Thrivent Mutual Funds

Designed for various objectives within an investor's portfolio, our actively managed funds make it easy to choose the ones that align with your clients’ goals. Our mutual funds are now available on NFS, Schwab, Pershing and TD Ameritrade platforms.

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Performance

Performance as of 12/31/2019 12/31/2019

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Max Sales Charge	Gross Expense Ratio	Net Expense Ratio
Thrivent Aggressive Allocation Fund¹	18.81%	18.81%	10.21%	7.78%	9.39%	7.12%	06/30/2005	4.50%⁴	1.44%	1.20%
YTD Return 18.81% 1 Year 18.81% 3 Year 10.21% 5 Year 7.78% 10 Year 9.39% Since Inception 7.12% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.44% Net Expense Ratio 1.20%
Thrivent Moderately Aggressive Allocation Fund¹	15.95%	15.95%	8.08%	6.51%	8.24%	6.49%	06/30/2005	4.50%⁴	1.37%	1.11%
YTD Return 15.95% 1 Year 15.95% 3 Year 8.08% 5 Year 6.51% 10 Year 8.24% Since Inception 6.49% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.37% Net Expense Ratio 1.11%
Thrivent Moderate Allocation Fund¹	12.99%	12.99%	6.45%	5.32%	7.01%	5.84%	06/30/2005	4.50%⁴	1.26%	1.05%
YTD Return 12.99% 1 Year 12.99% 3 Year 6.45% 5 Year 5.32% 10 Year 7.01% Since Inception 5.84% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.26% Net Expense Ratio 1.05%
Thrivent Moderately Conservative Allocation Fund¹	9.63%	9.63%	4.75%	4.01%	5.45%	4.88%	06/30/2005	4.50%⁴	1.18%	1.02%
YTD Return 9.63% 1 Year 9.63% 3 Year 4.75% 5 Year 4.01% 10 Year 5.45% Since Inception 4.88% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.18% Net Expense Ratio 1.02%

All returns represent past performance. Past performance does not guarantee future results. The value of an investment fluctuates so that shares, when redeemed, may be worth more or less than the original investment. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit ThriventFunds.com for performance results current to the most recent month-end. When calling, say "ThriventFunds.com" for faster service.

You could lose money by investing in Thrivent Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

⁴Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent Aggressive Allocation Fund¹	24.46%	24.46%	11.90%	8.78%	9.89%	7.46%	06/30/2005	1.44%	1.20%
YTD Return 24.46% 1 Year 24.46% 3 Year 11.90% 5 Year 8.78% 10 Year 9.89% Since Inception 7.46% Date of Inception 06/30/2005 Gross Expense Ratio 1.44% Net Expense Ratio 1.20%
Thrivent Moderately Aggressive Allocation Fund¹	21.44%	21.44%	9.74%	7.50%	8.74%	6.83%	06/30/2005	1.37%	1.11%
YTD Return 21.44% 1 Year 21.44% 3 Year 9.74% 5 Year 7.50% 10 Year 8.74% Since Inception 6.83% Date of Inception 06/30/2005 Gross Expense Ratio 1.37% Net Expense Ratio 1.11%
Thrivent Moderate Allocation Fund¹	18.33%	18.33%	8.09%	6.29%	7.51%	6.17%	06/30/2005	1.26%	1.05%
YTD Return 18.33% 1 Year 18.33% 3 Year 8.09% 5 Year 6.29% 10 Year 7.51% Since Inception 6.17% Date of Inception 06/30/2005 Gross Expense Ratio 1.26% Net Expense Ratio 1.05%
Thrivent Moderately Conservative Allocation Fund¹	14.80%	14.80%	6.36%	4.98%	5.94%	5.22%	06/30/2005	1.18%	1.02%
YTD Return 14.80% 1 Year 14.80% 3 Year 6.36% 5 Year 4.98% 10 Year 5.94% Since Inception 5.22% Date of Inception 06/30/2005 Gross Expense Ratio 1.18% Net Expense Ratio 1.02%

All returns represent past performance. Past performance does not guarantee future results. The value of an investment fluctuates so that shares, when redeemed, may be worth more or less than the original investment. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit ThriventFunds.com for performance results current to the most recent month-end. When calling, say "ThriventFunds.com" for faster service.

The performance data shown does not reflect the deduction of the sales charge. The current maximum sales charge is 4.5%, except for Thrivent Government Bond Fund which has a max sales charge of 2.0% and the Thrivent Money Market Fund and Thrivent Limited Maturity Bond Fund which has no sales charge. If reflected, the sales charge would reduce the performance quoted.

You could lose money by investing in Thrivent Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Max Sales Charge	Gross Expense Ratio	Net Expense Ratio
Thrivent Aggressive Allocation Fund¹	18.81%	18.81%	10.21%	7.78%	9.39%	7.12%	06/30/2005	4.50%⁴	1.44%	1.20%
YTD Return 18.81% 1 Year 18.81% 3 Year 10.21% 5 Year 7.78% 10 Year 9.39% Since Inception 7.12% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.44% Net Expense Ratio 1.20%
Thrivent Moderately Aggressive Allocation Fund¹	15.95%	15.95%	8.08%	6.51%	8.24%	6.49%	06/30/2005	4.50%⁴	1.37%	1.11%
YTD Return 15.95% 1 Year 15.95% 3 Year 8.08% 5 Year 6.51% 10 Year 8.24% Since Inception 6.49% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.37% Net Expense Ratio 1.11%
Thrivent Moderate Allocation Fund¹	12.99%	12.99%	6.45%	5.32%	7.01%	5.84%	06/30/2005	4.50%⁴	1.26%	1.05%
YTD Return 12.99% 1 Year 12.99% 3 Year 6.45% 5 Year 5.32% 10 Year 7.01% Since Inception 5.84% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.26% Net Expense Ratio 1.05%
Thrivent Moderately Conservative Allocation Fund¹	9.63%	9.63%	4.75%	4.01%	5.45%	4.88%	06/30/2005	4.50%⁴	1.18%	1.02%
YTD Return 9.63% 1 Year 9.63% 3 Year 4.75% 5 Year 4.01% 10 Year 5.45% Since Inception 4.88% Date of Inception 06/30/2005 Max Sales Charge 4.50%⁴ Gross Expense Ratio 1.18% Net Expense Ratio 1.02%

All returns represent past performance. Past performance does not guarantee future results. The value of an investment fluctuates so that shares, when redeemed, may be worth more or less than the original investment. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit ThriventFunds.com for performance results current to the most recent month-end. When calling, say "ThriventFunds.com" for faster service.

You could lose money by investing in Thrivent Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

⁴Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent Aggressive Allocation Fund¹	24.46%	24.46%	11.90%	8.78%	9.89%	7.46%	06/30/2005	1.44%	1.20%
YTD Return 24.46% 1 Year 24.46% 3 Year 11.90% 5 Year 8.78% 10 Year 9.89% Since Inception 7.46% Date of Inception 06/30/2005 Gross Expense Ratio 1.44% Net Expense Ratio 1.20%
Thrivent Moderately Aggressive Allocation Fund¹	21.44%	21.44%	9.74%	7.50%	8.74%	6.83%	06/30/2005	1.37%	1.11%
YTD Return 21.44% 1 Year 21.44% 3 Year 9.74% 5 Year 7.50% 10 Year 8.74% Since Inception 6.83% Date of Inception 06/30/2005 Gross Expense Ratio 1.37% Net Expense Ratio 1.11%
Thrivent Moderate Allocation Fund¹	18.33%	18.33%	8.09%	6.29%	7.51%	6.17%	06/30/2005	1.26%	1.05%
YTD Return 18.33% 1 Year 18.33% 3 Year 8.09% 5 Year 6.29% 10 Year 7.51% Since Inception 6.17% Date of Inception 06/30/2005 Gross Expense Ratio 1.26% Net Expense Ratio 1.05%
Thrivent Moderately Conservative Allocation Fund¹	14.80%	14.80%	6.36%	4.98%	5.94%	5.22%	06/30/2005	1.18%	1.02%
YTD Return 14.80% 1 Year 14.80% 3 Year 6.36% 5 Year 4.98% 10 Year 5.94% Since Inception 5.22% Date of Inception 06/30/2005 Gross Expense Ratio 1.18% Net Expense Ratio 1.02%

All returns represent past performance. Past performance does not guarantee future results. The value of an investment fluctuates so that shares, when redeemed, may be worth more or less than the original investment. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit ThriventFunds.com for performance results current to the most recent month-end. When calling, say "ThriventFunds.com" for faster service.

The performance data shown does not reflect the deduction of the sales charge. The current maximum sales charge is 4.5%, except for Thrivent Government Bond Fund which has a max sales charge of 2.0% and the Thrivent Money Market Fund and Thrivent Limited Maturity Bond Fund which has no sales charge. If reflected, the sales charge would reduce the performance quoted.

You could lose money by investing in Thrivent Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent Aggressive Allocation Fund¹	24.67%	24.67%	12.15%	9.11%	10.27%	7.83%	06/30/2005	1.19%	0.95%
YTD Return 24.67% 1 Year 24.67% 3 Year 12.15% 5 Year 9.11% 10 Year 10.27% Since Inception 7.83% Date of Inception 06/30/2005 Gross Expense Ratio 1.19% Net Expense Ratio 0.95%
Thrivent Moderately Aggressive Allocation Fund¹	21.67%	21.67%	10.00%	7.80%	9.09%	7.18%	06/30/2005	1.14%	0.88%
YTD Return 21.67% 1 Year 21.67% 3 Year 10.00% 5 Year 7.80% 10 Year 9.09% Since Inception 7.18% Date of Inception 06/30/2005 Gross Expense Ratio 1.14% Net Expense Ratio 0.88%
Thrivent Moderate Allocation Fund¹	18.54%	18.54%	8.37%	6.59%	7.86%	6.51%	06/30/2005	1.00%	0.79%
YTD Return 18.54% 1 Year 18.54% 3 Year 8.37% 5 Year 6.59% 10 Year 7.86% Since Inception 6.51% Date of Inception 06/30/2005 Gross Expense Ratio 1.00% Net Expense Ratio 0.79%
Thrivent Moderately Conservative Allocation Fund¹	14.94%	14.94%	6.62%	5.26%	6.24%	5.52%	06/30/2005	0.91%	0.75%
YTD Return 14.94% 1 Year 14.94% 3 Year 6.62% 5 Year 5.26% 10 Year 6.24% Since Inception 5.52% Date of Inception 06/30/2005 Gross Expense Ratio 0.91% Net Expense Ratio 0.75%

All returns represent past performance. Past performance does not guarantee future results. The value of an investment fluctuates so that shares, when redeemed, may be worth more or less than the original investment. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit ThriventFunds.com for performance results current to the most recent month-end. When calling, say "ThriventFunds.com" for faster service.

The performance data shown does not reflect the deduction of the sales charge. The current maximum sales charge is 4.5%, except for Thrivent Government Bond Fund which has a max sales charge of 2.0% and the Thrivent Money Market Fund and Thrivent Limited Maturity Bond Fund which has no sales charge. If reflected, the sales charge would reduce the performance quoted.

You could lose money by investing in Thrivent Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent Aggressive Allocation Fund¹	24.67%	24.67%	12.15%	9.11%	10.27%	7.83%	06/30/2005	1.19%	0.95%
YTD Return 24.67% 1 Year 24.67% 3 Year 12.15% 5 Year 9.11% 10 Year 10.27% Since Inception 7.83% Date of Inception 06/30/2005 Gross Expense Ratio 1.19% Net Expense Ratio 0.95%
Thrivent Moderately Aggressive Allocation Fund¹	21.67%	21.67%	10.00%	7.80%	9.09%	7.18%	06/30/2005	1.14%	0.88%
YTD Return 21.67% 1 Year 21.67% 3 Year 10.00% 5 Year 7.80% 10 Year 9.09% Since Inception 7.18% Date of Inception 06/30/2005 Gross Expense Ratio 1.14% Net Expense Ratio 0.88%
Thrivent Moderate Allocation Fund¹	18.54%	18.54%	8.37%	6.59%	7.86%	6.51%	06/30/2005	1.00%	0.79%
YTD Return 18.54% 1 Year 18.54% 3 Year 8.37% 5 Year 6.59% 10 Year 7.86% Since Inception 6.51% Date of Inception 06/30/2005 Gross Expense Ratio 1.00% Net Expense Ratio 0.79%
Thrivent Moderately Conservative Allocation Fund¹	14.94%	14.94%	6.62%	5.26%	6.24%	5.52%	06/30/2005	0.91%	0.75%
YTD Return 14.94% 1 Year 14.94% 3 Year 6.62% 5 Year 5.26% 10 Year 6.24% Since Inception 5.52% Date of Inception 06/30/2005 Gross Expense Ratio 0.91% Net Expense Ratio 0.75%

All returns represent past performance. Past performance does not guarantee future results. The value of an investment fluctuates so that shares, when redeemed, may be worth more or less than the original investment. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit ThriventFunds.com for performance results current to the most recent month-end. When calling, say "ThriventFunds.com" for faster service.

The performance data shown does not reflect the deduction of the sales charge. The current maximum sales charge is 4.5%, except for Thrivent Government Bond Fund which has a max sales charge of 2.0% and the Thrivent Money Market Fund and Thrivent Limited Maturity Bond Fund which has no sales charge. If reflected, the sales charge would reduce the performance quoted.

You could lose money by investing in Thrivent Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

Morningstar

Thrivent Mutual Fund Name(Morningstar Category)	Overall Morningstar Rating^™	3-Year	5-Year	10-Year
Thrivent Aggressive Allocation Fund¹ (Allocation--85%+ Equity) # Peer Funds:	161	161	142	99
Overall Morningstar Rating^™ # Peer Funds: 161 3-Year # Peer Funds: 161 5-Year # Peer Funds: 142 10-Year # Peer Funds: 99
Thrivent Moderately Aggressive Allocation Fund¹ (Allocation--70% to 85% Equity) # Peer Funds:	304	304	273	193
Overall Morningstar Rating^™ # Peer Funds: 304 3-Year # Peer Funds: 304 5-Year # Peer Funds: 273 10-Year # Peer Funds: 193

All data represents past performance. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or click here to see most recent month-end performance or here to see most recent quarter end performance.

The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.

© 2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

¹ The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.

Thrivent Mutual Fund Name(Morningstar Category)	Overall Morningstar Rating^™	3-Year	5-Year	10-Year
Thrivent Aggressive Allocation Fund¹ (Allocation--85%+ Equity) # Peer Funds:	161	161	142	99
Overall Morningstar Rating^™ # Peer Funds: 161 3-Year # Peer Funds: 161 5-Year # Peer Funds: 142 10-Year # Peer Funds: 99

All data represents past performance. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or click here to see most recent month-end performance or here to see most recent quarter end performance.

The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.

© 2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

¹ The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.

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Thrivent Mutual Funds

Average Annual Total Returns

Performance as of 12/31/2019 12/31/2019

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

⁴Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

⁴Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

Thrivent Mutual Funds Has Star Power

¹ The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.

¹ The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.

Asset Allocation Funds - Class S

Asset Allocation Funds - Class A

Thrivent Mutual Funds - Consolidated Fund Facts - Class S

Thrivent Mutual Funds - Consolidated Fund Facts - Class A

Thrivent Mutual Funds - Consolidated Schedule of Investments - Class S

Thrivent Mutual Funds - Consolidated Schedule of Investments - Class A

Thrivent Mutual Funds

Average Annual Total Returns

Performance as of 12/31/2019 12/31/2019

1The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

4Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

1The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

1The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

4Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

1The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

1The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

1The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

Thrivent Mutual Funds Has Star Power

1 The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.

1 The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.

Asset Allocation Funds - Class S

Asset Allocation Funds - Class A

Thrivent Mutual Funds - Consolidated Fund Facts - Class S

Thrivent Mutual Funds - Consolidated Fund Facts - Class A

Thrivent Mutual Funds - Consolidated Schedule of Investments - Class S

Thrivent Mutual Funds - Consolidated Schedule of Investments - Class A

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

⁴Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

⁴Performance shown reflects the current maximum sales charge of 4.5%. Prior to February 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

¹The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

¹ The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.

¹ The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund's prospectus.