MUTUAL FUNDS PROSPECTUS CLASS S SHARESBeginning on January 1, 2021, as permitted by regulations...

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies ofthe Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copiesof the reports. Instead, the reports will be made available on the Funds’ website (ThriventFunds.com), and you will be notified bymail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need totake any action. You may elect to receive shareholder reports and other communications from a Fund electronically by contactingyour financial intermediary (such as a broker-dealer or bank) where you purchased shares or, if you purchased shares throughThrivent Financial, by enrolling at Thrivent.com/gopaperless or, if you purchased directly online, by enrolling at ThriventFunds.com.

You may elect to receive all future reports in paper free of charge. If you invest directly with a Fund, you can call 1-800- 847-4836 tolet us know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper willapply to all Funds held in your account. If you invest through a financial intermediary, you can contact your financial intermediary torequest that you continue to receive paper copies of your shareholder reports.

Thrivent Aggressive Allocation Fund TAAIX Thrivent Large Cap Stock Fund IILGX Thrivent Money Market Fund AALXXThrivent Balanced Income Plus Fund IBBFX Thrivent Large Cap Value Fund TLVIX Thrivent Multidimensional Income Fund TMLDXThrivent Diversified Income Plus Fund THYFX Thrivent Limited Maturity Bond Fund THLIX Thrivent Municipal Bond Fund TMBIXThrivent Government Bond Fund TBFIX Thrivent Low Volatility Equity Fund TLVOX Thrivent Opportunity Income Plus Fund IIINXThrivent High Income Municipal Bond Fund THMBX Thrivent Mid Cap Stock Fund TMSIX Thrivent Partner Emerging Markets Equity Fund TPEIXThrivent High Yield Fund LBHIX Thrivent Moderate Allocation Fund TMAIX Thrivent Partner Worldwide Allocation Fund TWAIXThrivent Income Fund LBIIX Thrivent Moderately Aggressive Allocation Fund TMAFX Thrivent Small Cap Growth Fund TSCGXThrivent Large Cap Growth Fund THLCX Thrivent Moderately Conservative Allocation Fund TCAIX Thrivent Small Cap Stock Fund TSCSX

The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus istruthful or complete. Any representation to the contrary is a criminal offense. Shares of Thrivent Mutual Funds are not depositsor other obligations of Thrivent Trust Company or any bank, or insured or otherwise protected by the Federal DepositInsurance Corporation or any other federal agency. Shares of Thrivent Mutual Funds are subject to investment risk, includingpossible loss of the principal amount invested.

FEBRUARY 28, 2019

MUTUAL FUNDS PROSPECTUSCLASS S SHARES

Thrivent Mutual Funds

Supplement to Class A Shares Prospectus, Class S Shares Prospectus,Thrivent Large Cap Stock Fund Class A Shares Summary Prospectus, and Thrivent Large Cap

Stock Fund Class S Shares Summary Prospectuseach dated February 28, 2018

Important Notice Regarding Change in Investment Policy

1. Effective April 30, 2019, Thrivent Large Cap Stock Fund will change its name to Thrivent Global StockFund.

2. Effective April 30, 2019, the first paragraph in “Principal Strategies” in the “Summary Section” of theprospectus for Thrivent Large Cap Stock Fund is hereby deleted and replaced with the following:

Under normal circumstances, the Fund invests at least 80% of net assets in equity securities and investsat least 40% of assets in foreign securities (under normal market conditions). The Adviser focusesmainly on the equity securities of domestic and international companies. Should the Adviser determinethat the Fund would benefit from reducing the percentage of its assets invested in equity securities from80% to a lesser amount, we will notify you at least 60 days prior to the change.

3. Effective April 30, 2019, the benchmark referenced in the table the “Average Annual Total Returns” tablesunder “Summary Section—Performance” for Thrivent Large Cap Stock Fund will be replaced with thefollowing: MSCI All Country World Index—USD Net Returns.

The date of this Supplement is February 7, 2019.

Please include this Supplement with your Prospectus or Summary Prospectus.

34735

Thrivent Mutual Funds

Supplement to Class A Shares Prospectus, Class S Shares Prospectus,Thrivent Partner Worldwide Allocation Fund Class A Shares Summary Prospectus, and

Thrivent Partner Worldwide Allocation Fund Class S Shares Summary Prospectuseach dated February 28, 2018

1. Effective April 30, 2019, Thrivent Partner Worldwide Allocation Fund will change its name to ThriventInternational Allocation Fund. Principal Global Investors, LLC (“Principal”) and Aberdeen Asset ManagersLimited (“Aberdeen”) will no longer serve as subadvisers to the Fund. Goldman Sachs Asset Management,L.P. will continue to subadvise the Fund. Thrivent Asset Management, LLC currently manages a portion ofthe Fund and will also manage the portions currently managed by Principal and Aberdeen. As a result, allreferences to Principal and Aberdeen found in the “Summary Section” under the heading “PortfolioManager(s)” and in the “Management, Organization and Capital Structure” section under the heading“Portfolio Management” for Thrivent Partner Worldwide Allocation Fund will be deleted.

2. Effective April 30, 2019, the current strategies described under “Summary Section—Thrivent PartnerWorldwide Allocation Fund—Principal Strategies” will be deleted in their entirety and replaced with thefollowing:

The Fund seeks to achieve its objective by investing primarily in equity securities of issuers throughoutthe world. The Fund seeks to diversify its portfolio broadly among developed and emerging countriesand among multiple asset classes. Under normal market conditions, the Fund invests at least 40% of itsnet assets in foreign assets. If market conditions are not deemed favorable by the Fund’s investmentadviser, the Fund could invest a lower percentage, but at least 30% of its net assets in foreign assets. Aforeign asset could be an investment in an issuer that is organized under the laws of a foreignjurisdiction; that is traded principally in a foreign country; that derives at least 50% of its revenues orprofits from goods produced or sold, investments made, or services performed in a foreign country orhas at least 50% of its assets in a foreign country; or that otherwise exposes the Fund’s portfolio to theeconomic fortunes and risks of a foreign country.

The Adviser will make asset allocation decisions among the various asset classes and has engagedGoldman Sachs Asset Management, L.P. (“GSAM”) to manage the Fund’s international small- andmid- cap equity assets. The Adviser will directly manage the remaining assets in the Fund.

The Fund will generally make the following allocations among the broad asset classes listed below:

International large-cap growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-50%International large-cap value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-50%Emerging markets equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-25%International small- and mid-cap equities . . . . . . . . . . . . . . . . . . . 0-30%U.S. securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-10%

The Fund’s actual holdings in each broad asset category may be outside the applicable allocation rangefrom time to time due to differing investment performances among asset classes. These allocations maychange without shareholder approval or advance notice to shareholders to the extent consistent withapplicable law.

The Fund may also pursue its investment strategy by investing in other mutual funds, including fundsmanaged by the Adviser or an affiliate, and may invest in equity derivatives such as swaps.

In buying and selling securities for the Fund, the Adviser uses an active strategy. This strategy consistsof a disciplined approach that involves computer-aided, quantitative analysis of fundamental, technical

and risk-related factors. The Adviser’s factor model (a method of analyzing and combining multipledata sources) systematically reviews thousands of stocks, using data such as historical earnings growthand expected future growth, valuation, price momentum, and other quantitative factors to forecastreturn potential. Then, risk characteristics of potential investments and covariation among securities areanalyzed along with the return forecasts in determining the Portfolio’s holdings.

GSAM uses a quantitative style of management, in combination with a qualitative overlay, thatemphasizes fundamentally-based stock selection, careful portfolio construction and efficientimplementation. The Fund’s investments are selected using fundamental research and a variety ofquantitative techniques based on certain investment themes.

3. Effective April 30, 2019, the “Annual Fund Operating Expenses” and “Example” tables under “SummarySection—Fees and Expenses” for Class A Shares of Thrivent Partner Worldwide Allocation Fund will bedeleted and replaced with the following:

ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment)Management Fees 0.67%Distribution and Shareholder Service (12b-1) Fees 0.25%Other Expenses 0.40%Total Annual Fund Operating Expenses 1.32%Less Fee Waivers and/or Expense Reimbursements2 0.12%Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.20%

EXAMPLE

1 Year 3 Year 5 Year 10 Years

Thrivent International Allocation Fund $567 $838 $1,130 $1,959

4. Effective April 30, 2019, the “Annual Fund Operating Expenses” and “Example” tables under “SummarySection—Fees and Expenses” for Class S Shares of Thrivent Partner Worldwide Allocation Fund will bedeleted and replaced with the following:

ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment)Management Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.67%Distribution and Shareholder Service (12b-1) Fees . . . . . . . . NoneOther Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.12%Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . 0.79%

EXAMPLE

1 Year 3 Year 5 Year 10 Years

Thrivent International Allocation Fund $81 $252 $439 $978

The date of this Supplement is February 7, 2019.

Please include this Supplement with your Prospectus or Summary Prospectus.

34734

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PAGE

Summary SectionThrivent Aggressive Allocation Fund .................................................... 3Thrivent Balanced Income Plus Fund................................................... 8Thrivent Diversified Income Plus Fund ................................................ 13Thrivent Government Bond Fund......................................................... 18Thrivent High Income Municipal Bond Fund....................................... 22Thrivent High Yield Fund........................................................................ 25Thrivent Income Fund ............................................................................ 29Thrivent Large Cap Growth Fund .......................................................... 33Thrivent Large Cap Stock Fund.............................................................. 36Thrivent Large Cap Value Fund ............................................................. 39Thrivent Limited Maturity Bond Fund.................................................. 42Thrivent Low Volatility Equity Fund ...................................................... 46Thrivent Mid Cap Stock Fund................................................................. 49Thrivent Moderate Allocation Fund...................................................... 52Thrivent Moderately Aggressive Allocation Fund................................ 57Thrivent Moderately Conservative Allocation Fund............................ 62Thrivent Money Market Fund................................................................ 67Thrivent Multidimensional Income Fund............................................. 70Thrivent Municipal Bond Fund.............................................................. 75Thrivent Opportunity Income Plus Fund ............................................. 78Thrivent Partner Emerging Markets Equity Fund ............................... 83Thrivent Partner Worldwide Allocation Fund...................................... 87Thrivent Small Cap Growth Fund .......................................................... 92Thrivent Small Cap Stock Fund.............................................................. 95

More about Investment Strategies and Risks........................................... 98Information about Certain Principal Investment Strategies.............. 98Information about Certain Non-Principal Investment Strategies ..... 100Glossary of Principal Risks..................................................................... 101Glossary of Investment Terms .............................................................. 107

Management of the Funds ........................................................................... 109Investment Adviser ................................................................................. 109Management Fees .................................................................................. 109Portfolio Management ........................................................................... 109Personal Securities Investments........................................................... 114Trademarks.............................................................................................. 114

Shareholder Information.............................................................................. 116Pricing Fund Shares................................................................................ 116Class S Shares.......................................................................................... 117Buying Shares.......................................................................................... 117Redeeming Shares.................................................................................. 120Exchanging Shares Between Funds...................................................... 121Transaction Confirmations .................................................................... 122

Table of Contents

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Uncashed Checks on Your Account ...................................................... 122Accounts with Low Balances.................................................................. 123Lost Shareholders, Inactive Accounts and Unclaimed Property ....... 123Frequent Trading Policies and Monitoring Processes ........................ 123Anti-Money Laundering.......................................................................... 123Disclosure of Fund Holdings ................................................................. 124Standing Allocation Order ..................................................................... 124Payments by the Investment Adviser and Principal Underwriter ..... 124

Distributions ................................................................................................... 125Dividends ................................................................................................. 125Capital Gains............................................................................................ 125Distribution Options............................................................................... 125

Taxes................................................................................................................. 126

Financial Highlights ....................................................................................... 129

Table of Contents

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Investment ObjectiveThrivent Aggressive Allocation Fund (the "Fund") seekslong-term capital growth.

Fees and ExpensesThis table describes the fees and expenses that you may pay ifyou buy and hold shares of the Fund.

SHAREHOLDER FEES(fees paid directly from your investment)

Maximum Sales Charge (load) Imposed On Purchases (asa % of offering price) None

Maximum Deferred Sales Charge (load) (as a percentageof the lower of the original purchase price or current netasset value) None

ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage ofthe value of your investment)

Management Fees 0.74%

Distribution and Shareholder Service (12b-1) Fees None

Other Expenses 0.16%

Acquired Fund Fees and Expenses 0.29%

Total Annual Fund Operating Expenses 1.19%

Less Fee Waivers and/or Expense Reimbursements1 0.24%

Total Annual Fund Operating Expenses After FeeWaivers and/or Expense Reimbursements 0.95%

1 The Adviser has contractually agreed, for as long as the current fee structure isin place and through at least February 28, 2020, to waive an amount equal toany management fees indirectly incurred by the Fund as a result of itsinvestment in any other mutual fund for which the Adviser or an affiliateserves as investment adviser, other than Thrivent Cash Management Trust.This contractual provision may be terminated upon the mutual agreementbetween the Independent Trustees of the Fund and the Adviser.

EXAMPLEThis example is intended to help you compare the cost ofinvesting in the Fund with the cost of investing in other mutualfunds.

The example assumes that you invest $10,000 in the Fund for thetime periods indicated and then redeem all of your shares at theend of those periods. In addition, the example for the 1 Yearperiod reflects the effect of the contractual fee waiver and/orexpense reimbursement. The example also assumes that yourinvestment has a 5% return each year, and that the Fund’soperating expenses remain the same. Although your actual costmay be higher or lower, based on these assumptions your costwould be:

1 Year 3 Years 5 Years 10 Years

$97 $354 $631 $1,422

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costs andmay result in higher taxes when Fund shares are held in a taxableaccount. These costs, which are not reflected in annual fundoperating expenses or in the example, affect the Fund’sperformance. During the most recent fiscal year, the Fund’sportfolio turnover rate was 52% of the average value of itsportfolio.

Principal StrategiesThe Fund pursues its objective by investing in a combination ofother funds managed by the Adviser and directly held financialinstruments. The Fund uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achieve a desiredrisk tolerance generally aligned with its peer group as publishedby Lipper, Inc. The first step is the construction of a model forthe allocation of the Fund’s assets across broad asset categories(namely, equity securities and debt securities). The second stepinvolves the determination of sub-classes within the broad assetcategories and target weightings (i.e., what the Adviserdetermines is the strategic allocation) for these sub-classes.Sub-classes for equity securities may be based on marketcapitalization, investment style (such as growth or value), oreconomic sector. Sub-classes for debt securities may be based onmaturity, duration, security type or credit rating (high yield—commonly known as “junk bonds”—or investment grade) andmay include leveraged loans, which are senior secured loans thatare made by banks or other lending institutions to companies thatare rated below investment grade.

The use of target weightings for various sub-classes within broadasset categories is intended as a multi-style approach to reducethe risk of investing in securities having common characteristics.The Fund may buy and sell futures contracts to either hedge itsexposure or obtain exposure to certain investments. The Fundmay also enter into credit default swap agreements on securityindexes. The Fund may enter into standardized derivativescontracts traded on domestic or foreign securities exchanges,boards of trade, or similar entities, and non-standardizedderivatives contracts traded in the over-the-counter market.

The Fund may invest in foreign securities, including those ofissuers in emerging markets. An “emerging market” country isany country determined by the Adviser to have an emergingmarket economy, considering factors such as the country’s creditrating, its political and economic stability and the development ofits financial and capital markets.

Under normal circumstances, the Fund invests in the followingbroad asset classes within the ranges given:

Thrivent Aggressive Allocation FundTAAIX

3

Broad Asset CategoryTarget

AllocationAllocation

Range

Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95% 75-100%Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5% 0-25%

The Fund’s actual holdings in each broad asset category may beoutside the applicable allocation range from time to time due todiffering investment performance among asset categories. TheAdviser will rebalance the Fund at least annually so that itsholdings are within the ranges for the broad asset categories.

The Fund also pursues its investment strategy by investing inother mutual funds, including funds managed by the Adviser. Thenames of the funds managed by the Adviser which are currentlyavailable for investment by the Fund are shown in the list below.The list is provided for information purposes only. The Advisermay change the availability of the funds managed by the Adviserfor investment by the Fund without shareholder approval oradvance notice to shareholders.

Equity SecuritiesSmall Cap

Thrivent Small Cap Stock FundMid Cap

Thrivent Mid Cap Stock FundLarge Cap

Thrivent Large Cap Growth FundThrivent Large Cap Stock FundThrivent Large Cap Value Fund

OtherThrivent Core International Equity FundThrivent Core Low Volatility Equity FundThrivent Partner Worldwide Allocation Fund

Debt SecuritiesHigh Yield Bonds

Thrivent High Yield FundIntermediate/Long-Term Bonds

Thrivent Income FundShort-Term/Intermediate Bonds

Thrivent Limited Maturity Bond FundOther

Thrivent Core Emerging Markets Debt Fund

Short-Term Debt SecuritiesMoney Market

Thrivent Cash Management TrustOther

Thrivent Core Short-Term Reserve Fund

Principal RisksThe Fund is subject to the following principal investment risks.Shares of the Fund will rise and fall in value and there is a riskthat you could lose money by investing in the Fund. The Fundcannot be certain that it will achieve its investment objective.

Allocation Risk. The Fund’s investment performance dependsupon how its assets are allocated across broad asset categoriesand applicable sub-classes within such categories. Some broadasset categories and sub-classes may perform below expectationsor the securities markets generally over short and extendedperiods. Therefore, a principal risk of investing in the Fund is that

the allocation strategies used and the allocation decisions madewill not produce the desired results.

Credit Risk. Credit risk is the risk that an issuer of a debt securityto which the Fund is exposed may no longer be able or willing topay its debt. As a result of such an event, the debt security maydecline in price and affect the value of the Fund.

Derivatives Risk. The use of derivatives (such as futuresand credit default swaps) involves additional risks and transactioncosts which could leave the Fund in a worse position than if ithad not used these instruments. The use of derivatives can lead tolosses because of adverse movements in the price or value of theunderlying asset, index or rate, which may be magnified bycertain features of the contract. Changes in the value of thederivative may not correlate as intended with the underlyingasset, rate or index, and the Fund could lose much more than theoriginal amount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives may also besubject to counterparty risk, which is that the other party in thetransaction will not fulfill its contractual obligations due to itsfinancial condition, market events, or other reasons.

Emerging Markets Risk. The economic and political structuresof developing countries, in most cases, do not compare favorablywith the U.S. or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity. Fundperformance will likely be negatively affected by portfolioexposure to countries and corporations domiciled in or withrevenue exposures to countries in the midst of, among otherthings, hyperinflation, currency devaluation, trade disagreements,sudden political upheaval, or interventionist government policies.Significant buying or selling actions by a few major investorsmay also heighten the volatility of emerging markets. Thesefactors make investing in emerging market countries significantlyriskier than in other countries, and events in any one countrycould cause the Fund’s share price to decline.

Equity Security Risk. Equity securities held by the Fund maydecline significantly in price over short or extended periods oftime, and such declines may occur because of declines in theequity market as a whole, or because of declines in only aparticular country, company, industry, or sector of the market.From time to time, the Fund may invest a significant portion ofits assets in companies in one or more related sectors or industrieswhich would make the Fund more vulnerable to adversedevelopments affecting such sectors or industries. Equitysecurities are generally more volatile than most debt securities.

Foreign Currency Risk. The value of a foreign currency maydecline against the U.S. dollar, which would reduce the dollarvalue of securities denominated in that currency. The overallimpact of such a decline of foreign currency can be significant,unpredictable, and long lasting, depending on the currenciesrepresented, how each one appreciates or depreciates in relationto the U.S. dollar, and whether currency positions are hedged.Under normal conditions, the Fund does not engage in extensiveforeign currency hedging programs. Further, exchange ratemovements are volatile, and it is not possible to effectively hedgethe currency risks of many developing countries.

4

Foreign Securities Risk. Foreign securities generally carry morerisk and are more volatile than their domestic counterparts, in partbecause of potential for higher political and economic risks, lackof reliable information and fluctuations in currency exchangerates where investments are denominated in currencies other thanthe U.S. dollar. The Fund’s investment in any country could besubject to governmental actions such as capital or currencycontrols, nationalizing a company or industry, expropriatingassets, or imposing punitive taxes that would have an adverseeffect on security prices, and impair the Fund’s ability torepatriate capital or income. Foreign securities may also be moredifficult to resell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Even when aforeign security increases in price in its local currency, theappreciation may be diluted by adverse changes in exchange rateswhen the security’s value is converted to U.S. dollars. Foreignwithholding taxes also may apply and errors and delays mayoccur in the settlement process for foreign securities.

Growth Investing Risk. Growth style investing includes the riskof investing in securities whose prices historically have beenmore volatile than other securities, especially over the short term.Growth stock prices reflect projections of future earnings orrevenues and, if a company’s earnings or revenues fall short ofexpectations, its stock price may fall dramatically.

High Yield Risk. High yield securities – commonly known as“junk bonds” – to which the Fund is exposed are consideredpredominantly speculative with respect to the issuer’s continuingability to make principal and interest payments. If the issuer ofthe security is in default with respect to interest or principalpayments, the value of the Fund may be negatively affected. Highyield securities generally have a less liquid resale market.

Interest Rate Risk. Interest rate risk is the risk that prices of debtsecurities decline in value when interest rates rise for debtsecurities that pay a fixed rate of interest. Debt securities withlonger durations (a measure of price sensitivity of a bond or bondfund to changes in interest rates) or maturities (i.e., the amount oftime until a bond’s issuer must pay its principal or face value)tend to be more sensitive to changes in interest rates than debtsecurities with shorter durations or maturities. Changes by theFederal Reserve to monetary policies could affect interest ratesand the value of some securities.

Investment Adviser Risk. The Fund is actively managed and thesuccess of its investment strategy depends significantly on theskills of the Adviser in assessing the potential of the investmentsin which the Fund invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance, even inrising markets.

Issuer Risk. Issuer risk is the possibility that factors specific to anissuer to which the Fund is exposed will affect the market pricesof the issuer’s securities and therefore the value of the Fund.

Large Cap Risk. Large-sized companies may be unable torespond quickly to new competitive challenges such as changesin technology. They may also not be able to attain the highgrowth rate of successful smaller companies, especially duringextended periods of economic expansion.

Leveraged Loan Risk. Leveraged loans (also known as bankloans) are subject to the risks typically associated with debtsecurities. In addition, leveraged loans, which typically hold asenior position in the capital structure of a borrower, are subjectto the risk that a court could subordinate such loans to presentlyexisting or future indebtedness or take other action detrimental tothe holders of leveraged loans. Leveraged loans are also subjectto the risk that the value of the collateral, if any, securing a loanmay decline, be insufficient to meet the obligations of theborrower, or be difficult to liquidate. Some leveraged loans arenot as easily purchased or sold as publicly-traded securities andothers are illiquid, which may make it more difficult for the Fundto value them or dispose of them at an acceptable price. Belowinvestment-grade leveraged loans are typically more creditsensitive. In the event of fraud or misrepresentation, the Fundmay not be protected under federal securities laws with respect toleveraged loans that may not be in the form of “securities.” Thesettlement period for some leveraged loans may be more thanseven days.

Liquidity Risk. Liquidity is the ability to sell a security relativelyquickly for a price that most closely reflects the actual value ofthe security. Dealer inventories of bonds are at or near historiclows in relation to market size, which has the potential todecrease liquidity and increase price volatility in the fixed incomemarkets, particularly during periods of economic or market stress.As a result of this decreased liquidity, the Fund may have toaccept a lower price to sell a security, sell other securities to raisecash, or give up an investment opportunity, any of which couldhave a negative effect on performance.

Market Risk. Over time, securities markets generally tend tomove in cycles with periods when security prices rise and periodswhen security prices decline. The value of the Fund’sinvestments may move with these cycles and, in some instances,increase or decrease more than the applicable market(s) asmeasured by the Fund’s benchmark index(es). The securitiesmarkets may also decline because of factors that affect aparticular industry.

Mid Cap Risk. Medium-sized companies often have greater pricevolatility, lower trading volume, and less liquidity than larger,more-established companies. These companies tend to havesmaller revenues, narrower product lines, less management depthand experience, smaller shares of their product or servicemarkets, fewer financial resources, and less competitive strengththan larger companies.

Other Funds Risk. Because the Fund invests in other fundsmanaged by the Adviser or an affiliate (“Other Funds”), theperformance of the Fund is dependent, in part, upon theperformance of Other Funds in which the Fund may invest. As aresult, the Fund is subject to the same risks as those faced by theOther Funds.

Quantitative Investing Risk. Quantitative Investing Risk is therisk that securities selected according to a quantitative analysismethodology can perform differently from the market as a wholebased on the model and the factors used in the analysis, theweight placed on each factor and changes in the factor’s

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historical trends. Such models are based on assumptions of theseand other market factors, and the models may not take intoaccount certain factors, or perform as intended, and may result ina decline in the value of the Fund’s portfolio.

Small Cap Risk. Smaller, less seasoned companies often havegreater price volatility, lower trading volume, and less liquiditythan larger, more established companies. These companies tendto have small revenues, narrower product lines, less managementdepth and experience, small shares of their product or servicemarkets, fewer financial resources, and less competitive strengththan larger companies. Such companies seldom pay significantdividends that could soften the impact of a falling market onreturns.

Value Investing Risk. Value style investing includes the risk thatstocks of undervalued companies may not rise as quickly asanticipated if the market doesn’t recognize their intrinsic value orif value stocks are out of favor.

PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to broad-based securities market indices. These indicesare the S&P 500 Index, which measures the performance of 500widely held, publicly traded stocks, the Bloomberg BarclaysU.S. Aggregate Bond Index, which measures the performance ofU.S. investment grade bonds, and the MSCI All Country WorldIndex ex-USA – USD Net Returns, which measures theperformance of stock markets in developed and emergingmarkets countries throughout the world (excluding the U.S.). Call800-847-4836 or visit ThriventFunds.com for performance resultscurrent to the most recent month-end.

The bar chart and the table include the effects of Fund expensesand assume that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown and after-tax returns are not relevant to investors who holdtheir Fund shares through tax-deferred arrangements such asindividual retirement accounts.

How the Fund has performed in the past (before and after taxes)is not necessarily an indication of how it will perform in thefuture. Performance information provides some indication of therisks of investing in the Fund by showing changes in the Fund’sperformance over time.

YEAR-BY-YEAR TOTAL RETURN

30.60%

17.50%

(4.38)%

13.11%

27.35%

6.23%

(0.39)%

10.03%

21.22%

(6.65)%

-10

-5

0

5

10

15

20

25

30

35

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

nu

al R

etu

rn (

%)

Best Quarter: Q2 '09 +17.87%Worst Quarter: Q3 '11 (17.12)%

AVERAGE ANNUAL TOTAL RETURNS(PERIODS ENDING DECEMBER 31, 2018)

Thrivent Aggressive AllocationFund 1 Year 5 Years 10 Years

Class S (before taxes) (6.65)% 5.67% 10.78%

(after taxes on distributions) (8.63)% 3.94% 9.64%

(after taxes on distributions andredemptions) (2.60)% 4.21% 8.77%

S&P 500 Index(reflects no deduction for fees,expenses or taxes) (4.38)% 8.49% 13.12%

Bloomberg Barclays U.S. AggregateBond Index(reflects no deduction for fees,expenses or taxes) 0.01% 2.52% 3.48%

MSCI All Country World Indexex-USA - USD Net Returns(reflects no deduction for fees,expenses or taxes) (14.20)% 0.68% 6.57%

ManagementInvestment Adviser(s)The Fund is managed by Thrivent Asset Management, LLC(“Thrivent Asset Mgt.” or the “Adviser”).

Portfolio Manager(s)Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, StephenD. Lowe, CFA, David S. Royal and David R. Spangler, CFAare jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Simenstad has served as a portfoliomanager of the Fund since June 2005. Mr. Bagwell and Mr.Lowe have served as portfolio managers of the Fund since April2016. Mr. Royal has served as portfolio manager of the Fundsince April 2018. Mr. Spangler has served as a portfolio managerof the Fund since February 2019. Mr. Simenstad is ChiefInvestment Strategist and has been with Thrivent Financial since1999. Mr. Bagwell is Vice President, Chief Equity Strategist andhas been with Thrivent Financial in an investment managementcapacity since 2002. Mr. Lowe is Vice President of Fixed Income

6

Mutual Funds and Separate Accounts and has been with ThriventFinancial since 1997. He has served as a portfolio manager since2009. Mr. Royal is Chief Investment Officer and has been withThrivent Financial since 2006. Mr. Spangler has been withThrivent Financial since 2002, in an investment managementcapacity since 2005 and currently is a Senior Portfolio Manager.

Purchase and Sale of Fund SharesYou may purchase, redeem or exchange shares of the Funddirectly from the Fund or through certain broker-dealers.

The minimum initial investment requirement for this Fund is$2,000 and the minimum subsequent investment requirement is$50 for taxable accounts. For IRA or tax-deferred accounts, theminimum initial investment requirement for this Fund is $1,000and the minimum subsequent investment requirement is $50.These investment requirements may be different, however, forinvestors investing in the Fund through an automatic investmentplan or through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the NewYork Stock Exchange is open. You may conduct suchtransactions by mail, telephone 800-847-4836, the Internet

(Thrivent.com or ThriventFunds.com), by wire/ACH transfer orthrough an automatic investment plan (for purchases) or asystematic withdrawal plan (for redemptions), subject to certainlimitations.

Tax InformationThe Fund intends to make distributions that may be taxed asordinary income or capital gains. Investing in the Fund through aretirement plan could have different tax consequences.

Payments to Broker-Dealers and OtherFinancial IntermediariesIf you purchase the Fund through a broker-dealer or otherfinancial intermediary (such as an insurance company), the Fundand its related companies may pay the intermediary for the sale ofFund shares and related services. These payments may create aconflict of interest by influencing the broker-dealer or otherintermediary and your salesperson to recommend the Fund overanother investment. Ask your salesperson or visit your financialintermediary’s website for more information.

7

Investment ObjectiveThrivent Balanced Income Plus Fund (the "Fund") seekslong-term total return through a balance between income and thepotential for long-term capital growth.












The example assumes that you invest $10,000 in the Fund for thetime periods indicated and then redeem all of your shares at theend of those periods. The example also assumes that yourinvestment has a 5% return each year, and that the Fund’soperating expenses remain the same. Although your actual costmay be higher or lower, based on these assumptions your costwould be:


$77 $240 $417 $930

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costs andmay result in higher taxes when Fund shares are held in a taxableaccount. These costs, which are not reflected in annual fundoperating expenses or in the example, affect the Fund’s

performance. During the most recent fiscal year, the Fund’sportfolio turnover rate was 149% of the average value of itsportfolio.

Principal StrategiesUnder normal circumstances, the Fund invests in a combinationof equity securities and debt securities within the ranges shown inthe following table:



Range


The equity securities in which the Fund invests may includecommon stock, preferred stock, securities convertible intocommon stock, or securities or other instruments the price ofwhich is linked to the value of common stock.

The debt securities in which the Fund invests may be of anymaturity or credit quality, including high yield, high risk bonds,notes, debentures and other debt obligations commonly known as“junk bonds.” At the time of purchase, these high-yield securitiesare rated within or below the “BB” major rating category by S&Por the “Ba” major rating category by Moody’s or are unrated butconsidered to be of comparable quality by the Adviser. The Fundmay also invest in leveraged loans, which are senior securedloans that are made by banks or other lending institutions tocompanies that are rated below investment grade. In addition, theFund may invest in investment-grade corporate bonds,asset-backed securities, mortgage-backed securities (includingcommercially backed ones), convertible bonds, and sovereign andemerging market debt (both U.S. dollar and non-U.S. dollardenominated).

The Fund may utilize derivatives (such as futures and swaps) forinvestment exposure or hedging purposes, including creditdefault swap agreements on security indexes. The Fund mayenter into standardized derivatives contracts traded on domesticor foreign securities exchanges, boards of trade, or similarentities, and non-standardized derivatives contracts traded in theover-the-counter market.


The Fund may invest in exchange-traded funds (“ETFs”), whichare investment companies generally designed to track theperformance of a securities or other index or benchmark.

The Fund may also pursue its investment strategy by investing inother mutual funds, including funds managed by the Adviser.

Thrivent Balanced Income Plus FundIBBFX

8

The Adviser uses fundamental, quantitative and technicalinvestment research techniques to determine what to buy and sell.Fundamental techniques assess a security’s value based on anissuer’s financial profile, management, and business prospectswhile quantitative and technical techniques involve a moredata-oriented analysis of financial information, market trends andprice movements.


Allocation Risk. The Fund’s investment performance dependsupon how its assets are allocated across broad asset categoriesand applicable sub-classes within such categories. Some broadasset categories and sub-classes may perform below expectationsor the securities markets generally over short and extendedperiods. Therefore, a principal risk of investing in the Fund is thatthe allocation strategies used and the allocation decisions madewill not produce the desired results.

Convertible Securities Risk. Convertible securities are subject tothe usual risks associated with debt securities, such as interestrate risk and credit risk. Convertible securities also react tochanges in the value of the common stock into which theyconvert, and are thus subject to market risk. The Fund may alsobe forced to convert a convertible security at an inopportune time,which may decrease the Fund’s return.



Emerging Markets Risk. The economic and political structuresof developing countries, in most cases, do not compare favorablywith the U.S. or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity. Fundperformance will likely be negatively affected by portfolioexposure to countries and corporations domiciled in or withrevenue exposures to countries in the midst of, among otherthings, hyperinflation, currency devaluation, trade disagreements,sudden political upheaval, or interventionist government policies.

Significant buying or selling actions by a few major investorsmay also heighten the volatility of emerging markets. Thesefactors make investing in emerging market countries significantlyriskier than in other countries, and events in any one countrycould cause the Fund’s share price to decline.


ETF Risk. An ETF is subject to the risks of the underlyinginvestments that it holds. In addition, for index-based ETFs, theperformance of an ETF may diverge from the performance ofsuch index (commonly known as tracking error). ETFs aresubject to fees and expenses (like management fees and operatingexpenses) that do not apply to an index, and the Fund willindirectly bear its proportionate share of any such fees andexpenses paid by the ETFs in which it invests.



High Yield Risk. High yield securities – commonly known as“junk bonds” – to which the Fund is exposed are consideredpredominantly speculative with respect to the issuer’s continuing

9

ability to make principal and interest payments. If the issuer ofthe security is in default with respect to interest or principalpayments, the value of the Fund may be negatively affected. Highyield securities generally have a less liquid resale market.






Market Risk. Over time, securities markets generally tend tomove in cycles with periods when security prices rise and periodswhen security prices decline. The value of the Fund’s

investments may move with these cycles and, in some instances,increase or decrease more than the applicable market(s) asmeasured by the Fund’s benchmark index(es). The securitiesmarkets may also decline because of factors that affect aparticular industry.

Mortgage-Backed and Other Asset-Backed Securities Risk. Thevalue of mortgage-backed and asset-backed securities will beinfluenced by the factors affecting the housing market and theassets underlying such securities. As a result, during periods ofdeclining asset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in the repaymentpatterns of the underlying security. If the principal payment onthe underlying asset is repaid faster or slower than the holder ofthe asset-backed or mortgage-backed security anticipates, theprice of the security may fall, particularly if the holder mustreinvest the repaid principal at lower rates or must continue tohold the security when interest rates rise. This effect may causethe value of the Fund to decline and reduce the overall return ofthe Fund.


Portfolio Turnover Rate Risk. The Fund may engage in activeand frequent trading of portfolio securities in implementing itsprincipal investment strategies. A high rate of portfolio turnover(100% or more) involves correspondingly greater expenses whichare borne by the Fund and its shareholders and may also result inshort-term capital gains taxable to shareholders.

Preferred Securities Risk. There are certain additional risksassociated with investing in preferred securities, including, butnot limited to, preferred securities may include provisions thatpermit the issuer, at its discretion, to defer or omit distributionsfor a stated period without any adverse consequences to theissuer; preferred securities are generally subordinated to bondsand other debt instruments in a company’s capital structure interms of having priority to corporate income and liquidationpayments, and therefore will be subject to greater credit risk thanmore senior debt instruments; preferred securities may besubstantially less liquid than many other securities, such ascommon stocks or U.S. Government securities; generally,traditional preferred securities offer no voting rights with respectto the issuing company unless preferred dividends have been inarrears for a specified number of periods, at which time thepreferred security holders may elect a number of directors to theissuer’s board; and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to a specifieddate.

10

Quantitative Investing Risk. Quantitative Investing Risk is therisk that securities selected according to a quantitative analysismethodology can perform differently from the market as a wholebased on the model and the factors used in the analysis, theweight placed on each factor and changes in the factor’shistorical trends. Such models are based on assumptions of theseand other market factors, and the models may not take intoaccount certain factors, or perform as intended, and may result ina decline in the value of the Fund’s portfolio.

Sovereign Debt Risk. Sovereign debt securities are issued orguaranteed by foreign governmental entities. These investmentsare subject to the risk that a governmental entity may delay orrefuse to pay interest or repay principal on its sovereign debt,due, for example, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relative size of thegovernmental entity’s debt position in relation to the economy orthe failure to put in place economic reforms required by theInternational Monetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more time in whichto pay or for further loans. There is no legal process for collectingsovereign debts that a government does not pay nor are therebankruptcy proceedings through which all or part of thesovereign debt that a governmental entity has not repaid may becollected.

PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to broad-based securities market indices. These indicesare the MSCI World Index – USD Net Returns, which measuresthe performance of stock markets in developed countriesthroughout the world, the Bloomberg BarclaysU.S. Mortgage-Backed Securities Index, which covers themortgage-backed securities component of the BloombergBarclays U.S. Aggregate Bond Index, the Bloomberg BarclaysU.S. High Yield Ba/B 2% Issuer Capped Index, which representsthe performance of U.S. short duration, higher-rated high yieldbonds, and the S&P/LSTA Leveraged Loan Index, which reflectsthe performance of the largest facilities in the leveraged loanmarket.

Call 800-847-4836 or visit ThriventFunds.com for performanceresults current to the most recent month-end.

The bar chart and the table include the effects of Fund expensesand assume that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.

Effective August 16, 2013, based on approval of the Fund’sBoard of Trustees and notice to Fund shareholders, the Fund’sprincipal strategies were changed, which had the effect of

decreasing the extent to which the Fund generally invests inequity securities and increasing the extent to which the Fundgenerally invests in debt securities. At the same time, the Fund’sname changed from Thrivent Balanced Fund to ThriventBalanced Income Plus Fund. As a result, performanceinformation presented below with respect to periods prior toAugust 16, 2013, reflects the performance of an investmentportfolio that was materially different from the investmentportfolio of the Fund.



30.52%

16.06%

(1.61)%

13.07%

20.72%

5.94%

(0.43)%

7.15%

11.68%

(4.81)%

-10

-5

0

5

10

15

20

25

30

35

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

nu

al R

etu

rn (

%)



Thrivent Balanced Income Plus Fund 1 Year 5 Years 10 Years




MSCI World Index-USD NetReturns(reflects no deduction for fees,expenses or taxes) (8.71)% 4.56% 9.67%

Bloomberg BarclaysU.S. Mortgage-Backed SecuritiesIndex(reflects no deduction for fees,expenses or taxes) 0.99% 2.53% 3.11%

Bloomberg Barclays U.S. HighYield Ba/B 2% Issuer Capped Index(reflects no deduction for fees,expenses or taxes) (1.88)% 3.79% 9.95%

S&P/LSTA Leveraged Loan Index(reflects no deduction for fees,expenses or taxes) 0.44% 3.05% 8.57%

11


Portfolio Manager(s)Stephen D. Lowe, CFA, Mark L. Simenstad, CFA, Noah J.Monsen, CFA, Darren M. Bagwell and David R. Spangler,CFA are jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Lowe has served as a portfoliomanager of the Fund since August 2013. Mr. Simenstad and Mr.Monsen have served as portfolio managers of the Fund since May2015. Mr. Bagwell and Mr. Spangler have served as portfoliomanagers of the Fund since February 2019. Mr. Lowe is VicePresident of Fixed Income Mutual Funds and Separate Accountsand has been with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Simenstad is ChiefInvestment Strategist and has been with Thrivent Financial since1999. Mr. Monsen has been with Thrivent Financial since 2000and has served in an investment management capacity since2008. Mr. Bagwell is Vice President, Chief Equity Strategist andhas been with Thrivent Financial in an investment managementcapacity since 2002. Mr. Spangler has been with ThriventFinancial since 2002, in an investment management capacitysince 2005 and currently is a Senior Portfolio Manager.


The minimum initial investment requirement for this Fund is$2,000 and the minimum subsequent investment requirement is

$50 for taxable accounts. For IRA or tax-deferred accounts, theminimum initial investment requirement for this Fund is $1,000and the minimum subsequent investment requirement is $50.These investment requirements may be different, however, forinvestors investing in the Fund through an automatic investmentplan or through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the NewYork Stock Exchange is open. You may conduct suchtransactions by mail, telephone 800-847-4836, the Internet(Thrivent.com or ThriventFunds.com), by wire/ACH transfer orthrough an automatic investment plan (for purchases) or asystematic withdrawal plan (for redemptions), subject to certainlimitations.



12

Investment ObjectiveThrivent Diversified Income Plus Fund (the "Fund") seeks tomaximize income while maintaining prospects for capitalappreciation.














$79 $246 $428 $954



Principal StrategiesUnder normal circumstances, the Fund invests in a combinationof equity securities and debt securities within the ranges shown inthe following table:



Range

Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75% 55-95%Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25% 5-45%

The equity securities in which the Fund invests may includecommon stock, preferred stock, securities convertible intocommon stock, or securities or other instruments the price ofwhich is linked to the value of common stock.






Thrivent Diversified Income Plus FundTHYFX

13







Emerging Markets Risk. The economic and political structuresof developing countries, in most cases, do not compare favorablywith the U.S. or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity. Fundperformance will likely be negatively affected by portfolioexposure to countries and corporations domiciled in or withrevenue exposures to countries in the midst of, among otherthings, hyperinflation, currency devaluation, trade disagreements,sudden political upheaval, or interventionist government policies.Significant buying or selling actions by a few major investors

may also heighten the volatility of emerging markets. Thesefactors make investing in emerging market countries significantlyriskier than in other countries, and events in any one countrycould cause the Fund’s share price to decline.





High Yield Risk. High yield securities – commonly known as“junk bonds” – to which the Fund is exposed are consideredpredominantly speculative with respect to the issuer’s continuingability to make principal and interest payments. If the issuer ofthe security is in default with respect to interest or principal

14

payments, the value of the Fund may be negatively affected. Highyield securities generally have a less liquid resale market.






Market Risk. Over time, securities markets generally tend tomove in cycles with periods when security prices rise and periodswhen security prices decline. The value of the Fund’sinvestments may move with these cycles and, in some instances,increase or decrease more than the applicable market(s) asmeasured by the Fund’s benchmark index(es). The securities

markets may also decline because of factors that affect aparticular industry.






15


PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to broad-based securities market indices. These indicesare the MSCI World Index – USD Net Returns, which measuresthe performance of stock markets in developed countriesthroughout the world, the Bloomberg BarclaysU.S. Mortgage-Backed Securities Index, which covers themortgage-backed securities component of the BloombergBarclays U.S. Aggregate Bond Index, the Bloomberg BarclaysU.S. High Yield Ba/B 2% Issuer Capped Index, which representsthe performance of U.S. short duration, higher-rated high yieldbonds, and the S&P/LSTA Leveraged Loan Index, which reflectsthe performance of the largest facilities in the leveraged loanmarket. Call 800-847-4836 or visit ThriventFunds.com forperformance results current to the most recent month-end.




31.97%

15.57%

2.18%

14.23%

10.70%

3.90%

(0.19)%

6.91%9.20%

(2.88)%

-5

0

5

10

15

20

25

30

35

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

nu

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etu

rn (

%)



Thrivent Diversified Income PlusFund 1 Year 5 Years 10 Years




MSCI World Index-USD NetReturns(reflects no deduction for fees,expenses or taxes) (8.71)% 4.56% 9.67%





Portfolio Manager(s)Mark L. Simenstad, CFA, Stephen D. Lowe, CFA, Noah J.Monsen, CFA, Gregory R. Anderson, CFA and Darren M.Bagwell, CFA are jointly and primarily responsible for theday-to-day management of the Fund. Mr. Simenstad has servedas a portfolio manager of the Fund since June 2006. Mr. Loweand Mr. Monsen have served as portfolio managers of the Fundsince May 2015. Mr. Anderson has served as a portfolio managerof the Fund since October 2018. Mr. Bagwell has served as aportfolio manager of the Fund since February 2019. Mr.Simenstad is Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Lowe is Vice President ofFixed Income Mutual Funds and Separate Accounts and has beenwith Thrivent Financial since 1997. He has served as a portfoliomanager since 2009. Mr. Monsen has been with ThriventFinancial since 2000 and has served in an investmentmanagement capacity since 2008. Mr. Anderson has been withThrivent Financial since 1997 and has served as a portfoliomanager since 2000. Mr. Bagwell is Vice President, Chief EquityStrategist and has been with Thrivent Financial in an investmentmanagement capacity since 2002.


The minimum initial investment requirement for this Fund is$2,000 and the minimum subsequent investment requirement is$50 for taxable accounts. For IRA or tax-deferred accounts, theminimum initial investment requirement for this Fund is $1,000

16

and the minimum subsequent investment requirement is $50.These investment requirements may be different, however, forinvestors investing in the Fund through an automatic investmentplan or through certain fee-based investment advisory programs.




17

Investment ObjectiveThrivent Government Bond Fund (the "Fund") seeks total return,consistent with preservation of capital. The Fund’s investmentobjective may be changed without shareholder approval.












1 The Adviser has contractually agreed, through at least February 28, 2020, towaive a portion of the management fees associated with the Class S shares ofthe Thrivent Government Bond Fund in order to limit the Total Annual FundOperating Expenses After Fee Waivers and/or Expense Reimbursements to anannual rate of 0.75% of the average daily net assets of the Class S shares. Thiscontractual provision, however, may be terminated before the indicatedtermination date upon the mutual agreement between the Independent Trusteesof the Fund and the Adviser.




$77 $248 $435 $974


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of borrowings for investmentpurposes) in U.S. government bonds. For purposes of thisdisclosure, “U.S. government bonds” are debt instruments issuedor guaranteed by the U.S. government or its agencies andinstrumentalities, including U.S. Treasuries, Treasury InflationProtected Securities (TIPS), U.S. Government Agency debt, andmortgage-backed securities issued or guaranteed by theGovernment National Mortgage Association (GNMA or GinnieMae), the Federal National Mortgage Association (FNMA orFannie Mae) or the Federal Home Loan Mortgage Corporation(FHLMC or Freddie Mac). Should the Adviser determine that theFund would benefit from reducing the percentage of its net assetsinvested in U.S. government bonds from 80% to a lesser amount,it will notify you at least 60 days prior to the change.

The Fund’s portfolio securities may be of any maturity. TheAdviser uses fundamental, quantitative and technical investmentresearch techniques to determine what debt obligations to buyand sell. Fundamental techniques assess a security’s value basedon an issuer’s financial profile, management, and businessprospects while quantitative and technical techniques involve amore data-oriented analysis of financial information, markettrends and price movements. The “total return” sought by theFund consists of income earned on the Fund’s investments plus,if any, capital appreciation. The Fund may invest in U.S. dollardenominated sovereign debt of foreign governments. The Fundmay also pursue its investment strategy by investing in othermutual funds, including funds managed by the Adviser.


Thrivent Government Bond FundTBFIX

18



Government Securities Risk. The Fund invests in securitiesissued or guaranteed by the U.S. government or its agencies andinstrumentalities (such as Federal Home Loan Bank, Ginnie Mae,Fannie Mae or Freddie Mac securities). Securities issued orguaranteed by Federal Home Loan Banks, Ginnie Mae, FannieMae or Freddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S. corporation thatis authorized to guarantee, with the full faith and credit of theU.S. government, the timely payment of principal and interest ofits securities. By contrast, securities issued or guaranteed by U.S.government-related organizations such as Federal Home LoanBanks, Fannie Mae and Freddie Mac are not backed by the fullfaith and credit of the U.S. government. No assurance can begiven that the U.S. government would provide financial supportto its agencies and instrumentalities if not required to do so bylaw. In addition, the value of U.S. government securities may beaffected by changes in the credit rating of the U.S. government.

Inflation-Linked Security Risk. Inflation-linked debt securities,such as TIPS, are subject to the effects of changes in marketinterest rates caused by factors other than inflation (real interestrates). In general, the price of an inflation-linked security tends todecrease when real interest rates increase and can increase whenreal interest rates decrease. Interest payments on inflation-linkedsecurities are unpredictable and will fluctuate as the principal andinterest are adjusted for inflation. Any increase in the principalamount of an inflation-linked debt security will be consideredtaxable ordinary income, even though the Fund will not receivethe principal until maturity.

There can also be no assurance that the inflation index used willaccurately measure the real rate of inflation in the prices of goodsand services. The Fund’s investments in inflation-linkedsecurities may lose value in the event that the actual rate ofinflation is different than the rate of the inflation index. Inaddition, inflation-linked securities are subject to the risk that theConsumer Price Index for All Urban Consumers (CPI-U) or otherrelevant pricing index may be discontinued, fundamentally

altered in a manner materially adverse to the interests of aninvestor in the securities, altered by legislation or ExecutiveOrder in a materially adverse manner to the interests of aninvestor in the securities or substituted with an alternative index.





Mortgage-Backed and Other Asset-Backed Securities Risk. Thevalue of mortgage-backed and asset-backed securities will beinfluenced by the factors affecting the housing market and theassets underlying such securities. As a result, during periods ofdeclining asset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in the repaymentpatterns of the underlying security. If the principal payment onthe underlying asset is repaid faster or slower than the holder ofthe asset-backed or mortgage-backed security anticipates, theprice of the security may fall, particularly if the holder mustreinvest the repaid principal at lower rates or must continue to

19

hold the security when interest rates rise. This effect may causethe value of the Fund to decline and reduce the overall return ofthe Fund.





PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one- and five-year periods and sinceinception compared to broad-based securities market indices. Theindices are the Bloomberg Barclays U.S. Agency Index and theBloomberg Barclays U.S. Treasury Index. The former measuresthe performance of the agency sector of the U.S. governmentbond market. The latter index measures the performance of theU.S. Treasury bond market. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.

The bar chart and the table include the effects of Fund expensesand assume that you sold your shares at the end of the period.

The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.



8.45%

3.42%

(3.99)%

5.36%

0.70%1.39%

2.60%

0.07%

-6

-4

-2

0

2

4

6

8

10

‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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%)



Thrivent Government Bond Fund 1 Year 5 Years

SinceInception

(2/26/2010)

Class S (before taxes) 0.07% 2.01% 2.44%


(after taxes on distributions andredemptions) 0.04% 1.18% 1.54%

Bloomberg Barclays U.S. AgencyIndex(reflects no deduction for fees,expenses or taxes) 1.34% 1.87% 2.32%

Bloomberg Barclays U.S. TreasuryIndex(reflects no deduction for fees,expenses or taxes) 0.86% 2.01% 2.29%


Portfolio Manager(s)Michael G. Landreville, CFA, CPA (inactive) and Gregory R.Anderson, CFA are jointly and primarily responsible for the

20

day-to-day management of the Fund. Mr. Landreville has servedas portfolio manager of the Fund since February 2010. Mr.Anderson has served as a portfolio manager of the Fund sinceFebruary 2017. Mr. Landreville has been with Thrivent Financialsince 1983 and has served as a portfolio manager since 1998. Mr.Anderson has been with Thrivent Financial since 1997 and hasserved as a portfolio manager since 2000.



You may purchase or redeem Fund shares on days that the NewYork Stock Exchange is open. You may conduct such

transactions by mail, telephone 800-847-4836, the Internet(Thrivent.com or ThriventFunds.com), by wire/ACH transfer orthrough an automatic investment plan (for purchases) or asystematic withdrawal plan (for redemptions), subject to certainlimitations.



21

Investment ObjectiveThrivent High Income Municipal Bond Fund (the "Fund") seeks ahigh level of current income exempt from federal income taxes.The Fund's investment objective may be changed withoutshareholder approval.








Other Expenses1 2.75%




1 Certain other expense categories have been adjusted to annualize expensesafter the initial short year to reflect current fees.

2 The Adviser has contractually agreed, through at least February 28, 2020, towaive a portion of the management fees associated with the Class S shares ofthe Thrivent High Income Municipal Bond Fund in order to limit the TotalAnnual Fund Operating Expenses After Fee Waivers and/or ExpenseReimbursements to an annual rate of 0.66% of the average daily net assets ofthe Class S shares. This contractual provision, however, may be terminatedbefore the indicated termination date upon the mutual agreement between theIndependent Trustees of the Fund and the Adviser.




$67 $758 $1,472 $3,371

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costs andmay result in higher taxes when Fund shares are held in a taxableaccount. These costs, which are not reflected in annual fundoperating expenses or in the example, affect the Fund’sperformance.

From inception on February 28, 2018 through the most recentfiscal year, the Fund’s portfolio turnover rate was 201% of theaverage value of its portfolio.

Principal StrategiesUnder normal market conditions, the Fund invests at least 80% ofits net assets (plus the amount of any borrowing for investmentpurposes) in municipal bonds, the income of which is exemptfrom federal income taxation. The Fund may count securities thatgenerate income subject to the alternative minimum tax towardthe 80% investment requirement.

The Fund invests at least 50% of its assets in debt securities that,at the time of purchase, are rated within or below the “BBB”major rating category by S&P or the “Baa” major rating categoryby Moody’s or are unrated but considered to be of comparablequality by the Adviser (commonly known as “high yield” or“junk” bonds).

The Fund’s Adviser uses fundamental, quantitative, and technicalinvestment research techniques to determine what municipalbonds to buy and sell. Fundamental techniques assess a security’svalue based on a issuer’s financial profile, management, andbusiness prospects while quantitative and technical techniquesinvolve a more data-oriented analysis of financial information,market trends and price movements. Please note that the Fundwill likely use an interest rate management technique thatincludes the purchase and sale of U.S. Treasury futures contractsfor the purpose of managing the duration of the Fund.



Thrivent High Income Municipal Bond FundTHMBX

22

Futures Contract Risk. The value of a futures contract tends toincrease and decrease in tandem with the value of the underlyinginstrument. The price of futures can be highly volatile; usingthem could lower total return, and the potential loss from futurescan exceed the Fund’s initial investment in such contracts. Inaddition, the value of the futures contract may not accuratelytrack the value of the underlying instrument.




Liquidity Risk. Liquidity is the ability to sell a security relativelyquickly for a price that most closely reflects the actual value ofthe security. Brokers and dealers have decreased their inventoriesof municipal bonds in recent years. This could limit the Adviser’sability to buy or sell these bonds and increase price volatility andtrading costs, particularly during periods of economic or marketstress. In addition, recent federal banking regulations may causecertain dealers to reduce their inventories of municipal bonds,which may further decrease the Adviser’s ability to buy or sellbonds. As a result, the Adviser may be forced to accept a lowerprice to sell a security, to sell other securities to raise cash, or togive up an investment opportunity, any of which could have anegative effect on performance.


Municipal Bond Risk. The Fund’s performance may be affectedby political and economic conditions at the state, regional orfederal level. These may include budgetary problems, decline inthe tax base and other factors that may cause rating agencies to

downgrade the credit ratings on certain issues. Bonds may alsoexhibit price fluctuations due to changes in interest rate or bondyield levels. Some municipal bonds may be repaid prior tomaturity if interest rates decrease. As a result, the value of theFund’s shares may fluctuate significantly in the short term.



Tax Risk. Changes in federal income tax laws or rates may affectboth the net asset value of the Fund and the taxable equivalentinterest generated from securities in the Fund. Since the Fundmay invest in municipal securities subject to the federalalternative minimum tax without limitation, the Fund may not besuitable for investors who already are or could be subject to thefederal alternative minimum tax.

PerformanceNo performance information for the Fund is provided because itdoes not yet have a full year of performance history. Call800-847-4836 or visit ThriventFunds.com for performance resultscurrent to the most recent month-end.

How the Fund has performed in the past is not necessarily anindication of how it will perform in the future. Performanceinformation provides some indication of the risks of investing inthe Fund by showing changes in the Fund’s performance overtime.


Portfolio Manager(s)Janet I. Grangaard, CFA has served as lead portfolio managerof the Fund since February 2018. Johan Å. Åkesson, CFA hasserved as the associate portfolio manager of the Fund sinceFebruary 2018. Ms. Grangaard has been with Thrivent Financialsince 1988 and has served as a portfolio manager since 1994. Mr.Åkesson has been with Thrivent Financial since 1993 and hasserved as an associate portfolio manager and portfolio managerduring various time periods since 1999.

23




Tax InformationThe Fund generally intends to distribute tax-exempt income,although it may also make distributions that are taxed as ordinaryincome or capital gains. Investing in the Fund through aretirement plan could have different tax consequences.


24

Investment ObjectiveThrivent High Yield Fund (the "Fund") seeks high currentincome and, secondarily, growth of capital.













$58 $183 $318 $714


Principal StrategiesUnder normal market conditions, the Fund invests at least 80% ofits net assets (plus the amount of any borrowing for investmentpurposes) in high yield, high risk bonds, notes, debentures andother debt obligations (including leveraged loans,mortgage-backed securities, convertible bonds, and convertiblestock), or preferred stocks. These securities are commonly knownas “junk bonds.” At the time of purchase these securities are ratedwithin or below the “BB” major rating category by Standard &Poor’s Corporation or the “Ba” major rating category byMoody’s Investor Services, Inc. or are unrated but considered tobe of comparable quality by the Adviser. The Fund invests insecurities regardless of the securities’ maturity average and mayalso invest in foreign securities. The Fund may also pursue itsinvestment strategy by investing in other mutual funds, includingfunds managed by the Adviser. Should the Adviser determinethat the Fund would benefit from reducing the percentage of itsassets invested in junk bonds from 80% to a lesser amount, wewill notify you at least 60 days prior to the change.

The Adviser uses fundamental, quantitative, and technicalinvestment research techniques to determine what securities tobuy and sell. Fundamental techniques assess a security’s valuebased on an issuer’s financial profile, management, and businessprospects while quantitative and technical techniques involve amore data-oriented analysis of financial information, markettrends and price movements. The Adviser focuses on U.S.companies which it believes have or are expected to achieveadequate cash flows or access to capital markets for the paymentof principal and interest obligations.




Credit Risk. Credit risk is the risk that an issuer of a debt securityto which the Fund is exposed may no longer be able or willing to

Thrivent High Yield FundLBHIX

25

pay its debt. As a result of such an event, the debt security maydecline in price and affect the value of the Fund.





Investment Adviser Risk. The Fund is actively managed and thesuccess of its investment strategy depends significantly on theskills of the Adviser in assessing the potential of the investmentsin which the Fund invests. This assessment of investments may

prove incorrect, resulting in losses or poor performance, even inrising markets.






Preferred Securities Risk. There are certain additional risksassociated with investing in preferred securities, including, butnot limited to, preferred securities may include provisions thatpermit the issuer, at its discretion, to defer or omit distributionsfor a stated period without any adverse consequences to theissuer; preferred securities are generally subordinated to bondsand other debt instruments in a company’s capital structure in

26

terms of having priority to corporate income and liquidationpayments, and therefore will be subject to greater credit risk thanmore senior debt instruments; preferred securities may besubstantially less liquid than many other securities, such ascommon stocks or U.S. Government securities; generally,traditional preferred securities offer no voting rights with respectto the issuing company unless preferred dividends have been inarrears for a specified number of periods, at which time thepreferred security holders may elect a number of directors to theissuer’s board; and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to a specifieddate.


PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe Bloomberg Barclays U.S. Corporate High Yield Bond Index,which measures the performance of fixed-rate non-investmentgrade bonds. Call 800-847-4836 or visit ThriventFunds.com forperformance results current to the most recent month-end.




42.51%

14.67%

4.50%

16.21%

6.90%

1.85%(2.81)%

12.62%

7.55%

(3.47)%

-10

0

10

20

30

40

50

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

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Thrivent High Yield Fund 1 Year 5 Years 10 Years




Bloomberg Barclays U.S. CorporateHigh Yield Bond Index(reflects no deduction for fees,expenses or taxes) (2.08)% 3.83% 11.12%


Portfolio Manager(s)Paul J. Ocenasek, CFA is primarily responsible for theday-to-day management of the Fund. Mr. Ocenasek has served asportfolio manager of the Fund since December 1997. He has beenwith Thrivent Financial since 1987 and, since 1997, has served asportfolio manager to other Thrivent mutual funds.



27




28

Investment ObjectivesThrivent Income Fund (the "Fund") seeks high current incomewhile preserving principal. The Fund’s secondary investmentobjective is to obtain long-term growth of capital in order tomaintain investors’ purchasing power.













$46 $144 $252 $567


Principal StrategiesThe principal strategies of the Fund are to invest ininvestment-grade corporate bonds, government bonds,asset-backed securities, and mortgage-backed securities.(Asset-backed securities are securities backed by notes orreceivables originated by banks, credit card companies or otherproviders of credit).


Under normal conditions, at least 65% of the Fund’s assets willbe invested in debt securities or preferred stock that is ratedinvestment grade (Baa3/BBB-/BBB- or higher) using the middlerating of Moody’s, S&P and Fitch; when a rating from only twoagencies is available, the lower is used; when only one agencyrates a bond, that rating is used. In cases where explicit bondlevel ratings may not be available, the Adviser may use othersources to classify securities by credit quality.

The Fund may also invest in high yield, high risk bonds, notes,debentures and other debt obligations or preferred stockcommonly known as “junk bonds.” At the time of purchase thesesecurities are rated within or below the “BB” major ratingcategory by S&P or the “Ba” major rating category by Moody’sor are unrated but considered to be of comparable quality by theAdviser.

The Adviser uses fundamental, quantitative, and technicalinvestment research techniques to determine what debtobligations to buy and sell. Fundamental techniques assess asecurity’s value based on an issuer’s financial profile,management, and business prospects while quantitative andtechnical techniques involve a more data-oriented analysis offinancial information, market trends and price movements. TheAdviser may purchase bonds of any maturity and generallyfocuses on U.S. companies that it believes are financially soundand have strong cash flow, asset values and interest or dividendearnings. The Adviser purchases bonds of foreign issuers as well.Additionally, the Fund may invest in leveraged loans, which aresenior secured loans that are made by banks or other lendinginstitutions to companies that are rated below investment grade.Please note that the Fund will likely use an interest ratemanagement technique that includes the purchase and sale ofU.S. Treasury securities and related futures contracts for thepurpose of managing the duration of the Fund. The Fund mayutilize other derivatives (such as swaps) for investment exposureor hedging purposes, including credit default swap agreements onsecurity indexes. The Fund may enter into standardizedderivatives contracts traded on domestic or foreign securitiesexchanges, boards of trade, or similar entities, andnon-standardized derivatives contracts traded in the

Thrivent Income FundLBIIX

29

over-the-counter market. The Fund may also pursue itsinvestment strategy by investing in other mutual funds, includingfunds managed by the Adviser.

The Fund may invest in securities of any market sector and mayhold a significant amount of securities of companies, from time totime, within a single sector such as financials.

Principal RisksThe Fund is subject to the following principal investment risks.Shares of the Fund will rise and fall in value and there is a riskthat you could lose money by investing in the Fund. The Fundcannot be certain that it will achieve its investment objectives.




Financial Sector Risk. To the extent that the financials sectorcontinues to represent a significant portion of the Fund, the Fundwill be sensitive to changes in, and its performance may dependto a greater extent on, factors impacting this sector. Performanceof companies in the financials sector may be adversely impactedby many factors, including, among others, governmentregulations, economic conditions, credit rating downgrades,changes in interest rates, and decreased liquidity in creditmarkets. The impact of more stringent capital requirements,recent or future regulation of any individual financial company orrecent or future regulation of the financials sector as a wholecannot be predicted. In recent years, cyber attacks and technology

malfunctions and failures have become increasingly frequent inthis sector and have caused significant losses.






Leveraged Loan Risk. Leveraged loans (also known as bankloans) are subject to the risks typically associated with debtsecurities. In addition, leveraged loans, which typically hold asenior position in the capital structure of a borrower, are subjectto the risk that a court could subordinate such loans to presentlyexisting or future indebtedness or take other action detrimental tothe holders of leveraged loans. Leveraged loans are also subjectto the risk that the value of the collateral, if any, securing a loanmay decline, be insufficient to meet the obligations of theborrower, or be difficult to liquidate. Some leveraged loans are

30

not as easily purchased or sold as publicly-traded securities andothers are illiquid, which may make it more difficult for the Fundto value them or dispose of them at an acceptable price. Belowinvestment-grade leveraged loans are typically more creditsensitive. In the event of fraud or misrepresentation, the Fundmay not be protected under federal securities laws with respect toleveraged loans that may not be in the form of “securities.” Thesettlement period for some leveraged loans may be more thanseven days.








PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe Bloomberg Barclays U.S. Aggregate Bond Index, whichmeasures the performance of U.S. investment grade bonds. Call800-847-4836 or visit ThriventFunds.com for performance resultscurrent to the most recent month-end.



31


21.87%

11.96%

5.84%

11.36%

(0.01)%

6.86%

(0.65)%

6.25% 6.25%

(2.31)%

-5

0

5

10

15

20

25

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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%)



Thrivent Income Fund 1 Year 5 Years 10 Years






Portfolio Manager(s)Stephen D. Lowe, CFA and Kent L. White, CFA are jointlyand primarily responsible for the day-to-day management of theFund. Mr. Lowe has served as the portfolio manager of the Fundsince February 2009, and Mr. White has served as a portfoliomanager of the Fund since June 2017. Mr. Lowe is Vice

President of Fixed Income Mutual Funds and Separate Accountsand has also been a senior portfolio manager of the high yieldportion of Thrivent Financial’s general account since 2005. Hehas been with Thrivent Financial since 1997. Mr. White is theDirector of Investment Grade Research, and he has been withThrivent Financial since 1999.






32

Investment ObjectiveThrivent Large Cap Growth Fund (the "Fund") seeks long-termcapital appreciation.













$80 $249 $433 $966


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes) in equity securities of large companies. The Adviserfocuses mainly on the equity securities of large domestic andinternational companies which have market capitalizationsequivalent to those included in widely known indices such as theS&P 500 Index, the MSCI USA Large Cap Index, or the largecompany market capitalization classifications published byLipper, Inc. These companies typically have a marketcapitalization of approximately $8 billion or more. Should theAdviser determine that the Fund would benefit from reducing thepercentage of its assets invested in equity securities of large capcompanies from 80% to a lesser amount, we will notify you atleast 60 days prior to the change.

The Fund seeks to achieve its investment objective by investingin common stocks. The Adviser uses fundamental, quantitative,and technical investment research techniques and focuses onstocks of companies that it believes have demonstrated and willsustain above-average earnings growth over time, or which areexpected to develop rapid sales and earnings growth in the futurewhen compared to the economy and stock market as a whole.Many such companies are in the technology sector and the Fundmay at times have a higher concentration in this industry.

The Fund may sell securities for a variety of reasons, such as tosecure gains, limit losses, or reposition assets into morepromising opportunities.



Foreign Securities Risk. Foreign securities generally carry morerisk and are more volatile than their domestic counterparts, in partbecause of potential for higher political and economic risks, lackof reliable information and fluctuations in currency exchangerates where investments are denominated in currencies other thanthe U.S. dollar. The Fund’s investment in any country could besubject to governmental actions such as capital or currencycontrols, nationalizing a company or industry, expropriating

Thrivent Large Cap Growth FundTHLCX

33

assets, or imposing punitive taxes that would have an adverseeffect on security prices, and impair the Fund’s ability torepatriate capital or income. Foreign securities may also be moredifficult to resell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Even when aforeign security increases in price in its local currency, theappreciation may be diluted by adverse changes in exchange rateswhen the security’s value is converted to U.S. dollars. Foreignwithholding taxes also may apply and errors and delays mayoccur in the settlement process for foreign securities.







Technology-Oriented Companies Risk. Common stocks ofcompanies that rely extensively on technology, science orcommunications in their product development or operations maybe more volatile than the overall stock market and may or maynot move in tandem with the overall stock market. Technology,science and communications are rapidly changing fields, andstocks of these companies, especially of smaller or unseasoned

companies, may be subject to more abrupt or erratic marketmovements than the stock market in general. There aresignificant competitive pressures among technology-orientedcompanies and the products or operations of such companies maybecome obsolete quickly. In addition, these companies may havelimited product lines, markets or financial resources and themanagement of such companies may be more dependent uponone or a few key people.

PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe S&P 500 Growth Index, which measures the performance ofthe growth stocks in the S&P 500 Index. Call 800-847-4836 orvisit ThriventFunds.com for performance results current to themost recent month-end.

The bar chart and the table include the effects of Fund expensesand assumes that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.



39.41%

10.12%

(5.88)%

18.35%

35.36%

10.46% 10.10%

(1.97)%

28.22%

1.87%

-10

0

10

20

30

40

50

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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%)


34


Thrivent Large Cap Growth Fund 1 Year 5 Years 10 Years




S&P 500 Growth Index(reflects no deduction for fees,expenses or taxes) (0.01)% 10.55% 14.81%


Portfolio Manager(s)Lauri Brunner is primarily responsible for the day-to-daymanagement of the Fund, and she has served as portfoliomanager of the Fund since September 2018. Ms. Brunner hasbeen with Thrivent Financial since 2007 and currently is a SeniorEquity Portfolio Manager.


The minimum initial investment requirement for this Fund is$2,000 and the minimum subsequent investment requirement is

$50 for taxable accounts. For IRA or tax-deferred accounts, theminimum initial investment requirement for this Fund is $1,000and the minimum subsequent investment requirement is $50.These investment requirements may be different, however, forinvestors investing in the Fund through an automatic investmentplan or through certain fee-based investment advisory programs.




35

Investment ObjectiveThrivent Large Cap Stock Fund (the "Fund") seeks long-termcapital growth.













$65 $205 $357 $798


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes) in equity securities of large companies. The Adviserfocuses mainly on the equity securities of large domestic andinternational companies which have market capitalizationsequivalent to those in widely known indices such as the S&P 500Index, the MSCI USA Large Cap Index, or the large companymarket capitalization classifications published by Lipper, Inc.These companies typically have a market capitalization ofapproximately $8 billion or more. Should the Adviser determinethat the Fund would benefit from reducing the percentage of itsassets invested in equity securities of large cap companies from80% to a lesser amount, we will notify you at least 60 days priorto the change.

The Fund seeks to achieve its investment objective by investingprimarily in domestic and international common stocks. TheFund may buy and sell futures contracts to either hedge itsexposure or obtain exposure to certain investments. The Fundmay also pursue its investment strategy by investing in othermutual funds, including funds managed by the Adviser. TheAdviser uses fundamental, quantitative, and technical investmentresearch techniques to determine what stocks to buy and sell.Fundamental techniques assess a security’s value based on anissuer’s financial profile, management, and business prospectswhile quantitative and technical techniques involve a moredata-oriented analysis of financial information, market trends andprice movements. The Fund may sell securities for a variety ofreasons, such as to secure gains, limit losses, or reposition assetsinto more promising opportunities.



Foreign Currency Risk. The value of a foreign currency maydecline against the U.S. dollar, which would reduce the dollarvalue of securities denominated in that currency. The overallimpact of such a decline of foreign currency can be significant,unpredictable, and long lasting, depending on the currencies

Thrivent Large Cap Stock FundIILGX

36

represented, how each one appreciates or depreciates in relationto the U.S. dollar, and whether currency positions are hedged.Under normal conditions, the Fund does not engage in extensiveforeign currency hedging programs. Further, exchange ratemovements are volatile, and it is not possible to effectively hedgethe currency risks of many developing countries.









PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe MSCI World Large Cap Index – USD Net Returns, whichmeasures the performance of large cap stocks in developedcountries throughout the world. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.



37


27.32%

10.75%

(4.61)%

14.93%

29.87%

5.33%2.92%

5.26%

21.27%

(8.45)%

-10

-5

0

5

10

15

20

25

30

35

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

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%)



Thrivent Large Cap Stock Fund 1 Year 5 Years 10 Years




MSCI World Large Cap Index -USD Net Returns(reflects no deduction for fees,expenses or taxes) (7.75)% 4.72% 9.48%


Portfolio Manager(s)Kurt J. Lauber, CFA, Noah J. Monsen, CFA, Lauri Brunner,Darren M. Bagwell, CFA and David R. Spangler, CFA arejointly and primarily responsible for the day-to-day managementof the Fund. Mr. Lauber has served as a portfolio manager of theFund since March 2013. Mr. Monsen has served as a portfoliomanager of the Fund since February 2018. Ms. Brunner hasserved as a portfolio manager of the Fund since September 2018.Mr. Bagwell and Mr. Spangler have served as portfolio managersof the Fund since February 2019. Mr. Lauber has been with

Thrivent Financial since 2004 and previously served as anassociate portfolio manager. Mr. Monsen has been with ThriventFinancial since 2000 and has served in an investmentmanagement capacity since 2008. Ms. Brunner has been withThrivent Financial since 2007 and currently is a Senior EquityPortfolio Manager. Mr. Bagwell is Vice President, Chief EquityStrategist and has been with Thrivent Financial in an investmentmanagement capacity since 2002. Mr. Spangler has been withThrivent Financial since 2002, in an investment managementcapacity since 2005 and currently is a Senior Portfolio Manager.






38

Investment ObjectiveThrivent Large Cap Value Fund (the "Fund") seeks to achievelong-term growth of capital.













$54 $170 $296 $665


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes) in equity securities of large companies. The Adviserfocuses mainly on the equity securities of large domestic andinternational companies which have market capitalizationsequivalent to those included in widely known indices such as theS&P 500 Index, the MSCI USA Large Cap Index, or the largecompany market capitalization classifications published byLipper, Inc. These companies typically have a marketcapitalization of approximately $8 billion or more. Should theAdviser determine that the Fund would benefit from reducing thepercentage of its assets invested in equity securities of large capcompanies from 80% to a lesser amount, we will notify you atleast 60 days prior to the change.

The Adviser uses fundamental, quantitative, and technicalinvestment research techniques and focuses on stocks ofcompanies that it believes are undervalued in relation to theirlong-term earnings power or asset value. These stocks typically,but not always, have below average price-to-earnings andprice-to-book value ratios. The Fund may sell securities for avariety of reasons, such as to secure gains, limit losses, orreposition assets into more promising opportunities.



Foreign Securities Risk. Foreign securities generally carry morerisk and are more volatile than their domestic counterparts, in partbecause of potential for higher political and economic risks, lackof reliable information and fluctuations in currency exchangerates where investments are denominated in currencies other thanthe U.S. dollar. The Fund’s investment in any country could besubject to governmental actions such as capital or currencycontrols, nationalizing a company or industry, expropriatingassets, or imposing punitive taxes that would have an adverseeffect on security prices, and impair the Fund’s ability torepatriate capital or income. Foreign securities may also be moredifficult to resell than comparable U.S. securities because the

Thrivent Large Cap Value FundTLVIX

39

markets for foreign securities are often less liquid. Even when aforeign security increases in price in its local currency, theappreciation may be diluted by adverse changes in exchange rateswhen the security’s value is converted to U.S. dollars. Foreignwithholding taxes also may apply and errors and delays mayoccur in the settlement process for foreign securities.







PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe S&P 500 Value Index, which measures the performance ofthe value stocks in the S&P 500 Index. Call 800-847-4836 orvisit ThriventFunds.com for performance results current to themost recent month-end.

The bar chart and the table include the effects of Fund expensesand assume that you sold your shares at the end of the period.

The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.



21.31%

12.86%

(2.95)%

17.81%

31.94%

8.97%

(3.24)%

17.53% 17.70%

(8.49)%

-10

-5

0

5

10

15

20

25

30

35

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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Thrivent Large Cap Value Fund 1 Year 5 Years 10 Years




S&P 500 Value Index(reflects no deduction for fees,expenses or taxes) (8.95)% 6.06% 11.21%


Portfolio Manager(s)Kurt J. Lauber, CFA is primarily responsible for the day-to-daymanagement of the Fund. Mr.Lauber has served as portfoliomanager of the Fund since March 2013. Mr. Lauber has beenwith Thrivent Financial since 2004 and previously served as anassociate portfolio manager.

40






41

Investment ObjectiveThrivent Limited Maturity Bond Fund (the "Fund") seeks a highlevel of current income consistent with stability of principal.













$43 $135 $235 $530


Principal StrategiesThe principal strategies of the Fund are to invest ininvestment-grade corporate bonds, government bonds, municipalbonds, mortgage-backed securities (including commerciallybacked ones), asset-backed securities, and collateralized debtobligations (including collateralized loan obligations).Asset-backed securities are securities backed by notes orreceivables originated by banks, credit card companies, or otherproviders of credit; collateralized debt obligations are types ofasset-backed securities. Under normal market conditions, theFund invests at least 80% of its net assets (plus the amount of anyborrowing for investment purposes) in debt securities or preferredstock in at least the “Baa” major rating category by Moody’s or atleast in the “BBB” major rating category by S&P or unratedsecurities considered to be of comparable quality by the Fund’sAdviser, with the dollar-weighted average effective maturity forthe Fund expected to be between one and five years. Should theAdviser determine that the Fund would benefit from reducing thepercentage of its assets invested in such investment gradesecurities from 80% to a lesser amount, we will notify you atleast 60 days prior to the change.

The Fund may also invest in high yield, high risk bonds, notes,debentures and other debt obligations or preferred stockcommonly known as “junk bonds.” At the time of purchase, thesesecurities are rated within or below the “BB” major ratingcategory by S&P or the “Ba” major rating category by Moody’sor are unrated but considered to be of comparable quality by theAdviser.

The Adviser uses fundamental, quantitative, and technicalinvestment research techniques to determine what debtobligations to buy and sell. Fundamental techniques assess asecurity’s value based on an issuer’s financial profile,management, and business prospects while quantitative andtechnical techniques involve a more data-oriented analysis offinancial information, market trends and price movements. TheAdviser focuses on companies that it believes are financiallysound and have strong cash flow, asset values and interest ordividend earnings, and may invest in U.S. dollar denominateddebt of these companies. Additionally, the Fund may invest inleveraged loans, which are senior secured loans that are made bybanks or other lending institutions to companies that are ratedbelow investment grade. Please note that the Fund will likely usean interest rate management technique that includes the purchaseand sale of U.S. Treasury securities and related futures contractsfor the purpose of managing the duration of the Fund. The Fundmay utilize other derivatives (such as swaps) for investmentexposure or hedging purposes, including credit default swapagreements on security indexes. The Fund may enter intostandardized derivatives contracts traded on domestic or foreignsecurities exchanges, boards of trade, or similar entities, andnon-standardized derivatives contracts traded in theover-the-counter market. The Fund may also pursue its

Thrivent Limited Maturity Bond FundTHLIX

42

investment strategy by investing in other mutual funds, includingfunds managed by the Adviser.


Collateralized Debt Obligations Risk. The risks of an investmentin a collateralized debt obligation (“CDO”) depend largely on thequality and type of the collateral and the tranche of the CDO inwhich the Fund invests. In addition to the typical risks associatedwith fixed income securities and asset-backed securities, CDOscarry additional risks including, but not limited to: (i) thepossibility that distributions from collateral securities will not beadequate to make interest or other payments; (ii) the risk that thecollateral may default, decline in value, and/or be downgraded;(iii) the Fund may invest in tranches of CDOs that aresubordinate to other tranches; (iv) the structure and complexity ofthe transaction and the legal documents could lead to disputesamong investors regarding the characterization of proceeds; (v)the investment return achieved by the Fund could be significantlydifferent than those predicted by financial models; (vi) the lack ofa readily available secondary market for CDOs; (vii) risk offorced “fire sale” liquidation due to technical defaults such ascoverage test failures; and (viii) the CDO’s manager may performpoorly.



Foreign Securities Risk. Foreign securities generally carry morerisk and are more volatile than their domestic counterparts, in partbecause of potential for higher political and economic risks, lackof reliable information and fluctuations in currency exchangerates where investments are denominated in currencies other thanthe U.S. dollar. The Fund’s investment in any country could besubject to governmental actions such as capital or currencycontrols, nationalizing a company or industry, expropriatingassets, or imposing punitive taxes that would have an adverseeffect on security prices, and impair the Fund’s ability torepatriate capital or income. Foreign securities may also be more

difficult to resell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Even when aforeign security increases in price in its local currency, theappreciation may be diluted by adverse changes in exchange rateswhen the security’s value is converted to U.S. dollars. Foreignwithholding taxes also may apply and errors and delays mayoccur in the settlement process for foreign securities.






Liquidity Risk. Liquidity is the ability to sell a security relativelyquickly for a price that most closely reflects the actual value ofthe security. Dealer inventories of bonds are at or near historiclows in relation to market size, which has the potential to

43

decrease liquidity and increase price volatility in the fixed incomemarkets, particularly during periods of economic or market stress.As a result of this decreased liquidity, the Fund may have toaccept a lower price to sell a security, sell other securities to raisecash, or give up an investment opportunity, any of which couldhave a negative effect on performance.




Preferred Securities Risk. There are certain additional risksassociated with investing in preferred securities, including, butnot limited to, preferred securities may include provisions thatpermit the issuer, at its discretion, to defer or omit distributionsfor a stated period without any adverse consequences to theissuer; preferred securities are generally subordinated to bondsand other debt instruments in a company’s capital structure interms of having priority to corporate income and liquidationpayments, and therefore will be subject to greater credit risk thanmore senior debt instruments; preferred securities may besubstantially less liquid than many other securities, such ascommon stocks or U.S. Government securities; generally,traditional preferred securities offer no voting rights with respectto the issuing company unless preferred dividends have been inarrears for a specified number of periods, at which time thepreferred security holders may elect a number of directors to the

issuer’s board; and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to a specifieddate.


PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe Bloomberg Barclays Government/Credit 1-3 Year BondIndex, which measures the performance of government andcorporate fixed-rate debt securities with maturities of 1-3 years.Call 800-847-4836 or visit ThriventFunds.com for performanceresults current to the most recent month-end.

The bar chart and table include the effects of Fund expenses andassume that you sold your shares at the end of the period. Theafter-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.



13.60%

5.20%

1.12%

4.03%

0.34%

1.67%0.74%

2.75% 2.36%

0.89%

0

2

4

6

8

10

12

14

16

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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%)

44



Thrivent Limited Maturity BondFund 1 Year 5 Years 10 Years




Bloomberg BarclaysGovernment/Credit 1-3 Year BondIndex(reflects no deduction for fees,expenses or taxes) 1.60% 1.03% 1.52%


Portfolio Manager(s)Michael G. Landreville, CFA, CPA (inactive) and Gregory R.Anderson, CFA are jointly and primarily responsible for theday-to-day management of the Fund. Mr. Landreville and Mr.Anderson have served as portfolio managers of the Fund sinceOctober 1999 and April 2005, respectively. Mr. Landreville hasbeen with Thrivent Financial since 1983 and has served as aportfolio manager since 1998. Mr. Anderson has been withThrivent Financial since 1997 and has served as a portfoliomanager since 2000.






45

Investment ObjectiveThrivent Low Volatility Equity Fund (the "Fund") seekslong-term capital appreciation with lower volatility relative to theglobal equity markets. The Fund’s investment objective may bechanged without shareholder approval.












1 The Adviser has contractually agreed, through at least February 28, 2020, towaive a portion of the management fees associated with the Class S shares ofthe Thrivent Low Volatility Equity Fund in order to limit the Total AnnualFund Operating Expenses After Fee Waivers and/or Expense Reimbursementsto an annual rate of 1.20% of the average daily net assets of the Class S shares.This contractual provision, however, may be terminated before the indicatedtermination date upon the mutual agreement between the Independent Trusteesof the Fund and the Adviser.




$122 $683 $1,271 $2,867


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes) in equity securities. The Fund’s investments arediversified globally. The Fund may invest in securitiesdenominated in U.S. dollars and the currencies of the foreigncountries in which it may invest. The Fund typically has fullcurrency exposure to those markets in which it invests. The Fundmay buy or sell equity index futures for investment exposure orhedging purposes. The Fund may invest in securities of anymarket capitalization, including small- and mid-cap securities.

In seeking to achieve the Fund’s investment objective, theAdviser employs investment management techniques to identifysecurities that exhibit low volatility returns. Volatility refers tothe variation in security and market prices over time. Over a fullmarket cycle, the Fund seeks to produce returns similar to theMSCI World Minimum Volatility Index – USD Net Returns. It isexpected that the Fund will generally underperform the globalequity markets during periods of strong market performance.

In buying and selling securities for the Fund, the Adviser uses anactive strategy. This strategy consists of a disciplined approachthat involves computer-aided, quantitative analysis offundamental, technical and risk-related factors. The Adviser’sfactor model (a method of analyzing and combining multiple datasources) systematically reviews thousands of stocks, using datasuch as historical earnings growth and expected future growth,valuation, price momentum, and other quantitative factors toforecast return potential. Then, risk characteristics of potentialinvestments and covariation among securities are analyzed alongwith the return forecasts in determining the Fund’s holdings toproduce a portfolio with reduced volatility.


Thrivent Low Volatility Equity FundTLVOX

46












PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for the one-year period and sinceinception compared to a broad-based securities market index. Theindex is the MSCI World Minimum Volatility Index – USD NetReturns, which measures the performance characteristics of aminimum variance strategy applied to a universe of large- andmid-cap stocks in 23 developed market countries. It is anoptimized version of the MSCI World Index. Call 800-847-4836or visit ThriventFunds.com for performance results current to themost recent month-end.

The bar chart and the table include the effects of Fund expensesand assume that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflect

47

the impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.



(3.36)%

-3.5

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0

0.5

‘18

An

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%)



Thrivent Low Volatility Equity Fund 1 Year

SinceInception

(2/28/2017)

Class S (before taxes) (3.36)% 4.25%

(after taxes on distributions) (4.02)% 3.53%

(after taxes on distributions and redemptions) (1.50)% 3.21%

MSCI World Minimum Volatility Index -USD Net Returns(reflects no deduction for fees, expenses ortaxes) (2.03)% 4.95%


Portfolio Manager(s)Noah J. Monsen, CFA and Brian W. Bomgren, CQF arejointly and primarily responsible for the day-to-day managementof the Fund. Mr. Monsen and Mr. Bomgren have served asportfolio managers of the Fund since February 2017 and February2018, respectively. Mr. Monsen has been with Thrivent Financialsince 2000 and has served in an investment management capacitysince 2008. Mr. Bomgren has been with Thrivent Financial since2006 and is currently a Senior Equity Portfolio Manager.






48

Investment ObjectiveThrivent Mid Cap Stock Fund (the "Fund") seeks long-termcapital growth.













$76 $237 $411 $918


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes) in equity securities of mid-sized companies. TheAdviser focuses mainly on the equity securities of mid-sized U.S.companies which have market capitalizations equivalent to thoseincluded in widely known indices such as the S&P MidCap 400Index, MSCI USA Mid Cap Index, or the mid-sized companymarket capitalization classifications published by Lipper, Inc.These companies typically have a market capitalization ofapproximately $2 billion to $25 billion. Should the Adviserdetermine that the Fund would benefit from reducing thepercentage of its assets invested in mid cap equity securities from80% to a lesser amount, we will notify you at least 60 days priorto the change.

The Fund seeks to achieve its investment objective by investingin common stocks. The Adviser uses fundamental, quantitative,and technical investment research techniques to determine whatsecurities to buy and sell. Fundamental techniques assess asecurity’s value based on an issuer’s financial profile,management, and business prospects while quantitative andtechnical techniques involve a more data-oriented analysis offinancial information, market trends and price movements. TheAdviser generally looks for mid-sized companies that, in itsopinion:

• have prospects for growth in their sales and earnings;• are in an industry with a good economic outlook;• have high-quality management; and/or• have a strong financial position.


The Adviser may sell securities for a variety of reasons, such asto secure gains, limit losses, or reposition assets to morepromising opportunities.



Thrivent Mid Cap Stock FundTMSIX

49







PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to broad-based securities market indices. The index isthe S&P MidCap 400 Index, which measures the performance ofmid-sized companies. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.

The bar chart and the table include the effects of Fund expensesand assume that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returns

depend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.



40.03%

25.92%

(6.02)%

14.42%

35.68%

11.93%

0.66%

28.63%

18.94%

(10.39)%

-20

-10

0

10

20

30

40

50

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

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Thrivent Mid Cap Stock Fund 1 Year 5 Years 10 Years




S&P MidCap 400 Index(reflects no deduction for fees,expenses or taxes) (11.08)% 6.03% 13.68%


Portfolio Manager(s)Brian J. Flanagan, CFA is primarily responsible for theday-to-day management of the Fund. Mr. Flanagan has been aportfolio manager of the Fund since February 2004. He has beenwith Thrivent Financial since 1994 and a portfolio manager since2000.


50





51

Investment ObjectiveThrivent Moderate Allocation Fund (the "Fund") seeks long-termcapital growth while providing reasonable stability of principal.

















$81 $298 $532 $1,206






Thrivent Moderate Allocation FundTMAIX

52



Range

























53













Portfolio Turnover Rate Risk. The Fund may engage in activeand frequent trading of portfolio securities in implementing itsprincipal investment strategies. A high rate of portfolio turnover(100% or more) involves correspondingly greater expenses which

54

are borne by the Fund and its shareholders and may also result inshort-term capital gains taxable to shareholders.








27.03%

14.33%

(1.34)%

12.29%

15.52%

5.81%

(0.51)%

8.66%

12.56%

(4.61)%

-5

0

5

10

15

20

25

30

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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Thrivent Moderate Allocation Fund 1 Year 5 Years 10 Years








Portfolio Manager(s)Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, StephenD. Lowe, CFA, David S. Royal and David R. Spangler, CFAare jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Simenstad has served as a portfoliomanager of the Fund since June 2005. Mr. Bagwell and Mr.Lowe have served as portfolio managers of the Fund since April2016. Mr. Royal has served as portfolio manager of the Fundsince April 2018. Mr. Spangler has served as a portfolio managerof the Fund since February 2019. Mr. Simenstad is ChiefInvestment Strategist and has been with Thrivent Financial since1999. Mr. Bagwell is Vice President, Chief Equity Strategist andhas been with Thrivent Financial in an investment managementcapacity since 2002. Mr. Lowe is Vice President of Fixed IncomeMutual Funds and Separate Accounts and has been with Thrivent

55

Financial since 1997. He has served as a portfolio manager since2009. Mr. Royal is Chief Investment Officer and has been withThrivent Financial since 2006. Mr. Spangler has been withThrivent Financial since 2002, in an investment managementcapacity since 2005 and currently is a Senior Portfolio Manager.







56

Investment ObjectiveThrivent Moderately Aggressive Allocation Fund (the "Fund")seeks long-term capital growth.

















$90 $336 $603 $1,363






Thrivent Moderately Aggressive Allocation FundTMAFX

57



Range

























58














59








30.03%

15.70%

(3.11)%

13.30%

21.80%

6.02%

(0.61)%

10.06%

16.48%

(6.08)%

-10

-5

0

5

10

15

20

25

30

35

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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Thrivent Moderately AggressiveAllocation Fund 1 Year 5 Years 10 Years








Portfolio Manager(s)Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, StephenD. Lowe, CFA, David S. Royal and David R. Spangler, CFAare jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Simenstad has served as a portfoliomanager of the Fund since June 2005. Mr. Bagwell and Mr.Lowe have served as portfolio managers of the Fund since April2016. Mr. Royal has served as portfolio manager of the Fundsince April 2018. Mr. Spangler has served as a portfolio managerof the Fund since February 2019. Mr. Simenstad is ChiefInvestment Strategist and has been with Thrivent Financial since1999. Mr. Bagwell is Vice President, Chief Equity Strategist andhas been with Thrivent Financial in an investment managementcapacity since 2002. Mr. Lowe is Vice President of Fixed Income

60

Mutual Funds and Separate Accounts and has been with ThriventFinancial since 1997. He has served as a portfolio manager since2009. Mr. Royal is Chief Investment Officer and has been withThrivent Financial since 2006. Mr. Spangler has been withThrivent Financial since 2002, in an investment managementcapacity since 2005 and currently is a Senior Portfolio Manager.







61

Investment ObjectiveThrivent Moderately Conservative Allocation Fund (the "Fund")seeks long-term capital growth while providing reasonablestability of principal.

















$77 $274 $488 $1,105


Principal StrategiesThe Fund pursues its objective by investing in a combination ofother funds managed by the Adviser and directly held financialinstruments. The Fund uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achieve a desiredrisk tolerance generally aligned with its peer group as publishedby Lipper, Inc. The first step is the construction of a model forthe allocation of the Fund’s assets across broad asset categories(namely, debt securities and equity securities). The second stepinvolves the determination of sub-classes within the broad assetcategories and target weightings (i.e., what the Adviserdetermines is the strategic allocation) for these sub-classes.Sub-classes for debt securities may be based on maturity,duration, security type or credit rating (high yield—commonlyknown as “junk bonds”—or investment grade) and may includeleveraged loans, which are senior secured loans that are made bybanks or other lending institutions to companies that are ratedbelow investment grade. Sub-classes for equity securities may bebased on market capitalization, investment style (such as growthor value), or economic sector.



Thrivent Moderately Conservative Allocation FundTCAIX

62




Range

Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63% 35-75%Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37% 25-65%

















Allocation Risk. The Fund’s investment performance dependsupon how its assets are allocated across broad asset categoriesand applicable sub-classes within such categories. Some broadasset categories and sub-classes may perform below expectations

or the securities markets generally over short and extendedperiods. Therefore, a principal risk of investing in the Fund is thatthe allocation strategies used and the allocation decisions madewill not produce the desired results.





Foreign Currency Risk. The value of a foreign currency maydecline against the U.S. dollar, which would reduce the dollarvalue of securities denominated in that currency. The overallimpact of such a decline of foreign currency can be significant,unpredictable, and long lasting, depending on the currenciesrepresented, how each one appreciates or depreciates in relationto the U.S. dollar, and whether currency positions are hedged.Under normal conditions, the Fund does not engage in extensiveforeign currency hedging programs. Further, exchange rate

63

movements are volatile, and it is not possible to effectively hedgethe currency risks of many developing countries.







Large Cap Risk. Large-sized companies may be unable torespond quickly to new competitive challenges such as changes

in technology. They may also not be able to attain the highgrowth rate of successful smaller companies, especially duringextended periods of economic expansion.






Portfolio Turnover Rate Risk. The Fund may engage in activeand frequent trading of portfolio securities in implementing its

64

principal investment strategies. A high rate of portfolio turnover(100% or more) involves correspondingly greater expenses whichare borne by the Fund and its shareholders and may also result inshort-term capital gains taxable to shareholders.






How the Fund has performed in the past (before and after taxes)is not necessarily an indication of how it will perform in thefuture. Performance information provides some indication of the

risks of investing in the Fund by showing changes in the Fund’sperformance over time.


22.52%

11.68%

(0.02)%

10.25%9.37%

5.34%

(0.60)%

7.26%

9.33%

(3.54)%

-5

0

5

10

15

20

25

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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%)



Thrivent Moderately ConservativeAllocation Fund 1 Year 5 Years 10 Years








Portfolio Manager(s)Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, StephenD. Lowe, CFA, David S. Royal and David R. Spangler, CFAare jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Simenstad has served as a portfoliomanager of the Fund since June 2005. Mr. Bagwell and Mr.Lowe have served as portfolio managers of the Fund since April2016. Mr. Royal has served as portfolio manager of the Fundsince April 2018. Mr. Spangler has served as a portfolio managerof the Fund since February 2019. Mr. Simenstad is ChiefInvestment Strategist and has been with Thrivent Financial since1999. Mr. Bagwell is Vice President, Chief Equity Strategist and

65

has been with Thrivent Financial in an investment managementcapacity since 2002. Mr. Lowe is Vice President of Fixed IncomeMutual Funds and Separate Accounts and has been with ThriventFinancial since 1997. He has served as a portfolio manager since2009. Mr. Royal is Chief Investment Officer and has been withThrivent Financial since 2006. Mr. Spangler has been withThrivent Financial since 2002, in an investment managementcapacity since 2005 and currently is a Senior Portfolio Manager.







66

Investment ObjectiveThrivent Money Market Fund (the "Fund") seeks a high level ofcurrent income, while maintaining liquidity and a constant netasset value of $1.00 per share.












1 The Adviser has contractually agreed, through at least February 28, 2020, towaive a portion of the management fees associated with the Class S shares ofthe Thrivent Money Market Fund equal in the aggregate to 0.10% of theaverage daily net assets of the Class S shares. This contractual provision,however, may be terminated before the indicated termination date upon themutual agreement between the Independent Trustees of the Fund and theAdviser.




$44 $160 $286 $655

Principal StrategiesThe Fund tries to produce current income while maintainingliquidity by investing at least 99.5% of its total assets ingovernment securities, cash and repurchase agreementscollateralized fully by government securities or cash.Government securities are any securities issued or guaranteed asto principal or interest by the United States, or by a personcontrolled or supervised by and acting as an instrumentality ofthe government of the United States pursuant to authority grantedby the Congress of the United States; or any certificate of depositfor any of the foregoing.

The Adviser manages the Fund subject to strict rules establishedby the Securities and Exchange Commission that are designed sothat the Fund may maintain a stable $1.00 share price. Thoserules generally require the Fund, among other things, to investonly in high quality securities that are denominated in U.S.dollars and have short remaining maturities. In addition, the rulesrequire the Fund to maintain a dollar-weighted average maturity(WAM) of not more than 60 days and a dollar-weighted averagelife (WAL) of not more than 120 days. When calculating itsWAM, the Fund may shorten its maturity by using the interestrate resets of certain adjustable rate securities. Generally, theFund may not take into account these resets when calculating itsWAL.

The Adviser typically uses U.S. Treasury securities, short-termdiscount notes issued by government-related organizations andgovernment securities payable within seven-days or less toprovide liquidity for reasonably foreseeable shareholderredemptions and to comply with regulatory requirements. TheAdviser invests in other securities by selecting from the availablesupply of short-term government securities based on its interestrate outlook and analysis of quantitative and technical factors.Although the Fund frequently holds securities until maturity, theAdviser may sell securities to increase liquidity. The Adviser willselect securities for such sales based on how close the sale pricewould be to their amortized costs.

Principal RisksYou could lose money by investing in the Fund. Although theFund seeks to preserve the value of your investment at $1.00 pershare, it cannot guarantee it will do so. An investment in the Fundis not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. The Fund’ssponsor has no legal obligation to provide financial support to theFund, and you should not expect that the sponsor will providefinancial support to the Fund at any time. In addition, the Fund issubject to the following principal investment risks.


Thrivent Money Market FundAALXX

67

Government Securities Risk. The Fund invests in securitiesissued or guaranteed by the U.S. government or its agencies andinstrumentalities (such as Federal Home Loan Bank, Ginnie Mae,Fannie Mae or Freddie Mac securities). Securities issued orguaranteed by Federal Home Loan Banks, Ginnie Mae, FannieMae or Freddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S. corporation thatis authorized to guarantee, with the full faith and credit of theU.S. government, the timely payment of principal and interest ofits securities. By contrast, securities issued or guaranteed by U.S.government-related organizations such as Federal Home LoanBanks, Fannie Mae and Freddie Mac are not backed by the fullfaith and credit of the U.S. government. No assurance can begiven that the U.S. government would provide financial supportto its agencies and instrumentalities if not required to do so bylaw. In addition, the value of U.S. government securities may beaffected by changes in the credit rating of the U.S. government.

Interest Rate Risk. A weak economy, strong equity markets, orchanges by the Federal Reserve in its monetary policies maycause short-term interest rates to increase and affect the Fund’sability to maintain a stable share price.

Redemption Risk. The Fund may need to sell portfolio securitiesto meet redemption requests. The Fund could experience a losswhen selling portfolio securities to meet redemption requests ifthere is (i) significant redemption activity by shareholders,including, for example, when a single investor or few largeinvestors make a significant redemption of Fund shares, (ii) adisruption in the normal operation of the markets in which theFund buys and sells portfolio securities or (iii) the inability of theFund to sell portfolio securities because such securities areilliquid. In such events, the Fund could be forced to sell portfoliosecurities at unfavorable prices in an effort to generate sufficientcash to pay redeeming shareholders. Although the Fund generallydoes not have the ability to impose liquidity fees or temporarilysuspend redemptions, the payment of redemption proceeds couldbe delayed or denied if the Fund is liquidated, to the extentpermitted by applicable regulations.

PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing the Fund’saverage annual returns for one-, five- and ten-year periods. Thebar chart and table include the effects of Fund expenses andassume that you sold your shares at the end of the period. OnFebruary 1, 2016, the Fund changed its investment strategiesfrom those of a prime money market fund to those of agovernment money market fund. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.



0.42%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.42%

1.51%

0

0.5

1.0

1.5

2.0

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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%)

Best Quarter: Q4 '18 +0.49%Worst Quarter:1 Q4 '16 +0.00%

1The Fund’s performance was also 0.00% for Q4 ’09 through Q4 ‘16.


1 Year 5 Years 10 Years

Thrivent Money Market Fund 1.51% 0.38% 0.23%

The 7-day yield for the period ended December 31, 2018 was1.97%. You may call 800-847-4836 to obtain the Fund’s currentyield information.


Portfolio Manager(s)William D. Stouten is primarily responsible for the day-to-daymanagement of the Fund. Mr. Stouten has served as portfoliomanager of the Fund since December 2003. Prior to this position,he was a research analyst and trader for the Thrivent moneymarket funds since 2001, when he joined Thrivent Financial.




68




69

Investment ObjectiveThrivent Multidimensional Income Fund (the "Fund") seeks ahigh level of current income and, secondarily, growth of capital.The Fund’s investment objectives may be changed withoutshareholder approval.













1 The Adviser has contractually agreed, through at least February 28, 2020, towaive a portion of the management fees associated with the Class S shares ofthe Thrivent Multidimensional Income Fund in order to limit the Total AnnualFund Operating Expenses After Fee Waivers and/or Expense Reimbursementsto an annual rate of 1.00% of the average daily net assets of the Class S shares.This contractual provision, however, may be terminated before the indicatedtermination date upon the mutual agreement between the Independent Trusteesof the Fund and the Adviser.




$127 $528 $953 $2,140


Principal StrategiesThe Fund seeks to achieve its investment objectives by allocatingassets across multiple income and growth producing asset classesand strategies. Debt securities in which the Fund invests includehigh yield, high risk bonds, notes, debentures and other debtobligations commonly known as “junk bonds.” At the time ofpurchase, these high-yield securities are rated within or below the“BB” major rating category by S&P or the “Ba” major ratingcategory by Moody’s or are unrated but considered to be ofcomparable quality by the Adviser. The Fund also invests inleveraged loans, which are senior secured loans that are made bybanks or other lending institutions to companies that are ratedbelow investment grade. In addition, the Fund may invest ininvestment-grade corporate bonds, asset-backed securities,mortgage-backed securities (including commercially backedones), convertible bonds, and U.S. dollar denominated emergingmarkets sovereign debt.

The Fund may invest in income-producing securities issued byclosed-end funds (“CEFs”), publicly-traded businessdevelopment companies (“BDCs”), master limited partnerships(“MLPs”), and exchange-traded funds (“ETFs”). CEFs areinvestment companies that issue a fixed number of shares thattrade on a stock exchange or over-the-counter, typically at apremium or a discount to their net asset value. BDCs are publiclyheld investment funds that invest primarily in private and thinlytraded public U.S. businesses. MLPs are publicly-traded limitedpartnerships that are limited by the Internal Revenue Code toonly apply to enterprises that engage in certain businesses, mostlypertaining to the use of natural resources. ETFs are investmentcompanies generally designed to track the performance of asecurities or other index or benchmark. The Fund may alsopursue its investment strategy by investing in other mutual funds,including funds managed by the Adviser.

The Fund may also invest in income-producing equity securities,including preferred stock and real estate investment trusts(“REITs”).

Thrivent Multidimensional Income FundTMLDX

70

The Fund may utilize derivatives for investment exposure orhedging purposes, including futures agreements and credit defaultswap agreements on security indexes. The Fund may enter intostandardized derivatives contracts traded on domestic or foreignsecurities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-countermarket.



Business Development Company (“BDC”) Risk. The value of aBDC’s investments will be affected by portfolio companyspecific performance as well as the overall economicenvironment. Shares of BDCs may trade at prices that reflect apremium above or a discount below the investment company’snet asset value, which may be substantial. The Fund may beexposed to greater risk and experience higher volatility thanwould a portfolio that was not invested in BDCs. Additionally,most BDCs employ leverage which can magnify the returns ofunderlying investments.

Closed-End Fund (“CEF”) Risk. Investments in CEFs aresubject to various risks, including reliance on management’sability to meet a CEF’s investment objective and to manage aCEF’s portfolio; fluctuation in the market value of a CEF’sshares compared to the changes in the value of the underlyingsecurities that the CEF owns (i.e., trading at a discount orpremium to its net asset value); and that CEFs are permitted toinvest in a greater amount of “illiquid” securities than typicalmutual funds. The Fund is subject to a pro-rata share of themanagement fees and expenses of each CEF in addition to theFund’s management fees and expenses, resulting in Fundshareholders subject to higher expenses than if they investeddirectly in CEFs.







Growth Investing Risk. Growth style investing includes the riskof investing in securities whose prices historically have been

71

more volatile than other securities, especially over the short term.Growth stock prices reflect projections of future earnings orrevenues and, if a company’s earnings or revenues fall short ofexpectations, its stock price may fall dramatically.




Investment in Other Investment Companies Risk. Investing inother investment companies, including CEFs and BDCs, couldresult in the duplication of certain fees, including managementand administrative fees, and may expose the Fund to the risks ofowning the underlying investments that the other investmentcompany holds.





Master Limited Partnership (“MLP”) Risk. An investment in anMLP exposes the Fund to the legal and tax risks associated withinvesting in partnerships. MLPs may have limited financialresources, their securities may be relatively illiquid, and they maybe subject to more erratic price movements because of theunderlying assets they hold. Due to the tax requirements forMLPs, the income of many MLPs comes from energyinfrastructure. Risks inherent in the energy infrastructure businessinclude: sustained declines in demand for crude oil, natural gasand refined petroleum products, construction risk, changes in theregulatory environment or other regulatory exposure, weatherrisk, risks associated with terrorist activity and interest rate risk.



72


Real Estate Investment Trust (“REIT”) Risk. REITs generallycan be divided into three types: equity REITs, mortgage REITs,and hybrid REITs (which combine the characteristics of equityREITs and mortgage REITs). Equity REITs will be affected bychanges in the values of, and income from, the properties theyown, while mortgage REITs may be affected by the credit qualityof the mortgage loans they hold. All REIT types may be affectedby changes in interest rates. The effect of rising interest rates isgenerally more pronounced for high dividend paying stock thanfor stocks that pay little or no dividends. This may cause thevalue of real estate securities to decline during periods of risinginterest rates, which would reduce the overall return of the Fund.REITs are subject to additional risks, including the fact that theyare dependent on specialized management skills that may affectthe REITs’ abilities to generate cash flows for operating purposesand for making investor distributions. REITs may have limiteddiversification and are subject to the risks associated withobtaining financing for real property. As with any investment,there is a risk that REIT securities and other real estate industryinvestments may be overvalued at the time of purchase. Inaddition, a REIT can pass its income through to its investorswithout any tax at the entity level if it complies with variousrequirements under the Internal Revenue Code. There is the risk,however, that a REIT held by the Fund will fail to qualify for thistax-free pass-through treatment of its income. In addition, due torecent changes in the tax laws, certain tax benefits of REITs maynot be passed through to mutual fund shareholders. By investingin REITs indirectly through the Fund, in addition to bearing aproportionate share of the expenses of the Fund, you will alsoindirectly bear similar expenses of the REITs in which the Fundinvests.

Sovereign Debt Risk. Sovereign debt securities are issued orguaranteed by foreign governmental entities. These investmentsare subject to the risk that a governmental entity may delay orrefuse to pay interest or repay principal on its sovereign debt,due, for example, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relative size of thegovernmental entity’s debt position in relation to the economy or

the failure to put in place economic reforms required by theInternational Monetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more time in whichto pay or for further loans. There is no legal process for collectingsovereign debts that a government does not pay nor are therebankruptcy proceedings through which all or part of thesovereign debt that a governmental entity has not repaid may becollected.

PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for the one-year period and sinceinception compared to broad-based securities market indices.These indices are the Bloomberg Barclays U.S. Mortgage-BackedSecurities Index, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. Aggregate BondIndex, the Bloomberg Barclays U.S. Corporate High Yield BondIndex, which measures the performance of fixed-ratenon-investment grade bonds, and the S&P/LSTA LeveragedLoan Index, which reflects the performance of the largestfacilities in the leveraged loan market. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.




(5.45)%

-6

-5

-4

-3

-2

-1

0

1

‘18

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%)

73



Thrivent Multidimensional Income Fund 1 Year

SinceInception

(2/28/2017)

Class S (before taxes) (5.45)% (0.43)%

(after taxes on distributions) (7.16)% (2.14)%

(after taxes on distributions and redemptions) (3.02)% (0.95)%

Bloomberg Barclays U.S. Mortgage-BackedSecurities Index(reflects no deduction for fees, expenses ortaxes) 0.99% 1.64%

Bloomberg Barclays U.S. Corporate HighYield Bond Index(reflects no deduction for fees, expenses ortaxes) (2.08)% 1.23%

S&P/LSTA Leveraged Loan Index(reflects no deduction for fees, expenses ortaxes) 0.44% 1.88%


Portfolio Manager(s)Mark L. Simenstad, CFA, Gregory R. Anderson, CFA, PaulJ. Ocenasek, CFA, Conrad E. Smith, CFA, and Stephen D.Lowe, CFA are jointly and primarily responsible for theday-to-day management of the Fund. Mr. Simenstad, Mr.Anderson, Mr. Ocenasek, and Mr. Smith have served as portfoliomanagers of the Fund since February 2017. Mr. Lowe has servedas a portfolio manager of the Fund since February 2018. Mr.Simenstad is Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Anderson has been withThrivent Financial since 1997 and has served as a portfoliomanager since 2000. Mr. Ocenasek has been with ThriventFinancial since 1987 and has served in a portfolio managementcapacity since 1997. Mr. Smith has been with Thrivent Financial

since 2004 and also manages the leveraged loan portfolio and thehigh yield bond portfolio of Thrivent Financial’s general account.Mr. Lowe is Vice President of Fixed Income Mutual Funds andSeparate Accounts and has been with Thrivent Financial since1997.






74

Investment ObjectiveThrivent Municipal Bond Fund (the "Fund") seeks a high level ofcurrent income exempt from federal income taxes, consistentwith capital preservation.













$52 $164 $285 $640


Principal StrategiesUnder normal market conditions, the Fund invests at least 80% ofits net assets (plus the amount of any borrowing for investmentpurposes) in municipal bonds, the income of which is exemptfrom federal income taxation. The Fund may count securities thatgenerate income subject to the alternative minimum tax towardthe 80% investment requirement.

The Fund’s Adviser uses fundamental, quantitative, and technicalinvestment research techniques to determine what municipalbonds to buy and sell. Fundamental techniques assess a security’svalue based on an issuer’s financial profile, management, andbusiness prospects while quantitative and technical techniquesinvolve a more data-oriented analysis of financial information,market trends and price movements. At the time of purchase, theAdviser generally buys investment-grade municipal bonds orunrated bonds it determines to be of comparable quality. Pleasenote that the Fund will likely use an interest rate managementtechnique that includes the purchase and sale of U.S. Treasuryfutures contracts for the purpose of managing the duration of theFund.





Investment Adviser Risk. The Fund is actively managed and thesuccess of its investment strategy depends significantly on theskills of the Adviser in assessing the potential of the investments

Thrivent Municipal Bond FundTMBIX

75

in which the Fund invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance, even inrising markets.

Liquidity Risk. Liquidity is the ability to sell a security relativelyquickly for a price that most closely reflects the actual value ofthe security. Brokers and dealers have decreased their inventoriesof municipal bonds in recent years. This could limit the Adviser’sability to buy or sell these bonds and increase price volatility andtrading costs, particularly during periods of economic or marketstress. In addition, recent federal banking regulations may causecertain dealers to reduce their inventories of municipal bonds,which may further decrease the Adviser’s ability to buy or sellbonds. As a result, the Adviser may be forced to accept a lowerprice to sell a security, to sell other securities to raise cash, or togive up an investment opportunity, any of which could have anegative effect on performance.


Municipal Bond Risk. The Fund’s performance may be affectedby political and economic conditions at the state, regional orfederal level. These may include budgetary problems, decline inthe tax base and other factors that may cause rating agencies todowngrade the credit ratings on certain issues. Bonds may alsoexhibit price fluctuations due to changes in interest rate or bondyield levels. Some municipal bonds may be repaid prior tomaturity if interest rates decrease. As a result, the value of theFund’s shares may fluctuate significantly in the short term.


PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe Bloomberg Barclays Municipal Bond Index, which is amarket-value-weighted index of investment-grade municipalbonds with maturities of one year or more. Call 800-847-4836 orvisit ThriventFunds.com for performance results current to themost recent month-end.

The bar chart and the table include the effects of Fund expensesand assume that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highest

individual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements, suchas individual retirement accounts.



12.18%

1.66%

10.86%

7.86%

(3.30)%

9.90%

3.36%

0.04%

4.70%

0.54%

-4

-2

0

2

4

6

8

10

12

14

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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Thrivent Municipal Bond Fund 1 Year 5 Years 10 Years


(after taxes on distributions) 0.53% 3.64% 4.65%


Bloomberg Barclays MunicipalBond Index(reflects no deduction for fees,expenses or taxes) 1.28% 3.82% 4.85%


Portfolio Manager(s)Janet I. Grangaard, CFA is primarily responsible for theday-to-day management of the Fund. Ms. Grangaard has servedas portfolio manager of the Fund since April 2002. She has beenwith Thrivent Financial since 1988 and has served as a portfoliomanager since 1994.

76




Tax InformationThe Fund generally intends to distribute tax-exempt income,although it may also make distributions that are taxed as ordinaryincome or capital gains. Investing in the Fund through aretirement plan could have different tax consequences.


77

Investment ObjectiveThrivent Opportunity Income Plus Fund (the "Fund") seeks ahigh level of current income, consistent with capital preservation.














$72 $224 $390 $871



Principal StrategiesUnder normal circumstances, the Fund invests in a broad range ofdebt securities and may invest in equity securities to a limitedextent.


The Fund may also invest in income-producing equity securities,including preferred stock and real estate investment trusts(“REITs”).





The Adviser uses fundamental, quantitative and technicalinvestment research techniques to determine what to buy and sell.Fundamental techniques assess a security’s value based on anissuer’s financial profile, management, and business prospectswhile quantitative and technical techniques involve a more

Thrivent Opportunity Income Plus FundIIINX

78

data-oriented analysis of financial information, market trends andprice movements.












Investment Adviser Risk. The Fund is actively managed and thesuccess of its investment strategy depends significantly on the

79

skills of the Adviser in assessing the potential of the investmentsin which the Fund invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance, even inrising markets.





Mortgage-Backed and Other Asset-Backed Securities Risk. Thevalue of mortgage-backed and asset-backed securities will beinfluenced by the factors affecting the housing market and theassets underlying such securities. As a result, during periods ofdeclining asset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in the repaymentpatterns of the underlying security. If the principal payment on

the underlying asset is repaid faster or slower than the holder ofthe asset-backed or mortgage-backed security anticipates, theprice of the security may fall, particularly if the holder mustreinvest the repaid principal at lower rates or must continue tohold the security when interest rates rise. This effect may causethe value of the Fund to decline and reduce the overall return ofthe Fund.



Real Estate Investment Trust (“REIT”) Risk. REITs generallycan be divided into three types: equity REITs, mortgage REITs,and hybrid REITs (which combine the characteristics of equityREITs and mortgage REITs). Equity REITs will be affected bychanges in the values of, and income from, the properties theyown, while mortgage REITs may be affected by the credit qualityof the mortgage loans they hold. All REIT types may be affectedby changes in interest rates. The effect of rising interest rates isgenerally more pronounced for high dividend paying stock thanfor stocks that pay little or no dividends. This may cause thevalue of real estate securities to decline during periods of risinginterest rates, which would reduce the overall return of the Fund.REITs are subject to additional risks, including the fact that theyare dependent on specialized management skills that may affectthe REITs’ abilities to generate cash flows for operating purposesand for making investor distributions. REITs may have limiteddiversification and are subject to the risks associated withobtaining financing for real property. As with any investment,there is a risk that REIT securities and other real estate industryinvestments may be overvalued at the time of purchase. Inaddition, a REIT can pass its income through to its investorswithout any tax at the entity level if it complies with variousrequirements under the Internal Revenue Code. There is the risk,however, that a REIT held by the Fund will fail to qualify for thistax-free pass-through treatment of its income. In addition, due torecent changes in the tax laws, certain tax benefits of REITs maynot be passed through to mutual fund shareholders. By investingin REITs indirectly through the Fund, in addition to bearing aproportionate share of the expenses of the Fund, you will alsoindirectly bear similar expenses of the REITs in which the Fundinvests.

Sovereign Debt Risk. Sovereign debt securities are issued orguaranteed by foreign governmental entities. These investmentsare subject to the risk that a governmental entity may delay orrefuse to pay interest or repay principal on its sovereign debt,due, for example, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relative size of the

80

governmental entity’s debt position in relation to the economy orthe failure to put in place economic reforms required by theInternational Monetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more time in whichto pay or for further loans. There is no legal process for collectingsovereign debts that a government does not pay nor are therebankruptcy proceedings through which all or part of thesovereign debt that a governmental entity has not repaid may becollected.

PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to broad-based securities market indices. These indicesare the Bloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securities componentof the Bloomberg Barclays U.S. Aggregate Bond Index, theBloomberg Barclays U.S. High Yield Ba/B 2% Issuer CappedIndex, which represents the performance of U.S. short duration,higher-rated high yield bonds, and the S&P/LSTA LeveragedLoan Index, which reflects the performance of the largestfacilities in the leveraged loan market. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.


Effective August 16, 2013, based on approval of the Fund’sBoard of Trustees and notice to Fund shareholders, the Fund’sprincipal strategies were changed, which had the effect ofchanging the types of debt securities in which the Fund mayinvest. At the same time, the Fund’s name changed from ThriventCore Bond Fund to Thrivent Opportunity Income Plus Fund. As aresult, performance information presented below with respect toperiods prior to August 16, 2013, reflects the performance of aninvestment portfolio that was materially different from theinvestment portfolio of the Fund.



18.27%

11.40%

5.81%

8.07%

(1.00)%

3.51%

(0.53)%

7.38%

5.11%

(1.01)%

-5

0

5

10

15

20

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

An

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Thrivent Opportunity Income PlusFund 1 Year 5 Years 10 Years








Portfolio Manager(s)Gregory R. Anderson, CFA, Conrad E. Smith, CFA, Paul J.Ocenasek, CFA, Kent L. White, CFA and Stephen D. Lowe,CFA are jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Anderson has served as a portfoliomanager of the Fund since April 2005. Mr. Smith has served as aportfolio manager of the Fund since the August 2013. Mr.Ocenasek and Mr. White have served as portfolio managers ofthe Fund since May 2015. Stephen D. Lowe, CFA has served as aportfolio manager of the Fund since February 2018. Mr.Anderson has been with Thrivent Financial since 1997 and hasserved as a portfolio manager since 2000. Mr. Smith has beenwith Thrivent Financial since 2004 and also manages theleveraged loan portfolio and the high yield bond portfolio of

81

Thrivent Financial’s general account. Mr. Ocenasek has beenwith Thrivent Financial since 1987 and has served in a portfoliomanagement capacity since 1997. Mr. White is the Director ofInvestment Grade Research at Thrivent Financial and has beenwith the firm since 1999. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and has been withThrivent Financial since 1997.







82

Investment ObjectiveThrivent Partner Emerging Markets Equity Fund (the "Fund")seeks long-term capital growth.












1 The Adviser has contractually agreed, through at least February 28, 2020, towaive a portion of the management fees associated with the Class S shares ofthe Thrivent Partner Emerging Markets Equity Fund in order to limit the TotalAnnual Fund Operating Expenses After Fee Waivers and/or ExpenseReimbursements to an annual rate of 1.32% of the average daily net assets ofthe Class S shares. This contractual provision, however, may be terminatedbefore the indicated termination date upon the mutual agreement between theIndependent Trustees of the Fund and the Adviser.




$134 $765 $1,421 $3,181


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes), at the time of initial purchase, in emerging marketequities, including common stock, preferred stock, convertiblesecurities, depositary receipts and rights and warrants to buycommon stocks. A security is considered to be an “emergingmarket” security if issued by a company that Fund managementhas determined meets one or more of the following criteria:

• is organized under the laws of, or has its principal office in,an emerging market country;

• has its principal securities trading market in an emergingmarket country; and/or

• derives a majority of its annual revenue or earnings or assetsfrom goods produced, sales made or services performed in anemerging market country.

An “emerging market” country is any country determined by theAdviser or subadviser to have an emerging market economy,considering factors such as the country’s credit rating, its politicaland economic stability and the development of its financial andcapital markets. These emerging market countries include everynation in the world except the U.S., Canada, Israel, Japan,Australia, New Zealand, Hong Kong, Singapore and all nationstypically considered part of Western Europe. At times, the Fundmay have a significant amount of its assets invested in a countryor geographic region.

The Fund may also invest in equity securities of issuers that arenot tied economically to emerging market countries. The Fundmay invest in securities denominated in U.S. dollars andcurrencies of emerging market countries in which it may invest.The Fund typically has full currency exposure to those markets inwhich it invests.

The Fund may invest in securities of any market capitalization,including small and mid-cap securities.

The Fund may invest in securities of any market sector and mayhold a significant amount of securities of companies, from time totime, within a single sector such as financials.

The Fund’s subadviser, Aberdeen Asset Managers Limited(“Aberdeen”), uses a disciplined investment process based on its

Thrivent Partner Emerging Markets Equity FundTPEIX

83

proprietary research to determine security selection. Aberdeenseeks to identify “quality” companies, based on factors such asstrength of management and business, that trade at reasonablevaluations, based on factors such as earnings growth and otherkey financial measurements. Aberdeen also evaluates matters oflong term value by examining a spectrum of considerations suchas governance and risk management, including those risks oftenreferred to as environmental, social and governance factors("ESG"). ESG analysis is fully integrated into investmentdecisions for all equity holdings. As such, Aberdeen evaluatesESG factors as part of the investment analysis process and thisforms an integral component of Aberdeen’s quality rating for allcompanies. Aberdeen makes investments for the long-term,although it may sell a security when it perceives a company’sbusiness direction or growth prospects to have changed or thecompany’s valuations are no longer attractive.

Should the Adviser determine that the Fund would benefit fromreducing the percentage of its net assets invested in emergingmarket equities from 80% to a lesser amount, it will notify you atleast 60 days prior to the change.




Equity Security Risk. Equity securities held by the Fund maydecline significantly in price over short or extended periods oftime, and such declines may occur because of declines in theequity market as a whole, or because of declines in only aparticular country, company, industry, or sector of the market.From time to time, the Fund may invest a significant portion ofits assets in companies in one or more related sectors or industrieswhich would make the Fund more vulnerable to adverse

developments affecting such sectors or industries. Equitysecurities are generally more volatile than most debt securities.

Financial Sector Risk. To the extent that the financials sectorcontinues to represent a significant portion of the Fund, the Fundwill be sensitive to changes in, and its performance may dependto a greater extent on, factors impacting this sector. Performanceof companies in the financials sector may be adversely impactedby many factors, including, among others, governmentregulations, economic conditions, credit rating downgrades,changes in interest rates, and decreased liquidity in creditmarkets. The impact of more stringent capital requirements,recent or future regulation of any individual financial company orrecent or future regulation of the financials sector as a wholecannot be predicted. In recent years, cyber attacks and technologymalfunctions and failures have become increasingly frequent inthis sector and have caused significant losses.



Investment Adviser Risk. The Fund is actively managed and thesuccess of its investment strategy depends significantly on theskills of the Adviser or subadviser in assessing the potential ofthe investments in which the Fund invests. This assessment ofinvestments may prove incorrect, resulting in losses or poorperformance, even in rising markets.


84






PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one- and five-year periods and sinceinception compared to a broad-based securities market index. Theindex is the MSCI Emerging Markets Index – USD Net Returns,

which measures the performance of stock markets in developingcountries throughout the world. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.

The bar chart and the table includes the effects of Fund expensesand assumes that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown and after-tax returns are not relevant to investors who holdtheir Fund shares through tax-deferred arrangements such asindividual retirement accounts.


Prior to February 26, 2015, the subadviser of the Fund wasdifferent. Performance shown may have been different if thecurrent strategy, and the current subadviser, had been in placeduring the periods shown.


(6.24)% (13.33)% (17.08)%

11.91%

26.81%

(14.72)%

-20

-10

0

10

20

30

‘13 ‘14 ‘15 ‘16 ‘17 ‘18

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%)



Thrivent Partner Emerging MarketsEquity Fund 1 Year 5 Years

SinceInception

(8/31/2012)

Class S (before taxes) (14.72)% (2.75)% (1.53)%

(after taxes on distributions) (14.85)% (3.07)% (1.88)%

(after taxes on distributions andredemptions) (8.62)% (2.07)% (1.16)%

MSCI Emerging Markets Index-USD Net Returns(reflects no deduction for fees,expenses or taxes) (14.58)% 1.65% 2.69%

85

ManagementInvestment Adviser(s)The Fund is managed by Thrivent Asset Management, LLC(“Thrivent Asset Mgt.” or the “Adviser”), which has engagedAberdeen Asset Managers Limited to subadvise the Fund.

Portfolio Manager(s)Aberdeen uses a team-based approach, with the following teammembers being jointly and primarily responsible for day-to-daymanagement. Hugh Young, Managing Director – Asia, hasmanaged the Fund since February 2015. Devan Kaloo, GlobalHead of Equities/Head of Global Emerging Markets Equities, hasmanaged the Fund since February 2015. Joanne Irvine, Head ofEmerging Markets (ex-Asia), has managed the Fund sinceFebruary 2015. Mark Gordon-James, CFA, Senior InvestmentManager, has managed the Fund since February 2015. FlaviaCheong, CFA, Head of Equities – Asia Pacific, has managed theFund since February 2015.


The minimum initial investment requirement for this Fund is$2,000 and the minimum subsequent investment requirement is$50 for taxable accounts. For IRA or tax-deferred accounts, theminimum initial investment requirement for this Fund is $1,000and the minimum subsequent investment requirement is $50.

These investment requirements may be different, however, forinvestors investing in the Fund through an automatic investmentplan or through certain fee-based investment advisory programs.




86

Investment ObjectiveThrivent Partner Worldwide Allocation Fund (the "Fund") seekslong-term capital growth.













$96 $300 $520 $1,155


Principal StrategiesThe Fund seeks to achieve its objective by investing primarily inequity and debt securities of issuers throughout the world. TheFund seeks to diversify its portfolio broadly among developedand emerging countries and among multiple asset classes. Undernormal market conditions, the Fund invests at least 40% of its netassets in foreign assets. If market conditions are not deemedfavorable by the Fund’s investment adviser, the Fund couldinvest a lower percentage, but at least 30% of its net assets inforeign assets. A foreign asset could be an investment in an issuerthat is organized under the laws of a foreign jurisdiction; that istraded principally in a foreign country; that derives at least 50%of its revenues or profits from goods produced or sold,investments made, or services performed in a foreign country orhas at least 50% of its assets in a foreign country; or thatotherwise exposes the Fund’s portfolio to the economic fortunesand risks of a foreign country.

The debt securities in which the Fund invests may be of anymaturity or credit quality and may include high-yield, high-riskbonds, notes, debentures and other debt obligations commonlyknown as “junk bonds.” At the time of purchase, these high-yield,high-risk debt securities are rated within or below the “BB”major rating category by Standard & Poor’s or the “Ba” majorrating category by Moody’s or are unrated but considered to be ofcomparable quality. The interest rates of the Fund’s debtsecurities may be fixed, floating or subject to periodic resetprovisions. The debt securities in which the Fund invests mayinclude securities issued by sovereign, quasi-sovereign andcorporate entities in foreign and emerging market countries. Suchsovereign entities include foreign and emerging marketgovernments, their agencies and instrumentalities, or their centralbanks.

The Adviser will make asset allocation decisions among thevarious asset classes and has selected multiple subadvisers tomanage each such class, although the Adviser will directlymanage the Fund’s international large-cap value assets and assetsthat are allocated to U.S. securities. The subadvisers investindependently of one another and use their own methodologiesfor selecting assets.

The Fund will generally make the following allocations amongthe broad asset classes listed below:

International large-cap growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-45%International large-cap value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-45%Emerging markets equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-30%International small- and mid-cap equities. . . . . . . . . . . . . . . . . . . . . . 0-30%Emerging markets debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-30%U.S. securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-20%

The Fund’s actual holdings in each broad asset category may beoutside the applicable allocation range from time to time due todiffering investment performances among asset classes. These

Thrivent Partner Worldwide Allocation FundTWAIX

87

allocations may change without shareholder approval or advancenotice to shareholders to the extent consistent with applicablelaw.

Principal Global Investors, LLC manages the internationallarge-cap growth assets. Aberdeen Asset Managers Limitedmanages the emerging markets equity assets. Goldman SachsAsset Management, L.P. manages the international small- andmid-cap equities and the emerging markets debt assets. TheAdviser manages the international large-cap value assets and theassets allocated to U.S. securities.






Foreign Currency Risk. The value of a foreign currency maydecline against the U.S. dollar, which would reduce the dollarvalue of securities denominated in that currency. The overall

impact of such a decline of foreign currency can be significant,unpredictable, and long lasting, depending on the currenciesrepresented, how each one appreciates or depreciates in relationto the U.S. dollar, and whether currency positions are hedged.Under normal conditions, the Fund does not engage in extensiveforeign currency hedging programs. Further, exchange ratemovements are volatile, and it is not possible to effectively hedgethe currency risks of many developing countries.





Investment Adviser Risk. The Fund is actively managed and thesuccess of its investment strategy depends significantly on theskills of the Adviser or subadviser in assessing the potential ofthe investments in which the Fund invests. This assessment ofinvestments may prove incorrect, resulting in losses or poorperformance, even in rising markets.

88






Multi-Manager Risk. The investment styles employed by thesubadvisers may not be complementary. The interplay of thevarious strategies employed by the subadvisers may result in theFund indirectly holding positions in certain types of securities,industries or sectors. These positions may be detrimental to aFund’s performance depending upon the performance of thosesecurities and the overall economic environment. Themulti-manager approach could result in a high level of portfolioturnover, resulting in higher brokerage expenses and increasedtax liability from a Fund’s realization of capital gains. It is alsopossible that one subadviser could be selling a particular securityor security from a certain country while another subadviser couldbe purchasing the same security or a security from that samecountry.

Quantitative Investing Risk. Quantitative Investing Risk is therisk that securities selected according to a quantitative analysismethodology can perform differently from the market as a wholebased on the model and the factors used in the analysis, theweight placed on each factor and changes in the factor’shistorical trends. Such models are based on assumptions of theseand other market factors, and the models may not take into

account certain factors, or perform as intended, and may result ina decline in the value of the Fund’s portfolio.




PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe MSCI All Country World Index ex-USA – USD Net Returns,which measures the performance of developed and emergingstock markets throughout the world (excluding the U.S.). Call800-847-4836 or visit ThriventFunds.com for performance resultscurrent to the most recent month-end.

The bar chart and the table includes the effects of Fund expensesand assumes that you sold your shares at the end of the period.The after-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from thoseshown, and after-tax returns are not relevant to investors whohold their Fund shares through tax-deferred arrangements such asindividual retirement accounts.

How the Fund has performed in the past (before and after taxes)is not necessarily an indication of how it will perform in thefuture. Performance information provides some indication of the

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risks of investing in the Fund by showing changes in the Fund’sperformance over time.


31.75%

13.53%

(11.84)%

19.24%

15.51%

(4.47)% (0.81)%3.28%

23.70%

(15.53)%

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Thrivent Partner WorldwideAllocation Fund 1 Year 5 Years 10 Years


(after taxes on distributions) (16.67)% (0.37)% 5.80%



ManagementInvestment Adviser(s)The Fund is managed by Thrivent Asset Management, LLC(“Thrivent Asset Mgt.” or the “Adviser”), which has engagedPrincipal Global Investors, LLC (“Principal”), Aberdeen AssetManagers Limited (“Aberdeen”), and Goldman Sachs AssetManagement, L.P. (“GSAM”) to subadvise the Fund. ThriventAsset Mgt. also manages a portion of the Fund.

Portfolio Manager(s)Paul Blankenhagen, CFA and Juliet Cohn provide portfoliomanagement oversight for the international large-cap growthassets of the Fund. Mr. Blankenhagen and Ms. Cohn lead and arejointly and primarily responsible for the day-to-day managementof the Fund. Mr. Blankenhagen and Ms. Cohn have beenportfolio co-managers since November 2015. Mr. Blankenhagenjoined the firm in 1992, has been a member of the internationalequity team since 1995, and was named a portfolio manager in2000. Ms. Cohn joined the firm in 2003 with over 20 years ofportfolio management and research experience. Mr.Blankenhagen and Ms. Cohn are responsible for co-managing

Principal’s European, International Core and DiversifiedInternational equity portfolios.

Aberdeen manages the emerging markets equity assets of theFund using a team-based approach, with the following teammembers being jointly and primarily responsible for day-to-daymanagement. Hugh Young, Managing Director – Asia, hasmanaged the Fund since February 2015. Devan Kaloo, GlobalHead of Equities/Head of Global Emerging Markets Equities, hasmanaged the Fund since February 2015. Joanne Irvine, Head ofEmerging Markets (ex-Asia), has managed the Fund sinceFebruary 2015. Mark Gordon-James, CFA, Senior InvestmentManager, has managed the Fund since February 2015. FlaviaCheong, CFA, Head of Equities – Asia Pacific, has managed theFund since February 2015.

GSAM manages the international small- and mid-cap equitiesand the emerging markets debt assets of the Fund. GSAM’sQuantitative Investment Strategies team (the “QIS” team)manages the international small- and mid-cap equities of theFund with the following team members being jointly andprimarily responsible for day-to-day management. Len Ioffe,Managing Director, joined GSAM as an associate in 1994 andhas been a portfolio manager since 1996. Mr. Ioffe has managedthe Fund since September 2013. Osman Ali, Managing Director,joined GSAM in 2003 and has been a member of the research andportfolio management team within QIS since 2005. Mr. Ali hasmanaged the Fund since September 2013. Takashi Suwabe is aManaging Director and is co-head of active equity research in theQIS team. Mr. Suwabe joined GSAM in 2004 and has been amember of the QIS team since 2009. Previously, Mr. Suwabeworked at Nomura Securities and Nomura Research Institute. Mr.Suwabe has managed the Fund since September 2013. Thefollowing team members are jointly and primarily responsible forday-to-day management of the emerging markets debt assets ofthe Fund. Samuel Finkelstein is co-chief investment officer forGSAM’s Global Fixed Income team and Global Head ofGSAM’s Emerging Market franchise. In this role, Mr. Finkelsteinserves as chief investment officer for the firm's Emerging MarketDebt business and oversees the Fundamental Emerging MarketEquity franchise. Mr. Finkelstein also oversees GSAM’sCurrency and Commodity teams. He is a member of the FixedIncome and Fundamental Equity Strategy groups. Mr. Finkelsteinjoined Goldman Sachs in 1997 as an analyst in Fixed IncomeAsset Management. He worked on the Fixed Income portfoliorisk and strategy team for two years and then became anemerging market portfolio manager. Mr. Finkelstein was namedmanaging director in 2005 and partner in 2010. Prior to joiningthe firm, he worked as a foreign exchange trader at Union Bankof Switzerland. Mr. Finkelstein earned an MBA from the SternSchool of Business at New York University and a BA inEconomics and Mathematics from Yale University in 1996. Mr.Finkelstein has managed the Fund since September 2013.Ricardo Penfold is a member of the fixed income portfoliomanagement team and is responsible for sovereign researchcoverage on the Emerging Market Debt team. He joinedGoldman Sachs in 2000 and was named managing director in2010. Prior to joining the firm, Mr. Penfold was head of researchand an economist for Santander Investments and Banco

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Santander Central Hispano in Venezuela. Earlier in his career, hewas professor of economics at the Universidad Central deVenezuela and Universidad Catolica Andres Bello in Caracas,Venezuela. Mr. Penfold earned a BA from Boston University in1987 and a master’s degree from the University of Pennsylvaniain 1991. He is also a PhD candidate in Economics at theUniversity of Pennsylvania. Mr. Penfold has managed the Fundsince September 2013.

The Adviser manages the Fund’s international large-cap valueassets and the assets allocated to U.S. securities. Noah J.Monsen, CFA,Brian W. Bomgren, CQF, Darren M. Bagwell,CFA and David R. Spangler, CFA are jointly and primarilyresponsible for day-to-day management of the Fund’sinternational large-cap value assets and the assets allocated toU.S. securities. Mr. Monsen and Mr. Bomgren have served asportfolio managers of the international large-cap value assets ofthe Fund since February 2016. Mr. Monsen has been withThrivent Financial since 2000 and has served in an investmentmanagement capacity since 2008. Mr. Bomgren has been withThrivent Financial since 2006 and is currently a Senior EquityPortfolio Manager. Mr. Bagwell and Mr. Spangler have served asportfolio managers for the portion of the Fund’s assets allocatedto U.S. securities since February 2019. Mr. Bagwell is VicePresident, Chief Equity Strategist and has been with ThriventFinancial in an investment management capacity since 2002. Mr.Spangler has been with Thrivent Financial since 2002, in aninvestment management capacity since 2005 and currently is aSenior Portfolio Manager.






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Investment ObjectiveThrivent Small Cap Growth Fund (the "Fund") seeks long-termcapital growth. The Fund's investment objective may be changedwithout shareholder approval.








Other Expenses1 2.66%




1 Certain other expense categories have been adjusted to annualize expensesafter the initial short year to reflect current fees.

2 The Adviser has contractually agreed, through at least February 28, 2020, towaive a portion of the management fees associated with the Class S shares ofthe Thrivent Small Cap Growth Fund in order to limit the Total Annual FundOperating Expenses After Fee Waivers and/or Expense Reimbursements to anannual rate of 1.21% of the average daily net assets of the Class S shares. Thiscontractual provision, however, may be terminated before the indicatedtermination date upon the mutual agreement between the Independent Trusteesof the Fund and the Adviser.




$123 $853 $1,605 $3,588

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costs andmay result in higher taxes when Fund shares are held in a taxableaccount. These costs, which are not reflected in annual fundoperating expenses or in the example, affect the Fund’sperformance.

From inception on February 28, 2018 through the most recentfiscal year, the Fund’s portfolio turnover rate was 32% of theaverage value of its portfolio.

Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes) in equity securities of small companies. The Adviserfocuses mainly in the equity securities of smaller U.S. companieswhich have market capitalizations equivalent to those companiesincluded in widely known indices such as the S&P SmallCap 600Index, the MSCI USA Small Cap Index, or the small companymarket capitalization classification published by Lipper, Inc.These companies typically have a market capitalization of lessthan $6 billion. Should the Adviser determine that the Fundwould benefit from reducing the percentage of its assets investedin equity securities of small companies stocks from 80% to alesser amount, we will notify you at least 60 days prior to thechange.

The Fund seeks to achieve its investment objective by investingprimarily in common stocks. The Adviser uses fundamental,quantitative, and technical investment research techniques andfocuses on stocks of companies that it believes havedemonstrated and believes will sustain above-average revenueand earnings growth over time, or which are expected to developrapid sales and earnings growth in the future when compared tothe economy and stock market as a whole. Many such companiesare in the technology sector and the Fund may at times have ahigher concentration in this industry.



Thrivent Small Cap Growth FundTSCGX

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Technology-Oriented Companies Risk. Common stocks ofcompanies that rely extensively on technology, science orcommunications in their product development or operations maybe more volatile than the overall stock market and may or maynot move in tandem with the overall stock market. Technology,science and communications are rapidly changing fields, andstocks of these companies, especially of smaller or unseasonedcompanies, may be subject to more abrupt or erratic marketmovements than the stock market in general. There aresignificant competitive pressures among technology-orientedcompanies and the products or operations of such companies maybecome obsolete quickly. In addition, these companies may havelimited product lines, markets or financial resources and the

management of such companies may be more dependent uponone or a few key people.

PerformanceNo performance information for the Fund is provided because itdoes not yet have a full year of performance history. Call800-847-4836 or visit ThriventFunds.com for performance resultscurrent to the most recent month-end.

How the Fund has performed in the past is not necessarily anindication of how it will perform in the future. Performanceinformation provides some indication of the risks of investing inthe Fund by showing changes in the Fund’s performance overtime.


Portfolio Manager(s)David J. Lettenberger, CFA is primarily responsible for theday-to-day management of the Fund. Mr. Lettenberger has servedas portfolio manager of the Fund since February 2018. Mr.Lettenberger has been a portfolio manager at Thrivent Financialsince 2013, when he joined the firm. Prior to joining ThriventFinancial, Mr. Lettenberger was a portfolio manager at UBSGlobal Asset Management.





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Payments to Broker-Dealers and OtherFinancial IntermediariesIf you purchase the Fund through a broker-dealer or otherfinancial intermediary (such as an insurance company), the Fundand its related companies may pay the intermediary for the sale of

Fund shares and related services. These payments may create aconflict of interest by influencing the broker-dealer or otherintermediary and your salesperson to recommend the Fund overanother investment. Ask your salesperson or visit your financialintermediary’s website for more information.

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Investment ObjectiveThrivent Small Cap Stock Fund (the "Fund") seeks long-termcapital growth.













$88 $274 $477 $1,061


Principal StrategiesUnder normal circumstances, the Fund invests at least 80% of itsnet assets (plus the amount of any borrowing for investmentpurposes) in equity securities of small companies. The Adviserfocuses mainly in the equity securities of smaller U.S. companieswhich have market capitalizations equivalent to those companiesincluded in widely known indices such as the S&P SmallCap 600Index, MSCI USA Small Cap Index, or the small companymarket capitalization classifications published by Lipper, Inc.These companies typically have a market capitalization of lessthan $6 billion. Should the Adviser determine that the Fundwould benefit from reducing the percentage of its assets investedin equity securities of small companies stocks from 80% to alesser amount, we will notify you at least 60 days prior to thechange.

The Fund seeks to achieve its investment objective by investingprimarily in common stocks. The Adviser uses fundamental,quantitative, and technical investment research techniques todetermine what securities to buy and sell. Fundamentaltechniques assess a security’s value based on an issuer’s financialprofile, management, and business prospects while quantitativeand technical techniques involve a more data-oriented analysis offinancial information, market trends and price movements. TheAdviser looks for small companies that, in its opinion:

• have an improving fundamental outlook;• have capable management; and• are financially sound.




Investment Adviser Risk. The Fund is actively managed and thesuccess of its investment strategy depends significantly on theskills of the Adviser in assessing the potential of the investmentsin which the Fund invests. This assessment of investments may

Thrivent Small Cap Stock FundTSCSX

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prove incorrect, resulting in losses or poor performance, even inrising markets.




PerformanceThe following bar chart and table provide an indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for one-, five- and ten-year periodscompared to a broad-based securities market index. The index isthe S&P SmallCap 600 Index, which measures the small-capsegment of the U.S. equity market. Call 800-847-4836 or visitThriventFunds.com for performance results current to the mostrecent month-end.




20.38%

25.55%

(5.23)%

9.57%

36.07%

4.77%

(2.61)%

25.69%

21.29%

(10.37)%

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Thrivent Small Cap Stock Fund 1 Year 5 Years 10 Years




S&P SmallCap 600 Index(reflects no deduction for fees,expenses or taxes) (8.48)% 6.34% 13.61%


Portfolio Manager(s)Matthew D. Finn, CFA and James M. Tinucci, CFA are jointlyand primarily responsible for the day-to-day management of theFund. Mr. Finn has served as lead portfolio manager for the Fundsince March 2013. Mr. Tinucci has served as the associateportfolio manager of the Fund since February 2015. Mr. Finn hasbeen a portfolio manager at Thrivent Financial since 2004, whenhe joined Thrivent Financial. Mr. Tinucci has been with ThriventFinancial since 2014, and previously held various positions atThrivent Financial from 2007 to 2012. Prior to rejoining ThriventFinancial, Mr. Tinucci was a manager at Deloitte Consulting.


The minimum initial investment requirement for this Fund is$2,000 and the minimum subsequent investment requirement is$50 for taxable accounts. For IRA or tax-deferred accounts, theminimum initial investment requirement for this Fund is $1,000and the minimum subsequent investment requirement is $50.

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These investment requirements may be different, however, forinvestors investing in the Fund through an automatic investmentplan or through certain fee-based investment advisory programs.




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Each Fund’s investment objective and principal strategies aredescribed in the “Summary Section” above. The principalstrategies are the strategies that a Fund’s investment adviser andsub-adviser (if applicable) believe are most likely to be importantin trying to achieve the Fund’s investment objective. Please notethat each Fund may also use strategies and invest in securitiesthat are not described in this prospectus, but that are described inthe Statement of Additional Information.

This section provides additional information about some of thesecurities and other practices in which certain Funds may engage,along with their associated risks.

Information about CertainPrincipal Investment StrategiesAdjustable rate securities. The interest rate may be adjusteddaily or at specified intervals (such as monthly, quarterly orannually). Adjustments may be based on a referenced market rate(such as the London Interbank Offer Rate or “LIBOR”) for aspecified term (such as one, three or twelve months). For somesecurities, adjustments are made by a third-party or auctionprocess designed to maintain a market value close to thesecurity’s face amount. Adjustments may be limited by caps orfloors.

Some adjustable rate securities are payable upon demand, whichshould reduce the volatility of their market values. The right todemand payment may be exercisable after a specified noticeperiod (such as seven or thirty days) and only at specifiedintervals (such as at the end of a calendar month or quarter). Theright to demand payment may terminate upon certain events(such as the issuer’s insolvency).

So long as the Adviser expects an adjustable rate security’smarket value to approximate its face value after each interest rateadjustment, the Adviser may rely on the interest rate whencalculating a Fund’s dollar-weighted average maturity orduration. The market value of an adjustable rate security maynevertheless decline, due to changes in market conditions or thefinancial condition of the issuer and the effects of caps or floorson interest rate adjustments.

Collateralized debt obligations. Thrivent Limited MaturityBond Fund may invest in collateralized debt obligations(“CDOs”) as a principal strategy; the other Funds may do so as anon-principal strategy. CDOs are types of asset-backed securities.Collateralized loan obligations (“CLOs”) are ordinarily issued bya trust or other special purpose entity and are typicallycollateralized by a pool of loans, which may include, amongothers, domestic and non-U.S. senior secured loans, seniorunsecured loans, and subordinate corporate loans, including loansthat may be rated below investment grade or equivalent unratedloans, held by such issuer. Normally, collateralized bondobligations (“CBOs”), CLOs and other CDOs are privately

offered and sold, and thus are not registered under the securitieslaws. As a result, investments in CDOs may be characterized bythe Fund as illiquid securities.

Derivatives. Derivatives, a category that includes options,futures, swaps and hybrid instruments, are financial instrumentswhose value derives from another security, an index, an interestrate or a currency. Each Fund may use derivatives for hedging(attempting to offset a potential loss in one position byestablishing an interest in an opposite position). This includes theuse of currency-based derivatives for hedging its positions inforeign securities. Each Fund may also use derivatives to obtaininvestment exposure to a certain asset class or for speculation(investing for potential income or capital gain).

While hedging can guard against potential risks, using derivativesadds to the Fund’s expenses and can eliminate some opportunitiesfor gains. There is also a risk that a derivative intended as a hedgemay not perform as expected. For example, the price or value ofthe underlying instrument, asset, index, currency or rate maymove in a different direction than expected or such movementsmay be of a magnitude greater or less than expected.

Another risk with derivatives is that some types can amplify again or loss, potentially earning or losing substantially moremoney than the actual cost (if any) incurred when the derivativeis entered into by a Fund. In addition, a derivative used forhedging or replication may not accurately track the value of theunderlying asset, index or rate.

With some derivatives, whether used for hedging, replication orspeculation, there is also the risk that the counterparty may fail tohonor its contract terms, causing a loss for the Fund. In addition,suitable derivative investments for hedging, replication orspeculative purposes may not be available.

Derivatives can be difficult to value and illiquid, which means aFund may not be able to close out a derivatives transaction in acost-efficient manner. Futures contracts are subject to the riskthat an exchange may impose price fluctuation limits, which maymake it difficult or impossible for a Fund to close out a positionwhen desired.

Hybrid instruments (a type of potentially high-risk derivative)can combine the characteristics of securities, futures, and options.For example, the principal amount, redemption, or conversionterms of a security could be related to the market price of somecommodity, currency, or securities index. Such securities maybear interest or pay dividends at below market or even relativelynominal rates. Under certain conditions, the redemption value ofa hybrid could be zero.

Emerging markets securities. A security is considered to be an“emerging market” security if issued by a country that is anemerging market country, or a country or company that Fundmanagement has determined meets one or more of the followingcriteria:

More about Investment Strategies and Risks

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• is organized under the laws of, or has its principal office in,an emerging market country;

• has its principal securities trading market in an emergingmarket country; and/or

• derives a majority of its annual revenue or earnings or assetsfrom goods produced, sales made or services performed in anemerging market country.

An “emerging market” country is any country determined byFund management to have an emerging market economy,considering factors such as the country’s credit rating, its politicaland economic stability and the development of its financial andcapital markets. These emerging market countries include everynation in the world except the U.S., Canada, Israel, Japan,Australia, New Zealand, Hong Kong, Singapore and all nationstypically considered part of Western Europe.

Exchange traded funds (“ETFs”). An ETF is an investmentcompany that holds a portfolio of investments generally designedto track the performance of an index or benchmark. An ETFtrades on a securities exchange.

Generally, investments in other investment companies (includingETFs) are subject to statutory limitations prescribed by theInvestment Company Act of 1940, as amended. These limitationsinclude a prohibition on a Fund acquiring more than 3% of thevoting shares of any other investment company, and a prohibitionon investing more than 5% of the Fund’s total assets in thesecurities of any one investment company or more than 10% ofits total assets, in the aggregate, in investment companysecurities. Many ETFs, however, have obtained exemptive relieffrom the Securities and Exchange Commission to permitunaffiliated funds to invest in the ETFs’ shares beyond thesestatutory limitations, subject to certain conditions and pursuant toa contractual arrangement between the ETFs and the investingFund. The Funds may rely on these exemptive orders in order toinvest in certain ETFs beyond the foregoing statutory limitations.

Foreign currency transactions. The Funds may conduct foreigncurrency exchange transactions, normally either on a spot (i.e.,cash) basis at the spot rate prevailing in the foreign currencyexchange market, or through entering into forward contracts topurchase or sell foreign currencies. The Funds will generally notenter into a forward contract with a term greater than one year.

Under unusual circumstances, Thrivent Partner WorldwideAllocation Fund may commit a substantial portion of its portfolioto the consummation of these contracts. Although forwardcontracts may be used to protect a Fund from adverse currencymovements, they also involve the risk that anticipated currencymovements will not be accurately predicted, and the Fund’s totalreturns could be adversely affected as a result.

There are some markets where it is not possible to engage ineffective foreign currency hedging. This is generally true, forexample, for the currencies of various emerging markets wherethe foreign exchange markets are not sufficiently developed topermit hedging activity to take place.

Foreign securities. Foreign securities are generally more volatilethan their domestic counterparts, in part because of potential for

higher political and economic risks, lack of reliable informationand fluctuations in currency exchange rates where investmentsare denominated in currencies other than the U.S. dollar. Theserisks are usually higher in less developed countries. Each of theFunds except Thrivent Money Market Fund may use foreigncurrencies and related instruments to hedge its foreigninvestments.

In addition, foreign securities may be more difficult to resell andless liquid than comparable U.S. securities because the marketsfor foreign securities are less efficient. Even where a foreignsecurity increases in price in its local currency, the appreciationmay be diluted by the negative effect of exchange rates when thesecurity’s value is converted to U.S. dollars. Foreign withholdingtaxes also may apply and errors and delays may occur in thesettlement process for foreign securities.

Government bonds and municipal bonds. Each of the Fundsmay invest in government bonds and municipal bonds. As aresult, the Fund’s performance may be affected by political andeconomic conditions at the state, regional or Federal level. Thesemay include budgetary problems, declines in the tax base orchanges in federal income tax laws or rates and other factors thatmay cause rating agencies to downgrade the credit ratings oncertain issues.

High yield bonds. High yield bonds are debt securities ratedbelow BBB by S&P or Baa by Moody’s or unrated securitiesdeemed to be of comparable quality by the Adviser. To the extentthat a Fund invests in high yield bonds, it takes on the followingrisks:

• The risk of a bond’s issuer defaulting on principal or interestpayments is greater than on higher quality bonds.

• Issuers of high yield bonds are less secure financially and aremore likely to be hurt by interest rate increases and declinesin the health of the issuer or the economy.

• High yield securities generally have a less liquid resalemarket.

International exposure. Many U.S. companies in which theseFunds may invest generate significant revenues and earningsfrom abroad. As a result, these companies and the prices of theirsecurities may be affected by weaknesses in global and regionaleconomies and the relative value of foreign currencies to the U.S.dollar. These factors, taken as a whole, could adversely affect theprice of Fund shares.

Mortgage-backed and asset-backed securities.Mortgage-backed securities are securities that are backed bypools of mortgages and which pay income based on the paymentsof principal and income they receive from the underlyingmortgages. Asset-backed securities are similar but are backed byother assets, such as pools of consumer loans. Both are sensitiveto interest rate changes as well as to changes in the repaymentpatterns of the underlying securities. If the principal payment onthe underlying asset is repaid faster or slower than the holder ofthe mortgage-backed or asset-backed security anticipates, theprice of the security may fall, especially if the holder mustreinvest the repaid principal at lower rates or must continue tohold the securities when interest rates rise.

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Real estate investment trusts (“REITs”). REITs generally canbe divided into three types: equity REITs, mortgage REITs andhybrid REITs (which combine the characteristics of equity REITsand mortgage REITs). Equity REITs will be affected by changesin the values of and incomes from the properties they own, whilemortgage REITs may be affected by the credit quality of themortgage loans they hold. All types of REITs may be affected bychanges in interest rates. The effect of rising interest rates isgenerally more pronounced for high dividend paying stock thanfor stocks that pay little or no dividends. This may cause thevalue of real estate securities to decline during periods of risinginterest rates, which would reduce the overall return of the Fund.REITs are subject to other risks as well, including the fact thatREITs are dependent on specialized management skills whichmay affect their ability to generate cash flow for operatingpurposes and to make distributions to shareholders or unitholders.REITs may have limited diversification and are subject to therisks associated with obtaining financing for real property. AREIT can pass its income through to shareholders or unitholderswithout any tax at the entity level if it complies with variousrequirements under the Internal Revenue Code. There is the riskthat a REIT held by a Fund will fail to qualify for this tax-freepass-through treatment of its income. In addition, due to recentchanges in the tax laws, certain tax benefits of REITs may not bepassed through to mutual fund shareholders. By investing inREITs indirectly through a Fund, in addition to bearing aproportionate share of the expenses of the Fund, you will alsoindirectly bear similar expenses of the REITs in which the Fundinvests.

Securities ratings. When fixed-income securities are rated byone or more independent rating agencies, a Fund uses theseratings to determine bond quality. Investment grade bonds arethose that are rated within or above the BBB major ratingcategory by S&P or the Baa major rating category by Moody’s,or unrated but considered of equivalent quality by the Fund’sadviser. High-yield bonds are below investment grade bonds interms of quality.

In cases where a bond is rated in conflicting categories bydifferent rating agencies, a Fund (other than Thrivent MoneyMarket Fund) may choose to follow the higher rating. If a bond isunrated, the Fund may assign it to a given category based on itsown credit research. If a rating agency downgrades a security, themarket price and liquidity of such security may be adverselyaffected and the Fund will determine whether to hold or sell thesecurity, depending on all of the facts and circumstances at thattime.

Information about CertainNon-Principal InvestmentStrategiesDefensive investing. In response to market, economic, politicalor other conditions, each Fund (other than the Money MarketFund) may invest without limitation in cash, preferred stocks, orinvestment-grade debt securities for temporary defensivepurposes that are not part of the Fund’s principal investment

strategies. If the Fund does this, different factors could affect theFund’s performance and it may not achieve its investmentobjective.

Illiquid securities. An illiquid security is an investment that aFund reasonably expects cannot be sold or disposed of in currentmarket conditions in seven calendar days or less without the saleor disposition significantly changing the market value of theinvestment. Each of the Funds may invest up to 15% of net assets(5% of net assets for Thrivent Money Market Fund subject tomoney market fund requirements) in illiquid securities. Anysecurities that are thinly traded or whose resale is restricted canbe difficult to sell at a desired time and price. Some of thesesecurities are new and complex, and trade only amonginstitutions. The markets for these securities are still developingand may not function as efficiently as established markets.Owning a large percentage of illiquid securities could hamper aFund’s ability to raise cash to meet redemptions. Also, becausethere may not be an established market price for these securities,a Fund may have to estimate their value, which means that theirvaluation (and, to a much smaller extent, the valuation of theFund) may have a subjective element.

Initial public offerings. Each of the Funds may purchasesecurities in initial public offerings (IPOs) of securities. IPOsissued by unseasoned companies with little or no operatinghistory are risky and their prices are highly volatile, but they canresult in very large gains in their initial trading. Thus, when theFund’s size is smaller, any gains from IPOs will have anexaggerated impact on the Fund’s reported performance thanwhen the Fund is larger. Attractive IPOs are often oversubscribedand may not be available to the Fund, or only in very limitedquantities. There can be no assurance that a Fund will havefavorable IPO investment opportunities.

In-kind purchases. The Funds may purchase shares of affiliatedFunds through in-kind contributions of portfolio securities heldby the Fund, according to procedures adopted by the Funds’Board of Trustees and subject to applicable regulatoryrequirements. The procedures generally require, among otherthings, that the in-kind contribution does not favor the Fundmaking the contribution over any other shareholder in thereceiving Fund and the contribution is in the best interests of theaffiliated Fund receiving the in-kind contribution. The securitiescontributed must be valued according to the receiving Fund’svaluation procedures and be of the appropriate type and amountfor investment by the Fund receiving the contribution. If theseprocedures are not followed or the shares purchased decline invalue, it could adversely affect the price of Fund shares.

In-kind redemptions. A Fund may redeem its shares in-kind(i.e., with its underlying portfolio securities), subject toapplicable regulatory requirements. In this situation, you wouldtypically receive a pro-rata portion (i.e., a proportionate share) ofa Fund’s portfolio of holdings. You may incur brokerage andother transaction costs associated with converting into cash theportfolio securities distributed to you for such in-kindredemptions. The portfolio securities you receive may increase ordecrease in value before you convert them into cash. You may

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incur tax liability when you sell the portfolio securities youreceive from an in-kind redemption.

Securities lending. Each of the Funds except Thrivent MoneyMarket Fund may seek additional income by lending Fundsecurities to qualified institutions. By reinvesting any cashcollateral it receives in these transactions, a Fund could realizeadditional gains or losses. If the borrower fails to return thesecurities and the invested collateral has declined in value, theFund could lose money.

Short-term trading. The investment strategy for each Fund attimes may include short-term trading. While a Fund ordinarilydoes not trade securities for short-term profits, it will sell anysecurity at any time it believes best, which may result inshort-term trading. Short-term trading can increase a Fund’stransaction costs and may increase your tax liability.

Unusual opportunities. Each of the Funds may purchase somesecurities that do not meet its normal investment criteria when theinvestment adviser or subadviser perceives an unusualopportunity for gain, which could include a variety of factors,including a change in management, an extraordinary corporateevent, or a temporary imbalance in the supply of or demand forthe securities.

When-issued securities. A Fund may invest in securities prior totheir date of issue. These securities could fall in value by the timethey are actually issued, which may be any time from a few daysto over a year. In addition, no income will be earned on thesesecurities until they are actually delivered.

Zero coupons. A zero coupon security is a debt security that ispurchased and traded at discount to its face value because it paysno interest for some or all of its life. Interest, however, is reportedas income to a Fund that has purchased the security and the Fundis required to distribute to shareholders an amount equal to theamount reported. Those distributions may require the Fund toliquidate Fund securities at a disadvantageous time.

If the anticipated gains do not materialize, the Fund could losemoney from such an investment.

Glossary of Principal RisksThe main risks associated with investing in each Fund aresummarized in “Summary Section” above. More detaileddescriptions of the main risks and additional risks of the Fundsare described below. Please note that each Fund also may usestrategies and be subject to risks that are not described in thisprospectus, but that are described in the statement of additionalinformation.

Allocation Risk. Certain Funds’ investment performance dependsupon how its assets are allocated across broad asset categoriesand applicable sub-classes within such categories. Some broadasset categories and sub-classes may perform below expectationsor the securities markets generally over short and extendedperiods. For example, underperformance in the equity or debtmarkets could have a material adverse effect on a Fund’s totalreturn if it has a significant allocation to those types of securities.Therefore, a principal risk of investing in the Fund is that the

allocation strategies used and the allocation decisions made willnot produce the desired results.

Business Development Company (“BDC”) Risk. The value of aBDC’s investments will be affected by portfolio companyspecific performance as well as the overall economicenvironment. Shares of BDCs may trade at prices that reflect apremium above or a discount below the investment company’snet asset value, which may be substantial. A Fund may beexposed to greater risk and experience higher volatility thanwould a portfolio that was not invested in BDCs. Additionally,most BDCs employ leverage which can magnify the returns ofunderlying investments.

Closed-End Fund (“CEF”) Risk. Investments in CEFs aresubject to various risks, including reliance on management’sability to meet a CEF’s investment objective and to manage aCEF’s portfolio; fluctuation in the market value of a CEF’sshares compared to the changes in the value of the underlyingsecurities that the CEF owns (i.e., trading at a discount orpremium to its net asset value); and that CEFs are permitted toinvest in a greater amount of “illiquid” securities than typicalmutual funds. A Fund is subject to a pro-rata share of themanagement fees and expenses of each CEF in addition to theFund’s management fees and expenses, resulting in Fundshareholders subject to higher expenses than if they investeddirectly in CEFs.

Collateralized Debt Obligations (“CDO”) Risk. The risks of aninvestment in a CDO depend largely on the quality and type ofthe collateral and the tranche of the CDO in which the Fundinvests. In addition to the typical risks associated with fixedincome securities and asset-backed securities, CDOs carryadditional risks including, but not limited to: (i) the possibilitythat distributions from collateral securities will not be adequate tomake interest or other payments; (ii) the risk that the collateralmay default, decline in value, and/or be downgraded; (iii) theFund may invest in tranches of CDOs that are subordinate toother tranches; (iv) the structure and complexity of thetransaction and the legal documents could lead to disputes amonginvestors regarding the characterization of proceeds; (v) theinvestment return achieved by the Fund could be significantlydifferent than those predicted by financial models; (vi) the lack ofa readily available secondary market for CDOs; (vii) risk offorced “fire sale” liquidation due to technical defaults such ascoverage test failures; and (viii) the CDO’s manager may performpoorly. In addition, investments in CDOs may be characterizedby the Fund as illiquid securities.

Convertible Securities Risk. Convertible securities are subject tothe usual risks associated with debt securities, such as interestrate risk and credit risk. Convertible securities also react tochanges in the value of the common stock into which theyconvert, and are thus subject to market risk. A Fund may also beforced to convert a convertible security at an inopportune time,which may decrease the Fund’s return.

Credit Risk. Credit risk is the risk that an issuer of a debt securityto which the Fund is exposed may no longer be able or willing topay its debt. As a result of such an event, the debt security may

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decline in price and affect the value of the Fund. Similarly, thereis a risk that the value of a debt security may decline because ofconcerns about the issuer’s ability or willingness to make interestand/or principal payments. Debt securities are subject to varyingdegrees of credit risk, which are often reflected in credit ratings.The credit rating of a debt security may be lowered if the issuersuffers adverse changes in its financial condition, which can leadto more volatility in the price of the security and in shares of theFund.

Cyber Security Risk. With the increased use of the Internet andother technologies, the Funds and their service providers aresubject to operational and information security risks resultingfrom cyber-attacks and/or other technological malfunctions orprogramming inaccuracies. In general, cyber-attacks aredeliberate, but unintentional events may have similar effects.Successful cyber-attacks against, or security breakdowns of, aFund or any affiliated or third-party service provider mayadversely affect the Fund or its shareholders. While the Fundsand their service providers have established business continuityplans and systems designed to prevent cyber-attacks, there areinherent limitations in such plans and systems including thepossibility that certain risks have not been identified. Similartypes of cyber security risks also are present for issuers ofsecurities in which the Funds invest, which could result inmaterial adverse consequences for such issuers, and may cause aFund’s investment in such securities to lose value.

Derivatives Risk. The use of derivatives (such as futures, optionsand credit default swaps) involves additional risks and transactioncosts which could leave a Fund in a worse position than if it hadnot used these instruments. Changes in the value of the derivativemay not correlate as intended with the underlying asset, rate orindex, and a Fund could lose much more than the original amountinvested. Derivatives can be highly volatile, illiquid and difficultto value. Derivatives are also subject to the risk that the otherparty in the transaction will not fulfill its contractual obligations.

The success of a Fund’s derivatives strategies will depend on theAdviser’s ability to assess and predict the impact of market oreconomic developments on the underlying asset, index or rateand the derivative itself, without the benefit of observing theperformance of the derivative under all possible marketconditions. Swap agreements may involve fees, commissions orother costs that may reduce a Fund’s gains from a swapagreement or may cause a Fund to lose money. Futures contractsare subject to the risk that an exchange may impose pricefluctuation limits, which may make it difficult or impossible for aFund to close out a position when desired.

Emerging Markets Risk. The economic and political structuresof developing countries, in most cases, do not compare favorablywith the U.S. or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity. Fundperformance will likely be negatively affected by portfolioexposure to countries and corporations domiciled in or withrevenue exposures to countries in the midst of, among otherthings, hyperinflation, currency devaluation, trade disagreements,sudden political upheaval or interventionist government policies.Significant buying or selling actions by a few major investors

may also heighten the volatility of emerging markets. Thesefactors make investing in emerging market countries significantlyriskier than in other countries and events in any one countrycould cause the Fund’s share price to decline.

Some emerging market countries restrict to varying degreesforeign investment in their securities markets. In somecircumstances, these restrictions may limit or precludeinvestment in certain countries or may increase the cost ofinvesting in securities of particular companies.

Emerging markets generally do not have the level of marketefficiency and strict standards in accounting and securitiesregulation to be on par with advanced economies. Investments inemerging markets come with much greater risk due to politicalinstability, domestic infrastructure problems and currencyvolatility.

Equity Security Risk. Equity securities held by the Fund maydecline significantly in price over short or extended periods oftime, and such declines may occur because of declines in theequity market as a whole, or because of declines in only aparticular country, company, industry, or sector of the market.From time to time, the Fund may invest a significant portion ofits assets in companies in one or more related sectors or industrieswhich would make the Fund more vulnerable to adversedevelopments affecting such sectors or industries. Equitysecurities are generally more volatile than most debt securities.The prices of individual stocks generally do not all move in thesame direction at the same time. A variety of factors cannegatively affect the price of a particular company’s stock. Thesefactors may include, but are not limited to: poor earnings reports,a loss of customers, litigation against the company, generalunfavorable performance of the company’s sector or industry, orchanges in government regulations affecting the company or itsindustry.

ETF Risk. An ETF is subject to the risks of the underlyinginvestments that it holds. For index-based ETFs, while such ETFsseek to achieve the same returns as a particular market index, theperformance of an ETF may diverge from the performance ofsuch index (commonly known as tracking error). ETFs aresubject to fees and expenses (like management fees and operatingexpenses) and a Fund will indirectly bear its proportionate shareof any such fees and expenses paid by the ETFs in which itinvests. In addition, ETF shares may trade at a premium ordiscount to their net asset value. As ETFs trade on an exchange,they are subject to the risks of any exchange-traded instrument,including: (i) an active trading market for its shares may notdevelop or be maintained, (ii) trading of its shares may be haltedby the exchange, and (iii) its shares may be delisted from theexchange.

Financial Sector Risk. Companies in the financial sector of aneconomy are subject to extensive governmental regulation andintervention, which may adversely affect the scope of theiractivities, the prices they can charge, the amount of capital theymust maintain and, potentially, their size. Governmentalregulation may change frequently and may have significantadverse consequences for companies in the financial sector,

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including effects not intended by such regulation. The impact ofrecent or future regulation in various countries of any individualfinancial company or of the financial sector as a whole cannot bepredicted. Certain risks may impact the value of investments inthe financial sector more severely than those of investmentsoutside this sector, including the risks associated with companiesthat operate with substantial financial leverage. Companies in thefinancial sector may also be adversely affected by increases ininterest rates and loan losses, decreases in the availability ofmoney or asset valuations, credit rating downgrades and adverseconditions in other related markets. Insurance companies, inparticular, may be subject to severe price competition and/or rateregulation, which may have an adverse impact on theirprofitability. During the financial crisis that began in 2007, thedeterioration of the credit markets impacted a broad range ofmortgage, asset-backed, auction rate, sovereign debt and othermarkets, including U.S. and non-U.S. credit and interbank moneymarkets, thereby affecting a wide range of financial institutionsand markets. During the financial crisis, a number of largefinancial institutions failed, merged with stronger institutions orhad significant government infusions of capital. Instability in thefinancial markets caused certain financial companies to incurlarge losses. Some financial companies experienced declines inthe valuations of their assets, took actions to raise capital (such asthe issuance of debt or equity securities), or even ceasedoperations. Some financial companies borrowed significantamounts of capital from government sources. Those actionscaused the securities of many financial companies to decline invalue. The financial sector is particularly sensitive to fluctuationsin interest rates. The financial sector is also a target for cyberattacks and may experience technology malfunctions anddisruptions. In recent years, cyber attacks and technology failureshave become increasingly frequent and have caused significantlosses.

Foreign Currency Risk. The Fund is also subject to the risk thatthe value of a foreign currency may decline against the U.S.dollar, which would reduce the dollar value of securitiesdenominated in that currency. The overall impact of such adecline of foreign currency can be significant, unpredictable, andlong lasting, depending on the currencies represented, how eachone appreciates or depreciates in relation to the U.S. dollar, andwhether currency positions are hedged. Under normal conditions,the Fund does not engage in extensive foreign currency hedgingprograms. Further, exchange rate movements are volatile, and itis not possible to effectively hedge the currency risks of manydeveloping countries.

Foreign Securities Risk. To the extent a Fund is exposed toforeign securities, it is subject to various risks associated withsuch securities. Foreign securities are generally more volatilethan their domestic counterparts, in part because of potential forhigher political and economic risks, lack of reliable informationand fluctuations in currency exchange rates where investmentsare denominated in currencies other than the U.S. dollar. Foreignsecurities also may be more difficult to resell than comparableU.S. securities because the markets for foreign securities areoften less liquid. Even when a foreign security increases in pricein its local currency, the appreciation may be diluted by adverse

changes in exchange rates when the security’s value is convertedto U.S. dollars. Foreign withholding taxes also may apply anderrors and delays may occur in the settlement process for foreignsecurities.

Securities of foreign companies in which the Fund investsgenerally carry more risk than securities of U.S. companies. Theeconomies and financial markets of certain regions—such asLatin America, Asia, Europe and the Mediterranean region—canbe highly interdependent and may decline at the same time.Certain European countries in which a Fund may invest haverecently experienced significant volatility in financial marketsand may continue to do so in the future. The impact of the UnitedKingdom’s intended departure from the European Union,commonly known as “Brexit,” and the potential departure of oneor more other countries from the European Union may havesignificant political and financial consequences for globalmarkets. These consequences include greater market volatilityand illiquidity, currency fluctuations, deterioration in economicactivity, a decrease in business confidence and an increasedlikelihood of a recession in such markets. Uncertainty relating tothe withdrawal procedures and timeline may have adverse effectson asset valuations and the renegotiation of current tradeagreements, as well as an increase in financial regulation in suchmarkets. This may adversely impact Fund performance.

Other risks result from the varying stages of economic andpolitical development of foreign countries; the differingregulatory environments, trading days, and accounting standardsof foreign markets; and higher transaction costs. The Fund’sinvestment in any country could be subject to governmentalactions such as capital or currency controls, nationalizing acompany or industry, expropriating assets, or imposing punitivetaxes that would have an adverse effect on security prices andimpair the Fund’s ability to repatriate capital or income.


Government Securities Risk. Certain Funds invest in securitiesissued or guaranteed by the U.S. government or its agencies andinstrumentalities (such as Ginnie Mae, Fannie Mae or FreddieMac securities). Securities issued or guaranteed by Ginnie Mae,Fannie Mae or Freddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S. corporation thatis authorized to guarantee, with the full faith and credit of theU.S. government, the timely payment of principal and interest ofits securities. By contrast, securities issued or guaranteed by U.S.government-related organizations such as Fannie Mae andFreddie Mac are not backed by the full faith and credit of the U.S.government. No assurance can be given that the U.S. governmentwould provide financial support to its agencies andinstrumentalities if not required to do so by law. In addition, thevalue of U.S. government securities may be affected by changesin the credit rating of the U.S. government.

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Growth Investing Risk. Growth style investing includes the riskof investing in securities whose prices historically have beenmore volatile than other securities, especially over the short term.Growth stock prices reflect projections of future earnings orrevenues and, if a company’s earnings or revenues fall short ofexpectations, its stock price may fall dramatically. Growth stocksmay lack dividends that could help cushion prices in a decliningmarket. Growth style investing may be out of favor with investorsfrom time to time and growth stocks may underperform thesecurities of other companies or the stock market in general.

High Yield Risk. High yield securities - commonly known as“junk bonds” - are considered predominantly speculative withrespect to the issuer’s continuing ability to make principal andinterest payments. If the issuer of the security is in default withrespect to interest or principal payments, the value of the Fundmay be negatively affected. High yield securities may be moresusceptible to real or perceived adverse economic conditions thaninvestment grade securities, and they generally have morevolatile prices and carry more risk to principal. In addition, highyield securities generally are less liquid than investment gradesecurities.

Inflation-Linked Security Risk. Inflation-linked debt securities,such as TIPS, are subject to the effects of changes in marketinterest rates caused by factors other than inflation (real interestrates). In general, the price of an inflation-linked security tends todecrease when real interest rates increase and can increase whenreal interest rates decrease. Interest payments on inflation-linkedsecurities are unpredictable and will fluctuate as the principal andinterest are adjusted for inflation. Any increase in the principalamount of an inflation-linked debt security will be consideredtaxable ordinary income, even though the Fund will not receivethe principal until maturity.

There can also be no assurance that the inflation index used willaccurately measure the real rate of inflation in the prices of goodsand services. The Fund’s investments in inflation-linkedsecurities may lose value in the event that the actual rate ofinflation is different than the rate of the inflation index. Inaddition, inflation-linked securities are subject to the risk that theConsumer Price Index for All Urban Consumers (CPI-U) or otherrelevant pricing index may be discontinued, fundamentallyaltered in a manner materially adverse to the interests of aninvestor in the securities, altered by legislation or ExecutiveOrder in a materially adverse manner to the interests of aninvestor in the securities or substituted with an alternative index.

Interest Rate Risk. Interest rate risk is the risk that prices of debtsecurities decline in value when interest rates rise for debtsecurities that pay a fixed rate of interest. Debt securities withlonger durations or maturities tend to be more sensitive tochanges in interest rates than debt securities with shorterdurations or maturities. Changes by the Federal Reserve tomonetary policies could affect interest rates and the value ofsome securities.

Investing-in-Funds Risk. Each of the Thrivent AggressiveAllocation Fund, Thrivent Moderate Allocation Fund,ThriventModerately Aggressive Allocation Fund and Thrivent Moderately

Conservative Allocation Fund (each, a “Thrivent AssetAllocation Fund” and collectively, the “Thrivent Asset AllocationFunds”) allocate their assets among certain Other Funds. Fromtime to time, one or more of the Other Funds may experiencerelatively large investments or redemptions due to reallocationsor rebalancings by the Thrivent Asset Allocation Funds or otherinvestors. These transactions may affect the Other Funds sinceOther Funds that experience redemptions as a result ofreallocations or rebalancings may have to sell Fund securities andsince Other Funds that receive additional cash will have to investsuch cash. These effects may be particularly important when oneor more of the Thrivent Asset Allocation Funds owns asubstantial portion of any Other Fund. While it is impossible topredict the overall impact of these transactions over time, theperformance of an Other Fund may be adversely affected if theOther Fund is required to sell securities or invest cash atinopportune times. These transactions could also increasetransaction costs and accelerate the realization of taxable incomeif sales of securities resulted in gains. Because the Thrivent AssetAllocation Funds may own substantial portions of some OtherFunds, a redemption or reallocation by a Thrivent AssetAllocation Fund away from an Other Fund could cause the OtherFund’s expenses to increase.

Investment Adviser Risk. The Funds are actively managed andthe success of its investment strategy depends significantly on theskills of the Adviser or subadviser in assessing the potential ofthe investments in which the Fund invests. This assessment ofinvestments may prove incorrect, resulting in losses or poorperformance, even in rising markets.

Investment in Other Investment Companies Risk. Investing inother investment companies, including CEFs and BDCs, couldresult in the duplication of certain fees, including managementand administrative fees, and may expose a Fund to risks ofowning the underlying investments that the other investmentcompany holds. If investment company securities are purchasedat a premium to net asset value, the premium may not exist whenthose securities are sold and a Fund could incur a loss.

Issuer Risk. Issuer risk is the possibility that factors specific to acompany to which a Fund’s portfolio is exposed will affect themarket prices of the company’s securities and therefore the valueof the Fund. Some factors affecting the performance of acompany include demand for the company’s products or services,the quality of management of the company and brand recognitionand loyalty. To the extent that a Fund invests in common stock,common stock of a company is subordinate to other securitiesissued by the company. If a company becomes insolvent, interestsof investors owning common stock will be subordinated to theinterests of other investors in and general creditors of, thecompany.


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Leveraged Loan Risk. Leveraged loans are subject to the riskstypically associated with debt securities. In addition, leveragedloans, which typically hold a senior position in the capitalstructure of a borrower, are subject to the risk that a court couldsubordinate such loans to presently existing or futureindebtedness or take other action detrimental to the holders ofleveraged loans. Leveraged loans are also subject to the risk thatthe value of the collateral, if any, securing a loan may decline, beinsufficient to meet the obligations of the borrower, or be difficultto liquidate. Some leveraged loans are not as easily purchased orsold as publicly-traded securities and others are illiquid, whichmay make it more difficult for the Fund to value them or disposeof them at an acceptable price. Below investment-grade leveragedloans are typically more credit sensitive. In the event of fraud ormisrepresentation, the Fund may not be protected under federalsecurities laws with respect to leveraged loans that may not be inthe form of “securities.”

Liquidity Risk. Liquidity is the ability to sell a security relativelyquickly for a price that most closely reflects the actual value ofthe security. Certain securities (e.g., small-cap stocks, foreignsecurities and high-yield bonds) often have a less liquid resalemarket. Liquid investments may become illiquid after purchaseby the Adviser or subadviser, particularly during periods ofmarket turmoil. As a result, the Adviser or subadviser may havedifficulty selling or disposing of securities quickly in certainmarkets or may only be able to sell the holdings at pricessubstantially less than what the Adviser or subadviser believesthey are worth. Less liquid securities can also become moredifficult to value. In addition, when there is illiquidity in themarket for certain securities, the Fund, due to limitations onilliquid investments, may be subject to purchase and salerestrictions.

Dealer inventories of bonds are at or near historic lows in relationto market size, which has the potential to decrease liquidity andincrease price volatility in the fixed income markets, particularlyduring periods of economic or market stress. In addition,inventories of municipal bonds held by brokers and dealers havedecreased in recent years, lessening their ability to make a marketin these securities. As a result of this decreased liquidity, theAdviser or subadviser may have to accept a lower price to sell asecurity, sell other securities to raise cash, or give up aninvestment opportunity, any of which could have a negativeeffect on performance.


Price declines may occur in response to general market andeconomic conditions or events, including conditions anddevelopments outside of the financial markets such as significantchanges in interest and inflation rates and the availability ofcredit. Any investment is subject to the risk that the financial

markets as a whole may decline in value, thereby depressing theinvestment’s price.

Master Limited Partnership (“MLP”) Risk. MLPs are subject torisks such as limited partner risk, liquidity risk, interest rate riskand general partner risk.

• An MLP is a public limited partnership or limited liabilitycompany taxed as a partnership. The risks of investing in anMLP are similar to those of investing in a partnership,including more flexible governance structures, which couldresult in less protection for investors than investments in acorporation. Investors in an MLP normally would not beliable for the debts of the MLP beyond the amount that theinvestor has contributed but investor may not be shielded tothe same extent that a shareholder of a corporation would be.In certain circumstances, creditors of an MLP would have theright to seek return of capital distributed to a limited partner,which right would continue after an investor sold itsinvestment in the MLP.

• The ability to trade on a public exchange or in theover-the-counter market provides a certain amount ofliquidity not found in many limited partnership investments.However, MLP interests may be less liquid than conventionalpublicly traded securities and, therefore, more difficult totrade at desirable times and/or prices.

• MLP distributions may be reduced by fees and otherexpenses incurred by the MLP. MLPs generally areconsidered interest-rate sensitive investments. During periodsof interest rate volatility, these investments may not provideattractive returns.

• The holder of the general partner or managing memberinterest can be liable in certain circumstances for amountsgreater than the amount of the holder’s investment in thegeneral partner or managing member.


Mortgage-Backed and Other Asset-Backed Securities Risk. Thevalue of mortgage-related and asset-backed securities will beinfluenced by the factors affecting the housing market and theassets underlying such securities. As a result, during periods ofdeclining asset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in the repaymentpatterns of the underlying security. If the principal payment onthe underlying asset is repaid faster or slower than the holder ofthe asset-backed or mortgage-backed security anticipates, theprice of the security may fall, particularly if the holder mustreinvest the repaid principal at lower rates or must continue to

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hold the security when interest rates rise. This effect may causethe value of the Fund to decline and reduce the overall return ofthe Fund.

Multi-Manager Risk. Thrivent Mutual Funds (the “Trust”) andThrivent Asset Mgt. have received an exemptive order from theSEC (known as a “multi-manager order”) that permits them tohire and fire one or more subadvisers for the Funds without ashareholder vote, subject to approval by the Trust’s Board ofTrustees and shareholder notice. During the transition ofmanagement of Fund assets from one subadviser to another, it ispossible that the Fund will not be fully invested in accordancewith the Fund’s prospectus and, therefore, will not be fullypursuing its investment objective during such transition. Inaddition, the multi-manager approach could result in a high levelof portfolio turnover, resulting in higher brokerage expenses andincreased tax liability from a Fund’s realization of capital gains.These aspects of the risk apply to any Fund with one or moresubadvisers. For a Fund that has multiple sub-advisers, theinvestment styles employed by the subadvisers may not becomplementary. The interplay of the various strategies employedby the subadvisers may result in the Fund indirectly holdingpositions in certain types of securities, industries or sectors.These positions may be detrimental to a Fund’s performancedepending upon the performance of those securities and theoverall economic environment. It is also possible that onesubadviser could be selling a particular security or security froma certain country while another subadviser could be purchasingthe same security or a security from that same country.

Municipal Bond Risk. The Fund’s performance may be affectedby political and economic conditions at the state, regional orfederal level. These may include budgetary problems, decline inthe tax base and other factors that may cause rating agencies todowngrade the credit ratings on certain issues. Bonds may alsoexhibit price fluctuations due to changes in interest rate or bondyield levels. Some municipal bonds may be repaid prior tomaturity if interest rates decrease. As a result, the value of theFund’s shares may fluctuate significantly in the short term. Theamount of public information available about municipal bonds isgenerally less than for certain corporate equities or bonds,meaning that the investment performance of the Fund may bemore dependent on the analytical abilities of the Adviser thanfunds that invest in stock or other corporate investments. TheFund may make significant investments in a particular segment ofthe municipal bond market or in the debt of issuers located in thesame state or territory. Adverse conditions in such industry orlocation could have a correspondingly adverse effect on thefinancial condition of issuers. These conditions may cause thevalue of the Fund’s shares to fluctuate more than the values ofshares of funds that invest in a greater variety of investments.

Non-Diversified Risk. A Fund that is not “diversified” within themeaning of the 1940 Act may invest a greater percentage of itsassets in the securities of any single issuer compared to otherfunds. A non-diversified portfolio is generally more susceptiblethan a diversified portfolio to the risk that events or developmentsaffecting a particular issuer or industry will significantly affectthe Fund’s performance.

Other Funds Risk. The performance of Funds that invest in otherfunds managed by the Adviser or an affiliate (“Other Funds”) isdependent, in part, upon the performance of the Other Funds. Asa result, the Fund is subject to the same risks as those faced bythe Other Funds’ underlying portfolios. Those risks may include,among others, market risk, issuer risk, volatility risk, foreignsecurities risk, foreign currency risk, emerging markets risk,derivatives risk, credit risk, interest rate risk, high yield risk andinvestment adviser risk. As a shareholder of the Fund, you willbear your share of the Fund’s operating expenses as well as theFund’s share of the Other Funds’ operating expenses.Consequently, an investment in the Fund would result in higheraggregate operating costs than investing directly in Other Fundsthat are also portfolios.

Portfolio Turnover Rate Risk. A Fund may engage in active andfrequent trading of portfolio securities in implementing itsprincipal investment strategies. A high rate of portfolio turnover(100% or more) involves correspondingly greater expenses whichare borne by the Fund and its shareholders and may also result inshort-term capital gains taxable to shareholders. The expensesmay include bid-ask spreads, dealer mark-ups, and othertransactional costs on the sale of securities and reinvestment inother securities.


Quantitative Investing Risk. Quantitative Inveting Risk is therisk that securities selected according to a quantitative analysismethodology can perform differently from the market as a wholebased on the model and the factors used in the analysis, theweight placed on each factor and changes in the factor’shistorical trends. Such models are based on assumptions of theseand other market factors, and the models may not take intoaccount certain factors, or perform as intended, and may result ina decline in the value of the Fund’s portfolio. If models or dataused in the models would be incorrect or incomplete, anydecisions made in reliance thereon expose the Fund to potentialrisks. If incorrect market data is entered into even a well-foundedmodel, the resulting information will be incorrect and could leadto losses for the Fund.

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Real Estate Investment Trust (“REIT”) Risk. REITs generallycan be divided into three types: equity REITs, mortgage REITsand hybrid REITs (which combine the characteristics of equityREITs and mortgage REITs). Equity REITs will be affected bychanges in the values of, and income from, the properties theyown, while mortgage REITs may be affected by the credit qualityof the mortgage loans they hold. All REIT types may be affectedby changes in interest rates. The effect of rising interest rates isgenerally more pronounced for high dividend paying stock thanfor stocks that pay little or no dividends. This may cause thevalue of real estate securities to decline during periods of risinginterest rates, which would reduce the overall return of the Fund.REITs are subject to additional risks, including the fact that theyare dependent on specialized management skills that may affectthe REITs’ abilities to generate cash flows for operating purposesand for making investor distributions. REITs may have limiteddiversification and are subject to the risks associated withobtaining financing for real property. As with any investment,there is a risk that REIT securities and other real estate industryinvestments may be overvalued at the time of purchase. Inaddition, a REIT can pass its income through to its investorswithout any tax at the entity level if it complies with variousrequirements under the Internal Revenue Code. There is the risk,however, that a REIT held by the Fund will fail to qualify for thistax-free pass-through treatment of its income. In addition, due torecent changes in the tax laws, certain tax benefits of REITs maynot be passed through to mutual fund shareholders. By investingin REITs indirectly through the Fund, in addition to bearing aproportionate share of the expenses of the Fund, you will alsoindirectly bear similar expenses of the REITs in which the Fundinvests.

Redemption Risk. A Fund may need to sell portfolio securities tomeet redemption requests. The Fund could experience a losswhen selling portfolio securities to meet redemption requests ifthere is (i) significant redemption activity by shareholders,including, for example, when a single investor or few largeinvestors make a significant redemption of Fund shares, (ii) adisruption in the normal operation of the markets in which theFund buys and sells portfolio securities or (iii) an inability of theFund to sell portfolio securities because such securities areilliquid. In such events, the Fund could be forced to sell portfoliosecurities at unfavorable prices in an effort to generate sufficientcash to pay redeeming shareholders. The Fund may suspendredemptions or the payment of redemption proceeds whenpermitted by applicable regulations.

Small Cap Risk. Smaller, less seasoned companies often havegreater price volatility, lower trading volume, and less liquiditythan larger, more established companies. A Fund may havedifficulty selling holdings of these companies at a desired timeand price. Smaller companies tend to have small revenues,narrower product lines, less management depth and experience,small shares of their product or service markets, fewer financialresources, and less competitive strength than larger companies.Such companies seldom pay significant dividends that couldsoften the impact of a falling market on returns. It may be asubstantial period of time before a Fund could realize a gain, ifany, on an investment in a small cap company.



Technology-Oriented Companies Risk. Common stocks ofcompanies that rely extensively on technology, science orcommunications in their product development or operations maybe more volatile than the overall stock market and may or maynot move in tandem with the overall stock market. Technology,science and communications are rapidly changing fields, andstocks of these companies, especially of smaller and unseasonedcompanies, may be subject to more abrupt or erratic marketmovements than the stock market in general. These aresignificant competitive pressures among technology-orientedcompanies and the products or operations of such companies maybecome obsolete quickly. In addition, these companies may havelimited product lines, markets or financial resources and themanagement of such companies may be more dependent uponone or a few key people.

Value Investing Risk. Value style investing includes the risk thatstocks of undervalued companies may not rise as quickly asanticipated if the market doesn’t recognize their intrinsic value orif value stocks are out of favor. Value style investing may be outof favor with investors from time to time and value stocks mayunderperform the securities of other companies or the stockmarket in general.

Glossary of Investment TermsDollar-Weighted Average Effective Maturity. Measure of theFund that is determined by calculating the average maturity ofeach debt security owned by the Fund, weighting each securityaccording to the amount that it represents in the Fund. Inaddition, for asset-backed and mortgage-backed securities, aswell as bonds with required prepayments or redemption rights,the calculation considers the expected prepayments of theunderlying securities and/or the present value of a mandatorystream of prepayments.

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Duration. A measure of price sensitivity of a bond or bond fundto changes in interest rates. While duration is similar to maturityin that the result is stated in years, it is a better indicator of pricesensitivity than maturity since it takes into account the time valueof future cash flows generated over the bond’s life. Sinceduration can be computed for bond funds by using a weightedapproach, the approximate effect on a bond fund’s price can beestimated by multiplying the fund’s duration by an expectedchange in interest rates. For example, if interest rates were to riseby 1%, the net asset value of a bond fund with an averageduration of 5 years would be expected to fall 5%.

Fundamental Investment Research Techniques. Researchtechniques that generally assess a company or security’s valuebased on a broad examination of financial data, quality ofmanagement, business concept and competition.

Maturity. A bond fund has no real maturity, but it does have adollar-weighted average effective maturity that represents an

average of the effective maturities of the underlying bonds, witheach bond’s effective maturity “weighted” by the percent of fundassets it represents. For bonds that are most likely to be calledbefore maturity, the effective maturity of a bond is usually thecall date.

Quantitative Investment Research Techniques. Researchtechniques that generally focus on a company’s financialstatements and assess a company or security’s value based onappropriate financial ratios that measure revenue, profitabilityand financial structure.

Technical Investment Research Techniques. Researchtechniques that generally involve the study of trends andmovements in a security’s price, trading volume and othermarket-related factors in an attempt to discern patterns.

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Investment AdviserThe Funds are managed by Thrivent Asset Mgt., 625 FourthAvenue South, Minneapolis, Minnesota 55415. Thrivent AssetMgt. had approximately $22 billion in assets under managementas of December 31, 2018. Thrivent Asset Mgt. is an indirectwholly owned subsidiary of Thrivent Financial for Lutherans(“Thrivent Financial”). Thrivent Financial and its affiliates havebeen in the investment advisory business since 1986 and hadapproximately $118 billion in assets under management as ofDecember 31, 2018.

Thrivent Asset Mgt. provides investment research andsupervision of the assets for each of the Funds except ThriventPartner Emerging Markets Equity Fund and Thrivent PartnerWorldwide Allocation Fund (the “Subadvised Funds”). ThriventAsset Mgt. provides investment research and supervision of aportion of the Thrivent Partner Worldwide Allocation Fund. Forthe Subadvised Funds, Thrivent Asset Mgt. has entered into asubadvisory agreement with each subadviser and pays eachsubadviser a portion of the net management fee Thrivent AssetMgt. receives from each applicable Fund. Thrivent Asset Mgt.establishes the overall investment strategy and evaluates, selectsand recommends, subject to the approval of the Board ofTrustees, one or more subadvisers to manage the investments ofeach Subadvised Fund. Thrivent Asset Mgt. also allocates assetsto the subadvisers, monitors the performance, security holdings,and investment strategies for the subadvisers and, whenappropriate, researches any potential new subadvisers for theFunds. Thrivent Asset Mgt. has ultimate responsibility to overseeeach subadviser and recommend its hiring, termination andreplacement. The Funds’ annual and semiannual reports toshareholders discuss the basis for the Board of Trusteesapproving any investment adviser agreement or investmentsubadviser agreement during the most recent six-month periodcovered by the report.

Thrivent Asset Mgt. and Thrivent Mutual Funds received anexemptive order from the SEC that permits Thrivent Asset Mgt.and the Funds, with the approval of Thrivent Mutual Funds’Board of Trustees, to retain one or more subadvisers for theFunds, or subsequently change a subadviser, without submittingthe respective investment subadvisory agreements, or materialamendments to those agreements, to a vote of the shareholders ofthe applicable Fund. Thrivent Asset Mgt. will notify shareholdersof a Fund if there is a new subadviser for that Fund.

Management FeesEach Fund pays an annual management fee to the Adviser. TheAdviser received the following management fees during theFund’s most recent fiscal year, expressed as a percentage of theFund’s average daily net assets.1

FUNDMANAGEMENT

FEE

Thrivent Aggressive Allocation Fund2 . . . . . . . . . . . . . 0.74%Thrivent Balanced Income Plus Fund . . . . . . . . . . . . . . 0.55%Thrivent Diversified Income Plus Fund . . . . . . . . . . . . 0.55%Thrivent Government Bond Fund . . . . . . . . . . . . . . . . . 0.40%Thrivent High Income Municipal Bond Fund . . . . . . . 0.50%Thrivent High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . 0.38%Thrivent Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.34%Thrivent Large Cap Growth Fund . . . . . . . . . . . . . . . . . 0.69%Thrivent Large Cap Stock Fund . . . . . . . . . . . . . . . . . . . 0.56%Thrivent Large Cap Value Fund. . . . . . . . . . . . . . . . . . . 0.45%Thrivent Limited Maturity Bond Fund . . . . . . . . . . . . . 0.29%Thrivent Low Volatility Equity Fund . . . . . . . . . . . . . . 0.60%Thrivent Mid Cap Stock Fund . . . . . . . . . . . . . . . . . . . . 0.63%Thrivent Moderate Allocation Fund2. . . . . . . . . . . . . . . 0.63%Thrivent Moderately Aggressive Allocation Fund2 . . 0.67%Thrivent Moderately Conservative Allocation

Fund2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.59%Thrivent Money Market Fund. . . . . . . . . . . . . . . . . . . . . 0.35%Thrivent Multidimensional Income Fund . . . . . . . . . . . 0.55%Thrivent Municipal Bond Fund . . . . . . . . . . . . . . . . . . . 0.40%Thrivent Opportunity Income Plus Fund . . . . . . . . . . . 0.45%Thrivent Partner Emerging Markets Equity Fund. . . . 1.00%Thrivent Partner Worldwide Allocation Fund . . . . . . . 0.82%Thrivent Small Cap Growth Fund . . . . . . . . . . . . . . . . . 0.80%Thrivent Small Cap Stock Fund . . . . . . . . . . . . . . . . . . . 0.67%

1 Thrivent Asset Mgt. reimbursed certain expenses of some of the Funds. Thistable does not reflect the effects of any reimbursements. In addition, withrespect to the Subadvised Funds, Thrivent Asset Mgt. pays the applicablesubadviser(s) a subadvisory fee from the management fee it receives from theSubadvised Fund. These subadvisory fees do not constitute an additional fee toyou, the shareholder. To learn more about these subadvisory fees, pleaseconsult the Statement of Additional Information.

2 The Adviser has contractually agreed, for as long as the current fee structure isin place and through at least February 28, 2020, to waive an amount equal toany management fees indirectly incurred by the Fund as a result of itsinvestment in any other mutual fund for which the Adviser or an affiliateserves as investment adviser, other than Thrivent Cash Management Trust.

Certain of the Funds have breakpoints, which you can learn moreabout by consulting the Statement of Additional Information. Inaddition, the Trust’s annual report (in the case of DiversifiedIncome Plus Fund and Multidimensional Income Fund) andsemiannual report (in the case of the other Funds) each discussthe basis for the Board of Trustees’ approval of the investmentadviser agreement between the Trust and the Adviser.

Portfolio ManagementThis section provides information about the portfoliomanagement for each of the Funds. The Statement of AdditionalInformation for the Funds provides information about theportfolio managers’ compensation, other accounts managed bythe portfolio managers, and the portfolio managers’ ownership ofshares of the Funds.

Management of the Funds

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Thrivent Aggressive Allocation Fund, ThriventModerate Allocation Fund, Thrivent ModeratelyAggressive Allocation Fund, and ThriventModerately Conservative Allocation FundMark L. Simenstad, CFA, Darren M. Bagwell, CFA, StephenD. Lowe, CFA, David S. Royal and David R. Spangler, CFAare jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Simenstad has served as a portfoliomanager of the Fund since June 2005. Mr. Bagwell and Mr.Lowe have served as portfolio managers of the Fund since April2016. Mr. Royal has served as portfolio manager of the Fundsince April 2018. Mr. Spangler has served as a portfolio managerof the Fund since February 2019. Mr. Simenstad is ChiefInvestment Strategist and has been with Thrivent Financial since1999. Mr. Bagwell is Vice President, Chief Equity Strategist andhas been with Thrivent Financial in an investment managementcapacity since 2002. Mr. Lowe is Vice President of Fixed IncomeMutual Funds and Separate Accounts and has been with ThriventFinancial since 1997. He has served as a portfolio manager since2009. Mr. Royal is Chief Investment Officer and has been withThrivent Financial since 2006. Mr. Spangler has been withThrivent Financial since 2002, in an investment managementcapacity since 2005 and currently is a Senior Portfolio Manager.

Thrivent Balanced Income Plus FundStephen D. Lowe, CFA, Mark L. Simenstad, CFA, Noah J.Monsen, CFA, Darren M. Bagwell and David R. Spangler,CFA are jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Lowe has served as a portfoliomanager of the Fund since August 2013. Mr. Simenstad and Mr.Monsen have served as portfolio managers of the Fund since May2015. Mr. Bagwell and Mr. Spangler have served as portfoliomanagers of the Fund since February 2019. Mr. Lowe is VicePresident of Fixed Income Mutual Funds and Separate Accountsand has been with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Simenstad is ChiefInvestment Strategist and has been with Thrivent Financial since1999. Mr. Monsen has been with Thrivent Financial since 2000and has served in an investment management capacity since2008. Mr. Bagwell is Vice President, Chief Equity Strategist andhas been with Thrivent Financial in an investment managementcapacity since 2002. Mr. Spangler has been with ThriventFinancial since 2002, in an investment management capacitysince 2005 and currently is a Senior Portfolio Manager.

Thrivent Diversified Income Plus FundMark L. Simenstad, CFA, Stephen D. Lowe, CFA, Noah J.Monsen, CFA, Gregory R. Anderson, CFA and Darren M.Bagwell, CFA are jointly and primarily responsible for theday-to-day management of the Fund. Mr. Simenstad has servedas a portfolio manager of the Fund since June 2006. Mr. Loweand Mr. Monsen have served as portfolio managers of the Fundsince May 2015. Mr. Anderson has served as a portfolio managerof the Fund since October 2018. Mr. Bagwell has served as aportfolio manager of the Fund since February 2019. Mr.Simenstad is Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Lowe is Vice President of

Fixed Income Mutual Funds and Separate Accounts and has beenwith Thrivent Financial since 1997. He has served as a portfoliomanager since 2009. Mr. Monsen has been with ThriventFinancial since 2000 and has served in an investmentmanagement capacity since 2008. Mr. Anderson has been withThrivent Financial since 1997 and has served as a portfoliomanager since 2000. Mr. Bagwell is Vice President, Chief EquityStrategist and has been with Thrivent Financial in an investmentmanagement capacity since 2002.

Thrivent Government Bond FundMichael G. Landreville, CFA, CPA (inactive) and Gregory R.Anderson, CFA are jointly and primarily responsible for theday-to-day management of the Fund. Mr. Landreville has servedas portfolio manager of the Fund since February 2010. Mr.Anderson has served as a portfolio manager of the Fund sinceFebruary 2017. Mr. Landreville has been with Thrivent Financialsince 1983 and has served as a portfolio manager since 1998. Mr.Anderson has been with Thrivent Financial since 1997 and hasserved as a portfolio manager since 2000.

Thrivent High Income Municipal Bond FundJanet I. Grangaard, CFA and Johan Å. Åkesson, CFA arejointly and primarily responsible for the day-to-day managementof the Fund. Ms. Grangaard has served as lead portfolio managerof the Fund since February 2018. Mr. Åkesson has served as theassociate portfolio manager of the Fund since February 2018. Ms.Grangaard has been with Thrivent Financial since 1988 and hasserved as a portfolio manager since 1994. Mr. Åkesson has beenwith Thrivent Financial since 1993 and has served as an associateportfolio manager and portfolio manager during various timeperiods since 1999.

Thrivent High Yield FundPaul J. Ocenasek, CFA is primarily responsible for theday-to-day management of the Fund. Mr. Ocenasek has served asportfolio manager of the Fund since December 1997. He has beenwith Thrivent Financial since 1987 and, since 1997, has served asportfolio manager to other Thrivent mutual funds.

Thrivent Income FundStephen D. Lowe, CFA and Kent L. White, CFA are jointlyand primarily responsible for the day-to-day management of theFund. Mr. Lowe has served as the portfolio manager of the Fundsince February 2009, and Mr. White has served as a portfoliomanager of the Fund since June 2017. Mr. Lowe is VicePresident of Fixed Income Mutual Funds and Separate Accountsand has also been a senior portfolio manager of the high yieldportion of Thrivent Financial’s general account since 2005. Hehas been with Thrivent Financial since 1997. Mr. White is theDirector of Investment Grade Research, and he has been withThrivent Financial since 1999.

Thrivent Large Cap Growth FundLauri Brunner is primarily responsible for the day-to-daymanagement of the Fund, and she has served as portfoliomanager of the Fund since September 2018. Ms. Brunner has

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been with Thrivent Financial since 2007 and currently is a SeniorEquity Portfolio Manager.

Thrivent Large Cap Stock FundKurt J. Lauber, CFA, Noah J. Monsen, CFA, Lauri Brunner,Darren M. Bagwell, CFA and David R. Spangler, CFA arejointly and primarily responsible for the day-to-day managementof the Fund. Mr. Lauber has served as a portfolio manager of theFund since March 2013. Mr. Monsen has served as a portfoliomanager of the Fund since February 2018. Ms. Brunner hasserved as a portfolio manager of the Fund since September 2018.Mr. Bagwell and Mr. Spangler have served as portfolio managersof the Fund since February 2019. Mr. Lauber has been withThrivent Financial since 2004 and previously served as anassociate portfolio manager. Mr. Monsen has been with ThriventFinancial since 2000 and has served in an investmentmanagement capacity since 2008. Ms. Brunner has been withThrivent Financial since 2007 and currently is a Senior EquityPortfolio Manager. Mr. Bagwell is Vice President, Chief EquityStrategist and has been with Thrivent Financial in an investmentmanagement capacity since 2002. Mr. Spangler has been withThrivent Financial since 2002, in an investment managementcapacity since 2005 and currently is a Senior Portfolio Manager.

Thrivent Large Cap Value FundKurt J. Lauber, CFA is primarily responsible for the day-to-daymanagement of the Fund. Mr.Lauber has served as portfoliomanager of the Fund since March 2013. Mr. Lauber has beenwith Thrivent Financial since 2004 and previously served as anassociate portfolio manager.

Thrivent Limited Maturity Bond FundMichael G. Landreville, CFA, CPA (inactive) and Gregory R.Anderson, CFA are jointly and primarily responsible for theday-to-day management of the Fund. Mr. Landreville and Mr.Anderson have served as portfolio managers of the Fund sinceOctober 1999 and April 2005, respectively. Mr. Landreville hasbeen with Thrivent Financial since 1983 and has served as aportfolio manager since 1998. Mr. Anderson has been withThrivent Financial since 1997 and has served as a portfoliomanager since 2000.

Thrivent Low Volatility Equity FundNoah J. Monsen, CFA and Brian W. Bomgren, CQF arejointly and primarily responsible for the day-to-day managementof the Fund. Mr. Monsen and Mr. Bomgren have served asportfolio managers of the Fund since February 2017 and February2018, respectively. Mr. Monsen has been with Thrivent Financialsince 2000 and has served in an investment management capacitysince 2008. Mr. Bomgren has been with Thrivent Financial since2006 and is currently a Senior Equity Portfolio Manager.

Thrivent Mid Cap Stock FundBrian J. Flanagan, CFA is primarily responsible for theday-to-day management of the Fund. Mr. Flanagan has been a

portfolio manager of the Fund since February 2004. He has beenwith Thrivent Financial since 1994 and a portfolio manager since2000.

Thrivent Money Market FundWilliam D. Stouten is primarily responsible for the day-to-daymanagement of the Fund. Mr. Stouten has served as portfoliomanager of the Fund since October 2003. Prior to this position,he was a research analyst and trader for the Thrivent moneymarket funds since 2001, when he joined Thrivent Financial.

Thrivent Multidimensional Income FundMark L. Simenstad, CFA, Gregory R. Anderson, CFA, PaulJ. Ocenasek, CFA, Conrad E. Smith, CFA, and Stephen D.Lowe, CFA are jointly and primarily responsible for theday-to-day management of the Fund. Mr. Simenstad, Mr.Anderson, Mr. Ocenasek, and Mr. Smith have served as portfoliomanagers of the Fund since February 2017. Mr. Lowe has servedas a portfolio manager of the Fund since February 2018. Mr.Simenstad is Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Anderson has been withThrivent Financial since 1997 and has served as a portfoliomanager since 2000. Mr. Ocenasek has been with ThriventFinancial since 1987 and has served in a portfolio managementcapacity since 1997. Mr. Smith has been with Thrivent Financialsince 2004 and also manages the leveraged loan portfolio and thehigh yield bond portfolio of Thrivent Financial’s general account.Mr. Lowe is Vice President of Fixed Income Mutual Funds andSeparate Accounts and has been with Thrivent Financial since1997.

Thrivent Municipal Bond FundJanet I. Grangaard, CFA is primarily responsible for theday-to-day management of the Fund. Ms. Grangaard has servedas portfolio manager of the Fund since April 2002. She has beenwith Thrivent Financial since 1988 and has served as a portfoliomanager since 1994.

Thrivent Opportunity Income Plus FundGregory R. Anderson, CFA, Conrad E. Smith, CFA, Paul J.Ocenasek, CFA, Kent L. White, CFA and Stephen D. Lowe,CFA are jointly and primarily responsible for the day-to-daymanagement of the Fund. Mr. Anderson has served as a portfoliomanager of the Fund since April 2005. Mr. Smith has served as aportfolio manager of the Fund since the August 2013. Mr.Ocenasek and Mr. White have served as portfolio managers ofthe Fund since May 2015. Stephen D. Lowe, CFA has served as aportfolio manager of the Fund since February 2018. Mr.Anderson has been with Thrivent Financial since 1997 and hasserved as a portfolio manager since 2000. Mr. Smith has beenwith Thrivent Financial since 2004 and also manages theleveraged loan portfolio and the high yield bond portfolio ofThrivent Financial’s general account. Mr. Ocenasek has beenwith Thrivent Financial since 1987 and has served in a portfoliomanagement capacity since 1997. Mr. White is the Director ofInvestment Grade Research at Thrivent Financial and has beenwith the firm since 1999. Mr. Lowe is Vice President of Fixed

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Income Mutual Funds and Separate Accounts and has been withThrivent Financial since 1997.

Thrivent Partner Emerging Markets Equity FundThrivent Asset Mgt. has engaged Aberdeen Asset ManagersLimited (“Aberdeen”), a Scottish company having a principalplace of business at Bow Bells House, 1 Bread Street, London,England, EC4M9HH, as investment subadviser of the Fund.Aberdeen is a wholly-owned subsidiary of Aberdeen AssetManagement PLC (“Aberdeen PLC”), which has its registeredoffices at 10 Queen’s Terrace, Aberdeen, Scotland AB10 1YG.As of August 14, 2017, Aberdeen PLC became a directsubsidiary of Standard Life plc as a result of a merger of the twocompanies. The combined company changed its name toStandard Life Aberdeen plc, and manages or administersapproximately $735,511 million in assets as of June 30, 2018.Standard Life Aberdeen plc, its affiliates and its subsidiariesprovide asset management and investment solutions for clientsand customers worldwide and also has a strong position in thepensions and savings market. The asset management business ofStandard Life Aberdeen plc, its affiliates and subsidiaries isreferred to herein as “Aberdeen Standard Investments.” AberdeenPLC, its subsidiaries and affiliates prior to the merger are referredto herein as “Legacy Aberdeen.” In rendering investmentadvisory services, Aberdeen may use the resources of itsaffiliates. Aberdeen and its affiliates have entered into amemorandum of understanding/personnel sharing procedurespursuant to which investment professionals from Aberdeen’saffiliates may provide portfolio management and researchservices to the Fund. No remuneration is paid by the Fund withrespect to the memorandum of understanding/personnel sharingarrangements. Aberdeen uses a team-based approach, with thefollowing team members of Aberdeen’s Global EmergingMarkets Equity Team being jointly and primarily responsible forday-to-day management of the Fund. Hugh Young is ManagingDirector − Asia for Aberdeen Standard Investments and hasmanaged the Fund since February 2015. He was formerly a boarddirector and head of Investment for Legacy Aberdeen (before itsmerger with Standard Life plc). Mr. Young joined LegacyAberdeen in 1985 to manage Asian equities form its Londonoffice, having started his investment career in 1980. He foundedSingapore-based Aberdeen asset Management Asia Limited in1992. Mr. Young is a director of a number of Legacy Aberdeensubsidiary companies and of investment trusts and fundsmanaged by Aberdeen Standard Investments. Mr. Younggraduated with a BA (Hons) in Politics from Exeter University.Devan Kaloo is Global Head of Equities and Head of GlobalEmerging Markets Equities for Aberdeen Standard Investmentsand has managed the Fund since February 2015. Mr. Kaloojoined Legacy Aberdeen in 2000 as part of the Asian EquitiesTeam in Singapore, before later transferring to London where hetook up the position of Head of Global Emerging MarketsEquities in 2005. In 2015, he was promoted to Global Head ofEquities and joined Legacy Aberdeen’s group managementboard. Mr. Kaloo started in fund management with martin Curriein 1994 covering Latin America, before subsequently workingwith the North American equities, global asset allocation andeventually the Asian equities teams. Joanne Irvine is Head of

Emerging Markets (ex-Asia) on the Global Emerging MarketsEquity Team of Aberdeen Standard Investments and hasmanaged the Fund since February 2015. Ms. Irvine joined LegacyAberdeen in 1996 in a group development role and moved to theGlobal Emerging Markets Equity Team in 1997. Prior to joiningLegacy Aberdeen, Ms. Irvine was with Rutherford MansonDowds (subsequently acquired by Deloitte), specializing inraising private equity and bank funding for private companies.Mark Gordon-James, CFA, is a Senior Investment Manager onthe Global Emerging Markets Equity Team of Aberdeen StandardInvestments and has managed the Fund since February 2015. Mr.Gordon-James joined Legacy Aberdeen in 2004 from MerrillLynch Investment Managers where he worked with the emergingmarkets team. Flavia Cheong, CFA, is the Head of Asia PacificEquities on the Asian Equities Team of Aberdeen Standardinvestments, where, as well as sharing responsibility for companyresearch, she oversees regional portfolio construction. Ms.Cheong has managed the Fund since February 2015. Beforejoining Legacy Aberdeen in 1996, she was an economist with theInvestment Company of the People’s Republic of China, andearlier with the Development Bank of Singapore.

Thrivent Partner Worldwide Allocation FundThrivent Asset Mgt. has engaged Principal Global Investors,LLC (“Principal”), 801 Grand Avenue, Des Moines, Iowa50392; Aberdeen Asset Managers Limited (“Aberdeen”), aScottish company having a principal place of business at BowBells House, 1 Bread Street, London, England, EC4M9HH; andGoldman Sachs Asset Management, L.P. (“GSAM”),200 West Street, New York, New York 10282-2198, asinvestment subadvisers for the Fund.

Principal is a direct wholly owned subsidiary of Principal GlobalInvestors Holding Company (US) LLC. Principal and itspredecessor firms have subadvised mutual fund assets since 1969.Principal, together with its affiliated asset managementcompanies, had approximately $412.7 billion in assets undermanagement as of December 31, 2018. Paul Blankenhagen,CFA and Juliet Cohn provide portfolio management oversightfor the international large-cap growth assets of the Fund. Mr.Blankenhagen and Ms. Cohn lead and are jointly and primarilyresponsible for the day-to-day management of the Fund. Mr.Blankenhagen joined the firm in 1992, has been a member of theinternational equity team since 1995, and was named a portfoliomanager in 2000. Ms. Cohn joined the firm in 2003 with over 20years of portfolio management and research experience. Mr.Blankenhagen and Ms. Cohn are responsible for co-managingPrincipal’s European, International Core and DiversifiedInternational equity portfolios.

Aberdeen is a wholly-owned subsidiary of Aberdeen AssetManagement PLC (“Aberdeen PLC”), which has its registeredoffices at 10 Queen’s Terrace, Aberdeen, Scotland AB10 1YG.As of August 14, 2017, Aberdeen PLC became a directsubsidiary of Standard Life plc as a result of a merger of the twocompanies. The combined company changed its name toStandard Life Aberdeen plc, and manages or administersapproximately $735,511 million in assets as of June 30, 2018.Standard Life Aberdeen plc, its affiliates and its subsidiaries

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provide asset management and investment solutions for clientsand customers worldwide and also has a strong position in thepensions and savings market. The asset management business ofStandard Life Aberdeen plc, its affiliates and subsidiaries isreferred to herein as “Aberdeen Standard Investments.” AberdeenPLC, its subsidiaries and affiliates prior to the merger are referredto herein as “Legacy Aberdeen.” In rendering investmentadvisory services, Aberdeen may use the resources of itsaffiliates. Aberdeen and its affiliates have entered into amemorandum of understanding/personnel sharing procedurespursuant to which investment professionals from Aberdeen’saffiliates may provide portfolio management and researchservices to the Fund. No remuneration is paid by the Fund withrespect to the memorandum of understanding/personnel sharingarrangements. Aberdeen uses a team-based approach, with thefollowing team members of Aberdeen’s Global EmergingMarkets Equity Team being jointly and primarily responsible forday-to-day management of the Fund’s emerging markets equityassets. Hugh Young is Managing Director − Asia for AberdeenStandard Investments and has managed the Fund since February2015. He was formerly a board director and head of Investmentfor Legacy Aberdeen (before its merger with Standard Life plc).Mr. Young joined Legacy Aberdeen in 1985 to manage Asianequities form its London office, having started his investmentcareer in 1980. He founded Singapore-based Aberdeen assetManagement Asia Limited in 1992. Mr. Young is a director of anumber of Legacy Aberdeen subsidiary companies and ofinvestment trusts and funds managed by Aberdeen StandardInvestments. Mr. Young graduated with a BA (Hons) in Politicsfrom Exeter University. Devan Kaloo is Global Head of Equitiesand Head of Global Emerging Markets Equities for AberdeenStandard Investments and has managed the Fund since February2015. Mr. Kaloo joined Legacy Aberdeen in 2000 as part of theAsian Equities Team in Singapore, before later transferring toLondon where he took up the position of Head of GlobalEmerging Markets Equities in 2005. In 2015, he was promoted toGlobal Head of Equities and joined Legacy Aberdeen’s groupmanagement board. Mr. Kaloo started in fund management withmartin Currie in 1994 covering Latin America, beforesubsequently working with the North American equities, globalasset allocation and eventually the Asian equities teams. JoanneIrvine is Head of Emerging Markets (ex-Asia) on the GlobalEmerging Markets Equity Team of Aberdeen StandardInvestments and has managed the Fund since February 2015. Ms.Irvine joined Legacy Aberdeen in 1996 in a group developmentrole and moved to the Global Emerging Markets Equity Team in1997. Prior to joining Legacy Aberdeen, Ms. Irvine was withRutherford Manson Dowds (subsequently acquired by Deloitte),specializing in raising private equity and bank funding for privatecompanies. Mark Gordon-James, CFA, is a Senior InvestmentManager on the Global Emerging Markets Equity Team ofAberdeen Standard Investments and has managed the Fund sinceFebruary 2015. Mr. Gordon-James joined Legacy Aberdeen in2004 from Merrill Lynch Investment Managers where he workedwith the emerging markets team. Flavia Cheong, CFA, is theHead of Asia Pacific Equities on the Asian Equities Team ofAberdeen Standard investments, where, as well as sharingresponsibility for company research, she oversees regional

portfolio construction. Ms. Cheong has managed the Fund sinceFebruary 2015. Before joining Legacy Aberdeen in 1996, she wasan economist with the Investment Company of the People’sRepublic of China, and earlier with the Development Bank ofSingapore.

GSAM has been registered as an investment adviser since 1990and is an affiliate of Goldman, Sachs & Co. LLC (“GoldmanSachs”). As of December 31, 2018, GSAM, including itsinvestment advisory affiliates, had assets under supervision(“AUS”) of approximately $1,334,369.5 million. AUS includesassets under management and other client assets for whichGoldman Sachs does not have full discretion. GSAM’sQuantitative Investment Strategies team (the “QIS” team)manages the international small-and mid-cap equities of the Fundwith the following team members being jointly and primarilyresponsible for day-to-day management. Len Ioffe, ManagingDirector, joined GSAM as an associate in 1994 and has been aportfolio manager since 1996. Mr. Ioffe has managed the Fundsince September 2013. Osman Ali, Managing Director, joinedGSAM in 2003 and has been a member of the research andportfolio management team within QIS since 2005. Mr. Ali hasmanaged the Fund since September 2013. Takashi Suwabe is aManaging Director and is co-head of active equity research in theQIS team. Mr. Suwabe joined GSAM in 2004 and has been amember of the QIS team since 2009. Previously, Mr. Suwabeworked at Nomura Securities and Nomura Research Institute. Mr.Suwabe has managed the Fund since September 2013. Thefollowing team members are jointly and primarily responsible forday-to-day management of the emerging markets debt assets ofthe Fund. Samuel Finkelstein is co-chief investment officer forGSAM-s Global Fixed Income team and Global Head ofGSAM’s Emerging Market franchise. In this role, Sam serves aschief investment officer for the firm's Emerging Market Debtbusiness and oversees the Fundamental Emerging Market Equityfranchise. Mr. Finkelstein also oversees GSAM’s Currency andCommodity teams. He is a member of the Fixed Income andFundamental Equity Strategy groups. Mr. Finkelstein joinedGoldman Sachs in 1997 as an analyst in Fixed Income AssetManagement. He worked on the Fixed Income portfolio risk andstrategy team for two years and then became an emerging marketportfolio manager. Mr. Finkelstein was named managing directorin 2005 and partner in 2010. Prior to joining the firm, he workedas a foreign exchange trader at Union Bank of Switzerland. Mr.Finkelstein earned an MBA from the Stern School of Business atNew York University and a BA in Economics and Mathematicsfrom Yale University in 1996. Mr. Finkelstein has managed theFund since September 2013. Ricardo Penfold is a member of thefixed income portfolio management team and is responsible forsovereign research coverage on the Emerging Market Debt team.He joined Goldman Sachs in 2000 and was named managingdirector in 2010. Prior to joining the firm, Mr. Penfold was headof research and an economist for Santander Investments andBanco Santander Central Hispano in Venezuela. Earlier in hiscareer, he was professor of economics at the Universidad Centralde Venezuela and Universidad Catolica Andres Bello in Caracas,Venezuela. Mr. Penfold earned a BA from Boston University in1987 and a master’s degree from the University of Pennsylvania

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in 1991. He is also a PhD candidate in Economics at theUniversity of Pennsylvania. Mr. Penfold has managed the Fundsince September 2013.

Noah J. Monsen, CFA, Brian W. Bomgren, CQF, Darren M.Bagwell, CFA and David R. Spangler, CFA are jointly andprimarily responsible for day-to-day management of the Fund’sinternational large-cap value assets and the assets allocated toU.S. securities. Mr. Monsen and Mr. Bomgren have served asportfolio managers of the international large-cap value assets ofthe Fund since February 2016. Mr. Monsen has been withThrivent Financial since 2000 and has served in an investmentmanagement capacity since 2008. Mr. Bomgren has been withThrivent Financial since 2006 and is currently a Senior EquityPortfolio Manager. Mr. Bagwell and Mr. Spangler have served asportfolio managers for the portion of the Fund’s assets allocatedto U.S. securities since February 2019. Mr. Bagwell is VicePresident, Chief Equity Strategist and has been with ThriventFinancial in an investment management capacity since 2002. Mr.Spangler has been with Thrivent Financial since 2002, in aninvestment management capacity since 2005 and currently is aSenior Portfolio Manager.

Thrivent Small Cap Growth FundDavid J. Lettenberger, CFA is primarily responsible for theday-to-day management of the Fund. Mr. Lettenberger has servedas portfolio manager of the Fund since February 2018. Mr.Lettenberger has been a portfolio manager at Thrivent Financialsince 2013, when he joined the firm. Prior to joining ThriventFinancial, Mr. Lettenberger was a portfolio manager at UBSGlobal Asset Management.

Thrivent Small Cap Stock FundMatthew D. Finn, CFA and James M. Tinucci, CFA are jointlyand primarily responsible for the day-to-day management of theFund. Mr. Finn has served as lead portfolio manager for the Fundsince March 2013. Mr. Tinucci has served as the associateportfolio manager of the Fund since February 2015. Mr. Finn hasbeen a portfolio manager at Thrivent Financial since 2004, whenhe joined Thrivent Financial. Mr. Tinucci has been with ThriventFinancial since 2014, and previously held various positions atThrivent Financial from 2007 to 2012. Prior to rejoining ThriventFinancial, Mr. Tinucci was a manager at Deloitte Consulting.

Personal Securities InvestmentsPersonnel of Thrivent Asset Mgt. and the subadvisers may investin securities for their own account pursuant to codes of ethics thatestablish procedures for personal investing and restrict certaintransactions. Transactions in securities that may be held by theFunds are permitted by Thrivent Asset Mgt., subject tocompliance with applicable provisions under the applicable codesof ethics.

TrademarksBLOOMBERG® is a trademark and service mark of BloombergFinance L.P. and its affiliates (collectively “Bloomberg”).BARCLAYS® is a trademark and service mark of Barclays Bank

Plc (collectively with its affiliates, “Barclays”), used underlicense. Bloomberg or Bloomberg’s licensors, including Barclays,own all proprietary rights in the Bloomberg Barclays Indices.Neither Bloomberg nor Barclays approves or endorses thismaterial, or guarantees the accuracy or completeness of anyinformation herein, or makes any warranty, express or implied, asto the results to be obtained therefrom and, to the maximumextent allowed by law, neither shall have any liability orresponsibility for injury or damages arising in connectiontherewith.

The Global Industry Classification standard ("GICS") wasdeveloped by and is the exclusive property and a service mark ofMSCI Inc. ("MSCI") and Standard & Poor's, a division of TheMcGraw-Hill Companies, Inc. ("S&P") and is licensed for use bythe Funds. Neither MSCI, S&P nor any third party involved inmaking or compiling the GICS or any GICS classifications makesany express or implied warranties or representations with respectto such standard or classification (or the results to be obtained bythe use thereof), and all such parties hereby expressly disclaim allwarranties or originality, accuracy, completeness, merchantabilityand fitness for a particular purpose with respect to any of suchstandard or classification. Without limiting any of the foregoing,in no event shall MSCI, S&P, any of their affiliates or any thirdparty involved in making or compiling the GICS or any GICSclassifications have any liability for any direct, indirect, special,punitive, consequential or any other damages (including lostprofits) even if notified of the possibility of such damages.

MSCI makes no express or implied warranties or representationsand shall have no liability whatsoever with respect to any MSCIdata contained herein. The MSCI data may not be furtherredistributed or used as a basis for other indexes or any securitiesor financial products. This prospectus is not approved, endorsed,reviewed or produced by MSCI. None of the MSCI data isintended to constitute investment advice or a recommendation tomake (or refrain from making) any kind of investment decisionand may not be relied on as such.

The S&P 500 Index, S&P SmallCap 600 Index, S&P SmallCap600 Growth Index, S&P MidCap 400 Index, S&P 500 GrowthIndex, and S&P 500 Value Index are products of S&P Dow JonesIndices LLC and/or its affiliates and have been licensed for useby the Funds. Copyright © 2017 S&P Dow Jones Indices LLC, asubsidiary of McGraw Hill Financial Inc., and/or its affiliates. Allrights reserved. Redistribution, reproduction and/or photocopyingin whole or in part are prohibited without written permission ofS&P Dow Jones Indices LLC. For more information on any ofS&P Dow Jones indices LLC's indices please visit spdji.com.S&P® is a registered trademark of Standard & Poor's FinancialServices LLC and Dow Jones® is a registered trademark of DowJones Trademark Holdings LLC. Neither S&P Dow JonesIndices LLC, Dow Jones Trademark Holdings, LLC theiraffiliates nor their third party licensors make any representationor warranty, express or implied, as to the ability of any index toaccurately represent the asset class or market sector that itpurports to represent and neither S&P Dow Jones Indices LLC,Dow Jones Trademark Holdings LLC, their affiliates nor their

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third party licensors shall have any liability for any errors,omissions, or interruptions of any index or the data includedtherein.

LSTA is a trademark of Loan Syndications and TradingAssociation, Inc. and has been licensed for use by S&P DowJones Indices.

This prospectus may contain information obtained from thirdparties, including ratings from credit ratings agencies such asStandard & Poor's. Reproduction and distribution of third partycontent in any form is prohibited except with the prior writtenpermission of the related third party. Third party contentproviders do not guarantee the accuracy, completeness, timelinessor availability of any information, including ratings, and are notresponsible for any errors or omissions (negligent or otherwise),regardless of the cause, or for the results obtained from the use ofsuch content. THIRD PARTY CONTENT PROVIDERS GIVE

NO EXPRESS OR IMPLIED WARRANTIES, INCLDUING,BUT NOT LIMITED TO, ANY WARTRANTIES OFMERCHANTABILITY OR FITNESS FOR A PARTICULARPURPOSE OR USE. THIRD PARTY CONTENT PROCIDESSHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT,INCIDENTAL, EXEMPLARY, COMPENSATORY,PUNITIVIE, SPECIAL OR CONSEQUENTIAL DAMAGES,COSTS, EXPENSES, LEGAL FEES, OR LOSSES(INCLDUING LOST INCOME OR PROFITS ANDOPPORTUNITY COSTS OR LOSSES CAUSED BYNEGLIGENCE) IN CONNECTION WITH ANY USE OFTHEIR CONTENT, INCLUDING RATINGS. Credit ratings arestatements of opinions and are not statements of fact orrecommendations to purchase, hold or sell securities. They do notaddress the suitability of securities or the suitability of securitiesfor investment purposes and should not be relied on asinvestment advice.

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HOW TO CONTACT USInternet:

ThriventFunds.com

Telephone:800-847-4836

New Applications:Thrivent Mutual FundsP.O. Box 219347Kansas City, Missouri 64121-9347

Additional Investments:Thrivent Mutual FundsP.O. Box 219334Kansas City, Missouri 64121-9334

Redemptions, Exchanges or Other Requests:Thrivent Mutual FundsP.O. Box 219348Kansas City, Missouri 64121-9348

Express Mail:Thrivent Mutual Funds430 West 7th StreetKansas City, Missouri 64105

Fax:866-278-8363

Wire Transfer Instructions:State Street Corp.225 Franklin StreetBoston, MA 02101ABA #011000028Account #4195-538-6

Credit:Thrivent Financial Investor Services Inc. as Agent for thebenefit of Thrivent Mutual Funds

Further Credit:[Name of the Fund][Shareholder Account Number][Shareholder Registration/Name]

Pricing Fund SharesThe price of a Fund’s shares is based on the Fund’s net assetvalue (“NAV”). Each Fund determines its NAV for a particularclass of shares once daily at the close of regular trading on theNew York Stock Exchange (“NYSE”), which is normally4:00 p.m. Eastern time. If the NYSE has an unscheduled earlyclose but certain other markets remain open until their regularlyscheduled closing time, the NAV may be determined as of theregularly scheduled closing time of the NYSE. If the NYSEand/or certain other markets close early due to extraordinarycircumstances (e.g., weather, terrorism, etc.), the NAV may be

calculated as of the early close of the NYSE and/or certain othermarkets. The NAV generally will not be determined on dayswhen, due to extraordinary circumstances, the NYSE and/orcertain other markets do not open for trading. The Fundsgenerally do not determine NAV on holidays observed by theNYSE or on any other day when the NYSE is closed. The NYSEis regularly closed on Saturdays and Sundays, New Year’s Day,Martin Luther King, Jr. Day, Presidents’ Day, Good Friday,Memorial Day, Independence Day, Labor Day, ThanksgivingDay and Christmas Day. The price at which you purchase orredeem shares of a Fund is based on the next calculation of theNAV after the Fund receives your purchase or redemptionrequest in good order.

Thrivent Money Market Fund seeks to maintain a stable $1.00NAV, pursuant to procedures established by the Board ofTrustees for the Funds, and generally utilizes the amortized costmethod. Valuing securities held by Thrivent Money Market Fundon the basis of amortized cost (which approximates market value)involves a constant amortization of premium or accretion ofdiscount to maturity. This method is explained further in theStatement of Additional Information. The Fund will not value asecurity at amortized cost, but will instead make a fair valuedetermination for such security, if it determines that amortizedcost is not approximately the same as the fair value of thesecurity.

Each other Fund determines the NAV for a particular class bydividing the total Fund assets attributable to that class, less allliabilities attributable to such class, by the total number ofoutstanding shares of that class. To determine the NAV, the otherFunds generally value their securities at current market valueusing readily available market prices. If market prices are notavailable or if the Adviser determines that they do not accuratelyreflect fair value for a security, the Board of Trustees hasauthorized the Adviser to make fair valuation determinationspursuant to policies approved by the Board of Trustees. Fairvaluation of a particular security is an inherently subjectiveprocess, with no single standard to utilize when determining asecurity’s fair value. In each case where a security is fair valued,consideration is given to the facts and circumstances relevant tothe particular situation. This consideration includes a review ofvarious factors set forth in the pricing policies adopted by theBoard of Trustees. For any portion of a Fund’s assets that areinvested in other mutual funds, the NAV is calculated based uponthe NAV of the mutual funds in which the Fund invests, and theprospectuses for those mutual funds explain the circumstancesunder which they will use fair value pricing and the effects ofsuch a valuation.

Because many foreign markets close before the U.S. markets,significant events may occur between the close of the foreignmarket and the close of the U.S. markets, when the Fund’s assetsare valued, that could have a material impact on the valuation offoreign securities (i.e., available price quotations for these

Shareholder Information

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securities may not necessarily reflect the occurrence of thesignificant event). The Funds, subject to oversight by the Boardof Trustees, evaluate the impact of these significant events andadjust the valuation of foreign securities to reflect the fair valueas of the close of the U.S. markets to the extent that the availableprice quotations do not, in the Adviser’s opinion, adequatelyreflect the occurrence of the significant events. For moreinformation about how the Funds discourage abusive tradingpractices (including those that may attempt to take advantage ofsignificant events, the occurrence of which are not necessarilyreflected in available price quotations of foreign securities),please see the section entitled “Frequent Trading Policies andMonitoring Processes” in this Prospectus.

Class S SharesThrivent Mutual Funds offer Class A shares for most of theFunds and Class S shares for each of the Funds. There is no salescharge imposed in connection with the purchase of Class S sharesand such shares are not subject to any Rule 12b-1 fees. Incontrast, Class A shares are subject to sales charges andRule 12b-1 fees. Because the sales charges and expenses varybetween the Class A shares and Class S shares, performance willvary with respect to each class. A copy of the Class A prospectusmay be obtained by writing to the Fund, calling toll free800-847-4836, or downloading it from our website(ThriventFunds.com).

You may purchase Class S shares in several ways, including:

• Directly from our website;• From a broker-dealer or financial intermediary who maintains

a selling agreement with the Funds’ principal underwriter,including in fee-based investment advisory programs;

• From a broker-dealer or financial intermediary who maintainsa selling agreement with the Funds’ principal underwriter,and subject to an account service fee for certain servicesprovided by the broker-dealer and their financialrepresentatives. A shareholder who wants such services andelects to pay an account service fee pays such fee to thebroker-dealer from the shareholder’s account; the fee is notdeducted from the assets of the Thrivent Mutual Funds; and

• Through certain retirement plans and deferred compensationplans.

Thrivent Mutual Funds has authorized certain broker-dealers toreceive purchase and redemption orders, and such broker-dealersare authorized to designate other intermediaries to receive orderson the Funds’ behalf. Such broker-dealers and intermediaries maycharge fees for effecting transactions or for other services. If yourThrivent Mutual Funds shares are held in an account subject to abroker-dealer’s investment advisory program or an accountservice fee agreement, please contact your financialrepresentative for information about these fees and the servicesavailable for the different fees or for help with transactions in, orchanges to, your Thrivent Mutual Funds account.

If you do not utilize the services of a broker-dealer or financialrepresentative, or if you want to terminate an account service feeagreement, you may manage your Thrivent Mutual Fundsaccount online at ThriventFunds.com or you may call the

Thrivent Mutual Funds Interaction Center (“Interaction Center”)at 800-847-4836.

Buying SharesOpening an AccountYou must open an account for each Fund that you want topurchase. If you would like assistance with opening an account,please contact your financial representative or please call theInteraction Center at 800-847-4836.

Generally, you can purchase multiple Funds under one accountregistration type (e.g., an IRA). How you register your accountwith the Funds can affect your legal interests as well as the rightsand interests of your family and beneficiaries. You should alwaysconsult with your legal and/or tax advisor to determine theaccount registration type that best meets your needs. You mustclearly identify the type of account you want on your application.If shares are held in the name of a corporation, trust, estate,custodianship, guardianship or partnership, additionaldocumentation may be necessary. Your ability to transfer Fundshares to another broker-dealer is limited to those broker-dealerswith whom the Funds’ principal underwriter maintains a sellingagreement. In the event that your account has been abandoned oris no longer supported by your broker-dealer, we will assist youin finding an alternative broker-dealer or exchanging yourshares,as appropriate. Shares of each Fund are only sold in U.S.jurisdictions.

Required Minimum Investments

REGULAR ACCOUNTINITIAL

PURCHASEADDITIONALPURCHASES

All Funds except Thrivent Money MarketFund and Thrivent Limited Maturity BondFund $2,000 $ 50

Thrivent Money Market Fund $1,000 $100

Thrivent Limited Maturity Bond Fund $2,000 $100

IRA OR TAX-DEFERRED PLANAll Funds except Thrivent Money MarketFund and Thrivent Limited Maturity BondFund $1,000 $ 50

Thrivent Money Market Fund andThrivent Limited Maturity Bond Fund $1,000 $100

EMPLOYER SPONSOREDQUALIFIED PLANS

NO MINIMUMREQUIREMENT

AUTOMATIC INVESTMENT PLAN

MINIMUM MONTHLYAMOUNT PER FUNDACCOUNT NUMBER

All Funds except Thrivent Money MarketFund and Thrivent Limited Maturity BondFund $ 50

Thrivent Money Market Fund and ThriventLimited Maturity Bond Fund $100

Please note that these minimums are not applicable to investors incertain fee-based investment advisory programs.

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Shares of the Funds are issued on days on which the NYSE isopen, which generally are weekdays other than national holidays.If you are not purchasing through an omnibus or networkedaccount, your order will be considered received when it isreceived by the transfer agent in good order. If you arepurchasing through an omnibus or networked account, your orderwill be considered received when an authorized broker (or itsauthorized designee) receives it in good order. Good order meansthat your instructions and any required payment have beenreceived by the transfer agent or an authorized broker (or itsauthorized designee) in the form required by the Funds, includingthe name of the Fund, the account number, the amount of thetransaction, and all required signatures. Orders received in goodorder by the transfer agent, or by an authorized broker (or itsauthorized designee) for omnibus or networked accounts, beforethe close of trading on the NYSE (generally 4:00 p.m. Easterntime) will be processed at the NAV calculated that day. TheFund, its transfer agent, or any other authorized Fund agent may,in its sole discretion, determine whether any particular transactionrequest is in good order and reserves the right to change or waiveany good order requirement at any time.

Purchases by Employer SponsoredQualified Plans and IRAs or OtherTax-Deferred PlansFor SEP and SIMPLE plans, while there is no required minimuminvestment amount for purchases, we reserve the right to limitpurchases to a single Fund until a minimum investment of $1,000is achieved. In addition, the required minimum investment on apurchase for IRAs or other Tax-Deferred Plans, as disclosedabove in “Required Minimum Investments,” may be waived.

Purchase PoliciesYour payment must be in U.S. dollars drawn on a U.S. bank.Thrivent Mutual Funds does not accept cash, traveler’s checks,credit card courtesy checks or most third-party and starter/counterchecks. If you purchase shares by check, electronic funds transfer(other than bank wire) or automatic investment plan and you electto redeem those shares soon after their purchase, a Fund maydelay paying the redemption proceeds for up to 10 days from thedate of purchase to allow the Fund to collect payment for thepurchase of shares.

The Funds or Thrivent Distributors reserves the right to suspendthe offering of shares for a period of time and the right to rejectany specific purchase of shares.

Under applicable anti-money laundering rules and otherregulations, the Fund, its transfer agent, or any other authorizedFund agent may suspend, restrict or cancel your purchase orderand withhold the monies.

Initial PurchasesYou may purchase initial shares in any of the following ways:

• Through a financial representative;• By mail;• By telephone;

• By the Internet; or• By wire/ACH transfer.

During periods of extreme volume caused by dramatic economicor stock market changes or due to unforeseen technology issues,it is possible that you may have difficulty reaching the InteractionCenter by phone or Internet for short periods of time.

Initial Purchases by Mail(See “HOW TO CONTACT US” for address information)

To buy shares of the Funds by mail:

• Complete and submit your new account application for eachdifferent account registration. If you do not complete theapplication properly, your purchase may be delayed orrejected.

• Make your check payable to the Fund you are buying. Ifmore than one Fund, make your check payable to “ThriventMutual Funds.”

Initial Purchases by TelephoneTo buy initial shares of the Funds by telephone, please note thefollowing:

• Complete all of the bank information required on theapplication so that you may call the Fund to withdraw moneyfrom your bank checking or savings account to make yourinvestment.

• This privilege may not be available on certain accounts.

Initial Purchases by InternetTo buy initial shares of the Funds by the Internet, please note thefollowing:

• Complete and submit your new account application for eachdifferent account registration. If you do not complete theapplication properly, your purchase may be delayed orrejected.

• A User ID and password is required prior to authorizing suchtransactions.

• Bank instructions must be established on the account throughthe Internet or by submitting the bank information on theapplication prior to making a purchase.


Initial Purchases by Wire TransferTo buy initial shares of the Funds by wire transfer, please notethe following:

• Your bank must be a member of, have a correspondingrelationship with a member of, or use the Federal ReserveSystem.

• Complete and mail your new account application for eachaccount registration. If you do not complete the applicationproperly, your purchase may be delayed or rejected.

• Instruct your bank to wire transfer the funds. (See WireTransfer Instructions under “HOW TO CONTACT US”)

• This privilege may not be available on certain accounts.• Thrivent Mutual Funds and its transfer agent are not

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responsible for the consequences of delays resulting from thebanking or Federal Reserve wire transfer system, or fromincomplete wiring instructions.

Additional PurchasesYou may purchase additional shares in any of the followingways:

• Through a financial representative;• By mail;• By telephone;• By the Internet;• By wire/ACH transfer; or• Through an Automatic Investment Plan.

During periods of extreme volume caused by dramatic economicor stock market changes or due to unforeseen technology issues,it is possible that shareholders may have difficulty reaching theInteraction Center by phone or Internet for short periods of time.

Additional Purchases by Mail(See “HOW TO CONTACT US” for address information)

To make additional purchases by mail, make your check payableto the specific Fund in which you are investing. If more than oneFund, make your check payable to “Thrivent Mutual Funds.”Please indicate your Fund account number on the face of yourcheck. If you have more than one account, always verify that youare investing in the proper account. This will help ensure theproper handling of the transaction.

Additional Purchases by TelephoneBefore you can buy additional shares by telephone, you may berequired to select the Telephone Purchase option on theapplication, or, subsequently to opening your account, request tohave this option added by writing to Thrivent Mutual Funds orcontacting the Interaction Center. Once you have requested thatthis option be set up on your account, you can call the InteractionCenter at 800-847-4836 and the Fund will withdraw money fromyour bank checking or savings account to make your investment.This privilege may not be available on certain accounts.

The Funds have implemented procedures designed to reasonablyensure that telephone instructions are genuine. These proceduresinclude recording telephone conversations, requestingverification of certain personal information and supplyingtransaction verification information. Please note, however, thatthe Funds will not be liable for losses suffered by a shareholderthat result from following telephone instructions reasonablybelieved to be authentic after verification pursuant to theseprocedures. If an account has multiple owners, the Funds mayrely on the instructions of any one account owner.

Additional Purchases by InternetYou may purchase additional shares within your Fund accountsover the Internet. A User ID and password is required prior toauthorizing transactions on your Fund accounts. This privilegemay not be available on certain accounts.

Additional Purchases by Wire TransferYou may make additional purchases in an existing Fund accountby wire transfer. Please note the following:


• Instruct your bank to wire transfer the funds. (See WireTransfer Instructions under “HOW TO CONTACT US”)

• This privilege may not be available on certain accounts.• Thrivent Mutual Funds and its transfer agent are not

responsible for the consequences of delays resulting from thebanking or Federal Reserve wire transfer system, or fromincomplete wiring instructions.

Automatic Investment PlansThe Funds offer several automatic investment plans to makeperiodic investing more convenient. Using the Funds’ automaticinvestment plans, you may implement a strategy called dollarcost averaging. Dollar cost averaging involves investing a fixedamount of money at regular intervals. Generally, when you dollarcost average, you purchase more shares when the price is low andfewer shares when the price is high. Dollar cost averaging doesnot ensure a profit or protect against a loss during decliningmarkets.

For further information regarding any of the following automaticinvestment plans, contact your financial representative or theInteraction Center at 800-847-4836.

Automatic Purchase PlanThe Funds’ Automatic Purchase Plan allows you to make regularadditional investments in an existing Fund account. Under thisplan, the Funds will withdraw from an investor’s bank checkingor savings account in the amount specified (subject to therequired minimum investments) on specified dates. The proceedswill be invested in shares of the specified Fund at the applicableoffering price determined on the date of the draw. To use thisplan, you must authorize the plan on your application form, orsubsequently in writing, and may be required to submit additionaldocuments. This privilege may not be available on certainaccounts.

Automatic Payroll Deduction Savings andInvestment PlanThe payroll deduction savings and investment plan allowsemployees, Social Security recipients, federal employees andmilitary personnel to invest in the Funds through direct deductionfrom their paychecks or commission checks. For informationabout how to instruct another institution to send payroll deductionamounts to your mutual fund account, contact the InteractionCenter at 800-847-4836.

Retirement PlansCertain types of individual and employer-sponsored retirementplans may be established with assets invested in Thrivent MutualFunds. These accounts may offer you tax advantages. You should

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consult your attorney and/or tax advisor before you establish aretirement plan. Additional fees may apply to some retirementaccounts. Please review plan documents and/or custodial accountagreements for more information. You may obtain thesematerials, documents and forms by contacting your ThriventFinancial financial representative or the Interaction Center, or bydownloading the documents on ThriventFunds.com. Please note,however, that each Fund reserves the right to not make its sharesavailable to certain retirement plan accounts.

Redeeming SharesWhen the transfer agent or an authorized broker (or its authorizeddesignee) receives your redemption request in good order, theFund will redeem available shares at the next calculation of theFund’s NAV. Orders received by the transfer agent or anauthorized broker (or its authorized designee) in good orderbefore the close of trading on the NYSE (generally 4:00 p.m.Eastern time) will be processed at the NAV calculated that day.

Except as discussed below for redemptions of recently purchasedshares, the Funds typically expect to pay redemption proceedswithin two business days after receipt of a redemption requestdetermined to be in good order, but payment may take up toseven days. The right to redeem shares may be suspended orpayment upon redemption may be delayed for more than sevendays only (i) for any period during which trading on the NYSE isrestricted as determined by the SEC or during which the NYSE isclosed (other than customary weekend and holiday closings), (ii)for any period during which an emergency exists, as defined bythe SEC, as a result of which disposal of portfolio securities ordetermination of the NAV of the Funds is not reasonablypracticable, and (iii) for such other periods as the SEC may byorder permit for the protection of shareholders of the Funds. Ifyou purchased shares by check, electronic funds transfer (otherthan bank wire) or automatic investment plan and you elect toredeem those shares soon after their purchase, a Fund may delaypaying the redemption proceeds for up to 10 days from the dateof purchase to allow the Fund to collect payment for the purchaseof shares.

The Funds typically expect to meet redemption requests withcash or cash equivalents held by the applicable Fund(s) or fromproceeds from selling Fund assets in connection with the normalcourse management of the Fund. In stressed or otherwiseabnormal market conditions, including to meet significantredemption activity by shareholders, a Fund may need to sellportfolio assets. In this type of situation, the Fund could be forcedto sell portfolio securities at unfavorable prices in an effort togenerate sufficient cash to pay redeeming shareholders.

A Fund may also, particularly in stressed or otherwise abnormalmarket conditions, meet redemption requests with cash obtainedthrough short-term borrowing arrangements that may be availablefrom time to time. Such borrowing arrangements currentlyinclude a credit facility in which the Funds and other portfoliosmanaged by the Adviser or an affiliate participate, and aninterfund lending program maintained pursuant to an exemptiveorder from the SEC. The Funds are limited under botharrangements as to the amount that each may borrow. The

statement of additional information includes more informationabout these borrowing arrangements.

Although the Funds typically expect to pay redemption proceedsin cash, if a Fund determines that a cash redemption would bedetrimental to remaining Fund shareholders, the Funds may payall or a portion of redemption proceeds to affiliated shareholderswith in-kind distributions of a Fund’s portfolio securities. In thissituation, you would typically receive a pro-rata portion (i.e., aproportionate share) of a Fund’s portfolio of holdings to theextent practicable. You may incur brokerage and othertransaction costs associated with converting into cash theportfolio securities distributed to you for such in-kindredemptions. The portfolio securities you receive may increase ordecrease in value before you convert them into cash. You mayincur tax liability when you sell the portfolio securities youreceive from an in-kind redemption.

If an account has multiple owners, the Fund may rely on theinstructions of any one account owner to redeem shares. If sharesare held in the name of certain types of accounts such as acorporation, trust, estate, custodianship, guardianship, orpartnership, additional documentation may be necessary.

You must have a Medallion Signature Guarantee if you want tosell shares with a value of $500,000 or more. A MedallionSignature Guarantee is a stamp provided by a financial institutionthat verifies your signature. You endorse the applicable form andhave the signature(s) guaranteed by an eligible guarantorinstitution such as a commercial bank, trust company, securitybroker or dealer, credit union, or a savings associationparticipating in the Medallion Signature Guarantee Program. AMedallion Signature Guarantee may generally be obtained at anynational bank or brokerage firm. We may waive the MedallionSignature Guarantee requirement in limited instances. The Fundsdo not accept Medallion Signature Guarantees by fax.

A written redemption request between $100,000 and $499,999.99requires one of the following three procedures:

• Your notarized signature;• A Medallion Signature Guarantee; or• An attestation of your signature by your Thrivent Financial

financial representative.

We may waive these requirements in limited instances. One ofthese three procedures would also be required for:

• Requests to send redemption proceeds to an address otherthan the one listed on the account;

• Requests to wire funds or directly deposit funds to a bankaccount with a bank name registration different than the bankname of the account;

• Requests to make redemption proceeds payable to someoneother than the current account owner;

• Requests to sell shares if there has been a change of addresson the account within the preceding 15 days; and

• Requests to sell shares if there has been a new bank of recordadded on the account within the preceding 15 days.

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If you have any questions regarding the foregoing, please contactyour financial representative or the Interaction Center at800-847-4836.

Please note that an additional fee of $12.50 will be assessed for aredemption delivered by weekday overnight mail and a fee of $20will be assessed for a redemption delivered by overnight mail forSaturday delivery. In addition, if you request a redemption bywire transfer, a fee of up to $50 may be assessed. These fees willbe satisfied by the redemption of account shares.

A Fund will mail payment proceeds within seven days followingreceipt of all required documents. A mailing of redemptionproceeds may be delayed for up to 10 days from the date ofpurchase to allow the Fund to collect payment for the purchase ofshares.

Under applicable anti-money laundering rules and otherregulations, redemptions may be suspended, restricted, cancelledor processed by the Fund, its transfer agent, or any otherauthorized Fund agent, and any proceeds may be withheld.

You may redeem shares in any of the following ways:

• Through a financial representative;• By mail or fax;• By telephone;• By the Internet;• By wire/ACH transfer; or• Through the Automatic Redemption Plan.

During periods of extreme volume caused by dramatic economicor stock market changes or due to unforeseen technology issues,it is possible that shareholders may have difficulty reaching theInteraction Center by phone or Internet for short periods of time.

Redemptions from certain accounts may be subject to additionalplan provisions.

Redemptions by Mail or Fax(See “HOW TO CONTACT US” for address or fax information)

Complete a Thrivent Mutual Funds redemption form. You mayobtain these materials, documents and forms by contacting yourThrivent Financial financial representative or the InteractionCenter, or by downloading the documents on ThriventFunds.com.As an alternative, you may prepare a written request including thefollowing information:

• Name(s) of the account owner(s);• The account number;• The name of the Fund(s) whose shares are being redeemed;• Dollar amount or number of shares you wish to redeem; and• Signature of authorized signer(s).

Redemptions by TelephoneThe privilege to redeem shares by telephone is automaticallyextended to most shareholder accounts, unless the option isspecifically declined on your application. Certain accounts arenot extended this privilege. If you do not want the telephoneredemption option on your account, please call the Interaction

Center at 800-847-4836. By accepting this privilege, you assumesome risks for unauthorized transactions.

Telephone redemption checks will be issued to the same payee(s)as the account registration and sent to the address of record.

Telephone redemptions are not allowed if, among other things:

• You have not expressly selected the option to permittelephone or Internet redemptions;

• There has been a change of address in the preceding 15 days;or

• The request is for $500,000 or more.

Redemptions by InternetTo redeem shares from your accounts over the Internet, a User IDand password is required prior to authorizing transactions on yourFund accounts. This privilege may not be available on certainaccounts.

Internet redemption checks will be issued to the same payee(s) asthe account registration and sent only to the address of record.

Internet redemptions are not allowed if, among other things:

• You have not expressly selected the option to permittelephone or Internet redemptions;

• There has been a change of address in the preceding 15 days;or

• The request is for $500,000 or more.

Redemptions by Wire TransferWhen redeeming shares by wire transfer, the followingconditions apply:


• A fee of up to $50 may be assessed for redemptions by wire.• Other restrictions may apply if Thrivent Mutual Funds does

not already have information related to your bank account.• This privilege may not be available on certain accounts.

Automatic Redemption PlanThe Automatic Redemption Plan allows you to have moneyautomatically withdrawn from your Fund account(s) on a regularbasis. The plan allows you to receive funds or direct payments atregular intervals. The following rules and/or guidelines apply:

• You need a minimum of $5,000 in your account to start theplan.

• To stop or change your plan, please notify Thrivent MutualFunds 10 days prior to the next withdrawal.


Exchanging Shares BetweenFundsYou may exchange some or all of your shares of one Fund forshares of the same class of any of the other Funds. You maymake exchanges by using the options described in this section or

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by using the automatic exchange plan, which allows you to makeexchanges on a regular basis. All exchanges will be based on theNAV of the shares you are exchanging and acquiring and will besubject to the minimum investment requirements.

The Funds reserve the right to terminate the exchange privilegeof any shareholder who is believed to be engaging in abusivetrading activity, as discussed in “Frequent Trading Policy andMonitoring Process.” Further, the Funds reserve the right tomodify or terminate the exchange privilege at any time withrespect to any Fund, if the Funds’ Trustees determine thatcontinuing the privilege may be detrimental to shareholders. Ifthe exchange policies are materially modified or terminated, theFund will give you at least 60 days’ prior notice.

You may receive more information about making exchangesbetween Funds by contacting your financial representative or theInteraction Center. Orders received by the transfer agent or anauthorized broker (or its authorized designee) in good orderbefore the close of trading on the NYSE (generally 4:00p.m.Eastern time) will be processed at the NAV calculated that day.

Under applicable anti-money laundering rules and otherregulations, exchange requests may be suspended, restricted,cancelled or processed by the Fund, its transfer agent, or anyother authorized Fund agent, and any proceeds may be withheld.

You may exchange funds in any of the following ways:

• Through a financial representative;• By mail or fax;• By telephone;• By the Internet; or• By the Automatic Exchange Plan.

During periods of extreme volume caused by dramatic economicor stock market changes or due to unforeseen technology issues,shareholders may have difficulty reaching the Interaction Centerby phone or Internet for short periods of time.

Exchanges by Mail or FaxComplete a Thrivent Mutual Funds exchange form. You mayobtain these materials, documents and forms by contacting yourThrivent Financial financial representative or the InteractionCenter, or by downloading the documents on ThriventFunds.com.As an alternative, you may prepare a written request including thefollowing information:

• Name(s) of the account owner(s);• The Fund(s) and account number(s);• Dollar or share amount you wish to exchange;• The name of the Fund(s) and account number(s) you are

exchanging into; and• Signatures of all account owners.

Exchanges by TelephoneThe privilege to exchange shares by telephone is automaticallyextended to most accounts, unless the option is specificallydeclined on your application. This privilege may not be availableon certain accounts. If you do not want the telephone exchangeoption on your account, please call the Interaction Center at

800-847-4836. By accepting this privilege, you assume somerisks for unauthorized transactions.

Exchanges by the InternetTo exchange shares within your Fund accounts over the Internet,a User ID and password is required prior to authorizing anexchange on your Fund accounts. This privilege may not beavailable on certain accounts.

Automatic Exchange PlansThe Automatic Exchange Plan allows you to exchange shares ona regular basis. The plan allows you to exchange funds at regularintervals, on dates you select, between the different funds of theThrivent Mutual Funds. To start the plan, you will, in most cases,be required to complete paperwork.

To stop or change your plan, notify Thrivent Mutual Funds atleast 10 days prior to the next exchange date.

For further instructions on how to start, stop, or make changes tothe plan, call the Interaction Center at 800-847-4836, or notifythe Fund in writing.

Transaction ConfirmationsTypically, you will receive written confirmation of yourtransaction within five business days following the date of yourtransaction. You will receive confirmation of certain purchasesand sales at least quarterly, including purchases under anautomatic investment plan, purchases under an automaticexchange election, purchases of shares from reinvested dividendsand/or capital gains, and automatic redemptions. You also cancheck your account activity at any time either onThriventFunds.com if you purchased your shares directly onThriventFunds.com, or Thrivent.com if you purchased yourshares in another way.

Uncashed Checks on YourAccountThe Funds reserve the right to reinvest any dividend, distributionor redemption proceeds amounts that you have elected to receiveby check should your check remain uncashed for more than 180days. Such checks will be reinvested in your account at the NAVon the day of the reinvestment. When reinvested, those amountsare subject to the risk of loss like any Fund investment. Nointerest will accrue on amounts represented by uncashed checks.If you elect to receive distributions in cash and a check remainsuncashed for more than 180 days, your cash election may bechanged automatically to reinvest and your future dividend andcapital gains distributions will be reinvested in the Fund at theNAV as of the date of payment of the distribution. This provisionmay not apply to certain retirement or qualified accounts,accounts with a non-U.S. address or closed accounts. Yourparticipation in the Automatic Redemption Plan may beterminated if a check remains uncashed.

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Accounts with Low BalancesDue to the high cost to shareholders of maintaining accounts withlow balances, a Fund may, by redeeming account shares, charge asemiannual account maintenance fee of $10 (a “low balance fee”)if the value of shares in the account falls below the requiredminimum investment amount shown in the “Buying Shares”section of this prospectus. The low balance fee may be waivedfor certain accounts (e.g. certain retirement plans and investors incertain fee-based investment advisory programs). Low balancefees will be automatically deducted from your account twice peryear. Alternatively, your account could be closed (rather thanbeing assessed a low balance fee) by redeeming the shares inyour account. Before your account is closed, however, you willbe notified in writing and allowed 60 days to purchase additionalshares. If additional shares are not purchased, any such close-outredemption may be at a time that is not favorable to you and mayhave tax consequences.

Lost Shareholders, InactiveAccounts and UnclaimedPropertyIt is important that the Funds maintain a correct address for eachshareholder. An incorrect address may cause a shareholder’saccount statements and other mailings to be returned to a Fund.Based upon statutory requirements for returned mail, the Fundswill attempt to locate the shareholder or rightful owner of theaccount. If a Fund is unable to locate the shareholder, then it willdetermine whether the shareholder’s account can legally beconsidered abandoned. Financial organizations are legallyobligated to escheat (or transfer) abandoned property to theappropriate state’s unclaimed property administrator inaccordance with statutory requirements. Your mutual fundaccount may be transferred to the state government of your stateof residence if no activity occurs within your account during theinactivity period specified in your state’s abandoned propertylaws. The shareholder’s last known address of record determineswhich state has jurisdiction.

Frequent Trading Policies andMonitoring ProcessesBecause short-term or excessive trading in Fund shares maydisrupt management of a Fund and increase Fund expenses, theFunds place certain limits on frequent trading in the Funds.Except with respect to systematic purchases and redemptions,transactions solely in your Thrivent Money Market Fund,omnibus accounts and other specifically approved accounts, theFunds do not accommodate frequent purchases and redemptionsof Fund shares by Fund shareholders. The Board of Trustees ofthe Funds has adopted the policy set forth below to deter frequenttrading activity.

Several different tactics are used to reduce the frequency andeffect that frequent trading can have on the Funds. The Fundsmay use a combination of monitoring shareholder activity andrestricting shareholder transactions on certain accounts to combat

such trading practices. The Funds’ use of effective fair valuepricing procedures also reduces the opportunities for short termtraders, especially for the Funds with securities that pose morefrequent pricing challenges, such as international securities, highyield securities, and other securities whose market prices may notaccurately reflect their fair value (see “Pricing Funds’ Shares”).

When monitoring shareholder activity, the Funds may considerseveral factors to evaluate shareholder activity including, but notlimited to, the amount and frequency of transactions, the amountof time between purchases and redemptions (includingexchanges), trading patterns, and total assets in the Funds that arepurchased and redeemed. In making this evaluation, the Fundsmay consider trading in multiple accounts under commonownership or control. The Funds reserve the right, in their solediscretion, to consider other relevant factors when monitoringshareholder activity.

If a shareholder is believed to be engaging in frequent tradingactivity, the Funds may request the shareholder to cease suchactivity, restrict the frequency and number of exchanges allowedon an account, or take other action as the Funds deem necessaryto limit or restrict the account privileges to the shareholder. TheFunds may also reject or cancel any purchase request, includingthe purchase side of an exchange, without notice for any reason.If it becomes necessary to cancel a transaction of a shareholderwhose account has been restricted, the Funds will promptlyreverse the exchange or (if the purchase request is not associatedwith an exchange) refund the full purchase price to theshareholder.

Although the Funds seek to deter frequent trading practices, thereare no guarantees that all activity can be detected or prevented.Shareholders engaging in such trading practices use an evolvingvariety of strategies to avoid detection and it may not be possiblefor operational and technological systems to reasonably identifyall frequent trading activity. Omnibus accounts like thosemaintained by brokers and retirement plans aggregate purchasesand redemptions for multiple investors whose identities may notbe known to the Funds. The Funds monitor aggregate tradingactivity of the omnibus accounts, and if suspicious activity isdetected, the Funds will contact the intermediary associated withthe account to determine if short-term or excessive trading hasoccurred. If the Funds believe that its frequent trading policy hasbeen violated, it will ask the intermediary to impose restrictionson excessive trades. However, the financial intermediaryassociated with the omnibus account may be limited in its abilityto restrict trading practices of its clients.

In addition, transactions by certain institutional accounts, assetallocation programs and Funds in other Funds may be exemptfrom the policies discussed above, subject to approval bydesignated persons at Thrivent Financial. The Statement ofAdditional Information includes a description of arrangementspermitting frequent purchases and redemptions of Fund shares.

Anti-Money LaunderingYou may be asked to provide additional information in order forthe Funds to verify your identity in accordance with requirementsunder anti-money laundering and other laws and regulations.

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Accounts may be restricted and/or closed, and the monieswithheld, pending verification of this information or as otherwiserequired or permitted under these and other regulations.Additionally, the Funds reserve the right to involuntarily redeeman account in the case of: (i) actual or suspected threateningconduct or actual or suspected fraudulent, illegal or suspiciousactivity by the account owner or any other individual associatedwith the account; or (ii) the failure of the account owner toprovide information to the Funds, the Funds’ transfer agent, orany other authorized Fund agent related to opening the accounts.

Disclosure of Fund HoldingsA description of the Funds’ policies and procedures with respectto the disclosure of their portfolio securities is available in theStatement of Additional Information for the Funds, which can beobtained at ThriventFunds.com.

Standing Allocation OrderThe Thrivent Asset Allocation Funds purchase and redeem sharesof Other Funds each business day pursuant to a standingallocation order (the “Allocation Order”). The Allocation Orderprovides daily instructions for how a purchase or redemptionorder by a Thrivent Asset Allocation Fund should be allocatedamong the Other Funds. Each day, pursuant to the AllocationOrder, a Thrivent Asset Allocation Fund will purchase or redeemshares of the relevant Other Funds at the NAV for the Other Fund

calculated that day. Any modification to the daily instructionprovided by the Allocation Order must be before the close oftrading on the NYSE.

Payments by the InvestmentAdviser and PrincipalUnderwriterThrivent Asset Mgt. has entered into an agreement with theFunds’ principal underwriter, Thrivent Distributors, LLC(“Thrivent Distributors”), pursuant to which Thrivent Asset Mgt.pays (from its own resources, not the resources of the Funds)Thrivent Distributors for services relating to the promotion,offering, marketing or distribution of the Funds and/or retentionof assets maintained in the Funds. In addition, Thrivent AssetMgt. and Thrivent Distributors may make payments, out of theirown resources, to financial intermediaries that sell shares of theFunds in order to promote the distribution and retention of Fundshares. The payments are typically based on cumulative sharespurchased by financial intermediaries’ clients and may vary byshare class and other factors. These payments may create anincentive for the financial intermediary or its financialrepresentatives to recommend or offer shares of the Funds to you.The aforementioned arrangements are sometimes referred to as“revenue sharing.”

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DividendsDividends of the Funds, if any, are generally declared and paid asfollows:

Declared Daily and Paid

Monthly

• Thrivent Government Bond Fund

• Thrivent High Income Municipal Bond

Fund

• Thrivent High Yield Fund

• Thrivent Income Fund

• Thrivent Limited Maturity Bond Fund

• Thrivent Money Market Fund

• Thrivent Municipal Bond Fund

• Thrivent Opportunity Income Plus Fund

Declared and Paid

Monthly

• Thrivent Diversified Income Plus Fund

• Thrivent Multidimensional Income Fund

Declared and Paid

Quarterly

• Thrivent Balanced Income Plus Fund

• Thrivent Moderate Allocation Fund

• Thrivent Moderately Conservative

Allocation Fund

Declared and Paid

Annually

• Thrivent Aggressive Allocation Fund

• Thrivent Large Cap Growth Fund

• Thrivent Large Cap Stock Fund

• Thrivent Large Cap Value Fund

• Thrivent Low Volatility Equity Fund

• Thrivent Mid Cap Stock Fund

• Thrivent Moderately Aggressive

Allocation Fund

• Thrivent Partner Emerging Markets

Equity Fund

• Thrivent Partner Worldwide Allocation

Fund

• Thrivent Small Cap Growth Fund

• Thrivent Small Cap Stock Fund

Income dividends are derived from investment income, includingdividends, interest, and certain foreign currency gains, if any,received by the Fund.

Capital GainsCapital gains distributions, if any, usually will be declared andpaid in December for the prior twelve-month period endingOctober 31, except for Thrivent Diversified Income Plus Fundand Thrivent Multidimensional Income Fund, which are for theprior twelve-month period ending December 31.

Distribution OptionsWhen completing your application, you may select one of thefollowing options for dividends and capital gains distributions.Notify your Fund of a change in your distribution option 10 daysbefore the record date of the dividend or distribution.

• Full Reinvestment. Distributions from a Fund will bereinvested in additional shares of the same class of that Fund.This option will be selected automatically unless one of theother options is specified.

• Full Reinvestment in a Different Fund. You may alsochoose to have your distributions reinvested into an existingaccount of the same class of another Fund within the ThriventMutual Funds.

• Part Cash and Part Reinvestment. You may request tohave part of your distributions paid in cash and part of yourdistributions reinvested in additional shares of the same classof the Fund.

• All Cash. Distributions will be paid in cash. You may chooseto send your distributions directly to your bank account orrequest to have a check sent to you.

The Funds reserve the right to automatically reinvest anydistributions into your account that are less than $10.

Distributions paid in shares will be credited to your account at thenext determined NAV per share.

See “Shareholder Information—Uncashed Checks on YourAccount” for information about uncashed distribution checks.

Distributions

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GeneralThe Funds intend to make distributions that may be taxed asordinary income or capital gains. In general, any net investmentincome and short-term capital gain distributions you receive froma Fund are taxable as ordinary income. To the extent a Fundreceives and distributes qualified dividend income, you may beeligible for a tax rate lower than that on other ordinary incomedistributions. Distributions of other net capital gains by the Fundare generally taxable as capital gains—in most cases, at differentrates from those that apply to ordinary income. In addition, thereis a possibility that some of the distributions of ThriventDiversified Income Plus Fund and Thrivent MultidimensionalIncome Fund may be classified as return of capital.

The tax you pay on a given capital gains distribution generallydepends on how long a Fund has held the Fund securities it sold.It does not depend on how long you have owned your Fundshares or whether you reinvest your distributions or take them incash.

Every year, the Funds will send you a statement detailing the taxstatus of all your distributions for the previous year. The taxstatement for all Funds except Thrivent Diversified Income PlusFund and Thrivent Multidimensional Income Fund will be mailedin January. The REIT investments of Thrivent DiversifiedIncome Plus Fund and Thrivent Multidimensional Income Funddo not provide complete tax information until after the calendaryear-end. Consequently, Thrivent Diversified Income Plus Fundand Thrivent Multidimensional Income Fund expect to send yourtax statement in late February.

For tax purposes, an exchange between Funds is the same as asale. The sale of shares in your account may produce a gain orloss, which may be a taxable event.

For Fund shares purchased on or after January 1, 2012 through1099-B reportable accounts (“covered shares”), the Fund (otherthan the Money Market Fund) tracks the cost basis of these sharespursuant to your cost basis election (e.g., average cost; last-in,first-out (LIFO)). In the event that you do not elect a particularmethod, the average cost method will be used on your coveredshares. When you redeem your covered shares, the Fund willprovide you with a tax statement indicating your capital gains orlosses, if any, on the redemption of covered shares during theapplicable tax period and will also report this information to theInternal Revenue Service. You are required to use this providedinformation when filling out your Federal tax return. For moreinformation about the Funds’ practices regarding cost basis,please visit ThriventFunds.com.

Retirement PlansPre-tax contributions to traditional/SEP/SIMPLE IRAs, 403(b)plans, and tax-qualified retirement plans are taxable uponwithdrawal. Investment earnings inside traditional/SEP/SIMPLEIRAs, 403(b) plans, and tax-qualified retirement plansaccumulate on a tax-deferred basis and are taxable uponwithdrawal. The investment earnings portion of any

“non-qualified” Roth IRA withdrawal is also taxable uponwithdrawal. If you have any questions regarding your tax status,please consult with a tax professional.

Back-up WithholdingBy law, the Funds must withhold 24% of your distributions andproceeds as a prepayment of federal income tax if you have notprovided complete, correct taxpayer information. In addition, tothe extent that a Fund invests less than 50% of its total assets inmunicipal bonds, income generated from those bonds anddistributed to Fund shareholders would generally be subject tofederal income tax.

Thrivent High Income MunicipalBond Fund and ThriventMunicipal Bond FundDividend distributions from these Funds, when not held in anIRA, 403(b) plan, or tax-qualified retirement plan, are generallyexempt from federal income tax. These Funds may, however,invest a portion of its assets in securities that generate incomethat is not exempt from federal income tax or securities that aresubject to the alternative minimum tax. In addition, income ofthese Funds that is exempt from federal income tax may besubject to state and local income tax. Any capital gainsdistributed by these Funds will be subject to federal and statetaxes.

When held in an IRA, 403(b) plan, or tax-qualified retirementplan, these Funds are treated like any other IRA, 403(b) plan, ortax-qualified retirement plan investment—accumulating on atax-deferred basis and taxable upon withdrawal. By electing toinvest your IRA, 403(b) plan, or tax-qualified retirement plan inthese Funds, you are not able to take advantage of the federal taxexemption on any earnings (dividends and capital gains) uponwithdrawal. Dividends and capital gains distributions from theseFunds, when held in an IRA, 403(b) plan, or tax-qualifiedretirement plan, are reported as taxable income when received.Please consult with your tax professional for more information.

Thrivent Partner EmergingMarkets Equity Fund andThrivent Partner WorldwideAllocation FundForeign investments pose special tax issues for these Funds andtheir shareholders. For example, certain gains and losses fromcurrency fluctuations may be taxable as ordinary income. Also,certain foreign countries withhold taxes on some interest anddividends that otherwise would be payable to these Funds. If theamount withheld is material, these Funds may elect to passthrough a credit to shareholders.

Taxes

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The financial highlights tables for each of the Funds are intendedto help you understand the Funds’ financial performance for thepast five complete fiscal years or, if shorter, the period of theFunds’ operations. Certain information reflects financial resultsfor a single Fund share. The total returns in the tables representthe rate that an investor would have earned or lost on aninvestment in a Fund (assuming reinvestment of all dividends anddistributions). This information has been audited byPricewaterhouseCoopers LLP, an independent registered publicaccounting firm, whose reports, along with the Funds’ financialstatements, are included in the Annual Reports to Shareholders

for the fiscal year ended October 31, 2018 (for all Funds exceptThrivent Diversified Income Plus Fund and ThriventMultidimensional Income Fund, whose reports, along with theFunds' financial statements, are included in the Annual Report toShareholders for the fiscal year ended December 31, 2018),which are available upon request. The financial highlights shouldbe read in conjunction with the financial statements and notesthereto.

Financial Highlights

129

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*

Income from Investment Operations Less Distributions from

Net AssetValue,

Beginningof Period

NetInvestment

Income/(Loss)

Net Realizedand UnrealizedGain/(Loss) onInvestments(a)

Total fromInvestmentOperations

NetInvestment

Income

NetRealizedGain on

Investments

AGGRESSIVE ALLOCATION FUNDClass S SharesYear Ended 10/31/2018 $16.17 $0.10 $ 0.40 $ 0.50 $(0.10) $(0.89)

Year Ended 10/31/2017 13.25 0.08 3.02 3.10 (0.12) (0.06)

Year Ended 10/31/2016 14.19 0.10 0.11 0.21 (0.09) (1.06)

Year Ended 10/31/2015 14.90 0.09 0.35 0.44 (0.13) (1.02)

Year Ended 10/31/2014 14.27 0.10 1.23 1.33 (0.16) (0.54)

BALANCED INCOME PLUS FUNDClass S SharesYear Ended 10/31/2018 13.23 0.36 (0.18) 0.18 (0.35) (0.16)

Year Ended 10/31/2017 12.20 0.32 1.02 1.34 (0.31) —

Year Ended 10/31/2016 12.77 0.34 0.04 0.38 (0.33) (0.62)

Year Ended 10/31/2015 13.40 0.36 (0.03) 0.33 (0.35) (0.61)

Year Ended 10/31/2014 14.19 0.30 0.70 1.00 (0.27) (1.52)

DIVERSIFIED INCOME PLUS FUNDClass S SharesYear Ended 12/31/2018 7.34 0.25 (0.45) (0.20) (0.26) (0.15)

Year Ended 12/31/2017 6.94 0.23 0.40 0.63 (0.23) —

Year Ended 12/31/2016 6.74 0.24 0.22 0.46 (0.26) —

Year Ended 12/31/2015 7.04 0.25 (0.26) (0.01) (0.26) (0.03)

Year Ended 12/31/2014 7.19 0.26 0.02 0.28 (0.25) (0.18)

GOVERNMENT BOND FUNDClass S SharesYear Ended 10/31/2018 9.92 0.20 (0.38) (0.18) (0.20) (0.07)

Year Ended 10/31/2017 10.14 0.15 (0.20) (0.05) (0.15) (0.02)

Year Ended 10/31/2016 10.12 0.12 0.22 0.34 (0.13) (0.19)

Year Ended 10/31/2015 10.05 0.12 0.10 0.22 (0.12) (0.03)

Year Ended 10/31/2014 10.02 0.14 0.14 0.28 (0.14) (0.11)

HIGH INCOME MUNICIPAL BOND FUNDClass S SharesYear Ended 10/31/2018(f) 10.00 0.22 (0.14) 0.08 (0.22) —

(a) The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.(f) Since fund inception, February 28, 2018.* All per share amounts have been rounded to the nearest cent.

Thrivent Mutual FundsFinancial Highlights

130

RATIOS / SUPPLEMENTAL DATA

Ratio to AverageNet Assets**

Ratios to Average Net AssetsBefore Expenses Waived,

Credited or Paid Indirectly**

TotalDistributions

Net AssetValue,End ofPeriod

TotalReturn(b)

Net Assets,End of Period(in millions) Expenses

NetInvestment

Income/(Loss) Expenses

NetInvestment

Income/(Loss)

PortfolioTurnover

Rate

$(0.99) $15.68 3.20% $336.4 0.66% 0.61% 0.90% 0.37% 52%

(0.18) 16.17 23.64% 238.1 0.63% 0.56% 0.89% 0.29% 59%

(1.15) 13.25 1.76% 140.9 0.56% 0.86% 0.83% 0.59% 58%(c)

(1.15) 14.19 3.21% 120.3 0.49% 0.65% 0.54% 0.61% 51%

(0.70) 14.90 9.73% 112.3 0.41% 0.70% 0.41% 0.70% 51%

(0.51) 12.90 1.31% 120.3 0.72% 2.74% 0.72% 2.74% 149%

(0.31) 13.23 11.09% 94.5 0.73% 2.58% 0.73% 2.58% 145%

(0.95) 12.20 3.30% 65.6 0.70% 2.88% 0.70% 2.88% 125%(c)

(0.96) 12.77 2.58% 54.4 0.67% 2.77% 0.67% 2.77% 148%

(1.79) 13.40 7.95% 54.9 0.66% 2.24% 0.66% 2.24% 124%

(0.41) 6.73 (2.88)% 320.1 0.70% 3.46% 0.70% 3.46% 143%

(0.23) 7.34 9.20% 251.4 0.70% 3.13% 0.70% 3.13% 133%

(0.26) 6.94 6.91% 158.2 0.70% 3.51% 0.70% 3.51% 91%

(0.29) 6.74 (0.19)% 108.3 0.69% 3.56% 0.69% 3.56% 108%

(0.43) 7.04 3.90% 116.2 0.69% 3.60% 0.69% 3.60% 137%

(0.27) 9.47 (1.89)% 52.3 0.75% 2.02% 0.79% 1.98% 280%

(0.17) 9.92 (0.47)% 52.0 0.76% 1.49% 0.79% 1.46% 193%

(0.32) 10.14 3.41% 46.9 0.81% 1.22% 0.81% 1.22% 152%(c)

(0.15) 10.12 2.17% 73.9 0.57% 1.18% 0.57% 1.18% 145%

(0.25) 10.05 2.90% 88.7 0.57% 1.41% 0.57% 1.41% 130%

(0.22) 9.86 0.79% 6.6 0.43% 3.26% 3.71% (0.02)% 201%

(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than oneyear.

(c) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included inthe calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of theFinancial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and therevisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Aggressive Allocation Fund was 57%, for BalancedIncome Plus Fund was 120% and for Government Bond Fund was 149%.

** Computed on an annualized basis for periods less than one year.

Thrivent Mutual FundsFinancial Highlights – continued

131



Net AssetValue,

Beginningof Period

NetInvestment

Income/(Loss)



NetInvestment

Income

NetRealizedGain on

Investments

HIGH YIELD FUNDClass S SharesYear Ended 10/31/2018 $ 4.90 $0.27 $(0.26) $ 0.01 $(0.27) $ —

Year Ended 10/31/2017 4.76 0.27 0.13 0.40 (0.26) —

Year Ended 10/31/2016 4.74 0.26 0.03 0.29 (0.27) —

Year Ended 10/31/2015 5.05 0.28 (0.31) (0.03) (0.28) —

Year Ended 10/31/2014 5.10 0.30 (0.05) 0.25 (0.30) —

INCOME FUNDClass S SharesYear Ended 10/31/2018 9.26 0.32 (0.53) (0.21) (0.32) (0.03)

Year Ended 10/31/2017 9.25 0.31 0.02 0.33 (0.31) (0.01)

Year Ended 10/31/2016 9.00 0.32 0.29 0.61 (0.32) (0.04)

Year Ended 10/31/2015 9.29 0.34 (0.26) 0.08 (0.33) (0.04)

Year Ended 10/31/2014 9.08 0.35 0.21 0.56 (0.35) —

LARGE CAP GROWTH FUNDClass S SharesYear Ended 10/31/2018 11.23 — 1.51 1.51 — (0.27)

Year Ended 10/31/2017 8.99 — 2.29 2.29 — (0.05)

Year Ended 10/31/2016 9.89 0.01 (0.41) (0.40) — (0.50)

Year Ended 10/31/2015 8.96 — 1.07 1.07 — (0.14)

Year Ended 10/31/2014 7.65 0.01 1.33 1.34 (0.03) —

LARGE CAP STOCK FUNDClass S SharesYear Ended 10/31/2018 29.50 0.41 (0.21) 0.20 (0.37) (2.45)

Year Ended 10/31/2017 25.01 0.40 5.17 5.57 (0.38) (0.70)

Year Ended 10/31/2016 26.57 0.32 (0.62) (0.30) (0.35) (0.91)

Year Ended 10/31/2015 27.99 0.39 0.86 1.25 (0.34) (2.33)

Year Ended 10/31/2014 27.75 0.35 2.58 2.93 (0.21) (2.48)

LARGE CAP VALUE FUNDClass S SharesYear Ended 10/31/2018 22.84 0.37 0.95 1.32 (0.33) (0.93)

Year Ended 10/31/2017 19.56 0.36 3.89 4.25 (0.32) (0.65)

Year Ended 10/31/2016 20.14 0.32 0.46 0.78 (0.29) (1.07)

Year Ended 10/31/2015 20.80 0.30 0.01 0.31 (0.27) (0.70)

Year Ended 10/31/2014 18.73 0.29 2.03 2.32 (0.25) —

(a) The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.* All per share amounts have been rounded to the nearest cent.


132





TotalDistributions


TotalReturn(b)


NetInvestment


NetInvestment

Income/(Loss)

PortfolioTurnover

Rate

$(0.27) $ 4.64 0.14% $283.4 0.57% 5.65% 0.57% 5.65% 38%

(0.26) 4.90 8.68% 259.9 0.57% 5.49% 0.57% 5.49% 48%

(0.27) 4.76 6.34% 232.2 0.55% 5.68% 0.55% 5.68% 43%(c)

(0.28) 4.74 (0.66)% 235.9 0.50% 5.69% 0.50% 5.69% 38%

(0.30) 5.05 5.05% 246.2 0.49% 5.90% 0.49% 5.90% 43%

(0.35) 8.70 (2.30)% 508.3 0.45% 3.57% 0.45% 3.57% 109%

(0.32) 9.26 3.66% 504.7 0.45% 3.35% 0.45% 3.35% 100%

(0.36) 9.25 6.97% 462.9 0.44% 3.53% 0.44% 3.53% 107%(c)

(0.37) 9.00 0.90% 429.9 0.41% 3.66% 0.41% 3.66% 92%

(0.35) 9.29 6.29% 438.1 0.40% 3.83% 0.40% 3.83% 97%

(0.27) 12.47 13.70% 765.8 0.81% (0.02)% 0.81% (0.02)% 62%

(0.05) 11.23 25.59% 654.1 0.82% 0.05% 0.82% 0.05% 65%

(0.50) 8.99 (4.26)% 510.1 0.82% 0.12% 0.82% 0.12% 68%(c)

(0.14) 9.89 12.12% 509.3 0.81% 0.03% 0.81% 0.03% 64%

(0.03) 8.96 17.53% 338.3 0.81% 0.14% 0.81% 0.14% 45%

(2.82) 26.88 0.56% 276.6 0.64% 1.50% 0.64% 1.50% 52%

(1.08) 29.50 23.06% 263.3 0.65% 1.47% 0.65% 1.47% 73%

(1.26) 25.01 (1.08)% 203.7 0.64% 1.42% 0.64% 1.42% 64%(c)

(2.67) 26.57 5.02% 187.8 0.61% 1.40% 0.61% 1.40% 52%

(2.69) 27.99 11.53% 174.2 0.61% 1.24% 0.61% 1.24% 65%

(1.26) 22.90 5.85% 836.5 0.53% 1.64% 0.53% 1.64% 18%

(0.97) 22.84 22.21% 757.3 0.53% 1.69% 0.53% 1.69% 17%

(1.36) 19.56 4.29% 618.7 0.53% 1.73% 0.53% 1.73% 22%

(0.97) 20.14 1.55% 580.9 0.52% 1.50% 0.52% 1.50% 31%

(0.25) 20.80 12.47% 562.0 0.52% 1.42% 0.52% 1.42% 24%


(c) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included inthe calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of theFinancial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and therevisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for High Yield Fund was 42%, for Income Fund was104%, for Large Cap Growth Fund was 67% and for Large Cap Stock Fund was 62% .



133



Net AssetValue,

Beginningof Period

NetInvestment

Income/(Loss)



NetInvestment

Income

NetRealizedGain on

Investments

LIMITED MATURITY BOND FUNDClass S SharesYear Ended 10/31/2018 $12.48 $ 0.29 $(0.17) $0.12 $(0.30) $ —

Year Ended 10/31/2017 12.48 0.23 0.01 0.24 (0.24) —

Year Ended 10/31/2016 12.37 0.22 0.11 0.33 (0.22) —

Year Ended 10/31/2015 12.44 0.20 (0.07) 0.13 (0.20) —

Year Ended 10/31/2014 12.53 0.21 (0.02) 0.19 (0.21) (0.07)

LOW VOLATILITY EQUITY FUNDClass S SharesYear Ended 10/31/2018 10.87 0.10 0.11 0.21 (0.13) (0.10)

Year Ended 10/31/2017(d) 10.00 0.09 0.78 0.87 — —

MID CAPS TOCK FUNDClass S SharesYear Ended 10/31/2018 29.04 0.02 1.23 1.25 — (2.23)

Year Ended 10/31/2017 24.00 (0.03) 6.15 6.12 (0.10) (0.98)

Year Ended 10/31/2016 23.69 0.02 2.79 2.81 (0.09) (2.41)

Year Ended 10/31/2015 25.54 0.47 0.45 0.92 (0.13) (2.64)

Year Ended 10/31/2014 22.09 0.22 3.31 3.53 (0.08) —

MODERATE ALLOCATION FUNDClass S SharesYear Ended 10/31/2018 13.93 0.24 (0.13) 0.11 (0.25) (0.38)

Year Ended 10/31/2017 12.55 0.20 1.46 1.66 (0.20) (0.08)

Year Ended 10/31/2016 12.94 0.19 0.20 0.39 (0.19) (0.59)

Year Ended 10/31/2015 13.29 0.21 0.08 0.29 (0.22) (0.42)

Year Ended 10/31/2014 12.91 0.21 0.73 0.94 (0.24) (0.32)

MODERATELY AGGRESSIVE ALLOCATION FUNDClass S SharesYear Ended 10/31/2018 15.32 0.18 0.07 0.25 (0.20) (0.62)

Year Ended 10/31/2017 13.23 0.15 2.25 2.40 (0.17) (0.14)

Year Ended 10/31/2016 13.86 0.14 0.18 0.32 (0.14) (0.81)

Year Ended 10/31/2015 14.29 0.16 0.21 0.37 (0.20) (0.60)

Year Ended 10/31/2014 13.79 0.17 0.98 1.15 (0.20) (0.45)

(a) The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.(d) Since fund inception, February 28, 2017.* All per share amounts have been rounded to the nearest cent.


134





TotalDistributions


TotalReturn(b)


NetInvestment


NetInvestment

Income/(Loss)

PortfolioTurnover

Rate

$(0.30) $12.30 0.94% $627.7 0.42% 2.38% 0.42% 2.38% 82%

(0.24) 12.48 1.91% 550.1 0.42% 1.89% 0.42% 1.89% 79%

(0.22) 12.48 2.72% 441.0 0.41% 1.80% 0.41% 1.80% 83%(c)

(0.20) 12.37 1.05% 356.4 0.38% 1.62% 0.38% 1.62% 89%

(0.28) 12.44 1.52% 467.3 0.37% 1.69% 0.37% 1.69% 102%

(0.23) 10.85 1.92% 10.7 1.20% 1.27% 2.64% (0.17)% 58%

— 10.87 8.70% 5.8 1.20% 1.31% 4.22% (1.71)% 77%

(2.23) 28.06 4.36% 744.0 0.74% 0.61% 0.74% 0.61% 34%

(1.08) 29.04 26.04% 516.3 0.72% 0.26% 0.72% 0.26% 29%

(2.50) 24.00 13.36% 337.7 0.72% 0.47% 0.72% 0.47% 22%(c)

(2.77) 23.69 4.05% 286.6 0.69% 0.51% 0.70% 0.50% 56%

(0.08) 25.54 16.01% 264.0 0.71% 0.70% 0.71% 0.70% 27%

(0.63) 13.41 0.77% 535.5 0.53% 1.69% 0.74% 1.47% 133%

(0.28) 13.93 13.44% 369.4 0.53% 1.51% 0.75% 1.30% 158%

(0.78) 12.55 3.31% 179.0 0.49% 1.56% 0.71% 1.35% 147%(c)

(0.64) 12.94 2.36% 108.3 0.41% 1.60% 0.46% 1.55% 107%

(0.56) 13.29 7.56% 89.0 0.38% 1.62% 0.38% 1.62% 73%

(0.82) 14.75 1.61% 580.8 0.57% 1.17% 0.83% 0.91% 86%

(0.31) 15.32 18.48% 389.9 0.55% 1.07% 0.83% 0.79% 103%

(0.95) 13.23 2.66% 191.0 0.49% 1.28% 0.77% 1.00% 94%(c)

(0.80) 13.86 2.75% 125.5 0.42% 1.19% 0.47% 1.14% 66%

(0.65) 14.29 8.73% 120.3 0.39% 1.22% 0.39% 1.22% 61%


(c) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included inthe calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of theFinancial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and therevisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Limited Maturity Bond Fund was 81%, for MidCap Stock Fund was 21%, Moderate Allocation Fund was 138%, and for Moderately Aggressive Allocation Fund was 90%.



135



Net AssetValue,

Beginningof Period

NetInvestment

Income/(Loss)



NetInvestment

Income

NetRealizedGain on

Investments

MODERATELY CONSERVATIVE ALLOCATION FUNDClass S SharesYear Ended 10/31/2018 $12.52 $0.27 $(0.29) $(0.02) $(0.27) $(0.21)

Year Ended 10/31/2017 11.82 0.23 0.81 1.04 (0.24) (0.10)

Year Ended 10/31/2016 11.91 0.22 0.24 0.46 (0.22) (0.33)

Year Ended 10/31/2015 12.22 0.23 (0.04) 0.19 (0.24) (0.26)

Year Ended 10/31/2014 12.01 0.24 0.48 0.72 (0.25) (0.26)

MONEY MARKET FUNDClass S SharesYear Ended 10/31/2018 1.00 0.01 — 0.01 (0.01) —

Year Ended 10/31/2017 1.00 — — — — —

Year Ended 10/31/2016 1.00 — — — — —

Year Ended 10/31/2015 1.00 — — — — —

Year Ended 10/31/2014 1.00 — — — — —

MULTIDIMENSIONAL INCOME FUNDClass S SharesYear Ended 12/31/2018 10.15 0.41 (0.95) (0.54) (0.44) (0.02)

Year Ended 12/31/2017(d) 10.00 0.29 0.20 0.49 (0.30) (0.03)

MUNICIPAL BOND FUNDClass S SharesYear Ended 10/31/2018 11.39 0.41 (0.50) (0.09) (0.41) —

Year Ended 10/31/2017 11.65 0.41 (0.26) 0.15 (0.41) —

Year Ended 10/31/2016 11.60 0.41 0.06 0.47 (0.42) —

Year Ended 10/31/2015 11.68 0.43 (0.08) 0.35 (0.43) —

Year Ended 10/31/2014 11.18 0.44 0.50 0.94 (0.44) —

OPPORTUNITY INCOME PLUS FUNDClass S SharesYear Ended 10/31/2018 10.31 0.40 (0.34) 0.06 (0.41) —

Year Ended 10/31/2017 10.23 0.36 0.08 0.44 (0.36) —

Year Ended 10/31/2016 10.05 0.39 0.18 0.57 (0.39) —

Year Ended 10/31/2015 10.38 0.40 (0.33) 0.07 (0.40) —

Year Ended 10/31/2014 10.32 0.39 0.05 0.44 (0.38) —



136





Return ofCapital

TotalDistributions


TotalReturn(b)


NetInvestment


NetInvestment

Income/(Loss)

PortfolioTurnover

Rate

$ — $(0.48) $12.02 (0.18)% $195.9 0.55% 2.18% 0.71% 2.02% 175%

— (0.34) 12.52 8.97% 141.9 0.56% 1.93% 0.72% 1.77% 208%

— (0.55) 11.82 4.05% 69.4 0.53% 1.95% 0.69% 1.80% 196%(c)

— (0.50) 11.91 1.66% 37.5 0.46% 1.87% 0.49% 1.84% 187%

— (0.51) 12.22 6.20% 32.3 0.44% 1.97% 0.44% 1.97% 140%

— (0.01) 1.00 1.29% 171.9 0.44% 1.36% 0.53% 1.28% N/A

— — 1.00 0.31% 78.1 0.53% 0.32% 0.53% 0.32% N/A

— — 1.00 0.00% 56.6 0.44% 0.00% 0.53% (0.09)% N/A

— — 1.00 0.00% 10.4 0.20% 0.00% 0.61% (0.41)% N/A

— — 1.00 0.00% 6.2 0.19% 0.00% 0.61% (0.42)% N/A

(0.02) (0.48) 9.13 (5.45)% 17.9 1.15% 4.02% 1.62% 3.55% 96%

(0.01) (0.34) 10.15 4.92% 20.5 1.15% 3.38% 1.57% 2.96% 180%

— (0.41) 10.89 (0.85)% 232.2 0.51% 3.66% 0.51% 3.66% 35%

— (0.41) 11.39 1.39% 213.9 0.50% 3.64% 0.50% 3.64% 18%

— (0.42) 11.65 4.04% 193.0 0.49% 3.53% 0.49% 3.53% 10%

— (0.43) 11.60 3.01% 108.5 0.48% 3.68% 0.48% 3.68% 8%

— (0.44) 11.68 8.61% 97.2 0.49% 3.90% 0.49% 3.90% 8%

(0.41) 9.96 0.55% 312.6 0.65% 3.94% 0.65% 3.94% 190%

(0.36) 10.31 4.40% 260.2 0.66% 3.53% 0.66% 3.53% 186%

(0.39) 10.23 5.84% 178.2 0.66% 3.88% 0.66% 3.88% 156%(c)

(0.40) 10.05 0.69% 142.0 0.63% 3.92% 0.63% 3.92% 165%

(0.38) 10.38 4.35% 113.1 0.64% 3.72% 0.64% 3.72% 169%


(c) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included inthe calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of theFinancial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and therevisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Moderately Conservative Allocation Fund was181% and for Opportunity Income Plus Fund was 147%.



137



Net AssetValue,

Beginningof Period

NetInvestment

Income/(Loss)



NetInvestment

Income

NetRealizedGain on

Investments

PARTNER EMERGING MARKETS EQUITY FUNDClass S SharesYear Ended 10/31/2018 $ 9.57 $ 0.07 $(1.52) $(1.45) $(0.12) $ —

Year Ended 10/31/2017 8.39 0.14 1.12 1.26 (0.08) —

Year Ended 10/31/2016 7.63 0.03 0.84 0.87 (0.11) —

Year Ended 10/31/2015 9.47 0.12 (1.75) (1.63) (0.21) —

Year Ended 10/31/2014 10.55 0.23 (1.16) (0.93) (0.15) —

PARTNER WORLDWIDE ALLOCATION FUNDClass S SharesYear Ended 10/31/2018 11.40 0.23 (1.34) (1.11) (0.27) (0.15)

Year Ended 10/31/2017 9.71 0.23 1.69 1.92 (0.23) —

Year Ended 10/31/2016 9.69 0.22 0.02 0.24 (0.22) —

Year Ended 10/31/2015 10.11 0.20 (0.38) (0.18) (0.24) —

Year Ended 10/31/2014 10.36 0.21 (0.25) (0.04) (0.21) —

SMALL CAP GROWTH FUNDClass S SharesYear Ended 10/31/2018(d) 10.00 (0.06) 0.63 0.57 — —

SMALL CAP STOCK FUNDClass S SharesYear Ended 10/31/2018(d) 26.87 0.07 1.15 1.22 — (1.74)

Year Ended 10/31/2017 20.68 (0.01) 7.16 7.15 (0.10) (0.86)

Year Ended 10/31/2016 21.10 0.01 1.15 1.16 (0.04) (1.54)

Year Ended 10/31/2015 22.92 0.01 0.36 0.37 — (2.19)

Year Ended 10/31/2014 20.98 0.05 2.04 2.09 — (0.15)



138





TotalDistributions


TotalReturn(b)


NetInvestment


NetInvestment

Income/(Loss)

PortfolioTurnover

Rate

$(0.12) $ 8.00 (15.39)% $ 4.9 1.32% 0.87% 3.18% (0.99)% 26%

(0.08) 9.57 15.19% 3.8 1.32% 1.61% 3.24% (0.31)% 42%

(0.11) 8.39 11.67% 1.0 1.32% 0.94% 3.56% (1.30)% 11%

(0.21) 7.63 (17.53)% 0.3 1.32% 1.14% 3.05% (0.58)% 117%

(0.15) 9.47 (8.90)% 0.6 1.32% 1.64% 2.90% 0.06% 69%

(0.42) 9.87 (10.13)% 678.3 0.94% 2.14% 0.95% 2.14% 75%

(0.23) 11.40 20.22% 747.4 0.96% 2.26% 1.01% 2.22% 94%

(0.22) 9.71 2.60% 615.9 1.00% 2.24% 1.00% 2.24% 108%(c)

(0.24) 9.69 (1.77)% 640.3 0.98% 2.04% 0.99% 2.03% 68%

(0.21) 10.11 (0.40)% 651.9 0.97% 1.99% 0.99% 1.98% 77%

— 10.57 5.70% 5.2 1.24% (0.77)% 3.91% (3.43)% 32%

(1.74) 26.35 4.75% 243.0 0.85% 0.25% 0.85% 0.25% 63%

(0.96) 26.87 35.34% 171.0 0.80% 0.30% 0.80% 0.30% 47%

(1.58) 20.68 6.12% 115.1 0.80% 0.64% 0.80% 0.64% 58%

(2.19) 21.10 1.86% 100.4 0.75% 0.47% 0.75% 0.47% 70%

(0.15) 22.92 10.00% 90.8 0.75% 0.35% 0.75% 0.35% 56%


(c) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included inthe calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of theFinancial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and therevisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Partner Worldwide Allocation Fund was 107%.



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4321 N Ballard Rd, Appleton, WI 54919-0001

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In response to concerns regarding multiple mailings, we send one copy of a shareholder report and one copy of aprospectus for Thrivent Mutual Funds to each household. This process is known as householding. This consolidationhelps reduce printing and postage costs, thereby saving money.

• If you purchased shares of Thrivent Mutual Funds through Thrivent Financial:If you wish to receive an additional copy of this Prospectus, call us toll-free at 800-847-4836. If you wish torevoke householding in the future, you may write to us at 4321 N. Ballard Road, Appleton, WI, 54919-0001, orcall us at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving yourrequest. This Prospectus is also available by visiting ThriventFunds.com.

• If you purchased shares of Thrivent Mutual Funds from a firm other than Thrivent Financial:If you wish to receive an additional copy of this Prospectus or wish to revoke householding in the future, pleasecontact your financial advisor. This Prospectus is also available by visiting ThriventFunds.com.

Contact Thrivent Mutual FundsPhone: 800-847-4836

Fax: 866-278-8363

Web: ThriventFunds.com

Email:[email protected]

New Applications:Thrivent Mutual FundsPO Box 219347Kansas City, Missouri 64121-9347

Additional Investments:Thrivent Mutual FundsPO Box 219334Kansas City, Missouri 64121-9334

Redemptions, Exchanges, or OtherRequests:Thrivent Mutual FundsPO Box 219348Kansas City, Missouri 64121-9348

Express Mail:Thrivent Mutual Funds430 West 7th StreetKansas City, Missouri 64105

The Statement of Additional Information, which is incorporated by reference into this prospectus, containsadditional information about the Funds. Additional information about the Funds’ investments is available in theFunds’ annual and semiannual reports to shareholders. In the Funds’ annual report, you will find a discussion of themarket conditions and investment strategies that significantly affected the performance of each of the Funds duringits last fiscal year. You may request a free copy of the Statement of Additional Information, the annual report or thesemiannual report, or you may make additional requests or inquiries by calling 800-847-4836. The Statement ofAdditional Information, the annual report and the semiannual report are also available, free of charge, atThriventFunds.com. You also may review and copy information about the Funds (including the Statement ofAdditional Information) at the Public Reference Room of the Securities and Exchange Commission in Washington,D.C. You may get more information about the Public Reference Room by calling 202-551-8090. You also may getinformation about the Funds on the EDGAR database at the SEC website (www.sec.gov), and copies of theinformation may be obtained upon payment of a duplicating fee by writing the Public Reference Section of the SEC,Washington, D.C. 20549-1520, or by sending an email to: [email protected].

1940 Act File No. 811-5075

Securities offered through Thrivent Distributors, LLC, 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly ownedsubsidiary of Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI.

22039PR R2-19

MUTUAL FUNDS PROSPECTUS CLASS S SHARESBeginning on January 1, 2021, as permitted by regulations...

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