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 02/28/2020 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 High Yield Fund	-6.81%	-0.13%	2.28%	3.00%	5.87%	6.22%	04/03/1987	4.50%	0.80%	0.80%
YTD Return -6.81% 1 Year -0.13% 3 Year 2.28% 5 Year 3.00% 10 Year 5.87% Since Inception 6.22% Date of Inception 04/03/1987 Max Sales Charge 4.50% Gross Expense Ratio 0.80% Net Expense Ratio 0.80%
Thrivent Income Fund	-1.39%	8.41%	4.29%	3.47%	5.00%	6.90%	06/01/1972	4.50%	0.77%	0.77%
YTD Return -1.39% 1 Year 8.41% 3 Year 4.29% 5 Year 3.47% 10 Year 5.00% Since Inception 6.90% Date of Inception 06/01/1972 Max Sales Charge 4.50% Gross Expense Ratio 0.77% Net Expense Ratio 0.77%
Thrivent Municipal Bond Fund	-1.38%	4.60%	3.13%	2.49%	3.67%	5.48%	12/03/1976	4.50%	0.75%	0.75%
YTD Return -1.38% 1 Year 4.60% 3 Year 3.13% 5 Year 2.49% 10 Year 3.67% Since Inception 5.48% Date of Inception 12/03/1976 Max Sales Charge 4.50% Gross Expense Ratio 0.75% Net Expense Ratio 0.75%
Thrivent Government Bond Fund²	2.23%	7.50%	3.14%	2.16%	2.73%	2.73%	02/26/2010	2.00%	1.07%	0.85%
YTD Return 2.23% 1 Year 7.50% 3 Year 3.14% 5 Year 2.16% 10 Year 2.73% Since Inception 2.73% Date of Inception 02/26/2010 Max Sales Charge 2.00% Gross Expense Ratio 1.07% Net Expense Ratio 0.85%
Thrivent Limited Maturity Bond Fund	1.16%	4.59%	2.62%	2.18%	2.11%	3.20%	10/29/1999	N/A	0.61%	0.61%
YTD Return 1.16% 1 Year 4.59% 3 Year 2.62% 5 Year 2.18% 10 Year 2.11% Since Inception 3.20% Date of Inception 10/29/1999 Max Sales Charge N/A Gross Expense Ratio 0.61% Net Expense Ratio 0.61%
Thrivent Money Market Fund²	0.20%	1.68%	1.15%	0.69%	0.34%	2.79%	03/10/1988	N/A	0.64%	0.49%
YTD Return 0.20% 1 Year 1.68% 3 Year 1.15% 5 Year 0.69% 10 Year 0.34% Since Inception 2.79% Date of Inception 03/10/1988 Max Sales Charge N/A Gross Expense Ratio 0.64% Net Expense Ratio 0.49%
Money Market 7-Day Current Yield With Reimbursement³ : 1.21%
Money Market 7-Day Current Yield Without Reimbursement³ : 1.06%

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.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent High Yield Fund	-2.35%	4.57%	3.87%	3.97%	6.35%	6.37%	04/03/1987	0.80%	0.80%
YTD Return -2.35% 1 Year 4.57% 3 Year 3.87% 5 Year 3.97% 10 Year 6.35% Since Inception 6.37% Date of Inception 04/03/1987 Gross Expense Ratio 0.80% Net Expense Ratio 0.80%
Thrivent Income Fund	3.28%	13.52%	5.91%	4.43%	5.49%	7.00%	06/01/1972	0.77%	0.77%
YTD Return 3.28% 1 Year 13.52% 3 Year 5.91% 5 Year 4.43% 10 Year 5.49% Since Inception 7.00% Date of Inception 06/01/1972 Gross Expense Ratio 0.77% Net Expense Ratio 0.77%
Thrivent Municipal Bond Fund	3.27%	9.51%	4.72%	3.44%	4.15%	5.60%	12/03/1976	0.75%	0.75%
YTD Return 3.27% 1 Year 9.51% 3 Year 4.72% 5 Year 3.44% 10 Year 4.15% Since Inception 5.60% Date of Inception 12/03/1976 Gross Expense Ratio 0.75% Net Expense Ratio 0.75%
Thrivent Government Bond Fund²	4.27%	9.73%	3.83%	2.57%	2.94%	2.93%	02/26/2010	1.07%	0.85%
YTD Return 4.27% 1 Year 9.73% 3 Year 3.83% 5 Year 2.57% 10 Year 2.94% Since Inception 2.93% Date of Inception 02/26/2010 Gross Expense Ratio 1.07% Net Expense Ratio 0.85%
Thrivent Limited Maturity Bond Fund	1.16%	4.59%	2.62%	2.18%	2.11%	3.20%	10/29/1999	0.61%	0.61%
YTD Return 1.16% 1 Year 4.59% 3 Year 2.62% 5 Year 2.18% 10 Year 2.11% Since Inception 3.20% Date of Inception 10/29/1999 Gross Expense Ratio 0.61% Net Expense Ratio 0.61%
Thrivent Money Market Fund²	0.20%	1.68%	1.15%	0.69%	0.34%	2.79%	03/10/1988	0.64%	0.49%
YTD Return 0.20% 1 Year 1.68% 3 Year 1.15% 5 Year 0.69% 10 Year 0.34% Since Inception 2.79% Date of Inception 03/10/1988 Gross Expense Ratio 0.64% Net Expense Ratio 0.49%
Money Market 7-Day Current Yield With Reimbursement³ : 1.21%
Money Market 7-Day Current Yield Without Reimbursement³ : 1.06%

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.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

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 High Yield Fund	8.72%	8.72%	3.94%	4.11%	6.18%	6.33%	04/03/1987	4.50%	0.80%	0.80%
YTD Return 8.72% 1 Year 8.72% 3 Year 3.94% 5 Year 4.11% 10 Year 6.18% Since Inception 6.33% Date of Inception 04/03/1987 Max Sales Charge 4.50% Gross Expense Ratio 0.80% Net Expense Ratio 0.80%
Thrivent Income Fund	8.10%	8.10%	3.75%	3.21%	4.94%	6.85%	06/01/1972	4.50%	0.77%	0.77%
YTD Return 8.10% 1 Year 8.10% 3 Year 3.75% 5 Year 3.21% 10 Year 4.94% Since Inception 6.85% Date of Inception 06/01/1972 Max Sales Charge 4.50% Gross Expense Ratio 0.77% Net Expense Ratio 0.77%
Thrivent Municipal Bond Fund	2.29%	2.29%	2.34%	1.98%	3.46%	5.43%	12/03/1976	4.50%	0.75%	0.75%
YTD Return 2.29% 1 Year 2.29% 3 Year 2.34% 5 Year 1.98% 10 Year 3.46% Since Inception 5.43% Date of Inception 12/03/1976 Max Sales Charge 4.50% Gross Expense Ratio 0.75% Net Expense Ratio 0.75%
Thrivent Government Bond Fund²	3.55%	3.55%	2.01%	1.55%	N/A	2.34%	02/26/2010	4.50%	1.07%	0.85%
YTD Return 3.55% 1 Year 3.55% 3 Year 2.01% 5 Year 1.55% 10 Year N/A Since Inception 2.34% Date of Inception 02/26/2010 Max Sales Charge 4.50% Gross Expense Ratio 1.07% Net Expense Ratio 0.85%
Thrivent Limited Maturity Bond Fund	4.45%	4.45%	2.45%	2.07%	2.14%	3.16%	10/29/1999	N/A	0.61%	0.61%
YTD Return 4.45% 1 Year 4.45% 3 Year 2.45% 5 Year 2.07% 10 Year 2.14% Since Inception 3.16% Date of Inception 10/29/1999 Max Sales Charge N/A Gross Expense Ratio 0.61% Net Expense Ratio 0.61%
Thrivent Money Market Fund²	1.80%	1.80%	1.08%	0.65%	0.32%	2.80%	03/10/1988	N/A	0.64%	0.49%
YTD Return 1.80% 1 Year 1.80% 3 Year 1.08% 5 Year 0.65% 10 Year 0.32% Since Inception 2.80% Date of Inception 03/10/1988 Max Sales Charge N/A Gross Expense Ratio 0.64% Net Expense Ratio 0.49%
Money Market 7-Day Current Yield With Reimbursement³ : 1.21%
Money Market 7-Day Current Yield Without Reimbursement³ : 1.06%

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.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent High Yield Fund	13.87%	13.87%	5.58%	5.08%	6.68%	6.48%	04/03/1987	0.80%	0.80%
YTD Return 13.87% 1 Year 13.87% 3 Year 5.58% 5 Year 5.08% 10 Year 6.68% Since Inception 6.48% Date of Inception 04/03/1987 Gross Expense Ratio 0.80% Net Expense Ratio 0.80%
Thrivent Income Fund	13.19%	13.19%	5.34%	4.15%	5.42%	6.95%	06/01/1972	0.77%	0.77%
YTD Return 13.19% 1 Year 13.19% 3 Year 5.34% 5 Year 4.15% 10 Year 5.42% Since Inception 6.95% Date of Inception 06/01/1972 Gross Expense Ratio 0.77% Net Expense Ratio 0.77%
Thrivent Municipal Bond Fund	7.11%	7.11%	3.92%	2.92%	3.94%	5.54%	12/03/1976	0.75%	0.75%
YTD Return 7.11% 1 Year 7.11% 3 Year 3.92% 5 Year 2.92% 10 Year 3.94% Since Inception 5.54% Date of Inception 12/03/1976 Gross Expense Ratio 0.75% Net Expense Ratio 0.75%
Thrivent Government Bond Fund²	5.70%	5.70%	2.70%	1.97%	N/A	2.55%	02/26/2010	1.07%	0.85%
YTD Return 5.70% 1 Year 5.70% 3 Year 2.70% 5 Year 1.97% 10 Year N/A Since Inception 2.55% Date of Inception 02/26/2010 Gross Expense Ratio 1.07% Net Expense Ratio 0.85%
Thrivent Limited Maturity Bond Fund	4.45%	4.45%	2.45%	2.07%	2.14%	3.16%	10/29/1999	0.61%	0.61%
YTD Return 4.45% 1 Year 4.45% 3 Year 2.45% 5 Year 2.07% 10 Year 2.14% Since Inception 3.16% Date of Inception 10/29/1999 Gross Expense Ratio 0.61% Net Expense Ratio 0.61%
Thrivent Money Market Fund²	1.80%	1.80%	1.08%	0.65%	0.32%	2.80%	03/10/1988	0.64%	0.49%
YTD Return 1.80% 1 Year 1.80% 3 Year 1.08% 5 Year 0.65% 10 Year 0.32% Since Inception 2.80% Date of Inception 03/10/1988 Gross Expense Ratio 0.64% Net Expense Ratio 0.49%
Money Market 7-Day Current Yield With Reimbursement³ : 1.21%
Money Market 7-Day Current Yield Without Reimbursement³ : 1.06%

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.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent Multidimensional Income Fund²	-1.84%	6.39%	3.90%	N/A	N/A	3.90%	02/28/2017	1.89%	1.14%
YTD Return -1.84% 1 Year 6.39% 3 Year 3.90% 5 Year N/A 10 Year N/A Since Inception 3.90% Date of Inception 02/28/2017 Gross Expense Ratio 1.89% Net Expense Ratio 1.14%
Thrivent High Yield Fund	-2.30%	4.84%	4.12%	4.19%	6.67%	4.96%	10/31/1997	0.54%	0.54%
YTD Return -2.30% 1 Year 4.84% 3 Year 4.12% 5 Year 4.19% 10 Year 6.67% Since Inception 4.96% Date of Inception 10/31/1997 Gross Expense Ratio 0.54% Net Expense Ratio 0.54%
Thrivent High Income Municipal Bond Fund²	3.91%	12.60%	N/A	N/A	N/A	8.41%	02/28/2018	2.36%	0.60%
YTD Return 3.91% 1 Year 12.60% 3 Year N/A 5 Year N/A 10 Year N/A Since Inception 8.41% Date of Inception 02/28/2018 Gross Expense Ratio 2.36% Net Expense Ratio 0.60%
Thrivent Income Fund	3.43%	13.99%	6.27%	4.78%	5.86%	5.56%	10/31/1997	0.46%	0.46%
YTD Return 3.43% 1 Year 13.99% 3 Year 6.27% 5 Year 4.78% 10 Year 5.86% Since Inception 5.56% Date of Inception 10/31/1997 Gross Expense Ratio 0.46% Net Expense Ratio 0.46%
Thrivent Municipal Bond Fund	3.31%	9.73%	4.95%	3.67%	4.41%	4.78%	10/31/1997	0.55%	0.55%
YTD Return 3.31% 1 Year 9.73% 3 Year 4.95% 5 Year 3.67% 10 Year 4.41% Since Inception 4.78% Date of Inception 10/31/1997 Gross Expense Ratio 0.55% Net Expense Ratio 0.55%
Thrivent Government Bond Fund²	4.29%	9.83%	3.93%	2.67%	3.17%	3.16%	02/26/2010	0.77%	0.75%
YTD Return 4.29% 1 Year 9.83% 3 Year 3.93% 5 Year 2.67% 10 Year 3.17% Since Inception 3.16% Date of Inception 02/26/2010 Gross Expense Ratio 0.77% Net Expense Ratio 0.75%
Thrivent Limited Maturity Bond Fund	1.19%	4.76%	2.84%	2.38%	2.34%	3.49%	10/29/1999	0.43%	0.43%
YTD Return 1.19% 1 Year 4.76% 3 Year 2.84% 5 Year 2.38% 10 Year 2.34% Since Inception 3.49% Date of Inception 10/29/1999 Gross Expense Ratio 0.43% Net Expense Ratio 0.43%
Thrivent Money Market Fund²	0.22%	1.76%	1.34%	0.80%	0.40%	1.94%	12/29/1997	0.50%	0.40%
YTD Return 0.22% 1 Year 1.76% 3 Year 1.34% 5 Year 0.80% 10 Year 0.40% Since Inception 1.94% Date of Inception 12/29/1997 Gross Expense Ratio 0.50% Net Expense Ratio 0.40%
Money Market 7-Day Current Yield With Reimbursement³ : 1.27%
Money Market 7-Day Current Yield Without Reimbursement³ : 1.17%

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.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

Fund Name	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception	Date of Inception	Gross Expense Ratio	Net Expense Ratio
Thrivent Multidimensional Income Fund²	15.18%	15.18%	N/A	N/A	N/A	4.81%	02/28/2017	1.89%	1.14%
YTD Return 15.18% 1 Year 15.18% 3 Year N/A 5 Year N/A 10 Year N/A Since Inception 4.81% Date of Inception 02/28/2017 Gross Expense Ratio 1.89% Net Expense Ratio 1.14%
Thrivent High Yield Fund	14.17%	14.17%	5.83%	5.34%	7.00%	5.11%	10/31/1997	0.54%	0.54%
YTD Return 14.17% 1 Year 14.17% 3 Year 5.83% 5 Year 5.34% 10 Year 7.00% Since Inception 5.11% Date of Inception 10/31/1997 Gross Expense Ratio 0.54% Net Expense Ratio 0.54%
Thrivent High Income Municipal Bond Fund²	10.14%	10.14%	N/A	N/A	N/A	6.93%	02/28/2018	2.36%	0.60%
YTD Return 10.14% 1 Year 10.14% 3 Year N/A 5 Year N/A 10 Year N/A Since Inception 6.93% Date of Inception 02/28/2018 Gross Expense Ratio 2.36% Net Expense Ratio 0.60%
Thrivent Income Fund	13.54%	13.54%	5.63%	4.47%	5.78%	5.44%	10/31/1997	0.46%	0.46%
YTD Return 13.54% 1 Year 13.54% 3 Year 5.63% 5 Year 4.47% 10 Year 5.78% Since Inception 5.44% Date of Inception 10/31/1997 Gross Expense Ratio 0.46% Net Expense Ratio 0.46%
Thrivent Municipal Bond Fund	7.32%	7.32%	4.15%	3.16%	4.20%	4.66%	10/31/1997	0.55%	0.55%
YTD Return 7.32% 1 Year 7.32% 3 Year 4.15% 5 Year 3.16% 10 Year 4.20% Since Inception 4.66% Date of Inception 10/31/1997 Gross Expense Ratio 0.55% Net Expense Ratio 0.55%
Thrivent Government Bond Fund²	5.80%	5.80%	2.80%	2.09%	N/A	2.78%	02/26/2010	0.77%	0.75%
YTD Return 5.80% 1 Year 5.80% 3 Year 2.80% 5 Year 2.09% 10 Year N/A Since Inception 2.78% Date of Inception 02/26/2010 Gross Expense Ratio 0.77% Net Expense Ratio 0.75%
Thrivent Limited Maturity Bond Fund	4.72%	4.72%	2.64%	2.28%	2.37%	3.46%	10/29/1999	0.43%	0.43%
YTD Return 4.72% 1 Year 4.72% 3 Year 2.64% 5 Year 2.28% 10 Year 2.37% Since Inception 3.46% Date of Inception 10/29/1999 Gross Expense Ratio 0.43% Net Expense Ratio 0.43%
Thrivent Money Market Fund²	1.88%	1.88%	1.27%	0.76%	0.38%	1.94%	12/29/1997	0.50%	0.40%
YTD Return 1.88% 1 Year 1.88% 3 Year 1.27% 5 Year 0.76% 10 Year 0.38% Since Inception 1.94% Date of Inception 12/29/1997 Gross Expense Ratio 0.50% Net Expense Ratio 0.40%
Money Market 7-Day Current Yield With Reimbursement³ : 1.27%
Money Market 7-Day Current Yield Without Reimbursement³ : 1.17%

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.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

Morningstar

Thrivent Mutual Fund Name(Morningstar Category)	Overall Morningstar Rating^™	3-Year	5-Year	10-Year
Thrivent High Yield Fund (High Yield Bond) # Peer Funds:	621	621	540	338
Overall Morningstar Rating^™ # Peer Funds: 621 3-Year # Peer Funds: 621 5-Year # Peer Funds: 540 10-Year # Peer Funds: 338

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.

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

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Thrivent Mutual Funds

Average Annual Total Returns

Performance as of 02/28/2020 12/31/2019

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

Thrivent Mutual Funds Has Star Power

Fixed Income Funds - Class S

Thrivent Mutual Funds - Consolidated Fund Facts - Class S

Fixed Income Funds - Class A

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 02/28/2020 12/31/2019

2The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

3The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

2The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

3The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

2The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

3The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

2The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

3The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

2The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

3The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

2The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

3The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

Thrivent Mutual Funds Has Star Power

Fixed Income Funds - Class S

Thrivent Mutual Funds - Consolidated Fund Facts - Class S

Fixed Income Funds - Class A

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

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.

²The Adviser has contractually agreed, through at least February 28, 2021, to reimburse certain expenses associated with the Fund. If they had not, performance data shown would be lower. Refer to the Expense Table in the Fund's prospectus for details.

³The yield quotation more closely reflects the current earnings of the Thrivent Money Market Fund than the total return quotation. The 7-Day Yield Without Reimbursement is the yield without any fee reimbursements applied.