | PA      | $245419.49    | 0.07%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                     | VeriSign Inc                                                                    | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    385000 | PA      | $395724.11    | 0.11%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications Inc                                                      | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    510000 | PA      | $518357.85    | 0.15%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications Inc                                                      | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    260000 | PA      | $256880.35    | 0.07%             | 2055-11-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                             | Verisk Analytics Inc                                                            | CUSIP: 92345YAM8<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1219154.59   | 0.35%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                     | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    226313 | PA      | $227087.14    | 0.07%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAC9<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    319006 | PA      | $322094.71    | 0.09%             | 2068-12-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2025-5                                               | CUSIP: 92540XAB7<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |    907187 | PA      | $912182.61    | 0.26%             | 2070-06-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                 | Paramount Global                                                                | CUSIP: 925524AH3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $270432.46    | 0.08%             | 2030-07-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Vibrant CLO Ltd                                  | Vibrant CLO IV-R Ltd                                                            | CUSIP: 92558RAG8<br>LEI: 25490092S34X2G9JOV44 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $600414.60    | 0.17%             | 2037-10-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                         | Vistra Operations Co LLC                                                        | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    710000 | PA      | $701085.74    | 0.20%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                              | Elevance Health Inc                                                             | CUSIP: 94973VAN7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    510000 | PA      | $554444.43    | 0.16%             | 2037-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    310000 | PA      | $289334.42    | 0.08%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    710000 | PA      | $750181.04    | 0.22%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    460000 | PA      | $474813.44    | 0.14%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2025-5C5                                  | CUSIP: 95004MAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1044371.30   | 0.30%             | 2058-07-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                           | Williams Cos Inc/The                                                            | CUSIP: 969457CR9<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    710000 | PA      | $716948.88    | 0.21%             | 2030-06-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                  | Xcel Energy Inc                                                                 | CUSIP: 98389BAX8<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    585000 | PA      | $419130.22    | 0.12%             | 2049-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                  | Xcel Energy Inc                                                                 | CUSIP: 98389BBD1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    710000 | PA      | $719202.96    | 0.21%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                  | Yum! Brands Inc                                                                 | CUSIP: 988498AR2<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243001.68    | 0.07%             | 2032-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bonds        | Costa Rica Government International Bond                                        | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    300000 | PA      | $328500.00    | 0.10%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bonds          | Paraguay Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    350000 | PA      | $361978.29    | 0.11%             | 2044-08-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                         | OCP SA                                                                          | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    300000 | PA      | $313050.00    | 0.09%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-26

**Name of Applicant:** Thrivent ETF Trust

**Signature:** Sarah L. Bergstrom

**Name of Signer:** Sarah L. Bergstrom

**Title:** Treasurer and Principal Accounting Officer