Thrivent High Yield Fund

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

Basic Materials (6.15%) Security Name Market Value % of Net Assets Alcoa, Inc. $1,496,835 0.19% Big River Steel, LLC 3,171,400 0.40% Cleveland-Cliffs, Inc. 3,407,950 0.43% First Quantum Minerals, Ltd. 1,741,518 0.22% First Quantum Minerals, Ltd. 3,604,800 0.45% Freeport-McMoRan, Inc. 2,264,764 0.29% Freeport-McMoRan, Inc. 2,926,510 0.37% Grinding Media, Inc. 2,843,136 0.36% Hexion, Inc. 1,394,463 0.18% Krayton Polymers, LLC 2,208,750 0.28% Mercer International, Inc. 1,191,800 0.15% Mercer International, Inc. 2,626,812 0.33% Midwest Vanadium, Pty. Ltd. 6,010 <0.01% Norbord, Inc. 1,497,925 0.19% Nouryon USA, LLC, Term Loan 1,930,000 0.24% Novelis Corporation 1,877,148 0.24% Novelis Corporation 2,096,696 0.26% OCI NV 2,407,200 0.30% Olin Corporation 2,370,680 0.30% Olin Corporation 2,703,459 0.34% Peabody Securities Finance Corporation 2,409,690 0.30% Tronox Finance plc 2,637,108 0.33% Total 48,814,654

Capital Goods (11.02%) Security Name Market Value % of Net Assets Abengoa Abenewco 2 Bis SA, Convertible $203,872 0.03% Advanced Disposal Services, Inc. 2,966,908 0.37% Advanced Drainage Systems, Inc. 2,439,650 0.31% AECOM 1,026,163 0.13% AECOM 2,898,322 0.37% Amsted Industries, Inc. 1,987,500 0.25% Amsted Industries, Inc. 2,406,261 0.30% Arconic Rolled Products Corporation 1,030,000 0.13% Arconic, Inc. 1,590,300 0.20% ARD Finance SA 1,911,970 0.24% Ardagh Packaging Finance plc 4,781,692 0.60% Berry Global, Inc. 1,485,538 0.19% Berry Plastics Corporation 3,741,833 0.47% Bombardier, Inc. 2,523,063 0.32% Bombardier, Inc. 3,076,750 0.39% BWAY Holding Company 2,708,886 0.34% BWAY Holding Company, Term Loan 2,248,859 0.28% Cemex SAB de CV 6,022,500 0.76%

1 Clean Harbors, Inc. 3,128,050 0.39% Covanta Holding Corporation 1,435,000 0.18% Covanta Holding Corporation 968,200 0.12% Crown Cork & Seal Company, Inc. 3,271,275 0.41% Flex Acquisition Company, Inc. 2,718,193 0.34% Flex Acquisition Company, Inc. 710,500 0.09% GFL Environmental, Inc. 2,932,988 0.37% H&E Equipment Services, Inc. 1,697,548 0.21% IAA Spinco, Inc. 1,058,750 0.13% Jeld-Wen, Inc. 2,409,931 0.30% Navistar, Inc., Term Loan 3,655,944 0.46% New Enterprise Stone & Lime Company, Inc. 1,943,113 0.25% Owens-Brockway Glass Container, Inc. 2,834,422 0.36% Reynolds Group Issuer, Inc. 2,014,950 0.25% TransDigm, Inc. 4,293,239 0.54% United Rentals North America, Inc. 3,957,212 0.50% United Rentals North America, Inc. 968,980 0.12% Vertiv Group Corporation, Term Loan 1,712,700 0.22% Vertiv Group Corporation, Term Loan 764,404 0.10% Total 87,525,465

Collateral Held for Securities Loaned (1.79%) Security Name Market Value % of Net Assets Thrivent Cash Management Trust $14,184,560 1.79% Total 14,184,560

Communications Services (16.60%) Security Name Market Value % of Net Assets Block Communications, Inc. $3,391,520 0.43% CCO Holdings, LLC 3,247,335 0.41% CCO Holdings, LLC 3,410,304 0.43% CCO Holdings, LLC 3,666,800 0.46% CCOH Safari, LLC 4,985,362 0.63% Cengage Learning, Inc. 1,301,592 0.16% CSC Holdings, LLC 5,407,138 0.68% Embarq Corporation 4,978,875 0.63% Front Range BidCo, Inc. 1,398,600 0.18% Front Range BidCo, Inc. 1,893,600 0.24% Frontier Communications Corporation, Term Loan 3,637,940 0.46% Gray Escrow, Inc. 1,920,008 0.24% iHeartCommunications, Inc. 2,423,555 0.31% iHeartCommunications, Inc. 4,179,000 0.53% Intelsat Jackson Holdings SA 4,106,500 0.52% LCPR Senior Secured Financing DAC 3,680,600 0.46% Level 3 Financing, Inc. 1,548,750 0.20% Level 3 Financing, Inc. 4,879,567 0.62% Neptune Finco Corporation 4,657,614 0.59% Nexstar Escrow Corporation 2,794,635 0.35% Qualitytech, LP 3,345,575 0.42% Scripps Escrow, Inc. 3,408,188 0.43% SFR Group SA 2,464,445 0.31% Sinclair Television Group, Inc. 1,472,900 0.19% Sirius XM Radio, Inc. 2,520,297 0.32% Sirius XM Radio, Inc. 3,092,850 0.39% Sprint Corporation 4,813,222 0.61% Sprint Corporation 8,421,600 1.06% T-Mobile USA, Inc. 3,205,783 0.40% T-Mobile USA, Inc. 3,319,049 0.42%

2 T-Mobile USA, Inc. Contingent Consent Payment 24,614 <0.01% Telesat Canada / Telesat, LLC 3,169,750 0.40% Terrier Media Buyer, Inc. 1,885,750 0.24% VeriSign, Inc. 2,385,447 0.30% Virgin Media Secured Finance plc 2,166,187 0.27% Virgin Media Secured Finance plc 3,592,050 0.45% Windstream Services, LLC, Term Loan 5,038,163 0.64% WMG Acquisition Corporation 2,429,625 0.31% Ypso Finance Bis SA 2,673,450 0.34% Ziggo Bond Company BV 2,381,038 0.30% Ziggo BV 2,437,538 0.31% Total 131,756,814

Consumer Cyclical (14.05%) Security Name Market Value % of Net Assets 1011778 B.C., ULC $3,293,450 0.42% Allison Transmission, Inc. 3,519,011 0.44% Asbury Automotive Group, Inc. 480,960 0.06% Asbury Automotive Group, Inc. 488,400 0.06% Brookfield Property REIT, Inc. 3,005,800 0.38% Brookfield Residential Properties, Inc. 3,144,150 0.40% Cedar Fair, LP 3,000,000 0.38% Cengage Learning, Inc., Term Loan 3,357,103 0.42% Choice Hotels International, Inc. 3,269,986 0.41% Cinemark USA, Inc. 4,186,078 0.53% Dana Financing Luxembourg SARL 3,771,625 0.48% Golden Nugget, LLC, Term Loan 2,349,504 0.30% Hanesbrands, Inc. 3,776,238 0.48% Herc Holdings, Inc. 4,543,812 0.57% Hertz Corporation 526,923 0.07% Hilton Escrow Issuer, LLC 2,347,792 0.30% International Game Technology plc 1,479,828 0.19% KAR Auction Services, Inc. 2,393,842 0.30% KB Home 1,984,500 0.25% KB Home 2,206,600 0.28% Landry's, Inc. 1,743,405 0.22% Lennar Corporation 1,348,842 0.17% Lennar Corporation 1,523,688 0.19% Lennar Corporation 3,125,588 0.39% Live Nation Entertainment, Inc. 2,993,700 0.38% Live Nation Entertainment, Inc. 482,925 0.06% Live Nation Entertainment, Inc. 793,950 0.10% Mattamy Group Corporation 1,164,204 0.15% Mattamy Group Corporation 3,431,025 0.43% New Red Finance, Inc. 2,099,572 0.26% PGT Escrow Issuer, Inc. 3,029,400 0.38% Prime Security Services Borrower, LLC 4,399,200 0.55% Prime Security Services Borrower, LLC 919,410 0.12% RHP Hotel Properties, LP 851,550 0.11% Ryman Hospitality Properties, Inc. 2,863,844 0.36% Scientific Games International, Inc. 2,057,425 0.26% Scientific Games International, Inc. 2,357,344 0.30% Scientific Games International, Inc. 2,629,260 0.33% ServiceMaster Company, LLC 3,856,875 0.49% Six Flags Entertainment Corporation 1,153,982 0.15% Six Flags Entertainment Corporation 2,808,015 0.35% Staples, Inc. 1,634,225 0.21% Staples, Inc., Term Loan 3,178,402 0.40% Stars Group Holdings BV 2,365,000 0.30%

3 Station Casinos, LLC 472,350 0.06% Viking Cruises, Ltd. 2,546,412 0.32% Yum! Brands, Inc. 1,952,994 0.25% Yum! Brands, Inc. 653,694 0.08% Total 111,561,881

Consumer Non-Cyclical (14.62%) Security Name Market Value % of Net Assets Air Medical Merger Sub Corporation $2,683,550 0.34% Albertson's Companies, Inc. 600,000 0.08% Albertson's Companies, LLC 1,704,050 0.22% Albertson's Companies, LLC 2,600,330 0.33% Albertson's Companies, LLC 4,084,449 0.51% Alliance One International, Inc. 1,036,875 0.13% B&G Foods, Inc. 2,326,500 0.29% Bausch Health Companies, Inc. 2,062,500 0.26% Bausch Health Companies, Inc. 3,044,494 0.38% Bausch Health Companies, Inc. 617,969 0.08% Centene Corporation 1,388,880 0.18% Centene Corporation 1,968,175 0.25% Centene Corporation 3,691,500 0.47% Centene Corporation 4,060,000 0.51% Centene Escrow Corporation 4,184,642 0.53% Chobani, LLC, Term Loan 1,361,475 0.17% Dole Food Company, Inc. 2,293,200 0.29% Dole Food Company, Inc., Term Loan 2,317,036 0.29% Encompass Health Corporation 2,381,612 0.30% Endo International plc, Term Loan 2,885,693 0.36% Energizer Holdings, Inc. 1,085,000 0.14% Energizer Holdings, Inc. 3,815,648 0.48% HCA, Inc. 2,157,101 0.27% HCA, Inc. 2,837,279 0.36% HCA, Inc. 3,642,623 0.46% JBS USA, LLC 2,907,450 0.37% JBS USA, LLC 2,912,656 0.37% JBS USA, LLC 4,713,022 0.59% Mattel, Inc. 2,001,175 0.25% MPH Acquisition Holdings, LLC 3,544,138 0.45% Ortho-Clinical Diagnostics, Inc. 2,338,350 0.30% Par Pharmaceutical, Inc. 2,481,600 0.31% Pilgrim's Pride Corporation 2,839,865 0.36% Post Holdings, Inc. 2,830,500 0.36% Simmons Foods, Inc. 3,341,250 0.42% Spectrum Brands, Inc. 3,813,000 0.48% Spectrum Brands, Inc. 846,757 0.11% Tenet Healthcare Corporation 3,905,700 0.49% Tenet Healthcare Corporation 7,202,563 0.91% Teva Pharmaceutical Finance Netherlands III BV 2,228,471 0.28% Valeant Pharmaceuticals International, Inc. 2,545,690 0.32% VRX Escrow Corporation 4,799,100 0.60% Total 116,081,863

Energy (10.67%) Security Name Market Value % of Net Assets Antero Resources Corporation $1,274,400 0.16% Antero Resources Corporation 880,838 0.11% Boardwalk Pipelines, LP 3,743,368 0.47% Buckeye Partners, LP 1,388,001 0.18%

4 Buckeye Partners, LP 1,430,143 0.18% Buckeye Partners, LP 3,603,155 0.45% California Resources Corporation 968,300 0.12% Centennial Resource Production, LLC 3,708,600 0.47% Cheniere Energy Partners, LP 3,301,425 0.42% Cheniere Energy Partners, LP 4,987,105 0.63% Chesapeake Energy Corporation 1,888,698 0.24% CrownRock Finance, Inc. 3,128,125 0.39% Enagas SA 3,391,662 0.43% Endeavor Energy Resources, LP 2,149,840 0.27% EQM Midstream Partners, LP 2,672,469 0.34% Fieldwood Energy, LLC, Term Loan 1,836,750 0.23% Murphy Oil Corporation 3,123,456 0.39% Nabors Industries, Inc. 2,009,000 0.25% Nabors Industries, Ltd. 917,500 0.12% Noble Holding International, Ltd. 1,127,634 0.14% Pacific Drilling First Lien Escrow Issuer, Ltd. 1,460,913 0.18% Pacific Drilling Second Lien Escrow Issuer, Ltd. 145,830 0.02% Parsley Energy, LLC 2,775,500 0.35% Precision Drilling Corporation 1,038,800 0.13% Precision Drilling Corporation 1,412,190 0.18% Sanchez Energy Corporation 1,793,000 0.23% SM Energy Company 1,825,590 0.23% Southwestern Energy Company 2,832,688 0.36% Sunoco, LP 2,318,072 0.29% Sunoco, LP 923,741 0.12% Tallgrass Energy Partners, LP 2,400,050 0.30% Targa Resources Partners, LP 1,870,744 0.24% Targa Resources Partners, LP 1,917,201 0.24% Transocean Pontus, Ltd. 392,158 0.05% Transocean, Inc. 1,401,225 0.18% Transocean, Inc. 2,151,500 0.27% Transocean, Inc. 739,350 0.09% USA Compression Partners LP 2,044,168 0.26% Valaris plc 1,513,575 0.19% W&T Offshore, Inc. 2,711,313 0.34% WPX Energy, Inc. 1,778,425 0.22% WPX Energy, Inc. 806,962 0.10% WPX Energy, Inc. 954,700 0.12% Total 84,738,159

Financials (11.03%) Security Name Market Value % of Net Assets Ally Financial, Inc. $1,406,330 0.18% Ally Financial, Inc. 4,176,005 0.53% Avolon Holdings Funding, Ltd. 1,000,365 0.13% Avolon Holdings Funding, Ltd. 2,497,234 0.32% Bank of America Corporation, 5.000% 2,065,091 0.26% Chobani, LLC 1,860,650 0.23% CIT Group, Inc. 1,156,103 0.15% CIT Group, Inc. 1,293,308 0.16% Credit Acceptance Corporation 1,462,600 0.18% Credit Acceptance Corporation 3,969,076 0.50% Drawbridge Special Opportunities Fund, LP 3,281,869 0.41% Federal National Mortgage Association, 0.000% 509,010 0.06% Forest City Enterprises, LP, Term Loan 3,204,067 0.40% Fortress Transportation and Infrastructure Investors, LLC 1,002,020 0.13% Global Aircraft Leasing Company, Ltd. 5,086,113 0.64% Grizzly Finco, Term Loan 3,587,544 0.45%

5 Icahn Enterprises, LP 2,397,000 0.30% Icahn Enterprises, LP 2,859,225 0.36% Icahn Enterprises, LP 4,807,766 0.61% Iron Mountain, Inc. 1,873,950 0.24% MGM Growth Properties Operating Partnership, LP 2,354,250 0.30% MPT Operating Partnership, LP 1,210,472 0.15% MPT Operating Partnership, LP 1,955,867 0.25% MPT Operating Partnership, LP 2,468,981 0.31% MPT Operating Partnership, LP 793,650 0.10% Outfront Media Cap, LLC 2,607,254 0.33% Park Aerospace Holdings, Ltd. 1,484,205 0.19% Park Aerospace Holdings, Ltd. 1,506,280 0.19% Park Aerospace Holdings, Ltd. 3,884,355 0.49% Quicken Loans, Inc. 3,570,661 0.45% Royal Bank of Scotland Group plc 2,841,891 0.36% Synchrony Financial 1,247,093 0.16% Synchrony Financial 3,992,007 0.50% Trivium Packaging Finance 494,111 0.06% Trivium Packaging Finance 974,077 0.12% VICI Properties, LP / VICI Note Company, Inc. 1,895,675 0.24% VICI Properties, LP / VICI Note Company, Inc. 1,912,388 0.24% VICI Properties, LP / VICI Note Company, Inc. 959,595 0.12% VICI Properties, LP / VICI Note Company, Inc. 980,875 0.12% Ypso Finance Bis SA 914,375 0.12% Total 87,543,384

Technology (5.10%) Security Name Market Value % of Net Assets Anixter, Inc. $2,119,683 0.27% CommScope Technologies Finance, LLC 1,795,400 0.23% CommScope, Inc. 2,419,535 0.31% Diamond Finance Corporation 4,399,481 0.55% Diamond Sports Group, LLC 1,945,462 0.25% Diamond Sports Group, LLC 3,264,300 0.41% Harland Clarke Holdings Corporation 2,963,760 0.37% Inception Merger Sub, Inc. 4,533,763 0.57% Iron Mountain, Inc. 3,369,902 0.42% NCR Corporation 3,957,400 0.50% Plantronics, Inc. 1,920,142 0.24% Presidio Holdings, Inc. 495,000 0.06% PTC, Inc. 360,900 0.05% PTC, Inc. 476,880 0.06% Qorvo, Inc. 2,480,400 0.31% Seagate HDD Cayman 1,027,565 0.13% SS&C Technologies, Inc. 2,947,000 0.37% Total 40,476,572

Transportation (2.51%) Security Name Market Value % of Net Assets AerCap Holdings NV $2,395,400 0.30% American Airlines Group, Inc. 3,288,200 0.41% Hertz Corporation 1,780,634 0.22% Hertz Corporation 4,375,250 0.55% United Continental Holdings, Inc. 1,758,750 0.22% United Continental Holdings, Inc. 2,000,000 0.25% XPO Logistics, Inc. 1,972,850 0.25% XPO Logistics, Inc. 2,378,068 0.30% Total 19,949,152

Utilities (3.92%) Security Name Market Value % of Net Assets AES Corporation $2,313,422 0.29% Calpine Corporation 2,839,232 0.36% DCP Midstream Operating, LP 1,422,000 0.18% Dynegy, Inc. 3,434,025 0.43% GFL Environmental, Inc. 1,019,900 0.13% NextEra Energy Operating Partners, LP 4,766,520 0.60% NRG Energy, Inc. 1,216,086 0.15% NRG Energy, Inc. 1,399,266 0.18% Suburban Propane Partners, LP 2,889,150 0.36% Talen Energy Supply, LLC 1,334,550 0.17% Talen Energy Supply, LLC 1,418,883 0.18% Terraform Global Operating, LLC 2,421,900 0.31% TerraForm Power Operating, LLC 1,890,262 0.24% TerraForm Power Operating, LLC 2,755,328 0.35% Total 31,120,524

Short-Term Investments (4.90%) Security Name Market Value % of Net Assets Thrivent Core Short-Term Reserve Fund $38,898,704 4.90% Total 38,898,704

Total Net Assets $793,933,247