Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Principal

Amount

Church

Loans

(

79.6%

)

a

Value

Alabama

(1.7%)

Church

Loan

#

200030770

$

488,590

4.000%,

12/1/2039

b

$

521,246

Total

521,246

Arizona

(2.8%)

Church

Loan

#

200030450

320,520

3.875%,

3/15/2032

b

320,850

Church

Loan

#

200030680

544,401

3.950%,

11/1/2034

b

574,426

Total

895,276

Arkansas

(2.4%)

Church

Loan

#

200031540

734,023

3.200%,

12/15/2029

b,c

764,293

Total

764,293

California

(11.6%)

Church

Loan

#

200030700

560,000

3.750%,

6/15/2045

b

565,515

Church

Loan

#

200030850

441,322

4.550%,

11/15/2033

b

482,828

Church

Loan

#

200031050

475,687

4.650%,

11/15/2038

b

522,828

Church

Loan

#

200031180

1,208,508

5.050%,

1/1/2044

b

1,335,019

Church

Loan

#

200031270

718,679

4.400%,

5/15/2045

b

730,374

Total

3,636,564

Colorado

(1.7%)

Church

Loan

#

200031580

495,027

4.350%,

7/15/2039

b

530,508

Total

530,508

District

Of

Columbia

(0.8%)

Church

Loan

#

200031460

223,989

4.750%,

6/1/2034

b

241,346

Total

241,346

Florida

(1.7%)

Church

Loan

#

200031470

479,998

4.950%,

7/15/2039

b

521,529

Total

521,529

Illinois

(4.9%)

Church

Loan

#

200031070

654,573

4.500%,

11/15/2043

b

717,000

Church

Loan

#

200031210

593,387

3.950%,

2/15/2040

b

631,187

Church

Loan

#

200031211

170,970

3.200%,

2/15/2035

b

176,576

Total

1,524,763

Indiana

(2.3%)

Church

Loan

#

200031420

701,123

3.500%,

5/15/2040

b

726,309

Total

726,309

Kentucky

(1.1%)

Church

Loan

#

200030120

325,869

4.600%,

8/1/2034

b

348,361

Total

348,361

Principal

Amount

Church

Loans

(79.6%)

a

Value

Maryland

(3.3%)

Church

Loan

#

200030760

$

1,017,000

4.300%,

1/1/2044

b,c

$

1,046,047

Total

1,046,047

Massachusetts

(0.9%)

Church

Loan

#

200031490

282,750

4.300%,

6/1/2035

b

289,785

Total

289,785

Minnesota

(9.9%)

Church

Loan

#

200030790

735,000

3.800%,

11/15/2039

b

772,129

Church

Loan

#

200031020

141,539

3.800%,

1/1/2035

b

149,479

Church

Loan

#

200031120

231,342

4.570%,

11/15/2032

b

253,564

Church

Loan

#

200031121

233,438

4.440%,

11/15/2032

b

254,624

Church

Loan

#

200031122

233,044

4.180%,

11/15/2032

b

247,082

Church

Loan

#

200031290

233,446

5.000%,

1/15/2031

b

253,358

Church

Loan

#

200031300

279,701

3.800%,

3/1/2030

b

288,910

Church

Loan

#

200031520

392,000

3.400%,

7/1/2035

b

392,256

Church

Loan

#

200031560

476,660

4.150%,

8/15/2039

b,c

495,171

Total

3,106,573

Mississippi

(0.9%)

Church

Loan

#

200031400

259,262

4.900%,

3/15/2034

b,c

279,080

Total

279,080

Missouri

(1.7%)

Church

Loan

#

200031480

532,786

3.875%,

5/15/2040

b

545,024

Total

545,024

New

Jersey

(0.9%)

Church

Loan

#

200030590

271,180

4.550%,

10/15/2034

b

285,954

Total

285,954

New

York

(4.1%)

Church

Loan

#

200018200

70,430

4.950%,

6/15/2029

b

73,924

Church

Loan

#

200031200

780,000

4.550%,

9/15/2044

b

812,408

Church

Loan

#

200031350

384,508

4.850%,

5/15/2039

b,c

420,950

Total

1,307,282

North

Carolina

(1.0%)

Church

Loan

#

200031320

292,260

4.200%,

3/15/2040

b

310,805

Total

310,805

Ohio

(1.3%)

Church

Loan

#

200031030

373,302

5.300%,

11/15/2033

b

410,146

Total

410,146

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Church

Loans

(79.6%)

a

Value

Oregon

(1.3%)

Church

Loan

#

200031370

$

382,289

5.100%,

4/15/2039

b

$

419,391

Total

419,391

Pennsylvania

(0.5%)

Church

Loan

#

200031390

146,479

3.400%,

3/1/2030

b

151,508

Total

151,508

South

Dakota

(4.0%)

Church

Loan

#

200030780

602,978

2.990%,

4/1/2031

b

623,222

Church

Loan

#

200030920

608,695

3.125%,

1/1/2035

b

630,953

Total

1,254,175

Tennessee

(1.5%)

Church

Loan

#

200031360

442,559

4.750%,

3/15/2037

b

486,832

Total

486,832

Texas

(10.3%)

Church

Loan

#

200030080

379,452

4.550%,

7/1/2039

b,c

400,960

Church

Loan

#

200030110

668,180

4.350%,

9/15/2039

b,c

716,742

Church

Loan

#

200030830

421,227

4.125%,

11/1/2044

b

428,259

Church

Loan

#

200031140

434,119

5.250%,

12/15/2033

b

475,743

Church

Loan

#

200031170

707,806

3.550%,

2/1/2035

b

743,448

Church

Loan

#

200031330

202,566

4.950%,

3/15/2044

b

217,905

Church

Loan

#

200031331

202,700

5.125%,

3/15/2044

b

221,893

Total

3,204,950

Virginia

(2.3%)

Church

Loan

#

200031090

403,244

3.400%,

1/15/2032

b

422,656

Church

Loan

#

200031110

291,501

3.400%,

1/15/2032

b

305,534

Total

728,190

Wisconsin

(4.7%)

Church

Loan

#

200030840

293,378

3.400%,

11/15/2038

b

310,102

Church

Loan

#

200030841

281,446

3.100%,

11/15/2038

b

291,878

Church

Loan

#

200030842

175,820

2.900%,

11/15/2038

b

180,182

Church

Loan

#

200031410

124,881

4.000%,

5/1/2030

b

128,282

Church

Loan

#

200031510

424,061

4.750%,

6/1/2039

b,c

462,997

Church

Loan

#

200031530

93,971

4.200%,

5/15/2026

b

97,838

Total

1,471,279

Total

Church

Loans

(cost

$23,643,666)

25,007,216

Principal

Amount

Long-Term

Fixed

Income

(

20.0%

)

Value

Mortgage-Backed

Securities

(20.0%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

$

3,425,000

2.000%, 

8/1/2035

d

$

3,536,848

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,700,000

2.000%, 

7/1/2050

d

2,761,699

Total

6,298,547

Total

Long-Term

Fixed

Income

(cost

$6,282,844)

6,298,547

Shares

or

Principal

Amount

Short-Term

Investments

(

20.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

2,900,000

0.095%,

7/14/2020

e

2,899,874

Thrivent

Core

Short-Term

Reserve

Fund

210,116

0.750%

f

2,103,260

U.S.

Treasury

Bills

1,315,000

0.067%,

7/2/2020

e

1,314,997

Total

Short-Term

Investments

(cost

$6,316,049)

6,318,131

Total

Investments

(cost

$36,242,559)

119.7%

$37,623,894

Other

Assets

and

Liabilities,

Net

(19.7%)

(6,199,086)

Total

Net

Assets

100.0%

$31,424,808

a

All

Mortgagees

have

the

right

to

repay

the

loan

at

any

time.  The

Loans

are

generally

considered

to

be

illiquid

due

to

the

limited,

if

any,

secondary

market.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

c

Denotes

an

interest

only

loan.  Interest

only

loans

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

loan

position

beginning

on

a

specified

date

for

an

agreed

upon

period.  The

outstanding

principal

amount

shown

is

the

outstanding

principal

balance

as

of

the

end

of

the

period.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

e

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

f

The

interest

rate

shown

reflects

the

seven

day

yield

as

of

the

end

of

the

period.

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$1,381,362

Gross

unrealized

depreciation

(27)

Net

unrealized

appreciation

(depreciation)

$1,381,335

Cost

for

federal

income

tax

purposes

$36,242,559

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Church

Loan

and

Income

Fund as

discussed

in

the

Notes

to

Financial

Statements.

*

Includes

the

change

in

net

unrealized

appreciation/(depreciation)

on

level

3

securities

held

on

June

30,

2020 of

$659,098. 

   #

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

   @

Transferred

from

level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

The

reporting

entity's

Church

Loan

level

3

security's

fair

value

is

calculated

by

a

vendor

using

a

market

approach

with

a

discounted

cash

flow

model

based

on

the

established

policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include

the

principal

and

interest

schedules,

bond

equivalent

ratings,

loan

transaction

spreads

with

a

range

of

0.03%

to

2.21%

(weighted

average

of

0.93%),

U.S.

Treasury

yields,

and

corporate

credit

curve

yields

with

a

range

of

0.50%

to

2.95%

(weighted

average

of

1.23%). 

Unobservable

inputs

were

weighted

by

the

rela-

tive

fair

value

of

the

instruments.

A

significant

increase

or

decrease

in

the

inputs

in

isolation

would

have

resulted

in

a

significantly

lower

or

higher

fair

value

measurement.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used

as

of

June

30,

2020,

in

valuing

Church

Loan

and

Income

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Church

Loans

$25,007,216

$–

$–

$25,007,216

Long-Term

Fixed

Income

Mortgage-Backed

Securities

6,298,547

–

6,298,547

–

Short-Term

Investments

4,214,871

–

4,214,871

–

Subtotal

Investments

in

Securities

$35,520,634

$–

$10,513,418

$25,007,216

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,103,260

Subtotal

Other

Investments

$2,103,260

Total

Investments

at

Value

$37,623,894

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investments

in

Securities 

Beginning

Value

3/31/2020

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases

Sales /

Paydowns

Transfers

Into

Level

3 

#

Transfers

Out

of

Level

3 

@

Ending

Value 

6/30/2020 

 Church

Loans

20,928,020  

-

659,098  

3,654,420  

(234,322) 

- 

- 

25,007,216  

Total 

$20,928,020 

$- 

$659,098 

$3,654,420  

($234,322) 

$-  

$-  

$25,007,216  

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Church

Loan

and

Income

Fund,

is

as

follows:

Fund

Value

3/31/2020

Gross

Purchases

Gross

Sales

Value

6/30/2020

Shares

Held

at

6/30/2020

%

of

Net

Assets

6/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.750%

$2,275

$1,187

$1,365

$2,103

210

6.7%

Total

Affiliated

Short-Term

Investments

2,275

2,103

6.7

Total

Value

$2,275

$2,103

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

4/1/2020

-

6/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.750%

$0

$6

$–

$6

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$6

Total

$0

$6

$–

Notes

to

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

5

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.  Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Fund’s

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. Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

    All

church

loan

valuations

are

considered

fair

valuations

due

to

the

lack

of

observable

market

activity

or

independent

market

quotes. 

There

are

no

market

prices

available

for

church

loans. 

The Fund's

Investment

Adviser,

Thrivent

Asset

Management,

LLC

("Thrivent

Asset

Mgt." or the

"Adviser"), has

approved

two

methodologies

for

fair

valuing

church

loans:

a

Market

Approach

or

an

Income

Approach. 

The

Market

Approach

utilizes

a

process

that

takes

into

consideration

factors

including

principal

amount,

interest

rate,

term,

credit

quality

of

the

borrower,

prepayment

speeds, and

credit

spreads

based

on

market

transactions. 

The

Income

Approach

is

utilized

when

it

is

probable

that

the

church

loan

will

become

subject

to

foreclosure

and

takes

into

consideration

factors

including

the

estimated

value

of

property

securing

the

loan,

estimated

cost

of

disposition

of

the

property

and

estimated

time

to

dispose

of

the

property. 

The Board

may

use

a

third

party

vendor

to

execute

the

daily

valuation

methodology

or

the

Valuation

Committee

("Committee"),

further

described

below,

 may

make

a

fair

valuation

determination.

The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Fund's

securities

to

the Adviser.

The

Adviser

has

formed

a Committee

that

is

responsible

for

overseeing

the

Fund's

valuation process

in

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets 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 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

Fund.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant the

use

of 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

are

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

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Fund's

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.

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

shareholder

report.