Mutual Funds Fund Focus · Mutual Funds Fund Focus Quarterly performance update Class S Share...

Mutual Funds

Fund FocusQuarterly performance updateClass S Share

Third Quarter 2020

How to use this booklet

You’ll find a wealth of information about Thrivent Mutual Funds in this booklet, including each Fund’s:

• Performance over the period.

• Investment objectives and risks.

• Portfolio management team, their processes and their strategies.

• Potential investor profile.

To provide context and a performance comparison, we also include the performance of the Fund’s benchmark and Lipper peer group (when applicable).

All data represents past performance and does not guarantee future results.

Thrivent Asset ManagementThe Team Behind Your Investments . . . . . . . . . . . . . . . . . . 2Economic and Financial Market Review . . . . . . . . . . . . . . . . 3Thrivent Mutual Funds that received 4- and 5-Star Overall Morningstar Ratings™ . . . . . . . . . . . . . . 4

Thrivent Mutual Funds Fact Sheets

Asset Allocation Funds

Thrivent Aggressive Allocation Fund . . . . . . . . . . . . . . . . . . 6Thrivent Moderately Aggressive Allocation Fund . . . . . . . . . . . 8Thrivent Moderate Allocation Fund . . . . . . . . . . . . . . . . . . . 10Thrivent Moderately Conservative Allocation Fund . . . . . . . . . . 12

Income Plus Funds

Thrivent Balanced Income Plus Fund . . . . . . . . . . . . . . . . . 14Thrivent Diversified Income Plus Fund . . . . . . . . . . . . . . . . . 16Thrivent Opportunity Income Plus Fund . . . . . . . . . . . . . . . . 18

Equity Funds

Thrivent Global Stock Fund . . . . . . . . . . . . . . . . . . . . . . 20Thrivent International Allocation Fund . . . . . . . . . . . . . . . . . 22Thrivent Large Cap Growth Fund . . . . . . . . . . . . . . . . . . . 24Thrivent Large Cap Value Fund . . . . . . . . . . . . . . . . . . . . 26Thrivent Low Volatility Equity Fund . . . . . . . . . . . . . . . . . . . 28Thrivent Mid Cap Growth Fund . . . . . . . . . . . . . . . . . . . . . 30Thrivent Mid Cap Stock Fund . . . . . . . . . . . . . . . . . . . . . 32Thrivent Mid Cap Value Fund . . . . . . . . . . . . . . . . . . . . . 34Thrivent Small Cap Growth Fund . . . . . . . . . . . . . . . . . . . . 36Thrivent Small Cap Stock Fund . . . . . . . . . . . . . . . . . . . . 38

Fixed-Income Funds

Thrivent Government Bond Fund . . . . . . . . . . . . . . . . . . . . 40Thrivent High Income Municipal Bond Fund . . . . . . . . . . . . . . 42Thrivent High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . 44Thrivent Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . 46Thrivent Limited Maturity Bond Fund . . . . . . . . . . . . . . . . . . 48Thrivent Money Market Fund . . . . . . . . . . . . . . . . . . . . . . 50Thrivent Multidimensional Income Fund . . . . . . . . . . . . . . . . 52Thrivent Municipal Bond Fund . . . . . . . . . . . . . . . . . . . . . 54

Table of contents

Page 1 of 55 -- Not valid without all pages 33111S

Steve Lowe, CFA VP, Head of Fixed-Income

David Royal VP, Chief Investment Officer

Mark Simenstad, CFA VP, Chief Investment Strategist

Matt Finn, CFA VP, Head of Equities

Thrivent Investment Strategy Committee

Philosophy Thrivent Asset Management, LLC, together with its parent company, Thrivent— which has been around for over a century—have operated with an emphasis on integrity. To best serve our clients, our team is committed to an investment philosophy that includes these goals:

• Consistent, competitive performance over the long term. Our portfolio managers aim to achieve long-term investment success by focusing on in-depth, proprietary research in asset allocation, portfolio management and security selection. Our products combine fundamental, technical and quantitative research perspectives with active investment management.

• Style consistency. Our funds strive to remain true to their stated investment objectives to support an overall asset allocation strategy.

• Competitive fees and expenses. We strive to provide value to our clients by keeping net operating expenses at or below the industry average on most of our products.

ProcessOur investment professionals use a robust, multi-step process to create a product suite of well-diversified portfolios that meet a range of investment goals and objectives.

Portfolio management: Our portfolio managers determine which securities to buy and sell in order to construct well-diversified portfolios within their respective asset class categories, such as small-cap stocks or high-yield bonds.

Company research: Our analysts perform an intensive review of the companies within their sectors by meeting with management, examining financial statements and assessing each company’s competitiveness and long-term prospects.

Strategic asset allocation: We use sophisticated portfolio optimization strategies based on risk and return expectations, mathematical models and statistical analysis to develop our long-term strategic asset allocation targets.

Tactical investment decisions: We use our knowledge, experience and the latest market and economic data to form views and make decisions in an effort to stay on top of ever-changing market conditions.

Risk management: We strive to keep our funds within certain parameters and guidelines so that the risks remain consistent with each fund’s investment objective.

People Our seasoned team of more than 110 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. Of these individuals:

• More than 80% have at least 10 years of experience.

• Over 50% have more than 20 years of investment experience.

• Over 83% have earned the Chartered Financial Analyst designation, an advanced degree, or both.

We manage not only a family of mutual funds, but variable subaccount portfolios and the general account assets for Thrivent, a Fortune 500 company with $152 billion in assets under management/advisement1 (as of Dec. 31, 2019).

The team behind your investments

1 Includes the Thrivent General Account (which manages surplus and the assets backing Thrivent’s life insurance, fixed-annuity and health products), mutual funds, variable subaccount portfolios (primarily connected to variable annuity and variable universal life insurance) and other assets related to Thrivent’s affiliates and other subsidiaries.


Economic and Financial Market ReviewSeptember 30, 2020

Economic and Financial Market Review With the U.S. reopening and millions returning to work, the economy rebounded faster than anticipated during the period with much of the credit belonging to massive amounts of Federal Reserve (Fed) stimulus and government spending. As the quarter progressed, however, the recovery appeared to lose some steam as COVID-19 cases surged and Congress failed to pass a fourth relief bill.

U.S. gross domestic product (GDP), which experienced its worst drop in history during the second quarter (-31.4%), is projected to rebound by almost the same amount in the third quarter.1 Unemployment figures continued to surprise on the positive side, although the pace of improvement slowed, indicating a possible deceleration in the recovery. The U.S. regained 661,000 jobs in September and the jobless rate fell for the fifth straight month to 7.9%.2 The U.S. housing market also staged a huge comeback in the third quarter with existing home sales in August climbing to their highest level since 2006.3 Key drivers of the housing boom included record low mortgage rates, a severe supply/demand imbalance and the pandemic-induced trend toward home ownership. Consumer sentiment also reached a six-month high with Americans growing more optimistic about the state of the economy.4 Finally, U.S. manufacturing grew during the quarter following April’s contraction (which ended more than a decade of growth) with increases in new orders, production, prices and exports.5

The Fed met twice during the quarter and made no changes to monetary policy even though economic data generally surprised to the upside. At September’s meeting, the central bank announced large upward revisions to its forecasts for 2020 economic growth and employment, projecting -3.7% overall GDP growth for the year and a drop in unemployment to 7.6% by December. However, policymakers also indicated that the federal funds rate will remain near zero through at least 2023. At the same time, the Fed announced a new approach to targeting an average 2% inflation rate over time, which paves the way for policymakers to allow inflation to run higher before increasing interest rates. Although the Fed’s preferred inflation gauge, the Core Price Index for PCE, has ticked up each month since April, inflation broadly remained below the 2% target. Chairman Powell also stressed the need for more fiscal stimulus to offset the long-term economic impacts from the pandemic.

Equities ReviewLess than six months after the market’s biggest drop ever, U.S. equities posted another record-breaking quarter with the S&P 500® Index reaching a new all-time high in early September. However, the risk-on sentiment began to fade and stocks sold off in the final weeks of the quarter.

The Index posted an 8.93% quarterly return and is now firmly in positive territory year to date. Leadership was exceptionally narrow with technology behemoths such as Alphabet (Google),

1 Bureau of Economic Analysis: Gross Domestic Product–Second Quarter 2020 (Third Estimate September 30, 2020).2 U.S. Bureau of Labor Statistics: The Employment Situation–September 2020 (October 2, 2020).3 National Association of Realtors (September 22, 2020).4 University of Michigan September Sentiment Index (October 2, 2020).5 September 2020 Manufacturing ISM® Report On Business® (October 1, 2020).6 Bloomberg Barclays indexes.

Amazon, Apple, Facebook and Microsoft, which now represent nearly one-quarter of the Index, driving the market upward. As a result, and not surprisingly, the tech-heavy Nasdaq Composite continued to be the top-performing major market index in the U.S. with an 11.23% return during the quarter. Within the S&P 500, all but one of the eleven sectors showed positive returns for the quarter led by double-digit gains for Consumer Discretionary, Materials, Industrials and Technology. The Energy sector, however, fell almost 20% over the quarter even though crude oil prices ended slightly higher. Economic closures due to rising COVID-19 infections weighed on the segment.

Small-cap stocks produced gains as well but underperformed their larger-cap brethren. The S&P SmallCap 600® Index advanced 3.17% during the quarter, although its year-to-date return was still significantly in the red at -15.25%. Most major developed market (DM) and emerging market (EM) indexes also showed positive returns led by EM. As represented by the MSCI Emerging Markets Index, EM stocks rose 9.56% for the quarter, while DM stocks, as measured by the MSCI EAFE Index, gained 4.80%. Several Asian markets were standout performers including China, India, Taiwan and Korea, while South American and European EM were generally weak.

Fixed-Income ReviewIncreased optimism surrounding the improving economic conditions helped spread sectors outperform Treasuries during the quarter; however, market sentiment shifted to risk off in September as equity volatility increased.

U.S. Treasury yields for 2, 5 and 10-year maturities hit all-time lows in August due to fading hopes of more fiscal stimulus and an increase in COVID-19 cases. However, over the full quarter, Treasury yields remained relatively rangebound with a very modest steepening of the yield curve. Yields on 30-year Treasuries rose five basis points and three-month yields fell six basis points, while rates in the belly of the curve stayed almost unchanged over the quarter. The benchmark 10-year Treasury yield ended the period at 0.69%.

Historically low yields and dampening volatility drove a broad swath of investors down the credit spectrum seeking out yield. As a result, segments such as U.S. and global high-yield bonds, leveraged loans and preferred securities were the top-performing fixed-income asset classes during the quarter.6 The investment-grade corporate sector also performed well and continued to see record-setting issuance for the year, which was easily absorbed by widespread demand.

For information on these and other related issues, visit thriventfunds.com for more commentary from Thrivent investment thought leaders. Updates are added frequently during this current environment.


Thrivent Mutual Funds That Received 4- or 5-Star Overall Morningstar Ratings™

All data is based on past performance and is no guarantee of future results. Investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. A high rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Please visit thriventfunds.com or call 800-847-4836 for performance results current to the most recent month-end.

As of September 30, 2020

Thrivent Mutual Fund nameMorningstar category

Shareclass Ticker

Morningstar Ratings # Peer funds1

Overall Morningstar RatingTM 3-year 5-year 10-year Overall &

3-year 5-year 10-year

Thrivent Mid Cap Stock FundMid-Cap Blend

S TMSIX 4 5 5368 295 213

A AASCX 4 5 4

Thrivent Aggressive Allocation Fund2

Allocation–85%+ EquityS TAAIX 4 4 4 154 138 99

Thrivent Balanced Income Plus Fund3

Allocation—30% to 50% EquityS IBBFX 3 3 4 514 450 285

Thrivent Diversified Income Plus FundAllocation—30% to 50% Equity

S THYFX 3 3 4 514 450 285

Thrivent Global Stock FundWorld Large Stock

S IILGX 3 3 4 725 608 360

Thrivent Government Bond Fund4

Intermediate Government

S TBFIX 4 4 3223 201 167

A TBFAX 4 4 3

Thrivent Income Fund Corporate Bond

S LBIIX 4 4 4 185 135 89

Thrivent Large Cap Growth FundLarge Growth

S THLCX 4 4 3 1,229 1,095 813

Thrivent Moderately Aggressive Allocation Fund2

Allocation—70% to 85% Equity

S TMAFX 4 4 4310 279 190

A TMAAX 4 4 3

Thrivent Moderately Conservative Allocation Fund2

Allocation —30% to 50% Equity

S TCAIX 4 4 4514 450 285

A TCAAX 4 4 3

1 Number of Peer Funds is consistent across all share classes.2 The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain expenses associated with the Fund. Refer to the Fees and Expenses table in the Fund’s prospectus for details.3 Effective August 16, 2013, Thrivent Balanced Income Plus Fund changed its investment strategy; 10-year peer group comparisons are less relevant than other time periods.4 The Adviser has contractually agreed, until at least Feb. 28, 2021, to waive certain expenses associated with the Fund. Refer to the Fees and Expenses table in the Fund’s prospectus for details.


The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads.

• The top 10% of products in each product category receive five stars.

• The next 22.5% receive four stars.

• The next 35% receive three stars.

• The next 22.5% receive two stars.

• And the bottom 10% receive one star.

The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable)

Morningstar Rating metrics. The weights are: 100% three-year rating for 36–59 months of total returns, 60% five-year rating/40% three-year rating for 60–119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

©2020 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Ratings may differ among share classes of a mutual fund as a result of different expense structures; however, the ratings do not consider sales loads.

Some Thrivent Mutual Funds had fee waivers in effect. If these waivers had not been in effect, performance would have been lower for these funds. See thriventfunds.com or the prospectus for current waiver information.

About Morningstar Ratings™


Mutual FundsClass S | September 30, 2020

Thrivent Aggressive AllocationFundInception Date Total Fund Assets TickerJun. 30, 2005 $1.5 billion TAAIX

Fund DescriptionThis fund, the most aggressive in Thrivent Mutual Funds’ suite of Asset Allocation Funds, is designedfor investors with the longest time horizon and highest risk tolerance. The Fund is globally diversifiedacross major equity and fixed income sectors and styles. The Fund is actively managed and investsin a combination of other funds managed by the Adviser or an affiliate and direct investments instocks, bonds, and derivatives.

Investment Strategy/ProcessThe Fund has a long-term target allocation of 95% equity securities and 5% fixed-income. TheFund’s asset allocation strategy starts with the construction of a model that sets the long-term targetallocations for the broad asset classes of equity and fixed-income. Next, the target weightings forsub-classes are determined. Equity sub-classes are often based on market-capitalization (large,mid, and small), investment style (such as growth and value), economic sector and world region.The Fund may invest in emerging markets. Fixed-income sub-classes may be based on maturity,duration, credit quality and security type. The portfolio management team actively manages theFund with overweight and underweight positions in the various sub-classes based on their views ofthe market and economy. Individual stocks and bonds are analyzed and selected on an ongoingbasis. The Fund is regularly rebalanced to ensure that the holdings are within appropriate ranges.

Growth of $10,000 and Calendar Year Performance (%)

Performance of other share classes will vary from the results shown based on differences in salescharges and expenses.

Average Annualized Returns (%)Periods less than one year are not annualized.

CY

TR

Gro

wth

of

$1

0,0

00 $30,000

$20,000

$10,000

$0

30%20%10%

0%-10%-20%-30%

2010

17.50

2011

-4.38

2012

13.11

2013

27.35

2014

6.23

2015

-0.39

2016

10.03

2017

21.22

2018

-6.65

2019

24.67

YTD

1.02

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Calendar Year Total Returns (CYTR)Total Market Value (assumes the reinvestment of alldividends and capital gains)Current Value of Reinvested Dividends and Capital Gains

$25,463$9,697

3Month

YTD 1 Year 3 Year 5 Year 10 YearSinceIncept.

Class S share 8.13 1.02 9.01 7.19 10.42 9.80 7.50

S&P 500® Index 8.93 5.57 15.15 12.28 14.15 13.74 N/A

BBgBarc US Agg Bond Index 0.62 6.79 6.98 5.24 4.18 3.64 N/A

MSCI ACWI ex-USA - USD NetReturns

6.25 -5.44 3.00 1.16 6.23 4.00 N/A

Lipper Mixed-Asset Target AllocationAggressive Growth Funds Median1 7.54 1.00 8.82 6.18 9.10 8.82 N/A

All data represents past performance and assumes the reinvestment of dividends and capital gains. Pastperformance does not guarantee future results. The investment return and principal value of theinvestment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less thanthe original cost. Current performance may be lower or higher than the performance data quoted. Visitthriventfunds.com or call 800-847-4836 for performance results current to the most recent month-end.1Source: Lipper. The Lipper median represents the median annualized total return for all reported funds in theclassification. Lipper medians do not include sales charges/fees. If included, returns would have been lower.

Investment ObjectiveThrivent Aggressive Allocation Fund seekslong-term capital growth.

Who Should Consider Investing?The Fund may be suitable for investors who:

Seek long-term growth.•

Have a long-term investment time horizon•and an aggressive risk tolerance.

Are able to withstand a high level of risk and•volatility in pursuit of potentially high long-term returns.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed, for aslong as the current fee structure is in place, towaive certain investment advisory feesassociated with the Fund. Refer to the Fees andExpenses table in the prospectus.

Benchmark(s)Indexes are unmanaged and do not reflect the feesand expenses associated with active management.Investments cannot be made directly into an index.

S&P 500® Index is a market-cap weighted•index that represents the average performanceof a group of 500 large-capitalization stocks.

Bloomberg Barclays US Aggregate Bond•Index measures the performance of U.S.investment-grade bonds.

Morgan Stanley Capital International•(MSCI) All Country World Index (ACWI) ex-USA - USD Net Returns measures equitymarket performance in all global developed-and emerging-markets outside of the U.S.

Fund Management & ExperienceMark L. Simenstad, CFA - Fund: 2005; Industry:1983; Stephen D. Lowe, CFA - Fund: 2016; Industry:1996; David S. Royal - Fund: 2018; Industry: 1997;David Spangler, CFA - Fund: 2019; Industry: 1989

Initial (non-retirement): $2,000Initial (IRA or tax-deferred): $1,000Subsequent: $50

Gross: 1.23%Net: 1.02%

Risks: The Fund invests in other funds managed bythe Adviser or an affiliate and in directly-held equityand debt instruments. The Fund is dependent uponthe performance of the other funds and is subject tothe risks and additional fees and expenses of theother funds. The Fund’s value is influenced by anumber of factors, including the performance of thebroader market, the effectiveness of the Adviser’sallocation strategy, and risks specific to the Fund’sasset classes, market cap groups, investment styles,and issuers. Foreign investments involve additionalrisks, such as currency fluctuations and political,economic and market instability, which may bemagnified for investments in emerging markets. TheAdviser’s assessment of investments may proveincorrect, resulting in losses or poor performance.The Adviser is also subject to actual or potentialconflicts of interest. The use of quantitative investingtechniques and derivatives such as futures alsoinvolve risks. These and other risks are described inthe prospectus.



Thrivent Aggressive Allocation Fund

Fund Diversification

Large Cap Equity 50.7%International Equity 26.3%Small Cap Equity 10.8%Mid Cap Equity 8.9%Securitized Debt 1.8%Government Bonds 0.8%High Yield Bonds 0.4%Investment Grade Credit 0.3%

Top 10 Holdings—excluding derivativesand cash (44.35% of Fund, as of Aug. 31, 2020)Thrivent Large Cap GrowthFund, Class S 9.32%

Thrivent Int’l Allocation Fund,Class S 7.85%

Thrivent Core Low VolatilityEquity Fund 5.79%

Thrivent Mid Cap Stock Fund,Class S 5.33%

Thrivent Large Cap Value Fund,Class S 4.38%

Thrivent Core Int’l Equity Fund 3.44%

Thrivent Global Stock Fund, Class S 2.63%

Thrivent Core EM Equity Fund 2.25%

Thrivent Small Cap Stock Fund,Class S 2.12%

U.S. Treasury Notes 1.24%

Bond Quality Rating Distribution (%)The lower of the bond ratings assigned byMoody’s Investor Services, Inc. or Standard &Poor’s® Financial Services, LLC (“S&P”).Investments in derivatives and short-terminvestments are not included.

Category PercentageHIGH QUALITY (HQ) 90.1

Cash 0.9

U.S. Gov’t Guaranteed 80.0

AAA 1.3

AA 0.2

A 1.8

BBB 5.9

HIGH YIELD (HY) 8.5BB 4.2

B 3.4

CCC 0.9

CC —

C —

D —

OTHER 1.4Non-Rated (NR) 1.1

ETFs/Closed-End Funds(may be (HQ/HY/NR) 0.3

Dividend Distributions & Price History(Trailing 12-Months; Dividend Schedule: PaidAnnually)

Capital Gains - Trailing 12-Months

Dividends Month-EndNAV2

Oct-19 — $15.77

Nov-19 — $16.26

Dec-19 $0.1629 $15.67

Jan-20 — $15.45

Feb-20 — $14.35

Mar-20 — $12.27

Apr-20 — $13.57

May-20 — $14.29

Jun-20 — $14.64

Jul-20 — $15.37

Aug-20 — $16.24

Sep-20 — $15.83

$0.1629 (Total)

$14.97 (Avg.)3

Record Date Short-Term Gain

Long-Term Gain Total

Dec. 11, 2019 $0.0541 $0.7928 $0.8468

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values for the trailing 12-months.4Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.5Source: Barclays Capital Indices, POINT. ©2020 Barclays Capital Inc. Used with permission. POINTis a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Indexmeasures the performance of U.S. investment-grade bonds.6,7,8S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (6) Morningstar; (7) FactSet; (8) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com

Fund StatisticsStatistics shown below are compared to theS&P 500® Index and Bloomberg Barclays U.S.Aggregate Bond Index. These benchmarks areintended to provide a comparison to the broadU.S. large-cap stock market and broad U.S.bond market, and may not be representative ofthe Fund’s investment strategies and holdings.Holdings Information

Risk/Volatility MeasuresBeta (3-year vs. S&P 500®): A measure of thevolatility, or market risk, of an investment comparedto the broad U.S. large-cap stock market.

Standard Deviation: Measures risk by showinghow much a fund fluctuates relative to itsaverage return over a period of time.

Equity Characteristics (96.7% of Fund)Market-Capitalization: A measure of the size ofthe companies held in the portfolio, calculatedby multiplying a company’s total outstandingshares by the stock price.

Price to Earnings (P/E) Ratio: A valuation ratioof a company’s current share price compared toits earnings per-share, calculated by dividingthe market value per share by its trailing 12-month earnings.

Return on Equity (ROE): A measure of corporateprofitability that shows how much net income thecompanies in the portfolio have generated as apercentage of shareholder equity.

Fixed Income Characteristics (3.3% of Fund)Effective Duration: A measure of a portfolio’ssensitivity to changes in interest rates; the longerthe portfolio’s duration, the more sensitive it is.

Weighted Average Life: The market-valueweighted average of the time remaining until thebonds in the portfolio will repay principal.

Number of Holdings 1,372Turnover Ratio (last 12-months)4 54%Percent U.S. 73.7%Percent Non-U.S. 26.3%

Fund 0.93

Lower HigherS&P 500 1.0

FundS&P 500®

Index6BBgBarc U.S.

Aggregate5

3 Year 16.81% 17.74% 3.31%5 Year 14.39% 14.88% 3.11%10 Year 13.22% 13.25% 2.94%

FundS&P 500®

Index7

Avg Mkt Cap $29.1 B $61.0 BWtd Median Mkt Cap $11.0 B $149.0 B

FundS&P 500®

Index8

P/E Ratio 23.4 26.4

FundS&P 500®

Index8

ROE 17.9% 25.9%

FundBBgBarc U.S.

Aggregate5

Effective Duration (years) 5.6 5.9

FundBBgBarc U.S.

Aggregate5

Wtd Avg Life (years) 5.4 8.0


http://www.finra.org

https://www.sipc.org/


Thrivent ModeratelyAggressive Allocation FundInception Date Total Fund Assets TickerJun. 30, 2005 $3.2 billion TMAFX

Fund DescriptionThis fund is the second-most aggressive option in Thrivent Mutual Funds’ suite of Asset Allocationfunds. The Fund is diversified globally across all major equity and fixed income sectors and styles.The Fund is actively managed and invests in a combination of other funds managed by the Adviseror an affiliate and direct investments in stocks, bonds, and derivatives.





CY

TR

Gro

wth

of

$1

0,0

00 $25,000

$20,000

$15,000

$10,000

$5,000

$0

30%20%10%

0%-10%-20%-30%

2010

15.70

2011

-3.11

2012

13.30

2013

21.80

2014

6.02

2015

-0.61

2016

10.06

2017

16.48

2018

-6.08

2019

21.67

YTD

2.99

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$23,168$8,202

3Month


Class S share 6.52 2.99 8.94 6.94 9.36 8.76 7.02

S&P 500® Index 8.93 5.57 15.15 12.28 14.15 13.74 N/A


MSCI ACWI ex-USA - USDNet Returns

6.25 -5.44 3.00 1.16 6.23 4.00 N/A

Lipper Mixed-Asset TargetAllocation Growth FundsMedian1

5.81 2.32 8.59 6.31 8.32 8.08 N/A


Investment ObjectiveThrivent Moderately Aggressive Allocation Fundseeks long-term capital growth.


Seek long-term growth.• Have a long-term investment time horizon•and a moderately aggressive risk tolerance. Are able to withstand a moderately high level•of risk and volatility in pursuit of moderatelyhigh long-term returns.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed, for aslong as the current fee structure is in place, towaive certain investment advisory feesassociated with the Fund. Refer to the Fees andExpenses table in the prospectus.


S&P 500® Index is a market-cap weighted•index that represents the average performanceof a group of 500 large-capitalization stocks. Bloomberg Barclays US Aggregate Bond•Index measures the performance of U.S.investment-grade bonds. Morgan Stanley Capital International•(MSCI) All Country World Index (ACWI) ex-USA - USD Net Returns measures equitymarket performance in all global developed-and emerging-markets outside of the U.S.

Fund Management & ExperienceMark L. Simenstad, CFA - Industry: 1983; Fund:2005; Stephen D. Lowe, CFA - Industry: 1996; Fund:2016; David S. Royal - Industry: 1997; Fund: 2018;David Spangler, CFA - Industry: 1989; Fund: 2019


Gross: 1.14%Net: 0.91%

Risks: The Fund invests in other funds managed bythe Adviser or an affiliate and in directly-held equityand debt instruments. The Fund is dependent uponthe performance of the other funds and is subject tothe risks and additional fees and expenses of theother funds. The Fund’s value is influenced by anumber of factors, including the performance of thebroader market, the effectiveness of the Adviser’sallocation strategy, and risks specific to the Fund’sasset classes, market cap groups, investment styles,and issuers. Foreign investments involve additionalrisks, such as currency fluctuations and political,economic and market instability, which may bemagnified for investments in emerging markets. Debtsecurities are subject to risks such as declining pricesduring periods of rising interest rates and credit risk,or the risk that an issuer may not pay its debt. Highyield securities are subject to increased credit risk aswell as liquidity risk. The Adviser’s assessment ofinvestments may prove incorrect, resulting in lossesor poor performance. The Adviser is also subject toactual or potential conflicts of interest. The use ofquantitative investing techniques and derivatives suchas futures also involve risks. The Fund may engage inactive and frequent trading of portfolio securities,which may result in higher transaction costs andhigher taxes. These and other risks are described inthe prospectus.



Thrivent Moderately Aggressive Allocation Fund


Large Cap Equity 42.9%International Equity 15.5%Mid Cap Equity 8.1%Securitized Debt 6.8%Investment Grade Credit 6.6%Government Bonds 5.6%Small Cap Equity 4.9%Cash 4.1%High Yield Bonds 2.1%International Debt 1.3%Short Term Bonds 1.2%Floating-Rate Bank Loans 0.9%

Top 10 Holdings—excluding derivativesand cash (46.29% of Fund, as of Aug. 31, 2020)Thrivent Large Cap Growth Fund, ClassS

9.87%

Thrivent Int’l Allocation Fund, Class S 7.19%

Thrivent Large Cap Value Fund, Class S 6.81%

Thrivent Mid Cap Stock Fund, Class S 5.57%

Thrivent Core Low Volatility EquityFund

4.91%

Thrivent Global Stock Fund, Class S 4.47%

Thrivent Core Int’l Equity Fund 2.52%

Thrivent Income Fund, Class S 2.23%


Thrivent Small Cap Stock Fund, Class S 1.34%



Cash 1.1U.S. Gov’t Guaranteed 46.3AAA 3.4AA 1.5A 7.1BBB 19.3

HIGH YIELD (HY) 16.0BB 8.4B 6.9CCC 0.7CC —C —D —

OTHER 5.3Non-Rated (NR) 4.4ETFs/Closed-End Funds(may be (HQ/HY/NR) 0.9




Oct-19 — $15.38Nov-19 — $15.74Dec-19 $0.2041 $15.07Jan-20 — $15.01Feb-20 — $14.22Mar-20 — $12.61Apr-20 — $13.69May-20 — $14.29Jun-20 — $14.57Jul-20 — $15.18Aug-20 — $15.84Sep-20 — $15.52

$0.2041 (Total)

$14.74 (Avg.)3



Dec. 11, 2019 $0.0824 $0.6813 $0.7637











Fund 0.74


FundS&P 500®

Index6BBgBarc U.S.

Aggregate5

3 Year 13.30% 17.74% 3.31%5 Year 11.49% 14.88% 3.11%10 Year 10.83% 13.25% 2.94%

FundS&P 500®

Index7


FundS&P 500®

Index8

P/E Ratio 24.1 26.4

FundS&P 500®

Index8

ROE 18.9% 25.9%

FundBBgBarc U.S.

Aggregate5


FundBBgBarc U.S.

Aggregate5






Thrivent Moderate AllocationFundInception Date Total Fund Assets TickerJun. 30, 2005 $2.9 billion TMAIX

Fund DescriptionThis fund is the “mid-point” risk option among Thrivent Mutual Funds’ Asset Allocation Funds. It’sdesigned for investors with a medium to long-term time horizon and a moderate risk tolerance. TheFund is globally diversified across all major equity and fixed income sectors. It’s actively managed,investing in other funds managed by the Adviser or an affiliate and direct investments in stocks,bonds, and derivatives.





CY

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$1

0,0

00 $25,000

$20,000

$15,000

$10,000

$5,000

$0

20%

10%

0%

-10%

-20%2010

14.33

2011

-1.34

2012

12.29

2013

15.52

2014

5.81

2015

-0.51

2016

8.66

2017

12.56

2018

-4.61

2019

18.54

YTD

4.15

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$20,697$6,762

3Month


Class S share 5.09 4.15 9.04 6.61 8.08 7.55 6.46

S&P 500® Index 8.93 5.57 15.15 12.28 14.15 13.74 N/A



6.25 -5.44 3.00 1.16 6.23 4.00 N/A

Lipper Mixed-Asset TargetAlloc Moderate Funds Median1 4.52 1.73 6.29 5.03 6.73 6.65 N/A


Investment ObjectiveThrivent Moderate Allocation Fund seeks long-term capital growth while providing reasonablestability of principal.Who Should Consider Investing?The Fund may be suitable for investors who:

Seek long-term growth and reasonable•stability of principal. Have a medium to long-term investment time•horizon and a moderate risk tolerance. Are able to withstand a moderate level of risk and•volatility in pursuit of moderate long-term returns.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed, for aslong as the current fee structure is in place, towaive certain investment advisory feesassociated with the Fund. Refer to the Fees andExpenses table in the prospectus.Benchmark(s)Indexes are unmanaged and do not reflect the feesand expenses associated with active management.Investments cannot be made directly into an index.




Gross: 1.01%Net: 0.81%

Risks: The Fund invests in other funds managed bythe Adviser or an affiliate and in directly-held equityand debt instruments. The Fund is dependent uponthe performance of the other funds and is subject tothe risks and additional fees and expenses of theother funds. The Fund’s value is influenced by anumber of factors, including the performance of thebroader market, the effectiveness of the Adviser’sallocation strategy, and risks specific to the Fund’sasset classes, market cap groups, investment styles,and issuers. Foreign investments involve additionalrisks, such as currency fluctuations and political,economic and market instability, which may bemagnified for investments in emerging markets. Debtsecurities are subject to risks such as declining pricesduring periods of rising interest rates and credit risk,or the risk that an issuer may not pay its debt. Highyield securities are subject to increased credit risk aswell as liquidity risk. The Adviser’s assessment ofinvestments may prove incorrect, resulting in lossesor poor performance. The Adviser is also subject toactual or potential conflicts of interest. The use ofquantitative investing techniques and derivatives suchas futures also involve risks. The Fund may engage inactive and frequent trading of portfolio securities,which may result in higher transaction costs andhigher taxes. These and other risks are described inthe prospectus.



Thrivent Moderate Allocation Fund


Large Cap Equity 36.4%International Equity 12.6%Securitized Debt 11.9%Investment Grade Credit 11.7%Government Bonds 9.7%Mid Cap Equity 4.9%High Yield Bonds 3.7%International Debt 2.4%Short Term Bonds 2.4%Small Cap Equity 2.2%Floating-Rate Bank Loans 1.7%Cash 0.4%

Top 10 Holdings—excluding derivativesand cash (39.97% of Fund, as of Aug. 31, 2020)Thrivent Large Cap GrowthFund, Class S

8.68%

Thrivent Large Cap Value Fund,Class S

6.48%

Thrivent Income Fund, Class S 4.51%

Thrivent Int’l Allocation Fund,Class S

4.31%

Thrivent Mid Cap Stock Fund,Class S

4.06%

Thrivent Core Low VolatilityEquity Fund

3.81%

Thrivent Core EM Debt Fund 2.35%

Thrivent Ltd Mat Bond Fund,Class S

2.32%

Thrivent Global Stock Fund, ClassS

1.95%

FNMA Conv’l 30-Yr. Pass-Thru 1.50%






Dividend Distributions & Price History(Trailing 12-Months; Dividend Schedule: PaidQuarterly)



Oct-19 — $14.19Nov-19 — $14.45Dec-19 $0.1006 $14.06Jan-20 — $14.08Feb-20 — $13.54Mar-20 $0.0387 $12.28Apr-20 — $13.16May-20 — $13.64Jun-20 $0.0399 $13.85Jul-20 — $14.35Aug-20 — $14.81Sep-20 $0.0351 $14.52

$0.2143 (Total)

$13.89 (Avg.)3



Dec. 11, 2019 $0.0806 $0.4424 $0.5229











Fund 0.58


FundS&P 500®

Index6BBgBarc U.S.

Aggregate5

3 Year 10.43% 17.74% 3.31%5 Year 8.92% 14.88% 3.11%10 Year 8.40% 13.25% 2.94%

FundS&P 500®

Index7


FundS&P 500®

Index8

P/E Ratio 24.1 26.4

FundS&P 500®

Index8

ROE 19.8% 25.9%

FundBBgBarc U.S.

Aggregate5


FundBBgBarc U.S.

Aggregate5






Thrivent ModeratelyConservative Allocation FundInception Date Total Fund Assets TickerJun. 30, 2005 $1.1 billion TCAIX

Fund DescriptionThis fund is the most conservative option in Thrivent Mutual Funds’ suite of Asset Allocation funds.The Fund is globally diversified across all major equity and fixed income sectors and styles. TheFund is actively managed and invests in a combination of other funds managed by the Adviser or anaffiliate and direct investments in stocks, bonds, and derivatives.





CY

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of

$1

0,0

00 $20,000

$15,000

$10,000

$5,000

$0

15%10%

5%0%

-5%-10%-15%

2010

11.68

2011

-0.02

2012

10.25

2013

9.37

2014

5.34

2015

-0.60

2016

7.26

2017

9.33

2018

-3.54

2019

14.94

YTD

4.29

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$17,883$5,644

3Month


Class S share 3.46 4.29 7.28 5.66 6.52 5.98 5.53

S&P 500® Index 8.93 5.57 15.15 12.28 14.15 13.74 N/A



6.25 -5.44 3.00 1.16 6.23 4.00 N/A

Lipper Mixed-Asset TargetAlloc Consv Funds Median1 3.21 3.07 5.71 4.30 5.15 5.10 N/A


Investment ObjectiveThrivent Moderately Conservative AllocationFund seeks long-term capital growth whileproviding reasonable stability of principal.Who Should Consider Investing?The Fund may be suitable for investors who:

Seek long-term growth and reasonable•stability of principal. Have a medium to long-term investment time•horizon and a moderately conservative risktolerance. Are willing to accept lower long-term returns•in order to have a low to moderate level ofrisk and volatility.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed, for aslong as the current fee structure is in place, towaive certain investment advisory feesassociated with the Fund. Refer to the Fees andExpenses table in the prospectus.Benchmark(s)Indexes are unmanaged and do not reflect the feesand expenses associated with active management.Investments cannot be made directly into an index.




Gross: 0.93%Net: 0.78%

Risks: The Fund invests in other funds managed bythe Adviser or an affiliate and in directly-held equityand debt instruments. The Fund is dependent uponthe performance of the other funds and is subject tothe risks and additional fees and expenses of theother funds. The Fund’s value is influenced by anumber of factors, including the performance of thebroader market, the effectiveness of the Adviser’sallocation strategy, and risks specific to the Fund’sasset classes, market cap groups, investment styles,and issuers. The value of mortgage-related and otherasset-backed securities will be influenced by thefactors affecting the housing market and the assetsunderlying such securities. The value of U.S.government securities may be affected by changes inthe credit rating of the U.S. government and may notbe fully guaranteed by the U.S. government. Foreigninvestments involve additional risks, such as currencyfluctuations and political, economic and marketinstability, which may be magnified for investments inemerging markets. Debt securities are subject to riskssuch as declining prices during periods of risinginterest rates and credit risk, or the risk that an issuermay not pay its debt. High yield securities are subjectto increased credit risk as well as liquidity risk. TheAdviser’s assessment of investments may proveincorrect, resulting in losses or poor performance.The Adviser is also subject to actual or potentialconflicts of interest. The use of quantitative investingtechniques and derivatives such as futures alsoinvolve risks. The Fund may engage in active andfrequent trading of portfolio securities, which mayresult in higher transaction costs and higher taxes.These and other risks are described in theprospectus.



Thrivent Moderately Conservative AllocationFundFund Diversification

Large Cap Equity 22.1%Investment Grade Credit 17.1%Securitized Debt 16.6%Government Bonds 14.1%International Equity 7.2%High Yield Bonds 5.3%Cash 4.3%Short Term Bonds 3.9%Mid Cap Equity 3.6%International Debt 3.4%Floating-Rate Bank Loans 2.4%

Top 10 Holdings—excluding derivativesand cash (37.92% of Fund, as of Aug. 31, 2020)Thrivent Income Fund, Class S 7.59%

Thrivent Large Cap Value Fund,Class S

6.02%

Thrivent Large Cap Growth Fund,Class S

4.78%

Thrivent Ltd Mat Bond Fund, Class S 3.83%

Thrivent Int’l Allocation Fund, Class S 3.55%

Thrivent Core EM Debt Fund 3.38%

Thrivent Core Low Volatility EquityFund

2.81%

Thrivent High Yield Fund, Class S 2.21%


FNMA Conv’l 30-Yr. Pass-Thru 1.82%









Oct-19 — $12.74Nov-19 — $12.87Dec-19 $0.0889 $12.51Jan-20 — $12.59Feb-20 — $12.34Mar-20 $0.0484 $11.49Apr-20 — $12.07May-20 — $12.38Jun-20 $0.0477 $12.51Jul-20 — $12.88Aug-20 — $13.09Sep-20 $0.0426 $12.90

$0.2276 (Total)

$12.52 (Avg.)3



Dec. 11, 2019 $0.0855 $0.3247 $0.4102











Fund 0.39


FundS&P 500®

Index6

BBgBarcU.S.

Aggregate5

3 Year 7.30% 17.74% 3.31%5 Year 6.19% 14.88% 3.11%10 Year 5.85% 13.25% 2.94%

FundS&P 500®

Index7


FundS&P 500®

Index8

P/E Ratio 23.4 26.4

FundS&P 500®

Index8

ROE 20.5% 25.9%

FundBBgBarc U.S.

Aggregate5


FundBBgBarc U.S.

Aggregate5






Thrivent Balanced Income PlusFundInception Date Total Fund Assets TickerDec. 29, 1997 $349.8 million IBBFX

Fund DescriptionThis fund provides a balanced approach to income and capital appreciation. The Fund is activelymanaged and invests in a combination of other funds managed by the Adviser or an affiliate anddirect investments in stocks, bonds, and derivatives. Approximately half of the portfolio is investedin equity securities to provide potential growth, while the other half of the portfolio is invested inhigher-yielding, higher-risk, fixed-income securities to generate income. Investments are diversifiedacross sectors in order to manage risk, potentially provide more stability when interest rates rise, andto provide the opportunity for long-term capital growth and income.

Investment Strategy/ProcessThe Fund has a long-term target allocation of 50% equity securities and 50% fixed-income. Theportfolio management team actively manages the Fund with overweight and underweight positionsin the various sectors based on their views of the market and economy. Individual stocks and bondsare analyzed and selected on an ongoing basis. The Fund is regularly rebalanced to ensure that theholdings are within appropriate ranges. Prior to August 16, 2013, the Fund was named ThriventBalanced Fund. It invested in a balanced mix of stocks, bonds and cash alternatives. On August 16,2013, the Fund adopted its current name and investment strategy, which includes the ability toinvest a greater portion of its assets in higher-yielding fixed-income securities.




CY

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$1

0,0

00 $25,000

$20,000

$15,000

$10,000

$5,000

$0

30%20%10%

0%-10%-20%-30%

2010

16.06

2011

-1.61

2012

13.07

2013

20.72

2014

5.94

2015

-0.43

2016

7.15

2017

11.68

2018

-4.81

2019

16.99

YTD

-1.04

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$20,324$9,096

3Month YTD 1 Year 3 Year 5 Year 10 Year Since

Incept.Class S share 5.20 -1.04 3.92 4.30 6.15 7.35 5.83

MSCI World Index - USDNet Returns 7.93 1.70 10.41 7.74 10.48 9.37 N/A

BBgBarc US MBS Index 0.11 3.62 4.36 3.68 2.98 3.01 N/A

BBgBarc US High Yield Ba/B2% Issuer Capped Index 4.20 1.84 4.41 4.94 6.81 6.49 N/A

S&P/LSTA Leveraged LoanIndex 4.14 -0.66 1.06 3.10 4.01 4.26 N/A

Lipper Mixed-Asset TargetAlloc Moderate Funds Median1 4.52 1.73 6.29 5.03 6.73 6.65 N/A


Investment ObjectiveThrivent Balanced Income Plus Fund seeks long-term total return through a balance between incomeand the potential for long-term capital growth.Who Should Consider Investing?The Fund may be suitable for investors who:

Seek a balance of income and the•opportunity for long-term growth. Have a medium to long-term investment time•horizon and a moderate risk tolerance. Are able to withstand a moderate level of risk and•volatility in pursuit of moderate long-term returns.

Minimum Investment

Expense Ratio


Morgan Stanley Capital International•(MSCI) World Index - USD Net Returnsrepresents large- and mid-cap stocks in 23developed-market countries. Bloomberg Barclays US Mortgage-Backed•Securities Index represents the performanceof securities backed by pools of mortgages. Bloomberg Barclays US High Yield Ba/B•2% Issuer Capped Index represents theperformance of the non-investment grade,Ba or B-rated corporate bond market. Issuersare constrained to a maximum 2% weighting. S&P/LSTA Leveraged Loan Index is a•market-value weighted index representingthe performance of the universe of U.S.dollar-denominated, senior secured,syndicated term loans.

Fund Management & ExperienceStephen D. Lowe, CFA - Industry: 1996; Fund:2013; Mark L. Simenstad, CFA - Industry: 1983;Fund: 2015; Noah J. Monsen, CFA - Industry:2008; Fund: 2015; David Spangler, CFA -Industry: 1989; Fund: 2019


Gross: 0.79%Net: 0.79%

Risks: The Fund’s value is influenced by a number offactors, including the performance of the broadermarket, the effectiveness of the Adviser’s allocationstrategy, and risks specific to the Fund’s assetclasses, market cap groups, investment styles, andissuers. Debt securities are subject to risks such asdeclining prices during periods of rising interest ratesand credit risk, or the risk that an issuer not pay itsdebt. When interest rates fall, certain obligations willbe paid off more quickly and proceeds may have tobe invested in securities with lower yields. Leveragedloans, sovereign debt, and mortgage-related andother asset-backed securities are subject to additionalrisks. Foreign investments involve additional risks,such as currency fluctuations and political, economicand market instability, which may be magnified forinvestments in emerging markets. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. The Adviseris also subject to actual or potential conflicts ofinterest. The Fund invests in directly-held equity anddebt instruments and in other funds managed by theAdviser or an affiliate. The Fund is dependent uponthe performance of the other funds and is subject tothe risks and additional fees and expenses of theother funds. The use of quantitative investingtechniques and derivatives such as futures alsoinvolve risks. The Fund may engage in active andfrequent trading of portfolio securities, which mayresult in higher transaction costs and higher taxes.When bond inventories are low in relation to themarket size, there is the potential for decreasedliquidity and increased price volatility. These andother risks are described in the prospectus.



Thrivent Balanced Income Plus Fund


US Large Cap Equity 25.0%Floating-Rate Bank Loans 16.5%International Equity 13.4%Securitized Debt 10.3%US Mid/Small Cap Equity 8.3%High Yield Bonds 7.2%International Debt 6.1%Investment Grade Credit 5.3%Opportunistic Fixed Income 5.3%Cash 1.4%Opportunistic Equity 1.2%

Top 10 Holdings—excluding derivativesand cash (14.17% of Fund, as of Aug. 31, 2020)The coupon rate is the yield paid by a fixed-incomesecurity. The maturity date is when the principal ofthe security is due and payable to the investor.

Security % ofPortfolio

CouponRate

MaturityDate

Thrivent Core EMDebt Fund 7.23% N/A N/A

Apple, Inc. 1.45% N/A N/AMicrosoft Corp 1.37% N/A N/AAmazon.com, Inc. 1.31% N/A N/AAlphabet, Inc.,Class A 0.55% N/A N/A

Johnson & Johnson 0.48% N/A N/AAdvanced MicroDevices, Inc. 0.47% N/A N/A

MasterCard, Inc. 0.46% N/A N/AScientific GamesInt’l, Inc., TermLoan

0.43% N/A 08/24

Prime SecuritySrvcs Borrower,LLC, Term Loan

0.42% N/A 09/26



Cash -0.4U.S. Gov’t Guaranteed 7.4AAA 0.9AA 2.4A 4.5BBB 16.3

HIGH YIELD (HY) 53.6BB 23.9B 26.9CCC 2.6CC 0.1C —D 0.1



DividendsMonth-End

NAV2

Oct-19 — $12.66

Nov-19 — $12.88

Dec-19 $0.0770 $13.07

Jan-20 — $13.01

Feb-20 — $12.39

Mar-20 $0.0740 $10.77

Apr-20 — $11.54

May-20 — $12.03

Jun-20 $0.0714 $12.14

Jul-20 — $12.55

Aug-20 — $12.99

Sep-20 $0.0609 $12.71

$0.2833 (Total)

$12.39 (Avg.)3

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values for the trailing 12-months.4Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.530-Day SEC Yield: Previous 30 calendar days ending Sep. 30, 2020.6Source: Barclays Capital Indices, POINT. ©2020 Barclays Capital Inc. Used with permission. POINTis a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Indexmeasures the performance of U.S. investment-grade bonds.7,8,9S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (7) Morningstar; (8) FactSet; (9) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com

Fund StatisticsStatistics shown below are compared to theS&P 500® Index and Bloomberg Barclays U.S.Aggregate Bond Index. These benchmarks areintended to provide a comparison to the broadU.S. large-cap stock market and broad U.S.bond market, and may not be representative ofthe Fund’s investment strategies and holdings.

Holdings Information

YieldYield: The income return on an investment.








30-Day SEC Yield5 1.53%

Fund 0.63


FundS&P 500®

Index7BBgBarc U.S.

Aggregate6

3 Year 11.73% 17.74% 3.31%5 Year 9.76% 14.88% 3.11%10 Year 9.39% 13.25% 2.94%

FundS&P 500®

Index8


FundS&P 500®

Index9

P/E Ratio 21.8 26.4

FundBBgBarc U.S.

Aggregate6


FundBBgBarc U.S.

Aggregate6






Thrivent Diversified IncomePlus FundInception Date Total Fund Assets TickerDec. 29, 1997 $1.1 billion THYFX

Fund DescriptionThis fund looks to provide a steady and dependable income stream along with modest capitalappreciation. It invests in higher-yielding, higher-risk, fixed-income securities to generate income,and in equities to provide potential growth and income. Investments are diversified across sectors inorder to manage risk and potentially provide more stability when interest rates rise. The Fund isactively managed and invests in a combination of direct investments in stocks, bonds, andderivatives and other funds managed by the Adviser or an affiliate.

Investment Strategy/ProcessThe Fund has a long-term target allocation of 75% fixed-income and 25% equity securities. Theportfolio management team actively manages the Fund with overweight and underweight positionsin various sectors based on their views of the market and economy. Individual stocks and bonds areanalyzed and chosen on an ongoing basis. The Fund is regularly rebalanced to ensure that theholdings are within appropriate ranges.




CY

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Gro

wth

of

$1

0,0

00 $20,000

$15,000

$10,000

$5,000

$0

20%15%10%

5%0%

-5%-10%-15%-20%

2010

15.57

2011

2.18

2012

14.23

2013

10.70

2014

3.90

2015

-0.19

2016

6.91

2017

9.20

2018

-2.88

2019

13.39

YTD

0.26

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$18,095$6,426

3Month


Class S share 3.84 0.26 3.41 4.00 5.40 6.11 4.88

MSCI World Index - USD NetReturns

7.93 1.70 10.41 7.74 10.48 9.37 N/A


BBgBarc US High YieldBa/B 2% Issuer CappedIndex

4.20 1.84 4.41 4.94 6.81 6.49 N/A

S&P/LSTA Leveraged LoanIndex

4.14 -0.66 1.06 3.10 4.01 4.26 N/A

Lipper Mixed-Asset TargetAlloc Consv Funds Median1 3.21 3.07 5.71 4.30 5.15 5.10 N/A


Investment ObjectiveThrivent Diversified Income Plus Fund seeks tomaximize income while maintaining prospectsfor capital appreciation.Who Should Consider Investing?The Fund may be suitable for investors who:

Seek a high level of income and the•opportunity for long-term growth. Have a medium to long-term investment time•horizon and a moderately conservative risktolerance. Are willing to accept lower long-term returns•in order to have a low to moderate level ofrisk and volatility.

Minimum Investment

Expense Ratio


Morgan Stanley Capital International•(MSCI) World Index - USD Net Returnsrepresents large- and mid-cap stocks in 23developed-market countries. Bloomberg Barclays US Mortgage-Backed•Securities Index represents the performanceof securities backed by pools of mortgages. Bloomberg Barclays US High Yield Ba/B•2% Issuer Capped Index represents theperformance of the non-investment grade,Ba or B-rated corporate bond market. Issuersare constrained to a maximum 2% weighting. S&P/LSTA Leveraged Loan Index is a•market-value weighted index representingthe performance of the universe of U.S.dollar-denominated, senior secured,syndicated term loans.

Fund Management & ExperienceMark L. Simenstad, CFA - Industry: 1983; Fund:2006; Stephen D. Lowe, CFA - Industry: 1996;Fund: 2015; Noah J. Monsen, CFA - Industry:2008; Fund: 2015; Gregory R. Anderson, CFA -Industry: 1993; Fund: 2018


Gross: 0.75%Net: 0.75%

Risks: The Fund’s value is influenced by a number offactors, including the performance of the broadermarket, the effectiveness of the Adviser’s allocationstrategy, and risks specific to the Fund’s assetclasses, investment styles, and issuers. Debtsecurities are subject to risks such as declining pricesduring periods of rising interest rates and credit risk,or the risk that an issuer not pay its debt. Wheninterest rates fall, certain obligations will be paid offmore quickly and proceeds may have to be investedin securities with lower yields. Leveraged loans,preferred securities, sovereign debt, and mortgage-related and other asset-backed securities are subjectto additional risks. Foreign investments involveadditional risks, such as currency fluctuations andpolitical, economic and market instability, which maybe magnified for investments in emerging markets.The Fund invests in other funds managed by theAdviser or an affiliate and in directly-held equity anddebt instruments. The Fund is dependent upon theperformance of the other funds and is subject to therisks and additional fees and expenses of the otherfunds. The Adviser’s assessment of investments mayprove incorrect, resulting in losses or poorperformance. The Adviser is also subject to actual orpotential conflicts of interest. The use of quantitativeinvesting techniques and derivatives such as futuresalso involve risks. The Fund may engage in activeand frequent trading of portfolio securities, which mayresult in higher transaction costs and higher taxes.When bond inventories are low in relation to themarket size, there is the potential for decreasedliquidity and increased price volatility. These andother risks are described in the prospectus.



Thrivent Diversified Income Plus Fund


Securitized Debt 24.2%High Yield Bonds 14.7%Floating-Rate Bank Loans 12.2%US Large Cap Equity 11.3%Investment Grade Credit 8.8%Opportunistic Fixed Income 7.0%International Equity 6.9%Cash 4.6%International Debt 4.4%US Mid/Small Cap Equity 4.3%Opportunistic Equity 1.6%

Top 10 Holdings—excluding derivativesand cash (13.98% of Fund, as of Aug. 31, 2020)The coupon rate is the yield paid by a fixed-security. The maturity date is when the principal ofthe security is due and payable to the investor.


CouponRate

MaturityDate


FNMA Conv’l 15-Yr. Pass-Thru 1.43% 2.00 09/35






Apple, Inc. 0.75% N/A N/AMicrosoft Corp 0.72% N/A N/AAmazon.com, Inc. 0.65% N/A N/A




HIGH YIELD (HY) 41.8BB 20.3B 18.5CCC 2.6CC 0.2C 0.1D 0.1


Dividend Distributions & Price History(Trailing 12-Months; Dividend Schedule: PaidMonthly)



Oct-19 $0.0180 $7.24Nov-19 $0.0181 $7.29Dec-19 $0.0183 $7.34Jan-20 $0.0161 $7.33Feb-20 $0.0172 $7.13Mar-20 $0.0203 $6.42Apr-20 $0.0171 $6.71May-20 $0.0183 $6.91Jun-20 $0.0158 $6.98Jul-20 $0.0147 $7.16Aug-20 $0.0167 $7.29Sep-20 $0.0162 $7.20

$0.2068 (Total)

$7.09 (Avg.)3


Long-TermGain Total

Dec. 30, 2019 $0.0024 $0.0396 $0.0420

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values for the trailing 12-months.4Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.530-Day SEC Yield: Previous 30 calendar days ending Sep. 30, 2020.6Source: Barclays Capital Indices, POINT. ©2020 Barclays Capital Inc. Used with permission. POINTis a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Indexmeasures the performance of U.S. investment-grade bonds.7,8,9S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (7) Morningstar; (8) FactSet; (9) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com

Fund StatisticsStatistics shown below are compared to theS&P 500® Index and Bloomberg Barclays U.S.Aggregate Bond Index. These benchmarks areintended to provide a comparison to the broadU.S. large-cap stock market and broad U.S.bond market, and may not be representative ofthe Fund’s investment strategies and holdings.











Fund 0.43


FundS&P 500®

Index7BBgBarc U.S.

Aggregate6

3 Year 8.35% 17.74% 3.31%5 Year 6.93% 14.88% 3.11%10 Year 6.36% 13.25% 2.94%

FundS&P 500®

Index8


FundS&P 500®

Index9

P/E Ratio 21.5 26.4

FundBBgBarc U.S.

Aggregate6


FundBBgBarc U.S.

Aggregate6






Thrivent Opportunity IncomePlus FundInception Date Total Fund Assets TickerDec. 29, 1997 $767.8 million IIINX

Fund DescriptionThis fund generates income by investing predominantly in a diversified mix of high-yielding fixedincome securities. It invests primarily in higher-yielding, higher-risk, fixed-income securities togenerate income, while the equity holdings are generally opportunistic investments. Investments arediversified across sectors in order to manage risk and potentially provide more stability when interestrates rise. The Fund is actively managed and invests in a combination of direct investments instocks, bonds, and derivatives and other funds managed by the Adviser or an affiliate.

Investment Strategy/ProcessThe Fund primarily invests in a broad range of debt securities. The portfolio management teamactively manages the Fund with overweight and underweight positions in the various sectors basedon their views of the market and economy. Fixed-income securities and equity holdings are analyzedand selected on an ongoing basis. The Fund is regularly rebalanced to ensure that the holdings arewithin appropriate ranges. Prior to August 16, 2013, the Fund was named Thrivent Core Bond Fund.It invested primarily in investment-grade corporate bonds, government bonds, asset-backedsecurities, and mortgage-backed securities. On August 16, 2013, the Fund adopted its currentname and investment strategy, which includes the ability to invest in a diversified mix of higher-yielding fixed-income securities.




CY

TR

Gro

wth

of

$1

0,0

00 $15,000

$10,000

$5,000

$0

15%10%

5%0%

-5%-10%-15%

2010

11.40

2011

5.81

2012

8.07

2013

-1.00

2014

3.51

2015

-0.53

2016

7.38

2017

5.11

2018

-1.01

2019

8.51

YTD

0.72

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$14,249$4,329

3Month


Class S share 2.45 0.72 2.10 2.90 3.95 3.60 4.64


BBgBarc US High Yield Ba/B2% Issuer Capped Index

4.20 1.84 4.41 4.94 6.81 6.49 N/A

S&P/LSTA Leveraged LoanIndex

4.14 -0.66 1.06 3.10 4.01 4.26 N/A

Lipper Multi-Sector IncomeFunds Median1 3.01 2.07 3.62 3.53 4.59 4.35 N/A


Investment ObjectiveThrivent Opportunity Income Plus Fund seeks ahigh level of current income, consistent withcapital preservation.Who Should Consider Investing?The Fund may be suitable for investors who:

Seek a high level of income and are able to•withstand the volatility of high yielding bondsin pursuit of high current income. Have a medium to long-term investment time•horizon and a moderately conservative risktolerance.

Minimum Investment

Expense Ratio


Bloomberg Barclays US Mortgage-Backed•Securities Index represents the performanceof securities backed by pools of mortgages. Bloomberg Barclays US High Yield Ba/B•2% Issuer Capped Index represents theperformance of the non-investment grade,Ba or B-rated corporate bond market. Issuersare constrained to a maximum 2% weighting. S&P/LSTA Leveraged Loan Index is a•market-value weighted index representingthe performance of the universe of U.S.dollar-denominated, senior secured,syndicated term loans.

Fund Management & ExperienceStephen D. Lowe, CFA - Industry: 1996; Fund:2018; Gregory R. Anderson, CFA - Industry:1993; Fund: 2005; Conrad E. Smith, CFA -Industry: 1990; Fund: 2013; Paul J. Ocenasek,CFA - Industry: 1987; Fund: 2015; Kent L.White, CFA - Industry: 1999; Fund: 2015


Gross: 0.65%Net: 0.65%

Risks: The Fund’s value is influenced by a number offactors, including the performance of the broadermarket, the effectiveness of the Adviser’s allocationstrategy, and risks specific to the Fund’s assetclasses, investment styles, and issuers. Debtsecurities are subject to risks such as declining pricesduring periods of rising interest rates and credit risk,or the risk that an issuer not pay its debt. Wheninterest rates fall, certain obligations will be paid offmore quickly and proceeds may have to be investedin securities with lower yields. Leveraged loans,sovereign debt, and mortgage-related and otherasset-backed securities are subject to additionalrisks. Foreign investments involve additional risks,such as currency fluctuations and political, economicand market instability, which may be magnified forinvestments in emerging markets. The use ofderivatives such as futures involves additional risks.An ETF is subject to additional fees and expenses,tracking error, and the risks of the underlyinginvestments that it holds. When bond inventories arelow in relation to the market size, there is the potentialfor decreased liquidity and increased price volatility.The Fund invests in directly-held equity and debtinstruments and in other funds managed by theAdviser or an affiliate. The Fund is dependent uponthe performance of the other funds and is subject tothe risks and additional fees and expenses of theother funds. The Adviser’s assessment ofinvestments may prove incorrect, resulting in lossesor poor performance. The Adviser is also subject toactual or potential conflicts of interest. The Fund mayengage in active and frequent trading of portfoliosecurities, which may result in higher transactioncosts and higher taxes. These and other risks aredescribed in the prospectus.



Thrivent Opportunity Income Plus Fund


Floating-Rate Bank Loans 28.8%Securitized Debt 28.5%International Debt 14.6%High Yield Bonds 12.7%Investment Grade Credit 10.7%Opportunistic Fixed Income 3.7%Cash 0.7%Opportunistic Equity 0.3%

Top 10 Holdings—excluding derivativesand cash (30.17% of Fund, as of Aug. 31, 2020)The coupon rate is the yield paid by a fixed incomesecurity. The maturity date is when the principal ofthe security is due and payable to the investor.


CouponRate

MaturityDate



Invesco SeniorLoan ETF 2.17% N/A N/A






Vanguard Sht-TmCorp Bond ETF 1.12% N/A N/A

FHLM Corp Conv’l30-Yr. Pass-Thru 0.95% 3.00 03/50




HIGH YIELD (HY) 47.0BB 20.6B 23.7CCC 2.6CC —C —D 0.1



DividendsMonth-End

NAV5

Oct-19 $0.0337 $10.11

Nov-19 $0.0309 $10.10

Dec-19 $0.0329 $10.18

Jan-20 $0.0298 $10.22

Feb-20 $0.0285 $10.12

Mar-20 $0.0320 $9.30

Apr-20 $0.0294 $9.51

May-20 $0.0275 $9.76

Jun-20 $0.0285 $9.83

Jul-20 $0.0275 $10.02

Aug-20 $0.0274 $10.05

Sep-20 $0.0262 $9.99

$0.3543 (Total)

$9.93 (Avg.)6

2Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.330-Day SEC Yield: Previous 30 calendar days ending Sep. 30, 2020.4Source: Barclays Capital Indices, POINT. ©2020 Barclays Capital Inc. Used with permission. POINTis a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Indexmeasures the performance of U.S. investment-grade bonds.5NAV = Net Asset Value. Class S shares carry no sales charge.6Average of the daily NAV values for the trailing 12-months.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com

Fund StatisticsStatistics shown below are compared to theBloomberg Barclays U.S. Aggregate BondIndex. The benchmark is intended to provide acomparison to the broad U.S. bond market, andmay not be representative of the Fund’sinvestment strategies and holdings.



Risk/Volatility MeasuresStandard Deviation: Measures risk by showinghow much a fund fluctuates relative to itsaverage return over a period of time.

Fixed Income CharacteristicsEffective Duration: A measure of a portfolio’ssensitivity to changes in interest rates; the longerthe portfolio’s duration, the more sensitive it is.




FundBBgBarc U.S.

Aggregate4

3 Year 5.67% 3.31%5 Year 4.67% 3.11%10 Year 3.79% 2.94%

FundBBgBarc U.S.

Aggregate4


FundBBgBarc U.S.

Aggregate4






Thrivent Global Stock FundInception Date Total Fund Assets TickerDec. 29, 1997 $1.8 billion IILGX

Fund DescriptionThis fund is a well-diversified portfolio of global securities, which includes companies from allcountries including the United States. The Fund looks to provide investors with consistent,competitive performance through favorable stock selection while monitoring risk. The Fund typicallyinvests in a globally-diversified portfolio that includes a combination of both large-cap “growth”stocks and “value” stocks. Growth stocks are companies whose earnings are expected to grow atan above-average rate relative to the market. Value stocks are companies that trade at a lower pricecompared to the market average, as measured by valuation ratios that compare the stock’s price tothe company’s earnings and growth trends. Large companies are generally considered to be morestable, but may not have the fast growth potential of smaller companies or the ability to respond asquickly to competitive challenges and changing market conditions.

Investment Strategy/ProcessUnder normal circumstances and market conditions, the Fund invests at least 80% of its net assetsin equity securities and invests at least 40% of net assets in securities of foreign companies. Theportfolio management team seeks to add value through stock selection and active management,and monitors risk in an effort to build a well-diversified, global portfolio. The team uses fundamental,quantitative and technical investment research techniques to identify and purchase financially-soundcompanies that appear to have strong, long-term growth prospects and capable managementteams.




CY

TR

Gro

wth

of

$1

0,0

00 $30,000

$20,000

$10,000

$0

30%20%10%

0%-10%-20%-30%

2010

10.75

2011

-4.61

2012

14.93

2013

29.87

2014

5.33

2015

2.92

2016

5.26

2017

21.27

2018

-8.45

2019

23.07

YTD

0.20

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$24,808$12,500

3Month


Class S share 7.67 0.20 8.93 5.48 8.96 9.51 5.72

MSCI ACWI - USD Net Returns 8.13 1.37 10.44 7.12 10.30 8.55 N/A

Lipper Global Multi-CapCore Funds Median1 7.57 -0.53 7.90 5.32 8.89 8.61 N/A


Investment ObjectiveThrivent Global Stock Fund seeks long-termcapital growth.



Have a long-term investment time horizon•and a moderately-aggressive risk tolerance.

Are able to withstand a moderately high level•of risk and volatility in pursuit of moderatelyhigh long-term returns.

Minimum Investment

Expense Ratio


Morgan Stanley Capital International (MSCI)•All Country World Index - USD Net Returnsmeasures equity market performance in allglobal developed- and emerging-markets.

Fund Management & ExperienceKurt J. Lauber, CFAIndustry: 1990; Fund: 2013

Noah J. Monsen, CFAIndustry: 2008; Fund: 2018

Lauri BrunnerIndustry: 1993; Fund: 2018

David Spangler, CFAIndustry: 1989; Fund: 2019


Gross: 0.65%Net: 0.65%

Risks: Large companies may be unable to respondquickly to new competitive challenges and may notbe able to attain a high growth rate. The Fund’svalue is influenced by a number of factors,including the performance of the broader market,and risks specific to the Fund’s asset classes,market cap groups, investment styles, and issuers.Foreign investments involve additional risks, suchas currency fluctuations and political, economicand market instability, which may be magnified forinvestments in emerging markets. The use ofquantitative investing techniques and derivativessuch as futures also involve risks. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. These andother risks are described in the prospectus.



Thrivent Global Stock Fund


Information Technology 21.0%Health Care 13.9%Consumer Discretionary 13.2%Financials 12.4%Industrials 12.0%Communication Services 7.7%Materials 5.4%Consumer Staples 4.4%Real Estate 3.6%Energy 2.9%Cash 2.1%Utilities 1.4%

Top 10 Holdings—excluding derivativesand cash (16.26% of Fund, as of Aug. 31, 2020)Amazon.com, Inc. 2.78%

Microsoft Corp 2.32%

Thrivent Core EM Equity Fund 2.20%

Apple, Inc. 2.17%

iShares Russell Mid Cap ETF 2.03%

Alphabet, Inc., Class A 1.19%

Visa, Inc. 0.98%

Roche Holding AG 0.93%

Novartis AG 0.83%

MasterCard, Inc. 0.83%

World Economic ClassificationUnited States 58.2%Developed International 33.9%Emerging Markets 7.9%

Top 5 Countries (76.8% of Fund)United States 58.2%Japan 6.4%France 4.4%Switzerland 4.3%Germany 3.5%

Data is based on country of domicile. Some companies may be domiciled in offshore locations thatmay not reflect the primary place of business.

Af r ic a0 .3%

As ia /Pa c i f i c14 .4%

Eu r o p e a n Re g io n22 .9%

M id d leEa s t0 .5%

U.S.58 .2%

Ca n a d a3 .2%

La t inAme r ic a0 .5%

2Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.3,4,5S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (3) Morningstar; (4) FactSet; (5) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.

The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.

©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com

Fund StatisticsStatistics shown below are compared to the S&P500® Index. The benchmark is intended to providea comparison to the broad U.S. large-cap stockmarket, and may not be representative of theFund’s investment strategies and holdings.




Equity CharacteristicsMarket-Capitalization: A measure of the size ofthe companies held in the portfolio, calculatedby multiplying a company’s total outstandingshares by the stock price.



Number of Holdings 1,199Turnover Ratio (last 12-months)2 78%

Fund 0.97


FundS&P 500®

Index3

3 Year 17.58% 17.74%5 Year 15.04% 14.88%10 Year 13.96% 13.25%

FundS&P 500®

Index4


FundS&P 500®

Index5

P/E Ratio 21.8 26.4

FundS&P 500®

Index5

ROE 20.1% 25.9%





Thrivent InternationalAllocation FundInception Date Total Fund Assets TickerFeb. 29, 2008 $836.1 million TWAIX

Fund DescriptionThis fund is a well-diversified portfolio of international securities, which primarily includes companiesoutside of the United States. It’s designed to provide investors with an all-in-one solution forinternational equity investing and includes allocations to large, mid and small-cap internationalcompanies, across the growth, value, and core investment styles. The Fund also provides exposureto emerging market stocks. Investors should be comfortable with the higher level of volatility thatmay be associated with international investing.

Investment Strategy/ProcessThe portfolio management team seeks to achieve its objective by investing primarily in a portfolio ofbroadly-diversified equity securities of issuers throughout the world. The Fund has a long-term targetallocation of approximately 37.5% international large-cap growth, 37.5% international large-capvalue, 15% international small- and mid-cap companies, and 10% emerging-market equitysecurities. Thrivent Asset Management makes asset allocation decisions among the various assetclasses and manages all but the international small- and mid-cap company allocation, which is sub-advised by Goldman Sachs Asset Management.




CY

TR

Gro

wth

of

$1

0,0

00 $20,000

$15,000

$10,000

$5,000

$0

30%20%10%

0%-10%-20%-30%

2010

13.53

2011

-11.84

2012

19.24

2013

15.51

2014

-4.47

2015

-0.81

2016

3.28

2017

23.70

2018

-15.53

2019

20.46

YTD

-8.59

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$14,544$3,340

3Month


Class S share 6.21 -8.59 -0.99 -1.34 4.30 3.82 2.04


6.25 -5.44 3.00 1.16 6.23 4.00 N/A

Lipper International Multi-Cap Core Funds Median1 5.12 -6.74 1.03 0.23 5.01 4.17 N/A


Investment ObjectiveThrivent International Allocation Fund seekslong-term capital growth.


Seek long-term growth and a well-diversified, all-•in-one solution for international equity investing.

Have a long-term investment time horizon•and a moderately aggressive risk tolerance.


Minimum Investment

Expense Ratio


Morgan Stanley Capital International•(MSCI) All Country World Index (ACWI) ex-USA - USD Net Returns measures equitymarket performance in all global developed-and emerging-markets outside of the U.S.

Fund ManagementGoldman Sachs Asset Management, L.P.Fund: 2008

Noah J. Monsen, CFAIndustry: 2008; Fund: 2016

Brian M. Bomgren, CQFIndustry: 2006; Fund: 2016

David Spangler, CFAIndustry: 1989; Fund: 2019


Gross: 0.80%Net: 0.80%

Risks: Foreign investments involve additional risks,such as currency fluctuations and political, economicand market instability, which may be magnified forinvestments in emerging markets. The Fund’s value isinfluenced by a number of factors, including theperformance of the broader market, the effectivenessof the Adviser’s allocation strategy, and risks specificto the Fund’s asset classes, market cap groups,investment styles, and issuers. The use ofquantitative investing techniques and derivatives suchas futures also involve risks. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. Theinvestment style employed by the Subadviser maynot be complementary to that of the Adviser. TheFund may engage in active and frequent trading ofportfolio securities, which may result in highertransaction costs and higher taxes. These and otherrisks are described in the prospectus.



Thrivent International Allocation Fund


Industrials 15.1%Health Care 14.0%Financials 13.8%Consumer Discretionary 12.0%Information Technology 11.9%Materials 9.5%Consumer Staples 7.3%Communication Services 5.1%Real Estate 4.7%Energy 2.8%Cash 2.0%Utilities 1.7%Miscellaneous 0.1%

Top 10 Holdings—excluding derivativesand cash (11.64% of Fund, as of Aug. 31, 2020)Nestle SA 1.86%

Roche Holding AG 1.58%

CSL, Ltd. 1.32%

Legrand SA 1.09%

Novo Nordisk AS 1.00%

Alibaba Grp Holding, Ltd. ADR 0.99%

Allianz SE 0.98%

ASML Holding NV 0.96%

Deutsche Boerse AG 0.95%

Novartis AG 0.91%

World Economic ClassificationDeveloped International 90.3%Emerging Markets 7.5%United States 2.1%Other 0.1%

Top 5 Countries (57.9% of Fund)Japan 21.9%Switzerland 11.1%United Kingdom 9.8%France 8.1%Germany 7.0%

Data is based on country of domicile. Some companies may be domiciled in offshore locations thatmay not reflect the primary place of business. Developed International holdings may includeexposure to emerging market securities that are listed in a developed market, such as mainlandChina holdings that are listed in Hong Kong.

Af r ic a0 .3%




U.S.2 .1%

Ca n a d a6 .4%



The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com







Number of Holdings 1,260Turnover Ratio (last 12-months)2 89%

FundS&P 500®

Index3

3 Year 16.30% 17.74%5 Year 14.03% 14.88%10 Year 13.90% 13.25%

FundS&P 500®

Index4


FundS&P 500®

Index5

P/E Ratio 17.4 26.4

FundS&P 500®

Index5

ROE 18.5% 25.9%

Long-term Target AllocationAllocations subject to change.

InternationalLarge CapGrowth37.5%

InternationalLarge Cap

Value37.5%

InternationalSmall & Mid

Cap Equities15%

EmergingMarkets Equity

10%





Thrivent Large Cap Growth FundInception Date Total Fund Assets TickerOct. 29, 1999 $1.6 billion THLCX

Fund DescriptionThis fund looks to provide investors with consistent, competitive performance through favorablestock selection while monitoring risk. The Fund typically invests in large company “growth” stocks.Growth stocks are companies whose earnings are expected to grow at an above-average raterelative to the market. Large companies are generally considered to be more stable, but may nothave the fast growth potential of smaller companies or the ability to respond as quickly tocompetitive challenges and changing market conditions.

Investment Strategy/ProcessThe portfolio management team seeks to add value through stock selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. Analysts identifysecurities that they believe may provide strong, long-term, organic growth opportunities, or that areuniquely positioned within the industry. Each analyst uses a proprietary research process,considering the factors and characteristics that are most relevant for each industry. The analystteam’s “best ideas” in each sector are presented to the portfolio management team as candidatesfor the portfolio. The Fund’s portfolio managers are responsible for portfolio construction and riskmanagement. Variances in the portfolio’s sector weightings compared to the benchmark areminimized in an effort to ensure that stock selection is the primary source of excess return.




CY

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$1

0,0

00 $50,000

$40,000

$30,000

$20,000

$10,000

$0

45%30%15%

0%-15%-30%-45%

2010

10.12

2011

-5.88

2012

18.35

2013

35.36

2014

10.46

2015

10.10

2016

-1.97

2017

28.22

2018

1.87

2019

32.05

YTD

30.48

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$45,009$10,081

3Month


Class S share 13.87 30.48 44.04 23.17 19.34 16.23 6.42

Russell 1000® Growth Index 13.22 24.33 37.53 21.68 20.10 17.25 N/A

S&P 500 Growth Index 11.75 20.61 30.64 19.09 18.37 16.53 N/A

Lipper Large-Cap GrowthFunds Median1 11.52 22.48 34.21 20.44 18.30 15.69 N/A


Investment ObjectiveThrivent Large Cap Growth Fund seeks toachieve long-term capital appreciation.





Minimum Investment

Expense Ratio


Russell 1000® Growth Index measures the•performance of U.S. large-capitalizationgrowth-oriented equities.

S&P 500® Growth Index measures the•performance of the growth stocks in the S&P500® Index and was a benchmark for thefund until Feb. 28, 2020.

Fund Management & ExperienceLauri BrunnerIndustry: 1993; Fund: 2018


Gross: 0.79%Net: 0.79%

Risks: Large companies may be unable to respondquickly to new competitive challenges and may notbe able to attain a high growth rate. The Fund’svalue is influenced by a number of factors,including the performance of the broader market,and risks specific to the Fund’s asset classes,investment styles, and issuers. Common stocks ofcompanies that rely extensively on technology,science or communications in their productdevelopment or operations may be more volatilethan the overall stock market and may or may notmove in tandem with the overall stock market. TheAdviser’s assessment of investments may proveincorrect, resulting in losses or poor performance.Foreign investments involve additional risks, suchas currency fluctuations and political, economicand market instability, which may be magnified forinvestments in emerging markets. These and otherrisks are described in the prospectus.



Thrivent Large Cap Growth Fund


Information Technology 41.0%Consumer Discretionary 21.0%Health Care 13.4%Communication Services 11.0%Industrials 4.7%Financials 4.1%Cash 1.8%Real Estate 1.3%Materials 1.1%Consumer Staples 0.6%

Top 10 Holdings—excluding derivativesand cash (57.65% of Fund, as of Aug. 31, 2020)Amazon.com, Inc. 13.56%

Apple, Inc. 9.63%


Alphabet, Inc., Class A 5.80%

Visa, Inc. 4.77%

MasterCard, Inc. 4.05%

NVIDIA Corp 3.37%

Facebook, Inc. 2.80%

Home Depot, Inc. 2.79%

ServiceNow, Inc. 2.21%



DividendsMonth-End

NAV2

Oct-19 — $12.82

Nov-19 — $13.38

Dec-19 — $13.09

Jan-20 — $13.56

Feb-20 — $12.75

Mar-20 — $11.63

Apr-20 — $13.44

May-20 — $14.40

Jun-20 — $15.00

Jul-20 — $16.05

Aug-20 — $17.81

Sep-20 — $17.08

$0.0000 (Total)

$14.03 (Avg.)3

Record DateShort-

Term GainLong-

Term GainTotal

Dec. 11, 2019 $0.0000 $0.6263 $0.6263

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values for the trailing 12-months.4Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.5,6,7S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (5) Morningstar; (6) FactSet; (7) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.









Number of Holdings 46Turnover Ratio (last 12-months)4 40%

Fund 1.05


FundS&P 500®

Index5

3 Year 19.52% 17.74%5 Year 16.95% 14.88%10 Year 15.36% 13.25%

FundS&P 500®

Index6


FundS&P 500®

Index7

P/E Ratio 42.1 26.4

FundS&P 500®

Index7

ROE 30.2% 25.9%





Thrivent Large Cap Value FundInception Date Total Fund Assets TickerOct. 29, 1999 $1.1 billion TLVIX

Fund DescriptionThis fund looks to provide investors with consistent, competitive performance through favorablestock selection while monitoring risk. The Fund typically invests in large company “value” stocks.Value stocks are companies that trade at a lower price compared to the market average, asmeasured by valuation ratios that compare the stock’s price to the company’s earnings and growthtrends. Large companies are generally considered to be more stable, but may not have the fastgrowth potential of smaller companies or the ability to respond as quickly to competitive challengesand changing market conditions.

Investment Strategy/ProcessThe portfolio management team seeks to add value through stock selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team also seeksto invest in stocks that they believe are undervalued, which may be because the company is out offavor or has been temporarily overlooked. The team uses fundamental, quantitative and technicalinvestment research techniques in an effort to identify high-quality businesses that are trading atattractive prices, but have good prospects for long-term capital appreciation. Catalysts forimprovement may include factors such as improving economic conditions, new industrydevelopments, or a company’s plan to improve the business.




CY

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$1

0,0

00 $30,000

$20,000

$10,000

$0

40%30%20%10%

0%-10%-20%-30%-40%

2010

12.86

2011

-2.95

2012

17.81

2013

31.94

2014

8.97

2015

-3.24

2016

17.53

2017

17.70

2018

-8.49

2019

24.12

YTD

-11.80

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$24,678$7,740

3Month


Class S share 3.99 -11.80 -5.02 2.02 7.90 9.45 5.29

Russell 1000® Value Index 5.59 -11.58 -5.03 2.63 7.66 9.95 N/A

S&P 500 Value Index 4.79 -11.47 -2.68 4.18 8.84 10.35 N/A

Lipper Large-Cap ValueFunds Median1 5.04 -10.23 -3.63 3.43 7.79 9.44 N/A


Investment ObjectiveThrivent Large Cap Value Fund seeks toachieve long-term growth of capital.




Are able to withstand a moderately high level•of risk and volatility in pursuit of moderately-high long-term returns.

Minimum Investment

Expense Ratio


Russell 1000® Value Index measures the•performance of U.S. large-capitalizationvalue-oriented equities.

S&P 500® Value Index measures the•performance of the value stocks in the S&P500® Index and was a benchmark for thefund until Feb. 28, 2020.

Fund Management & ExperienceKurt J. Lauber, CFAIndustry: 1990; Fund: 2013


Gross: 0.54%Net: 0.54%

Risks: Large companies may be unable to respondquickly to new competitive challenges and may notbe able to attain a high growth rate. The Fund’svalue is influenced by a number of factors,including the performance of the broader market,and risks specific to the Fund’s asset classes,investment styles, and issuers. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. Foreigninvestments involve additional risks, such ascurrency fluctuations and political, economic andmarket instability, which may be magnified forinvestments in emerging markets. These and otherrisks are described in the prospectus.



Thrivent Large Cap Value Fund


Financials 20.1%Health Care 17.3%Information Technology 13.7%Industrials 11.9%Communication Services 9.0%Consumer Discretionary 7.3%Energy 4.7%Consumer Staples 4.5%Materials 4.1%Utilities 3.5%Real Estate 2.2%Cash 1.7%

Top 10 Holdings—excluding derivativesand cash (30.59% of Fund, as of Aug. 31, 2020)Verizon Comm, Inc. 3.85%


Wal-Mart Stores, Inc. 3.44%

Cisco Systems, Inc. 3.15%

Johnson & Johnson 2.98%

Merck & Co, Inc. 2.90%

Citigroup, Inc. 2.90%

Lowe’s Companies, Inc. 2.71%

Comcast Corp 2.66%

Medtronic plc 2.48%


DividendsMonth-End

NAV2

Oct-19 — $22.70

Nov-19 — $23.42

Dec-19 $0.4383 $23.64

Jan-20 — $22.82

Feb-20 — $20.55

Mar-20 — $17.06

Apr-20 — $19.08

May-20 — $19.94

Jun-20 — $20.05

Jul-20 — $20.69

Aug-20 — $21.54

Sep-20 — $20.85

$0.4383 (Total)

$21.15 (Avg.)3

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values for the trailing 12-months.4Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.5,6,7S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (5) Morningstar; (6) FactSet; (7) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.











Fund 1.06


FundS&P 500®

Index5

3 Year 19.40% 17.74%5 Year 16.90% 14.88%10 Year 15.02% 13.25%

FundS&P 500®

Index6


FundS&P 500®

Index7

P/E Ratio 16.8 26.4

FundS&P 500®

Index7

ROE 20.4% 25.9%





Thrivent Low Volatility EquityFundInception Date Total Fund Assets TickerFeb. 28, 2017 $30.9 million TLVOX

Fund DescriptionThis fund seeks to provide investors with returns similar to the global equity markets with lowervolatility over a full market cycle. The Fund is globally-diversified with an approximate allocation of60% U.S. and 40% non-U.S. stocks and may invest in securities of any market-capitalization. TheFund employs investment management techniques to identify securities that exhibit low volatilityreturns. Therefore it is expected that the Fund will generally underperform the global equity marketsduring periods of strong market performance.

Investment Strategy/ProcessThe portfolio management team uses active quantitative management techniques to forecastinvestment returns and to identify relationships between securities. The process uses factor modelsand also strives to identify groups of stocks that are less correlated to each other. The teamconstructs a risk-optimized portfolio with a focus on low-volatility securities. The Fund is expected tobe well-diversified with global securities. As a part of the risk management process, sector, country,and individual security weights will be constrained.



CY

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$1

0,0

00 $15,000

$10,000

$5,000

$0

30%20%10%

0%-10%-20%-30%

2017N/A

2018

-3.36

2019

22.57

YTD

-2.83

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$12,857$847

3Month


Class S share 5.81 -2.83 1.25 6.41 N/A N/A 7.25

MSCI World Min Vol Index -USD Net Returns

4.68 -2.91 0.03 6.96 9.31 9.59 N/A

Lipper Global Multi-CapValue Funds Median1 5.22 -9.40 -3.20 1.08 5.58 6.10 N/A


Investment ObjectiveThrivent Low Volatility Equity Fund seeks long-term capital appreciation with lower volatilityrelative to the global equity markets.


Seek long-term growth with less volatility.•

Have a long-term investment time horizon•and a moderate risk tolerance.

Are comfortable with experiencing•underperformance during certain parts of themarket cycle in exchange for potentiallylower volatility over a full market cycle.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed throughat least Feb. 28, 2021 to reimburse certainexpenses associated with the Fund. Refer tothe Fees and Expenses table in the prospectus.


Morgan Stanley Capital International (MSCI)•World Minimum Volatility Index - USD NetReturns measures the performance of aminimum-variance strategy applied to auniverse of large- and mid-cap stocks in 23developed-market countries. It is an optimizedversion of the MSCI World Index.

Fund Management & ExperienceNoah J. Monsen, CFAIndustry: 2008; Fund: 2017

Brian W. Bomgren, CQFIndustry: 2006; Fund: 2018


Gross: 1.96%Net: 0.95%

Risks: The Fund seeks lower volatility than theglobal equity markets, however it will experiencesome volatility. The Fund’s value is influenced by anumber of factors, including the performance of thebroader market, and risks specific to the Fund’sasset classes, investment styles, and issuers. Theuse of quantitative investing techniques andderivatives such as futures also involve risks.Foreign investments involve additional risks, suchas currency fluctuations and political, economicand market instability, which may be magnified forinvestments in emerging markets.These and otherrisks are described in the prospectus.



Thrivent Low Volatility Equity Fund


Consumer Staples 16.4%Health Care 15.1%Information Technology 14.2%Industrials 11.7%Communication Services 11.4%Financials 9.3%Utilities 6.0%Materials 5.5%Consumer Discretionary 5.4%Real Estate 3.8%Energy 0.7%Cash 0.5%

Top 10 Holdings—excluding derivativesand cash (17.71% of Fund, as of Aug. 31, 2020)Verizon Comm, Inc. 2.10%

PepsiCo, Inc. 1.95%

Procter & Gamble Co 1.87%

Coca-Cola Co 1.74%

Paychex, Inc. 1.71%

Johnson & Johnson 1.71%

Nestle SA 1.70%

McDonald’s Corp 1.68%

NTT DOCOMO, Inc. 1.64%

Newmont Mining Corp 1.61%

World Economic ClassificationUnited States 62.1%Developed International 37.9%

Top 5 Countries (91.8% of Fund)United States 62.1%Japan 13.1%Canada 7.3%Switzerland 7.3%Hong Kong 2.0%

Data is based on country of domicile. Some companies may be domiciled in offshore locations thatmay not reflect the primary place of business.

Af r ic a0 .0%




U.S.62 .1%

Ca n a d a7 .3%












FundS&P 500®

Index3

3 Year 12.67% 17.74%5 Year N/A 14.88%10 Year N/A 13.25%

FundS&P 500®

Index4


FundS&P 500®

Index5

P/E Ratio 21.4 26.4

FundS&P 500®

Index5

ROE 23.6% 25.9%





Thrivent Mid Cap Growth FundInception Date Total Fund Assets TickerFeb. 28, 2020 $6.1 million TMCGX

Fund DescriptionThis fund looks to provide investors with consistent, competitive performance through favorablestock selection while monitoring risk. The Fund typically invests in “growth” stocks. Growth stocksare companies whose earnings are expected to grow at an above-average rate relative to themarket. Mid-sized companies may be more established than small companies but have theopportunity to experience faster growth as they seek to become large-cap companies. However,they typically have greater risk than larger, more-seasoned companies.

Investment Strategy/ProcessThe portfolio management team seeks to add value through stock selection and activemanagement. The Fund invests in a diversified portfolio of growth stocks with improving or positiveoutlooks relative to market expectations. The process begins with idea generation and screening toidentify stocks that have certain characteristics. The team uses fundamental, quantitative andtechnical investment research techniques to seek to identify and purchase mid-sized companiesthat are in industries with good economic outlooks and that have strong prospects for growth in theirsales and earnings. They also seek to identify companies with high-quality management teams andstrong financial positions, and monitor risk in an effort to build a well-diversified portfolio.


3Month


Class S share 10.74 N/A N/A N/A N/A N/A 27.90

Russell Midcap® Growth Index 9.37 13.92 23.23 16.23 15.53 14.55 N/A

Lipper Mid-Cap GrowthFunds Median1 9.55 16.30 24.97 16.16 14.77 13.88 N/A


Investment ObjectiveThrivent Mid Cap Growth Fund seeks long-termcapital growth.





Minimum Investment

Expense Ratio

The Adviser has contractually agreed, through atleast February 28, 2021, to waive certain expensesassociated with the Fund. Refer to the Fees andExpenses section in the prospectus for details.


Russell Midcap® Growth Index measures•the performance of U.S. medium-capitalization growth-oriented equities.

Fund Management & ExperienceDavid Lettenberger, CFAIndustry: 1993Fund: 2020


Gross: 3.90%Net: 1.00%

Risks: Medium-sized companies often have greaterprice volatility, lower trading volume, and less liquiditythan larger, more established companies. The Fund’svalue is influenced by factors impacting the overallmarket, certain asset classes, certain investmentstyles, and specific issuers. Common stocks ofcompanies that rely extensively on technology,science or communications in their productdevelopment or operations may be more volatile thanthe overall stock market and may or may not move intandem with the overall stock market. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. These andother risks are described in the Fund’s prospectus.



Thrivent Mid Cap Growth Fund


Information Technology 30.2%Health Care 22.6%Industrials 16.8%Consumer Discretionary 14.4%Financials 4.4%Real Estate 3.1%Consumer Staples 2.3%Materials 2.3%Communication Services 2.3%Cash 1.2%Energy 0.4%

Top 10 Holdings—excluding derivativesand cash (22.15% of Fund, as of Aug. 31, 2020)Elastic NV 2.46%

Veeva Systems, Inc. 2.46%

ServiceNow, Inc. 2.37%

DocuSign, Inc. 2.28%

CoStar Grp, Inc. 2.24%

United Rentals, Inc. 2.24%

LHC Grp, Inc. 2.18%

Global Payments, Inc. 2.02%

Monolithic Power Systems, Inc. 2.02%

Dexcom, Inc. 1.88%


DividendsMonth-EndNAV2

Feb-20 — $10.00

Mar-20 — $8.82

Apr-20 — $10.09

May-20 — $11.35

Jun-20 — $11.55

Jul-20 — $12.29

Aug-20 — $12.91

Sep-20 — $12.79

$0.0000 (Total)

$11.05 (Avg.)3

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values since inception.4,5,6S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (4) Morningstar; (5) FactSet; (6) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.









Number of Holdings 89

FundS&P 500®

Index4

3 Year N/A 17.74%5 Year N/A 14.88%10 Year N/A 13.25%

FundS&P 500®

Index5


FundS&P 500®

Index6

P/E Ratio 37.0 26.4

FundS&P 500®

Index6

ROE 8.2% 25.9%





Thrivent Mid Cap Stock FundInception Date Total Fund Assets TickerDec. 29, 1997 $2.3 billion TMSIX

Fund DescriptionThis fund looks to provide investors with consistent, competitive performance through favorablestock selection while monitoring risk. The Fund typically invests in a combination of “growth” and“value” stocks. Growth stocks are companies whose earnings are expected to grow at an above-average rate relative to the market. Value stocks are companies that trade at a lower price comparedto the market, as measured by valuation ratios that compare the stock’s price to the company’searnings and growth trends. Mid-sized companies may be more established than small companiesbut have the opportunity to experience faster growth as they seek to become large-cap companies.However, they typically have greater risk than larger, more-seasoned companies.

Investment Strategy/ProcessThe portfolio management team seeks to add value through stock selection and activemanagement. The Fund invests in a diversified portfolio of growth and value stocks with improving orpositive outlooks relative to market expectations. The process begins with idea generation andscreening to identify stocks that have certain characteristics. The team uses fundamental,quantitative and technical investment research techniques to seek to identify and purchase mid-sized companies that are in industries with good economic outlooks and that have strong prospectsfor growth in their sales and earnings. They also seek to identify companies with high-qualitymanagement teams and strong financial positions, and monitor risk in an effort to build a well-diversified portfolio.




CY

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$1

0,0

00 $40,000

$30,000

$20,000

$10,000

$0

45%30%15%

0%-15%-30%-45%

2010

25.92

2011

-6.02

2012

14.42

2013

35.68

2014

11.93

2015

0.66

2016

28.63

2017

18.94

2018

-10.39

2019

24.85

YTD

-0.86

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$32,398$12,513

3Month


Class S share 9.32 -0.86 5.55 5.99 12.63 12.47 8.86

Russell Midcap® Index 7.46 -2.35 4.55 7.14 10.13 11.76 N/A

S&P MidCap 400® Index 4.77 -8.62 -2.16 2.90 8.11 10.49 N/A

Lipper Mid-Cap Core FundsMedian1 5.65 -9.22 -2.80 2.69 6.24 8.69 N/A


Investment ObjectiveThrivent Mid Cap Stock Fund seeks long-termcapital growth.





Minimum Investment

Expense Ratio


Russell Midcap® Index measures the•performance of U.S. medium-capitalizationequities.

S&P MidCap 400® Index represents the•average performance of a group of 400medium-capitalization stocks and was abenchmark for the fund until Feb. 28, 2020.

Fund Management & ExperienceBrian J. Flanagan, CFAIndustry: 1993; Fund: 2004


Gross: 0.77%Net: 0.77%

Risks: Medium-sized companies often have greaterprice volatility, lower trading volume, and less liquiditythan larger, more established companies. The Fund’svalue is influenced by a number of factors, includingthe performance of the broader market, and risksspecific to the Fund’s asset classes, investmentstyles, and issuers. The Adviser’s assessment ofinvestments may prove incorrect, resulting in lossesor poor performance. These and other risks aredescribed in the prospectus.



Thrivent Mid Cap Stock Fund


Information Technology 15.7%Industrials 14.8%Consumer Discretionary 13.6%Financials 12.8%Health Care 11.6%Real Estate 7.1%Communication Services 6.4%Utilities 5.2%Materials 4.9%Consumer Staples 3.8%Cash 2.2%Energy 1.9%

Top 10 Holdings—excluding derivativesand cash (27.73% of Fund, as of Aug. 31, 2020)Lululemon Athletica, Inc. 3.33%

Nuance Comm, Inc. 3.17%

NVR, Inc. 3.06%

RH 2.99%

Zillow Grp, Inc. 2.68%

Advanced Micro Devices, Inc. 2.66%

United Rentals, Inc. 2.62%

Akamai Tech, Inc. 2.51%

Align Tech, Inc. 2.38%

ANSYS, Inc. 2.33%




Oct-19 — $27.10

Nov-19 — $27.95

Dec-19 $0.1044 $27.92

Jan-20 — $27.32

Feb-20 — $25.08

Mar-20 — $20.01

Apr-20 — $22.78

May-20 — $24.72

Jun-20 — $25.32

Jul-20 — $26.90

Aug-20 — $28.33

Sep-20 — $27.68

$0.1044 (Total)

$25.88 (Avg.)3



Dec. 11, 2019 $0.0000 $0.6691 $0.6691

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values for the trailing 12-months.4Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.5,6,7S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (5) Morningstar; (6) FactSet; (7) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com








FundS&P 500®

Index5

3 Year 21.25% 17.74%5 Year 18.42% 14.88%10 Year 16.64% 13.25%

FundS&P 500®

Index6


FundS&P 500®

Index7

P/E Ratio 22.8 26.4

FundS&P 500®

Index7

ROE 16.3% 25.9%





Thrivent Mid Cap Value FundInception Date Total Fund Assets TickerFeb. 28, 2020 $4.9 million TMCVX

Fund DescriptionThis fund looks to provide investors with consistent, competitive performance through favorablestock selection while monitoring risk. The Fund typically invests in “value” stocks. Value stocks arecompanies that trade at a lower price compared to the market, as measured by valuation ratios thatcompare the stock’s price to the company’s earnings and growth trends. Mid-sized companies maybe more established than small companies but have the opportunity to experience faster growth asthey seek to become large-cap companies. However, they typically have greater risk than larger,more-seasoned companies.

Investment Strategy/ProcessThe portfolio management team seeks to add value through stock selection and activemanagement. The Fund invests in a diversified portfolio of value stocks with improving or positiveoutlooks relative to market expectations. The process begins with idea generation and screening toidentify stocks that have certain characteristics. The team uses fundamental, quantitative andtechnical investment research techniques to seek to identify and purchase mid-sized companiesthat are in industries with good economic outlooks and that have strong prospects for growth in theirsales and earnings. They also seek to identify companies with high-quality management teams andstrong financial positions, and monitor risk in an effort to build a well-diversified portfolio.


3Month


Class S share 1.33 N/A N/A N/A N/A N/A -0.60

Russell Midcap® Value Index 6.40 -12.84 -7.30 0.82 6.38 9.71 N/A

Lipper Mid-Cap ValueFunds Median1 4.60 -16.30 -11.08 -1.28 4.82 7.84 N/A


Investment ObjectiveThrivent Mid Cap Value Fund seeks long-termcapital growth.





Minimum Investment

Expense Ratio

The Adviser has contractually agreed, throughat least February 28, 2021, to waive certainexpenses associated with the Fund. Refer tothe Fees and Expenses table in the prospectus.


Russell Midcap® Value Index measures the•performance of U.S. medium-capitalizationvalue-oriented equities.

Fund Management & ExperienceGraham Wong, CFAIndustry: 2001Fund: 2020


Gross: 3.89%Net: 1.00%

Risks: Medium-sized companies often have greaterprice volatility, lower trading volume, and less liquiditythan larger, more established companies. The Fund’svalue is influenced by factors impacting the overallmarket, certain asset classes, certain investmentstyles, and specific issuers. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. These andother risks are described in the Fund’s prospectus.



Thrivent Mid Cap Value Fund


Financials 18.7%Industrials 12.5%Consumer Discretionary 12.2%Information Technology 9.9%Health Care 9.7%Materials 8.0%Real Estate 7.6%Utilities 5.9%Consumer Staples 5.9%Energy 4.1%Communication Services 4.0%Cash 1.5%

Top 10 Holdings—excluding derivativesand cash (24.73% of Fund, as of Aug. 31, 2020)Voya Financial, Inc. 2.86%

Carlisle Companies, Inc. 2.71%

Zimmer Biomet Holdings, Inc. 2.65%

Southwest Airlines Co 2.53%

CBRE Grp, Inc. 2.41%

Hartford Financial Srvcs Grp, Inc. 2.36%

Wintrust Financial Corp 2.35%

Robert Half Int’l, Inc. 2.34%

PTC, Inc. 2.27%

Berry Plastics Grp, Inc. 2.25%


DividendsMonth-End

NAV2

Feb-20 — $10.00

Mar-20 — $8.09

Apr-20 — $9.25

May-20 — $9.79

Jun-20 — $9.81

Jul-20 — $10.02

Aug-20 — $10.38

Sep-20 — $9.94

$0.0000 (Total)

$9.52 (Avg.)3

2NAV = Net Asset Value. Class S shares carry no sales charge.3Average of the daily NAV values since inception.4,5,6S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGraw HillFinancial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the averageperformance of a group of 500 large-capitalization stocks. Sources: (4) Morningstar; (5) FactSet; (6) Thrivent.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.









Number of Holdings 61

FundS&P 500®

Index4


FundS&P 500®

Index5


FundS&P 500®

Index6

P/E Ratio 18.6 26.4

FundS&P 500®

Index6

ROE 14.5% 25.9%





Thrivent Small Cap Growth FundInception Date Total Fund Assets TickerFeb. 28, 2018 $17.5 million TSCGX

Fund DescriptionThis fund seeks to provide investors with competitive performance through favorable stock selectionwhile monitoring risk. The Fund typically invests in small-capitalization “growth” stocks. Growthstocks are companies whose earnings are expected to grow at an above-average rate relative to themarket. Small companies may have the opportunity to grow more rapidly than larger companies asthey potentially emerge from a small- to a medium-sized company. However, they typically do notpay significant dividends to shareholders and instead reinvest earnings back into the company.Smaller companies have greater volatility (or more risk) because they are often less-seasoned, havenarrower product lines, less liquidity, smaller revenues and fewer resources than larger companies.

Investment Strategy/ProcessThe portfolio management team seeks to add value through stock selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team usesfundamental, quantitative, and technical investment research techniques to identify and purchasesmall companies that the team believes could grow their revenue and earnings faster than theirpeers, along with companies that could sustain growth over time.




CY

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Gro

wth

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$1

0,0

00 $15,000

$10,000

$5,000

$0

30%25%20%15%10%

5%0%

2018N/A

2019

28.48

YTD

21.18

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$14,565$375

3Month


Class S share 11.21 21.18 32.54 N/A N/A N/A 15.63

Russell 2000® Growth Index 7.16 3.88 15.71 8.18 11.42 12.34 N/A

S&P SmallCap 600 GrowthIndex

4.13 -7.88 0.08 3.61 9.27 12.20 N/A

Lipper Small-Cap GrowthFunds Median1 8.62 8.22 17.74 10.93 12.84 12.94 N/A


Investment ObjectiveThrivent Small Cap Growth Fund seeks long-term capital growth.





Minimum Investment

Expense Ratio

The Adviser has contractually agreed throughat least Feb. 28, 2021 to reimburse certainexpenses associated with the Fund. Refer tothe Fees and Expenses table in the prospectus.


Russell 2000® Growth Index measures the•performance of U.S. small-capitalizationgrowth-oriented equities.

S&P SmallCap 600 Growth Index is market-•cap weighted index that represents theaverage performance of a group of 600small-capitalization U.S. stocks. It was abenchmark for the fund until Feb. 28, 2020.

Fund Management & ExperienceDavid Lettenberger, CFAIndustry: 1993; Fund: 2018


Gross: 3.77%Net: 1.00%

Risks: Smaller, less seasoned companies often havegreater price volatility, lower trading volume, and lessliquidity than larger, more established companies. TheFund’s value is influenced by a number of factors,including the performance of the broader market, andrisks specific to the Fund’s asset classes, investmentstyles, and issuers. Common stocks of companiesthat rely extensively on technology, science orcommunications in their product development oroperations may be more volatile than the overallstock market and may or may not move in tandemwith the overall stock market. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. These andother risks are described in the prospectus.



Thrivent Small Cap Growth Fund


Health Care 25.3%Information Technology 25.2%Industrials 16.6%Consumer Discretionary 13.2%Financials 4.7%Consumer Staples 3.8%Real Estate 3.3%Cash 2.7%Materials 2.5%Communication Services 2.5%Energy 0.2%

Top 10 Holdings—excluding derivativesand cash (19.44% of Fund, as of Aug. 31, 2020)LHC Grp, Inc. 2.92%

Monolithic Power Systems, Inc. 2.13%

Five9, Inc. 1.92%

Bandwidth, Inc. 1.89%

Avalara, Inc. 1.87%

Ritchie Brothers Auctioneers, Inc. 1.84%

Silk Road Medical, Inc. 1.82%

Texas Roadhouse, Inc. 1.74%

Catalent, Inc. 1.68%

Inspire Medical Systems, Inc. 1.63%




Oct-19 — $10.87

Nov-19 — $11.63

Dec-19 — $11.71

Jan-20 — $11.73

Feb-20 — $11.04

Mar-20 — $9.15

Apr-20 — $10.95

May-20 — $12.27

Jun-20 — $12.76

Jul-20 — $13.68

Aug-20 — $14.39

Sep-20 — $14.19

$0.0000 (Total)

$11.85 (Avg.)3



Dec. 11, 2019 $0.0000 $0.0578 $0.0578









FundS&P 500®

Index5


FundS&P 500®

Index6


FundS&P 500®

Index7

P/E Ratio 31.7 26.4

FundS&P 500®

Index7

ROE 1.7% 25.9%





Thrivent Small Cap Stock FundInception Date Total Fund Assets TickerDec. 29, 1997 $634.5 million TSCSX

Fund DescriptionThis fund looks to provide investors with competitive performance through favorable stock selectionwhile monitoring risk. The Fund typically invests in a combination of both small-capitalization“growth” stocks and “value” stocks. Growth stocks are companies whose earnings are expected togrow at an above-average rate relative to the market. Value stocks are companies that trade at alower price compared to the market average, as measured by valuation ratios that compare thestock’s price to the company’s earnings and growth trends. Small companies may have theopportunity to grow more rapidly than larger companies as they potentially emerge from a small to amedium-sized company. However, they typically do not pay significant dividends to shareholdersand instead reinvest earnings back into the company. Smaller companies have greater volatility (ormore risk) because they are often less-seasoned, have narrower product lines, less liquidity, smallerrevenues and fewer resources than larger companies.

Investment Strategy/ProcessThe portfolio management team seeks to add value through stock selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team usesfundamental, quantitative and technical investment research techniques to identify and purchasesmall, financially-sound companies that appear to have strong, long-term growth prospects andcapable management teams.




CY

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Gro

wth

of

$1

0,0

00 $30,000

$20,000

$10,000

$0

45%30%15%

0%-15%-30%-45%

2010

25.55

2011

-5.23

2012

9.57

2013

36.07

2014

4.77

2015

-2.61

2016

25.69

2017

21.29

2018

-10.37

2019

27.78

YTD

-9.68

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$26,829$10,739

3Month


Class S share 5.82 -9.68 -0.94 2.87 9.79 10.37 7.91

Russell 2000® Index 4.93 -8.69 0.39 1.77 8.00 9.85 N/A

S&P SmallCap 600® Index 3.17 -15.25 -8.29 -0.33 7.20 10.57 N/A

Lipper Small-Cap CoreFunds Median1 3.74 -14.84 -8.22 -1.69 4.99 8.14 N/A


Investment ObjectiveThrivent Small Cap Stock Fund seeks long-termcapital growth.





Minimum Investment

Expense Ratio


Russell 2000® Index measures the performance•of U.S. small capitalization equities.

S&P SmallCap 600® Index represents the•average performance of a group of 600small-capitalization stocks and was abenchmark for the fund until Feb. 28, 2020.

Fund Management & ExperienceMatthew D. Finn, CFAIndustry: 1985; Fund: 2013

James M. Tinucci, CFAIndustry: 2008; Fund: 2015


Gross: 0.84%Net: 0.84%

Risks: Smaller, less seasoned companies often havegreater price volatility, lower trading volume, and lessliquidity than larger, more established companies. TheFund’s value is influenced by a number of factors,including the performance of the broader market, andrisks specific to the Fund’s asset classes, investmentstyles, and issuers. The Adviser’s assessment ofinvestments may prove incorrect, resulting in lossesor poor performance. These and other risks aredescribed in the prospectus.



Thrivent Small Cap Stock Fund


Industrials 20.0%Financials 18.7%Information Technology 13.5%Health Care 11.7%Consumer Discretionary 10.9%Materials 7.0%Real Estate 6.9%Consumer Staples 4.0%Energy 2.8%Utilities 2.2%Communication Services 1.7%Cash 0.6%

Top 10 Holdings—excluding derivativesand cash (18.76% of Fund, as of Aug. 31, 2020)Louisiana-Pacific Corp 2.82%

LHC Grp, Inc. 2.21%

Syneos Health, Inc. 1.92%

Cott Corp 1.87%

Texas Roadhouse, Inc. 1.82%

Curtiss-Wright Corp 1.77%

Primerica, Inc. 1.72%

Meritor, Inc. 1.64%

First Interstate BancSystem, Inc. 1.50%

Lincoln Electric Holdings, Inc. 1.49%




Oct-19 — $24.44

Nov-19 — $25.51

Dec-19 $0.1067 $23.96

Jan-20 — $23.08

Feb-20 — $21.08

Mar-20 — $16.76

Apr-20 — $19.03

May-20 — $20.00

Jun-20 — $20.45

Jul-20 — $21.27

Aug-20 — $22.44

Sep-20 — $21.64

$0.1067 (Total)

$21.66 (Avg.)3



Dec. 11, 2019 $0.0707 $1.9122 $1.9828









FundS&P 500®

Index5

3 Year 22.02% 17.74%5 Year 19.14% 14.88%10 Year 17.57% 13.25%

FundS&P 500®

Index6


FundS&P 500®

Index7

P/E Ratio 18.7 26.4

FundS&P 500®

Index7

ROE 12.9% 25.9%





Thrivent Government Bond FundInception Date Total Fund Assets TickerFeb. 26, 2010 $85.1 million TBFIX

Fund DescriptionThis fund invests primarily in U.S. government bonds, which may include debt instruments issued orguaranteed by the U.S. government and its agencies or instrumentalities. This includes U.S.Treasuries, Treasury Inflation Protected Securities (TIPS), U.S. Government Agency debt, andmortgage-backed securities that are issued or guaranteed by the Government National MortgageAssociation (GNMA), the Federal National Mortgage Association (FNMA) or the Federal Home LoanMortgage Corporation (FHLMC). The Fund may hold securities of any maturity, but under normalmarket conditions, the Fund’s duration will be targeted to approximately five years. Governmentbonds have a low correlation to equities and may outperform stocks and corporate bonds when themarket is declining and investors tend to become more risk averse. As a result, an allocation togovernment bonds may help diversify an investor’s overall portfolio. The Fund may also utilizederivatives for investment exposure or hedging purposes.

Investment Strategy/ProcessThe portfolio management team uses fundamental, quantitative and technical investment researchtechniques to determine which debt obligations to buy and sell. The portfolio manager is responsiblefor portfolio construction and risk management, and uses duration and yield curve managementstrategies in an effort to increase total return potential and manage risk.




CY

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$1

0,0

00 $15,000

$10,000

$5,000

$0

10%

5%

0%

-5%

-10%2010N/A

2011

8.45

2012

3.42

2013

-3.99

2014

5.36

2015

0.70

2016

1.39

2017

2.60

2018

0.07

2019

5.80

YTD

7.51

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$13,211$3,126

3Month


Class S share 0.30 7.51 6.74 4.49 3.21 2.82 3.28

BBgBarc US Agency Index 0.36 5.44 5.34 4.20 3.07 2.51 N/A

BBgBarc US Treasury Index 0.17 8.90 8.04 5.50 3.75 3.15 N/A

Lipper General U.S.Government Funds Median1 0.30 7.05 6.18 4.35 2.97 2.60 N/A


Investment ObjectiveThrivent Government Bond Fund seeks totalreturn, consistent with preservation of capital.Who Should Consider Investing?The Fund may be suitable for investors who:

Seek income and total return, consistent with•preservation of capital. Have a medium- to long-term investment time•horizon and a moderately-conservative risktolerance. Are willing to accept lower long-term returns•in order to have a low to moderate level ofrisk and volatility.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed throughat least Feb. 28, 2021 to reimburse certainexpenses associated with the Fund. Refer tothe Fees and Expenses table in the prospectus.Benchmark(s)Indexes are unmanaged and do not reflect the feesand expenses associated with active management.Investments cannot be made directly into an index.

Bloomberg Barclays US Agency Index•measures the performance of the publicly-issued debt of U.S. Government agencies(e.g. Fannie Mae, Freddie Mac) and theFederal Home Loan Bank System. Bloomberg Barclays US Treasury Index•measures the performance of the public debtobligations of the U.S. Treasury withremaining maturities of one year or more.

Fund Management & ExperienceMichael G. Landreville, CFA, CPA (inactive)Industry: 1983; Fund: 2010Gregory R. Anderson, CFAIndustry: 1993; Fund: 2017


Gross: 0.77%Net: 0.75%

Risks: The Fund’s value is influenced by a number offactors impacting the overall market, in particular debtsecurities and the U.S. government. The value of U.S.government securities may be affected by changes inthe credit rating of the U.S. government and may notbe fully guaranteed by the U.S. government. Thevalue of mortgage-related and other asset-backedsecurities will be influenced by the factors affectingthe housing market and the assets underlying suchsecurities. Debt securities are subject to risks such asdeclining prices during periods of rising interest ratesand credit risk, or the risk that an issuer not pay itsdebt. Inflation-linked debt securities, such as TIPS,are subject to the effects of changes in marketinterest rates caused by factors other than inflation(real interest rates). The Fund may invest insovereign debt securities issued by foreigngovernments, which are subject to additional risks,including the risk that the entity may delay or refuseto pay interest or principal. The Adviser’s assessmentof investments may prove incorrect, resulting inlosses or poor performance. The use of derivatives(such as futures) involves additional risks andtransaction costs. When bond inventories are low inrelation to the market size, there is the potential fordecreased liquidity and increased price volatility. TheFund may engage in active and frequent trading ofportfolio securities, which may result in highertransaction costs and higher taxes. These and otherrisks are described in the prospectus.



Thrivent Government Bond Fund


Government Bonds 46.9%Securitized Debt 43.7%Cash 3.1%Investment Grade Credit 3.0%International Debt 3.0%High Yield Bonds 0.3%



CouponRate

MaturityDate

U.S. Treas Notes 7.20% 0.50 04/27

U.S. Treas Bonds 6.68% 2.63 02/29



U.S. Treas Notes 4.53% 2.13 11/24

U.S. Treas Bonds 4.41% 1.50 02/30


U.S. Treas Notes 4.25% 2.88 07/25

U.S. Treas Bond 3.81% 2.88 05/49

U.S. Treas Bonds 3.24% 2.50 05/46



Cash 3.1

U.S. Gov’t Guaranteed 86.0

AAA 5.4

AA 2.2

A 0.6

BBB —

HIGH YIELD (HY) 0.2BB —

B 0.2

CCC —

CC —

C —

D —


ETFs/Closed-End Funds(may be (HQ/HY/NR) —




Oct-19 $0.0155 $10.11

Nov-19 $0.0151 $10.08

Dec-19 $0.0156 $9.99

Jan-20 $0.0147 $10.19

Feb-20 $0.0133 $10.39

Mar-20 $0.0148 $10.57

Apr-20 $0.0146 $10.62

May-20 $0.0105 $10.59

Jun-20 $0.0091 $10.63

Jul-20 $0.0108 $10.72

Aug-20 $0.0111 $10.63

Sep-20 $0.0098 $10.63

$0.1549 (Total)

$10.39 (Avg.)6



Dec. 11, 2019 $0.0062 $0.0154 $0.0216









30-Day SEC Yield3 0.40%30-Day SEC Yield before

any reimbursement offees

0.40%

FundBBgBarc U.S.

Aggregate4

3 Year 3.26% 3.31%5 Year 3.22% 3.11%10 Year 3.32% 2.94%

FundBBgBarc U.S.

Aggregate4


FundBBgBarc U.S.

Aggregate4






Thrivent High IncomeMunicipal Bond FundInception Date Total Fund Assets TickerFeb. 28, 2018 $17.7 million THMBX

Fund DescriptionThis fund invests in a nationally-diversified portfolio of municipal bonds of varying credit quality. Amunicipal bond is a debt security issued by a city, county or state government to finance its capitalexpenditures. These bonds often finance public projects such as schools, airports, roads, bridges,sewers, hospitals, and senior living and recreational facilities. Municipal bonds are generally exemptfrom federal income taxes. The Fund holds at least 50% of its assets in bonds that are unrated or arerated BBB or below, but also has an allocation to higher quality investment-grade bonds. It expectsto invest primarily in revenue bonds that are repaid from the revenues generated by the project andmay also invest in general obligation bonds that are backed by the taxing authority of the issuer. TheFund will also invest in “tobacco bonds” issued by states to securitize their settlements with tobaccocompanies. Higher yielding municipal bonds typically have more credit risk and longer duration thaninvestment grade bonds.

Investment Strategy/ProcessThe portfolio management team seeks to add value through security selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team usesfundamental, quantitative and technical investment research techniques to determine whichsecurities to buy and sell. Through rigorous credit research, the analysts seek to identify municipalbonds (both investment grade and below investment grade) that are issued by entities with strongfundamentals and sufficient cash flows to meet their principal and interest obligations. The team mayalso invest in Treasury futures contracts to manage interest rate risk. The portfolio managers areresponsible for portfolio construction and risk management and seek to invest with a prudent level ofrisk relative to the non-investment grade peer group of funds. The Fund’s holdings may beconcentrated in certain sectors including health care and education. The Fund may utilizederivatives to manage duration, or interest rate risk.




CY

TR

Gro

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of

$1

0,0

00 $15,000

$10,000

$5,000

$0

15%10%

5%0%

-5%-10%-15%

2018N/A

2019

10.14

YTD

-1.26

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$11,169$859


Incept.Class S share 2.67 -1.26 -0.47 N/A N/A N/A 4.36

BBgBarc High Yield MuniBond Index 3.09 0.37 1.27 5.82 6.00 5.97 N/A

Lipper High Yield MunicipalDebt Funds Median1 2.21 -0.24 0.46 3.82 4.03 4.84 N/A


Investment ObjectiveThrivent High Income Municipal Bond Fundseeks a high level of current income exemptfrom federal income taxes.


Seek income that is generally exempt from federal•income taxes. The Fund may invest in municipalsecurities that are subject to state and local taxesand/or the the alternative minimum tax (AMT).While the dividends earned on a municipal bondfund are usually federally tax-exempt, any capitalgains distributions, as well as realized capitalgains from selling fund shares, may be taxable. Have a medium- to long-term investment time•horizon and a moderate risk tolerance. Are willing to accept lower long-term returns•in order to have a low to moderate level ofrisk and volatility.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed throughat least Feb. 28, 2021 to waive certainexpenses associated with the Fund. Refer tothe Fees and Expenses table in the prospectus.


Bloomberg Barclays High Yield Municipal•Bond Index is a market value-weightedindex composed of non-investment-grade orunrated bonds.

Fund Management & ExperienceJanet I. Grangaard, CFAIndustry: 1984; Fund: 2018Johan Å. Åkesson, CFAIndustry: 1993; Fund: 2018


Gross: 2.36%Net: 0.60%

Risks: Municipal bonds may be affected by political oreconomic conditions at the state, regional or federallevel. Debt securities are subject to risks such asdeclining prices during periods of rising interest ratesand credit risk, or the risk that an issuer not pay itsdebt. High yield securities are subject to increasedcredit risk as well as liquidity risk. Changes in federalincome tax laws or rates may affect both the net assetvalue of the Fund and the taxable equivalent interestgenerated from securities in the fund. Some issuesmay be subject to state and local taxes and/or thefederal and state alternative minimum tax (AMT).Consult a tax advisor for more information about yourspecific situation, including state/local tax treatment.The use of futures contracts involves additional riskssuch as a loss in value in the underlying instrument,which could decrease the Fund’s value. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. When bondinventories are low in relation to the market size,there is the potential for decreased liquidity andincreased price volatility. The Fund may engage inactive and frequent trading of portfolio securities,which may result in higher transaction costs andhigher taxes. These and other risks are described inthe prospectus.



Thrivent High Income Municipal Bond Fund


Health Care 27.4%Transportation 22.0%Special Tax Revenue 12.6%Education 10.9%Industrial Revenue 9.1%Miscellaneous 5.1%Tobacco Settlement Bonds 4.9%Utilities 3.3%Local/State Government 2.9%Cash 1.8%

Top Ten States (60.00% of Fund, as ofAug. 31, 2020)Texas 11.88%

Colorado 7.71%

Pennsylvania 6.58%

California 6.07%

Illinois 5.57%

New York 5.45%

Georgia 4.53%

Florida 4.27%

New Jersey 4.19%

Michigan 3.75%

Bond Quality Rating Distribution (%)The lower of the bond ratings assigned by FitchRatings, Inc., Moody’s Investor Services, Inc.,Standard & Poor’s® Financial Services, LLC(“S&P”). Investments in derivatives and short-term investments are not included.


Cash 1.8

U.S. Gov’t Guaranteed —

AAA —

AA 5.3

A 21.8

BBB 45.7

HIGH YIELD (HY) 8.0BB 6.6

B 1.4

CCC —

CC —

C —

D —


ETFs/Closed-End Funds(may be (HQ/HY/NR) —



Oct-19 0.0264 $10.66

Nov-19 0.0236 $10.66

Dec-19 0.0248 $10.68

Jan-20 0.0246 $10.85

Feb-20 0.0221 $11.05

Mar-20 0.0263 $9.81

Apr-20 0.0246 $9.38

May-20 0.0248 $9.74

Jun-20 0.0279 $10.12

Jul-20 0.0269 $10.37

Aug-20 0.0270 $10.35

Sep-20 0.0267 $10.31

$0.3057 (Total)

$10.32 (Avg.)7

2Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.330-Day SEC Yield: Previous 30 calendar days ending Sep. 30, 2020.4The Taxable-Equivalent Yield is based on the 30-Day SEC Yield. The top two tax brackets include theadditional 3.8% Net Investment Income Tax (commonly referred to as the “Medicare Contribution Tax”).5Source: Barclays Capital Indices, POINT. ©2020 Barclays Capital Inc. Used with permission. POINTis a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Indexmeasures the performance of U.S. investment-grade bonds.6NAV = Net Asset Value. Class S shares carry no sales charge.7Average of the daily NAV values for the trailing 12-months.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com




Taxable-Equivalent Yield:4 The yield an investorwould need to earn on a taxable bond in order forits yield to be equivalent to a tax-free investment.


Fixed-Income CharacteristicsEffective Duration: A measure of a portfolio’ssensitivity to changes in interest rates; the longerthe portfolio’s duration, the more sensitive it is.

Weighted Average Maturity: The market-valueweighted average of the time remaining until thematurity date for the underlying bonds held inthe Fund.


30-Day SEC Yield3 2.81%30-Day SEC Yield before any

reimbursement of fees1.82%

Federal TaxBracket

Taxable-Equivalent Yield⁴

12.0% 3.19%

22.0% 3.60%

24.0% 3.70%

32.0% 4.13%

38.8% 4.59%

40.8% 4.75%

FundBBgBarc U.S.

Aggregate5


FundBBgBarc U.S.

Aggregate5

Effective Duration (years) 7.0 - 9.0 5.9

FundWtd Average Maturity (years) 20.5





Thrivent High Yield FundInception Date Total Fund Assets TickerOct. 31, 1997 $805.5 million LBHIX

Fund DescriptionThis fund invests primarily in corporate bonds that are either unrated or rated as “below investment-grade,” commonly known as “junk bonds.” Credit rating agencies evaluate bond issuers and assignratings based on their ability to pay interest and repay principal as scheduled. Bond issuers that areconsidered to have a greater risk of defaulting on payments pay higher interest rates to compensateinvestors for the additional risk. The Fund is managed as a “core” high yield fund that emphasizesbonds in the middle of the high yield credit quality spectrum. The high yield sector may provideportfolio diversification benefits because it has a low correlation to other sectors of the fixed incomemarket and less sensitivity to interest rate risk, but is more risky than investment-grade debt. TheFund may also utilize derivatives to manage duration, or interest rate risk.

Investment Strategy/ProcessThe portfolio management team seeks to add value through security selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team usesfundamental, quantitative and technical investment research techniques to determine whichsecurities to buy and sell. Through careful credit research, the team strives to identify U.S.companies that will have adequate cash flows to meet their principal and interest obligations. Theteam also considers the macro-economic environment and performs an ongoing assessment ofrelative value and risk. Based on this market outlook, the Fund may take overweight andunderweight positions in various industries and may reallocate across the higher- and lower-qualitysegments of the high yield market.




CY

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$1

0,0

00 $20,000

$15,000

$10,000

$5,000

$0

20%15%10%

5%0%

-5%-10%-15%-20%

2010

14.67

2011

4.50

2012

16.21

2013

6.90

2014

1.85

2015

-2.81

2016

12.62

2017

7.55

2018

-3.47

2019

14.17

YTD

-2.59

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$17,318$7,885

3Month


Class S share 4.04 -2.59 -0.25 2.58 5.01 5.65 4.82

BBgBarc US Corp HighYield Bond Index

4.60 0.62 3.25 4.21 6.79 6.47 N/A

Lipper High Current YieldFunds Median1 4.61 -0.44 2.06 3.20 5.42 5.41 N/A


Investment ObjectiveThrivent High Yield Fund seeks high currentincome, and secondarily growth of capital.


Seek a high level of income.•

Have a medium to long-term investment time•horizon and a moderate risk tolerance.

Are comfortable with a higher level of risk•and volatility compared to other bond funds.

Minimum Investment

Expense Ratio


Bloomberg Barclays US Corporate High Yield•Bond Index measures the performance offixed-rate non-investment grade bonds.

Fund Management & ExperiencePaul J. Ocenasek, CFAIndustry: 1987Fund: 1997


Gross: 0.54%Net: 0.54%

Risks: Debt securities are subject to risks such asdeclining prices during periods of rising interest ratesand credit risk, or the risk that an issuer not pay itsdebt. High yield securities are subject to increasedcredit risk as well as liquidity risk. Convertiblesecurities are subject to additional risks such asinterest rate and market risk. Leveraged loans aresubject to numerous risks, including liquidity, credit,declines in the value of collateral underlying them,and detrimental legal actions against them. Wheninterest rates fall, certain obligations will be paid offmore quickly and proceeds may have to be investedin securities with lower yields. The Fund’s value isinfluenced by factors impacting the overall market,certain asset classes, certain investment styles, andspecific issuers. Foreign investments involveadditional risks, such as currency fluctuations andpolitical, economic and market instability, which maybe magnified for investments in emerging markets.When bond inventories are low in relation to themarket size, there is the potential for decreasedliquidity and increased price volatility. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. The use ofderivatives such as futures involves additional risksand transaction costs. These and other risks aredescribed in the prospectus.



Thrivent High Yield Fund


Communications 17.8%Consumer Cyclical 15.5%Consumer Noncyclical 15.3%Energy 10.6%Finance 10.3%Capital Goods 9.1%Basic Industry 8.1%Technology 6.0%Utilities 3.9%Transportation 1.8%Cash 1.4%Miscellaneous 0.2%

Top 10 Holdings—excluding derivativesand cash (7.52% of Fund, as of Aug. 31, 2020) The coupon rate is the yield paid by a fixed incomesecurity. The maturity date is when the principal ofthe security is due and payable to the investor.


CouponRate

MaturityDate

Sprint Corp 1.14% 7.63 02/25Tenet HealthcareCorp 0.95% 4.88 01/26

Embarq Corp 0.73% 8.00 06/36CSC Holdings, LLC 0.72% 6.50 02/29Cheniere EnergyPartners, LP 0.70% 4.50 10/29

CSC Holdings, LLC 0.69% 4.63 12/30CCOH Safari, LLC 0.65% 5.75 02/26Inception MergerSub, Inc. 0.65% 8.63 11/24

NextEra EnergyOperatingPartners, LP

0.65% 3.88 10/26

Level 3Financing, Inc. 0.64% 5.38 05/25



Cash 3.2U.S. Gov’t Guaranteed —AAA —AA —A —BBB 3.6


OTHER 1.1Non-Rated (NR) 1.1ETFs/Closed-End Funds(may be (HQ/HY/NR) —


DividendsMonth-End

NAV5

Oct-19 $0.0214 $4.73

Nov-19 $0.0201 $4.72

Dec-19 $0.0219 $4.80

Jan-20 $0.0210 $4.77

Feb-20 $0.0189 $4.65

Mar-20 $0.0216 $4.09

Apr-20 $0.0203 $4.21

May-20 $0.0201 $4.36

Jun-20 $0.0210 $4.37

Jul-20 $0.0194 $4.55

Aug-20 $0.0193 $4.55

Sep-20 $0.0182 $4.49

$0.2432 (Total)

$4.53 (Avg.)6










FundBBgBarc U.S.

Aggregate4

3 Year 9.11% 3.31%5 Year 7.70% 3.11%10 Year 6.97% 2.94%

FundBBgBarc U.S.

Aggregate4


FundBBgBarc U.S.

Aggregate4






Thrivent Income FundInception Date Total Fund Assets TickerOct. 31, 1997 $1.1 billion LBIIX

Fund DescriptionThis fund invests primarily in investment-grade corporate bonds, government bonds, asset-backedsecurities, and mortgage-backed securities. The Fund may also invest a portion of its assets in highyield bonds, leveraged loans and preferred stock, and may opportunistically invest in foreign issuers(including emerging market issuers), non-agency mortgage-backed securities and commercialmortgage-backed securities. The Fund typically has its largest allocation in BBB-rated bonds, whichare the lowest-tier of investment grade bonds. The Fund uses derivatives in order to manage theFund’s duration, or interest rate risk.

Investment Strategy/ProcessThe portfolio management team seeks to add value through security selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team usesfundamental, quantitative and technical investment research techniques to determine whichsecurities to buy and sell. The Fund’s investment advisor may purchase bonds of any maturity andgenerally focuses on U.S. companies that it believes are financially sound and have strong cashflows and earnings. The team also considers the macro-economic environment and performs anongoing assessment of relative value and risk. Based on this market outlook, the Fund may takeoverweight and underweight positions in various sectors and industries and may reallocate acrossthe higher and lower-quality segments of the bond market. The analysts perform research andprovide buy/sell recommendations while the portfolio manager is responsible for portfolioconstruction and risk management.




CY

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$1

0,0

00 $20,000

$15,000

$10,000

$5,000

$0

15%10%

5%0%

-5%-10%-15%

2010

11.96

2011

5.84

2012

11.36

2013

-0.01

2014

6.86

2015

-0.65

2016

6.25

2017

6.25

2018

-2.31

2019

13.54

YTD

7.71

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$16,870$5,430

3Month


Class S share 1.73 7.71 8.70 6.45 6.10 5.37 5.60

BBgBarc US CorporateBond Index

1.54 6.64 7.90 6.41 5.98 5.14 N/A


Lipper Corporate DebtFunds BBB-Rated Median1 1.72 6.57 7.61 5.75 5.76 5.05 N/A


Investment ObjectiveThrivent Income Fund seeks high currentincome while preserving principal. The Fund’ssecondary investment objective is to obtainlong-term growth of capital in order to maintaininvestors’ purchasing power.


Seek a high level of income while preserving•principal. Have a medium- to long-term investment time•horizon and a moderately conservative risktolerance. Are willing to accept lower long-term returns•in order to have a low to moderate level ofrisk and volatility.

Minimum Investment

Expense Ratio


Bloomberg Barclays US Corporate Bond•Index measures the investment-grade, fixed-rate, U.S. taxable corporate bond market. Bloomberg Barclays US Aggregate Bond•Index measures the performance of U.S.investment-grade bonds. It was a benchmarkfor the fund until Feb. 28, 2020.

Fund Management & ExperienceKent L. White, CFAIndustry: 1999; Fund: 2017


Gross: 0.46%Net: 0.46%

Risks: The Fund’s value is influenced by a number offactors, including the performance of the broadermarket, and risks specific to the Fund’s asset classes,investment styles, and issuers. Debt securities aresubject to risks such as declining prices duringperiods of rising interest rates and credit risk, or therisk that an issuer not pay its debt. High yieldsecurities are subject to increased credit risk as wellas liquidity risk. The value of U.S. governmentsecurities may be affected by changes in the creditrating of the U.S. government and may not be fullyguaranteed by the U.S. government. The value ofmortgage-related and other asset-backed securitieswill be influenced by the factors affecting the housingmarket and the assets underlying such securities.Foreign investments involve additional risks, such ascurrency fluctuations and political, economic andmarket instability, which may be magnified forinvestments in emerging markets. The Adviser’sassessment of investments may prove incorrect,resulting in losses or poor performance. To the extentthat the financials sector continues to represent asignificant portion of the fund, the Fund will besensitive to changes in, and its performance maydepend to a greater extent on, factors impacting thissector. The use of derivatives such as futuresinvolves additional risks and transaction costs. Whenbond inventories are low in relation to the marketsize, there is the potential for decreased liquidity andincreased price volatility. The Fund may engage inactive and frequent trading of portfolio securities,which may result in higher transaction costs andhigher taxes. These and other risks are described inthe prospectus.



Thrivent Income Fund


Investment Grade Credit 71.1%High Yield Bonds 14.9%Securitized Debt 5.2%Government Bonds 4.4%Cash 2.6%International Debt 1.1%Floating-Rate Bank Loans 0.7%

Top 10 Holdings—excluding derivativesand cash (8.53% of Fund, as of Aug. 31, 2020) The coupon rate is the yield paid by a fixed incomesecurity. The maturity date is when the principal ofthe security is due and payable to the investor.


CouponRate

MaturityDate

U.S. Treas Bonds 1.59% 2.25 08/49U.S. Treas Bonds 1.23% 1.25 05/50U.S. Treas Bonds 1.16% 1.75 11/29U.S. Treas Bonds 0.92% 2.00 02/50iShares J.P.Morgan USD EMBond ETF

0.76% N/A N/A

iShares S&P U.S.Preferred StockIndex Fund

0.70% N/A N/A

Altria Grp, Inc. 0.58% 5.80 02/39Vanguard Short-Term Corp BondETF

0.56% N/A N/A

U.S. Treas Bonds 0.52% 1.50 02/30FHLM Corp Conv’l30-Yr. Pass-Thru 0.51% 3.00 03/50









Oct-19 $0.0249 $9.55Nov-19 $0.0235 $9.55Dec-19 $0.0253 $9.50Jan-20 $0.0240 $9.70Feb-20 $0.0219 $9.78Mar-20 $0.0248 $9.17Apr-20 $0.0230 $9.58May-20 $0.0234 $9.75Jun-20 $0.0259 $9.91Jul-20 $0.0265 $10.19Aug-20 $0.0231 $10.08Sep-20 $0.0225 $10.01

$0.2888 (Total)

$9.69 (Avg.)6



Dec. 11, 2019 $0.0223 $0.0215 $0.0438










FundBBgBarc U.S.

Aggregate4

3 Year 6.01% 3.31%5 Year 5.15% 3.11%10 Year 4.46% 2.94%

FundBBgBarc U.S.

Aggregate4


FundBBgBarc U.S.

Aggregate4






Thrivent Limited MaturityBond FundInception Date Total Fund Assets TickerOct. 29, 1999 $1.3 billion THLIX

Fund DescriptionThis fund invests primarily in investment-grade corporate bonds, government bonds, asset-backedsecurities, mortgage-backed securities and collateralized debt obligations. The Fund may alsoinvest a portion of assets in foreign securities. The dollar-weighted average effective maturity for theFund is expected to be between one and five years. The Fund’s shorter duration makes it lesssensitive to interest rate changes than some longer-duration funds. As a result, the Fund may beappropriate for an investor who is seeking the opportunity to generate a modest level of income (withsome investment risk), but with less interest rate risk and a lower return potential than most longer-maturity bond funds.

Investment Strategy/ProcessThe portfolio management team seeks to add value through security selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team usesfundamental, quantitative and technical investment research techniques to determine which debtsecurities to buy and sell. The Fund’s investment advisor generally focuses on issuers that it believesare financially sound and that have strong cash flows and earnings. The Fund may use an interest-rate management technique that includes the purchase and sale of U.S. Treasury securities andrelated futures contracts for the purpose of managing the duration of the Fund.




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$1

0,0

00 $15,000

$10,000

$5,000

$0

6%5%4%3%2%1%0%

2010

5.20

2011

1.12

2012

4.03

2013

0.34

2014

1.67

2015

0.74

2016

2.75

2017

2.36

2018

0.89

2019

4.72

YTD

2.96

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$12,400$2,296

3Month


Class S share 0.90 2.96 3.60 2.97 2.68 2.17 3.47

BBgBarc Govt/Credit 1-3 YrBond Index

0.23 3.12 3.73 2.84 2.09 1.57 N/A

Lipper Short InvestmentGrade Debt Funds Median1 0.95 2.65 3.15 2.68 2.29 1.86 N/A


Investment ObjectiveThrivent Limited Maturity Bond Fund seeks ahigh level of current income consistent withstability of principal.


Seek income consistent with stability of principal.•

Have a short- to medium-term investment time•horizon and a conservative risk tolerance.

Are willing to accept lower long-term returns•in order to have a low to moderate level ofrisk and volatility.

Minimum Investment

Expense Ratio


Bloomberg Barclays Government/Credit 1-•3 Year Bond Index measures theperformance of U.S. government bonds withmaturities of 1-3 years.

Fund Management & ExperienceMichael G. Landreville, CFA, CPA (inactive)Industry: 1983; Fund: 1999

Gregory R. Anderson, CFAIndustry: 1993; Fund: 2005

Cortney Swensen, CFAIndustry: 2005; Fund: 2020

Initial (non-retirement): $2,000Initial (IRA or tax-

deferred): $1,000Subsequent: $100

Gross: 0.43%Net: 0.43%

Risks: The Fund’s value is influenced by a number offactors impacting the overall market, in particular debtsecurities and specific issuers. The value of U.S.government securities may be affected by changes inthe credit rating of the U.S. government and may notbe fully guaranteed by the U.S. government. Thevalue of mortgage-related and other asset-backedsecurities will be influenced by the factors affectingthe housing market and the assets underlying suchsecurities. In addition to typical risks associated withfixed income and asset-backed securities,collateralized debt obligations are subject toadditional risks. Debt securities are subject to riskssuch as declining prices during periods of risinginterest rates and credit risk, or the risk that an issuernot pay its debt. The use of futures contracts involvesadditional risks such as a loss in value in theunderlying instrument, which could decrease theFund’s value. High yield securities are subject toincreased credit risk as well as liquidity risk. Whenbond inventories are low in relation to the marketsize, there is the potential for decreased liquidity andincreased price volatility. The Adviser’s assessment ofinvestments may prove incorrect, resulting in lossesor poor performance. The Fund may engage in activeand frequent trading of portfolio securities inimplementing its principal investment strategies,which may result in higher transaction costs andhigher taxes. These and other risks are described inthe prospectus.



Thrivent Limited Maturity Bond Fund


Securitized Debt 41.1%Investment Grade Credit 39.1%Government Bonds 15.1%High Yield Bonds 2.9%Cash 1.7%International Debt 0.1%



CouponRate

MaturityDate



Vanguard Short-Term Corp BondETF

2.69% N/A N/A

U.S. Treas Bonds 1.95% 2.63 02/29U.S. Treas Notes 1.82% 2.63 01/26FNMA Conv’l 30-Yr. Pass-Thru 1.58% 3.00 10/50


U.S. Treas Notes 1.37% 2.50 01/22U.S. Treas Notes 1.24% 1.50 09/21U.S. Treas Notes 1.17% 2.00 11/22




HIGH YIELD (HY) 3.8BB 2.7B 0.9CCC 0.1CC —C —D 0.1



DividendsMonth-End

NAV5

Oct-19 $0.0266 $12.52

Nov-19 $0.0245 $12.51

Dec-19 $0.0270 $12.51

Jan-20 $0.0249 $12.57

Feb-20 $0.0232 $12.61

Mar-20 $0.0263 $12.11

Apr-20 $0.0240 $12.33

May-20 $0.0214 $12.48

Jun-20 $0.0230 $12.62

Jul-20 $0.0222 $12.68

Aug-20 $0.0211 $12.70

Sep-20 $0.0197 $12.67

$0.2839 (Total)

$12.51 (Avg.)6










FundBBgBarc U.S.

Aggregate4

3 Year 2.84% 3.31%5 Year 2.26% 3.11%10 Year 1.78% 2.94%

FundBBgBarc U.S.

Aggregate4


FundBBgBarc U.S.

Aggregate4






Thrivent Money Market FundInception Date Total Fund Assets TickerDec. 29, 1997 $745.4 million AALXX

Fund DescriptionThis fund is managed as a government money market fund according to rules established by theSecurities and Exchange Commission (SEC) that are designed so that the Fund may maintain astable, $1.00 share price. Those rules generally require the Fund to invest only in high qualitysecurities that are denominated in U.S. dollars and have short remaining maturities. The Fund is alsorequired to maintain a dollar-weighted average maturity of not more than 60 days and a dollar-weighted average life of not more than 120 days.

Investment Strategy/ProcessThe portfolio management team seeks to produce current income while maintaining liquidity byinvesting at least 99.5% of its total assets in U.S. government securities, cash and repurchaseagreements collateralized fully by government securities or cash. The Advisor invests in securitiesby selecting from the available supply of short-term government securities based on its interest rateoutlook and analysis of quantitative and technical factors. Although the Fund frequently holdssecurities until maturity, the Advisor may sell securities to increase liquidity.




CY

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$1

0,0

00 $15,000

$10,000

$5,000

$0

2%

1%

0%2010

0.00

2011

0.00

2012

0.00

2013

0.00

2014

0.00

2015

0.00

2016

0.00

2017

0.42

2018

1.51

2019

1.88

YTD

0.32

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$10,419$419

3Month


Class S share 0.00 0.32 0.70 1.29 0.82 0.41 1.89

Lipper U.S. GovernmentMoney Market Funds Median1 0.00 0.23 0.55 1.11 0.70 0.35 N/A


Investment ObjectiveThrivent Money Market Fund seeks a high level ofcurrent income, while maintaining liquidity and aconstant net asset value of $1.00 per share.


Seek income with stability of principal and•liquidity.

Have a short-term investment time horizon•and a conservative risk tolerance.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed throughat least Feb. 28, 2021 to reimburse certainexpenses associated with the Fund. Refer tothe expense table in the prospectus.

Fund Management & ExperienceWilliam D. StoutenIndustry: 1993Fund: 2003


Gross: 0.50%Net: 0.40%

Risks: The Fund invests at least 99.5% of its assets ingovernment securities, cash and repurchaseagreements collateralized fully by governmentsecurities or cash. You could lose money by investingin the Fund. Although the Fund seeks to preserve thevalue of your investment at $1.00 per share, it cannotguarantee it will do so. An investment in the Fund isnot insured or guaranteed by the Federal DepositInsurance Corporation or any other governmentagency. The Fund sponsor has no legal obligation toprovide financial support to the Fund and you shouldnot expect that the sponsor will provide financialsupport to the Fund at any time. The value of U.S.government securities may be affected by changes inthe credit rating of the U.S. government and may notbe fully guaranteed by the U.S. government. A weakeconomy, strong equity markets, or changes to theFederal Reserve’s monetary policies may causeshort-term interest rates to increase and affect theFund’s ability to maintain a stable share price. Debtsecurities are subject to risks such as declining pricesduring periods of rising interest rates and credit risk,or the risk that an issuer not pay its debt. In unusualcircumstances, the Fund could experience a losswhen selling portfolio securities to meet redemptionrequests for a variety of reasons. These and otherrisks are described in the prospectus.



Thrivent Money Market Fund


US Government Agencies 82.8%US Treasury Debt 12.2%Government Collateralized

Repurchase Agreements 5.0%



CouponRate

MaturityDate

FHL BankDiscount Notes 2.94% N/A 09/20

U.S. Treas Bills 2.43% N/A 09/20


FHL Bank 1.68% 0.28 09/20

Federal FarmCredit Bank 1.54% 0.19 12/20

Federal FarmCredit Bank 1.53% 0.12 05/21

FHL BankDiscount Notes 1.46% N/A 09/20

FHL Banks 1.34% 0.14 05/21

U.S. Int’lDevelopment FinCorp

1.28% N/A 01/21




Oct-19 $0.0014 $1.00

Nov-19 $0.0011 $1.00

Dec-19 $0.0012 $1.00

Jan-20 $0.0012 $1.00

Feb-20 $0.0010 $1.00

Mar-20 $0.0007 $1.00

Apr-20 $0.0003 $1.00

May-20 $0.0000 $1.00

Jun-20 — $1.00

Jul-20 — $1.00

Aug-20 — $1.00

Sep-20 $0.0000 $1.00

$0.0069 (Total)

$1.00 (Avg.)5

2Thrivent Money Market Fund Yield: 7-Day Current Yield is the yield generated by an investment inthe Fund over a 7-day period ended on the date of the calculation and expressed as an annualpercentage. 7-Day Effective Yield is calculated similarly to the 7-day Current Yield, except that theeffective yield assumes that income earned from the Fund’s investments is reinvested and generatingadditional income. It is expressed as an annual percentage. The yield quotation more closely reflectsthe current earnings of the Thrivent Money Market Fund than the total return quotation.3The 7-Day Yield before the reimbursement of fees is the yield without any fee reimbursement applied.4NAV = Net Asset Value. Class S shares carry no sales charge.5Average of the daily NAV values for the trailing 12-months.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.


Fund Statistics

Fixed Income CharacteristicsYield: The income return on an investment.

Average Number of Days to Maturity: Theaverage length of time, in days, until theholdings in the portfolio repay principal.

7-Day Current Yield2 0.00%7-Day Effective Yield2 0.00%7-Day Current Yield before the

reimbursement of fees3 -0.28%

7-Day Effective Yield before thereimbursement of fees3 -0.28%

FundAverage Number of Days to Maturity: 15





Thrivent MultidimensionalIncome FundInception Date Total Fund Assets TickerFeb. 28, 2017 $31.2 million TMLDX

Fund DescriptionThis fund seeks to provide a high level of income by investing in a diversified mix of fixed incomesecurities along with other opportunistic investments. The Fund invests primarily in higher-yielding,higher-risk fixed income securities in an attempt to generate income. The Fund is tacticallymanaged, which means the asset mix will change depending on the market environment. The Fundis actively managed and invests in a combination of direct investments in bonds and derivatives andother funds managed by the Adviser or an affiliate.

Investment Strategy/ProcessThe Fund has a long-term target allocation of 5% core fixed income, 40% core-plus fixed income,and 55% flexible income. The target allocation is subject to change. The portfolio management teamactively manages the Fund with overweight and underweight positions in the various sectors basedon their views of the market and economy. Securities are analyzed and selected on an ongoingbasis. Core fixed income securities include treasury securities and cash. Core-plus fixed incomesecurities include high yield and emerging market debt. Flexible income investments may includepreferred stocks, real estate investment trusts, closed-end funds, dividend-paying stocks,infrastructure securities, master limited partnerships, business development companies, andconvertible bonds.



CY

TR

Gro

wth

of

$1

0,0

00 $15,000

$10,000

$5,000

$0

20%15%10%

5%0%

-5%-10%-15%-20%

2017N/A

2018

-5.45

2019

15.18

YTD

-1.93

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$11,206$1,666


Incept.Class S share 4.63 -1.93 1.09 2.51 N/A N/A 3.22

BBgBarc US Corp HighYield Bond Index 4.60 0.62 3.25 4.21 6.79 6.47 N/A

S&P U.S. Preferred Stock Index 7.11 0.97 3.25 4.41 5.49 6.03 N/A

BBgBarc EM USDSovereign Bond Index 2.17 0.17 2.35 3.08 5.66 5.29 N/A


S&P/LSTA Leveraged LoanIndex 4.14 -0.66 1.06 3.10 4.01 4.26 N/A

Lipper Flexible IncomeFunds Median1 4.54 0.30 2.76 3.74 5.29 5.71 N/A


Investment ObjectiveThrivent Multidimensional Income Fund seeks ahigh level of current income and, secondarily,growth of capital.Who Should Consider Investing?The Fund may be suitable for investors who:

Seek a high level of income.• Have a medium- to long-term investment time•horizon and a moderate risk tolerance. Are able to withstand the volatility of high yielding•securities in pursuit of high current income.

Minimum Investment

Expense Ratio

The Adviser has contractually agreed throughat least Feb. 28, 2021 to reimburse certainexpenses associated with the Fund. Refer tothe Fees and Expenses table in the prospectus.Benchmark(s)Indexes are unmanaged and do not reflect the feesand expenses associated with active management.Investments cannot be made directly into an index.

Bloomberg Barclays US Corporate High Yield•Bond Index measures the performance offixed-rate non-investment grade bonds. S&P U.S. Preferred Stock Index represents the•U.S. preferred stock market. Preferred stocks paydividends at a specified rate and have preferenceover common stock in the payment of dividendsand the liquidation of assets. Bloomberg Barclays Emerging Markets USD•Sovereign Bond Index tracks fixed andfloating-rate U.S. dollar-denominated debtissued by emerging market governments. Bloomberg Barclays US Mortgage-Backed•Securities Index represents the performance ofsecurities backed by pools of mortgages. It was abenchmark for the fund until Feb. 28, 2020. S&P/LSTA Leveraged Loan Index is a•market-value weighted index representingthe performance of the universe of U.S.dollar-denominated, senior secured,syndicated term loans. It was a benchmarkfor the fund until Feb. 28, 2020.

Fund Management & ExperienceMark L. Simenstad, CFA - Industry: 1983; Fund:2017; Gregory R. Anderson, CFA - Industry:1993; Fund: 2017; Paul J. Ocenasek, CFA -Industry: 1987; Fund: 2017; Stephen D. Lowe,CFA - Industry: 1996; Fund: 2018; Kent L.White, CFA - Industry: 1999; Fund: 2019


Gross: 1.89%Net: 1.14%

Risks: The Fund’s value is influenced by a number offactors, including the performance of the broadermarket, and risks specific to the Fund’s asset classes,investment styles, and issuers. Debt securities aresubject to risks such as declining prices duringperiods of rising interest rates and credit risk, or therisk that an issuer not pay its debt. High yieldsecurities are subject to increased credit risk as wellas liquidity risk. Closed-end funds, BDCs, preferredsecurities, convertible securities, sovereign debt, andmortgage-related and other asset-backed securitiesare subject to additional risks. Foreign investmentsinvolve additional risks, such as currency fluctuationsand political, economic and market instability, whichmay be magnified for investments in emergingmarkets. The value of U.S. government securitiesmay be affected by changes in the credit rating of theU.S. government and may not be fully guaranteed bythe U.S. government. The Adviser’s assessment ofinvestments may prove incorrect, resulting in lossesor poor performance. The Adviser is also subject toactual or potential conflicts of interest. The Fundinvests in other funds managed by the Adviser or anaffiliate and in directly-held equity and debtinstruments. The Fund is dependent upon theperformance of the other funds and is subject to therisks and additional fees and expenses of the otherfunds. When bond inventories are low in relation tothe market size, there is the potential for decreasedliquidity and increased price volatility. The use ofderivatives such as futures also involve risks. TheFund may engage in active and frequent trading ofportfolio securities, which may result in highertransaction costs and higher taxes. These and otherrisks are described in the prospectus.



Thrivent Multidimensional Income Fund


High Yield Bonds 34.4%Preferred Securities 26.7%Closed-End Funds 14.0%Emerging Market Debt 9.6%Convertible Bonds 4.7%Equities, MLPs and REITs 4.1%Government Bonds 3.6%Cash 2.4%Securitized Debt 0.5%



CouponRate

MaturityDate


SPDR BBgBarcHigh Yield BondETF

7.46% N/A N/A

iShares S&P U.S.Preferred StockIndex Fund

7.19% N/A N/A

U.S. Treas Notes 3.53% 0.13 06/22Bank of AmericaCorp 0.82% 6.25 09/49

J.P. MorganChase & Co 0.69% 5.00 12/49

SPDR BBGBarclay’sConvertibleSecurities ETF

0.68% N/A N/A

Charles SchwabCorp 0.67% 5.38 12/49

BlackRock CorpHigh Yield Fund,Inc.

0.59% N/A N/A

Liberty All-StarEquity Fund 0.55% N/A N/A



Cash 3.8U.S. Gov’t Guaranteed 3.5AAA —AA 1.2A 1.1BBB 14.2



Dividend Distributions & Price History(Trailing 12-Months; Monthly)

DividendsMonth-End

NAV5

Oct-19 $0.0277 $9.90

Nov-19 $0.0268 $9.94

Dec-19 $0.0498 $10.06

Jan-20 $0.0322 $10.11

Feb-20 $0.0330 $9.81

Mar-20 $0.0372 $8.48

Apr-20 $0.0310 $8.95

May-20 $0.0344 $9.21

Jun-20 $0.0400 $9.22

Jul-20 $0.0369 $9.59

Aug-20 $0.0295 $9.70

Sep-20 $0.0405 $9.54

$0.4190 (Total)

$9.56 (Avg.)6









30-Day SEC Yield3 3.76%30-Day SEC Yield before any

reimbursement of fees3.28%

FundBBgBarc U.S.

Aggregate4

3 Year 10.23% 3.31%5 Year N/A 3.11%10 Year N/A 2.94%

FundBBgBarc U.S.

Aggregate4


FundBBgBarc U.S.

Aggregate4






Thrivent Municipal Bond FundInception Date Total Fund Assets TickerOct. 31, 1997 $1.6 billion TMBIX

Fund DescriptionThis fund invests in a nationally-diversified portfolio of high-quality municipal bonds. A municipalbond is a debt security issued by a city, county or state government to finance its capitalexpenditures. These bonds often finance public projects such as schools, roads, bridges, sewers orhospitals. Municipal bonds are exempt from federal income taxes. The Fund generally holdsinvestment-grade bonds and unrated bonds that The Fund’s investment advisor determines to be ofcomparable quality. The Fund may invest in lower quality bonds that may have a higher yield butmore credit risk and longer duration than investment grade bonds. It invests in both generalobligation bonds that are backed by the taxing authority of the issuer, and revenue bonds that arerepaid from the revenues generated by the project. Municipal bonds typically have a longer durationand more interest-rate risk than other corporate bonds.

Investment Strategy/ProcessThe portfolio management team seeks to add value through security selection and activemanagement, and monitors risk in an effort to build a well-diversified portfolio. The team usesfundamental, quantitative and technical investment research techniques to determine whichsecurities to buy and sell. Through rigorous credit research, the analysts seek to identify high-qualitymunicipal bonds that are issued by financially-sound entities with strong fundamentals andadequate cash flows to meet their principal and interest obligations. The team may also invest inTreasury futures contracts to manage interest rate risk. The portfolio manager is responsible forportfolio construction and risk management and seeks to invest with a very prudent level of risk. TheFund’s holdings are well-diversified both geographically and across sectors.




CY

TR

Gro

wth

of

$1

0,0

00 $15,000

$10,000

$5,000

$0

15%10%

5%0%

-5%-10%-15%

2010

1.66

2011

10.86

2012

7.86

2013

-3.30

2014

9.90

2015

3.36

2016

0.04

2017

4.70

2018

0.54

2019

7.32

YTD

2.60

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


$14,543$4,551

3Month


Class S share 1.28 2.60 2.98 3.67 3.33 3.82 4.62

BBgBarc Muni Bond Index 1.23 3.33 4.09 4.28 3.84 3.99 N/A

Lipper General & InsuredMunicipal Debt Funds Median1 1.41 2.18 2.65 3.81 3.53 3.87 N/A


Investment ObjectiveThrivent Municipal Bond Fund seeks a high levelof current income exempt from federal incometaxes, consistent with capital preservation.


Seek income that is generally exempt from federal•income taxes. The Fund may invest in municipalsecurities that are subject to state and local taxesand/or the the alternative minimum tax (AMT).While the dividends earned on a municipal bondfund are usually federally tax-exempt, any capitalgains distributions, as well as realized capitalgains from selling fund shares, may be taxable.

Have a medium- to long-term investment time•horizon and a moderately conservative risktolerance.

Are willing to accept lower long-term returns•in order to have a low to moderate level ofrisk and volatility.

Minimum Investment

Expense Ratio


Bloomberg Barclays Municipal Bond Index•is a market value-weighted index ofinvestment-grade municipal bonds withmaturities of one year or more.

Fund Management & ExperienceJanet I. Grangaard, CFAIndustry: 1984Fund: 2002


Gross: 0.55%Net: 0.55%

Risks: Municipal bonds may be affected by politicalor economic conditions at the state, regional orfederal level. Debt securities are subject to riskssuch as declining prices during periods of risinginterest rates and credit risk, or the risk that anissuer not pay its debt. High yield securities aresubject to increased credit risk as well as liquidityrisk. Changes in federal income tax laws or ratesmay affect both the net asset value of the Fundand the taxable equivalent interest generated fromsecurities in the fund. Some issues may be subjectto state and local taxes and/or the federal andstate alternative minimum tax (AMT). Consult a taxadvisor for more information about your specificsituation, including state/local tax treatment. Theuse of futures contracts involves additional riskssuch as a loss in value in the underlyinginstrument, which could decrease the Fund’svalue. When bond inventories are low in relation tothe market size, there is the potential fordecreased liquidity and increased price volatility.The Adviser’s assessment of investments mayprove incorrect, resulting in losses or poorperformance. These and other risks are describedin the prospectus.



Thrivent Municipal Bond Fund


Transportation 21.1%Health Care 15.1%Education 14.6%Utilities 12.6%Pre-refunded 12.0%Special Tax Revenue 9.9%Local/State Government 9.1%Miscellaneous 1.8%Tobacco Settlement Bonds 1.7%Industrial Revenue 1.2%Cash 0.9%

Top Ten States (62.13% of Fund, as ofAug. 31, 2020)California 10.15%

Texas 10.05%

New York 9.68%

Illinois 6.81%

Colorado 5.67%

Ohio 5.52%

Massachusetts 4.75%

Florida 3.65%

Virginia 2.94%

Minnesota 2.91%

Bond Quality Rating Distribution (%)The lower of the bond ratings assigned by FitchRatings, Inc., Moody’s Investor Services, Inc.,Standard & Poor’s® Financial Services, LLC(“S&P”). Investments in derivatives and short-term investments are not included.


Cash 0.9U.S. Gov’t Guaranteed —AAA 15.1AA 41.2A 21.4BBB 16.6

HIGH YIELD (HY) 1.0BB 1.0B —CCC —CC —C —D —

OTHER 3.8Non-Rated (NR) 3.8ETFs/Closed-End Funds(may be (HQ/HY/NR) —



Oct-19 $0.0311 $11.47

Nov-19 $0.0292 $11.45

Dec-19 $0.0318 $11.45

Jan-20 $0.0305 $11.62

Feb-20 $0.0276 $11.77

Mar-20 $0.0316 $11.25

Apr-20 $0.0293 $10.99

May-20 $0.0278 $11.31

Jun-20 $0.0305 $11.42

Jul-20 $0.0293 $11.59

Aug-20 $0.0290 $11.52

Sep-20 $0.0281 $11.48

$0.3558 (Total)

$11.42 (Avg.)7

2Turnover Ratio: 12-month rolling as of Aug. 31, 2020. A measure of the Fund’s trading activity, calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.330-Day SEC Yield: Previous 30 calendar days ending Sep. 30, 2020.4The Taxable-Equivalent Yield is based on the 30-Day SEC Yield. The top two tax brackets include theadditional 3.8% Net Investment Income Tax (commonly referred to as the “Medicare Contribution Tax”).5Source: Barclays Capital Indices, POINT. ©2020 Barclays Capital Inc. Used with permission. POINTis a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Indexmeasures the performance of U.S. investment-grade bonds.6NAV = Net Asset Value. Class S shares carry no sales charge.7Average of the daily NAV values for the trailing 12-months.Investing involves risks, including the possible loss of principal. The prospectus and summaryprospectus contain more complete information on the investment objectives, risks, charges andexpenses of the fund, and other information, which investors should read and consider carefullybefore investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer,member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser,serves as the investment adviser for Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent,the marketing name for Thrivent Financial for Lutherans.©2020 Thrivent Distributors, LLC • 800-847-4836 • thriventfunds.com




Taxable-Equivalent Yield:4 The yield an investorwould need to earn on a taxable bond in order forits yield to be equivalent to a tax-free investment.



Weighted Average Maturity: The market-valueweighted average of the time remaining until thematurity date for the underlying bonds held inthe Fund.



Federal TaxBracket

Taxable-Equivalent Yield⁴

12.0% 1.44%

22.0% 1.63%

24.0% 1.67%

32.0% 1.87%

38.8% 2.08%

40.8% 2.15%

FundBBgBarc U.S.

Aggregate5

3 Year 4.31% 3.31%5 Year 3.98% 3.11%10 Year 4.02% 2.94%

FundBBgBarc U.S.

Aggregate5

Effective Duration (years) 5.0 - 7.0 5.9

FundWtd Average Maturity (years) 17.4




Investing involves risks, including the possible loss of principal. The prospectus and summary prospectus contain more complete information on the investment objectives, risks, charges and expenses of the fund, and other information, which investors should read and consider carefully before investing. Prospectuses are available at thriventfunds.com or by calling 800-847-4836.

The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker-dealer, member FINRA/SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser, serves as the investment adviser for the Thrivent Mutual Funds. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Produced quarterly. Use current booklet.

33111S R10-20thriventfunds.com • 800-847-4836

https://www.finra.org/#/


Mutual Funds Fund Focus · Mutual Funds Fund Focus Quarterly performance update Class S Share...

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