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Thrivent Municipal Bond Fund —
Class A
AAMBX
AAMBX
Thrivent Municipal Bond Fund
Class
S
A
Risk profile
Conservative Aggressive

Morningstar Fixed Income Style Box

Interest Rate Sensitivity:
N/A
Credit Quality:
N/A
 
Inception date
12/3/1976
As of
Public offering price
N/A
Net asset value
N/A
Daily NAV change
$N/A
As of N/A
YTD return with sales charge
-3.27%
1-year return with sales charge
1.41%
As of 05/28/2021
Net annual fund operating expenses
0.74%
As of
Max sales charge
4.50%
As of

Thrivent Municipal Bond Fund seeks a high level of current income exempt from federal income taxes, consistent with capital preservation.

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

Strategy

The portfolio management team seeks to add value through security selection and active management, and monitors risk in an effort to build a well-diversified portfolio. The team uses fundamental, quantitative and technical investment research techniques to determine which securities to buy and sell. Through rigorous credit research, the analysts seek to identify high-quality municipal bonds that are issued by financially-sound entities with strong fundamentals and adequate cash flows to meet their principal and interest obligations. The team may also invest in Treasury futures contracts to manage interest rate risk. The portfolio manager is responsible for portfolio construction and risk management and seeks to invest with a very prudent level of risk. The Fund’s holdings are well-diversified both geographically and across sectors.

Risk

Municipal bonds may be affected by political or economic conditions at the state, regional or federal level. Debt securities are subject to risks such as declining prices during periods of rising interest rates and credit risk, or the risk that an issuer not pay its debt. High yield securities are subject to increased credit risk as well as liquidity risk. Changes in federal income tax laws or rates may affect both the net asset value of the Fund and the taxable equivalent interest generated from securities in the fund. Some issues may be subject to state and local taxes and/or the federal and state alternative minimum tax (AMT). Consult a tax advisor for more information about your specific situation, including state/local tax treatment. The use of futures contracts involves additional risks such as a loss in value in the underlying instrument, which could decrease the Fund’s value. The London Interbank Offered Rate (LIBOR) is being phased out, which brings uncertainty to instruments tied to it.  Markets may also be impacted by domestic or global events, including public health threats, terrorism, natural disasters or similar events. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. These and other risks are described in the prospectus. 

The Fund may be suitable for investors who:

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

Our seasoned team of more than 125 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 80% have at least 10 years of experience, over 50% have more than 20 years of investment experience, and more than 80% have earned the Chartered Financial Analyst designation, an advanced degree, or both.

  • Janet I. Grangaard, CFA
    Janet I. Grangaard, CFA
    Senior Portfolio Manager
    Managing this fund since 2002

    Ms. Grangaard joined Thrivent in 1988. She has served as a portfolio manager since 1994. Read more.


Performance

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.


Average Annualized Returns

as of 05/28/2021
0.74% Total annual fund operating expenses
See data by:

The average annualized returns for the fund reflect the current maximum sales charge of 4.5%.


Yields

as of 05/28/2021
12 Month Distribution
2.74%
30 Day SEC
0.85%
30 Day SEC Pre-Waiver
0.85%
Monthly Distribution
2.84%

Taxable-Equivalent Yield

as of 05/28/2021
The yield an investor would need to earn on a taxable bond in order for its yield to be equivalent to a tax free investment.
Federal Tax Bracket Taxable-Equivalent 12-Month Taxable-Equivalent 30 Day SEC Taxable-Equivalent 30 Day Distribution
12.00% 3.11% 0.97% 3.23%
22.00% 3.51% 1.09% 3.64%
24.00% 3.61% 1.12% 3.74%
32.00% 4.03% 1.25% 4.18%
38.80% 4.48% 1.39% 4.64%
40.80% 4.63% 1.44% 4.80%
The two highest tax brackets (38.8% and 40.8%) include the additional 3.8% Net Investments Income Tax (commonly referred to as the "Medicare Contribution Tax".)

Growth of 10K

as of 05/28/2021
Data in this section is based on month-end
$14,840
Total market value
(assumes the reinvestment of all dividends and capital gains)
$4,270
Current value of reinvested dividends and capital gains

Calendar year performance

as of 05/28/2021

Characteristics

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.


Holdings breakdown

as of 05/28/2021
Total number of holdings
508
Turnover ratio (as of 04/30/2021)
19.00%

Top 10 States

as of 04/30/2021
59.84%
of total assets
State
%
California
9.63%
New york
9.32%
Texas
9.32%
Illinois
6.71%
Ohio
5.46%
Colorado
5.18%
Massachusetts
4.58%
Florida
3.94%
Virginia
2.90%
Minnesota
2.80%

Fund Diversification

as of 03/31/2021
N/A
N/A
  • Transportation
    21.80%
  • Health Care
    16.50%
  • Education
    14.50%
  • Utilities
    11.70%
  • Special Tax Revenue
    10.60%
  • Pre-refunded
    10.40%
  • Local/State Government
    9.40%
  • Tobacco Settlement Bonds
    1.80%
  • Miscellaneous
    1.70%
  • Industrial Revenue
    1.30%
  • Cash
    .30%

Credit quality rating distribution

as of 05/28/2021
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    94.60%
  • Cash
    1.00%
  • U.S. Government Guaranteed
    .00%
  • AAA
    13.90%
  • AA
    39.60%
  • A
    22.10%
  • BBB
    18.00%
Bond type
% of total
  • High Yield (HY) Bonds
    1.00%
  • BB
    1.00%
  • B
    .00%
  • CCC
    .00%
  • CC
    .00%
  • C
    .00%
  • D
    .00%
  • Non-Rated (NR) Bonds
    4.40%
  • May be HQ/HY/NR Bonds
    .00%
  • ETFs/Closed-End Funds
    .00%

Volatility

as of 05/28/2021
Depending on the fund inception date, some data may not be available.
Standard deviation Average annualized returns (without sales charge)
Thrivent Municipal Bond Fund 4.46 4.65
Bloomberg Barclays U.S. Aggregate Bond Index 3.40 5.06

Ratings

Morningstar

as of 05/28/2021
Category: Muni National Long
Morningstar Information
Funds in category
Overall
145
3-Year
145
5-Year
123
10-Year
99
Risk vs. category
Below Average
145
Return vs. category
Below Average
145

Distributions

as of 05/28/2021
Dividends Month End Nav Month End Pop
June 2020 $0.0285 $11.42 $11.96
July 2020 $0.0273 $11.60 $12.15
August 2020 $0.0271 $11.52 $12.06
September 2020 $0.0262 $11.48 $12.02
October 2020 $0.0263 $11.42 $11.96
November 2020 $0.0271 $11.59 $12.14
December 2020 $0.0268 $11.66 $12.21
January 2021 $0.0250 $11.71 $12.26
February 2021 $0.0240 $11.48 $12.02
March 2021 $0.0284 $11.53 $12.07
April 2021 $0.0269 $11.62 $12.17
May 2021 $0.0254 $11.68 $12.23

Trailing 12-Months; Dividend Schedule: Declared Daily, Paid Monthly


Capital gains - trailing 12 months

as of 05/28/2021
Record date Short term capital gains Long term capital gains Total
- - - -

Expenses, fees, and charges

Management Fees and Other Expenses 0.49%
Distribution/12b-1 Fee 0.25%
Total Annual Fund Operating Expenses 0.74%
Redemption Fee None
Transaction Fee None
Low Balance Fee $10 Semiannually
Front-End Sales Charge Max 4.50%
Back-End Sales Charge None

Minimum investment

Initial for non-retirement accounts $2,000
Initial for retirement or tax deferred accounts $1,000
Additional Purchases $50
Initial minimums are waived when a recurring investment of $50 or more is set up

Documents

Title Download View
Prospectus & Fund Documents -
Fund Facts -
Sales Profile -
Schedule of Investment -
Annual Proxy Voting -