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Thrivent Municipal Bond Fund —
Class S
TMBIX
TMBIX
Thrivent Municipal Bond Fund
Class
Risk profile
Risk potental category equals Moderately Conservative

Morningstar Fixed Income Style Box

Interest Rate Sensitivity:
N/A
Credit Quality:
N/A
 
Inception date
10/31/1997
As of
Net asset value
-
Daily NAV change
-
As of N/A
YTD return
-1.15%
1-year return
2.81%
As of 04/30/2024
Net annual fund operating expenses
0.51%
As of
Sales charge
None
As of
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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 predominantly investment grade 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 generally exempt from federal income taxes. The Fund generally holds investment-grade bonds and unrated bonds that the Adviser 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.

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 140 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, more than 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.

  • Johan Å. Åkesson, CFA
    Johan Å. Åkesson, CFA
    Senior Portfolio Manager
    Managing this fund since 2022

    Mr. Åkesson joined Thrivent in 1993, and has served as portfolio manager and associate portfolio manager during various time periods since 1999. Read more.

  • Stephanie L. Woeppel
    Stephanie L. Woeppel
    Senior Portfolio Manager
    Managing this fund since 2023

    Ms. Woeppel joined Thrivent in 2022, serving as a portfolio manager. Read more.


Performance

All data represents past performance. Past performance does not guarantee 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 04/30/2024
0.51% Net annual fund operating expenses
0.56% Total annual fund operating expenses
Thrivent Municipal Bond Fund Bloomberg Municipal Bond Index Morningstar Muni National Long Avg
3M -1.08% -1.11% -1.02%
YTD -1.15% -1.62% -1.10%
1Y 2.81% 2.08% 2.84%
3Y -1.39% -1.10% -1.79%
5Y 1.07% 1.26% 0.98%
10Y 2.19% 2.41% 2.35%

The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.

See data by:

Yields

as of 04/30/2024
12 Month Distribution
3.52%
30 Day SEC
3.80%
30 Day SEC Pre-Waiver
3.75%
Monthly Distribution
3.61%

Taxable-Equivalent Yield

as of 04/30/2024
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% 4.00% 4.32% 4.10%
22.00% 4.51% 4.87% 4.63%
24.00% 4.63% 5.00% 4.75%
32.00% 5.18% 5.59% 5.31%
38.80% 5.75% 6.21% 5.90%
40.80% 5.95% 6.42% 6.10%
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 04/30/2024
$12,418
Total market value
$3,572
Current value of reinvested dividends and capital gains

Calendar year performance

as of 04/30/2024

Characteristics

All data represents past performance. Past performance does not guarantee 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 04/30/2024
Total number of holdings
510
Turnover ratio (as of 03/28/2024)
36%

Top 10 States

as of 03/28/2024
57.60%
of total assets
State
%
Texas
12.62%
New york
7.82%
California
6.52%
Illinois
5.31%
Florida
5.17%
Colorado
4.33%
Ohio
4.27%
Minnesota
4.09%
Pennsylvania
3.96%
Michigan
3.51%

Fund Diversification

as of 03/28/2024
N/A
N/A
  • Health Care
    23.20%
  • Transportation
    22.50%
  • Education
    20.60%
  • Special Tax Revenue
    12.37%
  • Utilities
    10.38%
  • Local/State Government
    3.08%
  • Industrial Revenue
    2.73%
  • Tobacco Settlement
    1.86%
  • Cash
    1.35%
  • Pre-refunded
    1.33%
  • Housing
    .55%
  • Miscellaneous
    .06%

Credit quality rating distribution

as of 04/30/2024
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    92.77%
  • U.S. Government Guaranteed
    0.00%
  • AAA
    6.16%
  • AA
    44.64%
  • A
    24.60%
  • BBB
    17.37%
Bond type
% of total
  • High Yield (HY) Bonds
    2.63%
  • BB
    2.63%
  • B
    0.00%
  • CCC
    0.00%
  • CC
    0.00%
  • C
    0.00%
  • D
    0.00%
  • Non-Rated (NR) Bonds
    4.60%
  • May be HQ/HY/NR Bonds
    0.00%
  • ETFs/Closed-End Funds
    0.00%

Volatility

as of 04/30/2024
Depending on the fund inception date, some data may not be available.
Standard deviation Average annualized returns
Thrivent Municipal Bond Fund 8.70 -1.39
Bloomberg U.S. Aggregate Bond Index 7.16 -3.54

Ratings


Morningstar

as of 04/30/2024
Category: Muni National Long
Morningstar Information
Funds in category
Overall
3 out of five stars
162
funds in category
3-Year
3 out of five stars
162
funds in category
5-Year
4 out of five stars
153
funds in category
10-Year
3 out of five stars
114
funds in category
Risk vs. category
Average
162
funds in category
Return vs. category
Average
162
funds in category

Morningstar ratings are calculated based on risk-adjusted return.


Distributions

as of 04/30/2024
Dividends Month End Nav
May 2023 $0.0312 $10.10
June 2023 $0.0286 $10.17
July 2023 $0.0296 $10.16
August 2023 $0.0297 $9.99
September 2023 $0.0280 $9.61
October 2023 $0.0312 $9.38
November 2023 $0.0294 $10.10
December 2023 $0.0285 $10.36
January 2024 $0.0326 $10.32
February 2024 $0.0288 $10.30
March 2024 $0.0278 $10.27
April 2024 $0.0330 $10.12

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


Capital gains - trailing 12 months

as of 04/30/2024
Record date Short term capital gains Long term capital gains Total
- - - -

Expenses, fees, and charges

Management Fees and Other Expenses 0.56%
Distribution/12b-1 Fee None
Total Annual Fund Operating Expenses 0.56%
Less Waiver (0.05%)
Net Annual Fund Operating Expenses 0.51%
Redemption Fee None
Transaction Fee None
Low Balance Fee $10 Semiannually
Front-End Sales Charge None
Back-End Sales Charge None

The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.


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 -
Fund Commentary -
Sales Profile -
Schedule of Investment -
Annual Proxy Voting -

Due to rounding, some values may not total 100%.

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 and other 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 duration, or 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 may not pay its debt. 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. 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. High yield securities are subject to increased credit risk as well as liquidity risk. The Adviser’s assessment of investments may prove incorrect, resulting in losses or poor performance. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. The Fund’s value is influenced by the performance of the broader market. In unusual circumstances, the Fund could experience a loss when selling portfolio securities to meet redemption requests for a variety of reasons. These and other risks are described in the prospectus.

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