SMALL CAP STOCK FUND (unaudited)

Small Cap Stock Fund

Schedule of Investments as of April 30, 2019

(unaudited)

Shares Common Stock (92.8%)

Consumer Discretionary (5.7%) 118,241 Children's Place, Inc.a 224,634 Crocs, Inc.b 93,161 G-III Apparel Group, Ltd.b 59,209 Oxford Industries, Inc. 328,066 Red Rock Resorts, Inc. 145,390 Zumiez, Inc.b

Total

Consumer Staples (7.2%) 76,181 Casey's General Stores, Inc.

814,024 Cott Corporation 283,035 Hain Celestial Group, Inc.b 117,278 John B. Sanfilippo & Son, Inc. 954,222 SunOpta, Inc.b 267,506 Turning Point Brands, Inc.

Total

Energy (3.9%) 698,061 Callon Petroleum Companyb

1,311,850 Euronav NVa 296,951 Nine Energy Service, Inc.b 162,299 Talos Energy, Inc.b

Total

Financials (21.3%) 45,292 Argo Group International Holdings, Ltd.

304,343 Assured Guaranty, Ltd. 54,967 BOK Financial Corporation 77,301 Cohen & Steers, Inc.

173,986 First Interstate BancSystem, Inc. 141,484 Hamilton Lane, Inc. 214,551 Hancock Whitney Corporation 604,719 Heritage Commerce Corporation 132,093 Horace Mann Educators Corporation 135,500 Houlihan Lokey, Inc. 121,958 IBERIABANK Corporation 129,761 Kemper Corporation 389,558 PCSB Financial Corporation 56,792 Primerica, Inc. 298,320 Santander Consumer USA Holdings

Inc. 291,059 Seacoast Banking Corporation of

Floridab 885,351 SLM Corporation 121,558 State Auto Financial Corporation

95,762 Stifel Financial Corporation 275,300 Synovus Financial Corporation 169,309 United Community Banks, Inc.

Total

Health Care (10.9%) 180,843 Catalent, Inc.b 226,327 Halozyme Therapeutics, Inc.b 104,106 LHC Group, Inc.b 35,410 Neurocrine Biosciences, Inc.b 83,943 Omnicell, Inc.b 271,610 Optinose, Inc.a,b 101,428 PerkinElmer, Inc. 214,511 Syneos Health, Inc.b 30,753 Teleflex, Inc. 31,616 West Pharmaceutical Services, Inc.

Value

$13,339,949 6,256,057 4,019,897 4,917,899 8,851,221 3,871,736

41,256,759

10,082,555 12,625,512

6,175,824 8,456,917 3,387,488 11,441,232 52,169,528

5,242,438 12,305,153

5,977,624 4,820,280 28,345,495

3,535,946 14,517,161 4,789,824 3,876,645 7,352,648 6,912,908 9,384,461 7,571,082 5,096,148 6,682,860 9,695,661 11,662,919 7,421,080 7,399,430

6,369,132

8,254,433 8,995,166 4,087,996 5,714,119 10,147,558 4,754,197 154,221,374

8,105,383 3,650,654 11,567,218 2,558,018 6,745,659 2,705,236 9,720,860 10,067,001 8,800,894 3,913,745

Shares Common Stock (92.8%)

Health Care (10.9%) - continued 383,330 Wright Medical Group NVa,b Total

Industrials (15.7%) 153,628 AGCO Corporation 219,767 Arcosa, Inc. 77,464 BWX Technologies, Inc. 60,043 Curtiss-Wright Corporation 165,026 Encore Wire Corporation 58,532 Granite Construction, Inc. 782,309 KeyW Holding Corporationb 735,363 MRC Global, Inc.b 108,631 Oshkosh Corporation 481,638 Primoris Services Corporation 77,495 Raven Industries, Inc. 308,166 Ritchie Brothers Auctioneers, Inc. 56,832 TransUnion 44,952 Valmont Industries, Inc. 80,112 Waste Connections, Inc. Total

Information Technology (16.2%) 49,248 Advanced Energy Industries, Inc.b 22,096 Arista Networks, Inc.b 86,617 Blackline, Inc.b 66,392 Booz Allen Hamilton Holding Corporation

286,083 Ciena Corporationb 842 Computer Services, Inc.

222,219 Dolby Laboratories, Inc. 34,134 Guidewire Software, Inc.b

590,689 Lattice Semiconductor Corporationb 27,299 Monolithic Power Systems, Inc.

230,070 National Instruments Corporation 65,713 Pegasystems, Inc.

188,393 Plexus Corporationb 89,514 Rogers Corporationb

170,358 SailPoint Technologies Holdings, Inc.b 200,868 Virtusa Corporationb

Total

Materials (3.6%) 44,788 Balchem Corporation

112,727 Chemours Company 148,485 Scotts Miracle-Gro Company

60,647 United States Lime & Minerals, Inc. Total

Real Estate (5.5%) 108,065 Agree Realty Corporation 149,416 American Campus Communities, Inc. 35,415 CoreSite Realty Corporation 734,596 Cousins Properties, Inc. 383,108 Physicians Realty Trust 170,811 Terreno Realty Corporation Total

Utilities (2.8%) 86,731 New Jersey Resources Corporation 60,608 NorthWestern Corporation

147,606 PNM Resources, Inc.

Value

$11,335,068 79,169,736

10,873,790 6,841,347 3,958,410 6,841,299 9,784,392 2,627,502 8,871,384

12,743,841 8,971,834

10,557,505 3,015,330

10,721,095 3,958,349 6,061,328 7,431,990

113,259,396

2,844,564 6,900,360 4,424,396

3,936,382 10,974,144

54,941 14,375,347

3,635,271 7,649,423 4,250,727 10,836,297 4,929,132 11,337,491 14,995,385 4,814,317 11,158,217 117,116,394

4,546,430 4,059,299 12,624,195 4,907,555 26,137,479

7,075,016 7,052,435 3,874,755 7,030,084 6,918,930 7,626,711 39,577,931

4,343,488 4,233,469 6,854,823

The accompanying Notes to Financial Statements are an integral part of this schedule. 1

Small Cap Stock Fund

Schedule of Investments as of April 30, 2019

(unaudited)

Shares Common Stock (92.8%) Utilities (2.8%) - continued

56,486 Southwest Gas Holdings, Inc. Total

Total Common Stock (cost $547,914,768)

Shares

Registered Investment Companies (4.5%)

Unaffiliated (4.5%) 56,911 iShares Russell 2000 Index Funda 42,289 iShares Russell 2000 Value Index Fund

124,690 Materials Select Sector SPDR Funda 75,952 SPDR S&P Retail ETF 85,965 Vanguard Real Estate ETF

Total

Value

$4,699,070 20,130,850

671,384,942

Value

9,008,442 5,257,792 7,163,441 3,469,487 7,459,183 32,358,345

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

$146,255,452

Gross unrealized depreciation

(20,882,785)

Net unrealized appreciation (depreciation)

$125,372,667

Cost (includes notional principal amount of derivatives, if any) for federal income tax purposes

$644,164,645

Total Registered Investment Companies (cost $30,470,238)

32,358,345

Collateral Held for Securities Loaned Shares (6.2%) 45,047,175 Thrivent Cash Management Trust

Total Collateral Held for Securities Loaned (cost $45,047,175)

Value 45,047,175

45,047,175

Shares Short-Term Investments (2.9%)

Thrivent Core Short-Term Reserve

Fund

2,074,685

2.690%

Total Short-Term Investments (cost

$20,746,850)

Total Investments (cost

$644,179,031) 106.4%

Other Assets and Liabilities, Net

(6.4%)

Total Net Assets 100.0%

Value

20,746,850 20,746,850 $769,537,312 (46,015,761) $723,521,551

a All or a portion of the security is on loan. b Non-income producing security.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Small Cap Stock Fund as of April 30, 2019:

Securities Lending Transactions Common Stock Total lending Gross amount payable upon return of collateral for securities loaned Net amounts due to counterparty

$44,206,125 $44,206,125

$45,047,175 $841,050

Definitions: ETF - Exchange Traded Fund

SPDR - S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

The accompanying Notes to Financial Statements are an integral part of this schedule. 2

Small Cap Stock Fund

Schedule of Investments as of April 30, 2019 (unaudited)

Fair Valuation Measurements The following table is a summary of the inputs used, as of April 30, 2019, in valuing Small Cap Stock Fund's assets carried at fair value.

Investments in Securities

Common Stock Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities

Registered Investment Companies Unaffiliated

Subtotal Investments in Securities

Other Investments * Affiliated Short-Term Investments Collateral Held for Securities Loaned Subtotal Other Investments

Total

41,256,759 52,169,528 28,345,495 154,221,374 79,169,736 113,259,396 117,116,394 26,137,479 39,577,931 20,130,850

32,358,345 $703,743,287

Total 20,746,850 45,047,175 $65,794,025

Level 1

41,256,759 52,169,528 28,345,495 154,221,374 79,169,736 113,259,396 117,116,394 26,137,479 39,577,931 20,130,850

32,358,345 $703,743,287

Level 2

? ? ? ? ? ? ? ? ? ?

? $?

Level 3

? ? ? ? ? ? ? ? ? ?

? $?

Total Investments at Value

$769,537,312

* 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.

There were no significant transfers between Levels during the period ended April 30, 2019. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Fund's holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Fund. The Fund owns shares of Thrivent Cash Management Trust for the purpose of securities lending and Thrivent Core Short-Term Reserve Fund primarily to serve as a cash sweep vehicle for the Fund. Thrivent Cash Management Trust and Thrivent Core Funds are established solely for investment by Thrivent entities.

A summary of transactions (in thousands; values shown as zero are less than $500) for the fiscal year to date, in Small Cap Stock Fund, is as follows:

Fund

Value

Gross

Gross

10/31/2018 Purchases Sales

Value 4/30/2019

% of Net Shares Held at Assets

4/30/2019 4/30/2019

Affiliated Short-Term Investments Core Short-Term Reserve, 2.690%

$5,113 $105,896 $90,262

$20,747

2,075

2.9%

Total Affiliated Short-Term Investments

5,113

20,747

2.9

Collateral Held for Securities Loaned Cash Management Trust- Collateral Investment

19,754 116,927 91,634

45,047

45,047

6.2

Total Collateral Held for Securities Loaned

19,754

45,047

6.2

Total Value

$24,867

$65,794

Fund

Affiliated Short-Term Investments Core Short-Term Reserve, 2.690%

Total Income from Affiliated Investments

Collateral Held for Securities Loaned Cash Management Trust- Collateral Investment

Total Affiliated Income from Securities Loaned, Net Total

Net Realized Gain/(Loss)

Change in

Unrealized Distributions of Income Earned

Appreciation/ Realized Capital 11/1/2018

(Depreciation)

Gains

- 4/30/2019

$?

$?

$?

$155

$155

?

?

?

33

$33

$?

$?

$?

The accompanying Notes to Financial Statements are an integral part of this schedule. 3

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