# EDGAR Filing Document

**Accession Number:** 0000811869
**File Stem:** 0001193125-23-051042
**Filing Date:** 2023-2
**Character Count:** 1504197
**Document Hash:** 9165d3f5d533bcbeac3d57c46342be10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-051042.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-051042

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 77

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230227

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THRIVENT MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000811869
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05075
- **FILM NUMBER:** 23676889

**BUSINESS ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE, SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211
- **BUSINESS PHONE:** 612-844-7190

**MAIL ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE, SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AAL MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THRIVENT MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000811869
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12911
- **FILM NUMBER:** 23676888

**BUSINESS ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE, SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211
- **BUSINESS PHONE:** 612-844-7190

**MAIL ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE, SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AAL MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Thrivent Aggressive Allocation Fund (Series ID: S000000700)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002053 | Class A      | TAAAX           |
| C000002054 | Class S      | TAAIX           |

### Thrivent Balanced Income Plus Fund (Series ID: S000000701)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002055 | Class A      | AABFX           |
| C000002056 | Class S      | IBBFX           |

### Thrivent Opportunity Income Plus Fund (Series ID: S000000702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002058 | Class A      | AAINX           |
| C000002059 | Class S      | IIINX           |

### Thrivent Diversified Income Plus Fund (Series ID: S000001341)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003588 | Class A      | AAHYX           |
| C000003590 | Class S      | THYFX           |

### Thrivent Mid Cap Stock Fund (Series ID: S000001345)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003596 | Class A      | AASCX           |
| C000003598 | Class S      | TMSIX           |

### Thrivent Moderate Allocation Fund (Series ID: S000001346)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003599 | Class A      | THMAX           |
| C000003600 | Class S      | TMAIX           |

### Thrivent Moderately Aggressive Allocation Fund (Series ID: S000001347)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003601 | Class A      | TMAAX           |
| C000003602 | Class S      | TMAFX           |

### Thrivent Moderately Conservative Allocation Fund (Series ID: S000001348)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003603 | Class A      | TCAAX           |
| C000003604 | Class S      | TCAIX           |

### Thrivent Money Market Fund (Series ID: S000001349)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003605 | Class A      | AMMXX           |
| C000003607 | Class S      | AALXX           |

### Thrivent Municipal Bond Fund (Series ID: S000001350)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003608 | Class A      | AAMBX           |
| C000003610 | Class S      | TMBIX           |

### Thrivent High Yield Fund (Series ID: S000001352)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003614 | Class A      | LBHYX           |
| C000003616 | Class S      | LBHIX           |

### Thrivent Small Cap Stock Fund (Series ID: S000001358)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003627 | Class A      | AASMX           |
| C000003629 | Class S      | TSCSX           |

### Thrivent Income Fund (Series ID: S000001361)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003634 | Class A      | LUBIX           |
| C000003636 | Class S      | LBIIX           |

### Thrivent Large Cap Growth Fund (Series ID: S000001362)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003637 | Class A      | AAAGX           |
| C000003639 | Class S      | THLCX           |

### Thrivent Global Stock Fund (Series ID: S000001365)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003642 | Class A      | AALGX           |
| C000003644 | Class S      | IILGX           |

### Thrivent Large Cap Value Fund (Series ID: S000001366)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003645 | Class A      | AAUTX           |
| C000003647 | Class S      | TLVIX           |

### Thrivent Limited Maturity Bond Fund (Series ID: S000001367)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003648 | Class A      | LBLAX           |
| C000003650 | Class S      | THLIX           |

### Thrivent International Allocation Fund (Series ID: S000020867)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000058555 | Class A      | TWAAX           |
| C000058556 | Class S      | TWAIX           |

### Thrivent Government Bond Fund (Series ID: S000028848)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000088463 | Class A      | TBFAX           |
| C000088464 | Class S      | TBFIX           |

### Thrivent Low Volatility Equity Fund (Series ID: S000056338)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000177511 | Class S      | TLVOX           |

### Thrivent Multidimensional Income Fund (Series ID: S000056339)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000177512 | Class S      | TMLDX           |

### Thrivent High Income Municipal Bond Fund (Series ID: S000061361)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198645 | Class S      | THMBX           |

### Thrivent Small Cap Growth Fund (Series ID: S000061362)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198646 | Class S      | TSCGX           |

### Thrivent Mid Cap Growth Fund (Series ID: S000067917)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000217755 | Class S      | TMCGX           |

### Thrivent Mid Cap Value Fund (Series ID: S000067918)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000217756 | Class S      | TMCVX           |

?xml version='1.0' encoding='ASCII'? Thrivent Mutual Funds

**As filed with the Securities and Exchange Commission on February 28, 2023.**

**1933 Act Registration No. 033-12911**

**1940 Act Registration No. 811-05075**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549**

------

**FORM N-1A** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒  |
| **Pre-Effective Amendment No.**  | ☐  |
| **Post-Effective Amendment No. 103** | ☒  |
| **and/or** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒  |
| **Amendment No. 104** | ☒  |
| **(Check appropriate box or boxes)** |  |

---

------

**THRIVENT MUTUAL FUNDS** 

**(Exact name of registrant as specified in charter)** 

------

**901 Marquette Avenue, Suite 2500**

**Minneapolis, Minnesota 55402-3211**

**(Address of Principal Executive Offices)(Zip Code)** 

**Registrant's Telephone Number, including Area Code: (612) 844-7190** 

------

**John D. Jackson**

**Secretary and Chief Legal Officer**

**Thrivent Mutual Funds**

**901 Marquette Avenue, Suite 2500**

**Minneapolis, Minnesota 55402-3211** 

**(Name and Address of Agent for Service)** 

------

It is proposed that this filing will become effective:

☒  immediately upon filing pursuant to paragraph (b) 

☐  on (date) pursuant to paragraph (b)

☐  60 days after filing pursuant to paragraph (a)(1) 

☐  on (date) pursuant to paragraph (a)(1) 

☐  75 days after filing pursuant to paragraph (a)(2) 

☐  on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

![](g430457img9dd8c0171.jpg)

**Mutual Funds** 

February 28, 2023

Thrivent Mutual Funds

Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <u>Thrivent</u> <u>Fund Name</u> | <u>Class</u> <u>S</u> | <u>Class A</u> |
| Thrivent Aggressive Allocation Fund | TAAIX | TAAAX |
| Thrivent Balanced Income Plus Fund | IBBFX | AABFX |
| Thrivent Diversified Income Plus Fund | THYFX | AAHYX |
| Thrivent Global Stock Fund | IILGX | AALGX |
| Thrivent Government Bond Fund | TBFIX | TBFAX |
| Thrivent High Income Municipal Bond Fund | THMBX | – |
| Thrivent High Yield Fund | LBHIX | LBHYX |
| Thrivent Income Fund | LBIIX | LUBIX |
| Thrivent International Allocation Fund | TWAIX | TWAAX |
| Thrivent Large Cap Growth Fund | THLCX | AAAGX |
| Thrivent Large Cap Value Fund | TLVIX | AAUTX |
| Thrivent Limited Maturity Bond Fund | THLIX | LBLAX |
| Thrivent Low Volatility Equity Fund | TLVOX | – |
| Thrivent Mid Cap Growth Fund | TMCGX | – |
| Thrivent Mid Cap Stock Fund | TMSIX | AASCX |
| Thrivent Mid Cap Value Fund | TMCVX | – |
| Thrivent Moderate Allocation Fund | TMAIX | THMAX |
| Thrivent Moderately Aggressive Allocation Fund | TMAFX | TMAAX |
| Thrivent Moderately Conservative Allocation Fund | TCAIX | TCAAX |
| Thrivent Money Market Fund | AALXX | AMMXX |
| Thrivent Multidimensional Income Fund | TMLDX | – |
| Thrivent Municipal Bond Fund | TMBIX | AAMBX |
| Thrivent Opportunity Income Plus Fund | IIINX | AAINX |
| Thrivent Small Cap Growth Fund | TSCGX | – |
| Thrivent Small Cap Stock Fund | TSCSX | AASMX |

---

Manage your communication choices and sign up for paperless delivery of prospectuses by enrolling at thrivent.com/gopaperless or, if you purchased directly online, by enrolling at thriventfunds.com.

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

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| Summary Section |  |
| [Thrivent Aggressive Allocation Fund](#xx_20b3439c-4979-4025-a090-8ed09c50a935_1) | 3 |
| [Thrivent Balanced Income Plus Fund](#xx_364987b0-3c60-4b24-bc65-a3cf74923dfb_1) | 8 |
| [Thrivent Diversified Income Plus Fund](#xx_0010f73f-c403-4c5f-91bf-a7f9a857118d_1) | 14 |
| [Thrivent Global Stock Fund](#xx_36deba73-13cb-40a6-a59f-c5a79b4ff51b_1) | 19 |
| [Thrivent Government Bond Fund](#xx_e34ccb41-cd5d-4b79-86a4-d4b37743c538_1) | 23 |
| [Thrivent High Income Municipal Bond Fund](#xx_19f200b5-a8a8-435e-92b3-18749989c30a_1) | 27 |
| [Thrivent High Yield Fund](#xx_597f795b-2460-4176-9817-0fd38aa01a99_1) | 31 |
| [Thrivent Income Fund](#xx_78cef31e-15d1-4c8f-95b2-63ffe0648ce2_1) | 35 |
| [Thrivent International Allocation Fund](#xx_ce76e24e-2049-4a90-8250-f59dcb9f4895_1) | 39 |
| [Thrivent Large Cap Growth Fund](#xx_d942fe55-f0d1-4c3f-8681-935209acac13_1) | 44 |
| [Thrivent Large Cap Value Fund](#xx_a667d2d1-0b69-449e-8aaa-d0828747ddad_1) | 47 |
| [Thrivent Limited Maturity Bond Fund](#xx_81de3830-0120-4094-a024-0c8b2a5afad4_1) | 50 |
| [Thrivent Low Volatility Equity Fund](#xx_c5d71dc0-8728-4365-aa8b-e59472fd1003_1) | 54 |
| [Thrivent Mid Cap Growth Fund](#xx_cd8ea1db-cca4-406c-86d9-d446a50f3315_1) | 57 |
| [Thrivent Mid Cap Stock Fund](#xx_b93a9e2b-2363-4b2b-ab86-89b29c938ce6_1) | 60 |
| [Thrivent Mid Cap Value Fund](#xx_0930dc8e-ab26-4fa3-882c-4a03236b3265_1) | 63 |
| [Thrivent Moderate Allocation Fund](#xx_5b0f648d-ec56-4490-ac9d-9373f833fe7e_1) | 66 |
| [Thrivent Moderately Aggressive Allocation Fund](#xx_025d45fb-dcb3-4f8b-80b1-f52d825d39ce_1) | 71 |
| [Thrivent Moderately Conservative Allocation Fund](#xx_6a9c2762-83de-4450-82a8-fb12e3dccc6d_1) | 76 |
| [Thrivent Money Market Fund](#xx_5b9e1276-b11d-4146-80ed-2c7d849ee001_1) | 82 |
| [Thrivent Multidimensional Income Fund](#xx_2585e602-69f1-4a75-95d5-7811eb6a514b_1) | 85 |
| [Thrivent Municipal Bond Fund](#xx_1f847ba8-cf32-4c8c-a64c-d4f390948abd_1) | 90 |
| [Thrivent Opportunity Income Plus Fund](#xx_253cd080-3623-4583-bdae-9f4e10e7df16_1) | 94 |
| [Thrivent Small Cap Growth Fund](#xx_55d684f0-48a1-44b2-a211-660fd20e4fe4_1) | 99 |
| [Thrivent Small Cap Stock Fund](#xx_da74a8d1-2c05-4ce9-9474-a3855293d74e_1) | 102 |
| [More About Investment Strategies and Risks](#xx_be682f16-6188-4a67-a34f-1ca06c516a68_1) | 105 |
| [Information About Certain Principal Investment Strategies](#xx_be682f16-6188-4a67-a34f-1ca06c516a68_1) | 105 |
| [Information About Certain Non-Principal Investment Strategies](#xx_be682f16-6188-4a67-a34f-1ca06c516a68_3) | 107 |
| [Glossary of Principal Risks](#xx_be682f16-6188-4a67-a34f-1ca06c516a68_4) | 108 |
| [Glossary of Investment Terms](#xx_be682f16-6188-4a67-a34f-1ca06c516a68_11) | 115 |
| [Management of the Funds](#xx_ea3ca621-875d-4ead-a99a-c18a7e734db2_1) | 116 |
| [Investment Adviser](#xx_ea3ca621-875d-4ead-a99a-c18a7e734db2_1) | 116 |
| [Management Fees](#xx_ea3ca621-875d-4ead-a99a-c18a7e734db2_1) | 116 |
| [Administrative Service Fee](#xx_ea3ca621-875d-4ead-a99a-c18a7e734db2_1) | 116 |
| [Portfolio Management](#xx_ea3ca621-875d-4ead-a99a-c18a7e734db2_2) | 117 |
| [Personal Securities Investments](#xx_ea3ca621-875d-4ead-a99a-c18a7e734db2_4) | 119 |
| [Trademarks](#xx_ea3ca621-875d-4ead-a99a-c18a7e734db2_4) | 119 |
| [Shareholder Information](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_1) | 121 |
| [How to Contact Us](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_1) | 121 |
| [Pricing Fund Shares](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_1) | 121 |
| [Overview of Share Classes](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_2) | 122 |
| [Buying Shares](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_2) | 122  |

---

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Redeeming Shares](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_6) | 126 |
| [Exchanging Shares Between Funds](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_8) | 128 |
| [Transaction Confirmations](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_9) | 129 |
| [Uncashed Checks on Your Account](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_9) | 129 |
| [Accounts with Low Balances](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_9) | 129 |
| [Important Information Regarding Unclaimed/Abandoned Property](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_9) | 129 |
| [Frequent Trading Policies and Monitoring Processes](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_9) | 129 |
| [Anti-Money Laundering](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_10) | 130 |
| [Disclosure of Fund Holdings](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_10) | 130 |
| [Payments to Financial Intermediaries](#xx_ce608178-3520-4667-9832-e82a1dd58a9b_10) | 130 |
| [Distributions](#xx_5912a91d-2b0a-442c-91da-facfe7568ede_1) | 132 |
| [Dividends](#xx_5912a91d-2b0a-442c-91da-facfe7568ede_1) | 132 |
| [Capital Gains](#xx_5912a91d-2b0a-442c-91da-facfe7568ede_1) | 132 |
| [Distribution Options](#xx_5912a91d-2b0a-442c-91da-facfe7568ede_1) | 132 |
| [Taxes](#xx_eb99a062-6342-48e6-a46c-b9dbf22e9c5c_1) | 133 |
| [Index Descriptions](#xx_c721762f-a0b0-475f-a791-8febfe4989fe_1) | 134 |
| [Financial Highlights](#xx_d7400928-44ed-4619-b393-4e331b8f3924_1) | 139 |

---

------

Thrivent Aggressive Allocation Fund

Class S: TAAIX \| Class A: TAAAX

------

Investment Objective

Thrivent Aggressive Allocation Fund (the "Fund") seeks long-term capital growth.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.73% | 0.73% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.23% | 0.14% |
| Acquired Fund Fees and Expenses | 0.24% | 0.24% |
| Total Annual Fund Operating Expenses | 1.20% | 1.36% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.19% | 0.19% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 1.01% | 1.17% |

---

<sup>1</sup>

The Adviser has contractually agreed, for as long as the current fee structure is in place and through at least February 28, 2024, to waive an amount equal to any management fees indirectly incurred by the Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $103 | $362 | $641 | $1438 |
| Class A | $564 | $843 | $1144 | $1996 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.

Principal Strategies

The Fund pursues its objective by investing in a combination of other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek greater long-term capital growth and are comfortable with higher levels of risk and volatility. The Fund uses a prescribed asset allocation strategy involving a two-step process that is designed to achieve its desired risk tolerance. The first step is the construction of a model for the allocation of the Fund's assets across broad asset categories (namely, equity securities and debt securities). The second step involves the determination of sub-classes within the broad asset categories and target weightings (i.e., what the Adviser determines is the strategic allocation) for these sub-classes. Sub-classes for equity securities may be based on market capitalization, investment style (such as growth or value), or economic sector. Sub-classes for debt securities may be based on maturity, duration, security type or credit rating (high yield—commonly known as "junk bonds"—or investment grade).

The use of target weightings for various sub-classes within broad asset categories is intended as a multi-style approach to reduce the risk of investing in securities having common characteristics. The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments.

------

The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

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

---

| | | |
|:---|:---|:---|
| **Broad Asset Category** | **Target**<br> **Allocation**<br>| **Allocation**<br> **Range**<br>|
| Equity Securities | 95% | 75-100% |
| Debt Securities | 5% | 0-25% |

---

The Fund's actual holdings in each broad asset category may be outside the applicable allocation range from time to time due to differing investment performance among asset categories. The Adviser will rebalance the Fund at least annually so that its holdings are within the ranges for the broad asset categories.

The Fund pursues its investment strategy by investing in other mutual funds managed by the Adviser and direct investments in securities. The names of the funds managed by the Adviser which are currently available for investment by the Fund are shown in the list below. The list is provided for information purposes only. The Adviser may change the availability of the funds managed by the Adviser for investment by the Fund without shareholder approval or advance notice to shareholders.

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| |
|:---|
| Equity Securities |
| Small Cap |
| Thrivent Small Cap Stock Fund |
| Thrivent Core Small Cap Value Fund |
| Mid Cap |
| Thrivent Mid Cap Stock Fund |
| Thrivent Core Mid Cap Value Fund |
| Large Cap |
| Thrivent Global Stock Fund |
| Thrivent Large Cap Growth Fund |
| Thrivent Large Cap Value Fund |
| Other |
| Thrivent International Allocation Fund |
| Thrivent Core International Equity Fund |
| Thrivent Core Low Volatility Equity Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Debt Securities |
| High Yield Bonds |
| Thrivent High Yield Fund |
| Intermediate/Long-Term Bonds |
| Thrivent Income Fund |
| Short-Term/Intermediate Bonds |
| Thrivent Limited Maturity Bond Fund |
| Other |
| Thrivent Core Emerging Markets Debt Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Short-Term Debt Securities |
| Money Market |
| Thrivent Cash Management Trust |
| Other |
| Thrivent Core Short-Term Reserve Fund |

---

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the

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original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell

than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from

------

domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457taaax_24.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +19.26% |
| Worst Quarter: | Q1 2020 | (21.71)%  |

---

------

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (21.83)% | 4.76% | 8.32% |
| Class A (after taxes on <br> distributions)<br>| (22.26)% | 3.19% | 6.75% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (12.61)% | 3.55% | 6.42% |
| Class S (before taxes) | (18.02)% | 5.93% | 9.14% |
| S&P 500® Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.11)% | 9.42% | 12.56% |
| Bloomberg U.S. Aggregate <br> Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (13.01)% | 0.02% | 1.06% |
| MSCI All Country World Index <br> ex-USA - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (16.00)% | 0.88% | 3.80% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, David S. Royal** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since April 2016. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Royal has served as portfolio manager for the Fund since April 2018. He is Chief Financial Officer and Chief Investment Officer and has been with Thrivent since 2006. Mr. Spangler has served as a portfolio manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Balanced Income Plus Fund

Class S: IBBFX \| Class A: AABFX

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Investment Objective

Thrivent Balanced Income Plus Fund (the "Fund") seeks long-term total return through a balance between income and the potential for long-term capital growth.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.55% | 0.55% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.19% | 0.20% |
| Acquired Fund Fees and Expenses | 0.02% | 0.02% |
| Total Annual Fund Operating Expenses | 0.76% | 1.02% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup> <br>|  | 0.01% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.76% | 1.01% |

---

<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class A shares of the Thrivent Balanced Income Plus Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.99% of the average daily net assets of the Class A shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period for Class A shares reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $78 | $243 | $422 | $942 |
| Class A | $548 | $759 | $987 | $1641 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 211% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests in a combination of equity securities and debt securities within the ranges shown in the following table:

---

| | | |
|:---|:---|:---|
| **Broad Asset Category** | **Target**<br> **Allocation**<br>| **Allocation**<br> **Range**<br>|
| Equity Securities | 45% | 25-65% |
| Debt Securities | 55% | 35-75% |

---

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

The debt securities in which the Fund invests may be of any maturity 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 securities are rated below BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. The Fund may also invest in leveraged loans, which are senior secured loans that are made by banks or other lending institutions to companies that are rated below investment grade. In addition, the Fund may invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities

------

(including commercially backed ones), convertible bonds, and sovereign and emerging market debt (both U.S. dollar and non-U.S. dollar denominated).

The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

The Fund may also pursue its investment strategy by investing in other mutual funds managed by the Adviser.

The Adviser uses fundamental, quantitative and technical investment research techniques to determine what to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects while quantitative and technical techniques involve a more data-oriented analysis of financial information, market trends and price movements.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

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

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than

------

would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Leveraged Loan Risk.** Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, some leveraged loans are known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Fund. As a result, the Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

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**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

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

**Prepayment Risk.** When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of

prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Sovereign Debt Risk.** Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown

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because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

Effective August 16, 2013, based on approval of the Fund's Board of Trustees and notice to Fund shareholders, the Fund's principal strategies were changed, which had the effect of decreasing the extent to which the Fund generally invests in equity securities and increasing the extent to which the Fund generally invests in debt securities. At the same time, the Fund's name changed from Thrivent Balanced Fund to Thrivent Balanced Income Plus Fund. As a result, performance information presented below with respect to periods prior to August 16, 2013, reflects the performance of an investment portfolio that was materially different from the investment portfolio of the Fund.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457ibbfx_19.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +13.47% |
| Worst Quarter: | Q1 2020 | (17.13)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (17.82)% | 2.03% | 5.15% |
| Class A (after taxes on <br> distributions)<br>| (18.47)% | 0.63% | 3.43% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (10.45)% | 1.23% | 3.54% |
| Class S (before taxes) | (13.74)% | 3.26% | 5.99% |
| Bloomberg <br> U.S. Mortgage-Backed <br> Securities Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (11.81)% | (0.53)% | 0.75% |
| Bloomberg U.S. High Yield <br> Ba/B 2% Issuer Capped <br> Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (10.57)% | 2.63% | 4.03% |
| MSCI World Index - USD Net <br> Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.14)% | 6.14% | 8.85% |
| Morningstar LSTA Leveraged <br> Loan Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (0.60)% | 3.31% | 3.67% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, David R. Spangler, CFA** and **Theron G. Whitehorn, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since August 2013. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Spangler has served as a portfolio manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the

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minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Diversified Income Plus Fund

Class S: THYFX \| Class A: AAHYX

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Investment Objective

Thrivent Diversified Income Plus Fund (the "Fund") seeks to maximize income while maintaining prospects for capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.52% | 0.52% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.15% | 0.15% |
| Acquired Fund Fees and Expenses | 0.03% | 0.03% |
| Total Annual Fund Operating Expenses | 0.70% | 0.95% |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $72 | $224 | $390 | $871 |
| Class A | $543 | $739 | $952 | $1564 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 278% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests in a combination of equity securities and debt securities within the ranges shown in the following table:

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| | | |
|:---|:---|:---|
| **Broad Asset Category** | **Target**<br> **Allocation**<br>| **Allocation**<br> **Range**<br>|
| Debt Securities | 80% | 60-95% |
| Equity Securities | 20% | 5-40% |

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

The debt securities in which the Fund invests may be of any maturity 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 securities are rated below BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. The Fund may also invest in leveraged loans, which are senior secured loans that are made by banks or other lending institutions to companies that are rated below investment grade. In addition, the Fund may invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities (including commercially backed ones), convertible bonds, and sovereign and emerging market debt (both U.S. dollar and non-U.S. dollar denominated).

The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

The Fund may also pursue its investment strategy by investing in other mutual funds managed by the Adviser.

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The Adviser uses fundamental, quantitative and technical investment research techniques to determine what to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects while quantitative and technical techniques involve a more data-oriented analysis of financial information, market trends and price movements.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

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

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive

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foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Leveraged Loan Risk.** Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to

value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, some leveraged loans are known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Fund. As a result, the Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious

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illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

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

**Preferred Securities Risk.** There are certain additional risks associated with investing in preferred securities, including, but not limited to, preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer; preferred securities are generally subordinated to bonds and other debt instruments in a company's capital structure in terms of having priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments; preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities; generally, traditional preferred securities offer no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board; and in certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date.

**Prepayment Risk.** When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new

lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

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**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aahyx_20.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +9.37% |
| Worst Quarter: | Q1 2020 | (11.91)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (16.54)% | 0.71% | 3.19% |
| Class A (after taxes on <br> distributions)<br>| (17.50)% | (0.70)% | 1.72% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (9.72)% | 0.15% | 1.96% |
| Class S (before taxes) | (12.55)% | 1.89% | 3.94% |
| Bloomberg <br> U.S. Mortgage-Backed <br> Securities Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (11.81)% | (0.53)% | 0.75% |
| Bloomberg U.S. High Yield <br> Ba/B 2% Issuer Capped <br> Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (10.57)% | 2.63% | 4.03% |
| MSCI World Index - USD Net <br> Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.14)% | 6.14% | 8.85% |
| Morningstar LSTA Leveraged <br> Loan Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (0.60)% | 3.31% | 3.67% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, Theron G. Whitehorn, CFA** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since May 2015. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018. Mr. Spangler has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Global Stock Fund

Class S: IILGX \| Class A: AALGX

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Investment Objective

Thrivent Global Stock Fund (the "Fund") seeks long-term capital growth.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.56% | 0.56% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.10% | 0.17% |
| Total Annual Fund Operating Expenses | 0.66% | 0.98% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $67 | $211 | $368 | $822 |
| Class A | $545 | $748 | $967 | $1597 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 58% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of domestic and international companies. Under normal market conditions, the Fund invests approximately 40% of its net assets in foreign assets. However, the Fund could invest a much lower percentage of its net assets in foreign assets depending on market conditions. An asset may be determined to be foreign based on the issuer's domicile, principal place of business, stock exchange listing, source of revenue, or other factors. Foreign securities may also include depositary receipts. Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

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

---

| | |
|:---|:---|
| U.S. large-cap equity | 0-60% |
| U.S. mid-cap equity | 0-25% |
| U.S. small-cap equity | 0-25% |
| Developed international equity | 0-60% |
| Emerging markets equity | 0-25% |

---

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

The Fund seeks to achieve its investment objective by investing primarily in domestic and foreign common stocks. The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments. The Adviser uses fundamental, quantitative, and technical investment research techniques to determine what stocks to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects while quantitative and technical techniques involve a more data-oriented analysis of financial information, market trends and price movements. The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or reposition assets into more promising opportunities.

------

The Fund may also pursue its investment strategy by investing in other mutual funds managed by the Adviser.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by

certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or

------

imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the

models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index description appears in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

------

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aalgx_20.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +20.50% |
| Worst Quarter: | Q1 2020 | (22.89)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (22.98)% | 3.52% | 7.67% |
| Class A (after taxes on <br> distributions)<br>| (23.55)% | 1.46% | 5.61% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (13.19)% | 2.57% | 5.84% |
| Class S (before taxes) | (19.07)% | 4.83% | 8.57% |
| MSCI All Country World Index <br> - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.36)% | 5.23% | 7.98% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Kurt J. Lauber, CFA, Noah J. Monsen, CFA, Lauri Brunner** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lauber has served as a portfolio manager for the Fund since March 2013. He has been with Thrivent since 2004 and

previously served as an associate portfolio manager. Mr. Monsen has served as a portfolio manager for the Fund since February 2018. He has been with Thrivent since 2000 and has served in an investment management capacity since 2008. Ms. Brunner has served as a portfolio manager for the Fund since September 2018. She is a Senior Portfolio Manager and has been with Thrivent since 2007. Mr. Spangler has served as a portfolio manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Government Bond Fund

Class S: TBFIX \| Class A: TBFAX

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Class A shares of Thrivent Government Bond Fund are closed to all purchases and exchanges into the Fund, other than the reinvestment of dividends by current Class A shareholders of the Fund.

Investment Objective

Thrivent Government Bond Fund (the "Fund") seeks total return, consistent with preservation of capital. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 2.00% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.40% | 0.40% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.13% |
| Other Expenses | 0.28% | 0.65% |
| Total Annual Fund Operating Expenses | 0.68% | 1.18% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.16% | 0.43% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.52% | 0.75% |

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<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S and A shares of the Thrivent Government Bond Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.52% and 0.75% of the average daily net assets of the Class S and A shares, respectively. This contractual provision, however, may be terminated

before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $53 | $201 | $363 | $831 |
| Class A | $275 | $525 | $795 | $1566 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 372% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in U.S. government bonds. For purposes of this disclosure, "U.S. government bonds" are debt instruments issued or guaranteed by the U.S. government or its agencies and instrumentalities, including U.S. Treasuries, Treasury Inflation Protected Securities (TIPS), U.S. Government Agency debt, and mortgage-backed securities issued or guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund's portfolio securities may be of any maturity. The Adviser uses fundamental and other investment research techniques to determine what debt obligations to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects. The "total return" sought by the Fund consists of income earned on the Fund's investments plus capital appreciation, if any. The

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Fund may invest in U.S. dollar denominated sovereign debt of foreign governments.

The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Government Securities Risk.** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, 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 that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Inflation-Linked Security Risk.** Inflation-linked debt securities, such as TIPS, are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decrease when real interest rates increase and can increase

when real interest rates decrease. Interest payments on inflation-linked securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. Any increase in the principal amount of an inflation-linked debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

There can also be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. The Fund's investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In addition, inflation-linked securities are subject to the risk that the Consumer Price Index for All Urban Consumers (CPI-U) or other relevant pricing index may be discontinued, fundamentally altered in a manner materially adverse to the interests of an investor in the securities, altered by legislation or Executive Order in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017,

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the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

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

**Redemption Risk.** The Fund may need to sell portfolio securities to meet redemption requests. The Fund could experience a loss when selling portfolio securities to meet redemption requests if there is (i) significant redemption activity by shareholders, including, for example, when a single investor or few large investors make a significant redemption of Fund shares, (ii) a disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities or (iii) the inability of the Fund to sell portfolio securities because such securities are illiquid. In such events, the Fund could be forced to sell portfolio

securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

**Sovereign Debt Risk.** Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

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**Year-by-Year Total Return** 

**Class A Shares**

![](g430457tbfax_20.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q1 2020 | +6.22% |
| Worst Quarter: | Q1 2022 | (4.36)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (12.50)% | (0.60)% | 0.18% |
| Class A (after taxes on <br> distributions)<br>| (13.21)% | (1.40)% | (0.59)% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (7.39)% | (0.74)% | (0.14)% |
| Class S (before taxes) | (10.51)% | (0.06)% | 0.55% |
| Bloomberg U.S. Treasury <br> Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (12.46)% | (0.10)% | 0.58% |
| Bloomberg U.S. Agency <br> Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (7.87)% | 0.58% | 0.95% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Kent L. White, CFA** and **Jon-Paul (JP) Gagne, CFA** are jointly and primarily responsible for the day-to-day management of the

Fund. Mr. White has served as a portfolio manager for the Fund since February 2023. He is Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Mr. Gagne has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and joined Thrivent in May 2018 as a Senior Research Analyst/Trader covering Securitized Assets. Mr. Gagne became a portfolio manager in February 2021.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange Class S shares of the Fund directly from the Fund online at thriventfunds.com or through certain broker-dealers.

Class A shares of Thrivent Government Bond Fund are closed to all purchases and exchanges into the Fund, other than the reinvestment of dividends by current Class A shareholders in the Fund.

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

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent High Income Municipal Bond Fund

Class S: THMBX

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Investment Objective

Thrivent High Income Municipal Bond Fund (the "Fund") seeks a high level of current income exempt from federal income taxes. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | |
|:---|:---|
|  | **Class S** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|  |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
|  | **Class S** |
| Management Fees | 0.50% |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.70% |
| Total Annual Fund Operating Expenses | 1.20% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.60% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee <br> Waivers and/or Expense Reimbursements<br>| 0.60% |

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<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S shares of the Thrivent High Income Municipal Bond Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.60% of the average daily net assets of the Class S shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost

may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $61 | $321 | $602 | $1401 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 49% of the average value of its portfolio.

Principal Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in municipal bonds, the income of which is exempt from federal income taxation. The Fund may count securities that generate income subject to the alternative minimum tax toward the 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 Fitch, or the "Baa" major rating category by Moody's, or are unrated but considered to be of comparable quality by the Adviser.

The Fund's Adviser uses fundamental and other investment research techniques to determine what municipal bonds to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects. The Fund uses an interest rate management technique that includes the purchase and sale of U.S. Treasury futures contracts for the purpose of managing the duration, or interest rate risk, of the Fund.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Municipal Bond Risk.** The Fund's performance may be affected by political and economic conditions at the state, regional or federal level. These may include budgetary problems, decline in the tax base and other factors that may cause rating agencies to downgrade the credit ratings on certain issues. Bonds may also exhibit price fluctuations due to changes in interest rate or bond yield levels. Some municipal bonds may be repaid prior to maturity if interest rates decrease. As a result, the value of the Fund's shares may fluctuate significantly in the short term.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt

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securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

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

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR

and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. Brokers and dealers have decreased their inventories of municipal bonds in recent years. This could limit the Adviser's ability to buy or sell these bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease the Adviser's ability to buy or sell bonds. As a result, the Adviser may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Redemption Risk.** The Fund may need to sell portfolio securities to meet redemption requests. The Fund could experience a loss when selling portfolio securities to meet redemption requests if there is (i) significant redemption activity by shareholders, including, for example, when a single investor or few large investors make a significant redemption of Fund shares, (ii) a disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities or (iii) the inability of the Fund to sell portfolio securities because such securities are illiquid. In such events, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

**Tax 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. Since the Fund may invest in municipal securities subject to the federal alternative minimum tax without limitation, the Fund may not be suitable for investors who already are or could be subject to the federal alternative minimum tax.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class S shares. The table shows how the Fund's average annual returns for the one-year period and since inception compared to broad-based securities market indices. The Fund now compares its return to the Bloomberg 65% High Grade/35% High Yield Bond Index because the Fund believes it more accurately represents the Fund's investment objective and principal strategies. The index descriptions appear in the "Index Descriptions" section of the

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prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart and the table include the effects of Fund expenses and 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class S Shares**

![](g430457thmbx_5.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2022 | +4.54% |
| Worst Quarter: | Q1 2022 | (7.75)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | |
|:---|:---|:---|
|  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **2/28/2018** |
| Class S (before taxes) | (15.20)% | 1.11% |
| Class S (after taxes on distributions) | (15.20)% | 1.09% |
| Class S (after taxes on distributions <br> and redemptions)<br>| (7.94)% | 1.59% |
| Bloomberg 65% High Grade/35% <br> High Yield Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (10.14)% | 2.08% |
| Bloomberg High Yield Municipal <br> Bond Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (13.10)% | 2.91% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Johan Å. Åkesson, CFA** and **Stephanie L. Woeppel** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Åkesson has served as a portfolio manager for the Fund since February 2018. He is a Senior Portfolio Manager and has been with Thrivent since 1993. He has served as an associate portfolio manager and portfolio manager during various time periods since 1999. Ms. Woeppel has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2022.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund directly 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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

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Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create

a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent High Yield Fund

Class S: LBHIX \| Class A: LBHYX

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Investment Objective

Thrivent High Yield Fund (the "Fund") seeks high current income and, secondarily, growth of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.38% | 0.38% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.16% | 0.18% |
| Total Annual Fund Operating Expenses | 0.54% | 0.81% |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $55 | $173 | $302 | $677 |
| Class A | $529 | $697 | $879 | $1407 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of the average value of its portfolio.

Principal Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in high yield, high risk bonds, notes, debentures and other debt obligations (including leveraged loans, mortgage-backed securities, convertible bonds, and convertible stock), or preferred stocks. These securities are commonly known as "junk bonds." At the time of purchase these securities are rated below BBB- by S&P, or Baaa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. The Fund invests in securities regardless of the securities' maturity average and may also invest in foreign securities. Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Adviser uses fundamental and other investment research techniques to determine what securities to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects. The Adviser focuses on U.S. companies which it believes have or are expected to achieve adequate cash flows or access to capital markets for the payment of principal and interest obligations.

The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general

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economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

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

**Convertible Securities Risk.** Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund's return.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Leveraged Loan Risk.** Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt

securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, some leveraged loans are known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Fund. As a result, the Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of the Fund's

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investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Prepayment Risk.** When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Redemption Risk.** The Fund may need to sell portfolio securities to meet redemption requests. The Fund could experience a loss when selling portfolio securities to meet redemption requests if there is (i) significant redemption activity by shareholders, including, for example, when a single investor or few large investors make a significant redemption of Fund shares, (ii) a disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities or (iii) the inability of the Fund to sell portfolio securities because such securities are illiquid. In such events, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index description appears in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457lbhyx_18.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +8.31% |
| Worst Quarter: | Q1 2020 | (13.67)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (14.52)% | 0.10% | 2.39% |
| Class A (after taxes on <br> distributions)<br>| (16.28)% | (1.92)% | 0.16% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (8.58)% | (0.74)% | 0.85% |
| Class S (before taxes) | (10.27)% | 1.24% | 3.15% |
| Bloomberg U.S. Corporate <br> High Yield Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (11.19)% | 2.31% | 4.03% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Paul J. Ocenasek, CFA** is primarily responsible for the day-to-day management of the Fund. Mr. Ocenasek has served as portfolio manager for the Fund since December 1997. He has been with Thrivent since 1987 and, since 1997, has served as portfolio manager to other Thrivent mutual funds.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for

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investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Income Fund

Class S: LBIIX \| Class A: LUBIX

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Investment Objectives

Thrivent Income Fund (the "Fund") seeks high current income while preserving principal. The Fund's secondary investment objective is to obtain long-term growth of capital in order to maintain investors' purchasing power.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.34% | 0.34% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.12% | 0.16% |
| Total Annual Fund Operating Expenses | 0.46% | 0.75% |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $47 | $148 | $258 | $579 |
| Class A | $523 | $679 | $848 | $1338 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.

Principal Strategies

The principal strategies of the Fund are to invest in investment-grade corporate bonds, government bonds, asset-backed securities, mortgage-backed securities, and other types of debt securities. Asset-backed securities are securities backed by notes or receivables originated by banks, credit card companies or other providers of credit.

The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

Under normal conditions, at least 65% of the Fund's assets will be invested in investment grade debt securities or preferred stock. At the time of purchase, these investment grade securities are rated at or above BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. When a rating from only two agencies is available, the lower is used. In cases where explicit bond level ratings may not be available, the Adviser may use other sources 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 stock commonly known as "junk bonds." At the time of purchase these securities are rated within or below the "BB" major rating category by S&P or the "Ba" major rating category by Moody's or are unrated but considered to be of comparable quality by the Adviser.

The Adviser uses fundamental and other investment research techniques to determine what debt obligations to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects. The Adviser may purchase bonds of any maturity and generally focuses on U.S. companies that it believes are financially sound and have strong cash flow, asset values and interest or dividend earnings. The Adviser purchases bonds of foreign issuers as well.

The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or

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interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

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

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objectives and you could lose money by investing in the Fund.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

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

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other

things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Financial Sector Risk.** To the extent that the financials sector continues to represent a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Government Securities Risk.** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, Ginnie Mae, Fannie Mae or Freddie Mac are not issued directly by the U.S.

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government. Ginnie Mae is a wholly owned U.S. corporation that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market

stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index description appears in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after

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taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457lubix_18.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +8.78% |
| Worst Quarter: | Q2 2022 | (8.23)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (19.84)% | (0.45)% | 1.44% |
| Class A (after taxes on <br> distributions)<br>| (20.86)% | (1.90)% | (0.04)% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (11.72)% | (0.82)% | 0.52% |
| Class S (before taxes) | (15.85)% | 0.77% | 2.22% |
| Bloomberg U.S. Corporate <br> Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (15.76)% | 0.45% | 1.96% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Kent L. White, CFA** and **Cortney L. Swensen** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. White has served as a portfolio manager for the Fund since June 2017. He is Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Ms. Swensen has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2011.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent International Allocation Fund

Class S: TWAIX \| Class A: TWAAX

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Investment Objective

Thrivent International Allocation Fund (the "Fund") seeks long-term capital growth.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.66% | 0.66% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.15% | 0.43% |
| Total Annual Fund Operating Expenses | 0.81% | 1.34% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup> <br>|  | 0.17% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.81% | 1.17% |

---

<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class A shares of the Thrivent International Allocation Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 1.17% of the average daily net assets of the Class A shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period for Class A shares reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $83 | $259 | $450 | $1002 |
| Class A | $564 | $839 | $1136 | $1976 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 90% of the average value of its portfolio.

Principal Strategies

The Fund seeks to achieve its objective by investing primarily in equity securities of issuers throughout the world. The Fund seeks to diversify its portfolio broadly among developed and emerging countries and among multiple asset classes. Under normal market conditions, the Fund invests at least 40% of its net assets in foreign assets. If market conditions are not deemed favorable by the Adviser, the Fund could invest a lower percentage, but at least 30% of its net assets in foreign assets. An asset may be determined to be foreign based on the issuer's domicile, principal place of business, stock exchange listing, source of revenue, or other factors. Foreign securities may also include depositary receipts. The Fund may also pursue its investment strategy by investing in equity derivatives such as futures contracts to either hedge its exposure or gain exposure to certain investments.

The Adviser will make asset allocation decisions among the various asset classes and has engaged Goldman Sachs Asset Management, L.P. ("GSAM") to manage a portion of the Fund's international small-cap equity assets until April 30, 2023. Effective April 30, 2023, the Adviser will directly manage the international small-cap equity assets and the remaining assets in the Fund.

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

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| | |
|:---|:---|
| International large- and mid-cap equity | 0-80% |
| International small-cap equity | 0-30% |
| Emerging markets equity | 0-25% |
| U.S. securities | 0-10% |

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

In buying and selling securities for the Fund, the Adviser uses an active strategy. This strategy consists of 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 multiple data sources) systematically reviews thousands of stocks, using data such as historical earnings growth and expected future growth, valuation, price momentum, and other quantitative factors to forecast return potential. Then, risk characteristics of potential investments and covariation among securities are analyzed along with the return forecasts in determining the Fund's holdings.

GSAM uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes. The Fund may make investment decisions that deviate from those generated by GSAM's proprietary models, at the discretion of GSAM. In addition, GSAM may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on GSAM's proprietary research.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such

countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting,

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auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser or subadviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service

markets, fewer financial resources, and less competitive strength than larger companies.

**Multi-Manager Risk.** The investment style employed by the subadviser may not be complementary to that of the Adviser. The interplay of the strategy employed by the subadviser and the Adviser may result in the Fund indirectly holding positions in certain types of securities, industries or sectors. These positions may be detrimental to a Fund's performance depending upon the performance of those securities and the overall economic environment. The multi-manager approach could result in a high level of portfolio turnover, resulting in higher brokerage expenses and increased tax liability from a Fund's realization of capital gains.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index description appears in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through

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tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457twaax_17.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +15.44% |
| Worst Quarter: | Q1 2020 | (25.57)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (22.25)% | (1.55)% | 2.39% |
| Class A (after taxes on <br> distributions)<br>| (22.56)% | (2.49)% | 1.62% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (12.95)% | (1.18)% | 1.82% |
| Class S (before taxes) | (18.37)% | (0.29)% | 3.26% |
| MSCI All Country World Index <br> ex-USA - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (16.00)% | 0.88% | 3.80% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser"), which has engaged Goldman Sachs Asset Management, L.P. ("GSAM") to subadvise a portion of the Fund's assets until April 30, 2023. The Adviser currently manages a portion of the Fund, and effective April 30, 2023, will manage the portion currently managed by GSAM.

**Portfolio Managers**

GSAM's Quantitative Investment Strategies team (the "QIS" team) manages international small-cap equity assets of the Fund with the following team members being jointly and primarily responsible for day-to-day management. **Len Ioffe**, Managing Director and Senior Portfolio Manager, joined GSAM in 1994 and has been a portfolio manager since 1996. Mr. Ioffe has managed the Fund since September 2013. **Osman Ali**, Managing Director and global co-head of equity alpha strategies within QIS, joined GSAM and the research and portfolio management team within QIS in 2005. Mr. Ali has managed the Fund since September 2013. **Takashi Suwabe**, Managing Director and co-head of active equity research within QIS, joined GSAM and the QIS team in 2009. Mr. Suwabe has managed the Fund since September 2013. **Dennis Walsh**, Managing Director and global co-head of equity alpha strategies within QIS, joined GSAM and the QIS team in 2009. He has managed the Fund since February 2021.

The Adviser manages the Fund's international large- and mid-cap equity, emerging markets equity and U.S. securities assets. **Noah J. Monsen, CFA** and **Brian W. Bomgren, CQF** are jointly and primarily responsible for day-to-day management of the Fund's international large- and mid-cap equity, emerging markets equity and U.S. securities assets. Mr. Monsen has served as a portfolio manager for the Fund since February 2016. He has been with Thrivent since 2000 and has served in an investment management capacity since 2008. Mr. Bomgren has served as a portfolio manager for the Fund since February 2016. He is a Senior Portfolio Manager and has been with Thrivent since 2006.

Effective April 30, 2023, GSAM will no longer serve as a subadviser to the Fund. The Adviser currently manages the Fund's international large- and mid-cap equity, emerging markets equity and U.S. securities assets and will also manage the Fund's international small-cap equity currently managed by GSAM. **Jing Wang, CFA** and **Nick Cai, CFA, FRM, CAIA** will be named as portfolio managers for the Fund. Mr. Wang is a Senior Portfolio Manager and has been with Thrivent since 2019. Mr. Cai is a Senior Portfolio Manager and has been with Thrivent since 2021. Mr. Monsen and Mr. Bomgren will continue to serve as portfolio managers for the Fund.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic

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investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale

of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Large Cap Growth Fund

Class S: THLCX \| Class A: AAAGX

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Investment Objective

Thrivent Large Cap Growth Fund (the "Fund") seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.65% | 0.65% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.11% | 0.16% |
| Total Annual Fund Operating Expenses | 0.76% | 1.06% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $78 | $243 | $422 | $942 |
| Class A | $553 | $772 | $1008 | $1686 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 51% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of large companies. The Adviser focuses mainly on the equity securities of large domestic and international companies which have market capitalizations equivalent to those included in widely known indices such as the Russell 1000<sup>®</sup> Growth Index, S&P 500<sup>®</sup> Index, or the large company market capitalization classifications published by Morningstar or Lipper, Inc. The Fund defines large-cap companies as those with market capitalizations at or above the market capitalization of the smallest company represented in either the Russell 1000 Growth Index (approximately $306.4 million as of December 31, 2022) or the S&P 500 Index (approximately $4.0 billion as of December 31, 2022). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund seeks to achieve its investment objective by investing in common stocks. The Adviser uses fundamental analysis and other investment techniques to identify stocks of companies that it believes have demonstrated and will sustain above-average earnings growth over time, or which are expected to develop rapid sales and earnings growth in the future when compared to the economy and stock market as a whole. Many such companies are in the technology sector and the Fund may at times have a higher concentration in this industry. As a non-diversified fund under the Investment Company Act of 1940 (the "1940 Act"), the Fund may focus its investments on the securities of a relatively few number of issuers.

The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or reposition assets into more promising opportunities.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

------

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Non-Diversified Risk.** The Fund is not "diversified" within the meaning of the 1940 Act. That means the Fund may invest a greater percentage of its assets in the securities of any single issuer compared to other funds. A non-diversified portfolio is generally more susceptible than a diversified portfolio to the risk that events or developments affecting a particular issuer or industry will significantly affect the Fund's performance.

**Technology-Oriented Companies Risk.** Common stocks of companies that rely extensively on technology, science or communications in their product development or operations may be more volatile than the overall stock market and may or may not move in tandem with the overall stock market. Technology, science and communications are rapidly changing fields, and stocks of these companies, especially of smaller or unseasoned companies, may be subject to more abrupt or erratic market movements than the stock market in general. There are significant competitive pressures among technology-oriented companies and the products or operations of such companies may become obsolete quickly. In addition, these companies may have limited product lines, markets or financial resources and the management of such companies may be more dependent upon one or a few key people.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

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

------

investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aaagxx_4.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +28.81% |
| Worst Quarter: | Q2 2022 | (24.76)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (36.87)% | 7.97% | 11.55% |
| Class A (after taxes on <br> distributions)<br>| (38.13)% | 5.98% | 10.24% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (20.89)% | 6.28% | 9.53% |
| Class S (before taxes) | (33.70)% | 9.33% | 12.45% |
| Russell 1000® Growth Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (29.14)% | 10.96% | 14.10% |
| S&P 500® Growth Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (29.41)% | 10.28% | 13.59% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Lauri Brunner** and **Jaimin Soni** are jointly and primarily responsible for the day-to-day management of the Fund. Ms. Brunner has served as a portfolio for the Fund since September 2018. She is a Senior Portfolio Manager and has been with Thrivent since 2007. Mr. Soni has served as a portfolio manager for the Fund since February 2022. He has been a portfolio manager at Thrivent since 2019, when he joined the firm.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

------

Thrivent Large Cap Value Fund

Class S: TLVIX \| Class A: AAUTX

------

Investment Objective

Thrivent Large Cap Value Fund (the "Fund") seeks to achieve long-term growth of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.45% | 0.45% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.10% | 0.15% |
| Total Annual Fund Operating Expenses | 0.55% | 0.85% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $56 | $176 | $307 | $689 |
| Class A | $533 | $709 | $900 | $1452 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of large companies. The Adviser focuses mainly on the equity securities of large domestic and international companies which have market capitalizations equivalent to those included in widely known indices such as the Russell 1000<sup>®</sup> Value Index, S&P 500<sup>®</sup> Index, or the large company market capitalization classifications published by Morningstar or Lipper, Inc. The Fund defines large-cap companies as those with market capitalizations at or above the market capitalization of the smallest company represented in either the Russell 1000 Value Index (approximately $306.4 million as of December 31, 2022) or the S&P 500 Index (approximately $4.0 billion as of December 31, 2022). Should the Adviser change the investments used for purposes of this 80% threshold, we will notify you at least 60 days prior to the change.

The Fund seeks to achieve its investment objective by investing primarily in common stocks. The Adviser uses fundamental analysis and other investment techniques to identify stocks of companies that it believes are undervalued in relation to their long-term earnings potential or asset value. The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or reposition assets into more promising opportunities.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor.

------

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aautx_19.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2020 | +18.58% |
| Worst Quarter: | Q1 2020 | (27.90)%  |

---

------

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (9.12)% | 7.08% | 10.26% |
| Class A (after taxes on <br> distributions)<br>| (10.37)% | 5.65% | 8.97% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (4.50)% | 5.37% | 8.18% |
| Class S (before taxes) | (4.55)% | 8.44% | 11.18% |
| Russell 1000® Value Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (7.54)% | 6.67% | 10.29% |
| S&P 500® Value Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (5.22)% | 7.58% | 10.86% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Kurt J. Lauber, CFA** and **Thomas C. Lieu, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lauber has served as a portfolio manager for the Fund since March 2013. He has been with Thrivent since 2004 and previously served as an associate portfolio manager. Mr. Lieu has served as a portfolio manager for the Fund since February 2022. He has been a portfolio manager at Thrivent since 2019, when he joined the firm.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

------

Thrivent Limited Maturity Bond Fund

Class S: THLIX \| Class A: LBLAX

------

Investment Objective

Thrivent Limited Maturity Bond Fund (the "Fund") seeks a high level of current income consistent with stability of principal.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  |  |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.28% | 0.28% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.13% |
| Other Expenses | 0.14% | 0.16% |
| Total Annual Fund Operating Expenses | 0.42% | 0.57% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $43 | $135 | $235 | $530 |
| Class A | $58 | $183 | $318 | $714 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's

performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio.

Principal Strategies

The principal strategies of the Fund are to invest in investment-grade corporate bonds, government bonds, mortgage-backed securities (including commercially backed ones), asset-backed securities, and collateralized debt obligations (including collateralized loan obligations). Asset-backed securities are securities backed by notes or receivables originated by banks, credit card companies, or other providers of credit; collateralized debt obligations are types of asset-backed securities. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in investment grade debt securities or preferred stock. At the time of purchase, these investment grade securities are rated at or above BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser, with the dollar-weighted average effective maturity for the Fund expected to be between one and five years. Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 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 stock commonly known as "junk bonds." At the time of purchase, these securities are rated within or below the "BB" major rating category by S&P or the "Ba" major rating category by Moody's or are unrated but considered to be of comparable quality by the Adviser.

The Adviser uses fundamental and other investment research techniques to determine what debt obligations to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects. The Adviser focuses on companies that it believes are financially sound and have strong cash flow, asset values and interest or dividend earnings, and may invest in U.S. dollar-denominated debt of foreign companies.

The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Government Securities Risk.** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, 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 that

------

is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Collateralized Debt Obligations Risk.** The risks of an investment in a collateralized debt obligation ("CDO") depend largely on the quality and type of the collateral and the tranche of the CDO in which the Fund invests. In addition to the typical risks associated with fixed income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value, and/or be downgraded; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

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

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying

instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR

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and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Redemption Risk.** The Fund may need to sell portfolio securities to meet redemption requests. The Fund could experience a loss when selling portfolio securities to meet redemption requests if there is (i) significant redemption activity by shareholders, including, for example, when a single investor or few large investors make a significant redemption of Fund shares, (ii) a disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities or (iii) the inability of the Fund to sell portfolio securities because such securities are illiquid. In such events, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index description appears in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart and table include the effects of Fund expenses and 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may

be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457lblax_19.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +4.82% |
| Worst Quarter: | Q1 2020 | (2.66)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (4.44)% | 0.90% | 1.11% |
| Class A (after taxes on <br> distributions)<br>| (5.16)% | 0.09% | 0.37% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (2.63)% | 0.35% | 0.53% |
| Class S (before taxes) | (4.29)% | 1.06% | 1.31% |
| Bloomberg Government/<br> Credit 1-3 Year Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (3.69)% | 0.92% | 0.88% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Cortney L. Swensen, CFA** and **Jon-Paul (JP) Gagne** are jointly and primarily responsible for the day-to-day management of the Fund. Ms. Swensen has served as a portfolio manager for the Fund since February 2020. She is a Senior Portfolio Manager and has been with Thrivent since 2011. Mr. Gagne has served as a portfolio manager for the Fund since February 2021. He is a

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Senior Portfolio Manager and joined Thrivent in May 2018 as a Senior Research Analyst/Trader covering Securitized Assets. Mr. Gagne became a portfolio manager in February 2021.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

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

(thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Low Volatility Equity Fund

Class S: TLVOX

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Investment Objective

Thrivent Low Volatility Equity Fund (the "Fund") seeks long-term capital appreciation with lower volatility relative to the global equity markets. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|  |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| Management Fees | 0.60% |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.81% |
| Total Annual Fund Operating Expenses | 1.41% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.46% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee <br> Waivers and/or Expense Reimbursements<br>| 0.95% |

---

<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S shares of the Thrivent Low Volatility Equity Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.95% of the average daily net assets of the Class S shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost

may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $97 | $401 | $727 | $1651 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 76% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities. The Fund's investments are diversified globally. The Fund may invest in securities denominated in U.S. dollars and the currencies of the foreign countries in which it may invest. The Fund typically has full currency exposure to those markets in which it invests. The Fund may buy or sell equity index futures for investment exposure or hedging purposes. The Fund may invest in securities of any market capitalization, including small- and mid-cap securities.

In seeking to achieve the Fund's investment objective, the Adviser employs investment management techniques to identify securities that exhibit low volatility returns. Volatility refers to the variation in security and market prices over time. Over a full market cycle, the Fund seeks to have a risk profile similar to the MSCI World Minimum Volatility Index – USD Net Returns. It is expected that the Fund will generally underperform the global equity markets during periods of strong market performance.

In buying and selling securities for the Fund, the Adviser uses an active strategy. This strategy consists of 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 multiple data sources) systematically reviews thousands of stocks, using data such as historical earnings growth and expected future growth, valuation, price momentum, and other quantitative factors to forecast return potential. Then, risk characteristics of potential investments and covariation among securities are analyzed along with the return forecasts in determining the Fund's holdings to produce a portfolio with reduced volatility.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably,

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over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including

interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class S shares. The table shows how the Fund's average annual returns for the one- and five-year periods and since inception compared to a broad-based securities market index. The index description appears in the "Index Descriptions" section of the prospectus.

------

Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart and the table include the effects of Fund expenses and 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class S Shares**

![](g430457tlve_6.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2022 | +11.52% |
| Worst Quarter: | Q1 2020 | (17.39)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **5 Years** | **2/28/2017** |
| Class S (before taxes) | (10.75)% | 5.02% | 6.28% |
| Class S (after taxes on <br> distributions)<br>| (11.30)% | 4.29% | 5.54% |
| Class S (after taxes on <br> distributions and <br> redemptions)<br>| (5.97)% | 3.89% | 4.90% |
| MSCI World Minimum <br> Volatility Index - USD Net <br> Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (9.79)% | 5.00% | 6.24% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Noah J. Monsen, CFA, Brian W. Bomgren, CQF** and **Jing Wang, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Monsen has served as a portfolio manager for the Fund since February 2017. He has been with Thrivent since 2000 and has served in an investment management capacity since 2008. Mr. Bomgren has served as a portfolio manager for the Fund since February 2018. He is a Senior Portfolio Manager and has been with Thrivent since 2006. Mr. Wang has served as a portfolio manager for the Fund since February 2023. He is a Senior Portfolio Manager and has been with Thrivent since 2019.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund directly 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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Mid Cap Growth Fund

Class S: TMCGX

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Investment Objective

Thrivent Mid Cap Growth Fund (the "Fund") seeks long-term capital growth. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|  |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| Management Fees | 0.75% |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 1.34% |
| Total Annual Fund Operating Expenses | 2.09% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 1.19% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee <br> Waivers and/or Expense Reimbursements<br>| 0.90% |

---

<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S shares of the Thrivent Mid Cap Growth Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.90% of the average daily net assets of the Class S shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost

may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $92 | $540 | $1014 | $2326 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of mid-sized companies. The Adviser focuses mainly on the equity securities of mid-sized U.S. companies which have market capitalizations equivalent to those included in widely known indices such as the Russell Midcap<sup>®</sup> Growth Index, S&P MidCap 400<sup>®</sup> Index, or the mid-sized company market capitalization classifications published by Morningstar or Lipper, Inc. The Fund defines mid-cap companies as those with market capitalizations in the range of companies in either the Russell Midcap Growth Index (approximately $306.4 million to $53.0 billion as of December 31, 2022) or the S&P MidCap 400 Index (approximately $1.6 billion to $15.1 billion as of December 31, 2022). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund seeks to achieve its investment objective by investing primarily in common stocks. The Adviser uses fundamental analysis and other investment techniques to identify stocks of companies that it believes have demonstrated and believes will sustain above average revenue and earnings growth over time, or which are expected to develop rapid sales and earnings growth in the future when compared to the economy and stock market as a whole. Many such companies are in the technology sector and the Fund may at times have a higher concentration in this industry.

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

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

------

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Technology-Oriented Companies Risk.** Common stocks of companies that rely extensively on technology, science or communications in their product development or operations may be more volatile than the overall stock market and may or may not move in tandem with the overall stock market. Technology, science and communications are rapidly changing fields, and stocks of these companies, especially of smaller or unseasoned companies, may be subject to more abrupt or erratic market movements than the stock market in general. There are significant competitive pressures among technology-oriented companies and the products or operations of such companies may become obsolete quickly. In addition, these companies may

have limited product lines, markets or financial resources and the management of such companies may be more dependent upon one or a few key people.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class S shares. The table shows how the Fund's average annual returns for the one-year period and since inception compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart and the table include the effects of Fund expenses and 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class S Shares**

![](g430457tmcgx_3.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2021 | +7.30% |
| Worst Quarter: | Q2 2022 | (19.46)%  |

---

------

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | |
|:---|:---|:---|
|  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **2/28/2020** |
| Class S (before taxes) | (28.27)% | 7.53% |
| Class S (after taxes on distributions) | (28.27)% | 6.81% |
| Class S (after taxes on distributions <br> and redemptions)<br>| (16.74)% | 5.75% |
| Russell MidCap® Growth Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (26.72)% | 6.38% |
| S&P MidCap 400® Growth Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (18.96)% | 9.92% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**David J. Lettenberger, CFA, Siddharth Sinha, CFA** and **Michael P. Hubbard** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lettenberger has served as a portfolio manager for the Fund since February 2020 and has been a portfolio manager at Thrivent since 2013 when he joined the firm. Mr. Sinha has served as a portfolio manager for the Fund since January 2021 and has been a portfolio manager at Thrivent since August 2015 when he joined the firm. Mr. Hubbard has been a portfolio manager for the Fund since November 2022 and has been with Thrivent since 2018.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund directly 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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

------

Thrivent Mid Cap Stock Fund

Class S: TMSIX \| Class A: AASCX

------

Investment Objective

Thrivent Mid Cap Stock Fund (the "Fund") seeks long-term capital growth.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.60% | 0.60% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.15% | 0.12% |
| Total Annual Fund Operating Expenses | 0.75% | 0.97% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $77 | $240 | $417 | $930 |
| Class A | $545 | $745 | $962 | $1586 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of mid-sized companies. The Adviser focuses mainly on the equity securities of mid-sized U.S. companies which have market capitalizations equivalent to those included in widely known indices such as the Russell Midcap<sup>®</sup> Index, S&P MidCap 400<sup>®</sup> Index, or the mid-sized company market capitalization classifications published by Morningstar or Lipper, Inc. The Fund defines mid-cap companies as those with market capitalizations in the range of companies in either the Russell Midcap Index (approximately $306.4 million to $53.0 billion as of December 31, 2022) or the S&P MidCap 400 Index (approximately $1.6 billion to $15.1 billion as of December 31, 2022). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund seeks to achieve its investment objective by investing in common stocks. The Adviser uses fundamental and other investment research techniques to identify mid-sized companies that, in its opinion:

• 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 as to secure gains, limit losses, or reposition assets to more promising opportunities.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management

------

depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement

accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aascx_19.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +26.49% |
| Worst Quarter: | Q1 2020 | (28.38)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (21.52)% | 6.32% | 12.03% |
| Class A (after taxes on <br> distributions)<br>| (22.08)% | 4.64% | 10.21% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (12.33)% | 4.77% | 9.59% |
| Class S (before taxes) | (17.64)% | 7.57% | 12.91% |
| Russell Midcap® Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (17.32)% | 7.10% | 10.96% |
| S&P MidCap 400® Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (13.06)% | 6.71% | 10.78% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

------

**Portfolio Managers**

**Brian J. Flanagan, CFA, Vikram Kaura** and **J.P. McKim, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Flanagan has served as a portfolio manager for the Fund since February 2004. He has been with Thrivent since 1994 and a portfolio manager since 2000. Mr. Kaura has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and has been with Thrivent since 2017. Mr. McKim has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and has been with Thrivent since 2019.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

------

Thrivent Mid Cap Value Fund

Class S: TMCVX

------

Investment Objective

Thrivent Mid Cap Value Fund (the "Fund") seeks long-term capital growth. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|  |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| Management Fees | 0.75% |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 1.29% |
| Total Annual Fund Operating Expenses | 2.04% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 1.14% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee <br> Waivers and/or Expense Reimbursements<br>| 0.90% |

---

<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S shares of the Thrivent Mid Cap Value Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.90% of the average daily net assets of the Class S shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost

may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $92 | $529 | $993 | $2278 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of mid-sized companies. The Adviser focuses mainly on the equity securities of mid-sized U.S. companies which have market capitalizations equivalent to those included in widely known indices such as the Russell Midcap<sup>®</sup> Value Index, S&P MidCap 400<sup>®</sup> Index, or the mid-sized company market capitalization classifications published by Morningstar or Lipper, Inc. The Fund defines mid-cap companies as those with market capitalizations in the range of companies in either the Russell Midcap Value Index (approximately $306.4 million to $53.0 billion as of December 31, 2022) or the S&P MidCap 400 Index (approximately $1.6 billion to $15.1 billion as of December 31, 2022). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund seeks to achieve its investment objective by investing primarily in common stocks. The Adviser uses fundamental analysis and other investment techniques to identify stocks of companies that it believes are undervalued in relation to their long-term earnings potential or asset value. The Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or reposition assets to more promising opportunities.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

------

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class S shares. The table shows how the Fund's average annual returns for the one-year period and since inception compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart and the table include the effects of Fund expenses and 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. Returns after taxes on distributions and redemptions may be higher than before tax

returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class S Shares**

![](g430457tmcvx_3.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q1 2021 | +18.40% |
| Worst Quarter: | Q2 2022 | (10.62)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | |
|:---|:---|:---|
|  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **2/28/2020** |
| Class S (before taxes) | (5.35)% | 17.78% |
| Class S (after taxes on distributions) | (6.03)% | 16.93% |
| Class S (after taxes on distributions <br> and redemptions)<br>| (2.69)% | 13.90% |
| Russell MidCap® Value Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (12.03)% | 10.90% |
| S&P MidCap 400® Value Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (6.93)% | 14.6% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Graham Wong, CFA** and **Nicholas E. Griffith, MD, MBA, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Wong has served as a portfolio manager for the Fund since February 2020. Mr. Wong has been a portfolio manager at Thrivent since 2013, when he joined the firm.

------

Mr. Griffith has served as a portfolio manager for the Fund since February 2022. Mr. Griffith has been a portfolio manager at Thrivent since 2021, when he joined the firm.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund directly 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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or thriventfunds.com), the mobile app, by wire/ACH

transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Moderate Allocation Fund

Class S: TMAIX \| Class A: THMAX

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Investment Objective

Thrivent Moderate Allocation Fund (the "Fund") seeks long-term capital growth while providing reasonable stability of principal.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.62% | 0.62% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.12% | 0.11% |
| Acquired Fund Fees and Expenses | 0.23% | 0.24% |
| Total Annual Fund Operating Expenses | 0.97% | 1.22% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.18% | 0.19% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.79% | 1.03% |

---

<sup>1</sup>

The Adviser has contractually agreed, for as long as the current fee structure is in place and through at least February 28, 2024, to waive an amount equal to any management fees indirectly incurred by the Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $81 | $291 | $519 | $1173 |
| Class A | $550 | $802 | $1073 | $1845 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 96% of the average value of its portfolio.

Principal Strategies

The Fund pursues its objective by investing in a combination of other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek moderate long-term capital growth with reasonable stability of principal and are comfortable with moderate levels of risk and volatility. The Fund uses a prescribed asset allocation strategy involving a two-step process that is designed to achieve its desired risk tolerance. The first step is the construction of a model for the allocation of the Fund's assets across broad asset categories (namely, equity securities and debt securities). The second step involves the determination of sub-classes within the broad asset categories and target weightings (i.e., what the Adviser determines is the strategic allocation) for these sub-classes. Sub-classes for equity securities may be based on market capitalization, investment style (such as growth or value), or economic sector. Sub-classes for debt securities may be based on maturity, duration, security type or credit rating (high yield—commonly known as "junk bonds"—or investment grade).

The use of target weightings for various sub-classes within broad asset categories is intended as a multi-style approach to reduce the risk of investing in securities having common characteristics. The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments.

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The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

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

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| | | |
|:---|:---|:---|
| **Broad Asset Category** | **Target**<br> **Allocation**<br>| **Allocation**<br> **Range**<br>|
| Equity Securities | 65% | 45-85% |
| Debt Securities | 35% | 15-55% |

---

The Fund's actual holdings in each broad asset category may be outside the applicable allocation range from time to time due to differing investment performance among asset categories. The Adviser will rebalance the Fund at least annually so that its holdings are within the ranges for the broad asset categories.

The Fund pursues its investment strategy by investing in other mutual funds managed by the Adviser and direct investments in securities. The names of the funds managed by the Adviser which are currently available for investment by the Fund are shown in the list below. The list is provided for information purposes only. The Adviser may change the availability of the funds managed by the Adviser for investment by the Fund without shareholder approval or advance notice to shareholders.

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| |
|:---|
| Equity Securities |
| Small Cap |
| Thrivent Small Cap Stock Fund |
| Thrivent Core Small Cap Value Fund |
| Mid Cap |
| Thrivent Mid Cap Stock Fund |
| Thrivent Core Mid Cap Value Fund |
| Large Cap |
| Thrivent Global Stock Fund |
| Thrivent Large Cap Growth Fund |
| Thrivent Large Cap Value Fund |
| Other |
| Thrivent International Allocation Fund |
| Thrivent Core International Equity Fund |
| Thrivent Core Low Volatility Equity Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Debt Securities |
| High Yield Bonds |
| Thrivent High Yield Fund |
| Intermediate/Long-Term Bonds |
| Thrivent Income Fund |
| Short-Term/Intermediate Bonds |
| Thrivent Limited Maturity Bond Fund |
| Other |
| Thrivent Core Emerging Markets Debt Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Short-Term Debt Securities |
| Money Market |
| Thrivent Cash Management Trust |
| Other |
| Thrivent Core Short-Term Reserve Fund |

---

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

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

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

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a

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result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less

management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457thmax_19.jpg)

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---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +13.00% |
| Worst Quarter: | Q2 2022 | (12.79)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (20.20)% | 2.63% | 5.25% |
| Class A (after taxes on <br> distributions)<br>| (20.55)% | 1.39% | 3.97% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (11.86)% | 1.80% | 3.83% |
| Class S (before taxes) | (16.23)% | 3.84% | 6.03% |
| S&P 500® Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.11)% | 9.42% | 12.56% |
| Bloomberg U.S. Aggregate <br> Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (13.01)% | 0.02% | 1.06% |
| MSCI All Country World Index <br> ex-USA - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (16.00)% | 0.88% | 3.80% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, David S. Royal** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since April 2016. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Royal has served as portfolio manager for the Fund since April 2018. He is Chief Financial Officer and Chief Investment Officer and has been with Thrivent since 2006. Mr. Spangler has served as a portfolio

manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Moderately Aggressive Allocation Fund

Class S: TMAFX \| Class A: TMAAX

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Investment Objective

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

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.67% | 0.67% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.16% | 0.11% |
| Acquired Fund Fees and Expenses | 0.29% | 0.29% |
| Total Annual Fund Operating Expenses | 1.12% | 1.32% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.23% | 0.23% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.89% | 1.09% |

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<sup>1</sup>

The Adviser has contractually agreed, for as long as the current fee structure is in place and through at least February 28, 2024, to waive an amount equal to any management fees indirectly incurred by the Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $91 | $333 | $595 | $1343 |
| Class A | $556 | $828 | $1120 | $1949 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 62% of the average value of its portfolio.

Principal Strategies

The Fund pursues its objective by investing in a combination of other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek moderately greater long-term capital growth and are comfortable with moderately higher levels of risk and volatility. The Fund uses a prescribed asset allocation strategy involving a two-step process that is designed to achieve its desired risk tolerance. The first step is the construction of a model for the allocation of the Fund's assets across broad asset categories (namely, equity securities and debt securities). The second step involves the determination of sub-classes within the broad asset categories and target weightings (i.e., what the Adviser determines is the strategic allocation) for these sub-classes. Sub-classes for equity securities may be based on market capitalization, investment style (such as growth or value), or economic sector. Sub-classes for debt securities may be based on maturity, duration, security type or credit rating (high yield—commonly known as "junk bonds"—or investment grade).

The use of target weightings for various sub-classes within broad asset categories is intended as a multi-style approach to reduce the risk of investing in securities having common characteristics. The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments.

------

The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

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

---

| | | |
|:---|:---|:---|
| **Broad Asset Category** | **Target**<br> **Allocation**<br>| **Allocation**<br> **Range**<br>|
| Equity Securities | 80% | 60-90% |
| Debt Securities | 20% | 10-40% |

---

The Fund's actual holdings in each broad asset category may be outside the applicable allocation range from time to time due to differing investment performance among asset categories. The Adviser will rebalance the Fund at least annually so that its holdings are within the ranges for the broad asset categories.

The Fund pursues its investment strategy by investing in other mutual funds managed by the Adviser and direct investments in securities. The names of the funds managed by the Adviser which are currently available for investment by the Fund are shown in the list below. The list is provided for information purposes only. The Adviser may change the availability of the funds managed by the Adviser for investment by the Fund without shareholder approval or advance notice to shareholders.

---

| |
|:---|
| Equity Securities |
| Small Cap |
| Thrivent Small Cap Stock Fund |
| Thrivent Core Small Cap Value Fund |
| Mid Cap |
| Thrivent Mid Cap Stock Fund |
| Thrivent Core Mid Cap Value Fund |
| Large Cap |
| Thrivent Global Stock Fund |
| Thrivent Large Cap Growth Fund |
| Thrivent Large Cap Value Fund |
| Other |
| Thrivent International Allocation Fund |
| Thrivent Core International Equity Fund |
| Thrivent Core Low Volatility Equity Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Debt Securities |
| High Yield Bonds |
| Thrivent High Yield Fund |
| Intermediate/Long-Term Bonds |
| Thrivent Income Fund |
| Short-Term/Intermediate Bonds |
| Thrivent Limited Maturity Bond Fund |
| Other |
| Thrivent Core Emerging Markets Debt Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Short-Term Debt Securities |
| Money Market |
| Thrivent Cash Management Trust |
| Other |
| Thrivent Core Short-Term Reserve Fund |

---

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

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

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of

------

the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls,

nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023.

------

Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457tmaax_19.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +15.44% |
| Worst Quarter: | Q1 2020 | (16.39)%  |

---

------

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (21.44)% | 3.38% | 6.68% |
| Class A (after taxes on <br> distributions)<br>| (22.02)% | 1.99% | 5.27% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (12.33)% | 2.46% | 5.06% |
| Class S (before taxes) | (17.53)% | 4.56% | 7.47% |
| S&P 500® Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.11)% | 9.42% | 12.56% |
| Bloomberg U.S. Aggregate <br> Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (13.01)% | 0.02% | 1.06% |
| MSCI All Country World Index <br> ex-USA - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (16.00)% | 0.88% | 3.80% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, David S. Royal** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since April 2016. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Royal has served as portfolio manager for the Fund since April 2018. He is Chief Financial Officer and Chief Investment Officer and has been with Thrivent since 2006. Mr. Spangler has served as a portfolio manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Moderately Conservative Allocation Fund

Class S: TCAIX \| Class A: TCAAX

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Investment Objective

Thrivent Moderately Conservative Allocation Fund (the "Fund") seeks long-term capital growth while providing reasonable stability of principal.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.59% | 0.59% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.13% | 0.12% |
| Acquired Fund Fees and Expenses | 0.19% | 0.19% |
| Total Annual Fund Operating Expenses | 0.91% | 1.15% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.14% | 0.14% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.77% | 1.01% |

---

<sup>1</sup>

The Adviser has contractually agreed, for as long as the current fee structure is in place and through at least February 28, 2024, to waive an amount equal to any management fees indirectly incurred by the Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $79 | $276 | $490 | $1107 |
| Class A | $548 | $786 | $1042 | $1773 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 140% of the average value of its portfolio.

Principal Strategies

The Fund pursues its objective by investing in a combination of other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek long-term capital growth with reasonable stability of principal and more conservative levels of risk and volatility. The Fund uses a prescribed asset allocation strategy involving a two-step process that is designed to achieve its desired risk tolerance. The first step is the construction of a model for the allocation of the Fund's assets across broad asset categories (namely, debt securities and equity securities). The second step involves the determination of sub-classes within the broad asset categories and target weightings (i.e., what the Adviser determines 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—commonly known as "junk bonds"—or investment grade) and may include leveraged loans, which are senior secured loans that are made by banks or other lending institutions to companies that are rated below investment grade. Sub-classes for equity securities may be based on market capitalization, investment style (such as growth or value), or economic sector.

The use of target weightings for various sub-classes within broad asset categories is intended as a multi-style approach to reduce the risk of investing in securities having common characteristics.

------

The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments.

The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

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

---

| | | |
|:---|:---|:---|
| **Broad Asset Category** | **Target**<br> **Allocation**<br>| **Allocation**<br> **Range**<br>|
| Debt Securities | 57% | 40-80% |
| Equity Securities | 43% | 20-60% |

---

The Fund's actual holdings in each broad asset category may be outside the applicable allocation range from time to time due to differing investment performance among asset categories. The Adviser will rebalance the Fund at least annually so that its holdings are within the ranges for the broad asset categories.

The Fund pursues its investment strategy by investing in other mutual funds managed by the Adviser and direct investments in securities. The names of the funds managed by the Adviser which are currently available for investment by the Fund are shown in the list below. The list is provided for information purposes only. The Adviser may change the availability of the funds managed by the Adviser for investment by the Fund without shareholder approval or advance notice to shareholders.

---

| |
|:---|
| Debt Securities |
| High Yield Bonds |
| Thrivent High Yield Fund |
| Intermediate/Long-Term Bonds |
| Thrivent Income Fund |
| Short-Term/Intermediate Bonds |
| Thrivent Limited Maturity Bond Fund |
| Other |
| Thrivent Core Emerging Markets Debt Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Equity Securities |
| Small Cap |
| Thrivent Small Cap Stock Fund |
| Thrivent Core Small Cap Value Fund |
| Mid Cap |
| Thrivent Mid Cap Stock Fund |
| Thrivent Core Mid Cap Value Fund |
| Large Cap |
| Thrivent Global Stock Fund |
| Thrivent Large Cap Growth Fund |
| Thrivent Large Cap Value Fund |
| Other |
| Thrivent International Allocation Fund |
| Thrivent Core International Equity Fund |
| Thrivent Core Low Volatility Equity Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Short-Term Debt Securities |
| Money Market |
| Thrivent Cash Management Trust |
| Other |
| Thrivent Core Short-Term Reserve Fund |

---

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

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

------

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

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Currency Risk.** The value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Government Securities Risk.** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, 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 that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

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**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Leveraged Loan Risk.** Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, some leveraged loans are known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Fund. As a result, the Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

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

**Prepayment Risk.** When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower

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rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. Among other risks, results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology systems malfunctions, or programming flaws. Such models may not perform as expected or may underperform in periods of market volatility.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457tcaax_19.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +9.26% |
| Worst Quarter: | Q2 2022 | (10.23)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (18.79)% | 1.01% | 3.35% |
| Class A (after taxes on <br> distributions)<br>| (19.33)% | (0.16)% | 2.16% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (11.05)% | 0.50% | 2.27% |
| Class S (before taxes) | (14.76)% | 2.20% | 4.12% |
| S&P 500® Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.11)% | 9.42% | 12.56% |
| Bloomberg U.S. Aggregate <br> Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (13.01)% | 0.02% | 1.06% |
| MSCI All Country World Index <br> ex-USA - USD Net Returns<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (16.00)% | 0.88% | 3.80% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, David S. Royal** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since April 2016. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Royal has served as portfolio manager for the Fund since April 2018. He is Chief Financial Officer and Chief Investment Officer and has been with

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Thrivent since 2006. Mr. Spangler has served as a portfolio manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

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

transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Money Market Fund

Class S: AALXX \| Class A: AMMXX

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Investment Objective

Thrivent Money Market Fund (the "Fund") seeks a high level of current income, while maintaining liquidity and a constant net asset value of $1.00 per share.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  |  |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.25% | 0.25% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  |  |
| Other Expenses | 0.16% | 0.25% |
| Total Annual Fund Operating Expenses | 0.41% | 0.50% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup> <br>|  | 0.05% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.41% | 0.45% |

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<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class A shares of the Thrivent Money Market Fund equal in the aggregate to 0.05% of the average daily net assets of the Class A shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period for Class A shares reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although

your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $42 | $132 | $230 | $518 |
| Class A | $46 | $155 | $275 | $623 |

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Principal Strategies

The Fund seeks to produce current income while maintaining liquidity by investing at least 99.5% of its total assets in government securities, cash and repurchase agreements collateralized fully by government securities or cash. Government securities are any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing.

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

The Adviser typically invests in U.S. Treasury securities, short-term discount notes issued by government-related organizations and government securities payable within seven-days or less to provide liquidity for reasonably foreseeable shareholder redemptions and to comply with regulatory requirements. The Adviser invests in other securities by selecting from the available supply of short-term government securities based on its interest rate outlook. Although the Fund frequently holds securities until maturity, the Adviser may sell securities to increase liquidity.

The Fund may also pursue its investment strategy by investing in other mutual funds.

Principal Risks

You could lose money by investing in the 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. In addition, the Fund is subject to the following principal investment risks.

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**Government Securities Risk.** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, 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 that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates. A weak economy, strong equity markets, or changes by the Federal Reserve in its monetary policies may cause short-term interest rates to increase and affect the Fund's ability to maintain a stable share price.

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

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or

benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

**Repurchase Agreement Risk.** If the seller of a repurchase agreement defaults or is otherwise unable to fulfill its obligations, the Fund may incur losses as a result of selling the underlying securities, enforcing its rights, or a decline in the value of collateral.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows the Fund's average annual returns for one-, five- and ten-year periods. The bar chart and table include the effects of Fund expenses and assume that you sold your shares at the end of the period. On February 1, 2016, the Fund changed its investment strategies from those of a prime money market fund to those of a government money market fund. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

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**Year-by-Year Total Return** 

**Class A Shares**

![](g430457ammxx_19.jpg)

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| | |
|:---|:---|
| Best Quarter: | Q4 2022 |
| Worst Quarter: | Q2 2022<br>+0.00%<sup>1</sup> |

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<sup>1</sup>

The Fund's performance was also 0.00% for Q1 '13 through Q4 '16 and Q3 '20 through Q2 '22.

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | 1.19% | 0.93% | 0.47% |
| Class A (after taxes on <br> distributions)<br>| 0.70% | 0.55% | 0.28% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| 0.70% | 0.55% | 0.28% |
| Class S (before taxes) | 1.25% | 0.99% | 0.54% |

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The 7-day yield for the period ended December 31, 2022 was 3.87%. You may call 800-847-4836 to obtain the Fund's current yield information.

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**William D. Stouten** is primarily responsible for the day-to-day management of the Fund. Mr. Stouten has served as portfolio

manager for the Fund since December 2003. Prior to this position, he was a research analyst and trader for the Thrivent money market funds since 2001, when he joined Thrivent.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Multidimensional Income Fund

Class S: TMLDX

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Investment Objective

Thrivent Multidimensional Income Fund (the "Fund") seeks a high level of current income and, secondarily, growth of capital. The Fund's investment objectives may be changed without shareholder approval.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | |
|:---|:---|
|  | **Class S** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|  |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
|  | **Class S** |
| Management Fees | 0.55% |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.46% |
| Acquired Fund Fees and Expenses | 0.19% |
| Total Annual Fund Operating Expenses | 1.20% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.26% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee <br> Waivers and/or Expense Reimbursements<br>| 0.94% |

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<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S shares of the Thrivent Multidimensional Income Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.75% of the average daily net assets of the Class S shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's

operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $96 | $355 | $635 | $1432 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 59% of the average value of its portfolio.

Principal Strategies

The Fund seeks to achieve its investment objectives by allocating assets across multiple income and growth producing asset classes and strategies. Debt securities in which the Fund invests include high yield, high risk bonds, notes, debentures and other debt obligations commonly known as "junk bonds." At the time of purchase, these high-yield securities are rated below BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. The Fund will also implement its investment strategy by investing in convertible bonds and U.S. dollar denominated emerging markets sovereign debt.

The Fund also plans to invest in income-producing equity securities such as preferred stock, shares of closed-end funds ("CEFs"), and exchange-traded funds ("ETFs"). CEFs and ETFs are investment companies that trade on a stock exchange and may trade at a premium or a discount to their net asset value. The Fund may also pursue its investment strategy by investing in other mutual funds, including funds managed by the Adviser and unaffiliated funds.

The Fund may invest in other securities such as investment-grade corporate bonds, asset-backed securities, and mortgage-backed securities. The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

The Adviser uses fundamental and other investment research techniques to determine what to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

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**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

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

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Closed-End Fund ("CEF") Risk.** Investments in CEFs are subject to various risks, including reliance on management's ability to meet a CEF's investment objective and to manage a CEF's portfolio; fluctuation in the market value of a CEF's shares compared to the changes in the value of the underlying securities that the CEF owns (*i.e.*, trading at a discount or premium to its net asset value); and that CEFs are permitted to invest in a greater amount of "illiquid" securities than typical mutual funds. The Fund is subject to a pro-rata share of the management fees and expenses of each CEF in addition to the Fund's management fees and expenses, resulting in Fund shareholders subject to higher expenses than if they invested directly in CEFs.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

**Convertible Securities Risk.** Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. The Fund may also

be forced to convert a convertible security at an inopportune time, which may decrease the Fund's return.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**ETF Risk.** An ETF is subject to the risks of the underlying investments that it holds. In addition, for index-based ETFs, the performance of an ETF may diverge from the performance of such index (commonly known as tracking error). ETFs are subject to fees and expenses (like management fees and operating expenses) that do not apply to an index, and the Fund will indirectly bear its proportionate share of any such fees and expenses paid by the ETFs in which it invests. Because ETFs trade on an exchange, there is a risk that an ETF will trade at a discount to net asset value or that investors will fail to bring the trading price in line with the underlying shares (known as the arbitrage mechanism). There is the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities.

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**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Government Securities Risk.** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, 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 that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017,

the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also

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subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

**Preferred Securities Risk.** There are certain additional risks associated with investing in preferred securities, including, but not limited to, preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer; preferred securities are generally subordinated to bonds and other debt instruments in a company's capital structure in terms of having priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments; preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities; generally, traditional preferred securities offer no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board; and in certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date.

**Sovereign Debt Risk.** Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class S shares. The table shows how the Fund's average annual returns for the one- and five-year periods and since inception compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart and the table include the effects of Fund expenses and 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown,

and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class S Shares**

![](g430457img521f14f82.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +9.99% |
| Worst Quarter: | Q1 2020 | (14.78)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **5 Years** | **2/28/2017** |
| Class S (before taxes) | (13.49)% | 1.04% | 1.72% |
| Class S (after taxes on <br> distributions)<br>| (14.91)% | (0.63)% | 0.05% |
| Class S (after taxes on <br> distributions and <br> redemptions)<br>| (7.77)% | 0.26% | 0.76% |
| Bloomberg U.S. Corporate <br> High Yield Bond Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (11.19)% | 2.31% | 2.74% |
| Bloomberg Emerging <br> Markets USD Sovereign <br> Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (17.43)% | (1.63)% | (0.44)% |
| S&P U.S. Preferred Stock <br> Total Return Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (18.93)% | 1.01% | 1.59%  |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, Kent L. White, CFA** and **Theron G. Whitehorn, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since February 2018. He is Chief Investment Strategist and has been with Thrivent since 1997. Mr. White has served as a portfolio manager for the Fund since July 2019. He is Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund directly 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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50.

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

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Municipal Bond Fund

Class S: TMBIX \| Class A: AAMBX

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Investment Objective

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

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.40% | 0.40% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.14% | 0.09% |
| Total Annual Fund Operating Expenses | 0.54% | 0.74% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup> <br>| 0.03% |  |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses <br> After Fee Waivers and/or Expense <br> Reimbursements<br>| 0.51% | 0.74% |

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<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S shares of the Thrivent Municipal Bond Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.51% of the average daily net assets of the Class S shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. In addition, the example for the 1 Year period for Class S shares reflects the effect of the contractual fee waiver and/or expense reimbursement The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $52 | $170 | $299 | $674 |
| Class A | $522 | $676 | $843 | $1327 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.

Principal Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in municipal bonds, the income of which is exempt from federal income taxation. The Fund may count securities that generate income subject to the alternative minimum tax toward the 80% investment requirement.

The Fund's Adviser uses fundamental and other investment research techniques to determine what municipal bonds to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects. At the time of purchase, the Adviser generally buys investment-grade municipal bonds or unrated bonds it determines to be of comparable quality. The Fund may also invest in debt securities that, at the time of purchase, are rated within or below the "BBB" major rating category by S&P or Fitch, or the "Baa" major rating category by Moody's, or are unrated but considered to be of comparable quality by the Adviser. The Fund uses an interest rate management technique that includes the purchase and sale of U.S. Treasury futures contracts for the purpose of managing the duration, or interest rate risk, of the Fund.

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Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Municipal Bond Risk.** The Fund's performance may be affected by political and economic conditions at the state, regional or federal level. These may include budgetary problems, decline in the tax base and other factors that may cause rating agencies to downgrade the credit ratings on certain issues. Bonds may also exhibit price fluctuations due to changes in interest rate or bond yield levels. Some municipal bonds may be repaid prior to maturity if interest rates decrease. As a result, the value of the Fund's shares may fluctuate significantly in the short term.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Tax 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. Since the Fund may invest in municipal securities subject to the federal alternative minimum tax without limitation, the Fund may not be suitable for investors who already are or could be subject to the federal alternative minimum tax.

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

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also

no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. Brokers and dealers have decreased their inventories of municipal bonds in recent years. This could limit the Adviser's ability to buy or sell these bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease the Adviser's ability to buy or sell bonds. As a result, the Adviser may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Redemption Risk.** The Fund may need to sell portfolio securities to meet redemption requests. The Fund could experience a loss when selling portfolio securities to meet redemption requests if there is (i) significant redemption activity by shareholders, including, for example, when a single investor or few large investors make a significant redemption of Fund shares, (ii) a disruption in the normal operation of the markets in which the

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Fund buys and sells portfolio securities or (iii) the inability of the Fund to sell portfolio securities because such securities are illiquid. In such events, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index description appears in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aambx_20.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2022 | +3.68% |
| Worst Quarter: | Q1 2022 | (6.39)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (14.98)% | (0.48)% | 1.04% |
| Class A (after taxes on <br> distributions)<br>| (14.98)% | (0.49)% | 1.04% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (7.85)% | 0.35% | 1.54% |
| Class S (before taxes) | (10.85)% | 0.63% | 1.73% |
| Bloomberg Municipal Bond <br> Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (8.53)% | 1.25% | 2.13% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Johan Å. Åkesson, CFA** and **Stephanie L. Woeppel** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Åkesson has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and has been with Thrivent since 1993. He has served as an associate portfolio manager and portfolio manager during various time periods since 1999. Ms. Woeppel has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2022.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

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Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create

a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Thrivent Opportunity Income Plus Fund

Class S: IIINX \| Class A: AAINX

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Investment Objective

Thrivent Opportunity Income Plus Fund (the "Fund") seeks a high level of current income, consistent with capital preservation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.44% | 0.44% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.18% | 0.19% |
| Acquired Fund Fees and Expenses | 0.03% | 0.03% |
| Total Annual Fund Operating Expenses | 0.65% | 0.91% |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $66 | $208 | $362 | $810 |
| Class A | $539 | $727 | $931 | $1519 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 175% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund primarily invests in a broad range of debt securities.

The debt securities in which the Fund invests may be of any maturity 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 securities are rated below BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. The Fund may also invest in leveraged loans, which are senior secured loans that are made by banks or other lending institutions to companies that are rated below investment grade. The Fund may also invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities (including commercially backed ones), sovereign and emerging market debt (both U.S. dollar and non-U.S. dollar denominated), preferred stock, and other types of securities.

The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund's duration, or interest rate risk. The Fund may enter into derivatives contracts traded on exchanges or in the over the counter market.

The Fund may invest in foreign securities, including those of issuers in emerging markets. An "emerging market" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets.

The Fund may also pursue its investment strategy by investing in other mutual funds managed by the Adviser.

The Adviser uses fundamental and other investment research techniques to determine what to buy and sell. Fundamental techniques assess a security's value based on an issuer's financial profile, management, and business prospects.

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Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

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

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Allocation Risk.** The Fund's investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the Fund is that the allocation strategies used and the allocation decisions made will not produce the desired results.

**Conflicts of Interest Risk.** An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the

Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks,

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lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**High Yield Risk.** High yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Leveraged Loan Risk.** Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, some leveraged loans are known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Fund. As a result, the Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged

loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days.

**LIBOR Risk.** The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate (SOFR) after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Other Funds Risk.** Because the Fund invests in other funds, the performance of the Fund is dependent, in part, upon the performance of other funds in which the Fund may invest. As a result, the Fund is subject to the same risks as those faced by the other funds. In addition, other funds may be subject to additional fees and expenses that will be borne by the Fund.

**Portfolio Turnover Rate Risk.** The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies. A high rate of portfolio turnover

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(100% or more) involves correspondingly greater expenses which are borne by the Fund and its shareholders and may also result in short-term capital gains taxable to shareholders.

**Prepayment Risk.** When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Sovereign Debt Risk.** Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

Effective August 16, 2013, based on approval of the Fund's Board of Trustees and notice to Fund shareholders, the Fund's principal strategies were changed, which had the effect of changing the types of debt securities in which the Fund may

invest. At the same time, the Fund's name changed from Thrivent Core Bond Fund to Thrivent Opportunity Income Plus Fund. As a result, performance information presented below with respect to periods prior to August 16, 2013, reflects the performance of an investment portfolio that was materially different from the investment portfolio of the Fund.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aainx_19.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +6.56% |
| Worst Quarter: | Q1 2020 | (7.87)% |

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**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (14.63)% | (0.79)% | 0.89% |
| Class A (after taxes on <br> distributions)<br>| (15.94)% | (2.18)% | (0.54)% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (8.63)% | (1.14)% | 0.07% |
| Class S (before taxes) | (10.34)% | 0.38% | 1.60% |
| Bloomberg <br> U.S. Mortgage-Backed <br> Securities Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (11.81)% | (0.53)% | 0.75% |
| Bloomberg U.S. High Yield <br> Ba/B 2% Issuer Capped <br> Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (10.57)% | 2.63% | 4.03% |
| Morningstar LSTA Leveraged <br> Loan Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (0.60)% | 3.31% | 3.67%  |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**Stephen D. Lowe, CFA, Kent L. White, CFA** and **Theron G. Whitehorn, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since February 2018. He is Chief Investment Strategist and has been with Thrivent since 1997. Mr. White has served as a portfolio manager for the Fund since May 2015. He is Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50.

These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

------

Thrivent Small Cap Growth Fund

Class S: TSCGX

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Investment Objective

Thrivent Small Cap Growth Fund (the "Fund") seeks long-term capital growth. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed On <br> Purchases (as a % of offering price)<br>|  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) (as a % of <br> the net asset value)<br>|  |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| Management Fees | 0.80% |
| Distribution and Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.36% |
| Total Annual Fund Operating Expenses | 1.16% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense <br> Reimbursements<sup>1</sup><br>| 0.21% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee <br> Waivers and/or Expense Reimbursements<br>| 0.95% |

---

<sup>1</sup>

The Adviser has contractually agreed, through at least February 28, 2024, to waive a portion of the management fees associated with the Class S shares of the Thrivent Small Cap Growth Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.95% of the average daily net assets of the Class S shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost

may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $97 | $348 | $618 | $1390 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of small companies. The Adviser focuses mainly on the equity securities of smaller U.S. companies which have market capitalizations equivalent to those companies included in widely known indices such as the Russell 2000<sup>®</sup> Growth Index, S&P SmallCap 600<sup>®</sup> Index, or the small company market capitalization classification published by Morningstar or Lipper, Inc. The Fund defines small-cap companies as those with market capitalizations at or below the market capitalization of the largest company represented in either the Russell 2000 Growth Index (approximately $7.9 billion as of December 31, 2022) or the S&P SmallCap 600 Index (approximately $6.3 billion as of December 31, 2022). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund seeks to achieve its investment objective by investing primarily in common stocks. The Adviser uses fundamental analysis and other investment techniques to identify stocks of companies that it believes have demonstrated and believes will sustain above-average revenue and earnings growth over time, or which are expected to develop rapid sales and earnings growth in the future when compared to the economy and stock market as a whole. Many such companies are in the technology sector and the Fund may at times have a higher concentration in this industry.

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

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

------

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Technology-Oriented Companies Risk.** Common stocks of companies that rely extensively on technology, science or communications in their product development or operations may be more volatile than the overall stock market and may or may not move in tandem with the overall stock market. Technology, science and communications are rapidly changing fields, and stocks of these companies, especially of smaller or unseasoned companies, may be subject to more abrupt or erratic market movements than the stock market in general. There are significant competitive pressures among technology-oriented

companies and the products or operations of such companies may become obsolete quickly. In addition, these companies may have limited product lines, markets or financial resources and the management of such companies may be more dependent upon one or a few key people.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class S shares. The table shows how the Fund's average annual returns for the one-year period and since inception compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart and the table include the effects of Fund expenses and 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as individual retirement accounts. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class S Shares**

![](g430457tscgx_5.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q2 2020 | +39.45% |
| Worst Quarter: | Q1 2020 | (21.86)%  |

---

------

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | |
|:---|:---|:---|
|  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **2/28/2018** |
| Class S (before taxes) | (22.54)% | 10.31% |
| Class S (after taxes on distributions) | (22.54)% | 9.84% |
| Class S (after taxes on distributions <br> and redemptions)<br>| (13.34)% | 8.10% |
| Russell 2000® Growth Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (26.36)% | 3.47% |
| S&P SmallCap® 600 Growth Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| (21.08)% | 6.35% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

**David J. Lettenberger, CFA, Siddharth Sinha, CFA** and **Michael P. Hubbard** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lettenberger has served as a portfolio manager for the Fund since February 2018 and has been a portfolio manager at Thrivent since 2013 when he joined the firm. Mr. Sinha has served as a portfolio manager for the Fund since February 2022 and has been a portfolio manager at Thrivent since August 2015 when he joined the firm. Mr. Hubbard has been a portfolio manager for the Fund since November 2022 and has been with Thrivent since 2018.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund directly 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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

------

Thrivent Small Cap Stock Fund

Class S: TSCSX \| Class A: AASMX

------

Investment Objective

Thrivent Small Cap Stock Fund (the "Fund") seeks long-term capital growth.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of a fund or funds of Thrivent Mutual Funds. More information about these and other Class A sales charge discounts is available from your financial professional and in the "Class A Sales Charges" and "Ways to Eliminate or Reduce the Initial Class A Sales Charges" sections of the Fund's prospectus and the "Sales Charges" section under the heading "Purchase, Redemption and Pricing of Shares" of the Fund's Statement of Additional Information.

**Shareholder Fees** 

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| &nbsp;&nbsp; Maximum Sales Charge (load) Imposed <br> On Purchases (as a % of offering price)<br>|  | 4.50% |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (load) <br> (as a % of the net asset value)<br>|  | 1.00% |

---

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class A** |
| Management Fees | 0.64% | 0.64% |
| &nbsp;&nbsp; Distribution and Shareholder Service <br> (12b-1) Fees<br>|  | 0.25% |
| Other Expenses | 0.18% | 0.16% |
| Total Annual Fund Operating Expenses | 0.82% | 1.05% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class S | $84 | $262 | $455 | $1014 |
| Class A | $552 | $769 | $1003 | $1675 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of small companies. The Adviser focuses mainly on the equity securities of smaller U.S. companies which have market capitalizations equivalent to those companies included in widely known indices such as the Russell 2000<sup>®</sup> Index, S&P SmallCap 600<sup>®</sup> Index, or the small company market capitalization classifications published by Morningstar or Lipper, Inc. The Fund defines small-cap companies as those with market capitalizations at or below the market capitalization of the largest company represented in either the Russell 2000 Index (approximately $7.9 billion as of December 31, 2022) or the S&P SmallCap 600 Index (approximately $6.3 billion as of December 31, 2022). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund seeks to achieve its investment objective by investing primarily in common stocks. The Adviser uses fundamental and other investment research techniques to identify small companies that, in its opinion:

• have an improving fundamental outlook;

• have capable management; and

• are financially sound.

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

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may not achieve its investment objective and you could lose money by investing in the Fund.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product

------

or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities are generally more volatile than most debt securities.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

Performance

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the "Index Descriptions" section of the prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end.

The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund expenses and maximum sales charges and assumes 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 reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through

tax-deferred arrangements such as individual retirement accounts. After-tax returns are only shown for Class A shares, and after-tax returns for Class S shares will vary. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on distributions shown because they reflect the tax benefit of capital losses realized in the redemption of Fund shares.

How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time.

**Year-by-Year Total Return** 

**Class A Shares**

![](g430457aasmx_18.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2020 | +35.89% |
| Worst Quarter: | Q1 2020 | (30.13)% |

---

**Average Annual Total Returns** 

(Periods Ending December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A (before taxes) | (14.93)% | 8.04% | 11.79% |
| Class A (after taxes on <br> distributions)<br>| (17.39)% | 5.23% | 9.46% |
| Class A (after taxes on <br> distributions and <br> redemptions)<br>| (7.32)% | 5.86% | 9.20% |
| Class S (before taxes) | (10.71)% | 9.35% | 12.71% |
| Russell 2000® Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (20.44)% | 4.13% | 9.01% |
| S&P SmallCap® 600 Index<br> (reflects no deduction for <br> fees, expenses or taxes)<br>| (16.10)% | 5.88% | 10.82% |

---

Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

------

**Portfolio Managers**

**Matthew D. Finn, CFA, James M. Tinucci, CFA** and **Katelyn R. Young, CPA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Finn has served as a portfolio manager for the Fund since March 2013. He has been a portfolio manager at Thrivent since 2004, when he joined Thrivent. Mr. Tinucci has served as a portfolio manager for the Fund since February 2015. He has been with Thrivent since 2014. Ms. Young has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2022.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund through certain broker-dealers. You also may purchase Class S shares of the Fund directly from the Fund online at thriventfunds.com.

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, the minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan or, for Class S shares, through certain fee-based investment advisory programs.

You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet (thrivent.com or, for Class S shares, thriventfunds.com), the mobile app, by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

------

More About Investment Strategies and Risks

------

Each Fund's investment objective and principal strategies are described in the "Summary Section" above. The principal strategies are the strategies that a Fund's Adviser and subadviser (if applicable) believe are most likely to be important in trying to achieve the Fund's investment objective. Please note that each Fund may also use strategies and invest in securities that are not described in this prospectus, but that are described in the Statement of Additional Information.

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

Information About Certain Principal Investment Strategies

**Adjustable Rate Securities.** The interest rate may be adjusted daily or at specified intervals (such as monthly, quarterly or annually). Adjustments may be based on a referenced market rate for a specified term (such as one, three or twelve months). For some securities, adjustments are made by a third-party or auction process designed to maintain a market value close to the security's face amount. Adjustments may be limited by caps or floors.

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

So long as the Adviser expects an adjustable rate security's market value to approximate its face value after each interest rate adjustment, the Adviser may rely on the interest rate when calculating a Fund's dollar-weighted average maturity or duration. The market value of an adjustable rate security may nevertheless decline, due to changes in market conditions or the financial condition of the issuer and the effects of caps or floors on interest rate adjustments.

**Collateralized Debt Obligations.** Thrivent Limited Maturity Bond Fund may invest in collateralized debt obligations ("CDOs") as a principal strategy; the other Funds may do so as a non-principal strategy. CDOs are types of asset-backed securities. Collateralized loan obligations ("CLOs") are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. Normally, collateralized bond obligations ("CBOs"), CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities.

**Derivatives.** Derivatives, a category that includes options, futures, swaps and hybrid instruments, are financial instruments whose value derives from another security, an index, an interest

rate, or a currency. Each Fund may use derivatives for hedging (attempting to offset a potential loss in one position by establishing an interest in an opposite position). This includes the use of currency-based derivatives for hedging its positions in foreign securities. Each Fund may also use derivatives to obtain investment exposure to a certain asset class or for speculation (investing for potential income or capital gain).

While hedging can guard against potential risks, using derivatives adds to the Fund's expenses and can eliminate some opportunities for gains. There is also a risk that a derivative intended as a hedge may not perform as expected. For example, the price or value of the underlying instrument, asset, index, currency or rate may move in a different direction than expected or such movements may be of a magnitude greater or less than expected.

Another risk with derivatives is that some types can amplify a gain or loss, thereby creating investment exposure greater than the initial investment. For example, futures contracts, options on futures contracts, forward contracts, and options on derivatives can allow the Fund to obtain large investment exposures in return for meeting relatively small margin requirements. As a result, investments in those transactions may be highly leveraged, and a Fund could potentially earn or lose substantially more money than the actual cost (if any) incurred when the derivative is entered into by a Fund. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. In addition, a derivative used for hedging or replication may not accurately track the value of the underlying asset, index or rate.

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

Derivatives can be difficult to value and illiquid, which means a Fund may not be able to close out a derivatives transaction in a cost-efficient manner. Futures contracts are subject to the risk that an exchange may impose price fluctuation limits, which may make it difficult or impossible for a Fund to close out a position when 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 conversion terms of a security could be related to the market price of some commodity, currency, or securities index. Such securities may bear interest or pay dividends at below market or even relatively nominal rates. Under certain conditions, the redemption value of a hybrid could be zero.

**Emerging Markets Securities.** A security is considered to be an "emerging market" security if issued by an issuer that Fund management has 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

• derives a majority of its annual revenue or earnings or assets from goods produced, sales made or services performed in an emerging market country.

An "emerging market" country is any country determined by the Adviser or subadviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets. These emerging market countries include every nation in the world except the U.S., Canada, Israel, Japan, Australia, New Zealand, Hong Kong, Singapore and all nations typically considered part of Western Europe.

**Exchange Traded Funds ("ETFs").** An ETF is an investment company that trades on a securities exchange and holds a portfolio of investments. An ETF that is designed to track an index or benchmark may fail to do so and may trade at a discount to its net asset value. Some ETFs are actively managed and instead of tracking a particular index or benchmark they seek to outperform it.

Generally, investments in other investment companies (including ETFs) are subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended, and the rules thereunder. These limitations include a prohibition on a Fund acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of the Fund's total assets in the securities of any one investment company or more than 10% of its total assets, in the aggregate, in investment company securities. Rule 12d1-4 under the 1940 Act permits a Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions.

**Foreign Currency Transactions.** The Funds may conduct foreign currency exchange transactions, normally either on a spot (*i.e.*, cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. The value of a Fund's assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in currency exchange rates and exchange control legislation. The Funds will generally not enter into a forward contract with a term greater than one year.

Under unusual circumstances, certain Funds may commit substantial assets to the consummation of these contracts. Although forward contracts may be used to protect a Fund from adverse currency movements, they also involve the risk that anticipated currency movements will not be accurately predicted, and the Fund's total returns could be adversely affected as a result.

There are some markets where it is not possible to engage in effective foreign currency hedging. This is generally true, for example, for the currencies of various emerging markets where the foreign exchange markets are not sufficiently developed to permit hedging activity to take place.

**Foreign Securities.** Foreign securities are generally more volatile than their domestic counterparts, in part because of the potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. These risks are usually higher in less developed countries. Each of the Funds, except Thrivent Money Market Fund, may use foreign

currencies and related instruments, including foreign currency exchange transactions, to hedge its foreign investments.

In addition, foreign securities may be more difficult to resell and less liquid than comparable U.S. securities because the markets for foreign securities are less efficient. Even where a foreign security increases in price in its local currency, the appreciation may be diluted by the negative effect of exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Government Bonds and Municipal Bonds.** Each of the Funds may invest in government bonds and municipal bonds. As a result, the Fund's performance may be affected by political and economic conditions at the state, regional or Federal level. These may include budgetary problems, declines in the tax base or changes in federal income tax laws or rates and other factors that may cause rating agencies to downgrade the credit ratings on certain issues.

**High Yield Bonds.** High yield bonds are debt securities rated below BBB- by S&P or Fitch, or Baa3 by Moody's, or unrated securities deemed to be of comparable quality by the Adviser. To the extent that a Fund invests in high yield bonds, it takes on the following risks:

• The risk of a bond's issuer defaulting on principal or interest payments is greater than on higher quality bonds.

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

• High yield securities generally have a less liquid resale market.

**International Exposure.** Many U.S. companies in which the Funds may invest generate significant revenues and earnings from abroad. As a result, these companies and the prices of their securities may be affected by weaknesses in global and regional economies and the relative value of foreign currencies to the U.S. dollar. These factors, taken as a whole, could adversely affect the performance of a Fund.

**Mortgage-Backed and Asset-Backed Securities.** Mortgage-backed securities are securities that are backed by pools of mortgages and which pay income based on the payments of principal and income they receive from the underlying mortgages. Asset-backed securities are similar but are backed by other assets, such as pools of consumer loans. Both are sensitive to interest rate changes as well as to changes in the repayment patterns of the underlying securities. If the principal payment on the underlying asset is repaid faster or slower than the holder of the mortgage-backed or asset-backed security anticipates, the price of the security may fall, especially if the holder must reinvest the repaid principal at lower rates or must continue to hold the securities when interest rates rise.

**Real Estate Investment Trusts ("REITs").** REITs generally can be divided into three types: equity REITs, mortgage REITs and hybrid REITs (which combine the characteristics of equity REITs and mortgage REITs). Equity REITs will be affected by changes in the values of and incomes from the properties they own, while mortgage REITs may be affected by the credit quality of the mortgage loans they hold. All types of REITs may be affected by changes in interest rates. The effect of rising interest rates is generally more pronounced for high dividend paying securities such as REITs. This may cause the value of real estate securities

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to decline during periods of rising interest rates, which would reduce the overall return of the Fund. REITs are subject to other risks as well, including the fact that REITs are dependent on specialized management skills which may affect their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to the risks associated with obtaining financing for real property. A REIT can pass its income through to shareholders or unitholders without any tax at the entity level if it complies with various requirements under the Internal Revenue Code. There is the risk that a REIT held by a Fund will fail to qualify for this tax-free pass-through treatment of its income. By investing in REITs indirectly through a Fund, in addition to bearing a proportionate share of the expenses of the Fund, you will also indirectly bear similar expenses of the REITs in which the Fund invests.

**Securities Ratings.** When fixed-income securities are rated by one or more independent rating agencies, a Fund uses these ratings to determine bond quality. Investment grade bonds are those that are rated at or above the BBB- rating category by S&P or Fitch, or the Baa3 rating category by Moody's, or unrated but considered of equivalent quality by the Fund's adviser. High-yield bonds are below investment grade bonds in terms of quality.

In cases where a bond is rated in conflicting categories by different rating agencies, a Fund (other than Thrivent Money Market Fund) may choose to follow the higher rating. If a bond is unrated, the Fund may assign it to a given category based on its own credit research. If a rating agency downgrades a security, the market price and liquidity of such security may be adversely affected and the Fund will determine whether to hold or sell the security, depending on all of the facts and circumstances at that time.

Information About Certain Non-Principal Investment Strategies

**Defensive Investing.** In response to market, economic, political or other conditions, each Fund (other than the Money Market Fund) may invest without limitation in cash, preferred stocks, or investment-grade debt securities for temporary defensive purposes that are not part of the Fund's principal investment strategies. The Money Market Fund may, from time to time, take temporary defensive positions by holding cash or shortening the Fund's dollar-weighted average portfolio maturity. If the Fund does this, different factors could affect the Fund's performance and it may not achieve its investment objective.

**Illiquid Investments.** A Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets (5% of net assets for Thrivent Money Market Fund subject to money market fund requirements) in "illiquid investments" that are assets. An illiquid investment is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment (for the Money Market Fund, an illiquid security is a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund). Any securities that are thinly traded or whose resale is restricted can be difficult to sell at a desired time and price. Some of these securities are new and complex, and trade only among institutions. The markets for these securities are still

developing and may not function as efficiently as established markets. Owning a large percentage of illiquid investments could hamper a Fund's ability to raise cash to meet redemptions. Also, because there may not be an established market price for these securities, a Fund may have to estimate their value, which means that their valuation (and, to a much smaller extent, the valuation of the Fund) may have a subjective element.

**Initial Public Offerings.** Each of the Funds may purchase securities in initial public offerings (IPOs) of securities. IPOs issued by unseasoned companies with little or no operating history are risky and their prices are highly volatile, but they can result in very large gains in their initial trading. Thus, when the Fund's size is smaller, any gains from IPOs will have an exaggerated impact on the Fund's reported performance than when the Fund is larger. Attractive IPOs are often oversubscribed and may not be available to the Fund, or only in very limited quantities. There can be no assurance that a Fund will have favorable IPO investment opportunities.

**In-Kind Purchases.** The Funds may purchase shares of affiliated Funds through in-kind contributions of portfolio securities held by the Fund, according to procedures adopted by the Funds' Board of Trustees (the "Board") and subject to applicable regulatory requirements. The procedures generally require, among other things, that the in-kind contribution does not favor the Fund making the contribution over any other shareholder in the receiving Fund and the contribution is in the best interests of the affiliated Fund receiving the in-kind contribution. The securities contributed must be valued according to the receiving Fund's valuation procedures and be of the appropriate type and amount for investment by the Fund receiving the contribution. If these procedures are not followed or the shares purchased decline in value, it could adversely affect the price of Fund shares.

**Securities Lending.** Each of the Funds except Thrivent Money Market Fund may seek additional income by lending Fund securities to qualified institutions. By reinvesting any cash collateral it receives in these transactions, a Fund could realize additional gains or losses. If the borrower fails to return the securities and the invested collateral has declined in value, the Fund could lose money.

**Short-Term Trading.** The investment strategy for each Fund at times may include short-term trading. While a Fund ordinarily does not trade securities for short-term profits, it will sell any security at any time it believes best, which may result in short-term trading.

**Unusual Opportunities.** Each of the Funds may purchase some securities that do not meet its normal investment criteria when the Adviser or subadviser perceives an unusual opportunity for gain, which could include a variety of factors, including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

**When-Issued Securities.** A Fund may invest in securities prior to their date of issue. These securities could fall in value by the time they are actually issued, which may be any time from a few days to over a year. In addition, no income will be earned on these securities until they are actually delivered.

**Zero Coupons.** A zero coupon security is a debt security that does not make cash interest payments for some or all of its life. Instead, it is sold and traded at a discount to its face value. The interest consists of the gradual appreciation in price as the bond approaches maturity and is reported as income to a Fund that

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has purchased the security. The Fund is required to distribute to shareholders an amount equal to the amount of income reported to the Fund even though such income may not be received by the Fund as distributable cash. The shareholder distributions may require the Fund to liquidate Fund securities at a disadvantageous time and incur a loss. Zero coupon bonds can be higher- or lower-quality debt and are more volatile than coupon bonds.

Glossary of Principal Risks

The main risks associated with investing in each Fund are summarized in each Fund's respective "Summary Section" above. More detailed descriptions of risks are provided below in alphabetical order for ease of reference. Additional risks are described in the statement of additional information.

**Allocation Risk.** Certain Funds' investment performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or the securities markets generally over short and extended periods. For example, underperformance in the equity or debt markets could have a material adverse effect on a Fund's total return 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 will not produce the desired results.

**Closed-End Fund ("CEF") Risk.** Investments in CEFs are subject to various risks, including reliance on management's ability to meet a CEF's investment objective and to manage a CEF's portfolio; fluctuation in the market value of a CEF's shares compared to the changes in the value of the underlying securities that the CEF owns (i.e., trading at a discount or premium to its net asset value); and that CEFs are permitted to invest in a greater amount of "illiquid" securities than typical mutual funds. A Fund is subject to a pro-rata share of the management fees and expenses of each CEF in addition to the Fund's management fees and expenses, resulting in Fund shareholders subject to higher expenses than if they invested directly in CEFs.

**Collateralized Debt Obligations ("CDO") Risk.** The risks of an investment in a CDO depend largely on the quality and type of the collateral and the tranche of the CDO in which a Fund invests. In addition to the typical risks associated with fixed income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value, and/or be downgraded; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly. In addition, investments in CDOs may be characterized by the Fund as illiquid securities.

**Conflicts of Interest Risk.** An investment in the Funds will be subject to a number of actual or potential conflicts of interest. The following does not purport to be a comprehensive list or complete

explanation of all potential conflicts of interest which may affect the Funds. A Fund may encounter circumstances, or enter into transactions, in which conflicts of interest may arise, which are not listed or discussed below.

The Adviser or its affiliates may provide services to the Funds for which the Funds would compensate the Adviser and/or such affiliates. The Funds may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of a Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates. The Adviser and its affiliates have no obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other funds and/or accounts managed by them, for the benefit of the management of the Funds. No affiliate of the Adviser is under any obligation to share any investment opportunity, including an investment technique, idea, model or strategy, with the Funds. The portfolio compositions and performance results therefore will differ across the Funds and other such funds and/or accounts. These conflicts of interest are exacerbated to the extent that the Adviser's other clients are proprietary or pay them higher fees or performance-based fees. Further, the activities in which the Adviser and its affiliates are involved on behalf of other accounts could limit or preclude the flexibility that the Funds could otherwise have to participate in certain investments.

**Convertible Securities Risk.** Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. A Fund may also be forced 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 security to which the Fund is exposed may no longer be able or willing to pay its debt. As a result of such an event, the debt security may decline in price and affect the value of a Fund. Similarly, there is a risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make interest and/or principal payments. Debt securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. The credit rating of a debt security may be lowered if the issuer suffers adverse changes in its financial condition, which can lead to more volatility in the price of the security and in shares of the Fund.

**Cybersecurity Risk.** The Funds and their service providers may be susceptible to operational, information security, privacy, fraud, business disruption, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems to misappropriate assets or sensitive information, corrupt data, or otherwise disrupt operations. Cyber incidents affecting the Adviser, a Subadviser,

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or other service providers (including, but not limited to, fund accountants, custodians, transfer agents, and financial intermediaries) have the ability to disrupt and impact business operations, potentially resulting in financial losses, by interfering with the Funds' ability to calculate their NAV, corrupting data or preventing parties from sharing information necessary for the Funds' operation, preventing or slowing trades, stopping shareholders from making transactions, potentially subjecting the Funds or the Adviser to regulatory fines and penalties, and creating additional compliance costs. Similar types of cyber security risks are also present for issuers or securities in which the Funds may invest, which could result in material adverse consequences for such issuers and may cause the Funds' investments in such companies to lose value. While the Funds' service providers have established business continuity plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Funds cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders. Although each Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service. The value of an investment in a Fund's shares may be adversely affected by the occurrence of the operational errors or failures or technological issues or other similar events and a Fund and its shareholders may bear costs tied to these risks.

**Derivatives Risk.** The use of derivatives (such as futures, options, credit default swaps, and total return swaps) involves additional risks and transaction costs which could leave a Fund in a worse position than if it had not used these instruments. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and a Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Derivatives are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations.

Some derivatives may give rise to a form of economic leverage and may expose the Fund to greater risk and increase its costs. Such leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage. Futures contracts, options on futures contracts, forward contracts, and options on derivatives can allow the Fund to obtain large investment exposures in return for meeting relatively small margin requirements. As a result, investments in those transactions may be highly leveraged.

The success of a Fund's derivatives strategies will depend on the Adviser's ability to assess and predict the impact of market or economic developments on the underlying asset, index or rate and the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions. Swap agreements may involve fees, commissions or other costs that may reduce a Fund's gains from a swap agreement or may cause a Fund to lose money. Futures contracts are subject to the risk that an exchange may impose price fluctuation limits, which may make it difficult or impossible for a Fund to close out a position when desired.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. A Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

Some emerging market countries restrict to varying degrees foreign investment in their securities markets. In some circumstances, these restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies.

**Equity Security Risk.** Equity securities held by a Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in one particular sector, industry, or geographic region which would make the Fund more vulnerable to adverse developments affecting such sectors, industries, or geographic regions. Equity securities are generally more volatile than most debt securities. The prices of individual stocks generally do not all move in the same direction at the same time. A variety of factors can negatively affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry.

**ETF Risk.** An ETF is subject to the risks of the underlying investments that it holds. For index-based ETFs, while such ETFs seek to achieve the same returns as a particular market index, the performance of an ETF may diverge from the performance of such index (commonly known as tracking error). ETFs are subject to fees and expenses (like management fees and operating expenses) and a Fund will indirectly bear its proportionate share of any such fees and expenses paid by the ETFs in which it

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invests. A Fund may exchange shares of an ETF "in kind" for the underlying securities, which may result in transaction costs and brokerage commissions. In addition, ETF shares may trade at a premium or discount to their net asset value and investors may fail to bring the trading price in line with the underlying shares (known as the arbitrage mechanism). 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 not develop or be maintained, (ii) trading of its shares may be halted by the exchange, and (iii) its shares may be delisted from the exchange. There is the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities.

**Financial Sector Risk.** Companies in the financial sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financial sector, including effects not intended by such regulation. The impact of recent or future regulation in various countries of any individual financial company or of the financial sector as a whole cannot be predicted. Certain risks may impact the value of investments in the financial sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. Companies in the financial sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. During the financial crisis that began in 2007, the deterioration of the credit markets impacted a broad range of mortgage, asset-backed, auction rate, sovereign debt and other markets, including U.S. and non-U.S. credit and interbank money markets, thereby affecting a wide range of financial institutions and markets. During the financial crisis, a number of large financial institutions failed, merged with stronger institutions or had significant government infusions of capital. Instability in the financial markets caused certain financial companies to incur large losses. Some financial companies experienced declines in the valuations of their assets, took actions to raise capital (such as the issuance of debt or equity securities), or even ceased operations. Some financial companies borrowed significant amounts of capital from government sources. Those actions caused the securities of many financial companies to decline in value. The financial sector is particularly sensitive to fluctuations in interest rates. The financial sector is also a target for cyber attacks and may experience technology malfunctions and disruptions. In recent years, cyber attacks and technology failures have become increasingly frequent and have caused significant losses.

**Foreign Currency Risk.** The Fund is also subject to the risk that the value of a foreign currency may decline against the U.S. dollar, which would reduce the dollar value 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 currencies represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign

currency hedging programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the currency risks of many developing countries.

**Foreign Securities Risk.** To the extent a Fund is exposed to foreign securities, it is subject to various risks associated with such securities. Foreign securities are generally more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. Foreign securities also may be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

Securities of foreign companies in which the Fund invests generally carry more risk than securities of U.S. companies. The economies and financial markets of certain regions—such as Latin America, Asia, Europe and the Mediterranean region—can be highly interdependent and may decline at the same time. Certain European countries in which a Fund may invest have recently experienced significant volatility in financial markets and may continue to do so in the future. The potential departure of one or more countries from the European Union, such as the United Kingdom's departure from the European Union ("EU") (commonly known as "Brexit"), may have significant political and financial consequences for global markets and may adversely impact Fund performance. The long-term impact of Brexit is unknown and the risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU.

Other risks result from the varying stages of economic and political development of foreign countries; the differing regulatory environments, trading days, and accounting standards of foreign markets; and higher transaction costs. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices and impair the Fund's ability to repatriate capital or income.

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**Government Securities Risk.** Certain Funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Ginnie Mae, Fannie Mae or Freddie Mac 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 that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its

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securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may lack dividends that could help cushion prices in a declining market. Growth style investing may be out of favor with investors from time to time and growth stocks may underperform the securities of other companies or the stock market in general.

**High Yield Risk.** High yield securities - commonly known as "junk bonds" - are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High yield securities may be more susceptible to real or perceived adverse economic conditions than investment grade securities, and they generally have more volatile prices and carry more risk to principal. In addition, high yield securities generally are less liquid than investment grade securities.

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

There can also be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. The Fund's investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In addition, inflation-linked securities are subject to the risk that the Consumer Price Index for All Urban Consumers (CPI-U) or other relevant pricing index may be discontinued, fundamentally altered in a manner materially adverse to the interests of an investor in the securities, altered by legislation or Executive Order in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations or maturities tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions,

inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. The Fund may be subject to a greater risk of rising interest rates during periods of low interest rates or when inflation rates are high or rising.

**Investing-in-Funds Risk.** Each of the Thrivent Aggressive Allocation Fund, Thrivent Moderate Allocation Fund, Thrivent Moderately Aggressive Allocation Fund and Thrivent Moderately Conservative Allocation Fund (each, a "Thrivent Asset Allocation Fund") allocate their assets among certain other funds managed by the Adviser or an affiliate ("Affiliated Funds"). From time to time, one or more of the Affiliated Funds may experience relatively large investments or redemptions due to reallocations or rebalancings by the Thrivent Asset Allocation Funds or other investors. These transactions may affect the Affiliated Funds since Affiliated Funds that experience redemptions as a result of reallocations or rebalancings may have to sell Fund securities and since Affiliated Funds that receive additional cash will have to invest such cash. These effects may be particularly important when one or more of the Thrivent Asset Allocation Funds owns a substantial portion of any Affiliated Fund. While it is impossible to predict the overall impact of these transactions over time, the performance of an Affiliated Fund may be adversely affected if the Affiliated Fund is required to sell securities or invest cash at inopportune times. These transactions could also increase transaction costs and accelerate the realization of taxable income if sales of securities resulted in gains. Because the Thrivent Asset Allocation Funds may own substantial portions of some Affiliated Funds, a redemption or reallocation by a Thrivent Asset Allocation Fund away from an Affiliated Fund could cause the Affiliated Fund's expenses to increase.

**Investment Adviser Risk.** The Funds are actively managed and the success of its investment strategy depends significantly on the skills of the Adviser or subadviser in assessing the potential of the investments in which the Fund invests. The assessment of potential Fund investments may prove incorrect, resulting in losses or poor performance, even in rising markets.

**Issuer Risk.** Issuer risk is the possibility that factors specific to a company to which a Fund's portfolio is exposed will affect the market prices of the company's securities and therefore the value of the Fund. Some factors affecting the performance of a company include demand for the company's products or services, the quality of management of the company and brand recognition and loyalty. To the extent that a Fund invests in common stock, common stock of a company is subordinate to other securities issued by the company. If a company becomes insolvent, interests of investors owning common stock will be subordinated to the interests of other investors in and general creditors of, the company.

**Large Cap Risk.** Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Large Shareholder Risk.** From time to time, shareholders of a Fund (which may include institutional investors, financial intermediaries, or affiliated Funds) may make relatively large redemptions or purchases of shares. These transactions may cause a Fund to sell securities at disadvantageous prices or invest additional cash, as the case may be. While it is impossible to predict the overall impact of these transactions over time, there

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could be adverse effects on a Fund's performance to the extent that a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. Redemptions of a large number of shares also may increase transaction costs or have adverse tax consequences for shareholders of the Fund by requiring a sale of portfolio securities. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**Leveraged Loan Risk.** Leveraged loans are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. Also, some leveraged loans are known as "covenant lite" loans, which have contractual provisions that are more favorable to borrowers and provide less protection for lenders such as the Fund. As a result, the Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in losses. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities."

**LIBOR Risk.** The Funds may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment value. LIBOR is an average interest rate that banks charge one another for the use of short-term money. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR.

In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on the Secured Overnight Financing Rate ("SOFR") after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there remains uncertainty regarding potential effects of the transition away from LIBOR on the Fund or its investments. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants

and their regulators), has begun publishing a SOFR, which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The transition process could also lead to a reduction in the value of some LIBOR-based investments. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. The effect of the discontinuation of LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. Certain securities (e.g., small-cap stocks, foreign securities and high-yield bonds) often have a less liquid resale market. Liquid investments may become illiquid after purchase by the Adviser or subadviser, particularly during periods of market turmoil. As a result, the Adviser or subadviser may have difficulty selling or disposing of securities quickly in certain markets or may only be able to sell the holdings at prices substantially less than what the Adviser or subadviser believes they are worth. Less liquid securities can also become more difficult to value. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.

To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. In addition, inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. As a result of this decreased liquidity, the Adviser or subadviser may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when 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) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector.

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Price declines may occur in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates and the availability of credit. In addition, domestic or global events, including the spread of an infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, natural disasters or similar events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economies, which in turn could adversely affect a Fund's investments. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment's price.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-related and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

**Multi-Manager Risk.** The Trust and Thrivent Asset Mgt. have received an exemptive order from the SEC (known as a "multi-manager order") that permits them to hire and fire one or more subadvisers for the Funds without a shareholder vote, subject to approval by the Trust's Board and shareholder notice. During the transition of management of Fund assets from one subadviser to another, it is possible that the Fund will not be fully invested in accordance with the Fund's prospectus and, therefore, will not be fully pursuing its investment objective during such transition. In addition, the multi-manager approach could result in a high level of portfolio turnover, resulting in higher brokerage expenses and increased tax liability from a Fund's realization of capital gains.

**Municipal Bond Risk.** A Fund's performance may be affected by political and economic conditions at the state, regional or federal level. These may include budgetary problems, decline in the tax base and other factors that may cause rating agencies to downgrade the credit ratings on certain issues. Bonds may also

exhibit price fluctuations due to changes in interest rate or bond yield levels. Some municipal bonds may be repaid prior to maturity if interest rates decrease. As a result, the value of a Fund's shares may fluctuate significantly in the short term. The amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of a Fund may be more dependent on the analytical abilities of the Adviser than funds that invest in stock or other corporate investments. A Fund may make significant investments in a particular segment of the municipal bond market or in the debt of issuers located in the same state or territory. Adverse conditions in such industry or location could have a correspondingly adverse effect on the financial condition of issuers. These conditions may cause the value of a Fund's shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments.

**Non-Diversified Risk.** A Fund that is not "diversified" within the meaning of the 1940 Act may invest a greater percentage of its assets in the securities of any single issuer compared to other funds. A non-diversified portfolio is generally more susceptible than a diversified portfolio to the risk that events or developments affecting a particular issuer or industry will significantly affect the Fund's performance.

**Other Funds Risk.** The performance of Funds that invest in other funds is dependent, in part, upon the performance of the other funds. As a result, the Fund is subject to the same risks as those faced by the other funds' underlying portfolios. Those risks may include, among others, market risk, issuer risk, volatility risk, foreign securities risk, foreign currency risk, emerging markets risk, derivatives risk, credit risk, interest rate risk, high yield risk and investment adviser risk. As a shareholder of the Fund, you will bear your share of the Fund's operating expenses as well as the Fund's share of the other funds' operating expenses. Consequently, an investment in the Fund would result in higher aggregate operating costs than investing directly in other funds that are also portfolios.

**Portfolio Turnover Rate Risk.** A Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which are borne by the Fund and its shareholders and may also result in short-term capital gains taxable to shareholders. The expenses may include bid-ask spreads, dealer mark-ups, and other transactional costs on the sale of securities and reinvestment in other securities.

**Preferred Securities Risk.** There are certain additional risks associated with investing in preferred securities, including, but not limited to, preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer; preferred securities are generally subordinated to bonds and other debt instruments in a company's capital structure in terms of having priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments; preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities; generally, traditional preferred securities offer no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board;

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and in certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date.

**Prepayment Risk.** When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Quantitative Investing Risk.** Securities selected according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends. Such models are based on assumptions relating to these and other market factors, and the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund's portfolio. If models or data used in the models are incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect and could lead to losses for the Fund. For example, the data on which a model is based may be imprecise or become stale due to new events or changing circumstances. Market performance can be affected by non-quantitative factors (for example, investor fear or over-reaction or other emotional considerations) that are not easily integrated into quantitative analysis, which could adversely affect performance of these models and, in turn, the Fund. The performance of a model may also be impaired by technical issues with the construction and implementation of quantitative models such as software or other technology system malfunctions, or programming inaccuracies. Human judgment plays a role in building, utilizing, testing and modifying the financial algorithms and formulas underlying the models and accordingly such models are subject to the risk of human error and biases.

**Real Estate Investment Trust ("REIT") Risk.** REITs generally can be divided into three types: equity REITs, mortgage REITs and hybrid REITs (which combine the characteristics of equity REITs and mortgage REITs). Equity REITs will be affected by changes in the values of, and income from, the properties they own, while mortgage REITs may be affected by the credit quality of the mortgage loans they hold. All REIT types may be affected by changes in interest rates. The effect of rising interest rates is generally more pronounced for high dividend paying stock than for stocks that pay little or no dividends. This may cause the value of real estate securities to decline during periods of rising interest rates, which would reduce the overall return of the Fund. REITs are subject to additional risks, including the fact that they are dependent on specialized management skills that may affect the REITs' abilities to generate cash flows for operating purposes and for making investor distributions. REITs may have limited diversification and are subject to the risks associated with obtaining financing for real property. As with any investment, there is a risk that REIT securities and other real estate industry investments may be overvalued at the time of purchase. In addition, a REIT can pass its income through to its investors without any tax at the entity level if it complies with various

requirements under the Internal Revenue Code. There is the risk, however, that a REIT held by the Fund will fail to qualify for this tax-free pass-through treatment of its income. By investing in REITs indirectly through the Fund, in addition to bearing a proportionate share of the expenses of the Fund, you will also indirectly bear similar expenses of the REITs in which the Fund invests.

**Redemption Risk.** A Fund may need to sell portfolio securities to meet redemption requests. The Fund could experience a loss when selling portfolio securities to meet redemption requests if there is (i) significant redemption activity by shareholders, including, for example, when a single investor or few large investors make a significant redemption of Fund shares, (ii) a disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities or (iii) an inability of the Fund to sell portfolio securities because such securities are illiquid. In such events, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

**Regulatory Risk.** Legal, tax, and regulatory developments may adversely affect the Funds. Securities and futures markets are subject to comprehensive statutes, regulations, and margin requirements enforced by the SEC, other regulators and self-regulatory organizations, and exchanges, which are authorized to take extraordinary actions in the event of market emergencies. The regulatory environment for the Funds is evolving, and changes in the regulation of investment funds, managers, and their trading activities and capital markets, or a regulator's disagreement with the Funds' interpretation of the application of certain regulations, may adversely affect the ability of a Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund.

**Repurchase Agreement Risk.** A repurchase agreement, or repo, is a form of short-term borrowing that allows a dealer to sell securities to an investor, such as the Fund, and buy them back (usually the next day) at a slightly higher price. If the seller of a repurchase agreement defaults or is otherwise unable to fulfill its obligations, the Fund may incur losses as a result of selling the underlying securities, enforcing its rights, or a decline in the value of collateral.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. A Fund may have difficulty selling holdings of these companies at a desired time and 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 financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns. It may be a substantial period of time before a Fund could realize a gain, if any, on an investment in a small cap company.

**Sovereign Debt Risk.** Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the

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International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Tax Risk.** Changes in federal income tax laws or rates may affect both the net asset value of a Fund and the taxable equivalent interest generated from securities in a Fund. Since a Fund may invest in municipal securities subject to the federal alternative minimum tax without limitation, a Fund may not be suitable for investors who already are or could be subject to the federal alternative minimum tax.

**Technology-Oriented Companies Risk.** Common stocks of companies that rely extensively on technology, science or communications in their product development or operations may be more volatile than the overall stock market and may or may not move in tandem with the overall stock market. Technology, science and communications are rapidly changing fields, and stocks of these companies, especially of smaller and unseasoned companies, may be subject to more abrupt or erratic market movements than the stock market in general. These are significant competitive pressures among technology-oriented companies and the products or operations of such companies may become obsolete quickly. In addition, these companies may have limited product lines, markets or financial resources and the management of such companies may be more dependent upon one or a few key people.

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor. Value style investing may be out of favor with investors from time to time and value stocks may underperform the securities of other companies or the stock market in general.

Glossary of Investment Terms

**Dollar-Weighted Average Effective Maturity.** Measure of the fund that is determined by calculating the average maturity of each debt security owned by the fund, weighting each security according to the amount that it represents in the fund. In addition, for asset-backed and mortgage-backed securities, as well as bonds with required prepayments or redemption rights, the calculation considers the expected prepayments of the underlying securities and/or the present value of a mandatory stream of prepayments.

**Duration.** A measure of price sensitivity of a bond or bond fund to changes in interest rates. While duration is similar to maturity in that the result is stated in years, it is a better indicator of price sensitivity than maturity since it takes into account the time value of future cash flows generated over the bond's life. Since duration can be computed for bond funds by using a weighted approach, the approximate effect on a bond fund's price can be estimated by multiplying the fund's duration by an expected change in interest rates. For example, if interest rates were to rise by 1%, the net asset value of a bond fund with an average duration of 5 years would be expected to fall 5%.

**Fundamental Investment Research Techniques.** Research techniques that generally assess a company or security's value based on a broad examination of financial data, quality of management, business concept and competition.

**Leverage.** Leverage occurs when a fund increases its assets available for investment, such as by using reverse repurchase agreements or other investment techniques, including short sales and certain derivative transactions. In general, the use of leverage exposes the investor to a risk of loss that exceeds the amount invested.

**Market Capitalization.** Market capitalization is the most commonly used measure of the size and value of a company. It is computed by multiplying the current market price of a share of the company's stock by the total number of its shares outstanding.

**Maturity.** A bond fund has no real maturity, but it does have a dollar-weighted average effective maturity that represents an average of the effective maturities of the underlying bonds, with each bond's effective maturity "weighted" by the percent of fund assets it represents. For bonds that are most likely to be called before maturity, the effective maturity of a bond is usually the call date.

**Quantitative Investment Research Techniques.** Research techniques that generally focus on a company's financial statements and assess a company or security's value based on financial ratios that measure revenue, profitability and financial structure.

**Technical Investment Research Techniques.** Research techniques that generally involve the study of trends and movements in a security's price, trading volume and other market-related factors in an attempt to discern patterns.

**Volatility.** Volatility is a statistical measure of the dispersion of returns for a given security, market index or portfolio over a period of time.

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Management of the Funds

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Investment Adviser

The Funds are managed by Thrivent Asset Mgt., 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211. Thrivent Asset Mgt. had approximately $25 billion in assets under management as of December 31, 2022. Thrivent Asset Mgt. is an indirect wholly owned subsidiary of Thrivent Financial for Lutherans ("Thrivent"). Thrivent and its affiliates have been in the investment advisory business since 1986 and had approximately $138 billion in assets under management as of December 31, 2022.

Thrivent Asset Mgt. provides investment research and supervision of the assets for each of the Funds that it manages. For Thrivent International Allocation Fund, Thrivent Asset Mgt. has entered into a subadvisory agreement with a subadviser and pays the subadviser a portion of the net management fee Thrivent Asset Mgt. receives from the Fund. Thrivent Asset Mgt. manages a portion of Thrivent International Allocation Fund's assets and provides investment research and supervision of these assets. Thrivent Asset Mgt. establishes the overall investment strategy and evaluates, selects and recommends, subject to the approval of the Board, one or more subadvisers to manage all or a portion of the investments of Thrivent International Allocation Fund. Effective April 30, 2023, the subadviser will no longer manage a portion of the Fund and Thrivent Asset Mgt. will manage the portion currently managed by the subadviser.

Thrivent Asset Mgt. and Thrivent Mutual Funds received an exemptive order from the SEC that permits Thrivent Asset Mgt. and the Funds, with the approval of Thrivent Mutual Funds' Board, to retain one or more subadvisers for the Funds, or subsequently change a subadviser, without submitting the respective investment subadvisory agreements, or material amendments to those agreements, to a vote of the shareholders of the applicable Fund. Thrivent Asset Mgt. will notify shareholders of a Fund if there is a new subadviser for that Fund.

Management Fees

Each Fund pays an annual management fee to the Adviser. The Adviser received the following management fees during the Fund's most recent fiscal year, expressed as a percentage of the Fund's average daily net assets.<sup>1</sup>

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| | |
|:---|:---|
| **Fund** | **Management**<br> **Fee**<br>|
| Thrivent Aggressive Allocation Fund<sup>2</sup> | 0.73% |
| Thrivent Balanced Income Plus Fund | 0.55% |
| Thrivent Diversified Income Plus Fund | 0.52% |
| Thrivent Global Stock Fund | 0.56% |
| 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 International Allocation Fund | 0.66% |
| Thrivent Large Cap Growth Fund | 0.65% |

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| | |
|:---|:---|
| **Fund** | **Management**<br> **Fee**<br>|
| Thrivent Large Cap Value Fund | 0.45% |
| Thrivent Limited Maturity Bond Fund | 0.28% |
| Thrivent Low Volatility Equity Fund | 0.60% |
| Thrivent Mid Cap Growth Fund | 0.75% |
| Thrivent Mid Cap Stock Fund | 0.60% |
| Thrivent Mid Cap Value Fund | 0.75% |
| Thrivent Moderate Allocation Fund<sup>2</sup> | 0.62% |
| Thrivent Moderately Aggressive Allocation <br> Fund<sup>2</sup><br>| 0.67% |
| Thrivent Moderately Conservative Allocation <br> Fund<sup>2</sup><br>| 0.59% |
| Thrivent Money Market Fund | 0.25% |
| Thrivent Multidimensional Income Fund | 0.55% |
| Thrivent Municipal Bond Fund | 0.40% |
| Thrivent Opportunity Income Plus Fund | 0.44% |
| Thrivent Small Cap Growth Fund | 0.80% |
| Thrivent Small Cap Stock Fund | 0.64% |

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<sup>1</sup> Thrivent Asset Mgt. reimbursed certain expenses of some of the Funds. This table does not reflect the effects of any reimbursements. In addition, until April 30, 2023 and with respect to Thrivent International Allocation Fund, Thrivent Asset Mgt. pays the subadviser a subadvisory fee from the management fee it receives from the Fund. The subadvisory fee does not constitute an additional fee to you, the shareholder. To learn more about the subadvisory fee, please consult the Statement of Additional Information.

<sup>2</sup> The Adviser has contractually agreed, for as long as the current fee structure is in place and through at least February 28, 2024, to waive an amount equal to any management fees indirectly incurred by the Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust.

Certain of the Funds have breakpoints, which you can learn more about by consulting the Statement of Additional Information. In addition, the Trust's annual report (in the case of Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund) and semiannual report (in the case of the other Funds) each discuss the basis for the Board's approval of the investment adviser agreement between the Trust and the Adviser.

The Adviser may voluntarily reimburse expenses or waive all or a portion of the management fees of Thrivent Money Market Fund from time to time, including to avoid a negative yield. Any such voluntary expense reimbursement or waiver could be implemented, increased or decreased, or discontinued at any time. There is no guarantee that Thrivent Money Market Fund will be able to avoid a negative yield.

Administrative Service Fee

The Adviser is responsible for providing certain administrative and accounting services to the Funds. Each Fund pays the Adviser a fee equal to the sum of $70,000 plus 0.017% of the Fund's average daily net assets for providing such services to the Fund. See "Other Services—Administration Contract" in the SAI for additional information.

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Portfolio Management

This section provides information about the portfolio management for each of the Funds. The Statement of Additional Information for the Funds provides information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of shares of the Funds.

**Thrivent Aggressive Allocation Fund, Thrivent Moderate Allocation Fund, Thrivent Moderately Aggressive Allocation Fund, and Thrivent Moderately Conservative Allocation Fund** 

**Stephen D. Lowe, CFA, David S. Royal** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Funds. Mr. Lowe has served as a portfolio manager for the Funds since April 2016. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Royal has served as portfolio manager for the Funds since April 2018. He is Chief Financial Officer and Chief Investment Officer and has been with Thrivent since 2006. Mr. Spangler has served as a portfolio manager for the Funds since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

**Thrivent Balanced Income Plus Fund** 

**Stephen D. Lowe, CFA, David R. Spangler, CFA** and **Theron G. Whitehorn, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since August 2013. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Spangler has served as a portfolio manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018.

**Thrivent Diversified Income Plus Fund** 

**Stephen D. Lowe, CFA, Theron G. Whitehorn, CFA** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since May 2015. He is Chief Investment Strategist, has been with Thrivent since 1997 and has served as a portfolio manager since 2009. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018. Mr. Spangler has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

**Thrivent Global Stock Fund** 

**Kurt J. Lauber, CFA, Noah J. Monsen, CFA, Lauri Brunner** and **David R. Spangler, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lauber has served as a portfolio manager for the Fund since March 2013. He has been with Thrivent since 2004 and previously served as an associate portfolio manager. Mr. Monsen

has served as a portfolio manager for the Fund since February 2018. He has been with Thrivent since 2000 and has served in an investment management capacity since 2008. Ms. Brunner has served as a portfolio manager for the Fund since September 2018. She is a Senior Portfolio Manager and has been with Thrivent since 2007. Mr. Spangler has served as a portfolio manager for the Fund since February 2019. He is a Senior Portfolio Manager, has been with Thrivent since 2002 and has served in an investment management capacity since 2006.

**Thrivent Government Bond Fund** 

**Kent L. White, CFA** and **Jon-Paul (JP) Gagne, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. White has served as a portfolio manager for the Fund since February 2023. He is a Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Mr. Gagne has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and joined Thrivent in May 2018 as a Senior Research Analyst/Trader covering Securitized Assets. Mr. Gagne became a portfolio manager in February 2021.

**Thrivent High Income Municipal Bond Fund** 

**Johan Å. Åkesson, CFA** and **Stephanie L. Woeppel** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Åkesson has served as a portfolio manager for the Fund since February 2018. He is a Senior Portfolio Manager and has been with Thrivent since 1993. He has served as an associate portfolio manager and portfolio manager during various time periods since 1999. Ms. Woeppel has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2022.

**Thrivent High Yield Fund** 

**Paul J. Ocenasek, CFA** is primarily responsible for the day-to-day management of the Fund. Mr. Ocenasek has served as portfolio manager for the Fund since December 1997. He has been with Thrivent since 1987 and, since 1997, has served as portfolio manager to other Thrivent mutual funds.

**Thrivent Income Fund** 

**Kent L. White, CFA** and **Cortney L. Swensen** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. White has served as a portfolio manager for the Fund since June 2017. He is Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Ms. Swensen has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2011.

**Thrivent International Allocation Fund** 

Thrivent Asset Mgt. has engaged **Goldman Sachs Asset Management, L.P. ("GSAM")**, 200 West Street, New York, New York 10282-2198, as investment subadviser for a portion of the Fund's assets.

GSAM has been registered as an investment adviser since 1990 and is an affiliate of Goldman Sachs & Co. LLC. As of December 31, 2022, GSAM, including its investment advisory affiliates, had assets under supervision ("AUS") of approximately $2,298,278.9 million. AUS includes assets under management and other client assets for which GSAM and its investment advisory affiliates do not have full discretion. Until April 30, 2023, GSAM's Quantitative Investment Strategies team (the "QIS" team) manages international small-cap equity assets of the Fund with

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the following team members being jointly and primarily responsible for day-to-day management. **Len Ioffe**, Managing Director and Senior Portfolio Manager, joined GSAM in 1994 and has been a portfolio manager since 1996. Mr. Ioffe has managed the Fund since September 2013. **Osman Ali**, Managing Director and global co-head of equity alpha strategies within QIS, joined GSAM and the research and portfolio management team within QIS in 2005. Mr. Ali has managed the Fund since September 2013. **Takashi Suwabe**, Managing Director and co-head of active equity research within QIS, joined GSAM and the QIS team in 2009. Mr. Suwabe has managed the Fund since September 2013. **Dennis Walsh**, Managing Director and global co-head of equity alpha strategies within QIS, joined GSAM and the QIS team in 2009. He has managed the Fund since February 2021.

The Adviser manages the Fund's international large- and mid-cap equity, emerging markets equity and U.S. securities assets. **Noah J. Monsen, CFA** and **Brian W. Bomgren, CQF** are jointly and primarily responsible for day-to-day management of the Fund's international large- and mid-cap equity, emerging markets equity and U.S. securities assets. Mr. Monsen and Mr. Bomgren have served as portfolio managers of the Fund since February 2016. Mr. Monsen has been with Thrivent since 2000 and has served in an investment management capacity since 2008. Mr. Bomgren is a Senior Portfolio Manager and has been with Thrivent since 2006.

Effective April 30, 2023, GSAM will no longer serve as a subadviser to the Fund. The Adviser currently manages the Fund's international large- and mid-cap equity, emerging markets equity and U.S. securities assets and will also manage the Fund's international small-cap equity currently managed by GSAM. **Jing Wang, CFA** and **Nick Cai, CFA, FRM, CAIA** will be named as portfolio managers for the Fund. Mr. Wang is a Senior Portfolio Manager and has been with Thrivent since 2019. Mr. Cai is a Senior Portfolio Manager and has been with Thrivent since 2021. Mr. Monsen and Mr. Bomgren will continue to serve as portfolio managers for the Fund.

**Thrivent Large Cap Growth Fund**

**Lauri Brunner** and **Jaimin Soni** are jointly and primarily responsible for the day-to-day management of the Fund. Ms. Brunner has served as a portfolio for the Fund since September 2018. She is a Senior Portfolio Manager and has been with Thrivent since 2007. Mr. Soni has served as a portfolio manager for the Fund since February 2022. He has been a portfolio manager at Thrivent since 2019, when he joined the firm.

**Thrivent Large Cap Value Fund** 

**Kurt J. Lauber, CFA** and **Thomas C. Lieu, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lauber has served as a portfolio manager for the Fund since March 2013. He has been with Thrivent since 2004 and previously served as an associate portfolio manager. Mr. Lieu has served as a portfolio manager for the Fund since February 2022. He has been a portfolio manager at Thrivent since 2019, when he joined the firm.

**Thrivent Limited Maturity Bond Fund** 

**Cortney L. Swensen, CFA** and **Jon-Paul (JP) Gagne** are jointly and primarily responsible for the day-to-day management of the Fund. Ms. Swensen has served as a portfolio manager for the Fund since February 2020. She is a Senior Portfolio Manager and has been with Thrivent since 2011. Mr. Gagne has served as a

portfolio manager for the Fund since February 2021. He is a Senior Portfolio Manager and joined Thrivent in May 2018 as a Senior Research Analyst/Trader covering Securitized Assets. Mr. Gagne became a portfolio manager in February 2021.

**Thrivent Low Volatility Equity Fund** 

**Noah J. Monsen, CFA, Brian W. Bomgren, CQF** and **Jing Wang, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Monsen has served as a portfolio manager for the Fund since February 2017. He has been with Thrivent since 2000 and has served in an investment management capacity since 2008. Mr. Bomgren has served as a portfolio manager for the Fund since February 2018. He is a Senior Portfolio Manager and has been with Thrivent since 2006. Mr. Wang has served as a portfolio manager of the Fund since February 2023. He is a Senior Portfolio Manager and has been with Thrivent since 2019.

**Thrivent Mid Cap Growth Fund** 

**David J. Lettenberger, CFA, Siddharth Sinha, CFA** and **Michael P. Hubbard** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lettenberger has served as a portfolio manager for the Fund since February 2020 and has been a portfolio manager at Thrivent since 2013 when he joined the firm. Mr. Sinha has served as a portfolio manager for the Fund since January 2021 and has been a portfolio manager at Thrivent since August 2015 when he joined the firm. Mr. Hubbard has been a portfolio manager for the Fund since November 2022 and has been with Thrivent since 2018.

**Thrivent Mid Cap Stock Fund** 

**Brian J. Flanagan, CFA, Vikram Kaura** and **J.P. McKim, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Flanagan has served as a portfolio manager for the Fund since February 2004. He has been with Thrivent since 1994 and a portfolio manager since 2000. Mr. Kaura has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and has been with Thrivent since 2017. Mr. McKim has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and has been with Thrivent since 2019.

**Thrivent Mid Cap Value Fund** 

**Graham Wong, CFA** and **Nicholas E. Griffith, MD, MBA, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Wong has served as a portfolio manager for the Fund since February 2020. Mr. Wong has been a portfolio manager at Thrivent since 2013, when he joined the firm. Mr. Griffith has served as a portfolio manager for the Fund since February 2022. Mr. Griffith has been a portfolio manager at Thrivent since 2021, when he joined the firm.

**Thrivent Money Market Fund** 

**William D. Stouten** is primarily responsible for the day-to-day management of the Fund. Mr. Stouten has served as portfolio manager of the Fund since October 2003. Prior to this position, he was a research analyst and trader for the Thrivent money market funds since 2001, when he joined Thrivent.

**Thrivent Multidimensional Income Fund** 

**Stephen D. Lowe, CFA, Kent L. White, CFA** and **Theron G. Whitehorn, CFA** are jointly and primarily responsible for the

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day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since February 2018. He is Chief Investment Strategist and has been with Thrivent since 1997. Mr. White has served as a portfolio manager for the Fund since July 2019. He is Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018.

**Thrivent Municipal Bond Fund** 

**Johan Å. Åkesson, CFA** and **Stephanie L. Woeppel** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Åkesson has served as a portfolio manager for the Fund since May 2022. He is a Senior Portfolio Manager and has been with Thrivent since 1993. He has served as an associate portfolio manager and portfolio manager during various time periods since 1999. Ms. Woeppel has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2022.

**Thrivent Opportunity Income Plus Fund** 

**Stephen D. Lowe, CFA, Kent L. White, CFA** and **Theron G. Whitehorn, CFA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager for the Fund since February 2018. He is Chief Investment Strategist and has been with Thrivent since 1997. Mr. White has served as a portfolio manager for the Fund since May 2015. He is Vice President, Fixed Income Mutual Funds and has been with Thrivent since 1999. Mr. Whitehorn has served as a portfolio manager for the Fund since February 2021. He is the Director of Fixed Income Quantitative Research and has been with Thrivent since May 2018.

**Thrivent Small Cap Growth Fund** 

**David J. Lettenberger, CFA, Siddharth Sinha, CFA** and **Michael P. Hubbard** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lettenberger has served as a portfolio manager for the Fund since February 2018 and has been a portfolio manager at Thrivent since 2013 when he joined the firm. Mr. Sinha has served as a portfolio manager for the Fund since February 2022 and has been a portfolio manager at Thrivent since August 2015 when he joined the firm. Mr. Hubbard has been a portfolio manager for the Fund since November 2022 and has been with Thrivent since 2018.

**Thrivent Small Cap Stock Fund** 

**Matthew D. Finn, CFA, James M. Tinucci, CFA** and **Katelyn R. Young, CPA** are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Finn has served as a portfolio manager for the Fund since March 2013. He has been a portfolio manager at Thrivent since 2004, when he joined Thrivent. Mr. Tinucci has served as a portfolio manager for the Fund since February 2015. He has been with Thrivent since 2014. Ms. Young has served as a portfolio manager for the Fund since February 2023. She is a Senior Portfolio Manager and has been with Thrivent since 2022.

Personal Securities Investments

Personnel of Thrivent Asset Mgt. and the subadvisers may invest in securities for their own account pursuant to codes of ethics that establish procedures for personal investing and restrict

certain transactions. Transactions in securities that may be held by the Funds are permitted by Thrivent Asset Mgt., subject to compliance with applicable provisions under the applicable codes of ethics.

Trademarks

BLOOMBERG, Bloomberg Indices and Bloomberg Fixed Income Indices (the "Indices") are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited, the administrator of the Indices (collectively, "Bloomberg") or Bloomberg's licensors own all proprietary rights in the Indices. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the Indices. Bloomberg makes no warranty, express or implied, as to the Indices or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto.

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

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This prospectus is not approved, endorsed, reviewed, or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI Indexes from sources that MSCI considers reliable, neither MSCI, nor any of its affiliates, nor any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the "MSCI Parties") warrants or guarantees the originality, accuracy and/or the completeness of any MSCI Index or any data included therein. None of the MSCI Parties makes any warranty, express or implied, as to results to be obtained by the issuer of the fund, owners of the fund, or any other person or entity, from the use of any MSCI Index or any data included therein. None of the MSCI Parties shall have any liability for any errors, omissions, or interruptions of or in connection with any MSCI Index or any data included therein. Further, none of the MSCI Parties makes any express or implied warranties of any kind, and the MSCI Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose,

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with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. Russell 2000<sup>®</sup>, Russell 2000<sup>®</sup> Growth, Russell Midcap<sup>®</sup>, Russell Midcap<sup>®</sup> Growth, Russell Midcap<sup>®</sup> Value, Russell 1000<sup>®</sup> Value, and Russell 1000<sup>®</sup> Growth is/are a trademark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

The S&P 500<sup>®</sup> Index, S&P SmallCap 600<sup>®</sup> Index, S&P SmallCap 600 Growth Index, S&P MidCap 400<sup>®</sup> Index, S&P MidCap 400 Growth Index, S&P MidCap 400 Value Index, S&P 500 Growth Index, S&P 500 Value Index, and S&P U.S. Preferred Stock Index are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the Funds. Copyright© 2023 S&P Dow Jones Indices LLC, a subsidiary of McGraw Hill Financial Inc., and/or its affiliates. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones indices LLC's indices please visit spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones

Trademark Holdings, LLC their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

LSTA is a trademark of Loan Syndications and Trading Association, Inc. and has been licensed for use by S&P Dow Jones Indices.

This prospectus may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness, or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold, or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

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Shareholder Information

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How to Contact Us

Internet:

thriventfunds.com

Telephone:

800-847-4836

Applications, Redemptions, Exchanges & Other Requests:

Thrivent Mutual Funds

P.O. Box 219348

Kansas City, Missouri 64121-9348

Additional Investments:

Thrivent Mutual Funds

P.O. Box 219334

Kansas City, Missouri 64121-9334

Express Mail:

Thrivent Mutual Funds

430 West 7th Street

Kansas City, Missouri 64105

Fax:

866-278-8363

Wire Transfer Instructions:

State Street Corp.

225 Franklin Street

Boston, MA 02101

ABA #011000028

Account #4195-538-6

Credit:

Thrivent Financial Investor Services Inc. as Agent for the benefit of Thrivent Mutual Funds

Further Credit:

[Name of the Fund]

[Shareholder Account Number]

[Shareholder Registration/Name]

Pricing Fund Shares

The price of a Fund's shares is based on the Fund's net asset value ("NAV"). Each Fund determines its NAV for a particular class of shares once daily at the close of regular trading on the New York Stock Exchange ("NYSE"), which is normally 4:00 p.m. Eastern time. If the NYSE has an unscheduled early close but certain other markets remain open until their regularly scheduled closing time, the NAV may be determined as of the regularly scheduled closing time of the NYSE. If the NYSE and/or certain other markets close early due to extraordinary circumstances (e.g., weather, terrorism, etc.), the NAV may be calculated as of the early close of the NYSE and/or certain other markets. The NAV generally will not be determined on days when, due to extraordinary circumstances, the NYSE and/or certain other markets do not open for trading. The Funds generally do not determine NAV on holidays observed by the NYSE or on any other day when the NYSE is closed. The NYSE is regularly closed on Saturdays and Sundays, New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth,

Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The price at which you purchase or redeem shares of a Fund is based on the next calculation of the NAV after the Fund receives your purchase or redemption request in good order.

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

Each other Fund determines the NAV for a particular class by dividing the total Fund assets attributable to that class, less all liabilities attributable to such class, by the total number of outstanding shares of that class. To determine the NAV, the other Funds generally value their securities at current market value using readily available market prices. If market prices are not readily available or if the Adviser determines that they are not reliable, the Board has designated the Adviser to make fair valuation determinations in accordance with Rule 2a-5 under the 1940 Act pursuant to policies approved by the Board. Fair valuation of a particular security is an inherently subjective process, with no single standard to utilize when determining a security's fair value. In each case where a security is fair valued, consideration is given to the facts and circumstances relevant to the particular situation. This consideration includes a review of various factors set forth in the pricing policies approved by the Board. For any portion of a Fund's assets that are invested in other mutual funds, the NAV is calculated based upon the NAV of the mutual funds in which the Fund invests, and the prospectuses for those mutual funds explain the circumstances under which they will use fair value pricing and the effects of such a valuation.

Because many foreign markets close before the U.S. markets, significant events may occur between the close of the foreign market and the close of the U.S. markets, when the Fund's assets are valued, that could have a material impact on the valuation of foreign securities (*i.e.*, available price quotations for these securities may not necessarily reflect the occurrence of the significant event). The Adviser evaluates the impact of these significant events and adjusts the valuation of foreign securities to reflect the fair value as of the close of the U.S. markets to the extent that the available price quotations do not, in the Adviser's opinion, adequately reflect the occurrence of the significant events. For more information about how the Funds discourage abusive trading practices (including those that may attempt to take advantage of significant events, the occurrence of which are not necessarily reflected in available price quotations of foreign securities), please see the section entitled "Frequent Trading Policies and Monitoring Processes" in this Prospectus.

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Overview of Share Classes

Thrivent Mutual Funds offer Class S shares for each of the Funds and Class A shares for most of the Funds. There is no sales charge imposed in connection with the purchase or exchange of Class S shares, and such shares are not subject to any Rule 12b-1 fees. In contrast, Class A shares are subject to sales charges and Rule 12b-1 fees, although sales charges or Rule 12b-1 fees may be reduced or removed for the purchase and exchange of some Funds. Because the sales charges and expenses vary between the Class S shares and Class A shares, performance will vary with respect to each class.

You may purchase, redeem or exchange shares of the Funds in several ways. Shares may be purchased, redeemed or exchanged through a broker-dealer or financial intermediary who maintains a selling agreement with the Funds' principal underwriter, Thrivent Distributors, LLC ("Thrivent Distributors"), as well as through certain retirement plans and deferred compensation plans. Shares also may be purchased, redeemed or exchanged through mail; telephone; the Internet; the mobile app; wire/ACH transfer; or an Automatic Investment, Redemption or Exchange Plan. New purchases of Class A shares are available only to certain accounts maintained with certain broker-dealers who have elected to offer Class A shares; existing Class A shareholders may make additional purchases of Class A shares.

Thrivent Mutual Funds has authorized certain broker-dealers to receive purchase and redemption orders on the Funds' behalf, and such broker-dealers are authorized to designate other intermediaries to receive orders on the Funds' behalf. Such broker-dealers and intermediaries may charge fees for effecting transactions or for other services. If your Thrivent Mutual Funds shares are held in an account subject to a broker-dealer's investment advisory program or an account service fee agreement, please contact your financial professional for information about these fees and the services available for the different fees or for help with transactions in, or changes to, your Thrivent Mutual Funds account.

Class S shares may be available through certain fee-based investment advisory programs sponsored by broker-dealers or financial intermediaries. Class S shares also may be purchased, redeemed or exchanged through certain broker-dealers or intermediaries who maintain selling agreements with Thrivent Distributors, subject to an account service fee for certain services provided by the broker-dealer and their financial professionals. If a shareholder elects to pay such an account service fee, the shareholder will pay such fee directly to the broker-dealer from the shareholder's account (the fee is not deducted from the Thrivent Mutual Funds).

For Class S shares, if you do not utilize the services of a broker-dealer or financial professional, or if you want to terminate an account service fee agreement, you will manage your Thrivent Mutual Funds account online at thriventfunds.com or you may call the Thrivent Mutual Funds Interaction Center ("Interaction Center") at 800-847-4836.

Buying Shares

Opening an Account

You must open an account for each Fund that you want to purchase. If you have questions about the Funds or if you would like assistance with opening an account, please contact your financial professional or call the Interaction Center at 800-847-4836.

Generally, you can purchase multiple Funds under one account registration type (*e.g.*, an IRA). How you register your account with the Funds can affect your legal interests as well as the rights and interests of your family and beneficiaries. You should always consult with your legal and/or tax advisor to determine the account registration type that best meets your needs. You must clearly identify the type of account you want on your application. Additional documentation may be necessary on any account, including accounts such as a corporation, trust, estate, custodianship, guardianship, partnership or pension and profit sharing plan. Your ability to transfer Fund shares to another broker-dealer is limited to those broker-dealers with whom Thrivent Distributors maintains a selling agreement. In the event that your account has been abandoned or is no longer supported by your broker-dealer, we will assist you in finding an alternative broker-dealer or exchanging your shares, as appropriate.

Required Minimum Investments

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| | | |
|:---|:---|:---|
| **Regular Account** | **Initial**<br> **Purchase**<br>| **Additional**<br> **Purchases**<br>|
| All Funds | $2000 | $50 |
| **IRA or Tax-Deferred Plan** |  |  |
| All Funds | $1000 | $50 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Employer Sponsored**<br> **Qualified Plans**<br>| &nbsp;&nbsp; **No Minimum**<br> **Requirement**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Automatic Investment Plan** | **Minimum Monthly**<br> **Amount Per Fund**<br> **Account Number**<br>|
| All Funds | $50 |

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Please note that these minimums are not applicable to investors in certain fee-based investment advisory programs that utilize Class S shares.

Class A Sales Charges

Class A shares of Thrivent Government Bond Fund are closed to all purchases and exchanges into the Fund, other than the reinvestment of dividends by current Class A shareholders in the Fund. Class A of both Thrivent Limited Maturity Bond Fund and Thrivent Money Market Fund are offered without an initial sales charge. The table below shows the sales charges you will pay if you purchase Class A shares of the other Funds.

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| | | |
|:---|:---|:---|
| **When You Invest**<br> **This Amount**<br>| **This % is Deducted**<br> **for Sales Charges**<br>| **Which Equals This %**<br> **of Your Investment\***<br>|
| Less than $50,000 | 4.5% | 4.71% |
| $50,000 and above <br> but less than <br> $100,000<br>| 3.5% | 3.63% |
| $100,000 and <br> above but less than <br> $250,000<br>| 2.5% | 2.56% |
| $250,000 and <br> above but less than <br> $500,000<br>| 1.5% | 1.52% |
| $500,000 and <br> above but less than <br> $1,000,000<br>| 1.0% | 1.01% |
| $1,000,000 or more | 0% | 0% |

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\*

The actual sales charge that may be paid by the investor may differ slightly from the sales charge shown above due to rounding that occurs in the calculation of the offering price and in the number of shares purchased.

**Ways to Eliminate or Reduce the Initial Class A Sales Charges**

• **Rights of Accumulation:** You can combine the value of existing Class A and Class S share accounts (except the Excluded Shares as defined directly below) of Thrivent Mutual Funds in any eligible account type that you or others that reside at the same mailing address ("household") own for the purpose of calculating the sales charge. To ensure you receive any applicable reduced sales charge through Rights of Accumulation, you must notify us at the time of purchase of the other existing accounts, and we may ask you to provide us with account statements of these accounts.

Shares not eligible for Rights of Accumulation privileges include Thrivent Limited Maturity Bond Fund, Thrivent Money Market Fund and shares purchased directly by you or a member of your household through thriventfunds.com ("Excluded Shares").

The value of all shares in any multi-participant employer-sponsored retirement plan and certain corporate and partnership accounts (except for the Excluded Shares) are not available for individual Rights of Accumulation, but rather will be accumulated for the purpose of determining the sales charge for shares purchased through that retirement plan or organization.

• **Automatic Reinvestments:** Shares that you purchase by automatically reinvesting dividends or capital gains distributions from Class A shares of the Funds will not be subject to any initial sales charge.

• **Thirteen-month Letter of Intent:** If you or a member of your household intend to purchase at least $50,000 of Class A shares of one or more of the Funds (except for Excluded Shares) within a 13-month period, you may sign a Letter of Intent and receive the reduced Class A sales charge on these purchases. The total amount of your intended purchases will determine the sales charge that will apply. Purchases made within 90 days prior to the execution of the

Letter of Intent within Class A shares and Class S (the "90-day purchases") will be used for purposes of meeting the applicable threshold (*e.g.*, $50,000). The 13-month period will begin on the trade date of the first 90-day purchase.

You may combine the value of all existing Class A and Class S share accounts (except for Excluded Shares) in any eligible account type that you or a member of your household own for purposes of determining the amount that must be purchased to satisfy your commitment under the Class A Letter of Intent. Accounts will be valued as of the day before the start date of the 13-month period. You must notify us, however, of the other existing accounts, and we may ask that you provide account statements for these other accounts. Please note that shares held in certain types of accounts (*e.g.*, multi-participant employer-sponsored retirement plans and certain partnership and corporate accounts) are not included for purposes of taking advantage of reduced sales charges offered by a Letter of Intent.

The Fund will hold a certain portion of your investment in escrow until your commitment is met. If your commitment is not met, a portion of your investment will be redeemed to satisfy the higher Class A sales charge applicable to the amount actually purchased.

The Funds may waive your commitment in the Letter of Intent if the Funds place restrictions on future purchases of Fund shares that impair your ability to fulfill your commitment.

• **Purchases by Tax-exempt Organizations:** Shares of any Fund are available at one-half of the regular Class A sales charge, if any, if purchased by organizations qualifying for tax-exemption under Sections 501(c)(3) and 501(c)(13) of the Internal Revenue Code. You must notify us, at the time of initial purchase, if you are a tax-exempt organization under either 501(c)(3) or 501(c)(13). In addition, we may require that you provide proof of your tax-exempt status.

• **Periodic Waiver or Reduction of Initial Sales Charge:** Thrivent Distributors may, from time to time, waive or reduce the initial Class A sales charge on certain shares offered uniformly to the public for specific time periods as specified in the disclosure documents of the applicable Fund (*e.g.*, prospectus or supplement to the prospectus).

• **Certain Retirement Plans:** Thrivent Distributors may waive the sales charge for purchases of Class A shares by certain retirement plan accounts.

• **Certain Financial Intermediaries:** Thrivent Distributors may waive the Class A sales charge for shares purchased by certain banks, broker-dealers and other financial institutions, which have entered into an agreement with Thrivent Distributors or one of its affiliates, on behalf of clients participating in a fund supermarket, asset allocation program or other program.

• **Information on the Funds' Website:** Information regarding the ways to eliminate or reduce the initial Class A sales charges is also available at thriventfunds.com, including hyperlinks that facilitate access to the information.

Placing an Order

Shares of the Funds are issued on days that the NYSE is open, which generally are weekdays other than national holidays. If you are not purchasing through an omnibus or networked account,

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your order will be considered received when it is received by the transfer agent in good order. If you are purchasing through an omnibus or networked account, your order will be considered received when an authorized broker (or its authorized designee) receives it in good order. Good order means that your instructions and any required payment have been received by the transfer agent or an authorized broker (or its authorized designee) in the form required by the Funds, including the name of the Fund, the account number, the amount of the transaction, and all required signatures. Orders received in good order by the transfer agent, or by an authorized broker (or its authorized designee) for omnibus or networked accounts, before the close of trading on the NYSE (generally 4:00 p.m. Eastern time) will be processed at the NAV calculated that day, less any sales charge applicable to Class A shares. The Fund, its transfer agent, or any other authorized Fund agent may, in its sole discretion, determine whether any particular transaction request is in good order and reserves the right to change or waive any good order requirement at any time.

Purchases by Employer Sponsored Qualified Plans and IRAs or Other Tax-Deferred Plans

While SEP and SIMPLE plans (for Class A and S) and 403 (b) plans (for Class A only) do not have a required minimum investment amount for purchases, we reserve the right to limit purchases to a single Fund until a minimum investment of $1,000 is achieved. In addition, the required minimum investment on a purchase for IRAs or other Tax-Deferred Plans, as disclosed above in "Required Minimum Investments," may be waived.

Purchase Policies

Your payment must be in U.S. dollars drawn on a U.S. bank. Thrivent Mutual Funds does not accept cash, virtual currency, traveler's checks, debit/credit cards, credit card courtesy checks or most third-party and starter/counter checks. If you purchase shares by check, electronic funds transfer (other than bank wire) or automatic investment plan and you elect to redeem those shares soon after their purchase, a Fund may delay paying the redemption proceeds for up to 10 days from the date of purchase to allow the Fund to collect payment for the purchase of shares.

The Funds and Thrivent Distributors reserve the right to suspend the offering of shares for a period of time and the right to reject any specific purchase of shares.

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

The Funds have implemented procedures designed to reasonably ensure that instructions are genuine. Procedures that may be used include, but are not limited to, recording telephone conversations, logging electronic activity, using software to verify bank information, verifying certain personal information and supplying transaction verification information. Please note, however, that the Funds will not be liable for losses suffered by a shareholder that result from following instructions reasonably believed to be authentic after verification pursuant to these procedures. If an account has multiple owners, the Funds may rely on the instructions of any one account owner.

Initial Purchases

You may purchase initial shares through:

• A financial professional;

• Mail;

• Telephone;

• Internet;

• Mobile app; or

• Wire/ACH transfer.

During periods of extreme volume caused by dramatic economic or stock market changes or due to unforeseen technology issues, it is possible that you may have difficulty reaching the Interaction Center 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 each different account registration. If you do not complete the application properly, your purchase may be delayed or rejected.

• Make your check payable to the Fund you are buying. If more than one Fund, make your check payable to "Thrivent Mutual Funds."

**Initial Purchases by Telephone**

To buy initial shares of the Funds by telephone, please note the following:

• Complete and submit your new account application for each different account registration. If you do not complete the application properly, your purchase may be delayed or rejected.

• Complete all of the bank information required on the application so that you may call the Fund to withdraw money from your bank checking or savings account to make your investment.

• This feature may not be available on certain accounts.

**Initial Purchases by Internet**

To buy initial shares of the Funds by the Internet, please note the following:

• Complete and submit your new account application for each different account registration. If you do not complete the application properly, your purchase may be delayed or rejected.

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

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

• This feature may not be available on certain accounts.

**Initial Purchases Through Mobile App**

You may buy initial shares of the Funds through the Thrivent mobile app. In addition to downloading the app, a User ID and password is required prior to authorizing transactions on your Fund accounts. This feature may not be available on certain accounts.

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**Initial Purchases by Wire Transfer**

To buy initial shares of the Funds by wire transfer, please note the following:

• Your bank must be a member of, have a corresponding relationship with a member of, or use the Federal Reserve System.

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

• Instruct your bank to wire transfer the funds. (*See Wire Transfer Instructions under "How to Contact Us"*)

• This feature may not be available on certain accounts.

• Thrivent Mutual Funds and its transfer agent are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire transfer system, or from incomplete wiring instructions.

Additional Purchases

You may purchase additional shares through:

• A financial professional;

• Mail;

• Telephone;

• Internet;

• Mobile app;

• Wire/ACH transfer; or

• Automatic investment plan.

During periods of extreme volume caused by dramatic economic or stock market changes or due to unforeseen technology issues, it is possible that shareholders may have difficulty reaching the Interaction 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 payable to the specific Fund in which you are investing. If more than one Fund, make your check payable to "Thrivent Mutual Funds." Please indicate your Fund account number on the face of your check. If you have more than one account, always verify that you are investing in the proper account. This will help ensure the proper handling of the transaction.

**Additional Purchases by Telephone**

The ability to purchase shares by telephone is automatically extended to most shareholder accounts, unless the option is specifically declined on your application. Certain accounts are not extended this feature. If you do not want the telephone purchase option on your account, please call the Interaction Center at 800-847-4836. By accepting this feature, you assume some risks for unauthorized transactions.

**Additional Purchases by Internet**

You may purchase additional shares within your Fund accounts over the Internet. A User ID and password is required prior to authorizing transactions on your Fund accounts. This feature may not be available on certain accounts.

**Additional Purchases Through Mobile App**

You may purchase additional shares of the Funds through the Thrivent mobile app. In addition to downloading the app, a User

ID and password is required prior to authorizing transactions on your Fund accounts. This feature may not be available on certain accounts.

**Additional Purchases by Wire Transfer**

You may make additional purchases in an existing Fund account by wire transfer. Please note the following:

• Your bank must be a member of, have a corresponding relationship with a member of, or use the Federal Reserve System.

• Instruct your bank to wire transfer the funds. (See Wire Transfer Instructions under "How to Contact Us")

• This feature may not be available on certain accounts.

• Thrivent Mutual Funds and its transfer agent are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire transfer system, or from incomplete wiring instructions.

Automatic Investment Plans

The Funds offer several automatic investment plans to make periodic investing more convenient. Using the Funds' automatic investment plans, you may implement a strategy called dollar cost averaging. Dollar cost averaging involves investing a fixed amount of money at regular intervals. Generally, when you dollar cost average, you purchase more shares when the price is low and fewer shares when the price is high. Dollar cost averaging does not ensure a profit or protect against a loss during declining markets.

For further information regarding any of the following automatic investment plans, contact your financial professional or the Interaction Center at 800-847-4836.

**Automatic Purchase Plan**

The Funds' Automatic Purchase Plan allows you to make regular additional investments in an existing Fund account. Under this plan, the Funds will withdraw from an investor's bank checking or savings account in the amount specified (subject to the required minimum investments) on specified dates. The proceeds will be invested in shares of the specified Fund at the applicable offering price determined on the date of the draw. To use this plan, you must authorize the plan on your application form, or subsequently in writing, and may be required to submit additional documents. This feature may not be available on certain accounts.

**Automatic Payroll Deduction Savings and Investment Plan**

The payroll deduction savings and investment plan allows Social Security recipients, federal employees and military personnel to invest in the Funds through direct deduction from their paychecks or commission checks. For information about how to instruct another institution to send payroll deduction amounts to your mutual fund account, contact the Interaction Center at 800-847-4836.

**Retirement Plans**

Certain types of individual and employer-sponsored retirement plans may be established with assets invested in Thrivent Mutual Funds. These accounts may offer you tax advantages. You should consult your attorney and/or tax advisor before you establish a retirement plan. Additional fees may apply to some retirement accounts. Please review plan documents and/or

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custodial account agreements for more information. You may obtain these materials, documents and forms by contacting your financial professional or the Interaction Center, or by downloading the documents on thriventfunds.com. Please note, however, that each Fund reserves the right to not make its shares available to certain retirement plan accounts.

Redeeming Shares

When the transfer agent or an authorized broker (or its authorized designee) receives your redemption request in good order, the Fund will redeem available shares at the next calculation of the Fund's NAV. Orders received by the transfer agent or an authorized broker (or its authorized designee) in good order before 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 purchased shares, the Funds typically expect to pay redemption proceeds within two business days after receipt of a redemption request determined to be in good order, but payment may take up to seven days. The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven days only (i) for any period during which trading on the NYSE is restricted as determined by the SEC or during which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an emergency exists, as defined by the SEC, as a result of which disposal of portfolio securities or determination of the NAV of the Funds is not reasonably practicable, and (iii) for such other periods as the SEC may by order permit for the protection of shareholders of the Funds. If you purchased shares by check, electronic funds transfer (other than bank wire) or automatic investment plan and you elect to redeem those shares soon after their purchase, a Fund may delay paying the redemption proceeds for up to 10 days from the date of purchase to allow the Fund to collect payment for the purchase of shares.

The Funds typically expect to meet redemption requests with cash or cash equivalents held by the applicable Fund(s) or from proceeds from selling Fund assets in connection with the normal course management of the Fund. In stressed or otherwise abnormal market conditions, including to meet significant redemption activity by shareholders, a Fund may need to sell portfolio assets. In this type of situation, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders.

A Fund may also, particularly in stressed or otherwise abnormal market conditions, meet redemption requests with cash obtained through short-term borrowing arrangements that may be available from time to time. Such borrowing arrangements currently include a credit facility in which the Funds and other portfolios managed by the Adviser or an affiliate participate, and an interfund lending program maintained pursuant to an exemptive order from the SEC. The Funds are limited under both arrangements as to the amount that each may borrow. The statement of additional information includes more information about these borrowing arrangements.

Although the Funds typically expect to pay redemption proceeds in cash, if a Fund determines that a cash redemption would be detrimental to remaining Fund shareholders, the Funds may pay all or a portion of redemption proceeds to affiliated shareholders with in-kind distributions of a Fund's portfolio securities. In this

situation, you would typically receive a pro-rata portion (i.e., a proportionate share) of a Fund's portfolio of holdings to the extent practicable. You may incur brokerage and other transaction costs associated with converting into cash the portfolio securities distributed to you for such in-kind redemptions. The portfolio securities you receive may increase or decrease in value before you convert them into cash. You may incur tax liability when you sell the portfolio securities you receive from an in-kind redemption.

If an account has multiple owners, the Fund may rely on the instructions of any one account owner to redeem shares. Additional documentation may be necessary on any account, including accounts such as a corporation, trust, estate, custodianship, guardianship, partnership or pension and profit sharing plan.

You must have a Medallion Signature Guarantee if you want to sell shares with a value of $500,000 or more. A Medallion Signature Guarantee is a stamp provided by a financial institution that verifies your signature. You endorse the applicable form and have the signature(s) guaranteed by an eligible guarantor institution such as a commercial bank, trust company, security broker or dealer, credit union, or a savings association participating in the Medallion Signature Guarantee Program. A Medallion Signature Guarantee may generally be obtained at any national bank or brokerage firm. We may waive or alter the Medallion Signature Guarantee requirement in certain limited circumstances. The Funds do not accept Medallion Signature Guarantees by fax. Notarization by a Notary Public does not constitute a Medallion Signature Guarantee.

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

• Your notarized signature;

• A Medallion Signature Guarantee; or

• An attestation of your signature by your financial professional.

One of these three procedures would also be required for:

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

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

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

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

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

In limited instances, we may waive these requirements. If you have any questions regarding the foregoing, please contact your financial professional or the Interaction Center at 800-847-4836.

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

A Fund will mail payment proceeds within seven days following receipt of all required documents. A mailing of redemption

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proceeds may be delayed for up to 10 days from the date of purchase to allow the Fund to collect payment for the purchase of shares.

Under applicable anti-money laundering rules and other regulations, redemptions may be suspended, restricted, cancelled or processed by the Fund, its transfer agent, or any other authorized Fund agent, and any proceeds may be withheld.

You may redeem shares through:

• A financial professional;

• Mail or fax;

• Telephone;

• Internet;

• Mobile app; or

• Automatic Redemption Plan.

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

Redemptions from certain accounts may be subject to additional plan provisions.

**Redemptions by Mail or Fax**

(*See "How to Contact Us" for address or fax information*)

Complete a Thrivent Mutual Funds redemption form. You may obtain these materials, documents and forms by contacting your financial professional or the Interaction Center, or by downloading the documents on thriventfunds.com. As an alternative, you may prepare a written request including the following 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 Telephone**

The ability to redeem shares by telephone is automatically extended to most shareholder accounts, unless the option is specifically declined on your application. Certain accounts are not extended this feature. If you do not want the telephone redemption option on your account, please call the Interaction Center at 800-847-4836. By accepting this feature, you assume some 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 permit telephone or Internet redemptions;

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

• There has been new or changed bank information in the preceding 15 days; or

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

**Redemptions by Internet**

To redeem shares from your accounts over the Internet, a User ID and password is required prior to authorizing transactions on your Fund accounts. This feature may not be available on certain accounts.

Internet redemption checks will be issued to the same payee(s) as the 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 permit telephone or Internet redemptions;

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

• There has been new or changed bank information in the preceding 15 days; or

• The request is for $100,000 or more.

**Redemptions Through Mobile App**

To redeem shares from your accounts through the Thrivent mobile app, in addition to downloading the app, a User ID and password is required prior to authorizing transactions on your Fund accounts. This feature may not be available on certain accounts.

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

Mobile app redemptions are not allowed if, among other things:

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

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

• There has been new or changed bank information in the preceding 15 days; or

• The request is for $100,000 or more.

**Automatic Redemption Plan**

The Automatic Redemption Plan allows you to have money automatically withdrawn from your Fund account(s) on a regular basis. The plan allows you to receive funds or direct payments at regular intervals. The following rules and/or guidelines apply:

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

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

• Because of Class A sales charges, you must consider carefully the costs of frequent investments in and withdrawals of Class A shares from your account.

• This feature may not be available on certain accounts.

**Receipt of Redemption Proceeds by Wire Transfer**

To receive your redemption proceeds by wire transfer, the following conditions apply:

• Your bank must be a member of, have a corresponding relationship with a member of, or use the Federal Reserve System.

• 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 feature may not be available on certain accounts.

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**Thrivent Money Market Fund Checks**

Class A shares of the Thrivent Money Market Fund allow you to write checks against your existing Class A shares in the account if you complete a check writing signature card and agreement. You can request checks on your application or in writing. You may obtain these materials, documents and forms by contacting your financial professional or the Interaction Center. The Fund does not charge a fee for supplying your checks. The following rules and/or guidelines apply:

• The checks you write on Class A of Thrivent Money Market Fund must be for $500 or more. (Because the Fund is not a bank, some features, such as stop payment, may not be available.)

• The transfer agent may impose reasonable fees for each check that is returned.

• Unless you purchased shares by wire, you must wait up to 10 days after you purchase Class A shares of Thrivent Money Market Fund to write checks against that purchase.

• Unless you redeem via the Internet, mobile app or phone, Class A shareholders need a written request—not a check—to close a Thrivent Money Market Fund account.

• You may earn daily income dividends on Class A shares of the Fund up to the date they are redeemed.

• This feature may not be available on certain account types.

• This feature is not available for Class S shares of Thrivent Money Market Fund.

Exchanging Shares Between Funds

You may exchange some or all of your shares of one Fund for shares of the same class of any of the other Funds. You may make exchanges by using the options described in this section or by using the Automatic Exchange Plan, which allows you to make exchanges on a regular basis. If you exchange Class A shares of a Fund for which you have previously paid an initial sales charge for shares of another Fund, you will not be charged an initial sales charge for the exchange. If the Class A shares to be exchanged have not previously paid a sales charge, that portion of the shares acquired through reinvested dividends and capital gains will not be subject to a sales charge. In certain circumstances, exchanges between different share classes of the same Fund may be permitted. A conversion between share classes of the same Fund is a nontaxable event. All exchanges will be based on the NAV of the shares you are exchanging and acquiring and will be subject to the minimum investment requirements.

The Funds reserve the right to terminate the exchange feature of any shareholder who is believed to be engaging in abusive trading activity, as discussed in "Frequent Trading Policy and Monitoring Process." Further, the Funds reserve the right to modify or terminate the exchange feature at any time with respect to any Fund, if the Funds' Trustees determine that continuing the feature may be detrimental to shareholders. If the exchange policies are materially modified or terminated, the Fund will give you at least 60 days' prior notice.

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

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

You may exchange Funds through:

• A financial professional;

• Mail or fax;

• Telephone;

• Internet;

• Mobile app; or

• Automatic Exchange Plan.

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

**Exchanges by Mail or Fax**

Complete a Thrivent Mutual Funds exchange form. You may obtain these materials, documents and forms by contacting your financial professional or the Interaction Center, or by downloading the documents on thriventfunds.com. As an alternative, you may prepare a written request including the following 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 Telephone**

The ability to exchange shares by telephone is automatically extended to most accounts, unless the option is specifically declined on your application. This option may not be available on certain accounts. If you do not want the telephone exchange option on your account, please call the Interaction Center at 800-847-4836. By accepting this feature, you assume some risks for unauthorized transactions.

**Exchanges by the Internet**

To exchange shares within your Fund accounts over the Internet, a User ID and password is required prior to authorizing an exchange on your Fund accounts. This feature may not be available on certain accounts.

**Exchanges Through Mobile App**

To exchange shares within your Fund accounts through the Thrivent mobile app, in addition to downloading the app, a User ID and password is required prior to authorizing an exchange on your Fund accounts. This feature may not be available on certain accounts.

**Automatic Exchange Plans**

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

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

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

Transaction Confirmations

Typically, you will receive written confirmation of your transaction within five business days following the date of your transaction. You will receive confirmation of certain transactions at least quarterly, including purchases under an automatic investment plan, purchases and sales under an automatic exchange plan, purchases of shares from reinvested dividends and/or capital gains, and automatic redemptions. You can check your account activity at any time either on thriventfunds.com if you purchased your shares directly online, or thrivent.com if you purchased your shares through your financial professional. Contact your intermediary if you purchased your shares through a broker-dealer or other financial intermediary.

Uncashed Checks on Your Account

The Funds reserve the right to reinvest any dividend, distribution or redemption proceeds amounts that you have elected to receive by check should your check remain uncashed for more than 180 days. Such checks will be reinvested in your account at the NAV on the day of the reinvestment. When reinvested, those amounts are subject to the risk of loss like any Fund investment. No interest will accrue on amounts represented by uncashed checks. If you elect to receive distributions in cash and a check remains uncashed for more than 180 days, your cash election may be changed automatically to reinvest and your future dividend and capital gains distributions will be reinvested in the Fund at the NAV as of the date of payment of the distribution. This provision may not apply to certain retirement or qualified accounts, accounts with a non-U.S. address or closed accounts. Your participation in the Automatic Redemption Plan may be terminated if a check remains uncashed.

Accounts with Low Balances

Due to the high cost to shareholders of maintaining accounts with low balances, a Fund may, by redeeming account shares, charge a semiannual account maintenance fee of $10 (a "low balance fee") if the value of shares in the account falls below the required minimum investment amount shown in the "Buying Shares" section of this prospectus. The low balance fee may be waived for certain accounts (*e.g.* certain retirement plans and investors in certain fee-based investment advisory programs). Low balance fees will be automatically deducted from your account twice per year. Alternatively, your account could be closed (rather than being assessed a low balance fee) by redeeming the shares in your account. Before your account is closed, however, you will be notified in writing and allowed 60 days to purchase additional shares. If additional shares are not purchased, any such close-out redemption may be at a time that is not favorable to you and may have tax consequences.

Important Information Regarding Unclaimed/Abandoned Property

It is important that the Fund maintains a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the

Fund. Please be advised that certain state escheatment laws may require the Fund to turn over your Fund account to the state listed in your account registration as abandoned property if no shareholder initiated activity occurs in the account within the time frame specified by the applicable state law.

Escheatment laws vary by state, and states have different criteria for defining inactivity and unclaimed or abandoned property. You should check with your state of residence for specifics. Depending on the laws in your jurisdiction, shareholder initiated activity might be achieved by one of the following methods:

• Sending a letter to Thrivent Mutual Funds via the U.S. Post Office;

• Logging in to your online account on thrivent.com;

• Speaking to a Customer Service Representative on the phone after you go through a security verification process. For residents of certain states, contact cannot be made by phone but must be in writing or through the Fund's secure web application;

• Cashing checks that are received and are made payable to the owner of the account; or

• Taking action on letters received in the mail from the Fund concerning account inactivity, outstanding checks and/or escheatment or abandoned property and promptly following the directions in such letters.

The Fund, the Adviser, and the transfer agent will not be liable to Shareholders or their representatives for good faith compliance with escheatment laws. To learn more about the escheatment rules for your particular state, please contact your attorney or State Treasurer's and/or Controller's Offices. If you do not hold your Shares directly with the Fund, you should contact your broker-dealer, retirement plan, or other third-party intermediary regarding applicable state escheatment laws. Residents of certain states, including Texas, may designate a representative to receive escheatment or abandoned property notices regarding Fund shares. For more information, please contact your financial intermediary. A completed designation form may be mailed to the below address.

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

Frequent Trading Policies and Monitoring Processes

Because short-term or excessive trading in Fund shares may disrupt management of a Fund and increase Fund expenses, the Funds 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, the Funds do not accommodate frequent purchases and redemptions of Fund shares by Fund shareholders. The Board has adopted the policy set forth below to deter frequent trading activity.

Several different tactics are used to reduce the frequency and effect that frequent trading can have on the Funds. The Funds may use a combination of monitoring shareholder activity and restricting shareholder transactions on certain accounts to combat such trading practices. The Funds' use of effective fair value pricing procedures also reduces the opportunities for short term traders, especially for the Funds with securities that pose

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more frequent pricing challenges, such as international securities, high yield securities, and other securities whose market prices may not accurately reflect their fair value (see "Pricing Funds' Shares").

When monitoring shareholder activity, the Funds may consider several factors to evaluate shareholder activity including, but not limited to, the amount and frequency of transactions, the amount of time between purchases and redemptions (including exchanges), trading patterns, and total assets in the Funds that are purchased and redeemed. In making this evaluation, the Funds may consider trading in multiple accounts under common ownership or control. The Funds reserve the right, in their sole discretion, to consider other relevant factors when monitoring shareholder activity.

If a shareholder is believed to be engaging in frequent trading activity, the Funds may request the shareholder to cease such activity, restrict the frequency and number of exchanges allowed on an account, or take other action as the Funds deem necessary to limit or restrict the account privileges to the shareholder. The Funds may also reject or cancel any purchase request, including the purchase side of an exchange, without notice for any reason. If it becomes necessary to cancel a transaction of a shareholder whose account has been restricted, the Funds will promptly reverse the exchange or (if the purchase request is not associated with an exchange) refund the full purchase price to the shareholder.

Although the Funds seek to deter frequent trading practices, there are no guarantees that all activity can be detected or prevented. Shareholders engaging in such trading practices use an evolving variety of strategies to avoid detection and it may not be possible for operational and technological systems to reasonably identify all frequent trading activity. Omnibus accounts like those maintained by brokers and retirement plans aggregate purchases and redemptions for multiple investors whose identities may not be known to the Funds. The Funds monitor aggregate trading activity of the omnibus accounts, and if suspicious activity is detected, the Funds will contact the intermediary associated with the account to determine if short-term or excessive trading has occurred. If the Funds believe that its frequent trading policy has been violated, it will ask the intermediary to impose restrictions on excessive trades. However, the financial intermediary associated with the omnibus account may be limited in its ability to restrict trading practices of its clients.

In addition, transactions by certain institutional accounts, asset allocation programs and Funds in other Funds may be exempt from the policies discussed above, subject to approval by designated persons at Thrivent. The Statement of Additional Information includes a description of arrangements permitting frequent purchases and redemptions of Fund shares.

Anti-Money Laundering

You may be asked to provide additional information in order for the Funds to verify your identity in accordance with requirements under anti-money laundering and other laws and regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required or permitted under these and other regulations. Additionally, the Funds reserve the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening

conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the Funds, the Funds' transfer agent, or any other authorized Fund agent related to opening the accounts.

Disclosure of Fund Holdings

A description of the Funds' policies and procedures with respect to the disclosure of their portfolio securities is available in the Statement of Additional Information for the Funds, which can be obtained at thriventfunds.com.

Payments to Financial Intermediaries

**Rule 12b-1 Fees: Class A**

Class A shares of Funds have an annual Rule 12b-1 fee for distribution and shareholder servicing activities. The Rule 12b-1 fee is 0.25% each year of average daily net assets for all Funds that offer Class A shares other than Thrivent Government Bond Fund and Thrivent Limited Maturity Bond Fund, which have a Rule 12b-1 fee of 0.125%, and Thrivent Money Market Fund, which does not have a Rule 12b-1 fee. The Funds pay the Rule 12b-1 fees to Thrivent Distributors. Those fees are paid out of a Fund's assets attributable to the Class A shares on an ongoing basis. As a result, these fees will increase the cost of your investment in Class A shares and may cost you more than paying other types of sales charges.

Thrivent Distributors may pay all or a portion of the fees to any broker-dealer, financial institution or any other person who renders assistance in distributing or promoting the sale of Class A shares, or who provides certain shareholder services to Class A shareholders. Payments of the distribution and/or service fee may be made without regard to expenses actually incurred.

**Sub-Accounting Services**

The Adviser may make arrangements for a Fund to make payments, directly or through the Adviser or its affiliates, to selected financial intermediaries (such as brokers or third party administrators) for providing certain sub-transfer agency and related administrative services to shareholders holding Fund shares in nominee or street name, including, without limitation, the following services: maintaining investor accounts at the financial intermediary level and keeping track of purchases, redemptions and exchanges by such accounts; processing and mailing trade confirmations, monthly statements, prospectuses, annual reports, semiannual reports, and shareholder notices and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations. A Fund may pay a fee for these services, directly or through the Adviser or its affiliates, to financial intermediaries selected by the Adviser and/or its affiliates. The actual services provided, and the fees paid for such services, may vary from firm to firm.

The payments described above may be material to financial intermediaries relative to other compensation paid by the Funds and/or Thrivent Distributors, the Adviser and their affiliates and may be in addition to any (i) distribution and/or servicing (12b-1)

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fees and (ii) revenue sharing fees described herein. Thrivent Distributors and the Adviser rely primarily on contractual arrangements with financial intermediaries to verify whether such intermediaries are providing the services for which they are receiving such payments. Although Thrivent Distributors and the Adviser do not audit such financial intermediaries, they may make periodic information requests to verify certain information about the services provided.

**Other Payments**

Thrivent Asset Mgt. has entered into an agreement with 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 retention of assets maintained in the Funds. Compensation paid by Thrivent Asset Mgt. to Thrivent Distributors and its sales personnel may vary by

Fund and other factors as agreed upon from time to time. In addition, Thrivent Asset Mgt. and Thrivent Distributors may make payments, out of their own resources, to financial intermediaries that sell shares of the Funds in order to promote the distribution and retention of Fund shares. The payments are typically based on cumulative shares purchased by financial intermediaries' clients and may vary by Fund, share class, and other factors. These payments create an incentive for the financial intermediary or its financial professionals to recommend or offer shares of the Funds to you. The aforementioned arrangements are sometimes referred to as "revenue sharing."

Revenue sharing arrangements are separately negotiated between the Adviser and/or its affiliates, and the recipients of these payments. Revenue sharing payments are not borne directly by the Funds, and are not reflected as additional expenses in the fee table in this prospectus.

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Distributions

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Dividends

Dividends of the Funds, if any, are generally declared and paid as follows:

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| | |
|:---|:---|
| Declared Daily and <br> Paid Monthly<br>| •Thrivent Government Bond Fund<br> •Thrivent High Income Municipal <br> Bond Fund<br> •Thrivent High Yield Fund<br> •Thrivent Income Fund<br> •Thrivent Limited Maturity Bond Fund<br> •Thrivent Money Market Fund<br> •Thrivent Municipal Bond Fund<br> •Thrivent Opportunity Income Plus <br> Fund<br>|
| Declared and Paid <br> Monthly<br>| •Thrivent Diversified Income Plus <br> Fund<br> •Thrivent Multidimensional Income <br> Fund<br>|
| Declared and Paid <br> Quarterly<br>| •Thrivent Balanced Income Plus <br> Fund<br> •Thrivent Moderate Allocation Fund<br> •Thrivent Moderately Conservative <br> Allocation Fund<br>|
| Declared and Paid <br> Annually<br>| •Thrivent Aggressive Allocation Fund<br> •Thrivent Global Stock Fund<br> •Thrivent International Allocation <br> Fund<br> •Thrivent Large Cap Growth Fund<br> •Thrivent Large Cap Value Fund<br> •Thrivent Low Volatility Equity Fund<br> •Thrivent Mid Cap Growth Fund<br> •Thrivent Mid Cap Stock Fund<br> •Thrivent Mid Cap Value Fund<br> •Thrivent Moderately Aggressive <br> Allocation Fund<br> •Thrivent Small Cap Growth Fund<br> •Thrivent Small Cap Stock Fund<br>|

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

Capital Gains

Capital gains distributions, if any, usually will be declared and paid in December for the prior twelve-month period ending October 31, except for Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund, which are for the prior twelve-month period ending December 31.

Distribution Options

When completing your application, you may select one of the following options for dividends and capital gains distributions. Notify your Fund of a change in your distribution option 10 days before the record date of the dividend or distribution.

• **Full Reinvestment.** Distributions from a Fund will be reinvested in additional shares of the same class of that Fund. This option will be selected automatically unless one of the other options is specified.

• **Full Reinvestment in a Different Fund.** You may also choose to have your distributions reinvested into an existing account of the same class of another Fund within the Thrivent Mutual Funds.

• **Part Cash and Part Reinvestment.** You may request to have part of your distributions paid in cash and part of your distributions reinvested in additional shares of the same class of the Fund.

• **All Cash.** Distributions will be paid in cash. You may choose to send your distributions directly to your bank account or request to have a check sent to you.

The Funds reserve the right to automatically reinvest any distributions into your account that are less than $10.

Distributions paid in shares will be credited to your account at the next determined NAV per share.

See "Shareholder Information—Uncashed Checks on Your Account" for information about uncashed distribution checks.

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Taxes

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General

The Funds intend to make distributions that may be taxed as ordinary income or capital gains. In general, any net investment income and short-term capital gain distributions you receive from a Fund are taxable as ordinary income. To the extent a Fund receives and distributes qualified dividend income, you may be eligible for a tax rate lower than that on other ordinary income distributions. Distributions of other net capital gains by the Fund are generally taxable as capital gains—in most cases, at different rates from those that apply to ordinary income. In addition, there is a possibility that some of the distributions of Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund may be classified as return of capital.

The tax you pay on a given capital gains distribution generally depends on how long a Fund has held the Fund securities it sold. It does not depend on how long you have owned your Fund shares or whether you reinvest your distributions or take them in cash.

Every year, the Funds will send you a statement detailing the tax status of all your distributions for the previous year. The tax statement for all Funds except Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund will be mailed in January. The REIT investments of Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund do not provide complete tax information until after the calendar year-end. Consequently, Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund expect to send your tax statement in late February.

For tax purposes, an exchange between Funds is the same as a sale. The sale of shares in your account may produce a gain or loss, which may be a taxable event.

For Fund shares purchased on or after January 1, 2012 through 1099-B reportable accounts ("covered shares"), the Fund (other than the Money Market Fund) tracks the cost basis of these shares pursuant to your cost basis election (*e.g.*, average cost; last-in, first-out (LIFO)). In the event that you do not elect a particular method, the average cost method will be used on your covered shares. When you redeem your covered shares, the Fund will provide you with a tax statement indicating your capital gains or losses, if any, on the redemption of covered shares during the applicable tax period and will also report this information to the Internal Revenue Service. You are required to use this provided information when filling out your Federal tax return. For more information about the Funds' practices regarding cost basis, please visit thriventfunds.com.

Retirement Plans

Pre-tax contributions to traditional/SEP/SIMPLE IRAs, 403(b) plans, and tax-qualified retirement plans are taxable upon

withdrawal. Investment earnings inside traditional/SEP/SIMPLE IRAs, 403(b) plans, and tax-qualified retirement plans accumulate on a tax-deferred basis and are taxable upon withdrawal. The investment earnings portion of any "non-qualified" Roth IRA withdrawal is also taxable upon withdrawal. If you have any questions regarding your tax status, please consult with a tax professional.

Back-up Withholding

By law, the Funds must withhold 24% of your distributions and proceeds as a prepayment of federal income tax if you have not provided complete, correct taxpayer information. In addition, to the extent that a Fund invests less than 50% of its total assets in municipal bonds, income generated from those bonds and distributed to Fund shareholders would generally be subject to federal income tax.

Municipal Bonds

Dividend distributions from Thrivent High Income Municipal Bond Fund and Thrivent Municipal Bond Fund, when not held in an IRA, 403(b) plan, or tax-qualified retirement plan, are generally exempt from federal income tax. These Funds may, however, invest a portion of its assets in securities that generate income that is not exempt from federal income tax or securities that are subject to the alternative minimum tax. In addition, income of these Funds that is exempt from federal income tax may be subject to state and local income tax. Any capital gains distributed by these Funds will be subject to federal and state taxes.

When held in an IRA, 403(b) plan, or tax-qualified retirement plan, these Funds are treated like any other IRA, 403(b) plan, or tax-qualified retirement plan investment—accumulating on a tax-deferred basis and taxable upon withdrawal. By electing to invest your IRA, 403(b) plan, or tax-qualified retirement plan in these Funds, you are not able to take advantage of the federal tax exemption on any earnings (dividends and capital gains) upon withdrawal. Dividends and capital gains distributions from these Funds, when held in an IRA, 403(b) plan, or tax-qualified retirement plan, are reported as taxable income when received. Please consult with your tax professional for more information.

Foreign Securities

Foreign investments pose special tax issues for Thrivent Global Stock Fund and Thrivent International Allocation Fund and their shareholders. For example, certain gains and losses from currency fluctuations may be taxable as ordinary income. Also, certain foreign countries withhold taxes on some interest and dividends that otherwise would be payable to these Funds. If the amount withheld is material, these Funds may elect to pass through a credit to shareholders.

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Index Descriptions

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The following table provides additional information about the Funds' benchmark indices (if any) listed under "Investment Objective," the "Average Annual Total Returns" table, or referenced under "Principal Investment Strategies" in the Fund summaries.

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| | | |
|:---|:---|:---|
| **Index** | **Description** | **Fund** |
| **Bloomberg 65% High Grade/35% High** <br> **Yield Bond Index**<br>| The Bloomberg 65% High Grade/35% <br> High Yield Bond Index is a blend of the <br> Bloomberg Municipal Bond Index and <br> the Bloomberg High Yield Bond Index. <br> The high grade index is composed of <br> investment grade municipal bonds with <br> maturities of one year or more. The high <br> yield index is composed of non-<br> investment grade or unrated bonds.<br>| Thrivent High Income Municipal Bond <br> Fund<br>|
| **Bloomberg Government/Credit 1-3** <br> **Year Bond Index**<br>| The Bloomberg Government/Credit 1-3 <br> Year Bond Index is an index that <br> measures the performance of <br> government and corporate fixed-rate <br> debt securities with maturities of 1-3 <br> years.<br>| Thrivent Limited Maturity Bond Fund |
| **Bloomberg Emerging Markets USD** <br> **Sovereign Bond Index**<br>| The Bloomberg Emerging Markets USD <br> Sovereign Bond Index is an index that <br> tracks fixed and floating-rate U.S. dollar-<br> denominated debt issued by emerging <br> market governments.<br>| Thrivent Multidimensional Income Fund |
| **Bloomberg High Yield Municipal Bond** <br> **Index**<br>| The Bloomberg High Yield Municipal <br> Bond Index is a market value-weighted <br> index composed of non-investment <br> grade or unrated bonds.<br>| Thrivent High Income Municipal Bond <br> Fund<br>|
| **Bloomberg Municipal Bond Index** | The Bloomberg Municipal Bond Index is <br> a market value-weighted index of <br> investment-grade municipal bonds with <br> maturities of one year or more.<br>| Thrivent Municipal Bond Fund |
| **Bloomberg U.S. Agency Index** | The Bloomberg U.S. Agency Index is an <br> index that measures the performance of <br> the agency sector of the U.S. <br> government bond market.<br>| Thrivent Government Bond Fund |
| **Bloomberg U.S. Aggregate Bond** <br> **Index** | The Bloomberg U.S. Aggregate Bond <br> Index is an index that measures the <br> performance of U.S. investment grade <br> bonds. | Thrivent Aggressive Allocation Fund |
| **Bloomberg U.S. Aggregate Bond** <br> **Index** | The Bloomberg U.S. Aggregate Bond <br> Index is an index that measures the <br> performance of U.S. investment grade <br> bonds. | Thrivent Moderately Aggressive <br> Allocation Fund<br>|
| **Bloomberg U.S. Aggregate Bond** <br> **Index** | The Bloomberg U.S. Aggregate Bond <br> Index is an index that measures the <br> performance of U.S. investment grade <br> bonds. | Thrivent Moderate Allocation Fund |
| **Bloomberg U.S. Aggregate Bond** <br> **Index** | The Bloomberg U.S. Aggregate Bond <br> Index is an index that measures the <br> performance of U.S. investment grade <br> bonds. | Thrivent Moderately Conservative <br> Allocation Fund<br>|
| **Bloomberg U.S. Corporate Bond** <br> **Index**<br>| The Bloomberg U.S. Corporate Bond <br> Index measures the investment grade, <br> fixed-rate, taxable corporate bond <br> market and includes USD denominated <br> securities publicly issued by US and <br> non-US industrial, utility and financial <br> issuers.<br>| Thrivent Income Fund |
| **Bloomberg U.S. Corporate High Yield** <br> **Bond Index** | The Bloomberg U.S. Corporate High <br> Yield Bond Index is an index that <br> measures the performance of fixed-rate <br> non-investment grade bonds. | Thrivent High Yield Fund |
| **Bloomberg U.S. Corporate High Yield** <br> **Bond Index** | The Bloomberg U.S. Corporate High <br> Yield Bond Index is an index that <br> measures the performance of fixed-rate <br> non-investment grade bonds. | Thrivent Multidimensional Income Fund  |

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| | | |
|:---|:---|:---|
| **Index** | **Description** | **Fund** |
| **Bloomberg U.S. High Yield Ba/B 2%** <br> **Issuer Capped Index** | The Bloomberg U.S. High Yield Ba/B 2% <br> Issuer Capped Index is an index that <br> represents the performance of high yield <br> corporate bonds rated Ba or B, with a <br> maximum allocation of 2% to any one <br> issuer. | Thrivent Balanced Income Plus Fund |
| **Bloomberg U.S. High Yield Ba/B 2%** <br> **Issuer Capped Index** | The Bloomberg U.S. High Yield Ba/B 2% <br> Issuer Capped Index is an index that <br> represents the performance of high yield <br> corporate bonds rated Ba or B, with a <br> maximum allocation of 2% to any one <br> issuer. | Thrivent Diversified Income Plus Fund |
| **Bloomberg U.S. High Yield Ba/B 2%** <br> **Issuer Capped Index** | The Bloomberg U.S. High Yield Ba/B 2% <br> Issuer Capped Index is an index that <br> represents the performance of high yield <br> corporate bonds rated Ba or B, with a <br> maximum allocation of 2% to any one <br> issuer. | Thrivent Opportunity Income Plus Fund |
| **Bloomberg U.S. Mortgage-Backed** <br> **Securities Index** | The Bloomberg U.S. Mortgage-Backed <br> Securities Index is an index that covers <br> the mortgage-backed securities <br> component of the Bloomberg <br> U.S. Aggregate Bond Index. | Thrivent Balanced Income Plus Fund |
| **Bloomberg U.S. Mortgage-Backed** <br> **Securities Index** | The Bloomberg U.S. Mortgage-Backed <br> Securities Index is an index that covers <br> the mortgage-backed securities <br> component of the Bloomberg <br> U.S. Aggregate Bond Index. | Thrivent Diversified Income Plus Fund |
| **Bloomberg U.S. Mortgage-Backed** <br> **Securities Index** | The Bloomberg U.S. Mortgage-Backed <br> Securities Index is an index that covers <br> the mortgage-backed securities <br> component of the Bloomberg <br> U.S. Aggregate Bond Index. | Thrivent Opportunity Income Plus Fund |
| **Bloomberg U.S. Treasury Index** | The Bloomberg U.S. Treasury Index is <br> an index that measures the performance <br> of the U.S. Treasury bond market.<br>| Thrivent Government Bond Fund |
| **Morningstar LSTA US Leveraged** <br> **Loan Index** | The Morningstar LSTA US Leveraged <br> Loan Index is an index that reflects the <br> performance of the largest facilities in <br> the leveraged loan market. | Thrivent Balanced Income Plus Fund |
| **Morningstar LSTA US Leveraged** <br> **Loan Index** | The Morningstar LSTA US Leveraged <br> Loan Index is an index that reflects the <br> performance of the largest facilities in <br> the leveraged loan market. | Thrivent Diversified Income Plus Fund |
| **Morningstar LSTA US Leveraged** <br> **Loan Index** | The Morningstar LSTA US Leveraged <br> Loan Index is an index that reflects the <br> performance of the largest facilities in <br> the leveraged loan market. | Thrivent Opportunity Income Plus Fund |
| **MSCI All Country World Index – USD** <br> **Net Returns**<br>| The MSCI All Country World Index - <br> USD Net Returns is an index that <br> measures the performance of developed <br> and emerging stock markets throughout <br> the world.<br>| Thrivent Global Stock Fund |
| **MSCI All Country World Index ex-USA** <br> **– USD Net Returns** | The MSCI All Country World Index ex-<br> USA **–** USD Net Returns is an index that <br> measures the performance of stock <br> markets in developed and emerging <br> markets countries throughout the world <br> (excluding the U.S.). | Thrivent Aggressive Allocation Fund |
| **MSCI All Country World Index ex-USA** <br> **– USD Net Returns** | The MSCI All Country World Index ex-<br> USA **–** USD Net Returns is an index that <br> measures the performance of stock <br> markets in developed and emerging <br> markets countries throughout the world <br> (excluding the U.S.). | Thrivent International Allocation Fund |
| **MSCI All Country World Index ex-USA** <br> **– USD Net Returns** | The MSCI All Country World Index ex-<br> USA **–** USD Net Returns is an index that <br> measures the performance of stock <br> markets in developed and emerging <br> markets countries throughout the world <br> (excluding the U.S.). | Thrivent Moderate Allocation Fund |
| **MSCI All Country World Index ex-USA** <br> **– USD Net Returns** | The MSCI All Country World Index ex-<br> USA **–** USD Net Returns is an index that <br> measures the performance of stock <br> markets in developed and emerging <br> markets countries throughout the world <br> (excluding the U.S.). | Thrivent Moderately Aggressive <br> Allocation Fund<br>|
| **MSCI All Country World Index ex-USA** <br> **– USD Net Returns** | The MSCI All Country World Index ex-<br> USA **–** USD Net Returns is an index that <br> measures the performance of stock <br> markets in developed and emerging <br> markets countries throughout the world <br> (excluding the U.S.). | Thrivent Moderately Conservative <br> Allocation Fund<br>|
| **MSCI World Index – USD Net Returns** | The MSCI World Index **–** USD Net <br> Returns is an index that measures the <br> performance of stock markets in <br> developed countries throughout the <br> world. | Thrivent Balanced Income Plus Fund |
| **MSCI World Index – USD Net Returns** | The MSCI World Index **–** USD Net <br> Returns is an index that measures the <br> performance of stock markets in <br> developed countries throughout the <br> world. | Thrivent Diversified Income Plus Fund |
| **MSCI World Minimum Volatility Index** <br> **– USD Net Returns**<br>| The MSCI World Minimum Volatility <br> Index **–** USD Net Returns is an index <br> that measures the performance <br> characteristics of a minimum variance <br> strategy applied to a universe of large- <br> and mid-cap stocks in developed market <br> countries.<br>| Thrivent Low Volatility Equity Fund |
| **Russell 1000**<sup>®</sup> **Growth Index** | The Russell 1000<sup>®</sup> Growth Index is an <br> unmanaged market capitalization-<br> weighted index of growth-oriented stocks <br> of the largest companies that are <br> included in the Russell 1000 Index.<br>| Thrivent Large Cap Growth Fund |
| **Russell 1000**<sup>®</sup> **Value Index** | The Russell 1000<sup>®</sup> Value Index is an <br> unmanaged market capitalization-<br> weighted index of value-oriented stocks <br> of the largest companies that are <br> included in the Russell 1000 Index.<br>| Thrivent Large Cap Value Fund  |

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| | | |
|:---|:---|:---|
| **Index** | **Description** | **Fund** |
| **Russell 2000**<sup>®</sup> **Growth Index** | The Russell 2000<sup>®</sup> Growth Index is an <br> unmanaged market capitalization-<br> weighted index of small-capitalization <br> growth-oriented stocks of U.S. based <br> companies that are included in the <br> Russell 2000 Index.<br>| Thrivent Small Cap Growth Fund |
| **Russell 2000**<sup>®</sup> **Index** | The Russell 2000<sup>®</sup> Index is an <br> unmanaged market capitalization-<br> weighted index measuring approximately <br> 2,000 of the smallest companies in the <br> Russell 3000 Index.<br>| Thrivent Small Cap Stock Fund |
| **Russell Midcap**<sup>®</sup> **Growth Index** | The Russell Midcap<sup>®</sup> Growth Index is an <br> unmanaged market capitalization-<br> weighted index of medium-capitalization <br> growth-oriented stocks in the Russell <br> Midcap Index.<br>| Thrivent Mid Cap Growth Fund |
| **Russell Midcap**<sup>®</sup> **Index** | The Russell Midcap<sup>®</sup> Index is an <br> unmanaged market capitalization-<br> weighted index measuring the <br> performance of approximately 800 of the <br> smallest companies in the Russell 1000 <br> Index.<br>| Thrivent Mid Cap Stock Fund |
| **Russell Midcap**<sup>®</sup> **Value Index** | The Russell Midcap<sup>®</sup> Value Index is an <br> unmanaged market capitalization-<br> weighted index of medium-capitalization <br> value-oriented stocks in the Russell <br> Midcap Index.<br>| Thrivent Mid Cap Value Fund |
| **S&P 500**<sup>®</sup> **Index** | The S&P 500<sup>®</sup> Index is an index that <br> measures the performance of 500 widely <br> held, publicly traded stocks. | Thrivent Aggressive Allocation Fund |
| **S&P 500**<sup>®</sup> **Index** | The S&P 500<sup>®</sup> Index is an index that <br> measures the performance of 500 widely <br> held, publicly traded stocks. | Thrivent Moderately Aggressive <br> Allocation Fund<br>|
| **S&P 500**<sup>®</sup> **Index** | The S&P 500<sup>®</sup> Index is an index that <br> measures the performance of 500 widely <br> held, publicly traded stocks. | Thrivent Moderate Allocation Fund |
| **S&P 500**<sup>®</sup> **Index** | The S&P 500<sup>®</sup> Index is an index that <br> measures the performance of 500 widely <br> held, publicly traded stocks. | Thrivent Moderately Conservative <br> Allocation Fund<br>|
| **S&P 500 Growth Index** | The S&P 500 Growth Index is an index <br> that measures the performance of the <br> growth stocks in the S&P 500 Index.<br>| Thrivent Large Cap Growth Fund |
| **S&P 500 Value Index** | The S&P 500 Value Index is an index <br> that measures the performance of the <br> value stocks in the S&P 500 Index.<br>| Thrivent Large Cap Value Fund |
| **S&P MidCap 400**<sup>®</sup> **Index** | The S&P MidCap 400<sup>®</sup> Index is an <br> index that measures the performance of <br> 400 mid-cap stocks.<br>| Thrivent Mid Cap Stock Fund |
| **S&P MidCap 400 Growth Index** | The S&P MidCap 400 Growth Index is <br> an index that measures the performance <br> of the growth stocks in the S&P MidCap <br> 400 Index.<br>| Thrivent Mid Cap Growth Fund |
| **S&P MidCap 400 Value Index** | The S&P Midcap 400 Value Index is an <br> index that measures the performance of <br> the value stocks in the S&P MidCap 400 <br> Index.<br>| Thrivent Mid Cap Value Fund |
| **S&P SmallCap 600 Growth Index** | The S&P SmallCap 600 Growth Index is <br> an index that represents the average <br> performance of 600 small-capitalization <br> U.S. stocks.<br>| Thrivent Small Cap Growth Fund  |

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| | | |
|:---|:---|:---|
| **Index** | **Description** | **Fund** |
| **S&P SmallCap 600**<sup>®</sup> **Index** | The S&P SmallCap 600<sup>®</sup> Index is an <br> index that measures the performance of <br> a group of 600 small-cap stocks.<br>| Thrivent Small Cap Stock Fund |
| **S&P U.S. Preferred Stock Index** | The S&P U.S. Preferred Stock Index is <br> an index that represents the U.S. <br> preferred stock market.<br>| Thrivent Multidimensional Income Fund |

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Financial Highlights

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The financial highlights tables for each of the Funds are intended to help you understand the Funds' financial performance for the past five complete fiscal years or, if shorter, the period of the Funds' operations. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose reports, along with the Funds' financial statements, are included in the annual reports to shareholders

for the fiscal year ended October 31, 2022 (for all Funds except Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund, whose reports, along with the Funds' financial statements, are included in the annual report to shareholders for the fiscal year ended December 31, 2022), which are available upon request. The financial highlights should be read in conjunction with the financial statements and notes thereto. The tables do not show the effect of a Class A sales charge for any of the Funds.

------

Thrivent Mutual Funds

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>AGGRESSIVE ALLOCATION FUND</u>** | **<u>AGGRESSIVE ALLOCATION FUND</u>** | **<u>AGGRESSIVE ALLOCATION FUND</u>** | **<u>AGGRESSIVE ALLOCATION FUND</u>** | **<u>AGGRESSIVE ALLOCATION FUND</u>** | **<u>AGGRESSIVE ALLOCATION FUND</u>** |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | $21.04 | $0.14 | $(3.54) | $(3.40) | $(0.22) | $(1.77) |
| Year Ended 10/31/2021 | 15.58 | 0.06 | 5.95 | 6.01 | (0.08) | (0.47) |
| Year Ended 10/31/2020 | 15.77 | 0.11 | 0.71 | 0.82 | (0.16) | (0.85) |
| Year Ended 10/31/2019 | 15.68 | 0.13 | 1.24 | 1.37 | (0.16) | (1.12) |
| Year Ended 10/31/2018 | 16.17 | 0.10 | 0.40 | 0.50 | (0.10) | (0.89) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 20.79 | 0.09 | (3.47) | (3.38) | (0.19) | (1.77) |
| Year Ended 10/31/2021 | 15.41 | 0.03 | 5.88 | 5.91 | (0.06) | (0.47) |
| Year Ended 10/31/2020 | 15.60 | 0.08 | 0.71 | 0.79 | (0.13) | (0.85) |
| Year Ended 10/31/2019 | 15.51 | 0.11 | 1.22 | 1.33 | (0.12) | (1.12) |
| Year Ended 10/31/2018 | 16.01 | 0.06 | 0.39 | 0.45 | (0.06) | (0.89) |
| **<u>BALANCED INCOME PLUS FUND</u>** | **<u>BALANCED INCOME PLUS FUND</u>** | **<u>BALANCED INCOME PLUS FUND</u>** | **<u>BALANCED INCOME PLUS FUND</u>** | **<u>BALANCED INCOME PLUS FUND</u>** | **<u>BALANCED INCOME PLUS FUND</u>** |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 15.30 | 0.32 | (2.41) | (2.09) | (0.32) | (0.79) |
| Year Ended 10/31/2021 | 12.60 | 0.24 | 2.71 | 2.95 | (0.25) |  |
| Year Ended 10/31/2020 | 12.66 | 0.29 | (0.07) | 0.22 | (0.28) |  |
| Year Ended 10/31/2019 | 12.90 | 0.34 | 0.58 | 0.92 | (0.38) | (0.78) |
| Year Ended 10/31/2018 | 13.23 | 0.36 | (0.18) | 0.18 | (0.35) | (0.16) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 15.33 | 0.29 | (2.41) | (2.12) | (0.29) | (0.79) |
| Year Ended 10/31/2021 | 12.63 | 0.21 | 2.70 | 2.91 | (0.21) |  |
| Year Ended 10/31/2020 | 12.69 | 0.26 | (0.07) | 0.19 | (0.25) |  |
| Year Ended 10/31/2019 | 12.93 | 0.31 | 0.58 | 0.89 | (0.35) | (0.78) |
| Year Ended 10/31/2018 | 13.26 | 0.32 | (0.18) | 0.14 | (0.31) | (0.16) |

---

(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.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(1.99) | $15.65 | (17.80)% | $865.1 | 0.77% | 0.67% | 0.96% | 0.49% | 42% |
| (0.55) | 21.04 | 39.35% | 887.9 | 0.74% | 0.29% | 0.94% | 0.09% | 50% |
| (1.01) | 15.58 | 5.25% | 543.6 | 0.78% | 0.68% | 0.98% | 0.48% | 48% |
| (1.28) | 15.77 | 9.80% | 445.1 | 0.76% | 0.87% | 0.97% | 0.66% | 58% |
| (0.99) | 15.68 | 3.20% | 336.4 | 0.66% | 0.61% | 0.90% | 0.37% | 52% |
| (1.96) | 15.45 | (17.92)% | 1017.5 | 0.93% | 0.54% | 1.12% | 0.35% | 42% |
| (0.53) | 20.79 | 39.05% | 1261.7 | 0.91% | 0.15% | 1.11% | (0.05)% | 50% |
| (0.98) | 15.41 | 5.12% | 951.7 | 0.95% | 0.57% | 1.15% | 0.37% | 48% |
| (1.24) | 15.60 | 9.60% | 955.0 | 0.94% | 0.74% | 1.15% | 0.52% | 58% |
| (0.95) | 15.51 | 2.89% | 896.6 | 0.91% | 0.40% | 1.15% | 0.15% | 52% |
| (1.11) | 12.10 | (14.55)% | 162.3 | 0.74% | 2.42% | 0.74% | 2.42% | 211% |
| (0.25) | 15.30 | 23.56% | 171.7 | 0.75% | 1.64% | 0.75% | 1.64% | 157% |
| (0.28) | 12.60 | 1.88% | 108.5 | 0.78% | 2.30% | 0.78% | 2.30% | 85% |
| (1.16) | 12.66 | 7.92% | 140.1 | 0.77% | 2.75% | 0.77% | 2.75% | 113% |
| (0.51) | 12.90 | 1.31% | 120.3 | 0.72% | 2.74% | 0.72% | 2.74% | 149% |
| (1.08) | 12.13 | (14.75)% | 231.8 | 1.00% | 2.16% | 1.00% | 2.16% | 211% |
| (0.21) | 15.33 | 23.19% | 283.4 | 1.01% | 1.41% | 1.01% | 1.41% | 157% |
| (0.25) | 12.63 | 1.61% | 235.0 | 1.04% | 2.04% | 1.04% | 2.04% | 85% |
| (1.13) | 12.69 | 7.60% | 250.2 | 1.04% | 2.49% | 1.04% | 2.49% | 113% |
| (0.47) | 12.93 | 0.99% | 246.3 | 1.03% | 2.38% | 1.03% | 2.38% | 149% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*

\*Computed on an annualized basis for periods less than one year.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>DIVERSIFIED INCOME PLUS FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 12/31/2022 | $7.62 | $0.21 | $(1.16) | $(0.95) | $(0.22) | $— |
| Year Ended 12/31/2021 | 7.63 | 0.18 | 0.32 | 0.50 | (0.18) | (0.33) |
| Year Ended 12/31/2020 | 7.34 | 0.20 | 0.30 | 0.50 | (0.21) |  |
| Year Ended 12/31/2019 | 6.73 | 0.23 | 0.66 | 0.89 | (0.24) | (0.04) |
| Year Ended 12/31/2018 | 7.34 | 0.25 | (0.45) | (0.20) | (0.26) | (0.15) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 12/31/2022 | 7.70 | 0.20 | (1.17) | (0.97) | (0.20) |  |
| Year Ended 12/31/2021 | 7.71 | 0.16 | 0.32 | 0.48 | (0.16) | (0.33) |
| Year Ended 12/31/2020 | 7.42 | 0.19 | 0.29 | 0.48 | (0.19) |  |
| Year Ended 12/31/2019 | 6.80 | 0.21 | 0.67 | 0.88 | (0.22) | (0.04) |
| Year Ended 12/31/2018 | 7.41 | 0.23 | (0.45) | (0.22) | (0.24) | (0.15) |
| **<u>GLOBAL STOCK FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 33.09 | 0.30 | (6.17) | (5.87) | (0.32) | (3.90) |
| Year Ended 10/31/2021 | 24.14 | 0.23 | 9.62 | 9.85 | (0.27) | (0.63) |
| Year Ended 10/31/2020 | 26.46 | 0.24 | 0.64 | 0.88 | (0.41) | (2.79) |
| Year Ended 10/31/2019 | 26.88 | 0.43 | 1.46 | 1.89 | (0.39) | (1.92) |
| Year Ended 10/31/2018 | 29.50 | 0.41 | (0.21) | 0.20 | (0.37) | (2.45) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 32.65 | 0.20 | (6.08) | (5.88) | (0.23) | (3.90) |
| Year Ended 10/31/2021 | 23.82 | 0.14 | 9.51 | 9.65 | (0.19) | (0.63) |
| Year Ended 10/31/2020 | 26.16 | 0.15 | 0.62 | 0.77 | (0.32) | (2.79) |
| Year Ended 10/31/2019 | 26.59 | 0.34 | 1.45 | 1.79 | (0.30) | (1.92) |
| Year Ended 10/31/2018 | 29.21 | 0.31 | (0.21) | 0.10 | (0.27) | (2.45) |
| **<u>GOVERNMENT BOND FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 10.08 | 0.18 | (1.44) | (1.26) | (0.18) |  |
| Year Ended 10/31/2021 | 10.53 | 0.11 | (0.23) | (0.12) | (0.11) | (0.22) |
| Year Ended 10/31/2020 | 10.11 | 0.15 | 0.44 | 0.59 | (0.15) | (0.02) |
| Year Ended 10/31/2019 | 9.47 | 0.20 | 0.64 | 0.84 | (0.20) |  |
| Year Ended 10/31/2018 | 9.92 | 0.20 | (0.38) | (0.18) | (0.20) | (0.07) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 10.07 | 0.16 | (1.43) | (1.27) | (0.16) |  |
| Year Ended 10/31/2021 | 10.53 | 0.09 | (0.24) | (0.15) | (0.09) | (0.22) |
| Year Ended 10/31/2020 | 10.11 | 0.14 | 0.44 | 0.58 | (0.14) | (0.02) |
| Year Ended 10/31/2019 | 9.47 | 0.19 | 0.64 | 0.83 | (0.19) |  |
| Year Ended 10/31/2018 | 9.92 | 0.19 | (0.38) | (0.19) | (0.19) | (0.07) |

---

(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.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(0.22) | $6.45 | (12.55)% | $571.1 | 0.69% | 3.07% | 0.69% | 3.07% | 278% |
| (0.51) | 7.62 | 6.55% | 679.1 | 0.68% | 2.28% | 0.68% | 2.28% | 268% |
| (0.21) | 7.63 | 7.01% | 504.0 | 0.71% | 2.83% | 0.71% | 2.83% | 156% |
| (0.28) | 7.34 | 13.39% | 464.2 | 0.71% | 3.18% | 0.71% | 3.18% | 153% |
| (0.41) | 6.73 | (2.88)% | 320.1 | 0.70% | 3.46% | 0.70% | 3.46% | 143% |
| (0.20) | 6.53 | (12.64)% | 495.4 | 0.94% | 2.82% | 0.94% | 2.82% | 278% |
| (0.49) | 7.70 | 6.22% | 623.5 | 0.93% | 2.01% | 0.93% | 2.01% | 268% |
| (0.19) | 7.71 | 6.67% | 609.6 | 0.95% | 2.58% | 0.95% | 2.58% | 156% |
| (0.26) | 7.42 | 13.12% | 620.6 | 0.96% | 2.96% | 0.96% | 2.96% | 153% |
| (0.39) | 6.80 | (3.10)% | 569.8 | 0.96% | 3.16% | 0.96% | 3.16% | 143% |
| (4.22) | 23.00 | (20.24)% | 343.9 | 0.65% | 1.18% | 0.65% | 1.18% | 58% |
| (0.90) | 33.09 | 41.67% | 429.9 | 0.64% | 0.78% | 0.64% | 0.78% | 60% |
| (3.20) | 24.14 | 3.18% | 301.3 | 0.66% | 1.10% | 0.66% | 1.10% | 59% |
| (2.31) | 26.46 | 8.12% | 296.7 | 0.65% | 1.75% | 0.65% | 1.75% | 73% |
| (2.82) | 26.88 | 0.56% | 276.6 | 0.64% | 1.50% | 0.64% | 1.50% | 52% |
| (4.13) | 22.64 | (20.51)% | 1325.5 | 0.97% | 0.85% | 0.97% | 0.85% | 58% |
| (0.82) | 32.65 | 41.28% | 1802.8 | 0.96% | 0.45% | 0.96% | 0.45% | 60% |
| (3.11) | 23.82 | 2.78% | 1383.1 | 1.02% | 0.75% | 1.02% | 0.75% | 59% |
| (2.22) | 26.16 | 7.73% | 1478.5 | 1.01% | 1.39% | 1.01% | 1.39% | 73% |
| (2.72) | 26.59 | 0.22% | 1492.5 | 0.99% | 1.15% | 0.99% | 1.15% | 52% |
| (0.18) | 8.64 | (12.60)% | 80.8 | 0.59% | 1.89% | 0.68% | 1.80% | 372% |
| (0.33) | 10.08 | (1.21)% | 104.5 | 0.65% | 1.07% | 0.65% | 1.07% | 427% |
| (0.17) | 10.53 | 5.88% | 83.9 | 0.73% | 1.39% | 0.73% | 1.39% | 322% |
| (0.20) | 10.11 | 8.95% | 49.9 | 0.75% | 2.04% | 0.77% | 2.02% | 274% |
| (0.27) | 9.47 | (1.89)% | 52.3 | 0.75% | 2.02% | 0.79% | 1.98% | 280% |
| (0.16) | 8.64 | (12.68)% | 2.5 | 0.77% | 1.69% | 1.18% | 1.28% | 372% |
| (0.31) | 10.07 | (1.50)% | 3.6 | 0.85% | 0.86% | 1.09% | 0.62% | 427% |
| (0.16) | 10.53 | 5.76% | 4.1 | 0.85% | 1.32% | 1.08% | 1.10% | 322% |
| (0.19) | 10.11 | 8.84% | 4.5 | 0.85% | 1.94% | 1.06% | 1.73% | 274% |
| (0.26) | 9.47 | (1.99)% | 4.9 | 0.85% | 1.92% | 1.04% | 1.73% | 280% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*\*Computed on an annualized basis for periods less than one year.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>HIGH INCOME MUNICIPAL BOND FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | $10.95 | $0.28 | $(2.32) | $(2.04) | $(0.28) | $— |
| Year Ended 10/31/2021 | 10.29 | 0.31 | 0.66 | 0.97 | (0.31) |  |
| Year Ended 10/31/2020 | 10.66 | 0.30 | (0.36) | (0.06) | (0.31) |  |
| Year Ended 10/31/2019 | 9.86 | 0.31 | 0.81 | 1.12 | (0.32) |  |
| Year Ended 10/31/2018<sup>(d)</sup> | 10.00 | 0.22 | (0.14) | 0.08 | (0.22) |  |
| **<u>HIGH YIELD FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 4.68 | 0.22 | (0.70) | (0.48) | (0.22) |  |
| Year Ended 10/31/2021 | 4.49 | 0.22 | 0.19 | 0.41 | (0.22) |  |
| Year Ended 10/31/2020 | 4.73 | 0.24 | (0.24) | 0.00 | (0.24) |  |
| Year Ended 10/31/2019 | 4.64 | 0.26 | 0.09 | 0.35 | (0.26) |  |
| Year Ended 10/31/2018 | 4.90 | 0.27 | (0.26) | 0.01 | (0.27) |  |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 4.67 | 0.20 | (0.69) | (0.49) | (0.21) |  |
| Year Ended 10/31/2021 | 4.49 | 0.20 | 0.18 | 0.38 | (0.20) |  |
| Year Ended 10/31/2020 | 4.73 | 0.22 | (0.23) | (0.01) | (0.23) |  |
| Year Ended 10/31/2019 | 4.63 | 0.25 | 0.10 | 0.35 | (0.25) |  |
| Year Ended 10/31/2018 | 4.90 | 0.26 | (0.27) | (0.01) | (0.26) |  |
| **<u>INCOME FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 9.79 | 0.27 | (2.09) | (1.82) | (0.28) | (0.16) |
| Year Ended 10/31/2021 | 9.98 | 0.27 | 0.08 | 0.35 | (0.27) | (0.27) |
| Year Ended 10/31/2020 | 9.55 | 0.29 | 0.47 | 0.76 | (0.29) | (0.04) |
| Year Ended 10/31/2019 | 8.70 | 0.32 | 0.85 | 1.17 | (0.32) |  |
| Year Ended 10/31/2018 | 9.26 | 0.32 | (0.53) | (0.21) | (0.32) | (0.03) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 9.80 | 0.25 | (2.11) | (1.86) | (0.25) | (0.16) |
| Year Ended 10/31/2021 | 9.99 | 0.25 | 0.07 | 0.32 | (0.24) | (0.27) |
| Year Ended 10/31/2020 | 9.56 | 0.26 | 0.47 | 0.73 | (0.26) | (0.04) |
| Year Ended 10/31/2019 | 8.70 | 0.29 | 0.86 | 1.15 | (0.29) |  |
| Year Ended 10/31/2018 | 9.27 | 0.29 | (0.54) | (0.25) | (0.29) | (0.03) |

---

(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, 2018.

\*All per share amounts have been rounded to the nearest cent.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(0.28) | $8.63 | (18.90)% | $31.1 | 0.60% | 2.77% | 1.20% | 2.18% | 49% |
| (0.31) | 10.95 | 9.51% | 33.6 | 0.60% | 2.80% | 1.37% | 2.03% | 47% |
| (0.31) | 10.29 | (0.56)% | 18.2 | 0.61% | 2.99% | 1.62% | 1.98% | 94% |
| (0.32) | 10.66 | 11.51% | 13.8 | 0.66% | 3.07% | 2.36% | 1.37% | 93% |
| (0.22) | 9.86 | 0.79% | 6.6 | 0.43% | 3.26% | 3.71% | (0.02)% | 201% |
| (0.22) | 3.98 | (10.45)% | 327.9 | 0.53% | 5.01% | 0.53% | 5.01% | 37% |
| (0.22) | 4.68 | 9.15% | 422.8 | 0.52% | 4.62% | 0.52% | 4.62% | 64% |
| (0.24) | 4.49 | 0.11% | 401.2 | 0.53% | 5.22% | 0.53% | 5.22% | 62% |
| (0.26) | 4.73 | 7.79% | 342.1 | 0.54% | 5.55% | 0.54% | 5.55% | 42% |
| (0.27) | 4.64 | 0.14% | 283.4 | 0.57% | 5.65% | 0.57% | 5.65% | 38% |
| (0.21) | 3.97 | (10.73)% | 327.1 | 0.80% | 4.75% | 0.80% | 4.75% | 37% |
| (0.20) | 4.67 | 8.63% | 402.6 | 0.79% | 4.36% | 0.79% | 4.36% | 64% |
| (0.23) | 4.49 | (0.16)% | 407.1 | 0.80% | 4.96% | 0.80% | 4.96% | 62% |
| (0.25) | 4.73 | 7.74% | 437.9 | 0.80% | 5.30% | 0.80% | 5.30% | 42% |
| (0.26) | 4.63 | (0.29)% | 437.4 | 0.80% | 5.42% | 0.80% | 5.42% | 38% |
| (0.44) | 7.53 | (19.20)% | 622.3 | 0.46% | 3.14% | 0.46% | 3.14% | 39% |
| (0.54) | 9.79 | 3.51% | 833.6 | 0.46% | 2.78% | 0.46% | 2.78% | 54% |
| (0.33) | 9.98 | 8.11% | 732.9 | 0.46% | 2.98% | 0.46% | 2.98% | 105% |
| (0.32) | 9.55 | 13.66% | 598.6 | 0.46% | 3.49% | 0.46% | 3.49% | 99% |
| (0.35) | 8.70 | (2.30)% | 508.3 | 0.45% | 3.57% | 0.45% | 3.57% | 109% |
| (0.41) | 7.53 | (19.52)% | 232.0 | 0.75% | 2.84% | 0.75% | 2.84% | 39% |
| (0.51) | 9.80 | 3.23% | 327.9 | 0.74% | 2.50% | 0.74% | 2.50% | 54% |
| (0.30) | 9.99 | 7.79% | 337.9 | 0.75% | 2.69% | 0.75% | 2.69% | 105% |
| (0.29) | 9.56 | 13.43% | 313.7 | 0.77% | 3.19% | 0.77% | 3.19% | 99% |
| (0.32) | 8.70 | (2.71)% | 298.5 | 0.76% | 3.25% | 0.76% | 3.25% | 109% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*\*Computed on an annualized basis for periods less than one year.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>INTERNATIONAL ALLOCATION FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | $12.21 | $0.19 | $(2.97) | $(2.78) | $(0.26) | $(0.81) |
| Year Ended 10/31/2021 | 9.19 | 0.18 | 3.01 | 3.19 | (0.17) |  |
| Year Ended 10/31/2020 | 10.23 | 0.14 | (0.92) | (0.78) | (0.26) |  |
| Year Ended 10/31/2019 | 9.87 | 0.23 | 0.67 | 0.90 | (0.22) | (0.32) |
| Year Ended 10/31/2018 | 11.40 | 0.23 | (1.34) | (1.11) | (0.27) | (0.15) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 12.13 | 0.15 | (2.97) | (2.82) | (0.21) | (0.81) |
| Year Ended 10/31/2021 | 9.13 | 0.15 | 2.98 | 3.13 | (0.13) |  |
| Year Ended 10/31/2020 | 10.16 | 0.12 | (0.93) | (0.81) | (0.22) |  |
| Year Ended 10/31/2019 | 9.80 | 0.20 | 0.65 | 0.85 | (0.17) | (0.32) |
| Year Ended 10/31/2018 | 11.33 | 0.19 | (1.34) | (1.15) | (0.23) | (0.15) |
| **<u>LARGE CAP GROWTH FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 21.57 | (0.05) | (6.40) | (6.45) |  | (1.21) |
| Year Ended 10/31/2021 | 16.30 | (0.08) | 6.54 | 6.46 |  | (1.19) |
| Year Ended 10/31/2020 | 12.82 | (0.02) | 4.13 | 4.11 |  | (0.63) |
| Year Ended 10/31/2019 | 12.47 | 0.01 | 1.48 | 1.49 |  | (1.14) |
| Year Ended 10/31/2018 | 11.23 |  | 1.51 | 1.51 |  | (0.27) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 18.84 | (0.07) | (5.55) | (5.62) |  | (1.21) |
| Year Ended 10/31/2021 | 14.42 | (0.10) | 5.71 | 5.61 |  | (1.19) |
| Year Ended 10/31/2020 | 11.45 | (0.04) | 3.64 | 3.60 |  | (0.63) |
| Year Ended 10/31/2019 | 11.30 | (0.02) | 1.31 | 1.29 |  | (1.14) |
| Year Ended 10/31/2018 | 10.23 | (0.04) | 1.38 | 1.34 |  | (0.27) |
| **<u>LARGE CAP VALUE FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 30.00 | 0.52 | (1.52) | (1.00) | (0.36) | (1.87) |
| Year Ended 10/31/2021 | 20.59 | 0.40 | 10.54 | 10.94 | (0.35) | (1.18) |
| Year Ended 10/31/2020 | 22.70 | 0.43 | (2.10) | (1.67) | (0.44) |  |
| Year Ended 10/31/2019 | 22.90 | 0.43 | 0.89 | 1.32 | (0.35) | (1.17) |
| Year Ended 10/31/2018 | 22.84 | 0.37 | 0.95 | 1.32 | (0.33) | (0.93) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 29.73 | 0.41 | (1.49) | (1.08) | (0.27) | (1.87) |
| Year Ended 10/31/2021 | 20.42 | 0.30 | 10.47 | 10.77 | (0.28) | (1.18) |
| Year Ended 10/31/2020 | 22.51 | 0.37 | (2.10) | (1.73) | (0.36) |  |
| Year Ended 10/31/2019 | 22.71 | 0.36 | 0.88 | 1.24 | (0.27) | (1.17) |
| Year Ended 10/31/2018 | 22.67 | 0.30 | 0.91 | 1.21 | (0.24) | (0.93) |

---

(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.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(1.07) | $8.36 | (24.90)% | $644.7 | 0.81% | 2.03% | 0.81% | 2.03% | 90% |
| (0.17) | 12.21 | 34.98% | 849.7 | 0.82% | 1.55% | 0.82% | 1.55% | 124% |
| (0.26) | 9.19 | (7.90)% | 632.9 | 0.81% | 1.47% | 0.81% | 1.47% | 105% |
| (0.54) | 10.23 | 9.84% | 743.0 | 0.87% | 2.45% | 0.87% | 2.45% | 106% |
| (0.42) | 9.87 | (10.13)% | 678.3 | 0.94% | 2.14% | 0.95% | 2.14% | 75% |
| (1.02) | 8.29 | (25.28)% | 97.2 | 1.20% | 1.62% | 1.34% | 1.48% | 90% |
| (0.13) | 12.13 | 34.52% | 143.6 | 1.20% | 1.17% | 1.34% | 1.03% | 124% |
| (0.22) | 9.13 | (8.21)% | 117.0 | 1.20% | 1.07% | 1.38% | 0.89% | 105% |
| (0.49) | 10.16 | 9.36% | 144.3 | 1.27% | 2.04% | 1.43% | 1.89% | 106% |
| (0.38) | 9.80 | (10.52)% | 138.5 | 1.35% | 1.73% | 1.47% | 1.62% | 75% |
| (1.21) | 13.91 | (31.65)% | 1339.4 | 0.76% | (0.25)% | 0.76% | (0.25)% | 51% |
| (1.19) | 21.57 | 41.62% | 1799.2 | 0.76% | (0.38)% | 0.76% | (0.38)% | 40% |
| (0.63) | 16.30 | 33.39% | 1136.4 | 0.77% | (0.08)% | 0.77% | (0.08)% | 44% |
| (1.14) | 12.82 | 13.49% | 839.6 | 0.79% | 0.08% | 0.79% | 0.08% | 58% |
| (0.27) | 12.47 | 13.70% | 765.8 | 0.81% | (0.02)% | 0.81% | (0.02)% | 62% |
| (1.21) | 12.01 | (31.84)% | 318.8 | 1.06% | (0.55)% | 1.06% | (0.55)% | 51% |
| (1.19) | 18.84 | 41.13% | 480.2 | 1.06% | (0.67)% | 1.06% | (0.67)% | 40% |
| (0.63) | 14.42 | 32.91% | 351.2 | 1.12% | (0.42)% | 1.12% | (0.42)% | 44% |
| (1.14) | 11.45 | 13.09% | 259.0 | 1.14% | (0.26)% | 1.17% | (0.29)% | 58% |
| (0.27) | 11.30 | 13.37% | 237.8 | 1.17% | (0.37)% | 1.20% | (0.41)% | 62% |
| (2.23) | 26.77 | (3.61)% | 1556.5 | 0.55% | 1.96% | 0.55% | 1.96% | 21% |
| (1.53) | 30.00 | 55.43% | 1520.4 | 0.54% | 1.56% | 0.54% | 1.56% | 23% |
| (0.44) | 20.59 | (7.61)% | 869.6 | 0.54% | 2.00% | 0.54% | 2.00% | 34% |
| (1.52) | 22.70 | 6.61% | 927.3 | 0.54% | 2.03% | 0.54% | 2.03% | 19% |
| (1.26) | 22.90 | 5.85% | 836.5 | 0.53% | 1.64% | 0.53% | 1.64% | 18% |
| (2.14) | 26.51 | (3.89)% | 288.6 | 0.85% | 1.65% | 0.85% | 1.65% | 21% |
| (1.46) | 29.73 | 54.89% | 296.5 | 0.86% | 1.25% | 0.86% | 1.25% | 23% |
| (0.36) | 20.42 | (7.90)% | 193.5 | 0.91% | 1.64% | 0.91% | 1.64% | 34% |
| (1.44) | 22.51 | 6.22% | 225.1 | 0.90% | 1.67% | 0.90% | 1.67% | 19% |
| (1.17) | 22.71 | 5.42% | 227.1 | 0.89% | 1.28% | 0.89% | 1.28% | 18% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*\*Computed on an annualized basis for periods less than one year.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>LIMITED MATURITY BOND FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | $12.65 | $0.21 | $(0.98) | $(0.77) | $(0.22) | $(0.01) |
| Year Ended 10/31/2021 | 12.67 | 0.19 | (0.02) | 0.17 | (0.19) |  |
| Year Ended 10/31/2020 | 12.52 | 0.28 | 0.15 | 0.43 | (0.28) |  |
| Year Ended 10/31/2019 | 12.30 | 0.33 | 0.22 | 0.55 | (0.33) |  |
| Year Ended 10/31/2018 | 12.48 | 0.29 | (0.17) | 0.12 | (0.30) |  |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 12.65 | 0.19 | (0.97) | (0.78) | (0.20) | (0.01) |
| Year Ended 10/31/2021 | 12.67 | 0.17 | (0.02) | 0.15 | (0.17) |  |
| Year Ended 10/31/2020 | 12.53 | 0.25 | 0.14 | 0.39 | (0.25) |  |
| Year Ended 10/31/2019 | 12.30 | 0.30 | 0.24 | 0.54 | (0.31) |  |
| Year Ended 10/31/2018 | 12.49 | 0.27 | (0.19) | 0.08 | (0.27) |  |
| **<u>LOW VOLATILITY EQUITY FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 14.16 | 0.15 | (1.65) | (1.50) | (0.15) | (0.66) |
| Year Ended 10/31/2021 | 11.58 | 0.16 | 2.62 | 2.78 | (0.20) |  |
| Year Ended 10/31/2020 | 12.20 | 0.18 | (0.57) | (0.39) | (0.14) | (0.09) |
| Year Ended 10/31/2019 | 10.85 | 0.14 | 1.52 | 1.66 | (0.13) | (0.18) |
| Year Ended 10/31/2018 | 10.87 | 0.10 | 0.11 | 0.21 | (0.13) | (0.10) |
| **<u>MID CAP GROWTH FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 17.34 | (0.05) | (5.05) | (5.10) |  | (0.50) |
| Year Ended 10/31/2021 | 12.65 | (0.07) | 5.18 | 5.11 |  | (0.42) |
| Year Ended 10/31/2020<sup>(d)</sup> | 10.00 | (0.05) | 2.70 | 2.65 |  |  |
| **<u>MID CAP STOCK FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 41.63 | 0.05 | (5.87) | (5.82) | (0.04) | (4.06) |
| Year Ended 10/31/2021<sup>(e)</sup> | 28.04 | 0.05 | 14.62 | 14.67 | (0.09) | (0.99) |
| Year Ended 10/31/2020 | 27.10 | 0.10 | 1.61 | 1.71 | (0.10) | (0.67) |
| Year Ended 10/31/2019 | 28.06 | 0.01 | 1.71 | 1.72 | (0.11) | (2.57) |
| Year Ended 10/31/2018 | 29.04 | 0.02 | 1.23 | 1.25 |  | (2.23) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 36.05 | 0.04 | (5.08) | (5.04) |  | (4.06) |
| Year Ended 10/31/2021 | 24.40 | (0.04) | 12.71 | 12.67 | (0.03) | (0.99) |
| Year Ended 10/31/2020 | 23.68 | 0.01 | 1.42 | 1.43 | (0.04) | (0.67) |
| Year Ended 10/31/2019 | 24.87 | 0.06 | 1.36 | 1.42 | (0.04) | (2.57) |
| Year Ended 10/31/2018 | 26.05 | 0.05 | 1.00 | 1.05 |  | (2.23) |

---

(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, 2020.

(e)Per share amounts have been calculated using the average shares method.

\*All per share amounts have been rounded to the nearest cent.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(0.23) | $11.65 | (6.16)% | $1113.7 | 0.42% | 1.69% | 0.42% | 1.69% | 50% |
| (0.19) | 12.65 | 1.31% | 1346.8 | 0.41% | 1.45% | 0.41% | 1.45% | 169% |
| (0.28) | 12.67 | 3.45% | 1025.0 | 0.43% | 2.19% | 0.43% | 2.19% | 153% |
| (0.33) | 12.52 | 4.51% | 729.2 | 0.43% | 2.63% | 0.43% | 2.63% | 109% |
| (0.30) | 12.30 | 0.94% | 627.7 | 0.42% | 2.38% | 0.42% | 2.38% | 82% |
| (0.21) | 11.66 | (6.22)% | 285.3 | 0.57% | 1.54% | 0.57% | 1.54% | 50% |
| (0.17) | 12.65 | 1.16% | 365.9 | 0.56% | 1.31% | 0.56% | 1.31% | 169% |
| (0.25) | 12.67 | 3.20% | 342.2 | 0.60% | 2.03% | 0.60% | 2.03% | 153% |
| (0.31) | 12.53 | 4.40% | 292.0 | 0.61% | 2.45% | 0.61% | 2.45% | 109% |
| (0.27) | 12.30 | 0.67% | 298.0 | 0.61% | 2.17% | 0.61% | 2.17% | 82% |
| (0.81) | 11.85 | (11.33)% | 29.2 | 0.95% | 1.28% | 1.41% | 0.82% | 76% |
| (0.20) | 14.16 | 24.25% | 29.5 | 0.95% | 1.15% | 1.43% | 0.67% | 75% |
| (0.23) | 11.58 | (3.33)% | 28.5 | 0.98% | 1.68% | 1.44% | 1.21% | 72% |
| (0.31) | 12.20 | 15.75% | 19.3 | 1.20% | 1.59% | 1.96% | 0.83% | 58% |
| (0.23) | 10.85 | 1.92% | 10.7 | 1.20% | 1.27% | 2.64% | (0.17)% | 58% |
| (0.50) | 11.74 | (30.15)% | 20.3 | 0.90% | (0.50)% | 2.08% | (1.69)% | 33% |
| (0.42) | 17.34 | 41.11% | 19.3 | 0.92% | (0.58)% | 2.33% | (1.99)% | 61% |
|  | 12.65 | 26.50% | 6.0 | 1.00% | (0.62)% | 3.60% | (3.23)% | 57% |
| (4.10) | 31.71 | (15.41)% | 2083.1 | 0.75% | 0.29% | 0.75% | 0.29% | 27% |
| (1.08) | 41.63 | 53.40% | 2148.8 | 0.74% | 0.14% | 0.74% | 0.14% | 48% |
| (0.77) | 28.04 | 6.37% | 1100.6 | 0.76% | 0.37% | 0.76% | 0.37% | 40% |
| (2.68) | 27.10 | 7.25% | 1081.0 | 0.77% | 0.50% | 0.77% | 0.50% | 28% |
| (2.23) | 28.06 | 4.36% | 744.0 | 0.74% | 0.61% | 0.74% | 0.61% | 34% |
| (4.06) | 26.95 | (15.62)% | 1370.5 | 0.97% | 0.07% | 0.97% | 0.07% | 27% |
| (1.02) | 36.05 | 53.09% | 1651.7 | 0.98% | (0.11)% | 0.98% | (0.11)% | 48% |
| (0.71) | 24.40 | 6.08% | 1146.3 | 1.04% | 0.10% | 1.04% | 0.10% | 40% |
| (2.61) | 23.68 | 6.89% | 1174.7 | 1.04% | 0.22% | 1.04% | 0.22% | 28% |
| (2.23) | 24.87 | 4.07% | 1171.8 | 1.04% | 0.17% | 1.04% | 0.17% | 34% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*\*Computed on an annualized basis for periods less than one year.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>MID CAP VALUE FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | $16.16 | $0.14 | $(0.55) | $(0.41) | $(0.04) | $(0.62) |
| Year Ended 10/31/2021 | 10.20 | 0.07 | 5.97 | 6.04 | (0.08) |  |
| Year Ended 10/31/2020<sup>(d)</sup> | 10.00 | 0.05 | 0.15 | 0.20 |  |  |
| **<u>MODERATE ALLOCATION FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 16.94 | 0.20 | (2.81) | (2.61) | (0.27) | (0.80) |
| Year Ended 10/31/2021 | 14.33 | 0.18 | 3.05 | 3.23 | (0.18) | (0.44) |
| Year Ended 10/31/2020 | 14.19 | 0.21 | 0.67 | 0.88 | (0.22) | (0.52) |
| Year Ended 10/31/2019 | 13.41 | 0.25 | 1.11 | 1.36 | (0.27) | (0.31) |
| Year Ended 10/31/2018 | 13.93 | 0.24 | (0.13) | 0.11 | (0.25) | (0.38) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 16.89 | 0.16 | (2.80) | (2.64) | (0.23) | (0.80) |
| Year Ended 10/31/2021 | 14.29 | 0.14 | 3.05 | 3.19 | (0.15) | (0.44) |
| Year Ended 10/31/2020 | 14.15 | 0.18 | 0.66 | 0.84 | (0.18) | (0.52) |
| Year Ended 10/31/2019 | 13.37 | 0.21 | 1.12 | 1.33 | (0.24) | (0.31) |
| Year Ended 10/31/2018 | 13.89 | 0.20 | (0.12) | 0.08 | (0.22) | (0.38) |
| **<u>MODERATELY AGGRESSIVE ALLOCATION FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 18.97 | 0.18 | (3.27) | (3.09) | (0.27) | (1.00) |
| Year Ended 10/31/2021 | 15.31 | 0.13 | 4.24 | 4.37 | (0.15) | (0.56) |
| Year Ended 10/31/2020 | 15.38 | 0.17 | 0.72 | 0.89 | (0.20) | (0.76) |
| Year Ended 10/31/2019 | 14.75 | 0.20 | 1.25 | 1.45 | (0.23) | (0.59) |
| Year Ended 10/31/2018 | 15.32 | 0.18 | 0.07 | 0.25 | (0.20) | (0.62) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 18.78 | 0.13 | (3.23) | (3.10) | (0.23) | (1.00) |
| Year Ended 10/31/2021 | 15.16 | 0.10 | 4.20 | 4.30 | (0.12) | (0.56) |
| Year Ended 10/31/2020 | 15.24 | 0.15 | 0.70 | 0.85 | (0.17) | (0.76) |
| Year Ended 10/31/2019 | 14.62 | 0.17 | 1.23 | 1.40 | (0.19) | (0.59) |
| Year Ended 10/31/2018 | 15.19 | 0.15 | 0.06 | 0.21 | (0.16) | (0.62) |

---

(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, 2020.

\*All per share amounts have been rounded to the nearest cent.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(0.66) | $15.09 | (2.70)% | $19.8 | 0.90% | 1.07% | 2.04% | (0.07)% | 31% |
| (0.08) | 16.16 | 59.38% | 12.0 | 0.92% | 0.53% | 2.73% | (1.28)% | 36% |
|  | 10.20 | 2.00% | 5.0 | 1.00% | 0.75% | 3.80% | (2.04)% | 58% |
| (1.07) | 13.26 | (16.35)% | 1328.1 | 0.56% | 1.32% | 0.74% | 1.14% | 96% |
| (0.62) | 16.94 | 23.07% | 1456.3 | 0.54% | 1.08% | 0.74% | 0.89% | 120% |
| (0.74) | 14.33 | 6.40% | 973.0 | 0.58% | 1.48% | 0.76% | 1.30% | 117% |
| (0.58) | 14.19 | 10.57% | 712.2 | 0.57% | 1.78% | 0.77% | 1.59% | 145% |
| (0.63) | 13.41 | 0.77% | 535.5 | 0.53% | 1.69% | 0.74% | 1.47% | 133% |
| (1.03) | 13.22 | (16.54)% | 1791.8 | 0.79% | 1.10% | 0.98% | 0.91% | 96% |
| (0.59) | 16.89 | 22.78% | 2246.9 | 0.78% | 0.88% | 0.97% | 0.68% | 120% |
| (0.70) | 14.29 | 6.16% | 1888.6 | 0.81% | 1.32% | 0.99% | 1.14% | 117% |
| (0.55) | 14.15 | 10.34% | 1884.8 | 0.80% | 1.59% | 1.00% | 1.39% | 145% |
| (0.60) | 13.37 | 0.50% | 1778.0 | 0.79% | 1.46% | 1.00% | 1.25% | 133% |
| (1.27) | 14.61 | (17.47)% | 1296.1 | 0.60% | 1.03% | 0.83% | 0.80% | 62% |
| (0.71) | 18.97 | 29.32% | 1399.0 | 0.59% | 0.72% | 0.83% | 0.48% | 76% |
| (0.96) | 15.31 | 6.00% | 924.3 | 0.63% | 1.18% | 0.85% | 0.96% | 81% |
| (0.82) | 15.38 | 10.62% | 782.5 | 0.62% | 1.36% | 0.86% | 1.12% | 98% |
| (0.82) | 14.75 | 1.61% | 580.8 | 0.57% | 1.17% | 0.83% | 0.91% | 86% |
| (1.23) | 14.45 | (17.66)% | 2168.1 | 0.80% | 0.86% | 1.03% | 0.62% | 62% |
| (0.68) | 18.78 | 29.10% | 2740.2 | 0.79% | 0.56% | 1.03% | 0.32% | 76% |
| (0.93) | 15.16 | 5.77% | 2234.1 | 0.83% | 1.03% | 1.05% | 0.81% | 81% |
| (0.78) | 15.24 | 10.36% | 2251.4 | 0.83% | 1.21% | 1.06% | 0.98% | 98% |
| (0.78) | 14.62 | 1.37% | 2123.3 | 0.80% | 0.99% | 1.06% | 0.73% | 86% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*\*Computed on an annualized basis for periods less than one year.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>MODERATELY CONSERVATIVE ALLOCATION FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | $13.97 | $0.22 | $(2.36) | $(2.14) | $(0.26) | $(0.30) |
| Year Ended 10/31/2021 | 12.80 | 0.19 | 1.49 | 1.68 | (0.19) | (0.32) |
| Year Ended 10/31/2020 | 12.74 | 0.23 | 0.47 | 0.70 | (0.23) | (0.41) |
| Year Ended 10/31/2019 | 12.02 | 0.27 | 0.93 | 1.20 | (0.29) | (0.19) |
| Year Ended 10/31/2018 | 12.52 | 0.27 | (0.29) | (0.02) | (0.27) | (0.21) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 13.92 | 0.19 | (2.35) | (2.16) | (0.23) | (0.30) |
| Year Ended 10/31/2021 | 12.76 | 0.16 | 1.48 | 1.64 | (0.16) | (0.32) |
| Year Ended 10/31/2020 | 12.70 | 0.20 | 0.47 | 0.67 | (0.20) | (0.41) |
| Year Ended 10/31/2019 | 11.98 | 0.24 | 0.93 | 1.17 | (0.26) | (0.19) |
| Year Ended 10/31/2018 | 12.48 | 0.24 | (0.29) | (0.05) | (0.24) | (0.21) |
| **<u>MONEY MARKET FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 1.00 | 0.01 |  | 0.01 | (0.01) |  |
| Year Ended 10/31/2021 | 1.00 |  |  |  |  |  |
| Year Ended 10/31/2020 | 1.00 | 0.01 |  | 0.01 | (0.01) |  |
| Year Ended 10/31/2019 | 1.00 | 0.02 |  | 0.02 | (0.02) |  |
| Year Ended 10/31/2018 | 1.00 | 0.01 |  | 0.01 | (0.01) |  |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 1.00 | 0.01 |  | 0.01 | (0.01) |  |
| Year Ended 10/31/2021 | 1.00 |  |  |  |  |  |
| Year Ended 10/31/2020 | 1.00 | 0.01 |  | 0.01 | (0.01) |  |
| Year Ended 10/31/2019 | 1.00 | 0.02 |  | 0.02 | (0.02) |  |
| Year Ended 10/31/2018 | 1.00 | 0.01 |  | 0.01 | (0.01) |  |
| **<u>MUNICIPAL BOND FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 11.51 | 0.30 | (1.91) | (1.61) | (0.32) |  |
| Year Ended 10/31/2021 | 11.42 | 0.34 | 0.08 | 0.42 | (0.33) |  |
| Year Ended 10/31/2020 | 11.47 | 0.34 | (0.04) | 0.30 | (0.35) |  |
| Year Ended 10/31/2019 | 10.89 | 0.37 | 0.59 | 0.96 | (0.38) |  |
| Year Ended 10/31/2018 | 11.39 | 0.41 | (0.50) | (0.09) | (0.41) |  |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 11.51 | 0.27 | (1.90) | (1.63) | (0.30) |  |
| Year Ended 10/31/2021 | 11.42 | 0.29 | 0.11 | 0.40 | (0.31) |  |
| Year Ended 10/31/2020 | 11.47 | 0.30 | (0.02) | 0.28 | (0.33) |  |
| Year Ended 10/31/2019 | 10.89 | 0.33 | 0.61 | 0.94 | (0.36) |  |
| Year Ended 10/31/2018 | 11.39 | 0.38 | (0.50) | (0.12) | (0.38) |  |

---

(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.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(0.56) | $11.27 | (15.80)% | $471.9 | 0.58% | 1.76% | 0.72% | 1.62% | 140% |
| (0.51) | 13.97 | 13.40% | 525.5 | 0.58% | 1.37% | 0.72% | 1.22% | 159% |
| (0.64) | 12.80 | 5.69% | 350.0 | 0.59% | 1.81% | 0.73% | 1.66% | 146% |
| (0.48) | 12.74 | 10.33% | 267.1 | 0.58% | 2.18% | 0.73% | 2.03% | 182% |
| (0.48) | 12.02 | (0.18)% | 195.9 | 0.55% | 2.18% | 0.71% | 2.02% | 175% |
| (0.53) | 11.23 | (16.00)% | 621.1 | 0.82% | 1.52% | 0.96% | 1.38% | 140% |
| (0.48) | 13.92 | 13.09% | 797.2 | 0.81% | 1.16% | 0.96% | 1.01% | 159% |
| (0.61) | 12.76 | 5.45% | 725.8 | 0.83% | 1.60% | 0.97% | 1.46% | 146% |
| (0.45) | 12.70 | 10.09% | 701.9 | 0.82% | 1.98% | 0.98% | 1.83% | 182% |
| (0.45) | 11.98 | (0.45)% | 672.7 | 0.82% | 1.93% | 0.98% | 1.77% | 175% |
| (0.01) | 1.00 | 0.67% | 535.4 | 0.40% | 0.85% | 0.41% | 0.84% | N/A |
|  | 1.00 | 0.00% | 276.0 | 0.11% | 0.00% | 0.50% | (0.40)% | N/A |
| (0.01) | 1.00 | 0.56% | 355.5 | 0.33% | 0.52% | 0.49% | 0.35% | N/A |
| (0.02) | 1.00 | 1.97% | 298.1 | 0.40% | 1.94% | 0.50% | 1.84% | N/A |
| (0.01) | 1.00 | 1.29% | 171.9 | 0.44% | 1.36% | 0.53% | 1.28% | N/A |
| (0.01) | 1.00 | 0.61% | 410.5 | 0.44% | 0.65% | 0.50% | 0.58% | N/A |
|  | 1.00 | 0.00% | 349.4 | 0.11% | (0.01)% | 0.59% | (0.49)% | N/A |
| (0.01) | 1.00 | 0.52% | 399.4 | 0.37% | 0.49% | 0.61% | 0.25% | N/A |
| (0.02) | 1.00 | 1.87% | 359.4 | 0.50% | 1.85% | 0.64% | 1.71% | N/A |
| (0.01) | 1.00 | 1.13% | 322.9 | 0.61% | 1.12% | 0.69% | 1.04% | N/A |
| (0.32) | 9.58 | (14.22)% | 357.1 | 0.54% | 2.81% | 0.54% | 2.81% | 42% |
| (0.33) | 11.51 | 3.73% | 440.0 | 0.54% | 2.72% | 0.54% | 2.72% | 16% |
| (0.35) | 11.42 | 2.68% | 335.4 | 0.54% | 2.86% | 0.54% | 2.86% | 29% |
| (0.38) | 11.47 | 8.98% | 285.4 | 0.54% | 3.14% | 0.54% | 3.14% | 31% |
| (0.41) | 10.89 | (0.85)% | 232.2 | 0.51% | 3.66% | 0.51% | 3.66% | 35% |
| (0.30) | 9.58 | (14.40)% | 923.5 | 0.74% | 2.61% | 0.74% | 2.61% | 42% |
| (0.31) | 11.51 | 3.52% | 1186.3 | 0.74% | 2.49% | 0.74% | 2.49% | 16% |
| (0.33) | 11.42 | 2.48% | 1215.5 | 0.74% | 2.68% | 0.74% | 2.68% | 29% |
| (0.36) | 11.47 | 8.76% | 1253.7 | 0.75% | 2.99% | 0.75% | 2.99% | 31% |
| (0.38) | 10.89 | (1.08)% | 1238.9 | 0.74% | 3.42% | 0.74% | 3.42% | 35% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*\*Computed on an annualized basis for periods less than one year.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** | **PER SHARE OUTSTANDING THROUGHOUT EACH PERIOD\*** |
|  |  | **Income From Investment Operations** | **Income From Investment Operations** | **Income From Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss) on**<br> **Investments**<sup>(a)</sup> <br>| **Total from**<br> **Investment**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net**<br> **Realized**<br> **Gain on**<br> **Investments**<br>|
| **<u>MULTIDIMENSIONAL INCOME FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 12/31/2022 | $10.24 | $0.37 | $(1.74) | $(1.37) | $(0.39) | $— |
| Year Ended 12/31/2021 | 10.17 | 0.36 | 0.21 | 0.57 | (0.36) | (0.13) |
| Year Ended 12/31/2020 | 10.06 | 0.43 | 0.11 | 0.54 | (0.41) |  |
| Year Ended 12/31/2019 | 9.13 | 0.38 | 0.99 | 1.37 | (0.40) |  |
| Year Ended 12/31/2018 | 10.15 | 0.41 | (0.95) | (0.54) | (0.44) | (0.02) |
| **<u>OPPORTUNITY INCOME PLUS FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 10.13 | 0.34 | (1.54) | (1.20) | (0.36) |  |
| Year Ended 10/31/2021 | 9.97 | 0.30 | 0.16 | 0.46 | (0.30) |  |
| Year Ended 10/31/2020 | 10.11 | 0.34 | (0.14) | 0.20 | (0.34) |  |
| Year Ended 10/31/2019 | 9.96 | 0.42 | 0.15 | 0.57 | (0.42) |  |
| Year Ended 10/31/2018 | 10.31 | 0.40 | (0.34) | 0.06 | (0.41) |  |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 10.13 | 0.32 | (1.55) | (1.23) | (0.33) |  |
| Year Ended 10/31/2021 | 9.97 | 0.27 | 0.16 | 0.43 | (0.27) |  |
| Year Ended 10/31/2020 | 10.11 | 0.32 | (0.14) | 0.18 | (0.32) |  |
| Year Ended 10/31/2019 | 9.96 | 0.39 | 0.15 | 0.54 | (0.39) |  |
| Year Ended 10/31/2018 | 10.31 | 0.37 | (0.34) | 0.03 | (0.38) |  |
| **<u>SMALL CAP GROWTH FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 20.48 | (0.09) | (4.57) | (4.66) |  | (0.46) |
| Year Ended 10/31/2021 | 14.80 | (0.07) | 6.14 | 6.07 |  | (0.39) |
| Year Ended 10/31/2020 | 10.87 | (0.04) | 4.03 | 3.99 |  | (0.06) |
| Year Ended 10/31/2019 | 10.57 | (0.05) | 0.55 | 0.50 |  | (0.20) |
| Year Ended 10/31/2018<sup>(d)</sup> <br>| 10.00 | (0.06) | 0.63 | 0.57 |  |  |
| **<u>SMALL CAP STOCK FUND</u>** |  |  |  |  |  |  |
| **<u>Class S Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 35.75 | 0.09 | (2.96) | (2.87) | (0.18) | (3.48) |
| Year Ended 10/31/2021<sup>(e)</sup> <br>| 23.03 | 0.08 | 13.11 | 13.19 | (0.18) | (0.29) |
| Year Ended 10/31/2020<sup>(e)</sup> <br>| 24.44 | 0.13 | 0.55 | 0.68 | (0.11) | (1.98) |
| Year Ended 10/31/2019<sup>(e)</sup> <br>| 26.35 | 0.10 | 1.05 | 1.15 |  | (3.06) |
| Year Ended 10/31/2018<sup>(e)</sup> <br>| 26.87 | 0.07 | 1.15 | 1.22 |  | (1.74) |
| **<u>Class A Shares</u>** |  |  |  |  |  |  |
| Year Ended 10/31/2022 | 27.87 | 0.08 | (2.31) | (2.23) | (0.12) | (3.48) |
| Year Ended 10/31/2021 | 18.04 | (0.01) | 10.26 | 10.25 | (0.13) | (0.29) |
| Year Ended 10/31/2020 | 19.58 | 0.05 | 0.45 | 0.50 | (0.06) | (1.98) |
| Year Ended 10/31/2019 | 21.82 | 0.04 | 0.78 | 0.82 |  | (3.06) |
| Year Ended 10/31/2018 | 22.60 |  | 0.96 | 0.96 |  | (1.74) |

---

(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, 2018.

(e)Per share amounts have been calculated using the average shares outstanding method.

\*All per share amounts have been rounded to the nearest cent.

------

Thrivent Mutual Funds

Financial Highlights – continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** | **RATIOS / SUPPLEMENTAL DATA** |
|  |  |  |  |  | **Ratio to Average**<br> **Net Assets\*\*** | **Ratio to Average**<br> **Net Assets\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** | **Ratios to Average Net Assets**<br> **Before Expenses Waived,**<br> **Credited or Acquired Fund**<br> **Fees and Expenses\*\*** |  |
| **Return of**<br> **Capital**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| &nbsp;&nbsp; **Total**<br> **Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,**<br> **End of Period**<br> **(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net**<br> **Investment**<br> **Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(c)</sup> <br>|
| $(0.02) | $(0.41) | $8.46 | (13.49)% | $59.8 | 0.73% | 4.16% | 1.01% | 3.89% | 59% |
| (0.01) | (0.50) | 10.24 | 5.72% | 70.2 | 0.85% | 3.38% | 1.09% | 3.14% | 44% |
| (0.02) | (0.43) | 10.17 | 5.74% | 37.5 | 0.85% | 4.14% | 1.36% | 3.63% | 61% |
| (0.04) | (0.44) | 10.06 | 15.18% | 20.6 | 1.00% | 3.89% | 1.60% | 3.29% | 113% |
| (0.02) | (0.48) | 9.13 | (5.45)% | 17.9 | 1.15% | 4.02% | 1.62% | 3.55% | 96% |
|  | (0.36) | 8.57 | (12.07)% | 450.7 | 0.62% | 3.63% | 0.62% | 3.63% | 175% |
|  | (0.30) | 10.13 | 4.65% | 615.3 | 0.60% | 2.96% | 0.60% | 2.96% | 228% |
|  | (0.34) | 9.97 | 2.10% | 534.7 | 0.61% | 3.46% | 0.61% | 3.46% | 186% |
|  | (0.42) | 10.11 | 5.85% | 408.8 | 0.62% | 4.16% | 0.62% | 4.16% | 186% |
|  | (0.41) | 9.96 | 0.55% | 312.6 | 0.65% | 3.94% | 0.65% | 3.94% | 190% |
|  | (0.33) | 8.57 | (12.29)% | 182.5 | 0.88% | 3.38% | 0.88% | 3.38% | 175% |
|  | (0.27) | 10.13 | 4.38% | 233.3 | 0.86% | 2.69% | 0.86% | 2.69% | 228% |
|  | (0.32) | 9.97 | 1.83% | 238.6 | 0.88% | 3.19% | 0.88% | 3.19% | 186% |
|  | (0.39) | 10.11 | 5.57% | 246.7 | 0.89% | 3.90% | 0.89% | 3.90% | 186% |
|  | (0.38) | 9.96 | 0.31% | 244.6 | 0.89% | 3.67% | 0.89% | 3.67% | 190% |
|  | (0.46) | 15.36 | (23.18)% | 147.0 | 0.95% | (0.57)% | 1.16% | (0.78)% | 53% |
|  | (0.39) | 20.48 | 41.54% | 181.4 | 0.95% | (0.55)% | 1.21% | (0.81)% | 42% |
|  | (0.06) | 14.80 | 36.84% | 18.6 | 1.03% | (0.58)% | 2.47% | (2.02)% | 49% |
|  | (0.20) | 10.87 | 5.03% | 8.4 | 1.22% | (0.60)% | 3.76% | (3.14)% | 48% |
|  |  | 10.57 | 5.70% | 5.2 | 1.24% | (0.77)% | 3.91% | (3.43)% | 32% |
|  | (3.66) | 29.22 | (8.92)% | 1270.5 | 0.82% | 0.45% | 0.82% | 0.45% | 42% |
|  | (0.47) | 35.75 | 57.77% | 877.9 | 0.80% | 0.23% | 0.80% | 0.23% | 46% |
|  | (2.09) | 23.03 | 2.57% | 271.5 | 0.83% | 0.58% | 0.83% | 0.58% | 67% |
|  | (3.06) | 24.44 | 5.87% | 259.8 | 0.83% | 0.43% | 0.83% | 0.43% | 57% |
|  | (1.74) | 26.35 | 4.75% | 243.0 | 0.85% | 0.25% | 0.85% | 0.25% | 63% |
|  | (3.60) | 22.04 | (9.15)% | 519.4 | 1.05% | 0.20% | 1.05% | 0.20% | 42% |
|  | (0.42) | 27.87 | 57.37% | 591.9 | 1.07% | (0.01)% | 1.07% | (0.01)% | 46% |
|  | (2.04) | 18.04 | 2.27% | 393.4 | 1.14% | 0.27% | 1.14% | 0.27% | 67% |
|  | (3.06) | 19.58 | 5.53% | 415.5 | 1.14% | 0.13% | 1.14% | 0.13% | 57% |
|  | (1.74) | 21.82 | 4.48% | 421.8 | 1.13% | (0.02)% | 1.13% | (0.02)% | 63% |

---

(b)Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

(c)Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional information can be found in the accompanying Notes to Financial Statements.

\*\*Computed on an annualized basis for periods less than one year.

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![](g430457thriventballard_1.gif)

![](g430457tmfindicia_1.gif)

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**A better way to deliver documents** 

In response to concerns regarding multiple mailings, we send one copy of a prospectus for Thrivent Mutual Funds to each household. This consolidated mailing process is known as householding. It helps save money by reducing printing and postage costs.

You may also manage your communication choices and sign up for paperless delivery of prospectuses by enrolling at thrivent.com/gopaperless or, if you purchased directly online, by enrolling at thriventfunds.com.

**• If you purchased shares through Thrivent:** 

If you wish to revoke householding in the future, you may write to us at 4321 North Ballard Road, Appleton, WI, 54919-0001, or call us at 800-847-4836. We will begin to send separate regulatory mailings within 30 days of when we receive your request. If you wish to receive an additional copy of this prospectus for Thrivent Mutual Funds, call us at 800-847-4836. This prospectus is also available by visiting thriventmutualfunds.com/prospectus.

**• If you purchased shares from a firm other than Thrivent:** 

If you wish to revoke householding in the future or to receive an additional copy of this prospectus for Thrivent Mutual Funds, contact your financial professional. This prospectus is also available by visiting thriventmutualfunds.com/prospectus.

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**Contact Thrivent Mutual Funds** 

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| | | | |
|:---|:---|:---|:---|
| **Phone:** 800-847-4836 | **Fax:** 866-278-8363 | **Web:** <u>thriventfunds.com</u> | **Email:** contactus@thriventfunds.com |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Applications, Redemptions,**<br> **Exchanges & Other Requests:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrivent Mutual Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 219348<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City, Missouri 64121-9348<br>| &nbsp;&nbsp; **Additional Investments:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrivent Mutual Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 219334<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City, Missouri 64121-9334<br>| &nbsp;&nbsp; **Express Mail:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrivent Mutual Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 West 7th Street<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City, Missouri 64105<br>|

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The Statement of Additional Information, which is incorporated by reference into this prospectus, contains additional information about the Funds. Additional information about the Funds' investments is available in the Funds' annual and semiannual reports to shareholders. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the performance of each of the Funds during its last fiscal year. You may request a free copy of the Statement of Additional Information, the annual and semiannual reports, or you may make additional requests or inquiries by calling 800-847-4836. The Statement of Additional Information, the annual report and the semiannual report are also available, free of charge, at thriventfunds.com. You also may get information about the Funds on the EDGAR database on the SEC's internet site at SEC.gov. Copies of the information may also be obtained, after paying a duplicating fee, by sending an email to publicinfo@sec.gov.

1940 Act File No. 811-5075

The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker/dealer, member <u>FINRA</u>/<u>SIPC</u> and subsidiary of Thrivent, the marketing name for Thrivent Financial for Lutherans.

32001PR R2-23

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Thrivent Mutual Funds

Statement of Additional Information

Dated February 28, 2023

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| | | |
|:---|:---|:---|
| Fund | Class S | Class A |
| Thrivent Aggressive Allocation Fund | TAAIX | TAAAX |
| Thrivent Balanced Income Plus Fund | IBBFX | AABFX |
| Thrivent Diversified Income Plus Fund | THYFX | AAHYX |
| Thrivent Global Stock Fund | IILGX | AALGX |
| Thrivent Government Bond Fund | TBFIX | TBFAX |
| Thrivent High Income Municipal Bond Fund | THMBX | -- |
| Thrivent High Yield Fund | LBHIX | LBHYX |
| Thrivent Income Fund | LBIIX | LUBIX |
| Thrivent International Allocation Fund | TWAIX | TWAAX |
| Thrivent Large Cap Growth Fund | THLCX | AAAGX |
| Thrivent Large Cap Value Fund | TLVIX | AAUTX |
| Thrivent Limited Maturity Bond Fund | THLIX | LBLAX |
| Thrivent Low Volatility Equity Fund | TLVOX | -- |
| Thrivent Mid Cap Growth Fund | TMCGX | -- |
| Thrivent Mid Cap Stock Fund | TMSIX | AASCX |
| Thrivent Mid Cap Value Fund | TMCVX | -- |
| Thrivent Moderate Allocation Fund | TMAIX | THMAX |
| Thrivent Moderately Aggressive Allocation Fund | TMAFX | TMAAX |
| Thrivent Moderately Conservative Allocation Fund | TCAIX | TCAAX |
| Thrivent Money Market Fund | AALXX | AMMXX |
| Thrivent Multidimensional Income Fund | TMLDX | -- |
| Thrivent Municipal Bond Fund | TMBIX | AAMBX |
| Thrivent Opportunity Income Plus Fund | IIINX | AAINX |
| Thrivent Small Cap Growth Fund | TSCGX | -- |
| Thrivent Small Cap Stock Fund | TSCSX | AASMX |

---

Each of the above-referenced mutual funds (each a "Fund" and collectively the "Funds") is a series of Thrivent Mutual Funds (the "Trust"). Class S and Class A shares are offered through the Funds' prospectus (the "Prospectus"). This Statement of Additional Information ("SAI") is not a prospectus but should be read in conjunction with the Prospectus dated February 28, 2023, for the applicable class of the above-referenced series of the Trust.

The Reports of the Independent Registered Public Accounting Firm and financial statements included in the annual report for the Trust for the fiscal year ended [October 31, 2022 (for all series except Thrivent Diversified Income Plus Fund](http://www.sec.gov/Archives/edgar/data/811869/000081186922000039/primary-document.htm)[and Thrivent Multidimensional Income Fund)](http://www.sec.gov/Archives/edgar/data/811869/000081186922000039/primary-document.htm) and [December 31, 2022 (for Thrivent Diversified Income Plus Fund and](http://www.sec.gov/Archives/edgar/data/811869/000081186923000008/primary-document.htm)[Thrivent Multidimensional Income Fund)](http://www.sec.gov/Archives/edgar/data/811869/000081186923000008/primary-document.htm) are separate reports furnished with this SAI and are incorporated herein by reference.

For a free copy of a Prospectus, this SAI, or an annual or semiannual report for the Funds, or to request other information or ask questions about the Funds, write to Thrivent Mutual Funds, 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211 or call toll-free 800-847-4836. In addition, you may visit thriventmutualfunds.com/prospectus.

The Prospectus and SAI do not purport to create any contractual obligations between the Trust or any Fund and its shareholders. In addition, shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Funds, including contracts with the investment manager or other parties who provide services to the Funds.

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[**Table of Contents**](#xx_0800c36b-485c-4c8f-953d-dc9a4549d475_1)

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| | |
|:---|:---|
|  | Page |
| [General Information About the Trust](#xx_ea2963de-1e1b-4c11-98d6-fe2a0ef435a3_1) | 3 |
| [Investment Policies and Restrictions](#xx_1b5c456d-1440-4e3e-b0f2-8caeac925025_1) | 5 |
| [Management of the Funds](#xx_2986fd0e-1740-419b-b74c-03060e728462_1) | 38 |
| [Significant Shareholders](#xx_28efd3eb-509c-489d-939c-653dedcb1622_1) | 49 |
| [Investment Adviser, Investment Subadviser and Portfolio Managers](#xx_0bb0a35f-686e-41e7-8a4b-40f5fd26d7eb_1) | 53 |
| [Underwriting and Distribution Services](#xx_d388a289-dace-4d34-ab42-07347c407229_1) | 68 |
| [Other Services](#xx_1aff0494-d3a8-4f83-a5bf-390a8a70a9f9_1) | 72 |
| [Brokerage Allocation and Other Practices](#xx_be3704ed-3663-45f1-8bb2-6dc8eadabaf5_1) | 75 |
| [Purchase, Redemption and Pricing of Shares](#xx_a5740f7d-aaca-4ed6-848c-1977bf60f526_1) | 82 |
| [Net Asset Value](#xx_a5740f7d-aaca-4ed6-848c-1977bf60f526_3) | 84 |
| [Tax Status](#xx_d39b7a4d-523f-46b7-aa17-8398514f2799_1) | 86 |
| [Description of Debt Ratings](#xx_973ff925-85aa-44ea-80e7-57c8eebe3617_1) | 93 |
| [Report of Independent Registered Public Accounting Firm and Financial Statements](#xx_b3f23fff-b1cb-40cf-bb64-1244ab513d15_1) | 99 |
| [Appendix A—Proxy Voting Policies](#xx_b3f23fff-b1cb-40cf-bb64-1244ab513d15_2) | 100 |

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General Information About the Trust

The Trust was organized as a Massachusetts Business Trust on March 10, 1987 and is registered as an open-end management investment company under the Investment Company Act of 1940 ("1940 Act"). The Trust is authorized to issue shares of beneficial interest, par value $.01 per share, divisible into an indefinite number of different series and classes and operates as a "series company" as provided by Rule 18f-2 under the 1940 Act. The Trust commenced operations on July 16, 1987 and currently consists of 25 series (each a "Fund" and collectively the "Funds"). Each Fund, other than Thrivent Large Cap Growth Fund, is diversified within the meaning of the 1940 Act.

The following table provides the inception date and the available classes of shares of the Funds described in this SAI.

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| | | |
|:---|:---|:---|
| **Fund Name** | **Class S**<br> **Inception Date**<br>| **Class A**<br> **Inception Date**<br>|
| Thrivent Aggressive Allocation Fund | 6/30/2005 | 6/30/2005 |
| Thrivent Balanced Income Plus Fund | 12/29/1997 | 12/29/1997 |
| Thrivent Diversified Income Plus Fund | 12/29/1997 | 1/08/1997 |
| Thrivent Global Stock Fund | 12/29/1997 | 7/16/1987 |
| Thrivent Government Bond Fund | 2/26/2010 | 2/26/2010 |
| Thrivent High Income Municipal Bond Fund | 2/28/2018 | N/A |
| Thrivent High Yield Fund | 10/31/1997 | 4/3/1987 |
| Thrivent Income Fund | 10/31/1997 | 6/1/1972 |
| Thrivent International Allocation Fund | 2/29/2008 | 2/29/2008 |
| Thrivent Large Cap Growth Fund | 10/29/1999 | 10/29/1999 |
| Thrivent Large Cap Value Fund | 10/29/1999 | 10/29/1999 |
| Thrivent Limited Maturity Bond Fund | 10/29/1999 | 10/29/1999 |
| Thrivent Low Volatility Equity Fund | 2/28/2017 | N/A |
| Thrivent Mid Cap Growth Fund | 2/28/2020 | N/A |
| Thrivent Mid Cap Stock Fund | 12/29/1997 | 6/30/1993 |
| Thrivent Mid Cap Value Fund | 2/28/2020 | N/A |
| Thrivent Moderate Allocation Fund | 6/30/2005 | 6/30/2005 |
| Thrivent Moderately Aggressive Allocation Fund | 6/30/2005 | 6/30/2005 |
| Thrivent Moderately Conservative Allocation Fund | 6/30/2005 | 6/30/2005 |
| Thrivent Money Market Fund | 12/29/1997 | 3/10/1988 |
| Thrivent Multidimensional Income Fund | 2/28/2017 | N/A |
| Thrivent Municipal Bond Fund | 10/31/1997 | 12/3/1976 |
| Thrivent Opportunity Income Plus Fund | 12/29/1997 | 7/16/1987 |
| Thrivent Small Cap Growth Fund | 2/28/2018 | N/A |
| Thrivent Small Cap Stock Fund | 12/29/1997 | 7/01/1996 |

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The Declaration of Trust provides that each shareholder shall be deemed to have agreed to be bound by its terms. A vote of shareholders and the Board of Trustees (the "Board") may amend the Declaration of Trust. The Trust may issue an unlimited number of shares in one or more series as the Board may authorize.

Each class is subject to such investment minimums and other conditions as set forth in a Prospectus, as such may be amended from time to time. Differences in expenses among classes are described in the Trust's Amended and Restated Plan Pursuant to Rule 18f-3 under the Investment Company Act of 1940. Class S and Class A shares pay the expenses associated with their different distribution arrangements. Each class may, at the Trustees' discretion, also pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Trust's assets, if these expenses are actually incurred in a different amount by that class, or if the class receives services

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of a different kind or to a different degree than the other class. All other expenses will be allocated to each class on the basis of the net asset value of the particular Fund.

Each class of shares has identical voting rights except that each class has exclusive voting rights on any matter submitted to shareholders relating solely to the class or where the interests of one class differ from the interests of the other class. Class A shares have exclusive voting rights on matters involving the Distribution Plan and Agreement pursuant to Rule 12b-1 under the 1940 Act as applied to that class. Matters submitted to shareholder vote must be approved by each Fund separately except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. when required otherwise by the 1940 Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. when the Trustees determine that the matter does not affect all Funds; then, only the shareholders of the affected Funds may vote.

Shares are freely transferable, and holders thereof are entitled to receive dividends declared by the Trustees, and receive the assets of their respective Fund in the event of liquidation. The Trust generally holds shareholder meetings only when required by law or at the written request of shareholders owning at least 10% of the Trust's outstanding shares. Shareholders may remove the Trustees from office by votes cast in person or by proxy at a shareholder meeting.

At the request of shareholders holding 10% or more of the outstanding shares of the Trust, the Trust will hold a special meeting for the purpose of considering the removal of a Trustee(s) from office, and the Trust will cooperate with and assist shareholders of record who notify the Trust that they wish to communicate with other shareholders for the purpose of obtaining signatures to request such a meeting, all pursuant to and in accordance with Section 16(c) of the 1940 Act, as amended.

Under Massachusetts law, shareholders of a business trust may be held personally liable, under certain circumstances, for the obligations of the Trust. However, the Declaration of Trust disclaims shareholder, Trustee and/or officer liability for acts performed on behalf of the Trust or for Trust obligations that are binding only on the assets and property of the Trust. The Funds intend to include this disclaimer in each agreement, obligation, or contract entered into or executed by the Trust or the Board. The Declaration of Trust provides for indemnification out of the Trust's assets for all losses and expenses of any shareholder held personally liable for the obligations of the Trust. The risk of a shareholder incurring financial loss on account of shareholder liability is remote because it is limited to circumstances where the Trust itself is unable to meet its obligations.

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Investment Policies and Restrictions

Additional Investment Practices

In addition to those practices stated in the Prospectuses, various Funds may purchase the securities or engage in the transactions described below. Each of these investment practices are non-principal investment strategies except as otherwise noted.

Investments of Thrivent Asset Allocation Funds

Each of the Thrivent Aggressive Allocation Fund, Thrivent Moderately Aggressive Allocation Fund, Thrivent Moderate Allocation Fund and Thrivent Moderately Conservative Allocation Fund (each, a "Thrivent Asset Allocation Fund" and collectively, the "Thrivent Asset Allocation Funds") seeks to achieve its investment objective by investing in a combination of other series of the Trust, series of Thrivent Core Funds, and directly held financial instruments in accordance with Section 12(d)(1) of the 1940 Act and applicable rules, regulations and/or exemptive relief thereunder.

The Thrivent Asset Allocation Funds are "diversified" within the meaning of the 1940 Act. A mutual fund is diversified if at least 75% of the value of its total assets is represented by U.S. Government securities (as defined in the 1940 Act), cash and cash items, securities of other investment companies and other securities, excluding investments of more than 5% of the fund's total assets in any one issuer and investments representing more than 10% of the outstanding voting securities of any one issuer.

Other Securities

Thrivent Balanced Income Plus Fund, Thrivent Global Stock Fund, Thrivent International Allocation Fund, Thrivent Large Cap Growth Fund, Thrivent Large Cap Value Fund, Thrivent Low Volatility Equity Fund, Thrivent Mid Cap Growth Fund, Thrivent Mid Cap Stock Fund, Thrivent Mid Cap Value Fund, Thrivent Small Cap Growth Fund, Thrivent Small Cap Stock Fund, and, to the extent set forth above, Thrivent Asset Allocation Funds may invest in other types of securities, including bonds, preferred stocks, convertible bonds, convertible preferred stocks, warrants, American Depository Receipts (ADRs), and other debt or equity securities. In addition, each of these Funds may invest in U.S. Government securities or cash, European Depository Receipts (EDRs) and the securities of trusts, including foreign investment trusts.

Thrivent Global Stock Fund, Thrivent International Allocation Fund, Thrivent Large Cap Growth Fund, Thrivent Large Cap Value Fund, Thrivent Low Volatility Equity Fund, Thrivent Mid Cap Growth Fund, Thrivent Mid Cap Stock Fund, Thrivent Mid Cap Value Fund, Thrivent Small Cap Growth Fund, and Thrivent Small Cap Stock Fund will not use any minimum level of credit quality. Debt obligations may be rated less than investment grade, which is defined as having a quality rating below "Baa3," as rated by Moody's Investors Service, Inc. ("Moody's"), or below "BBB-," as rated by Standard & Poor's Corporation ("S&P"). For a description of Moody's and S&P ratings, see "Description of Debt Ratings." Securities rated below investment grade (sometimes referred to as "high yield bonds" or "junk bonds") are considered to be speculative and involve certain risks, including a higher risk of default and greater sensitivity to economic changes.

Thrivent Government Bond Fund, Thrivent High Yield Fund, Thrivent Income Fund, Thrivent Limited Maturity Bond Fund, Thrivent Multidimensional Income Fund, and Thrivent Opportunity Income Plus Fund also may invest in common stocks, warrants to purchase stocks, bonds or preferred stocks convertible into common stock, and other equity securities.

Thrivent High Income Municipal Bond Fund and Thrivent Municipal Bond Fund do not generally intend to purchase any securities that would cause 25% or more of the value of its total assets to be invested in the securities of governmental subdivisions located in any one state, territory or possession of the United States. Each of these Funds may invest 25% or more of the value of its total assets in industrial development bonds. Each of these Funds also may invest up to 25% of its total assets in securities issued in connection with the financing of projects with similar characteristics, such as toll

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road revenue bonds, housing revenue bonds or electric power project revenue bonds, or in industrial development revenue bonds which are based, directly or indirectly, on the credit of private entities in any one industry.

Thrivent Money Market Fund is managed in accordance with Rule 2a-7 and will only acquire investments that meet the portfolio requirements of Rule 2a-7, including those related to maturity, quality, diversification, and liquidity. The discussion of investments in this SAI is qualified by Rule 2a-7 limitations with respect to Thrivent Money Market Fund.

Bank Instruments

Each Fund may invest in bank instruments in pursuit of its investment objective. These instruments include, but are not limited to, certificates of deposit, bankers' acceptances and time deposits. Certificates of deposit are generally short-term (*i.e.*, less than one year), interest-bearing negotiable certificates issued by commercial banks or savings and loan associations against funds deposited in the issuing institution. A banker's acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction (to finance the import, export, transfer or storage of goods). A banker's acceptance may be obtained from a domestic or foreign bank including a U.S. branch or agency of a foreign bank. The borrower is liable for payment as well as the bank, which unconditionally guarantees to pay the draft at its face amount on the maturity date. Most acceptances have maturities of six months or less and are traded in secondary markets prior to maturity. Time deposits are non-negotiable deposits for a fixed period of time at a stated interest rate.

U.S. branches of foreign banks are offices of foreign banks and are not separately incorporated entities. They are chartered and regulated under federal or state law. U.S. federal branches of foreign banks are chartered and regulated by the Comptroller of the Currency, while state branches and agencies are chartered and regulated by authorities of the respective state or the District of Columbia. U.S. branches of foreign banks may accept deposits and thus are eligible for FDIC insurance; however, not all such branches elect FDIC insurance. U.S. branches of foreign banks can maintain credit balances, which are funds received by the office incidental to or arising out of the exercise of their banking powers and can exercise other commercial functions, such as lending activities.

Investing in instruments issued by foreign branches of U.S. banks and U.S. branches of foreign banks may involve risks. These risks may include future unfavorable political and economic developments, possible withholding or confiscatory taxes, seizure of foreign deposits, currency controls, interest limitations and other governmental restrictions that might affect payment of principal or interest, and possible difficulties pursuing or enforcing claims against banks located outside the U.S. Additionally, foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards or other regulatory requirements and practices comparable to U.S. issuers, and there may be less public information available about foreign banks and their branches and agencies.

Repurchase Agreements

Each Fund may engage in repurchase agreement transactions in pursuit of its investment objective. A repurchase agreement consists of a purchase and a simultaneous agreement to resell an investment for later delivery at an agreed upon price and rate of interest. A Fund must take possession of collateral either directly or through a third-party custodian. If the original seller of a security subject to a repurchase agreement fails to repurchase the security at the agreed upon time, the Fund could incur a loss due to a drop in the market value of the security during the time it takes the Fund to either sell the security or take action to enforce the original seller's agreement to repurchase the security. Also, if a defaulting original seller filed for bankruptcy or became insolvent, disposition of such security might be delayed by pending court action. A Fund may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Funds' investment adviser, Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser"), or a subadviser, to be creditworthy. Thrivent Money Market Fund may enter into repurchase agreements that are collateralized by U.S. Government securities or cash.

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Restricted Securities

The Funds may buy or sell restricted securities, including securities that meet the requirements of Rule 144A under the Securities Act of 1933 ("Rule 144A Securities"). Rule 144A Securities may be resold pursuant to Rule 144A under certain circumstances only to qualified institutional buyers as defined in the rule. Rule 144A Securities may be subject to the potential for delays on resale and may be deemed to be liquid as determined by or in accordance with methods adopted by the Trustees. See the discussion of Illiquid Investments below. Under such methods the following factors are considered, among others: the frequency of trades and quotes for the security, the number of dealers and potential purchasers in the market, market making activity, and the nature of the security and marketplace trades. Investments in Rule 144A Securities could have the effect of increasing the level of a Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing such securities. Also, a Fund may be adversely impacted by the subjective valuation of such securities in the absence of an active market for them. Restricted securities that are not resalable under Rule 144A may be subject to risks of illiquidity and subjective valuations to a greater degree than Rule 144A securities.

Illiquid Investments

Pursuant to Rule 22e-4 under the 1940 Act, each of the Funds other than Thrivent Money Market Fund ("22e-4 Funds") may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An illiquid investment is an investment that a 22e-4 Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Thrivent Money Market Fund is subject to separate money market fund requirements limiting its investment in illiquid securities if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in illiquid securities. For purposes of Thrivent Money Market Fund, an illiquid security is a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund.

The 22e-4 Funds have implemented a written liquidity risk management program and related procedures ("Liquidity Program") that are reasonably designed to assess and manage the 22e-4 Funds' "liquidity risk" (defined by the U.S. Securities and Exchange Commission ("SEC") as the risk that a 22e-4 Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund) pursuant to certain provisions of Rule 22e-4, as they relate to the Funds. The liquidity of a 22e-4 Fund's portfolio investments is determined based on relevant market, trading and investment-specific considerations under the Liquidity Program. The adoption of the Liquidity Program is not a guarantee that a 22e-4 Fund will have sufficient liquidity to satisfy its redemption requests in all market conditions or that redemptions can be effected without diluting remaining investors in the 22e-4 Fund.

Reverse Repurchase Agreements

Each Fund also may enter into reverse repurchase agreements, which may be viewed as borrowings, subject to a Fund's limitation on borrowings, made by a Fund. A reverse repurchase agreement is a transaction in which a Fund transfers possession of a portfolio instrument to another person, such as a financial institution, broker or dealer, in return for a percentage of the instrument's market value in cash, with an agreement that at a stipulated date in the future the Fund will repurchase the portfolio instrument by remitting the original consideration plus interest at an agreed upon rate. The use of reverse repurchase agreements may enable a Fund to avoid selling portfolio instruments at a time when a sale may be deemed to be disadvantageous. However, the ability to enter into reverse repurchase agreements does not assure that the Fund will be able to avoid selling portfolio instruments at a disadvantageous time. The Funds will engage in reverse repurchase agreements that are not in excess of 60 days to maturity and will do so to avoid borrowing cash and not for the purpose of investment leverage or to speculate on interest rate changes.

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When-Issued and Delayed Delivery Transactions

Each Fund may purchase securities on a when-issued and delayed delivery basis. When-issued and delayed delivery transactions arise when U.S. Government obligations and other types of securities are bought by a Fund with payment and delivery taking place in the future. The settlement dates of these transactions, which may be a month or more after entering into the transaction, are determined by mutual agreement of the parties. There are no fees or other expenses associated with these types of transactions other than normal transaction costs. To the extent a Fund engages in when-issued and delayed delivery transactions, it will do so for the purpose of acquiring portfolio instruments consistent with its investment objective and policies and not for the purpose of investment leverage. On the settlement date, the value of such instruments may be less than the cost thereof.

Dollar Roll Transactions

The Funds may enter into dollar roll transactions with respect to securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation in which the Funds sell mortgage securities and simultaneously agree to repurchase similar (same type, coupon and maturity) securities at a later date at an agreed upon price. During the period between the sale and repurchase, the Funds forgo principal and interest paid on the mortgage securities sold. The Funds are compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Funds to "roll over" their purchase commitments. While the dollar roll transactions may result in higher transaction costs or higher taxes for the Funds, the Adviser believes that the benefits of investing in such a program will outweigh the potential for such increased costs.

Collateralized Mortgage Obligations and Multi-Class Pass-Through Securities

As described in the Prospectus, the principal strategies of certain Funds include investing in mortgage-backed securities (a type of asset-backed security that is backed by pools of underlying mortgages), including collateralized mortgage obligations ("CMOs") and Multi-Class Pass-Through Securities ("MCPTS"), and the other Funds may invest in such instruments as a non-principal strategy. CMOs and MCPTS are debt instruments issued, and guaranteed as applicable, by either a U.S. government agency (the Government National Mortgage Association (GNMA or Ginnie Mae)), a U.S. government sponsored entity (the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)), or a private financial institution. GNMA is a wholly owned U.S. corporation that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. Securities guaranteed by FNMA and FHLMC are not backed by the full faith and credit of the U.S. government. Private MBS are not guaranteed. The securities are issued in special purpose entities secured by pools of mortgage loans or other mortgage-backed securities. MCPTS are interests in a trust composed of mortgage loans or other mortgage-backed securities. Payments of principal and interest on the underlying collateral provide the money to pay debt service on the CMO or make scheduled distributions on the multi-class pass-through security. MCPTS, CMOs, and classes thereof (including those discussed below) are examples of the types of financial instruments commonly referred to as "derivatives."

FNMA and FHLMC are currently under a conservatorship established by the Federal Housing Finance Agency (FHFA). If FNMA and FHLMC are taken out of conservatorship, it is unclear whether the U.S. government would continue to enforce its rights or perform its obligations and how the capital structure of FNMA and FHLMC would be constructed post-conservatorship and what effects, if any, this might have on their creditworthiness. Accordingly, should the FHFA take the enterprises out of conservatorship, there could be an adverse impact on the value of their securities which could cause a Fund to lose value.

On June 3, 2019, under the FHFA's "Single Security Initiative", Fannie Mae and Freddie Mac started issuing uniform mortgage-backed securities ("UMBS"). The Single Security Initiative seeks to align the characteristics of certain Fannie

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Mae and Freddie Mac mortgage-based securities and to support the overall liquidity in certain markets. In addition, Freddie Mac has offered investors the opportunity to exchange outstanding legacy mortgage-backed securities for mirror UMBS. The effects that the Single Security Initiative may have on the market and other mortgage-backed securities are uncertain.

A CMO contains a series of bonds or certificates issued in multiple classes. Each CMO class (referred to as "tranche") has a specified coupon rate and stated maturity or final distribution date. When people start prepaying the principal on the collateral underlying a CMO (such as mortgages underlying a CMO), some classes may retire substantially earlier than the stated maturity or final distribution dates resulting in a loss of all or part of the premium, if any has been paid. The issuer structures a CMO to pay or accrue interest on all classes on a monthly, quarterly or semi-annual basis. The issuer may allocate the principal and interest on the underlying mortgages among the classes in many ways. In a common structure, the issuer applies the principal payments on the underlying mortgages to the classes according to scheduled cash flow priorities.

There are many classes of CMOs. Interest only classes ("IOs") entitle the class shareholders to receive distributions consisting solely or primarily of all or a portion of the interest in an underlying pool of mortgages or mortgage-backed securities (mortgage assets). Principal only classes ("POs") entitle the class shareholders to receive distributions consisting solely or primarily of all or a portion of the underlying pool of mortgage assets. In addition, there are "inverse floaters," which have coupon rates that move in the reverse direction to an applicable index, and accrual (or Z) bonds (described below).

Inverse floating CMO classes are typically more volatile than fixed or adjustable rate CMO classes. The Funds would only invest in inverse floating CMOs to protect against a reduction in the income earned on investments due to a predicted decline in interest rates. In the event interest rates increased, the Funds would lose money on investments in inverse floating CMO classes. An interest rate increase would cause the coupon rate on an inverse CMO class to decrease.

Cash flow and yields on IO and PO classes are extremely sensitive to principal payment rates (including prepayments) on the underlying mortgage loans or mortgage-backed securities. For example, rapid or slow principal payment rates may adversely affect the yield to maturity of IO or PO bonds, respectively. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the holder of an IO bond may incur a complete loss in value due to the lost interest stream even if the IO bond has a AAA rating. If the underlying mortgage assets experience slower than anticipated prepayments of principal, the PO bond will incur substantial losses in value due to lost prepayments. Rapid or slow principal payment rates may cause IO and PO bond holders to incur substantially more losses in market value than if they had invested in traditional mortgage-backed securities. On the other hand, if interest rates rise, the value of an IO might increase and partially offset other bond value declines in a Fund's portfolio. If interest rates fall, the value of a PO might increase offsetting lower reinvestment rates in a Fund's portfolio.

An accrual or Z bondholder does not receive cash payments until one or more of the other classes have received their full payments on the mortgage loans underlying the CMO. During the period when the Z bondholders do not receive cash payments, interest accrues on the Z class at a stated rate. The accrued interest is added to the amount of principal due to the Z class. After the other classes have received their payments in full, the Z class begins receiving cash payments until it receives its full amount of principal (including the accrued interest added to the principal amount) and interest at the stated rate.

Generally, the date when cash payments begin on the Z class depends on the prepayment rate of the mortgage loans underlying the CMO. A faster prepayment rate results in an earlier commencement of cash payments on the Z class. Like a zero coupon bond, during its accrual period the Z class has the advantage of eliminating the risk of reinvesting interest payments at lower rates during a period of declining interest rates. Like a zero coupon bond, the market value of a Z class bond fluctuates more widely with changes in interest rates than would the market value of a bond from a class

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that pays interest currently. Changing interest rates influence prepayment rates. As noted above, such changes in prepayment rates affect the date at which cash payments begin on a Z tranche, which in turn influences its market value.

Collateralized Debt Obligations

The Funds may invest in collateralized debt obligations ("CDOs"), which include collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs"), and other similarly structured securities. CDOs are types of asset-backed securities. A CLO is ordinarily issued by a trust or other special purpose entity ("SPE") and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. A CBO is ordinarily issued by a trust or other SPE and is typically backed by a diversified pool of fixed income securities (which may include high risk, below investment grade securities) held by such issuer. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use derivatives contracts to create "synthetic" exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this SAl. CDOs may charge management fees and administrative expenses, which are in addition to those of a Fund.

For both CLOs and CBOs, the cash flows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CLO or CBO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CLO or CBO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO or CBO securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs, CBOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities and asset-backed securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization ("NRSRO"); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by a Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

Senior Loans (All Funds Except Thrivent Money Market Fund)

The Funds may invest in senior loans. Senior loans hold the most senior position in the capital structure of a business entity, are typically secured with specific collateral and have a claim on the general assets of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. The proceeds of senior loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, and, to a lesser extent,

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to finance internal growth and for other corporate purposes. Senior loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates generally are the London Interbank Offered Rate ("LIBOR") or the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more major United States banks or the certificate of deposit rate or other base lending rates used by commercial lenders.

Senior loans may not be rated by a rating organization, will not be registered with the Securities and Exchange Commission (SEC) or any state securities commission and generally will not be listed or traded on any national securities exchange. Therefore, Funds that hold senior loans may not be protected by the securities laws, the amount of public information available about senior loans will be limited, and the performance of investments in senior loans will be more dependent on the analytical abilities of the Adviser than would be the case for investments in more widely-rated, registered or exchange-listed or traded securities. In evaluating the creditworthiness of borrowers, the Adviser will consider, and may rely in part, on analyses performed by others. The Adviser generally does not receive material, non-public information about borrowers, which may further limit the information available to the Adviser about senior loans. In the event the Adviser receives material, non-public information about a borrower that also issues public securities, the Adviser may be restricted from trading in such public securities which could adversely impact performance of a Fund. Moreover, certain senior loans will be subject to contractual restrictions on resale and, therefore, will be illiquid.

Structured Securities

The Funds may invest in structured securities. The issuer of a structured security links the security's coupon, dividend or redemption amount at maturity to some sort of financial indicator. Such financial indicators can include currencies, interest rates, individual securities, commodities and indexes. The coupon, dividend and/or redemption amount at maturity may increase or decrease depending on the value of the linked or underlying instrument.

Investments in structured securities involve certain risks. In addition to the normal credit and interest rate risks inherent with a debt security, the redemption amount may increase or decrease as a result of price changes in the underlying instrument. Depending on how the issuer links the coupon and/or dividend to the underlying instrument, the amount of the dividend may be reduced to zero. Any further declines in the value of the underlying instrument may then reduce the redemption amount at maturity. Structured securities may have more volatility than the price of the underlying instrument.

In addition, structured securities include equity linked notes. An equity linked note is a note whose performance is tied to a single stock, a stock index or a basket of stocks. Equity linked notes can combine the principal protection normally associated with fixed income investments with the potential for capital appreciation normally associated with equity investments. Not all equity linked notes, however, provide principal protection. Upon the maturity of the note, the holder receives, but is not guaranteed, a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the note, equity linked notes may also have a "cap" or "floor" on the maximum principal amount to be repaid to holders, irrespective of the performance of the underlying linked securities. The secondary market for equity linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. Equity linked notes will be considered equity securities for purposes of a Fund's investment objective and policies.

Thrivent High Income Municipal Bond Fund and Thrivent Municipal Bond Fund may invest in derivative variable rate municipal securities such as inverse floaters whose rates vary inversely with changes in market rates of interest or range floaters or capped floaters whose rates are subject to periodic or lifetime caps. Derivative variable rate securities may pay a rate of interest determined by applying a multiple to the variable rate. The extent of increases and decreases in the value of derivative variable rate securities in response to changes in market rates of interest generally will be larger than comparable changes in the value of an equal principal amount of a fixed rate municipal security having similar credit quality, redemption provisions and maturity.

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Variable Rate Demand Notes

The Funds may purchase variable rate master demand notes. Variable rate master demand notes are unsecured instruments that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate. These notes are normally not traded, and there is no secondary market for the notes. However, a Fund may demand payment of the principal for such Fund at any time. If an issuer of a variable rate master demand note defaulted on its payment obligation, a Fund might not be able to dispose of the note due to the absence of a secondary market. A Fund might suffer a loss to the extent of the default.

Lending Securities (All Funds Except Thrivent Money Market Fund)

Consistent with applicable regulatory requirements, each of the Funds may from time to time lend the securities it holds to broker-dealers and other financial institutions, provided that such loans are made pursuant to written agreements and are initially secured by collateral in the form of cash or domestic securities in an amount equal to at least 102% of the market value or foreign securities in an amount equal to at least 105% of the market value. In electing to engage in securities lending for a Fund, the Adviser will take into account the investment objective and principal strategies of the Fund. For the period during which the securities are on loan, the lending Fund will be entitled to receive the interest and dividends, or amounts equivalent thereto, on the loaned securities and a fee from the borrower or interest on the investment of the cash collateral. The right to terminate the loan will be given to either party subject to appropriate notice. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities.

The primary risk in lending securities is that the borrower may become insolvent on a day on which the loaned security is rapidly increasing in value. In such event, if the borrower fails to return the loaned security, the existing collateral might be insufficient to purchase back the full amount of the security loaned, and the borrower would be unable to furnish additional collateral. The borrower would be liable for any shortage, but the lending Fund would be an unsecured creditor with respect to such shortage and might not be able to recover all or any portion thereof. However, this risk may be minimized by carefully selecting borrowers and securities to be lent and by monitoring collateral.

No Fund may lend any security or make any other loan if, as a result, more than one-third of its total assets would be lent to other parties.

Environmental, Social and Governance (ESG) Factors

In selecting portfolio investments, portfolio managers and research analysts may consider ESG ratings and research alongside other investment considerations. The Adviser makes ESG ratings and research available to portfolio managers and research analysts in its investment tools. In developing an understanding of a portfolio company, the portfolio manager or research analyst may take into account the company's approach to managing ESG issues for the purpose of identifying those most likely to have a material impact on the performance of the company.

Non-Standard Warrants (All Funds Except Thrivent Money Market Fund)

A Fund may use non-standard warrants, including low exercise price warrants or low exercise price options and participatory notes, to gain indirect exposure to issuers in certain countries. Non-standard warrants are different from standard warrants in that they do not give their holders the right to receive a security of the issuer upon exercise. Rather, they pay the holder the difference in price of the underlying security between the date the non-standard warrant was purchased and the date it is sold. Non-standard warrants are generally a type of equity-linked derivative that are traded over-the-counter and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue non-standard warrants that are designed to replicate the performance of certain issuers and markets. The performance results of non-standard warrants will not replicate exactly the performance

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of the issuers or markets that they seek to replicate due to transaction costs and other expenses. The holder of a non-standard warrant typically does not receive voting or other rights as it would if it directly owned the underlying security, and non-standard warrants present similar risks to investing directly in the underlying security. Additionally, non-standard warrants entail the same risks as other over-the-counter derivatives. These include the risk that the counterparty or issuer of the non-standard warrant may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Additionally, there is no guarantee that a liquid market will exist for a particular non-standard warrant or that the counterparty or issuer of a non-standard warrant will be willing to repurchase such instrument when the Fund wishes to sell it.

Put and Call Options (All Funds Except Thrivent Money Market Fund)

As described below, each of the Funds may invest in options on another security, an index, a currency, or a futures contract. If the option is described as "covered," the applicable Fund holds the investment underlying the option or has the right to obtain it at no additional cost.

*Selling ("Writing") Covered Call Options:* The Funds may from time to time sell (write) covered call options on any portion of their portfolios as a hedge to provide partial protection against adverse movements in prices of securities in those Funds and, subject to the limitations described below, for the non-hedging purpose of attempting to create additional income. A call option gives the buyer of the option, upon payment of a premium, the right to call upon the writer to deliver a specified amount of a security on or before a fixed date at a predetermined (strike) price. As the writer of a call option, a Fund assumes the obligation to deliver the underlying security to the holder of the option on demand at the strike price. This obligation is held by the Fund until either the option expires or an offsetting transaction is entered into by the Fund.

If the price of a security hedged by a call option falls below or remains below the strike price of the option, a Fund will generally not be called upon to deliver the security. A Fund will, however, retain the premium received for the option as additional income, offsetting all or part of any decline in the value of the security. If the price of a hedged security rises above or remains above the strike price of the option, the Fund will generally be called upon to deliver the security. In this event, a Fund limits its potential gain by limiting the value it can receive from the security to the strike price of the option plus the option premium.

*Buying Call Options:* The Funds may also from time to time purchase call options on securities in which those Funds may invest. As the holder of a call option, a Fund has the right (but not the obligation) to purchase the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). A Fund generally will purchase such options as a hedge to provide protection against adverse movements in the prices of securities that the Fund intends to purchase. In purchasing a call option, a Fund would realize a gain if, during the option period, the price of the underlying security increased by more than the amount of the premium paid. A Fund would realize a loss equal to all or a portion of the premium paid if the price of the underlying security decreased, remained the same, or did not increase by more than the premium paid.

*Selling Put Options:* The Funds may from time to time sell (write) put options. As the writer of a put option, the Fund assumes the obligation to pay a predetermined (strike) price for the option's underlying security if the holder of the option chooses to exercise it. Until the option expires or a closing transaction is made, the Fund must continue to be prepared to pay the strike price, regardless of price movements in the underlying security.

If the price of the underlying security remains the same or rises above the strike price, the Fund generally will not be called upon to purchase the security. The Fund will, however, retain the premium received for the option as additional income. If the price of the underlying security falls below the strike price, the Fund may be called upon to purchase the security at the strike price.

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*Buying Put Options:* The Funds may from time to time purchase put options on any portion of their portfolios. A put option gives the buyer of the option, upon payment of a premium, the right (but not the obligation) to deliver a specified amount of a security to the writer of the option on or before a fixed date at a predetermined (strike) price. A Fund generally will purchase such options as a hedge to provide protection against adverse movements in the prices of securities in the Fund. In purchasing a put option, a Fund would realize a gain if, during the option period, the price of the security declined by an amount in excess of the premium paid. A Fund would realize a loss equal to all or a portion of the premium paid if the price of the security increased, remained the same, or did not decrease by more than the premium paid.

*Options on Foreign Currencies:* The Funds may also write covered call options and purchase put and call options on foreign currencies as a hedge against changes in prevailing levels of currency exchange rates.

*Index Options:* The Funds may also purchase and sell call options and put options on stock and bond indices. Options on securities indices are similar to options on a security except that, upon the exercise of an option on a securities index, settlement is made in cash rather than in specific securities.

*Negotiated Transactions:* The Funds will generally purchase and sell options traded on a national securities or options exchange. Where options are not readily available on such exchanges, a Fund may purchase and sell options in negotiated transactions. A Fund effects negotiated transactions only with investment dealers and other financial institutions deemed creditworthy by the Adviser or subadviser. Despite the Adviser's or subadviser's best efforts to enter into negotiated options transactions with only creditworthy parties, there is always a risk that the opposite party to the transaction may default in its obligation to either purchase or sell the underlying security at the agreed upon time and price, resulting in a possible loss by the Fund. This risk is described more completely in the section of this Statement of Additional Information entitled, "Risks of Transactions in Options and Futures."

Options written or purchased by a Fund in negotiated transactions may be illiquid and there is no assurance that a Fund will be able to effect a closing purchase or closing sale transaction at a time when the Adviser or subadviser believes it would be advantageous to do so. In the event the Fund is unable to effect a closing transaction with the holder of a call option written by the Fund, the Fund may not sell the security underlying the option until the call written by the Fund expires or is exercised.

*Closing Transactions:* The Funds may dispose of options that they have written by entering into "closing purchase transactions." Those Funds may dispose of options that they have purchased by entering into "closing sale transactions." A closing transaction terminates the rights of a holder, or the obligation of a writer, of an option and does not result in the ownership of an option.

A Fund realizes a profit from a closing purchase transaction if the premium paid to close the option is less than the premium received by the Fund from writing the option. The Fund realizes a loss if the premium paid is more than the premium received. The Fund may not enter into a closing purchase transaction with respect to an option it has written after it has been notified of the exercise of such option.

A Fund realizes a profit from a closing sale transaction if the premium received to close out the option is more than the premium paid for the option. A Fund realizes a loss if the premium received is less than the premium paid.

Financial Futures and Options on Futures (All Funds Except Thrivent Money Market Fund)

*Selling Futures Contracts:* The Funds may sell financial futures contracts as a hedge against adverse movements in the prices of securities in these Funds. Such contracts may involve futures on items such as U.S. Government Treasury bonds, notes and bills; specified interest rates; mortgage-backed securities; corporate and municipal bonds; stocks;

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and indices of any of the foregoing. A futures contract sale creates an obligation for the Fund, as seller, to deliver the specific type of instrument called for in the contract (or cash) at a specified future time for a specified price. In selling a futures contract, the Fund would realize a gain on the contract if, during the contract period, the price of the securities underlying the futures contract decreased. Such a gain would be expected to approximately offset the decrease in value of the same or similar securities in the Fund. The Fund would realize a loss if the price of the securities underlying the contract increased. Such a loss would be expected to approximately offset the increase in value of the same or similar securities in the Fund.

Futures contracts have been designed by and are traded on boards of trade that have been designated "contract markets" by the Commodity Futures Trading Commission ("CFTC"). These boards of trade, through their clearing corporations, guarantee performance of the contracts. Although the terms of some financial futures contracts specify actual delivery or receipt of securities, in most instances these contracts are closed out before the settlement due date without the making or taking of delivery of the securities. Other financial futures contracts, such as futures contracts on a securities index, by their terms call for cash settlements. The closing out of a futures contract is effected by entering into an offsetting purchase or sale transaction.

When a Fund sells a futures contract, or a call option on a futures contract, it is required to make payments to the commodities broker that are called "margin" by commodities exchanges and brokers. The payment of margin in these transactions is different than purchasing securities on margin. In purchasing securities on margin an investor pays part of the purchase price in cash and receives an extension of credit from the broker, in the form of a loan secured by the securities, for the unpaid balance. There are two categories of margin involved in these transactions: initial margin and variation margin. Initial margin does not represent a loan between a Fund and its broker, but rather is a good faith deposit by a Fund to secure its obligations under a futures contract or an option. Each day during the term of certain futures transactions, a Fund will receive or pay variation margin equal to the daily change in the value of the position held by the Fund.

*Buying Futures Contracts:* The Funds may purchase financial futures contracts as a hedge against adverse movements in the prices of securities they intend to purchase. A Fund may buy and sell futures contracts for a number of reasons, including: (1) to manage its exposure to changes in securities prices and foreign currencies as an efficient means of adjusting their overall exposure to certain markets in an effort to enhance income; and (2) to protect the value of portfolio securities.

A futures contract purchase creates an obligation by a Fund, as buyer, to take delivery of the specific type of instrument called for in the contract (or cash) at a specified future time for a specified price. In purchasing a futures contract, a Fund would realize a gain if, during the contract period, the price of the investments underlying the futures contract increased. Such a gain would approximately offset the increase in cost of the same or similar securities that a Fund intends to purchase. A Fund would realize a loss if the price of the investments underlying the contract decreased. Such a loss would approximately offset the decrease in cost of the same or similar investments that a Fund intends to purchase.

*Options on Futures Contracts:* The Funds may also sell (write) and purchase covered call and put options on futures contracts in connection with the above strategies. An option on a futures contract gives the buyer of the option, in return for the premium paid for the option, the right to assume a position in the underlying futures contract (a long position if the option is a call and a short position if the option is a put). The writing of a call option on a futures contract constitutes a partial hedge against declining prices of securities underlying the futures contract to the extent of the premium received for the option. The purchase of a put option on a futures contract constitutes a hedge against price declines below the exercise price of the option and net of the premium paid for the option. The purchase of a call option constitutes a hedge, net of the premium, against an increase in cost of securities that a Fund intends to purchase.

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*Currency Futures Contracts and Options:* The Funds may also sell and purchase currency futures contracts (or options thereon) as a hedge against changes in prevailing levels of currency exchange rates. Such contracts may be traded on U.S. or foreign exchanges. The Fund will not use such contracts or options for leveraging purposes.

*Limitations:* The Funds may engage in futures transactions, and transactions involving options on futures, only on regulated commodity exchanges or boards of trade. In instances involving the purchase of futures contracts or call options thereon, a Fund will maintain liquid securities, cash, or cash equivalents in an amount equal to the market value of such contracts.

Swap Transactions (All Funds Except Thrivent Money Market Fund)

The Funds may enter into swap transactions, including, but not limited to, credit default, total return and interest rate swap agreements, and may purchase or sell caps, floors and collars. A credit default swap is an agreement between two parties to exchange the credit risk of a particular issuer or reference entity. In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay an agreed upon amount to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. There may be times, however, when a Fund buys a credit default swap, without owning the underlying reference entity or entities, as a potential means of enhancing the Fund's investment returns. A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset plus any capital gains and losses over the payment period. The underlying asset is typically an index, loan or a basket of assets. Total return swaps provide the Funds with the additional flexibility of gaining exposure to a market or securities index by using the most cost-effective vehicle available. An interest rate swap involves the exchange by a Fund with another party of their respective commitments to pay or receive interest. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a contractually-based principal amount from the party selling the interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a contractually-based principal amount from the party selling the interest rate floor. An interest rate collar combines the elements of purchasing a cap and selling a floor. The collar protects against an interest rate rise above the maximum amount but foregoes the benefit of an interest rate decline below the minimum amount.

Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swaps generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. Caps, floors and collars are more recent innovations for which standardized documentation has not yet been fully developed and, accordingly, they are less liquid than swaps.

Currency Forward Contracts (All Funds Except Thrivent Money Market Fund)

The Funds may also sell and purchase currency forward contracts as a hedge against changes in prevailing levels of currency exchange rates. A currency forward contract is an OTC derivative that represents an obligation to purchase or sell a specific currency at a future date, at a price set at the time of the contract and for a period agreed upon by the parties which may be either a window of time or a fixed number of days from the date of the contract. A Fund may lose

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money on currency forward contracts if changes in currency rates do not occur as anticipated or if the Fund's counterparty to the contract were to default. A Fund will not use such forward contracts for leveraging purposes.

Central Clearing and Trade Execution Regulations

The Commodity Exchange Act (the "CEA") and related regulations enacted by the CFTC may require the Fund to clear certain derivative contracts (including swaps) through a clearinghouse or central counterparty (a "CCP"). At the present time, only certain interest rate swaps and credit default index swaps are subject to mandatory clearing. To clear a derivative with the CCP, the Funds submit the derivative to, and post margin with a futures commission merchant ("FCM") that is a clearinghouse member. If a Fund must centrally clear a derivative transaction, the CFTC's regulations may also require that the Fund enter into (or "execute") that derivative over a market facility known as a swap execution facility (or "SEF"). The Funds may enter into the swap or other derivative with a financial institution other than the FCM (the "Executing Dealer") and arrange for the transaction to be transferred to the FCM for clearing. It may also enter into the trade with the FCM itself. The CCP, the FCM, SEF and the Executing Dealer are all subject to regulatory oversight by the CFTC. A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from a SEF or an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral or margin, or fully implementing its investment strategies. It is likely that in the future the CFTC will require additional types of derivatives to be traded on a SEF. The regulatory requirement to clear certain contracts or execute the contracts over a SEF could, either temporarily or permanently, reduce the liquidity of the derivatives or increase the costs of entering into those derivatives.

Exclusion from Regulation as a Commodity Pool Operator

Pursuant to a notice of eligibility claiming exclusion from the definition of commodity pool operator filed with the CFTC and the National Futures Association, neither the Adviser nor any of the individual Funds is deemed to be a "commodity pool operator" under the Commodity Exchange Act (the "CEA"), which, through the CFTC, regulates investments in futures, options on futures and swaps. Accordingly, neither the Trust nor the Adviser is subject to registration or regulation as such under the CEA. Under CFTC Rule 4.5 as currently in effect, each Fund will limit its trading activity in futures, option on futures and swaps (excluding activity for "bona fide hedging purposes," as defined by the CFTC) such that it meets one of the following tests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate initial margin and premiums required to establish its futures, options on futures and swap positions do not exceed 5% of the liquidation value of the Fund's portfolio, after taking into account unrealized profits and losses on such positions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate net notional value of its futures, options on futures and swap positions does not exceed 100% of the liquidation value of the Fund's portfolio, after taking into account unrealized profits and losses on such positions.

Hybrid Investments (All Funds Except Thrivent Money Market Fund)

As part of their investment program and to maintain greater flexibility, the Funds may invest in hybrid instruments (a potentially high-risk derivative) which have the characteristics of futures, options and securities. Such instruments may take a variety of forms, such as debt instruments with interest or principal payments determined by reference to the value of a currency, security index or commodity at a future point in time. The risks of such investments would reflect both the risks of investing in futures, options, currencies and securities, including volatility and illiquidity. Under certain conditions, the redemption value of a hybrid instrument could be zero.

In addition, because the purchase and sale of hybrid instruments could take place in an over-the-counter market or in a private transaction between a Fund and the seller of the hybrid instrument, the creditworthiness of the counterparty to the transaction would be a risk factor which a Fund would have to consider. Hybrid instruments also may not be subject

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to regulation of the CFTC, which generally regulates the trading of commodity futures by U.S. persons, the SEC, which regulates the offer and sale of securities by and to U.S. persons, or any other governmental regulatory authority.

Risks of Transactions in Options and Futures (All Funds Except Thrivent Money Market Fund)

There are certain risks involved in the use of futures contracts, options on securities and securities index options, and options on futures contracts, as hedging devices. There is a risk that the movement in the prices of the index or instrument underlying an option or futures contract may not correlate perfectly with the movement in the prices of the assets being hedged. The lack of correlation could render a Fund's hedging strategy unsuccessful and could result in losses. The loss from investing in futures transactions is potentially unlimited.

There is a risk that Thrivent Asset Mgt. or a subadviser could be incorrect in their expectations about the direction or extent of market factors such as interest rate movements. In such a case, a Fund would have been better off without the hedge. In addition, while the principal purpose of hedging is to limit the effects of adverse market movements, the attendant expense may cause a Fund's return to be less than if hedging had not taken place. The overall effectiveness of hedging, therefore, depends on the expense of hedging and Thrivent Asset Mgt.'s or a subadviser's accuracy in predicting the future market factors, such as changes in interest rate levels and securities price movements.

A Fund will generally purchase and sell options traded on a national securities or options exchange. Where options are not readily available on such exchanges, a Fund may purchase and sell options in negotiated transactions. When a Fund uses negotiated options transactions, it will seek to enter into such transactions involving only those options and futures contracts for which there appears to be an active secondary market.

There is, nonetheless, no assurance that a liquid secondary market, such as an exchange or board of trade, will exist for any particular option or futures contract at any particular time. If a futures market were to become unavailable, in the event of an adverse movement, a Fund would be required to continue to make daily cash payments of maintenance margin if it could not close a futures position. If an options market were to become unavailable and a closing transaction could not be entered into, an option holder would be able to realize profits or limit losses only by exercising an option, and an option writer would remain obligated until exercise or expiration.

In addition, exchanges may establish daily price fluctuation limits for options and futures contracts, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible for a Fund to enter into new positions or close out existing positions. If the secondary market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require a Fund to continue to hold a position until delivery or expiration regardless of changes in its value, which may result in losses to a Fund.

When conducting negotiated options transactions there is a risk that the opposite party to the transaction may default in its obligation to either purchase or sell the underlying security at the agreed upon time and price. In the event of such a default, a Fund could lose all or part of the benefit it would otherwise have realized from the transaction, including the ability to sell securities it holds at a price above the current market price or to purchase a security from another party at a price below the current market price.

Finally, if a broker or clearing member of an options or futures clearing corporation were to become insolvent, a Fund could experience delays and might not be able to trade or exercise options or futures purchased through that broker or clearing member. In addition, a Fund could have some or all of its positions closed out without its consent. If substantial and widespread, these insolvencies could ultimately impair the ability of the clearing corporations themselves.

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It is not possible to predict fully the effects of current or future regulation. It is possible that developments in government regulation of various types of derivative instruments, or limits or restrictions on the counterparties with which the Funds engage in derivative transactions, may limit or prevent a Fund from using or limit a Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect a Fund's ability to achieve its investment objective. New requirements, even if not directly applicable to a Fund, may increase the cost of the Fund's investments and cost of doing business.

Leverage Risks

Leverage risk is created when an investment, (which includes, for example, an investment in a futures contract, option, or swap) exposes a Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify a Fund's risk of loss and potential for gain. Investments can have these same results if their returns are based on a multiple of a specified index, security, currency, or other benchmark. Funds that invest in derivatives have various degrees of leverage risk.

Foreign Securities

Foreign securities may include debt, equity and derivative securities that the Adviser determines are "foreign" based on the consideration of an issuer's domicile, its principal place of business, its primary stock exchange listing, the source of its revenue or other factors. For Thrivent Money Market Fund, the Fund may only invest in U.S. dollar-denominated foreign securities. Foreign securities may also include depositary receipts, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). ADRs are U.S. dollar-denominated receipts issued in registered form by a domestic bank or trust company that evidence ownership of underlying securities issued by a foreign issuer. EDRs are foreign currency denominated receipts issued in Europe, typically by foreign banks or trust companies and foreign branches of domestic banks, that evidence ownership of foreign or domestic securities. GDRs are receipts structured similarly to ADRs and EDRs and are marketed globally. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. In general, ADRs, in registered form, are designed for use in the U.S. securities markets, and EDRs, in bearer form, are designed for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. A Fund may invest in depositary receipts through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute interest-holder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States, and, therefore, there may be limited information available regarding such issuers and/or limited correlation between available information and the market value of the depositary receipts.

Investing in foreign securities is subject to certain risks. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates also may impact the value of foreign securities denominated in foreign currencies, without a change in the intrinsic value of those securities. Additionally, the U.S. dollar value of a foreign security tends to decrease when the value of the U.S. dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the U.S. dollar falls against such currency. The Fund may attempt to minimize the risk from adverse changes in the relationship between the U.S. dollar and foreign currencies by purchasing and selling forward foreign currency exchange contracts and foreign currency futures contracts and related options. Foreign securities may be less liquid than domestic securities so that a Fund may, at times, be unable to sell foreign securities at desirable prices. Brokerage commissions, custodial fees and other fees also are generally higher for foreign securities. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which would reduce a Fund's return on these securities. Other risks include: possible delays in the settlement of transactions or

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in the notification of income; generally less publicly available information about companies; adverse impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and that foreign companies generally are not subject to accounting, auditing and financial reporting standards comparable to those mandated for domestic companies.

Risks associated with investments in foreign securities are increased with respect to investments in emerging market countries. The economic and political structures of developing countries in emerging markets, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. Fund performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in or with revenue exposures to countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in or with revenue exposures to countries with less developed legal, tax, regulatory, and accounting systems. There also may be less publicly available and transparent information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject and accordingly, may not provide the same degree of investor protection or information to investors as would generally apply in major securities markets. For example, it is possible that purported securities in which the Fund invested may subsequently be found to be fraudulent and as a result a Fund could suffer losses. Emerging markets may also have differing legal systems which make it difficult for a Fund to pursue legal remedies with respect to its investments. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging markets. These factors make investing in emerging market countries significantly riskier than in other countries and events in any one country could cause a Fund's share price to decline.

Some emerging market countries restrict to varying degrees foreign investment in their securities markets. In some circumstances, these restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies.

Emerging markets generally do not have the level of market efficiency and strict standards in accounting and securities regulation to be on par with advanced economies. Investments in emerging markets come with much greater risk due to political instability, domestic infrastructure problems and currency volatility.

Frontier markets are among the smallest, least mature and least liquid of the emerging markets; as a result, investments in frontier markets generally are subject to a greater risk of loss than are investments in developed markets or traditional emerging markets. Frontier market countries have smaller economies, less developed capital markets, greater market volatility, lower trading volume, more political and economic instability, greater risk of a market shutdown and more governmental limitations on foreign investments than are typically found in more developed markets.

*Investing in China through Stock Connect.* In recent years, non-Chinese investors, including certain Funds, have been permitted to make investments usually only available to foreign investors through a quota license or by purchasing from specified brokers in locations that have stock connect programs. China Stock Exchange-listed securities are available via brokers in Hong Kong through the Shanghai-Hong Kong Stock Connect program, through the Shenzhen-Hong Kong Stock Connect Program, and may be available in the future through additional stock connect programs as they are developed in different locations (collectively, "Stock Connect Programs"). The Shenzhen and Shanghai Stock Connect Programs are securities trading and clearing programs developed between the Stock Exchange of Hong Kong, the China Securities Depository and Clearing Corporation Limited and either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. Investors through Stock Connect Programs are subject to People's Republic of China regulations and Shanghai or Shenzhen Stock Exchange listing rules, among others. These include aggregate and daily quota limitations. The regulations governing Stock Connect Programs are relatively new, untested and subject to changes which could adversely impact a Fund's rights with respect to the securities.

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Additionally, investments through Stock Connect Programs are subject to various risks, including liquidity risk, currency risk, legal and regulatory uncertainty risk, execution risk, operational risk, tax risk, counterparty risk and credit risk. The risks associated with investments through Stock Connect Programs are in addition to the risks of investing in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage) and differing legal standards. Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economies and securities markets of China or Hong Kong. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. Military conflicts, either in response to internal social unrest or conflicts with other countries, are an ever present consideration. The adoption or continuation of protectionist trade policies by one or more countries (including the U.S.) could lead to decreased demand for Chinese products and have an adverse effect on the Chinese securities markets. Chinese authorities may intervene in the China securities market and halt or suspend trading of securities for short or even longer periods of time. Recently, the China securities market has experienced considerable volatility and been subject to relatively frequent and extensive trading halts and suspensions. These trading halts and suspensions have, among other things, contributed to uncertainty in the markets and reduced the liquidity of the securities subject to such trading halts and suspensions, which could include securities held by a Fund.

*Variable Interest Entities ("VIEs").* Certain Funds may invest in U.S.- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals or entities affiliated with the China-based business through a structure known as a variable interest entity or "VIE." Instead of directly owning the equity interests in the Chinese company, the listed company has contractual arrangements with the Chinese company, which are expected to provide the listed company with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. By entering into contracts with the listed company that sells shares to U.S. investors, the China-based companies and/or related individuals or entities indirectly raise capital from U.S. investors without distributing ownership of the China-based companies to U.S. investors. Although VIEs are a longstanding industry practice, to date, the Chinese government has never approved VIE structures. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. It is uncertain whether any new laws, rules, or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders, such as a Fund.

All or most of the value of an investment in companies using a VIE structure depends on the enforceability of the contracts between the listed company and the China-based VIE. Risks associated with such investments include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors, or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which could impact whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

The contractual arrangements permit the listed issuer to include the financial results of the China-based VIE as a consolidated subsidiary. The listed company often is organized in a jurisdiction other than the United States or China (e.g., the Cayman Islands), which likely will not have the same disclosure, reporting, and governance requirements as the United States. As with other Chinese companies with securities listed on US exchanges, US-listed VIEs and ADRs may be delisted if they do not meet US accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to transact in such securities and may increase the cost of the Fund if required to seek other markets in which to transact in such securities.

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Recent Events in European Countries

A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and beyond Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

The United Kingdom formally left the European Union ("EU") on January 31, 2020 (a measure commonly referred to as "Brexit"). There will likely continue to be considerable uncertainty about the potential impact of Brexit on United Kingdom, European and global economies and markets. There is also the possibility of withdrawal movements within other EU countries and the possibility of additional political, economic and market uncertainty and instability. Brexit and any similar developments may have negative effects on economies and markets, such as increased volatility and illiquidity and potentially lower economic growth in the United Kingdom, EU and globally, which may adversely affect the value of a Fund's investments. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could result in losses to the Fund, as there may be negative effects on the value and liquidity of the Fund's investments and/or the Fund's ability to enter into certain transactions.

Foreign Futures and Options

Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on or subject to the rules of a foreign board of trade. Neither the National Futures Association nor any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery and clearing of transactions, or has the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign law. This is true even if the exchange is formally linked to a domestic market so that a position taken on the market may be liquidated by a transaction on another market. Moreover, such laws or regulations will vary depending on the foreign country in which the foreign futures or foreign options transaction occurs.

For these reasons, customers who trade foreign futures or foreign options contracts may not be afforded certain of the protective measures provided by the Commodity Exchange Act, the CFTC's regulations and the rules of the National Futures Association and any domestic exchange, including the right to use reparations proceedings before the Commission and arbitration proceedings provided by the National Futures Association or any domestic futures exchange. In particular, funds received from customers for foreign futures or foreign options transactions may not be provided the same protections as funds received in respect of transactions on United States futures exchanges.

In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon may be affected by any variance in the foreign exchange rate between the time an order is placed and the time it is liquidated, offset or exercised.

Foreign Currency Exchange-Related Securities and Foreign Currency Transactions

The Funds may invest in foreign currency exchange-related securities or engage in foreign currency transactions.

*Foreign Currency Warrants.* Foreign currency warrants are warrants which entitle the holder to receive from their issuer an amount of cash (generally, for warrants issued in the United States, in U.S. dollars). The cash amount is calculated

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pursuant to a predetermined formula and based on the exchange rate between a specified foreign currency and the U.S. dollar as of the exercise date of the warrant. Foreign currency warrants generally are exercisable upon their issuance and expire as of a specified date and time.

Foreign currency warrants have been issued in connection with U.S. dollar-denominated debt offerings by major corporate issuers in an attempt to reduce the foreign currency exchange risk that, from the point of view of prospective purchasers of the securities, is inherent in the international fixed-income marketplace. Foreign currency warrants may attempt to reduce the foreign exchange risk assumed by purchasers of a security by, for example, providing for a supplemental payment in the event that the U.S. dollar depreciates against the value of a major foreign currency such as the Japanese Yen or German Deutschmark. The formula used to determine the amount payable upon exercise of a foreign currency warrant may make the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction (e.g., unless the U.S. dollar appreciates or depreciates against the particular foreign currency to which the warrant is linked or indexed). Foreign currency warrants are severable from the debt obligations with which they may be offered and may be listed on exchanges.

Foreign currency warrants may be exercisable only in certain minimum amounts, and an investor wishing to exercise warrants who possesses less than the minimum number required for exercise may be required either to sell the warrants or to purchase additional warrants, thereby incurring additional transaction costs. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the exchange rate relating to exercise is determined. During this time the exchange rate could change significantly, thereby affecting both the market and cash settlement values of the warrants being exercised.

The expiration date of the warrants may be accelerated if the warrants should be delisted from an exchange or if their trading should be suspended permanently. This would result in the loss of any remaining "time value" of the warrants (i.e., the difference between the current market value and the exercise value of the warrants), and, in the case the warrants were "out-of-the-money," in a total loss of the purchase price of the warrants.

Warrants are generally unsecured obligations of their issuers and are not standardized foreign currency options issued by the Options Clearing Corporation ("OCC"). Unlike foreign currency options issued by OCC, the terms of foreign currency warrants generally will not be amended in the event of governmental or regulatory actions affecting exchange rates or in the event of the imposition of other regulatory controls affecting the international currency markets.

The initial public offering price of foreign currency warrants is generally considerably in excess of the price that a commercial user of foreign currencies might pay in the interbank market for a comparable option involving significantly larger amounts of foreign currencies.

Foreign currency warrants are subject to significant foreign exchange risk, including risks arising from complex political or economic factors.

*Foreign Currency Transactions.* A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties at a price set at the time of the contract. These contracts are principally traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades.

A Fund may enter into forward contracts for a variety of purposes in connection with the management of the foreign securities portion of its portfolio. A Fund's use of such contracts would include, but not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, it may desire to "lock in" the U.S. dollar price of the security. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars, of the amount of foreign currency involved in the underlying security

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transactions, the Fund will be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the subject foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a Fund determines that one currency may experience a substantial movement against another currency, including the U.S. dollar, the Fund may enter into a forward contract to sell or buy the amount of the former foreign currency, approximating the value of some or all of the Fund's portfolio securities denominated in such foreign currency.

Alternatively, where appropriate, a Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currency or currencies act as an effective proxy for other currencies. In such a case, a Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in a Fund.

The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

Under normal circumstances, currency risk will be considered when deciding whether to buy or sell a security and as part of the overall diversification strategies. However, Thrivent Asset Mgt. or a subadviser have the flexibility to enter into such forward contracts when it determines that the best interests of the Fund will be served.

A Fund may enter into forward contracts for any other purpose consistent with the Fund's investment objective and program. At the maturity of a forward contract, a Fund may sell the portfolio security and make delivery of the foreign currency, or it may retain the security and either extend the maturity of the forward contract (by "rolling" that contract forward) or may initiate a new forward contract.

If a Fund retains the portfolio security and engages in an offsetting transaction, the Fund will incur a gain or a loss (as described below) to the extent that there has been movement in forward contract prices. If a Fund engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the foreign currency. Should forward prices decline during the period between a Fund's entering into a forward contract for the sale of a foreign currency and the date it enters into an offsetting contract for the purchase of the foreign currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent of the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell.

A Fund's dealing in forward foreign currency exchange contracts will generally be limited to the transactions described above. However, the Funds reserve the right to enter into forward foreign currency contracts for different purposes and under different circumstances. Of course, the Funds are not required to enter into forward contracts with regard to foreign currency-denominated securities and will not do so unless deemed appropriate. It also should be realized that this method of hedging against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange at a future date. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time, they tend to limit any potential gain that might result from an increase in the value of that currency.

The use of forward contracts involves the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the other party to the contract or the failure of that party to make required payments or otherwise comply with the terms of the contract. Accordingly, the Adviser or subadviser must assess the creditworthiness of the other party to determine the likelihood that the terms of the contract will be satisfied. In addition, as a general matter, forward contracts are not

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currently entered into or traded on exchanges and there is currently no central clearing function for these contracts; therefore, a Fund that enters into a forward contract may find it difficult to exit the position.

Although a Fund values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. It will do so from time to time, and there are costs associated with currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the "spread") between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

*Principal Exchange Rate Linked Securities.* Principal exchange rate linked securities are debt obligations the principal on which is payable at maturity in an amount that may vary based on the exchange rate between the U.S. dollar and a particular foreign currency at or about that time. The return on "standard" principal exchange rate linked securities is enhanced if the foreign currency to which the security is linked appreciates against the U.S. dollar, and is adversely affected by increases in the foreign exchange value of the U.S. dollar. "Reverse" principal exchange rate linked securities are like the "standard" securities, except that their return is enhanced by increases in the value of the U.S. dollar and adversely impacted by increases in the value of foreign currency.

Interest payments on the securities are generally made in U.S. dollars at rates that reflect the degree of foreign currency risk assumed or given up by the purchaser of the notes (i.e., at relatively higher interest rates if the purchaser has assumed some of the foreign exchange risk, or relatively lower interest rates if the issuer has assumed some of the foreign exchange risk, based on the expectations of the current market).

Principal exchange rate linked securities may in limited cases be subject to acceleration of maturity (generally, not without the consent of the holders of the securities), which may have an adverse impact on the value of the principal payment to be made at maturity.

*Performance Indexed Paper.* Performance indexed paper is U.S. dollar-denominated commercial paper the yield of which is linked to certain foreign exchange rate movements. The yield to the investor on performance indexed paper is established at maturity as a function of spot exchange rates between the U.S. dollar and a designated currency as of or about that time (generally, the index maturity two days prior to maturity). The yield to the investor will be within a range stipulated at the time of purchase of the obligation. Generally, the guaranteed minimum rate of return is below, and a potential maximum rate of return that is above, market yields on U.S. dollar-denominated commercial paper. In addition, both the minimum and maximum rates of return on the investment generally correspond to the minimum and maximum values of the spot exchange rate two business days prior to maturity.

U.S. Government Securities

The Funds may invest in U.S. Government securities. U.S. Government securities refer to a variety of debt securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. government and by various instrumentalities that have been established or sponsored by the U.S. government. The term also refers to repurchase agreements collateralized by such securities.

U.S. Treasury securities are backed by the full faith and credit of the U.S. government. Other types of securities issued or guaranteed by Federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government. The U.S. government, however, does not guarantee the market price of any U.S. Government securities. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. From time to time, there has been uncertainty regarding the status of negotiations in the U.S. government to increase or suspend the statutory debt ceiling, which could increase the risk that the U.S. government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. government to be downgraded, increase volatility in both

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stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of certain kinds of debt.

In the case of securities not backed by the full faith and credit of the U.S. government, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment. The investor may not be able to assert a claim against the U.S. itself in the event the agency or instrumentality does not meet its commitment.

Floating Rate Treasury Notes

The Funds may invest in floating rate Treasury notes. A floating rate Treasury note is a debt instrument with a variable interest rate tied to discount rates in auctions of 13-week Treasury bills. The issuance of floating rate obligations by the Treasury is new and there is no trading history for these instruments. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed notes of the same maturity. Although floating rate notes are less sensitive to interest rate risk than fixed rate securities, they are subject to credit risk and default risk, which could impair their value.

Foreign Government Securities

The Funds may invest in foreign government securities. Foreign government securities generally consist of fixed-income securities supported by national, state or provincial governments or similar political subdivisions. Foreign government securities also include debt obligations of supranational entities, such as international organizations designed or supported by governmental entities to promote economic reconstruction or development, international banking institutions and related government agencies. Examples of these include, but are not limited to, the International Bank for Reconstruction and Development (the World Bank), the Asian Development Bank, the European Investment Bank and the Inter-American Development Bank.

Foreign government securities also include fixed-income securities of quasi-governmental agencies that are either issued by entities owned by a national, state or equivalent government or are obligations of a political unit that are not backed by the national government's full faith and credit. Further, foreign government securities include mortgage-related securities issued or guaranteed by national, state or provincial governmental instrumentalities, including quasi-governmental agencies.

These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Initial Public Offerings ("IPOs")

The Funds may invest a portion of their assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a Fund with a small asset base. The impact of IPOs on a Fund's performance likely will decrease as the Fund's asset size increases, which could reduce the Fund's total returns. IPOs may not be consistently available to a Fund for investing, particularly as the Fund's asset base grows. Because IPO shares frequently are volatile in price, a Fund may hold IPO shares for a very short period of time. This may increase the turnover of a Fund and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling shares, a Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be

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speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares (including the Funds) can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

A Fund's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which present risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. These companies may also be more dependent on key managers and third parties and may have limited product lines.

Real Estate Investment Trusts ("REITs")

REITs are publicly traded corporations or trusts that specialize in acquiring, holding, and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 90% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT.

Investing in REITs would subject a Fund to risks associated with the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies which own and operate real estate directly, companies which lend to such companies, and companies which service the real estate industry.

A Fund is also subject to risks associated with direct investments in REITs. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Code or their failure to maintain an exemption from registration under the 1940 Act. In addition, due to recent changes in the tax laws, certain tax benefits of REITs may not be passed through to mutual fund shareholders. By investing in REITs indirectly through a Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

Other Investment Companies

Each Fund may invest in securities, consistent with applicable law, rules and regulations, including pursuant to Section 12(d)(1) of the 1940 Act and Rule 12d1-4 thereunder, and subject to any applicable exemptive relief, of other investment companies, including shares of closed-end investment companies, business development companies, unit

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investment trusts, open-end investment companies and exchange-traded funds, which represent interests in professionally managed portfolios that may invest in any type of instrument. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses which would result in the Fund paying its proportionate share. Certain other investment companies may utilize financial leverage. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. Others are continuously offered at net asset value, but may also be traded in the secondary market. The Funds will not invest in other investment companies for the purpose of gaining control of the investment company. The extent to which a Fund can invest in other investment companies is limited by federal securities laws. Each Fund may invest in other existing or future series of the Thrivent Core Funds, which are investment companies that are only offered to affiliates of the Funds and that do not charge an investment advisory fee.

Rule 12d1-4 permits funds to invest in other investment companies beyond the statutory limits, subject to certain conditions. Among other conditions, the rule prohibits a fund from acquiring control of another investment company (other than an investment company in the same group of investment companies), including by acquiring more than 25% of its voting securities. In addition, the rule imposes certain voting requirements when a fund's ownership of another investment company exceeds particular thresholds. If shares of a fund are acquired by another investment company, the "acquired" fund may not purchase or otherwise acquire the securities of an investment company or private fund if immediately after such purchase or acquisition, the securities of investment companies and private funds owned by that acquired fund have an aggregate value in excess of 10% of the value of the total assets of the fund, subject to certain exceptions. These restrictions may limit a Fund's ability to invest in other investment companies to the extent desired. Because each underlying fund generally is obligated to pay advisory, administrative and service fees that are borne indirectly by investors, to the extent a Fund invests in underlying funds, there may be duplication of investment management and other fees.

Exchange Traded Funds ("ETFs") (All Funds Except Thrivent Money Market Fund)

The Funds may purchase the securities of ETFs, which are a type of fund bought and sold on a securities exchange that trade like a common stock. Each Fund could purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning shares in an ETF generally reflect the risks of owning the underlying securities held by the ETF, although lack of liquidity in an ETF could result in it being more volatile, and ETFs have management fees and other expenses that are incurred by a Fund through its ownership of the ETF. Certain ETFs may utilize financial leverage. ETFs are generally registered under the 1940 Act. Each Fund's investment in ETFs will be limited by the restrictions imposed by the 1940 Act with respect to investments in investment companies, as described above.

Exchange-Traded Notes

Certain Funds may invest in exchange-traded notes ("ETNs"). ETNs are generally notes representing debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees and expenses. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect

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the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

There may be restrictions on a Fund's right to redeem its investment in an ETN, which are generally meant to be held until maturity. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. An investor in an ETN could lose some or all of the amount invested.

Passive Foreign Investment Companies (All Funds Except Thrivent Money Market Fund)

Each Fund may purchase the securities of certain foreign entities and foreign investment funds, treated as passive foreign investment companies for U.S. federal income tax purposes. Capital gains on the sale of such holdings are considered ordinary income regardless of how long the Funds hold their investments.

In addition, the Funds may be subject to corporate income tax and an interest charge on certain dividends and capital gains earned from these investments, regardless of whether such income and gains are distributed to shareholders.

To avoid such tax and interest, the Funds intend to treat these securities as sold on the last day of its fiscal year and recognize any gains for tax purposes at that time; deductions for losses are allowable only to the extent of any gains resulting from these deemed sales for prior taxable years. Such gains and losses will be treated as ordinary income. The Funds will be required to distribute any resulting income even though it has not sold the security and received cash to pay such distributions.

Inflation-Linked Debt Securities

The Funds may invest in inflation linked securities. Inflation-linked securities include fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation-Protected Securities ("TIPS"), as well as securities issued by other entities such as corporations, municipalities, foreign governments and foreign issuers, including foreign issuers from emerging markets. Typically, such securities are structured as fixed income investments whose principal value is periodically adjusted according to the rate of inflation. The following two structures are common: (i) the U.S. Treasury and some other issuers issue inflation-linked securities that accrue inflation into the principal value of the security and (ii) other issuers may pay out the Consumer Price Index ("CPI") accruals as part of a semi-annual coupon. Other types of inflation-linked securities exist which use an inflation index other than the CPI.

Inflation-linked securities issued by the U.S. Treasury, such as TIPS, have maturities of varying years. Typically, TIPS pay interest on a semi-annual basis equal to a fixed percentage of the inflation adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and the rate of inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second

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half of the year resulted in the whole year's inflation of 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

If the periodic adjustment rate measuring inflation falls, the principal value of inflation indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. Other inflation-related bonds exist that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-linked securities is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-linked securities.

While inflation-linked securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-linked securities is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-linked securities issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or a foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the U.S.

Any increase in the principal amount of an inflation-linked security will be considered taxable ordinary income, even though the Fund does not receive their principal until maturity.

Funding Agreements

The Funds may invest in funding agreements, which are short-term, privately placed debt instruments issued by insurance companies that provide investors the right to receive a rate of interest and the full return of principal at maturity. Funding agreements often include a put option that allows a fund to terminate the agreement at a specified time prior to maturity. Funding agreements generally offer a higher yield than other securities with similar credit ratings. The primary risks of a funding agreement are the credit quality of the insurance company that issues it and its general lack of liquidity.

Taxable Municipal Bonds

The Funds may invest in taxable municipal bonds. States, local governments and municipalities issue municipal bonds to raise money for certain purposes. Municipal bonds issued to finance activities with a broad public purpose are generally exempt from federal income tax. Taxable municipal bonds are most often used to finance private development projects but can be issued whenever the municipality exhausts its allowed limits of tax-exempt bonds. As such, the interest paid to holders of such bonds is taxable as ordinary income. Many taxable municipal bonds offer yields comparable to those of other taxable bonds, such as corporate and agency bonds. Taxable municipal bonds may be

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rated investment-grade or below investment-grade and pay interest based on fixed or floating rate coupons. Maturities may range from long-term to short-term. Taxable municipal bonds are subject to much of the same risks to which municipal bonds are subject. These risks include, among others, market risk, credit risk and interest rate risk.

Defensive Investing

In response to market, economic, political or other conditions, each Fund (other than Thrivent Money Market Fund) may invest without limitation in cash, preferred stocks, or investment-grade debt securities for temporary defensive purposes that are inconsistent with the Fund's principal investment strategies. Thrivent Money Market Fund may, from time to time, take temporary defensive positions by holding cash, shortening the Fund's dollar-weighted average portfolio maturity or investing in other securities that are "eligible securities" for purchase by money market funds in anticipation of or in response to adverse market, economic, political or other conditions. If the Fund does this, different factors could affect the Fund's performance and it may not achieve its investment objective.

General Market Risks

U.S. and global markets have experienced significant volatility in recent years. The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Funds to lose value. These events can also impair the technology and other operational systems upon which the Funds' service providers, including the Adviser, rely, and could otherwise disrupt the Funds' service providers' ability to fulfill their obligations to the Funds.

The spread of COVID-19 in recent years has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds' investments and operations. The ongoing effects of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Funds. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Funds being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. These and other developments may adversely affect the liquidity of the Funds' holdings.

Cybersecurity Risk

The Funds and their service providers may be susceptible to operational, information security, privacy, fraud, business disruption, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems to misappropriate assets or sensitive information, corrupt data, or otherwise disrupt operations. Cyber incidents affecting the Adviser, a subadviser, or other service providers (including, but not limited to, fund accountants, custodians, transfer agents, and financial intermediaries) have the ability to disrupt and impact business operations, potentially resulting in financial losses, by interfering with the Funds' ability to calculate their NAV, corrupting data or preventing parties from sharing information necessary for the Funds' operation, preventing or slowing trades, stopping shareholders from making transactions,

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potentially subjecting the Funds or the Adviser to regulatory fines and penalties, and creating additional compliance costs. Similar types of cyber security risks are also present for issuers or securities in which the Funds may invest, which could result in material adverse consequences for such issuers and may cause the Funds' investments in such companies to lose value. While the Funds' service providers have established business continuity plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Funds cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders. Although each Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service. The value of an investment in a Fund's shares may be adversely affected by the occurrence of the operational errors or failures or technological issues or other similar events and a Fund and its shareholders may bear costs tied to these risks.

LIBOR and Other Reference Rates

A Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Secured Overnight Financing Rate ("SOFR"), European Interbank Offer Rate ("EURIBOR"), Sterling Overnight Interbank Average Rate ("SONIA"), and other similar types of reference rates (Reference Rates). The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse impact on the market for, or value of, any securities or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund's performance and/or NAV.

In 2017, the head of the U.K. Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As a result, market participants have begun transitioning away from LIBOR, but certain obstacles remain with regard to converting certain securities and transactions to a new benchmark or benchmarks. On March 5, 2021, the Financial Conduct Authority officially announced the cessation and non-representation dates on various LIBOR benchmarks. Certain widely used US dollar denominated LIBOR rate settings will continue to be published in representative forms until June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. On December 16, 2022, the Federal Reserve Board adopted a rule that would replace LIBOR in certain financial contracts using benchmark rates based on SOFR after June 30, 2023.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition, and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The transition process could also lead to a reduction in the value of some LIBOR-based investments. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Funds. The effect of the discontinuation of LIBOR on the Funds will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Disclosure of Portfolio Holdings

The Trust has adopted, on behalf of the Funds, policies and procedures relating to disclosure of the Funds' portfolio securities. These policies and procedures are designed to allow disclosure of portfolio holdings information where necessary to the operation of the Funds or useful to the Funds' shareholders without compromising the integrity or

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performance of the Funds. Except when there are legitimate business purposes for selective disclosure and other conditions (designed to protect the Funds and their shareholders) are met, the Funds do not provide or permit others to provide information about a Fund's portfolio holdings on a selective basis. Under no circumstances may the Funds, Thrivent Asset Mgt. or their affiliates receive any consideration or compensation for disclosing portfolio holdings information.

The Funds include portfolio holdings information as required in regulatory filings and shareholder reports. Each Fund's portfolio holdings are disclosed on a regular basis in its semiannual and annual reports to shareholders. In addition, the Funds (other than Thrivent Money Market Fund) also publicly disclose their complete portfolio holdings as of their first and third fiscal quarter-ends on Form N-PORT. Thrivent Money Market Fund also files detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. The Funds may also disclose portfolio holdings information in response to requests by governmental authorities.

The Funds generally will seek to disclose a full list of portfolio holdings online at thriventmutualfunds.com/prospectus on a monthly basis, 60 or more days after the month-end, and each Fund's top ten holdings monthly 30 or more days after the month-end. For each portfolio security, the posted information includes the name and the market value of the Fund's holdings in the security. Additional information, including aggregated or descriptive information about portfolio holdings, may also be disclosed at any time, as long as the Fund's Chief Compliance Officer or Chief Legal Officer determines that the release of this information will not disadvantage the Funds. Nonexclusive examples of this information include the number of shares or par value held; allocation among individual securities, asset classes, regions, countries, industries or sectors; performance attribution information based on industry, sector or geographic exposure; portfolio statistical information, such as price-to-earnings ratio, yield, duration, or credit quality information; and portfolio risk characteristics (i.e. standard deviation or Sharpe ratio). The day after portfolio holdings information is publicly available on the website, it may be mailed, e-mailed or otherwise transmitted to any person.

Thrivent Asset Mgt. may distribute or authorize the distribution of information about a Fund's portfolio holdings that is not publicly available, on the website or otherwise, as follows: (i) to its employees and affiliates that provide services to the Fund, (ii) to the Fund's service providers who require access to the information in order to fulfill their contractual duties relating to the Funds (such service providers may include the Funds' custodian, auditor, proxy voting service provider, pricing service vendors, liquidity vendors, securities lending agent, subadviser, publisher, printer and mailing agent), (iii) to certain other parties, such as third-party consultants and ratings and ranking organizations, and (iv) to broker/dealers and certain other entities in order to assist the Fund with potential transactions and management of the Fund.

Before any non-public disclosure of information about a Fund's portfolio holdings is permitted, however, the Trust's Chief Compliance Officer or Chief Legal Officer must determine that the Fund has a legitimate business purpose for providing the portfolio holdings information, that the release of this information, including the frequency and time lag, will not disadvantage the Funds, that the disclosure is in the best interests of the Fund's shareholders, and that the recipient agrees or has a duty (i) to keep the information confidential and (ii) not to trade directly or indirectly based on the information. Accordingly, all of the persons with whom an arrangement is made for non-public disclosure will have satisfied the aforementioned requirements.

In accordance with these policies and procedures, the Funds have ongoing arrangements with the following service providers to provide the Funds' portfolio holdings information:

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| | | |
|:---|:---|:---|
| **Service Provider** | **Service** | **Frequency** |
| Bloomberg | Trading System | Daily |
| Bloomberg BVAL | Pricing Service | Daily |
| Callan Associates | Consultant | Quarterly; 1-day lag |
| Cambridge Associates, LLC | Consultant | Quarterly |
| Confluence | &nbsp;&nbsp; Regulatory Reporting <br> Vendor<br>| Monthly |

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| | | |
|:---|:---|:---|
| **Service Provider** | **Service** | **Frequency** |
| Donnelley Financial Solutions, Inc. | Regulatory Printer | Quarterly |
| Donnelley Financial Solutions, Inc. | Website Content | Monthly |
| DTCC | &nbsp;&nbsp; Trade Matching <br> Platform<br>| Daily |
| Ernst and Young | PFIC analysis | Quarterly |
| eVestment (Omni) | Institutional Database | Monthly/Quarterly |
| FactSet Research Systems Inc. | Systems Vendor | Daily |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; Mutual Fund <br> Accounting System <br> Vendor<br>| Daily |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; Personal Trading <br> System Vendor<br>| Daily |
| Goldman Sachs Asset Management, L.P. | Investment Subadviser | Daily |
| Goldman Sachs Bank USA | &nbsp;&nbsp; Securities Lending <br> Agent<br>| Daily |
| ICE Data Services | Pricing Service | Daily |
| IHS Markit | Pricing Service | Daily |
| IHS Markit | &nbsp;&nbsp; Bank Loan Settlement <br> Tools<br>| Daily |
| Institutional Shareholder Services | &nbsp;&nbsp; Proxy Voting & <br> Class Action Services <br> Vendor<br>| Daily |
| ITG Inc. | Systems Vendor | Daily |
| Lipper | Data Vendor | Monthly; 1-day lag |
| Morningstar, Inc. | Data Vendor | Monthly; 60-day lag |
| PricewaterhouseCoopers LLP | &nbsp;&nbsp; Independent <br> Registered Public <br> Accounting Firm<br>| Annually |
| PricingDirect Inc. | Pricing Service | Daily |
| SS&C | &nbsp;&nbsp; Marketing Collateral <br> System<br>| Monthly; 5-day lag |
| State Street Bank and Trust Company | Bank Loan Servicing | Daily |
| State Street Bank and Trust Company | Custodian | Daily |
| State Street Bank and Trust Company | Systems Vendor | Daily |
| VMLY&R | Website Consultant | Monthly |
| Wolters Kluwer | Systems Vendor | Monthly; 3-day lag |

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As part of the annual review of the compliance policies and procedures of the Funds, the Chief Compliance Officer will discuss the operation and effectiveness of this Policy and any changes to the Policy that have been made or recommended with the Board.

Investment Limitations

The fundamental investment restrictions for the Funds are set forth below. These fundamental investment restrictions may not be changed by a Fund except by the affirmative vote of a majority of the outstanding voting securities of that Fund as defined in the 1940 Act. (Under the 1940 Act, a "vote of the majority of the outstanding voting securities" means the vote, at a meeting of security holders duly called, (i) of 67% or more of the voting securities present at a meeting if the holders

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of more than 50% of the outstanding voting securities are present or represented by proxy or (ii) of more than 50% of the outstanding voting securities, whichever is less (a "1940 Act Majority Vote").) Under these restrictions, with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. None of the Funds may borrow money, except that a Fund may borrow money (through the issuance of debt securities or otherwise) in an amount not exceeding one-third of the Fund's total assets immediately after the time of such borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. None of the Funds may issue senior securities, except as permitted under the 1940 Act or any exemptive order or rule issued by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. None of the Funds (except as noted below) will, with respect to 75% of its total assets, purchase securities of an issuer (other than the U.S. government, its agencies, instrumentalities or authorities or repurchase agreements fully collateralized by U.S. government securities, and other investment companies) if (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer; or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund. This restriction does not apply to Thrivent Large Cap Growth Fund, which is "non-diversified" within the meaning of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. None of the Funds may buy or sell real estate, except that any Fund may (i) acquire or lease office space for its own use, (ii) invest in securities of issuers that invest in real estate or interests therein, (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein, and (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. None of the Funds may purchase or sell commodities or commodity contracts, except that any Fund may purchase and sell derivatives (including but not limited to options, futures contracts and options on futures contracts) whose value is tied to the value of a financial index or a financial instrument or other asset (including, but not limited to, securities indexes, interest rates, securities, currencies and physical commodities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. None of the Funds may make loans, except that any Fund may (i) lend portfolio securities, (ii) enter into repurchase agreements, (iii) purchase all or a portion of an issue of debt securities, bank loan participation interests, bank certificates of deposit, bankers' acceptances, debentures or other securities, whether or not the purchase is made upon the original issuance of the securities, and (iv) participate in an interfund lending program with other registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. None of the Funds will underwrite the securities of other issuers, except where the Fund may be deemed to be an underwriter for purposes of certain federal securities laws in connection with the disposition of portfolio securities; with investments in other investment companies; and with loans that a Fund may make pursuant to its fundamental investment restriction on lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. None of the Funds will purchase a security if, after giving effect to the purchase, more than 25% of its total assets would be invested in the securities of one or more issuers conducting their principal business activities in the same industry, except that this restriction does not apply to U.S. Government securities (as such term is defined in the 1940 Act). This restriction does not apply to the Thrivent Asset Allocation Funds, which primarily invest in other Funds of the Trust that could be considered to be in the same industry. In addition, with respect to the Thrivent Money Market Fund, this restriction does not apply to instruments issued by domestic banks.

The following nonfundamental investment restrictions may be changed without shareholder approval. Under these restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The fundamental investment restriction with respect to industry concentration (number 8 above) will be applied pursuant to SEC policy at 25% (instead of "more than 25%") of a Fund's total assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. None of the Funds currently intend to purchase securities on margin, except that a Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that margin payments in connection with futures contracts and options on futures contracts shall not constitute purchasing securities on margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The fundamental investment restriction with respect to diversification (number 3 above) will be applied so securities issued by U.S. government agencies, instrumentalities, or authorities will be eligible for the exception only if those securities qualify as a "Government security" under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The exception for exemptive orders in the fundamental investment restriction with respect to senior securities (number 2 above) will be applied only for exemptive orders issued to the Funds.

With respect to the fundamental investment restriction above about industry concentration, the Adviser will define industries according to any one or more widely recognized third-party providers and/or as defined by the Adviser. Third-party industry lists may include the Bloomberg Classification System and the Standard and Poor's Global Industry Classification Standard (GICS) (industry level). The Adviser will also have broad authority to make exceptions from third-party industry lists and determine for each Fund how to classify issuers within or among industries based on such issuer's characteristics and subject to applicable law.

In addition, the Thrivent Asset Allocation Funds will consider the concentration policies of any underlying funds in which they invest. To the extent an underlying fund has adopted a policy to concentrate in a particular industry, the Funds will take such policy into account and not invest more than 25% of its total assets in the securities of one or more issuers conducting their principal business activities in such industry.

The Trust has received an exemptive order (the "Order") from the SEC that allows the Funds, along with other portfolios managed by the Adviser (each a "Participating Fund"), to engage in an interfund lending program (the "Program"). The Program enables a Participating Fund to lend cash directly to and borrow money from other Participating Funds for temporary purposes. The Program is subject to a number of conditions set forth in the application for the exemptive order, as amended (the "Application"), and the Order, including, among other things, (i) the requirement that the interfund loan rate is more favorable to the lending Participating Fund than the highest current overnight repurchase agreement rate available to the lending Participating Fund (the "Repo Rate"), and more favorable to the borrowing fund than the rate available that day for cash overdraft from the borrowing Participating Fund's custodian (the "Bank Loan Rate"); (ii) that no Fund may borrow through the Program on an unsecured basis unless the Participating Fund's outstanding borrowings from all sources immediately after the interfund borrowing total less than 10% of its total assets; provided that if the Participating Fund has a secured loan outstanding from any other lender, including but not limited to another Participating Fund, the Participating Fund's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral; (iii) if a Participating Fund's total outstanding borrowings immediately after an interfund borrowing would be greater than 10% of its total assets, the Participating Fund may borrow through the Program only on a secured basis; (iv) no Participating Fund may lend money if the loan would cause its aggregate outstanding loans through the Program to exceed 15% of its net assets at the time of the loan; (v) a lending Participating Fund may not loan in excess of 5% of its net assets to any one Participating Fund; and (vi) each interfund loan may be called on one business day's notice by a lending Participating Fund. The Bank Loan Rate will be determined using a formula established by the Board. The interfund loan rate will be the average of the Repo Rate and the Bank Loan Rate. All interfund loans and borrowings must comply with the conditions set forth in the Application and the Order, which are designed to ensure fair and equitable treatment of all Participating Funds.

Each Fund may participate in the Program only to the extent that its participation is consistent with the Fund's investment objectives, limitations, and organizational documents. Upon implementation of the Program, Thrivent Asset Mgt. administers the Program according to procedures approved by the Board.

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Section 18(g) of the 1940 Act defines a "senior security" as any bond, debenture, note, or similar obligation constituting a security and evidencing indebtedness. Section 18(f)(1) of the 1940 Act prohibits an open-end investment company from issuing senior securities but permits borrowings from a bank if immediately after the borrowing there is asset coverage of at least 300% and provided further that, in the event that such asset coverage falls below 300%, the investment company will, within 3 days (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 300%.

Each Fund (with the exception of Thrivent Money Market Fund) along with other portfolios managed by the Adviser or an affiliate, has agreed to participate in a $100 million ($50 million committed, $50 million uncommitted) credit facility to be utilized if needed for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. Interest is charged to each participating fund based on its borrowings at the higher of the Federal Funds Rate or the Overnight Bank Funding Rate plus, in each case, 0.10% plus a margin of 1.25%. Each borrowing under the credit facility matures no later than 30 calendar days after the date of the borrowing. Each participating Fund paid commitment fees in proportion to their respective net assets.

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Management of the Funds

Board of Trustees and Executive Officers

The Board is responsible for the management and supervision of the Funds' business affairs and for exercising all powers except those reserved to the shareholders. Each Trustee oversees each of 25 series of the Trust and also serves as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director of Thrivent Series Fund, Inc., a registered investment company consisting of 32 funds that serve as underlying funds for variable contracts issued by Thrivent Financial for Lutherans ("Thrivent") and separate accounts of insurance companies not affiliated with Thrivent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent Cash Management Trust, a registered investment company consisting of one fund that serves as a cash collateral fund for a securities lending program sponsored by Thrivent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent Core Funds, a registered investment company consisting of seven funds that are established solely for investment by Thrivent entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee of Thrivent ETF Trust, a registered investment company consisting of one fund that is an exchange-traded fund.

Michael W. Kremenak and David S. Royal also serve as Trustees of Thrivent Church Loan and Income Fund, a closed-end registered investment company for which the Adviser serves as investment adviser. None of the other Trustees serves on the board of the Thrivent Church Loan and Income Fund.

The Trust, Thrivent Series Fund, Inc., Thrivent Cash Management Trust, Thrivent Core Funds, and Thrivent ETF Trust are collectively referred to as the "Thrivent Funds," and together with Thrivent Church Loan and Income Fund the "Fund Complex."

The following table provides additional information about the Trustees and officers of the Trust.

**Interested Trustees** <sup>(1)</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** <sup>(2)</sup> <br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service** <sup>(3)</sup> <br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| **Principal Occupation**<br> **During Past 5 Years**<br>| **Other Directorships**<br> **Held Currently**<br> **and within Past**<br> **Five Years**<br>|
| Michael W. Kremenak<br> (1978)<br>| President <br> since 2023; <br> Trustee since <br> 2021<br>| 67 | Senior Vice President and Head <br> of Mutual Funds, Thrivent since <br> 2020; Vice President, Thrivent <br> from 2015 to 2020<br>|  |
| David S. Royal<br> (1971)<br>| Chief <br> Investment <br> Officer since <br> 2017; <br> Trustee since <br> 2015<br>| 67 | Chief Financial Officer, Thrivent <br> since 2022; Executive Vice <br> President, Chief Investment <br> Officer, Thrivent since 2017; <br> President, Mutual Funds from <br> 2015 to 2023<br>| Currently, Director of <br> Thrivent Trust <br> Company and <br> Advisory Board <br> Member of Twin <br> Bridge Capital <br> Partners<br>|

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**Independent Trustees** <sup>(4)</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** <sup>(2)</sup> <br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service** <sup>(3)</sup> <br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| **Principal Occupation**<br> **During the Past 5 Years**<br>| **Other Directorships**<br> **Held Currently**<br> **and within Past**<br> **Five Years**<br>|
| Janice B. Case<br> (1952)<br>| Trustee since <br> 2011<br>| 66 | Retired | Independent Trustee <br> of North American <br> Electric Reliability <br> Corporation from <br> 2008 to 2020<br>|
| Robert J. Chersi<br> (1961)<br>| Trustee since <br> 2017<br>| 66 | Founder of Chersi Services LLC <br> (consulting firm) since 2014<br>| Director and member <br> of the Audit and Risk <br> Oversight <br> Committees of <br> E\*TRADE Financial <br> Corporation and <br> Director of E\*TRADE <br> Bank from 2019 to <br> 2020; Lead <br> Independent Director <br> since 2019 and <br> Director and Audit <br> Committee Chair at <br> BrightSphere <br> Investment Group <br> plc since 2016<br>|
| Arleas Upton Kea<br> (1957)<br>| Trustee since <br> 2022<br>| 66 | Deputy to the Chairman for <br> External Affairs, FDIC in 2021; <br> Chief Operating Officer and <br> Deputy to the Chairman, FDIC <br> from 2018 to 2021; Director, <br> Administration, FDIC from 1999 <br> to 2018<br>| Board of Directors, <br> Combined Federal <br> Campaign of the <br> National Capital Area <br> since 2021; Board of <br> Directors, University <br> of Texas Alumni <br> Association since <br> 2021; Board of <br> Directors, University <br> of Texas Law School <br> Foundation since <br> 2021<br>|
| Paul R. Laubscher<br> (1956)<br>| Trustee since <br> 2009<br>| 66 | Portfolio Manager for U.S. private <br> real estate and equity and global <br> public equity portfolios, hedge <br> funds and currency of IBM <br> Retirement Funds from 1997 to <br> 2022<br>|  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** <sup>(2)</sup><br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service** <sup>(3)</sup><br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| **Principal Occupation**<br> **During the Past 5 Years**<br>| **Other Directorships**<br> **Held Currently**<br> **and within Past**<br> **Five Years**<br>|
| Robert J. Manilla<br> (1962)<br>| Trustee since <br> 2022<br>| 66 | Vice President and Chief <br> Investment Officer, The Kresge <br> Foundation since 2007<br>| Board Member of <br> Bedrock <br> Manufacturing <br> Company since <br> 2014; Board Member <br> of Sustainable <br> Insight Capital <br> Management LLC <br> from 2013 to 2022; <br> Board Member of <br> Venture Michigan <br> Fund from 2016 to <br> 2020; Board Member <br> of McGowan <br> Charitable fund from <br> 2012 to 2019<br>|
| James A. Nussle<br> (1960)<br>| Trustee since <br> 2011<br>| 66 | President and Chief Executive <br> Officer of Credit Union National <br> Association since <br> September 2014; Director of <br> Portfolio Recovery Associates <br> (PRAA) since 2010; CEO of The <br> Nussle Group LLC (consulting <br> firm) since 2009<br>|  |
| James W. Runcie<br> (1963)<br>| Trustee since <br> 2022<br>| 66 | Co-Founder and CEO of <br> Partnership for Education <br> Advancement since 2017<br>| Board Member of <br> Follett Higher <br> Education since <br> 2022; Director and <br> Audit Committee <br> Chair of <br> Class Acceleration <br> Corporation since <br> 2021; Board Member <br> of ECMC Group <br> since 2021<br>|
| Constance L. Souders<br> (1950)<br>| Trustee since <br> 2007<br>| 66 | Retired |  |

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**Officers** 

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| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<sup>(2)</sup> <br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service**<sup>(3)</sup> <br>| **Principal Occupation**<br> **During the Past 5 Years**<br>|
| Michael W. Kremenak<br> (1978)<br>| President since 2023; <br> Trustee since 2021<br>| Senior Vice President and Head of Mutual Funds, Thrivent since <br> 2020; Vice President, Thrivent from 2015 to 2020<br>|

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| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<sup>(2)</sup><br>| **Position**<br> **with Trust**<br> **and Length**<br> **of Service**<sup>(3)</sup><br>| **Principal Occupation**<br> **During the Past 5 Years**<br>|
| David S. Royal<br> (1971)<br>| Chief Investment <br> Officer since 2017; <br> Trustee since 2015<br>| Chief Financial Officer, Thrivent since 2022; Executive Vice President, <br> Chief Investment Officer, Thrivent since 2017; President, Mutual <br> Funds from 2015 to 2023<br>|
| Sarah L. Bergstrom<br> (1977)<br>| Treasurer and <br> Principal Accounting <br> Officer since 2022<br>| Vice President, Chief Accounting Officer/Treasurer - Mutual Funds, <br> Thrivent since 2022; Head of Mutual Fund Accounting, Thrivent from <br> 2017 to 2022<br>|
| Edward S. Dryden<br> (1965)<br>| Chief Compliance <br> Officer since 2010<br>| Vice President, Chief Compliance Officer – Thrivent Funds, Thrivent <br> since 2018; Director, Chief Compliance Officer – Thrivent Funds, <br> Thrivent from 2010 to 2018<br>|
| John D. Jackson<br> (1977)<br>| Secretary and Chief <br> Legal Officer since <br> 2020<br>| Senior Counsel, Thrivent since 2017 |
| Kathleen M. Koelling<sup>(5)</sup> <br>(1977)<br>| Privacy Officer since <br> 2011<br>| Vice President, Deputy General Counsel, Thrivent since 2018; Privacy <br> Officer, Thrivent since 2011; Anti-Money Laundering Officer, Thrivent <br> from 2011 to 2019; Vice President, Managing Counsel, Thrivent from <br> 2016 to 2018<br>|
| Sharon K. Minta<sup>(5)</sup> <br>(1973)<br>| Anti-Money <br> Laundering Officer <br> since 2019<br>| Director, Compliance and Anti-Money Laundering Officer of the <br> Financial Crimes Unit, Thrivent since 2019; Compliance Manager of <br> the Financial Crimes Unit, Thrivent from 2014 to 2019<br>|
| Troy A. Beaver<br> (1967)<br>| Vice President since <br> 2016<br>| Vice President, Mutual Funds Marketing & Distribution, Thrivent since <br> 2015<br>|
| Monica L. Kleve<br> (1969)<br>| Vice President since <br> 2019<br>| Vice President, Investment Operations, Thrivent since 2019; Director, <br> Investments Systems and Solutions, Thrivent from 2002 to 2019<br>|
| Andrew R. Kellogg<sup>(6)</sup> <br>(1972)<br>| Vice President since <br> 2022<br>| Director of Strategic Partnerships, Thrivent since 2021; Director, <br> Client Relations, SS&C/DST Systems, Inc. from 2016 to 2021<br>|
| Jill M. Forte<br> (1974)<br>| Assistant Secretary <br> since 2016<br>| Senior Counsel, Thrivent since 2017 |
| Richard L. Ramczyk<sup>(5)</sup> <br>(1976)<br>| Assistant Treasurer <br> since 2022<br>| Director, Fund Accounting and Valuation, Thrivent since 2022; <br> Manager, Mutual Fund Accounting Operations, Thrivent from 2011 to <br> 2022<br>|
| Taishiro A. Tezuka<br> (1985)<br>| Assistant Treasurer <br> since 2023<br>| Director, Fund Administration, Thrivent since 2023; Director, Asset <br> Wealth Management, PricewaterhouseCoopers LLP from 2020 to <br> 2022; Senior Manager, Asset Wealth Management, <br> PricewaterhouseCoopers LLP from 2019 to 2020; Manager, Asset <br> Wealth Management, PricewaterhouseCoopers LLP from 2016 to <br> 2019<br>|

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<sup>(1)</sup>

"Interested person" of the Trust as defined in the 1940 Act by virtue of a position with Thrivent. Mr. Kremenak and Mr. Royal are considered interested persons because of their principal occupations with Thrivent.

<sup>(2)</sup>

Unless otherwise noted, the address for each Trustee and Officer is 901 Marquette Avenue, Suite 2500, Minneapolis, MN 55402-3211.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup>

Each Trustee generally serves an indefinite term until her or his successor is duly elected and qualified. Officers generally serve at the discretion of the Board until their successors are duly appointed and qualified.

<sup>(4)</sup>

The Trustees, other than Mr. Kremenak and Mr. Royal, are not "interested persons" of the Trust and are referred to as "Independent Trustees."

<sup>(5)</sup>

The address for this officer is 4321 North Ballard Road, Appleton, WI 54913.

<sup>(6)</sup>

The address for this officer is 600 Portland Avenue S., Suite 100, Minneapolis, MN 55415-4402.

Additional Information on Trustees

The Board has concluded, based on each Trustee's experience, qualifications, attributes or skills, on an individual basis and in combination with those of other Trustees, that each Trustee is qualified to serve on the Board. The qualifications that may be considered include, but are not limited to experience on other boards, occupation, business experience, education, knowledge regarding investment matters, diversity of experience, personal integrity and reputation and willingness to devote time to attend and prepare for Board and committee meetings. No one factor is controlling, either with respect to the group or any individual. Among the attributes or skills common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with each of the other Trustees, the Adviser, counsel, the Trust's independent registered public accounting firm and other service providers, and to exercise effective and independent business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his or her duties effectively has been attained through the Trustee's business, consulting, public service or academic positions and through experience from service as a board member of the Trust and other funds in the Fund Complex, another fund complex, public companies, or non-profit entities or other organizations as set forth below. The following is a summary of each Trustee's particular professional and other experience that qualifies each person to serve as a Trustee of the Trust

**Interested Trustees** 

**Michael W. Kremenak.** Mr. Kremenak has served as a Trustee on the Board of the Thrivent Funds since 2021. He is currently the President of the Thrivent Funds and previously served as Senior Vice President from 2020 to 2023 and as Secretary and Chief Legal Officer from 2015 to 2020. He has served as a Trustee and Senior Vice President of Thrivent Church Loan and Income Fund since 2020. Mr. Kremenak joined Thrivent in 2013 and is currently Head of Thrivent Mutual Funds. Before joining Thrivent, Mr. Kremenak worked in the legal department of a large asset management firm. Mr. Kremenak serves on the investment committee of a non-profit organization, and he has experience serving as a member of the board of directors of a non-profit organization from 2014 to 2020, including on its investment committee.

**David S. Royal.** Mr. Royal has served as a Trustee on the Board of the Thrivent Funds since 2015. He is currently the Chief Investment Officer of the Thrivent Funds, and he previously served as President from 2015 to 2023 and as Secretary and Chief Legal Officer until 2015. He has served as Chief Financial Officer of Thrivent since 2022 and as Executive Vice President, Chief Investment Officer of Thrivent since 2017. Prior to his current position at Thrivent, Mr. Royal was Deputy General Counsel. He has served as Trustee and President of Thrivent Church Loan and Income Fund since 2018. Before joining Thrivent, Mr. Royal was a partner at an international law firm based in Chicago. Mr. Royal also has experience serving on the boards of directors of non-profit organizations.

**Independent Trustees** 

**Janice B. Case.** Ms. Case has served as a Trustee on the Board of the Thrivent Funds since 2011 and as Chair of the Governance and Nominating Committee since 2012. She has over 40 years of experience in the electric utilities industry, including ten years as an executive officer of a Florida-based electric utility and holding company. Since leaving full-time corporate employment, Ms. Case gained mutual fund industry experience as a former director on the board of another fund complex. Ms. Case has also served as a director on several public corporate and non-profit boards.

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**Robert J. Chersi.** Mr. Chersi has served as a Trustee on the Board of the Thrivent Funds and as Chair of the Audit Committee since 2017. He also has been determined by the Board to be an Audit Committee financial expert. Mr. Chersi has over 30 years of experience in the financial services industry and is the founder of Chersi Services LLC, a financial consulting firm. He is currently the Lead Independent Director and Audit Committee Chair at BrightSphere Investment Group plc. Mr. Chersi is also the Executive Director of the Center for Global Governance, Reporting and Regulation of the Lubin School of Business at Pace University and the Helpful Executive in Reach in the Department of Accounting and Information Systems at Rutgers University. He served as a Director of E\*TRADE Bank and E\*TRADE Financial Corporation from 2019 to 2020.

**Arleas Upton Kea.** Ms. Kea has served as a Trustee on the Board of the Thrivent Funds since 2022. She retired after more than 35 years of government experience at the Federal Deposit Insurance Corporation (FDIC) where she served in various roles, including as the Deputy to the Chairman for External Affairs; Chief Operating Officer and Deputy to the Chairman; Director, Administration; Ombudsman; and in the Legal Division, including as Acting Deputy General Counsel. As a member of FDIC's leadership team, she served on the operating committee and the compensation committee and led initiatives in strategic planning, risk management, crisis management, business continuity planning, public policy, external affairs, human resources, and diversity, equity and inclusion. She has gained experience as a director on the board of several non-profit organizations.

**Paul R. Laubscher.** Mr. Laubscher has served as a Trustee on the Board of the Thrivent Funds since 2009 and as Chair of the Board since 2019. He also previously served as Chair of the Investment Committee from 2010 through 2018 and during a period in 2022. He is a holder of the Chartered Financial Analyst designation and has over 25 years of experience as a portfolio manager. Mr. Laubscher was formerly a senior investment manager of the retirement fund of a large public technology company.

**Robert J. Manilla.** Mr. Manilla has served as a Trustee on the Board of the Thrivent Funds since 2022 and as Chair of the Investment Committee since 2023. He has over 30 years of experience in the financial services industry, including fifteen years as Vice President and Chief Investment Officer of the Kresge Foundation, a private, national foundation that works to expand opportunities in America's cities through grantmaking and social investing in arts and culture, education, environment, health, human services and community development in Detroit. Mr. Manilla spent 20 years in the auto industry where he held management roles in product development, sales and marketing, manufacturing, international operations, capital markets and asset management. He has experience as a member on the board of several private, public, and non-profit organizations.

**James A. Nussle.** Mr. Nussle has served as a Trustee on the Board of the Thrivent Funds since 2011 and as Chair of the Ethics and Compliance Committee since 2022. He has more than 20 years of public service experience, including serving as a Representative from Iowa in the House of Representatives from 1991 through 2007 and as Director of the U.S. Office of Management and Budget. Mr. Nussle is the President and Chief Executive Officer of the Credit Union National Association, a national trade association for America's credit unions. Mr. Nussle has gained experience as a director on the advisory board of a private equity firm and on the board of several non-profit organizations.

**James W. Runcie.** Mr. Runcie has served as a Trustee on the Board of the Thrivent Funds since 2022. He is the Chief Executive Officer of the Partnership of Education Advancement, a not-for-profit organization that provides institutional capacity building support to mission-focused colleges and universities. Mr. Runcie previously served at the US Department of Education as Chief Operating Officer of Federal Student Aid. Prior to his government service, Mr. Runcie was an investment banking executive at several firms including UBS Investment Bank, Bank of America, and Donaldson, Lufkin and Jenrette. Mr. Runcie currently serves on several for-profit and not-for-profit organizations.

**Constance L. Souders.** Ms. Souders has served as a Trustee on the Board of the Thrivent Funds since 2007 and as Chair of the Contracts Committee since 2010. She also served as the Audit Committee financial expert from 2010 through 2016. Ms. Souders has over 20 years of experience in the mutual fund industry, including eight years as the

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former Treasurer of a mutual fund complex and registered investment adviser and the Financial and Operations General Securities Principal of a mutual fund broker-dealer.

Leadership Structure and Oversight Responsibilities

Overall responsibility for oversight of the Trust and its Funds rests with the Board. The Board has engaged Thrivent Asset Mgt. to manage the Funds on a day-to-day basis. The Board is responsible for overseeing Thrivent Asset Mgt. and other service providers in the operation of the Trust in accordance with the provisions of the 1940 Act, applicable provisions of Massachusetts law, other applicable laws and the Trust's charter documents. The Board is currently composed of ten members, including eight Independent Trustees and two Interested Trustees. An "Independent Trustee" is not an "interested person" (as defined in the 1940 Act) of the Trust, while an "Interested Trustee" is. The Board conducts regular meetings four times a year. In addition, the Board holds special in-person or virtual meetings or informal meetings to discuss specific matters that may arise or require action between regular meetings. The Independent Trustees have engaged independent legal counsel and an industry consultant to assist them in performance of their oversight responsibilities.

The Board has appointed an Independent Trustee to serve in the role of Chair. The Chair's role is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Trustees generally between meetings. The Chair may also perform such other functions as may be delegated by the Board from time to time. Except for duties specified herein or pursuant to the Trust's charter documents, the designation of Chair does not impose on such Independent Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Board generally. The Board has established five standing committees (described in more detail below) to assist the Board in the oversight and direction of the business and affairs of the Trust, and from time to time may establish informal working groups to review and address the policies and practices of the Trust with respect to certain specified matters. The Board believes that the Board's current leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees of the Trustees and the full Board in a manner that enhances effective oversight. The leadership structure of the Board may be changed at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Trust.

The Trust and the Funds are subject to a number of risks, including investment, compliance, operational, and valuation risks, among others. Day-to-day risk management functions are subsumed within the responsibilities of Thrivent Asset Mgt., the subadvisers and other service providers (depending on the nature of the risk), which carry out the Funds' investment management and business affairs. Each of Thrivent Asset Mgt., the subadvisers and other service providers have their own, independent interest in risk management, and their policies and methods of carrying out risk management functions will depend, in part, on their individual priorities, resources and controls.

Risk oversight forms part of the Board's general oversight of the Trust and the Funds and is addressed as part of various Board and committee activities. The Board recognizes that it is not possible to identify all of the risks that may affect a Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Trust, the Board, directly or through a committee, interacts with and reviews reports from, among others, Thrivent Asset Mgt. (including in its role as Liquidity Risk Management Program Administrator and Valuation Designee), the subadvisers, the Chief Compliance Officer of the Trust, the Derivatives Risk Manager of the Trust, the independent registered public accounting firm for the Trust, and internal auditors for Thrivent Asset Mgt., as appropriate, regarding risks faced by the Trust and its Funds, and Thrivent Asset Mgt.'s risk management functions.

With respect to liquidity risk, the Board or one of its committees reviews, no less frequently than annually, a written report prepared by the Liquidity Program Administrator that addresses the operation of the Liquidity Program and assesses its adequacy and effectiveness of implementation. With respect to valuation risk, the Board oversees the Adviser in its role as Valuation Designee and reviews periodic reporting addressing valuation matters with respect to the Funds, including the Valuation Designee's annual assessment of the adequacy and effectiveness of the Valuation Designee's process for

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determining the fair value of the designated portfolio of securities. With respect to derivatives risk, the Board or one of its committees reviews reports received from the Derivatives Risk Manager on a regular, annual and interim (if necessary) basis that address the operation and effectiveness of the Derivatives Risk Management Program.

The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Funds' compliance program and reports to the Board and the Ethics and Compliance Committee regarding compliance matters for the Funds and their principal service providers. In addition, as part of the Board's annual review of the Trust's advisory, sub-advisory and other service provider agreements, the Board considers risk management aspects of these entities' operations and the functions for which they are responsible. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

Committees of the Board of Trustees

The Board conducts oversight of the Trust with the assistance of five committees, which are Audit, Ethics and Compliance, Investment, Contracts, and Governance and Nominating. Each committee is comprised of all of the Independent Trustees. The responsibilities of each committee are described below.

**Audit Committee.** The Audit Committee oversees management of financial risks and controls and is responsible for recommending the engagement or retention of the Trust's independent auditors. The Audit Committee serves as the channel of communication between the independent auditors of the Trust and the Board with respect to financial statements and financial reporting processes, systems of internal control, and the audit process, including permitted non-audit services. A representative of business risk management, which functions as the Adviser's internal audit group, meets with the Audit Committee and provides reports to the Audit Committee on an as-needed basis (but at least annually). The Audit Committee met four times during the past fiscal year.

**Ethics and Compliance Committee.** The Ethics and Compliance Committee monitors ethical and compliance risks and oversees the legal and regulatory compliance matters of the Funds. The Ethics and Compliance Committee meets with and receives reports from the Trust's Chief Compliance Officer, Chief Legal Officer, Privacy Officer, Anti-Money Laundering Officer and other Adviser personnel on matters relating to the compliance program and other regulatory and ethics matters. The Ethics and Compliance Committee met four times during the past fiscal year.

**Investment Committee.** The Investment Committee is designed to review investment strategies and risks in conjunction with its review of the Funds' performance. The Investment Committee assists the Board in its oversight of the investment performance of the Funds; the Funds' consistency with their investment objectives and styles; management's selection of benchmarks, peer groups and other performance measures for the Funds; and the range of investment options offered to investors in the Funds. In addition, the Committee assists the Board in its review of investment-related aspects of management's proposals such as new Funds or Fund reorganizations. The Investment Committee met six times in the past fiscal year.

**Contracts Committee.** The Contracts Committee assists the Board in fulfilling its duties with respect to the review and approval of contracts between the Trust and other entities, including entering into new contracts and the renewal of existing contracts. The Contracts Committee considers investment advisory, distribution, transfer agency, administrative service and custodial contracts, and such other contracts as the Board deems necessary or appropriate for the continuation of operations of each Fund. The Contracts Committee met six times in the past fiscal year.

**Governance and Nominating Committee.** The Governance and Nominating Committee assists the Board in fulfilling its duties with respect to the governance of the Trust, including the review and evaluation of the composition and operation of the Board and its committees, the annual self-assessment of the Board and its committees and periodic review and recommendations regarding compensation of the Independent Trustees. The Governance and Nominating Committee

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makes recommendations regarding nominations for Trustees and will consider nominees suggested by shareholders sent to the attention of the President of the Trust. The Governance and Nominating Committee met six times during the past fiscal year.

Beneficial Interest in the Funds by Trustees

The following tables provide information, as of December 31, 2022, regarding the dollar range of beneficial ownership by each Trustee in each series of the Trust. The dollar range shown in the third column reflects the aggregate amount of each Trustee's beneficial ownership in all registered investment companies within the investment company complex that are overseen by the Trustee. For Independent Trustees only, the second and third columns include each Trustee's deferred compensation, which is effectively invested in the Thrivent Mutual Funds. For more information on the deferred compensation plan and for the aggregate amount of each Trustee's deferred compensation, see "Compensation of Trustees and Officers" below.

**Interested Trustees** 

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Beneficial Ownership in the Funds** | **Dollar Range of Beneficial Ownership in the Funds** | **Aggregate Dollar**<br> **Range of Beneficial**<br> **Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee**<br> **in the Family of**<br> **Investment Companies**<br>|
| Michael W. Kremenak | Thrivent Aggressive Allocation Fund | $50001-$100000 | Over $100,000 |
|  | Thrivent Limited Maturity Bond Fund | Over $100,000 |  |
|  | Thrivent Mid Cap Stock Fund | $10001-$50000 |  |
|  | Thrivent Small Cap Growth Fund | $10001-$50000 |  |
|  | Thrivent Small Cap Stock Fund | Over $100,000 |  |
| David S. Royal | Thrivent Aggressive Allocation Fund | Over $100,000 | Over $100,000 |
|  | Thrivent Income Fund | Over $100,000 |  |
|  | Thrivent Large Cap Growth Fund | $10001-$50000 |  |
|  | Thrivent Large Cap Value Fund | $50001-$100000 |  |
|  | Thrivent Mid Cap Growth Fund | $10001-$50000 |  |
|  | Thrivent Mid Cap Stock Fund | Over $100,000 |  |
|  | Thrivent Small Cap Growth Fund | Over $100,000 |  |
|  | Thrivent Small Cap Stock Fund | $50001-$100000 |  |

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**Independent Trustees** 

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Beneficial Ownership in the Funds** | **Dollar Range of Beneficial Ownership in the Funds** | **Aggregate Dollar**<br> **Range of Beneficial**<br> **Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee**<br> **in the Family of**<br> **Investment Companies**<br>|
| Janice B. Case | Thrivent Aggressive Allocation Fund | $50001-$100000 | Over $100,000 |
|  | Thrivent Diversified Income Plus Fund | $10001-$50000 |  |
|  | Thrivent High Yield Fund | $10001-$50000 |  |
|  | Thrivent International Allocation Fund | $1-$10000 |  |

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Beneficial Ownership in the Funds** | **Dollar Range of Beneficial Ownership in the Funds** | **Aggregate Dollar**<br> **Range of Beneficial**<br> **Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee**<br> **in the Family of**<br> **Investment Companies**<br>|
|  | Thrivent Moderate Allocation Fund | $10001-$50000 |  |
|  | Thrivent Moderately Aggressive Allocation Fund | $1-$10000 |  |
|  | Thrivent Municipal Bond Fund | $10001-$50000 |  |
| Robert J. Chersi | Thrivent Aggressive Allocation Fund | $50001-$100000 | Over $100,000 |
|  | Thrivent Diversified Income Plus Fund | $50001-$100000 |  |
|  | Thrivent Mid Cap Stock Fund | $50001-$100000 |  |
|  | Thrivent Moderately Aggressive Allocation Fund | $50001-$100000 |  |
| Arleas Upton Kea | Thrivent Large Cap Growth Fund | $10001-$50000 | $10001-$50000 |
|  | Thrivent Large Cap Value Fund | $10001-$50000 |  |
|  | Thrivent Small Cap Stock Fund | $10001-$50000 |  |
| Paul R. Laubscher | Thrivent Moderately Aggressive Allocation Fund | Over $100,000 | Over $100,000 |
| Robert J. Manilla | Thrivent Aggressive Allocation Fund | Over $100,000 | Over $100,000 |
|  | Thrivent Mid Cap Stock Fund | $10001-$50000 |  |
| James A. Nussle | Thrivent Diversified Income Plus Fund | $10001-$50000 | Over $100,000 |
|  | Thrivent International Allocation Fund | $50001-$100000 |  |
|  | Thrivent Large Cap Value Fund | Over $100,000 |  |
|  | Thrivent Mid Cap Stock Fund | Over $100,000 |  |
|  | Thrivent Small Cap Stock Fund | $50001-$100000 |  |
| James W. Runcie | Thrivent Large Cap Value Fund | Over $100,000 | Over $100,000 |
|  | Thrivent Mid Cap Stock Fund | $1-$10000 |  |
| Constance L. <br> Souders<br>| Thrivent Moderately Aggressive Allocation Fund | Over $100,000 | Over $100,000 |

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Compensation of Trustees and Officers

The Trust makes no payments to any of its officers for services performed for the Trust. The Independent Trustees are paid an annual base compensation of $230,000 to serve on the Boards of the Thrivent Funds. Each Trustee also receives $10,000 for each in-person meeting attended. The Board Chair is compensated an additional $120,000 per year; the Chair of the Audit Committee, who also serves as the Audit Committee Financial Expert, is compensated an additional $50,000 per year; the Chair of the Contracts Committee, the Chair of the Investment Committee, the Chair of the Governance and Nominating Committee and the Chair of the Ethics and Compliance Committee are each compensated an additional $30,000 per year. Independent Trustees are reimbursed by the Trust for any expenses they may incur by reason of attending Board meetings or in connection with other services they may perform in connection with their duties as Trustees of the Trust. The Trustees receive no pension or retirement benefits in connection with their service to the Trust.

The following table provides the amounts of compensation paid to the Trustees either directly or in the form of payments made into a deferred compensation plan for the fiscal year ended October 31, 2022:

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| | | |
|:---|:---|:---|
| **Name of Trustee**<sup>(1)</sup> <br>| **Aggregate**<br> **Compensation from**<br> **Trust for One Year**<br> **Ending October 31, 2022**<br>| **Total Compensation**<br> **Paid by Trust and**<br> **Fund Complex**<br> **for One Year**<br> **Ending October 31, 2022**<br>|
| Janice B. Case | $116487 | $285000 |
| Robert J. Chersi | $124668 | $305000 |
| Arleas Upton Kea | $102245 | $250000 |
| Paul R. Laubscher | $157500 | $385000 |
| Robert J. Manilla | $70068 | $170000 |
| James A. Nussle | $116487 | $285000 |
| James W. Runcie | $102245 | $250000 |
| Constance L. Souders | $116487 | $285000 |

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------

<sup>(1)</sup>

The Trust has adopted a deferred compensation plan for the benefit of the Independent Trustees of the Trust who wish to defer receipt of a percentage of eligible compensation which they otherwise are entitled to receive from the Trust. Compensation deferred is effectively invested in the Thrivent Mutual Funds, the allocation of which is determined by the individual Trustee. The Trustees participating in the deferred compensation plan do not actually own shares of the Thrivent Mutual Funds through the plan, since deferred compensation is a general liability of the Thrivent Mutual Funds. However, a Trustee's return on compensation deferred is economically equivalent to an investment in the applicable Thrivent Mutual Funds. For compensation paid during the fiscal year ended October 31, 2022, the total amount of deferred compensation payable to the Trustees was $50,000 to Ms. Kea, $131,767 to Mr. Manilla, and $131,767 to Mr. Runcie.

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Significant Shareholders

Control Persons and Principal Holders

The table below identifies the name, address and ownership percentage of each person who owns of record or is known by the Trust to own beneficially 5% or more of any class of a Fund's outstanding shares (Principal Holders) or 25% or more of a Fund's outstanding shares (Control Persons). A shareholder who beneficially owns more than 25% of a Fund's shares is presumed to "control" the Fund, as that term is defined in the 1940 Act, and may have a significant impact on matters submitted to a shareholder vote. A shareholder who beneficially owns more than 50% of a Fund's outstanding shares may be able to approve proposals, or prevent approval of proposals, without regard to votes by other Fund shareholders. The information provided in the table for each Fund is as of January 31, 2023 and includes affiliates of the Funds and the Funds themselves.

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| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent**<br> **Owned**<br>|
| Thrivent Aggressive Allocation Fund – Class S | &nbsp;&nbsp; EMPOWER TRUST<br> THRIVENT 401k<br> 8525 E ORCHARD RD<br> GREENWOOD VLG CO 80111-5009<br>| 10.05% |
| Thrivent Diversified Income Plus Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 9.20% |
| Thrivent Global Stock Fund - Class S | &nbsp;&nbsp; THRIVENT MODERATELY AGGRESSIVE <br> ALLOCATION FUND<br>| 9.57% |
| Thrivent Government Bond Fund – Class S | &nbsp;&nbsp; THRIVENT CHARITABLE IMPACT & INVESTING<br> PO BOX 8072<br> APPLETON WI 54912-8072<br>| 62.81% |
|  | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 16.21% |
| Thrivent High Income Municipal Bond Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-1995<br>| 27.81% |
| Thrivent High Yield Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 16.50% |
|  | THRIVENT MODERATE ALLOCATION FUND | 5.88% |

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| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent**<br> **Owned**<br>|
| Thrivent Income Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 20.83% |
|  | THRIVENT MODERATE ALLOCATION FUND | 13.06% |
|  | &nbsp;&nbsp; THRIVENT MODERATELY CONSERVATIVE <br> ALLOCATION FUND<br>| 7.97% |
|  | &nbsp;&nbsp; THRIVENT MODERATELY AGGRESSIVE <br> ALLOCATION FUND<br>| 7.22% |
|  | &nbsp;&nbsp; EMPOWER TRUST FBO<br> THRIVENT 401K<br> 8525 E ORCHARD RD<br> GREENWOOD VLG CO 80111-5002<br>| 6.61% |
| Thrivent International Allocation Fund - Class S | &nbsp;&nbsp; THRIVENT MODERATELY AGGRESSIVE <br> ALLOCATION FUND<br>| 31.00% |
|  | THRIVENT MODERATE ALLOCATION FUND | 16.62% |
|  | THRIVENT AGGRESSIVE ALLOCATION FUND | 16.11% |
|  | &nbsp;&nbsp; THRIVENT FINANCIAL FOR LUTHERANS<br> % HR EMPLOYEE BENEFITS DEPT #7950<br> 4321 N BALLARD RD<br> APPLETON WI 54919-0001<br>| 9.47% |
| Thrivent Large Cap Growth Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 21.13% |
|  | &nbsp;&nbsp; THRIVENT MODERATELY AGGRESSIVE <br> ALLOCATION FUND<br>| 16.79% |
|  | THRIVENT MODERATE ALLOCATION FUND | 13.22% |
|  | THRIVENT AGGRESSIVE ALLOCATION FUND | 7.55% |
| Thrivent Large Cap Value Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 30.56% |
|  | &nbsp;&nbsp; THRIVENT MODERATELY AGGRESSIVE <br> ALLOCATION FUND<br>| 17.27% |
|  | THRIVENT MODERATE ALLOCATION FUND | 14.70% |

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| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent**<br> **Owned**<br>|
|  | THRIVENT AGGRESSIVE ALLOCATION FUND | 5.28% |
| Thrivent Limited Maturity Bond Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 38.81% |
| Thrivent Low Volatility Equity Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 13.91% |
| Thrivent Mid Cap Stock Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> 499 WASHINGTON BLVD, FL 5<br> JERSEY CITY, NJ 07310-2010<br>| 18.10% |
|  | &nbsp;&nbsp; CHARLES SCHWAB & CO INC.<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> 211 MAIN STREET<br> SAN FRANCISCO, CA 94105-1905<br>| 6.84% |
|  | &nbsp;&nbsp; THRIVENT MODERATELY AGGRESSIVE <br> ALLOCATION FUND<br>| 6.29% |
| Thrivent Multidimensional Income Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> 499 WASHINGTON BLVD, FL 4<br> JERSEY CITY, NJ 07310-1995<br>| 35.55% |
| Thrivent Municipal Bond Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2010<br>| 13.82% |
| Thrivent Opportunity Income Plus Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 5<br> JERSEY CITY NJ 07310-2017<br>| 45.93% |
| Thrivent Small Cap Growth Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 4<br> JERSEY CITY NJ 07310-1995<br>| 66.88% |

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| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent**<br> **Owned**<br>|
| Thrivent Small Cap Stock Fund - Class S | &nbsp;&nbsp; NATIONAL FINANCIAL SVCS CORP FOR<br> EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> FBO<br> 499 WASHINGTON BLVD FL 4<br> JERSEY CITY NJ 07310-1995<br>| 18.88% |
|  | &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1905<br>| 9.27% |
|  | &nbsp;&nbsp; PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY NJ 07303-2052<br>| 7.11% |
|  | &nbsp;&nbsp; AMERICAN ENTERPRISE INVESTMENT SVC<br> FBO #41999970<br> 707 2<sup>ND</sup> AVE SO<br> MINNEAPOLIS MN 55402-2405<br>| 6.21% |

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Management Ownership

As of January 31, 2023, the officers and Trustees as a group beneficially owned less than 1% of each class of shares of each Fund.

Material Transactions with Independent Trustees

No Independent Trustee of the Trust or any immediate family member of an Independent Trustee has had, during the two most recently completed calendar years, a direct or indirect interest in the investment adviser, the principal underwriter, or a subadviser for the Funds, or in any person directly or indirectly controlling, controlled by or under common control with the investment adviser, the principal underwriter, or a subadviser for the Funds exceeding $120,000. In addition, no Independent Trustee of the Trust or any of their immediate family members has had, during the two most recently completed calendar years, a direct or indirect material interest in any transaction or series of similar transactions in which the amount involved exceeds $120,000 and to which one of the parties was the Trust; an officer of the Trust; an investment company or an officer of any investment company having the same investment adviser, subadviser or principal underwriter as the Funds as its investment adviser or principal underwriter or having an investment adviser or principal underwriter that directly or indirectly controls, is controlled by or under common control with the investment adviser, subadviser or principal underwriter of the Funds; the Funds' investment adviser or principal underwriter; an officer of the Funds' investment adviser or principal underwriter; or a person or an officer of a person directly or indirectly controlling, controlled by or under common control with the investment adviser or the principal underwriter of the Funds (an "Associated Person"). No Independent Trustee of the Trust or a member of the immediate family of an Independent Trustee has had, in the two most recently completed calendar years, a direct or indirect relationship with any Associated Person involving an amount in excess of $120,000 and which involved: payments for property or services to or from any Associated Person; provision of legal services to any Associated Person; provision of investment banking services to any Associated Person, other than as a participating underwriter in a syndicate; or, any consulting or other relationship that is substantially similar in nature and scope to these types of relationships.

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Investment Adviser, Investment Subadviser and Portfolio Managers

Investment Adviser

The Funds' investment adviser, Thrivent Asset Mgt., was organized as a Delaware limited liability company on September 23, 2005. Thrivent Asset Mgt. is a subsidiary of Thrivent Financial Holdings, Inc., which is a wholly owned subsidiary of Thrivent. Thrivent Financial Holdings, Inc. owns 100% of Thrivent Asset Mgt.'s membership interests.

Thrivent Asset Mgt., 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211, is the investment adviser for each of the Funds. The officers and directors of Thrivent Asset Mgt. who are affiliated with the Trust are set forth below under "Affiliated Persons."

Investment decisions for each of the Funds, except for a portion of Thrivent International Allocation Fund, are made by Thrivent Asset Mgt., subject to the overall direction of the Board of Trustees. Thrivent Asset Mgt. also provides investment research and supervision of each of the Funds' investments (except for the portion of the investments of Thrivent International Allocation Fund that are not managed, as noted above, by Thrivent Asset Mgt.) and conducts a continuous program of investment evaluation and appropriate disposition and reinvestment of these assets.

Thrivent Asset Mgt. Portfolio Managers

**Other Accounts Managed by the Thrivent Asset Mgt. Portfolio Managers** 

The following table provides information relating to other accounts managed by Thrivent Asset Mgt. portfolio managers as of October 31, 2022, unless otherwise noted. None of the Thrivent Asset Mgt. portfolio managers of the Funds managed pooled investment vehicles other than the registered companies noted below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other Registered**<br> **Investment Companies** <sup>(1)</sup>  | **Other Registered**<br> **Investment Companies** <sup>(1)</sup>  | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **# of Accounts**<br> **Managed**<br>| **Assets**<br> **Managed**<br>| **# of Accounts**<br> **Managed**<br>| **Assets**<br> **Managed**<br>|
| Johan A. Akesson | 0 | $0 | 0 | $0 |
| Brian W. Bomgren <sup>(2)</sup> | 10 | $6355525679 | 2 | $484496371 |
| Lauri A. Brunner | 2 | $3071218078 | 2 | $258852165 |
| Matthew D. Finn <sup>(7)</sup> | 4 | $1595960643 | 3 | $70555620 |
| Brian J. Flanagan | 1 | $2080005679 | 2 | $125316771 |
| Jon-Paul (JP) Gagne | 2 | $974212284 | 0 | $0 |
| Nicholas E. Griffith | 1 | $49498345 | 0 | $0 |
| Michael P. Hubbard | 0 | $0 | 1 | $46878188 |
| Vikram Kaura | 1 | $2080005679 | 0 | $0 |
| Kurt J. Lauber | 2 | $3682561427 | 2 | $348310003 |
| David J. Lettenberger | 2 | $147446564 | 1 | $46878188 |
| Thomas C. Lieu | 1 | $2442496772 | 1 | $209612966 |
| Stephen D. Lowe <sup>(3)</sup> | 8 | $22742316861 | 1 | $85606270 |
| J.P. McKim | 1 | $2080005679 | 0 | $0 |
| Noah J. Monsen <sup>(2)</sup> | 6 | $4523721374 | 2 | $484496371 |
| Paul J. Ocenasek | 1 | $716997076 | 2 | $3566965947 |
| David S. Royal | 4 | $21403038071 | 0 | $0 |
| Siddharth Sinha | 2 | $147446564 | 1 | $46878188 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other Registered**<br> **Investment Companies** <sup>(1)</sup> | **Other Registered**<br> **Investment Companies** <sup>(1)</sup> | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **# of Accounts**<br> **Managed**<br>| **Assets**<br> **Managed**<br>| **# of Accounts**<br> **Managed**<br>| **Assets**<br> **Managed**<br>|
| Jaimin Soni | 1 | $1831153424 | 1 | $167506453 |
| David R. Spangler | 7 | $23740571685 | 1 | $43843802 |
| William D. Stouten <sup>(4)</sup> | 3 | $5028090811 | 2 | $1458438690 |
| Cortney L. Swensen | 1 | $807212437 | 0 | $0 |
| James M. Tinucci | 1 | $873264486 | 1 | $20469960 |
| Kent L. White <sup>(5)</sup> | 3 | $1449368654 | 1 | $85606270 |
| Theron G. Whitehorn <sup>(6)</sup> | 4 | $1339278789 | 1 | $212814276 |
| Graham Wong | 1 | $49498345 | 0 | $0 |

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<sup>(1)</sup>

The "Other Registered Investment Companies" represent series of Thrivent Series Fund, Inc. that have substantially similar investment objectives and policies as the Fund(s) managed by the portfolio manager listed.

<sup>(</sup><sup>2</sup><sup>)</sup>

In addition to series of Thrivent Series Fund, Inc., the "Other Registered Investment Companies" represent series of Thrivent Core Funds.

<sup>(</sup><sup>3</sup><sup>)</sup>

As of December 31, 2022, the Assets Managed for all account categories totaled $22,722,194,321.

<sup>(</sup><sup>4</sup><sup>)</sup>

In addition to series of Thrivent Series Fund, Inc., the "Other Registered Investment Companies" represent series of Thrivent Cash Management Trust and Thrivent Core Funds.

<sup>(</sup><sup>5</sup><sup>)</sup>

As of December 31, 2022, the Assets Managed for all account categories totaled $1,579,231,344.

<sup>(</sup><sup>6</sup><sup>)</sup>

As of December 31, 2022, the Assets Managed for all account categories totaled $1,611,356,203.

<sup>(</sup><sup>7</sup><sup>)</sup>

In addition to series of Thrivent Series Fund, Inc., the "Other Registered Investment Companies" represent series of Thrivent Core Funds and Thrivent ETF Trust.

**Compensation**

Each portfolio manager of Thrivent Asset Mgt. is compensated by an annual base salary and an annual bonus, in addition to the various benefits that are available to all employees of Thrivent. The annual base salary for each portfolio manager is a fixed amount that is determined annually according to the level of responsibility and performance. The annual bonus provides for a variable payment that is attributable to the relative performance of each fund or account managed by the portfolio manager measured for one-, three-, and five-year periods against the median performance of other funds in the same peer group, as classified by Morningstar, or an index constructed with comparable criteria. Portfolio managers of private funds and/or proprietary accounts may receive an allocation of performance-based compensation.

In addition, some portfolio managers are also eligible to participate in one or more of the following:

*Long-Term Incentive Plan.* Thrivent's long-term incentive plan provides for an additional variable payment based on the extent to which Thrivent met corporate goals during the previous three-year period.

*Deferred Compensation Plan.* Thrivent's deferred compensation plan allows for the deferral of salary and bonus into certain affiliated and unaffiliated mutual funds up to an annual dollar limit.

*Key Employee Restoration Plan.* Thrivent's key employee restoration plan allows for the company to make a contribution to the plan on behalf of each participant.

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**Conflicts of Interest**

The Adviser and its respective affiliates will be subject to certain conflicts of interest with respect to the services provided to the Funds. These conflicts will arise primarily, but not exclusively, from the involvement of the Adviser and the portfolio managers in other activities that from time to time conflict with the activities of the Funds. Portfolio managers at Thrivent Asset Mgt. typically manage multiple accounts. These accounts may include, among others, mutual funds, private funds, proprietary accounts and separate accounts (assets managed on behalf of pension funds, foundations and other investment accounts).

Managing and providing research to multiple accounts can give rise to potential conflicts of interest if the accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple accounts. Managing an account that charges a performance-based fee could give a portfolio manager an incentive to favor that account over accounts that don't charge performance-based fees. In addition, the side-by-side management of these funds and accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. Thrivent Asset Mgt. seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. To this end, Thrivent Asset Mgt. has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

Additional information about potential conflicts of interest is set forth in the Form ADV of the Adviser. A copy of Part 1 and Part 2A of the Adviser's Form ADV is available on the SEC's website (adviserinfo.sec.gov).

**Ownership in the Funds**

The following table provides information as of October 31, 2022 on the dollar range of beneficial ownership by each portfolio manager for each Fund he or she manages. Dollar values disclosed with respect to Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund and each listed Portfolio are as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** <br> **Manager**<br>| **Fund** | **Fund**<br> **Ownership**<br>| **Portfolio** <sup>(1)</sup> <br>| **Portfolio**<br> **Ownership**<br>| **Ownership in**<br> **Fund Complex** <sup>(2)</sup> <br>|
| Johan A. <br> Akesson<br>| Thrivent High Income Municipal <br> Bond Fund<br>| $10001-$500000 |  |  | $100001-$500000 |
|  | Thrivent Municipal Bond Fund | $10001-$500000 |  |  |  |
| Brian W. <br> Bomgren<br>| Thrivent International Allocation <br> Fund<br>|  | Thrivent International Allocation <br> Portfolio<br>|  | $50001-$100000 |
|  | Thrivent Low Volatility Equity <br> Fund<br>|  | Thrivent Low Volatility Equity <br> Portfolio<br>|  |  |
| Lauri Brunner | Thrivent Global Stock Fund |  | Thrivent Global Stock Portfolio |  | $100001-$500000 |
|  | Thrivent Large Cap Growth Fund | $10001-$500000 | Thrivent Large Cap Growth <br> Portfolio<br>|  |  |
| Nick Cai<sup>(3)</sup> <br>| Thrivent International Allocation <br> Fund<br>|  | Thrivent International Allocation <br> Portfolio<br>|  |  |
| Matthew D. <br> Finn<br>| Thrivent Small Cap Stock Fund | $500001-$1000000 | Thrivent Small Cap Stock <br> Portfolio<br>|  | $500001-$1000000 |
| Brian J. <br> Flanagan<br>| Thrivent Mid Cap Stock Fund | $500001-$1000000 | Thrivent Mid Cap Stock Portfolio | $1-$10000 | Over $1,000,000 |
| Jon-Paul (JP) <br> Gagne<br>| Thrivent Government Bond Fund |  | Thrivent Government Bond <br> Portfolio<br>|  | $100001-$500000 |
|  | Thrivent Limited Maturity Bond <br> Fund<br>|  | Thrivent Limited Maturity Bond <br> Portfolio<br>|  |  |
| Nicholas E. <br> Griffith<br>| Thrivent Mid Cap Value Fund |  | Thrivent Mid Cap Value Portfolio |  | $10001-$500000 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** <br> **Manager**<br>| **Fund** | **Fund**<br> **Ownership**<br>| **Portfolio** <sup>(1)</sup> | **Portfolio**<br> **Ownership**<br>| **Ownership in**<br> **Fund Complex** <sup>(2)</sup><br>|
| Michael P. <br> Hubbard<br>| Thrivent Mid Cap Growth Fund |  | Thrivent Mid Cap Growth <br> Portfolio<br>|  | $100001-$500000 |
|  | Thrivent Small Cap Growth Fund |  | Thrivent Small Cap Growth <br> Portfolio<br>|  |  |
| Vikram Kaura | Thrivent Mid Cap Stock Fund |  | Thrivent Mid Cap Stock Portfolio |  | $100001-$500000 |
| Kurt J. <br> Lauber<br>| Thrivent Global Stock Fund |  | Thrivent Global Stock Portfolio |  | $500001-$1000000 |
|  | Thrivent Large Cap Value Fund | $100001-$500000 | Thrivent Large Cap Value <br> Portfolio<br>|  |  |
| David J. <br> Lettenberger<br>| Thrivent Mid Cap Growth Fund |  | Thrivent Mid Cap Growth <br> Portfolio<br>|  | $500001-$1000000 |
|  | Thrivent Small Cap Growth Fund |  | Thrivent Small Cap Growth <br> Portfolio<br>|  |  |
| Thomas C. <br> Lieu<br>| Thrivent Large Cap Value Fund |  | Thrivent Large Cap Value <br> Portfolio<br>|  | $100001-$500000 |
| Stephen D. <br> Lowe<br>| Thrivent Aggressive Allocation <br> Fund<br>| $100001-$500000 | Thrivent Aggressive Allocation <br> Portfolio<br>|  | Over $1,000,000 |
|  | Thrivent Balanced Income Plus <br> Fund<br>| $10001-$500000 | Thrivent Balanced Income Plus <br> Portfolio<br>|  |  |
|  | Thrivent Diversified Income Plus <br> Fund<br>| $10001-$500000 | Thrivent Diversified Income Plus <br> Portfolio<br>|  |  |
|  | Thrivent Moderate Allocation <br> Fund<br>| $500001-$1000000 | Thrivent Moderate Allocation <br> Portfolio<br>| $100001-$500000 |  |
|  | Thrivent Moderately Aggressive <br> Allocation Fund<br>| $500001-$1000000 | Thrivent Moderately Aggressive <br> Allocation Portfolio<br>|  |  |
|  | Thrivent Moderately Conservative <br> Allocation Fund<br>|  | Thrivent Moderately Conservative <br> Allocation Portfolio<br>|  |  |
|  | Thrivent Multidimensional Income <br> Fund<br>|  | Thrivent Multidimensional Income <br> Portfolio<br>|  |  |
|  | Thrivent Opportunity Income Plus <br> Fund<br>| $10001-$500000 | Thrivent Opportunity Income Plus <br> Portfolio<br>|  |  |
| J.P. McKim | Thrivent Mid Cap Stock Fund | $50000-$100000 | Thrivent Mid Cap Stock Portfolio |  | $100001-$500000 |
| Noah J. <br> Monsen<br>| Thrivent Global Stock Fund | $10001-$50000 | Thrivent Global Stock Portfolio |  | $500001-$1000000 |
|  | Thrivent International Allocation <br> Fund<br>|  | Thrivent International Allocation <br> Portfolio<br>|  |  |
|  | Thrivent Low Volatility Equity <br> Fund<br>|  | Thrivent Low Volatility Equity <br> Portfolio<br>|  |  |
| Paul J. <br> Ocenasek<br>| Thrivent High Yield Fund |  | Thrivent High Yield Portfolio |  | Over $1,000,000 |
| David S. <br> Royal<br>| Thrivent Aggressive Allocation <br> Fund<br>| Over $1,000,000 | Thrivent Aggressive Allocation <br> Portfolio<br>| $10001-$50000 | Over $1,000,000 |
|  | Thrivent Moderate Allocation <br> Fund<br>|  | Thrivent Moderate Allocation <br> Portfolio<br>|  |  |
|  | Thrivent Moderately Aggressive <br> Allocation Fund<br>|  | Thrivent Moderately Aggressive <br> Allocation Portfolio<br>|  |  |
|  | Thrivent Moderately Conservative <br> Allocation Fund<br>|  | Thrivent Moderately Conservative <br> Allocation Portfolio<br>|  |  |
| Siddharth <br> Sinha<br>| Thrivent Mid Cap Growth Fund |  | Thrivent Mid Cap Growth <br> Portfolio<br>|  | $100001-$500000 |
|  | Thrivent Small Cap Growth Fund |  | Thrivent Small Cap Value Fund |  |  |
| Jaimin Soni | Thrivent Large Cap Growth Fund |  | Thrivent Large Cap Growth <br> Portfolio<br>|  | $100001-$500000 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** <br> **Manager**<br>| **Fund** | **Fund**<br> **Ownership**<br>| **Portfolio** <sup>(1)</sup> | **Portfolio**<br> **Ownership**<br>| **Ownership in**<br> **Fund Complex** <sup>(2)</sup><br>|
| David R. <br> Spangler<br>| Thrivent Aggressive Allocation <br> Fund<br>| $500001-$1000000 | Thrivent Aggressive Allocation <br> Portfolio<br>| $1-$10000 | $500001-$1000000 |
|  | Thrivent Balanced Income Plus <br> Fund<br>|  | Thrivent Balanced Income Plus <br> Portfolio<br>|  |  |
|  | Thrivent Diversified Income Plus <br> Fund<br>|  | Thrivent Diversified Income Plus <br> Portfolio<br>|  |  |
|  | Thrivent Global Stock Fund |  | Thrivent Global Stock Portfolio |  |  |
|  | Thrivent Moderate Allocation <br> Fund<br>|  | Thrivent Moderate Allocation <br> Portfolio<br>|  |  |
|  | Thrivent Moderately Aggressive <br> Allocation Fund<br>|  | Thrivent Moderately Aggressive <br> Allocation Portfolio<br>|  |  |
|  | Thrivent Moderately Conservative <br> Allocation Fund<br>| $10001-$50000 | Thrivent Moderately Conservative <br> Allocation Portfolio<br>|  |  |
| William D. <br> Stouten<br>| Thrivent Money Market Fund |  | Thrivent Money Market Portfolio |  | $100001-$500000 |
| Cortney L. <br> Swensen<br>| Thrivent Income Fund |  | Thrivent Income Portfolio |  |  |
|  | Thrivent Limited Maturity Bond <br> Fund<br>|  | Thrivent Limited Maturity Bond <br> Portfolio<br>|  |  |
| James M. <br> Tinucci<br>| Thrivent Small Cap Stock Fund | $500001-$1000000 | Thrivent Small Cap Stock <br> Portfolio<br>|  | Over $1,000,000 |
| Jing Wang<sup>(3)</sup> <br>| Thrivent International Allocation <br> Fund<br>|  | Thrivent International Allocation <br> Portfolio<br>|  |  |
|  | Thrivent Low Volatility Equity <br> Fund<br>|  |  |  |  |
| Kent L. White | Thrivent Government Bond Fund |  | Thrivent Government Bond <br> Portfolio<br>|  | $500001-$1000000 |
|  | Thrivent Income Fund | $100001-$500000 | Thrivent Income Portfolio |  |  |
|  | Thrivent Multidimensional Income <br> Fund<br>|  | Thrivent Multidimensional Income <br> Portfolio<br>|  |  |
|  | Thrivent Opportunity Income Plus <br> Fund<br>|  | Thrivent Opportunity Income Plus <br> Portfolio<br>|  |  |
| Theron G. <br> Whitehorn<br>| Thrivent Balanced Income Plus <br> Fund<br>|  | Thrivent Balanced Income Plus <br> Portfolio<br>|  | $50001-$100000 |
|  | Thrivent Diversified Income Plus <br> Fund<br>|  | Thrivent Diversified Income Plus <br> Portfolio<br>|  |  |
|  | Thrivent Multidimensional Income <br> Fund<br>|  | Thrivent Multidimensional Income <br> Portfolio<br>|  |  |
|  | Thrivent Opportunity Income Plus <br> Fund<br>|  | Thrivent Opportunity Income Plus <br> Portfolio<br>|  |  |
| Stephanie L. <br> Woeppel<br>| Thrivent High Income Municipal <br> Bond Fund<br>|  |  |  |  |
|  | Thrivent Municipal Bond Fund |  |  |  |  |
| Graham <br> Wong<br>| Thrivent Mid Cap Value Fund | $100001-$500000 | Thrivent Mid Cap Value Portfolio |  | $100001-$500000 |
| Katelyn R. <br> Young<br>| Thrivent Small Cap Stock Fund |  | Thrivent Small Cap Stock <br> Portfolio<br>|  | $1-$10000 |

---

------

<sup>(1)</sup>

Each Portfolio listed is a series of Thrivent Series Fund, Inc., is managed by the same portfolio manager(s) and has substantially similar investment objectives and policies to the corresponding Fund listed.

<sup>(2)</sup>

Ownership in Fund Complex includes investments in Thrivent Mutual Funds, Thrivent Series Fund, Inc., Thrivent Church Loan and Income Fund, and Thrivent ETF Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> Effective April 30, 2023, Goldman Sachs Asset Management, L.P. will no longer serve as a subadviser to Thrivent International Allocation Fund. Jing Wang and Nick Cai will be named as portfolio managers for the Fund. Mr. Monsen and Mr. Bomgren will continue to serve as portfolio managers for the Fund.

Investment Subadviser

Thrivent Asset Mgt. has engaged a Goldman Sachs Asset Management, L.P. ("GSAM") as a subadviser for Thrivent International Allocation Fund. Investment decisions for a portion of the Fund are made by GSAM, subject to the overall direction of Thrivent Asset Mgt. and oversight by the Board of Trustees. Effective April 30, 2023, GSAM will no longer serve as a subadviser to the Fund.

Thrivent International Allocation Fund

Until April 30, 2023, GSAM will manage a portion of the international small-cap equity assets of Thrivent International Allocation Fund. GSAM is located at 200 West Street, New York, New York 10282-2198. GSAM has been registered as an investment adviser with the SEC since 1990 and is an affiliate of Goldman Sachs & Co. LLC. As of December 31, 2022, GSAM, including its investment advisory affiliates, had assets under supervision of approximately $2,298,278.9 million. Assets under supervision includes assets under management and other client assets for which GSAM and its investment advisory affiliates do not have full discretion.

**GSAM Portfolio Managers**

**Other Accounts Managed by GSAM Portfolio Managers.** The following table discloses accounts within each type of category listed below for which the portfolio managers are jointly and primarily responsible for day to day portfolio management as of October 31, 2022.

For each portfolio manager listed below, the total number of accounts managed is a reflection of accounts within the strategy they oversee or manage, as well as accounts which participate in the sector in which they manage. There are multiple portfolio managers involved with each account.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Type of Accounts** | **Total**<br> **# of**<br> **Accounts**<br> **Managed**<br>| **Total Assets**<br> **(in millions)**<br>| **# of Accounts**<br> **Managed with**<br> **Advisory Fee**<br> **Based on**<br> **Performance**<br>| **Total Assets**<br> **with Advisory**<br> **Fee Based on**<br> **Performance**<br> **(in millions)**<br>|
| Len Ioffe | Registered Investment Companies: | 34 | $19079 | 0 | $0 |
|  | Other Pooled Investment Vehicles:<sup>(1)</sup> | 22 | $8295 | 0 | $0 |
|  | Other Accounts:<sup>(2)</sup> | 32 | $7215 | 1 | $359 |
| Osman Ali | Registered Investment Companies: | 34 | $19079 | 0 | $0 |
|  | Other Pooled Investment Vehicles:<sup>(1)</sup> | 22 | $8295 | 0 | $0 |
|  | Other Accounts:<sup>(2)</sup> | 32 | $7215 | 1 | $359 |
| Takashi Suwabe | Registered Investment Companies: | 34 | $19079 | 0 | $0 |
|  | Other Pooled Investment Vehicles:<sup>(1)</sup> | 22 | $8295 | 0 | $0 |
|  | Other Accounts:<sup>(2)</sup> | 32 | $7215 | 1 | $359 |
| Dennis Walsh | Registered Investment Companies: | 34 | $19079 | 0 | $0 |
|  | Other Pooled Investment Vehicles:<sup>(1)</sup> | 22 | $8295 | 0 | $0 |
|  | Other Accounts:<sup>(2)</sup> | 32 | $7215 | 1 | $359 |

---

------

<sup>(</sup><sup>1)</sup>

"Other Pooled Investment Vehicles" includes private investment funds and SICAVs.

------

<sup>(</sup><sup>2)</sup>

"Other Accounts" includes a separately managed account platform, advisory mutual fund platform, advisory relationships and others. For purposes of the above, a platform is included as a single account.

**Compensation.** Compensation for GSAM portfolio managers is comprised of a base salary and year-end discretionary variable compensation. The base salary is fixed from year to year. Year-end discretionary variable compensation is primarily a function of each portfolio manager's individual performance and his or her contribution to overall team performance; the performance of GSAM and Goldman Sachs; the team's net revenues for the past year which in part is derived from advisory fees, and for certain accounts, performance-based fees; and anticipated compensation levels among competitor firms. Portfolio managers may be rewarded, in part, for their delivery of investment performance, which is reasonably expected to meet or exceed the expectations of clients and fund shareholders in terms of: excess return over an applicable benchmark, peer group ranking, risk management and factors specific to certain funds such as yield or regional focus. Performance is judged over 1-, 3- and 5-year time horizons.

The discretionary variable compensation for portfolio managers is also significantly influenced by various factors, including: (1) effective participation in team research discussions and process; and (2) management of risk in alignment with the targeted risk parameters and investment objectives of the Fund. Other factors may also be considered including: (a) general client/shareholder orientation, and (b) teamwork and leadership. As part of their year-end discretionary variable compensation and subject to certain eligibility requirements, portfolio managers may receive deferred equity-based and similar awards, in the form of: (1) shares of The Goldman Sachs Group, Inc. (restricted stock units); and (2) for certain portfolio managers, performance-tracking (or "phantom") shares of the GSAM mutual funds that they oversee or service. Performance-tracking shares are designed to provide a rate of return (net of fees) equal to that of the fund(s) that a portfolio manager manages, or one or more other eligible funds, as determined by senior management, thereby aligning portfolio manager compensation with fund shareholder interests. The awards are subject to vesting requirements, deferred payment and clawback and forfeiture provisions. GSAM, Goldman Sachs or their affiliates expect, but are not required to, hedge the exposure of the performance-tracking shares of a fund by, among other things, purchasing shares of the relevant fund(s). The benchmark for the GSAM sleeve of the Thrivent International Allocation Fund is the MSCI EAFE Small Cap (Net Total Return, Unhedged, USD).

**Other Compensation.** In addition to base salary and year-end discretionary variable compensation, GSAM has a number of additional benefits in place including (1) a 401k program that enables employees to direct a percentage of their base salary and bonus income into a tax-qualified retirement plan; and (2) investment opportunity programs in which certain professionals may participate subject to certain eligibility requirements.

**Conflicts of Interest.** GSAM is part of The Goldman Sachs Group, Inc. (together with its affiliates, directors, partners, trustees, managers, members, officers and employees, "Goldman Sachs"), a financial holding company. The involvement of GSAM, Goldman Sachs and their affiliates in the management of, or their interest in, other accounts and other activities of Goldman Sachs will present conflicts of interest with respect to your Fund and will, under certain circumstances, limit your Fund's investment activities. Goldman Sachs is a worldwide full service investment banking, broker dealer, asset management and financial services organization and a major participant in global financial markets that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and individuals. Goldman Sachs acts as a broker-dealer, investment adviser, investment banker, underwriter, research provider, administrator, financier, adviser, market maker, trader, prime broker, derivatives dealer, clearing agent, lender, counterparty, agent, principal, distributor, investor or in other commercial capacities for accounts or companies or affiliated or unaffiliated investment funds (including pooled investment vehicles and private funds). In those and other capacities, Goldman Sachs advises and deals with clients and third parties in all markets and transactions and purchases, sells, holds and recommends a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account and for the accounts of clients and of its personnel. In addition, Goldman Sachs has direct and indirect interests in the global fixed income, currency, commodity, equities, bank loan and other markets and the securities and issuers in which your Fund may directly and indirectly invest.

------

Thus, it is expected that your Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and its affiliates perform or seek to perform investment banking or other services. As manager of your Fund, GSAM receives management fees from the Fund. In addition, GSAM's affiliates may earn fees from relationships with your Fund. Although these fees are generally based on asset levels, the fees are not directly contingent on Fund performance, Goldman Sachs will still receive significant compensation from your Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of your Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as your Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of your Fund. The results of your Fund's investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that your Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, your Fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, your Fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by GSAM take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs-advised clients may, individually or in the aggregate, adversely impact your Fund. In some cases, such adverse impacts may result from differences in timing of transactions by accounts relative to when your Fund executes transactions in the same securities. Transactions by one or more Goldman Sachs-advised clients or GSAM may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of your Fund. Your Fund's activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by your Fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend your Fund or who engage in transactions with or for your Fund.

For a more detailed description of potential conflicts of interest, refer to the language from GSAM's ADV Part 2, which is available on the SEC's website (adviserinfo.sec.gov).

**Ownership of the Fund.** GSAM's portfolio managers listed above do not own shares of Thrivent International Allocation Fund.

Affiliated Persons

The following officers of the Trust are affiliated with Thrivent Asset Mgt., the Funds' investment adviser, in the capacities listed:

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| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent Asset Mgt.** |
| Michael W. Kremenak | Trustee and President | Elected Manager |
| David S. Royal | &nbsp;&nbsp; Trustee and Chief Investment <br> Officer<br>| Elected Manager and President |
| Sarah L. Bergstrom | &nbsp;&nbsp; Treasurer and Principal Accounting <br> Officer<br>| Assistant Treasurer |
| Edward S. Dryden | Chief Compliance Officer | Chief Compliance Officer |
| John D. Jackson | Secretary and Chief Legal Officer | Assistant Secretary |

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------

---

| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent Asset Mgt.** |
| Kathleen M. Koelling | Privacy Officer | Privacy Officer |
| Sharon K. Minta | Anti-Money Laundering Officer | Anti-Money Laundering Officer |
| Troy A. Beaver | Vice President | Vice President |
| Monica L. Kleve | Vice President | &nbsp;&nbsp; Vice President and Chief Operating <br> Officer<br>|

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The Advisory and Subadvisory Agreements

The advisory agreement provides that Thrivent Asset Mgt. will provide overall investment supervision of the assets of each Fund. Thrivent Asset Mgt. furnishes and pays for all office space and facilities, equipment and clerical personnel necessary for carrying out the Adviser's duties under the advisory agreement. The Adviser also pays all compensation of Trustees, officers and employees of the Trust who are the Adviser's affiliated persons. All costs and expenses not expressly assumed by the Adviser under the advisory agreement are paid by the Funds, including, but not limited to: (a) interest and taxes; (b) brokerage commissions; (c) insurance premiums; (d) compensation and expenses of the Funds' Trustees other than those affiliated with the Adviser; (e) legal and audit expenses; (f) fees and expenses of the Trust's custodian and transfer agent; (g) expenses incident to the issuance of the Trust's shares, including stock certificates and issuance of shares on the payment of, or reinvestment of, dividends; (h) fees and expenses incident to the registration under Federal or state securities laws of the Trust or its shares; (i) expenses of preparing, printing and mailing reports and notices and proxy material to the Trust's shareholders; (j) all other expenses incidental to holding meetings of the Trust's shareholders; (k) dues or assessments of or contributions to the Investment Company Institute or its successor, or other industry organizations; (l) such non-recurring expenses as may arise, including litigation affecting the Trust and the legal obligations that the Trust may have to indemnify its officers and Trustees with respect thereto; and (m) all expenses that the Trust agrees to bear in any distribution agreement or in any plan adopted by the Trust pursuant to Rule 12b-1 under the Act.

The advisory agreement and subadvisory agreements will continue in effect from year to year only so long as such continuances are specifically approved at least annually by the Board of Trustees. The vote for approval must include the approval of a majority of the Trustees who are not interested persons (as defined in the Act). The advisory and subadvisory agreements terminate automatically upon assignment. With respect to a particular Fund, the advisory or subadvisory agreement, if any, is terminable at any time without penalty by the Board of Trustees or by the vote of a majority of the outstanding shares of such Fund. The Adviser may terminate the agreement on 60 days written notice to the Trust.

Advisory Fees

The advisory agreement between Thrivent Asset Mgt. and the Trust provides for the following advisory fees for each class of shares of a Fund, expressed as an annual rate of average daily net assets:

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| | |
|:---|:---|
| **Thrivent Aggressive Allocation Fund** |  |
| First $500 million: | 0.750% |
| Next $1.5 billion: | 0.725% |
| Next $3 billion: | 0.700% |
| Next $5 billion: | 0.675% |
| Over $10 billion: | 0.650% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Thrivent Balanced Income Plus Fund** |  |
| First $500 million: | 0.550% |
| Next $500 million: | 0.500% |
| Next $1.5 billion: | 0.475% |
| Next $2.5 billion: | 0.450% |
| Over $5 billion: | 0.425% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Diversified Income Plus Fund** |  |
| First $500 million: | 0.550% |
| Next $500 million: | 0.500% |
| Next $1.5 billion: | 0.475% |
| Next $2.5 billion: | 0.450% |
| Over $5 billion: | 0.425% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Global Stock Fund** |  |
| First $500 million: | 0.650% |
| Next $500 million: | 0.575% |
| Next $1 billion: | 0.500% |
| Next $500 million: | 0.475% |
| Next $2.5 billion: | 0.450% |
| Over $5 billion: | 0.425% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Government Bond Fund** |  |
| First $500 million: | 0.400% |
| Over $500 million: | 0.350% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent High Income Municipal Bond Fund** |  |
| First $500 million: | 0.500% |
| Over $500 million: | 0.450% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent High Yield Fund** |  |
| First $500 million: | 0.400% |
| Next $500 million: | 0.350% |
| Over $1 billion: | 0.300% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Thrivent Income Fund** |  |
| First $500 million: | 0.350% |
| Next $500 million: | 0.325% |
| Over $1 billion: | 0.300% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent International Allocation Fund** |  |
| First $250 million: | 0.700% |
| Next $750 million: | 0.650% |
| Next $500 million: | 0.625% |
| Over $1.5 billion: | 0.600% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Large Cap Growth Fund** |  |
| First $1 billion: | 0.675% |
| Next $1 billion: | 0.625% |
| Over $2 billion: | 0.600% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Thrivent Large Cap Value Fund** |  |
| All assets: | 0.450% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Limited Maturity Bond Fund** |  |
| First $500 million: | 0.300% |
| Next $500 million: | 0.275% |
| Over $1 billion: | 0.250% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Low Volatility Equity Fund** |  |
| First $100 million: | 0.600% |
| Over $100 million: | 0.500% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Mid Cap Growth Fund** |  |
| First $200 million: | 0.750% |
| Over $200 million: | 0.700% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Mid Cap Stock Fund** |  |
| First $200 million: | 0.700% |
| Next $800 million: | 0.650% |
| Next $1.5 billion: | 0.600% |
| Next $2.5 billion: | 0.550% |
| Over $5 billion: | 0.525% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Mid Cap Value Fund** |  |
| First $200 million: | 0.750% |
| Over $200 million: | 0.700% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Moderate Allocation Fund** |  |
| First $500 million: | 0.650% |
| Next $1.5 billion: | 0.625% |
| Next $3 billion: | 0.600% |
| Next $5 billion: | 0.575% |
| Over $10 billion: | 0.550% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Moderately Aggressive Allocation Fund** |  |
| First $500 million: | 0.700% |
| Next $1.5 billion: | 0.675% |
| Next $3 billion: | 0.650% |
| Next $5 billion: | 0.625% |
| Over $10 billion: | 0.600% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Moderately Conservative Allocation Fund** |  |
| First $500 million: | 0.600% |
| Next $1.5 billion: | 0.575% |
| Next $3 billion: | 0.550% |
| Next $5 billion: | 0.525% |
| Over $10 billion: | 0.500% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Money Market Fund** |  |
| All assets: | 0.250% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

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| | |
|:---|:---|
| **Thrivent Multidimensional Income Fund** |  |
| First $100 million: | 0.550% |
| Over $100 million: | 0.500% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Thrivent Municipal Bond Fund** |  |
| First $500 million: | 0.450% |
| Next $500 million: | 0.400% |
| Next $1.5 billion: | 0.350% |
| Next $2.5 billion: | 0.325% |
| Over $5 billion: | 0.300% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Thrivent Opportunity Income Plus Fund** |  |
| First $500 million: | 0.450% |
| Next $500 million: | 0.400% |
| Next $1.5 billion: | 0.375% |
| Next $2.5 billion: | 0.350% |
| Over $5 billion: | 0.325% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Thrivent Small Cap Growth Fund** |  |
| First $200 million: | 0.800% |
| Over $200 million: | 0.750% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Thrivent Small Cap Stock Fund** |  |
| First $200 million: | 0.700% |
| Next $800 million: | 0.650% |
| Next $1.5 billion: | 0.600% |
| Next $2.5 billion: | 0.550% |
| Over $5 billion: | 0.525% |

---

The following contractual expense reimbursements, as a percentage of net assets, are in effect:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class S** | **Expiration Date** |
| Thrivent Money Market Fund | 0.05% | - | 2/28/2024 |

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As of February 28, 2023, contractual expense reimbursements to limit expenses to the following percentages were in effect:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class S** | **Expiration Date** |
| Thrivent Balanced Income Plus Fund | 0.99% | —  | 2/28/2024 |
| Thrivent Government Bond Fund | 0.75% | 0.52% | 2/28/2024 |
| Thrivent High Income Municipal Bond Fund | —  | 0.60% | 2/28/2024 |
| Thrivent International Allocation Fund | 1.17% | —  | 2/28/2024 |
| Thrivent Low Volatility Equity Fund | —  | 0.95% | 2/28/2024 |
| Thrivent Mid Cap Growth Fund | —  | 0.90% | 2/28/2024 |
| Thrivent Mid Cap Value Fund | —  | 0.90% | 2/28/2024 |
| Thrivent Multidimensional Income Fund | —  | 0.75% | 2/28/2024 |
| Thrivent Municipal Bond Fund | —  | 0.51% | 2/28/2024 |
| Thrivent Small Cap Growth Fund | —  | 0.95% | 2/28/2024 |

---

For each Asset Allocation Fund, Thrivent Asst Mgt. has contractually agreed, for as long as the current fee structure is in place, to waive an amount equal to any investment advisory fees indirectly incurred by the Fund as a result of its

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investment in any other mutual fund for which Thrivent Asset Mgt. or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and Thrivent Asset Mgt.

Thrivent Asset Mgt. may voluntarily reimburse expenses or waive all or a portion of the management fees of Thrivent Money Market Fund from time to time, including to avoid a negative yield. Any such voluntary expense reimbursement or waiver could be implemented, increased or decreased, or discontinued at any time. There is no guarantee that Thrivent Money Market Fund will be able to avoid a negative yield.

The following table shows the total dollar amounts for investment advisory services each Fund paid during its past three fiscal years to its investment adviser (before giving effect to any expense reimbursements).

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Aggressive Allocation Fund | $14555281 | $14006085 | $10553725 |
| Thrivent Balanced Income Plus Fund | $2383194 | $2248236 | $1979254 |
| Thrivent Diversified Income Plus Fund <sup>(1)</sup> | $6352973 | $6474260 | $5768934 |
| Thrivent Global Stock Fund | $10727605 | $11462897 | $9660950 |
| Thrivent Government Bond Fund | $370915 | $414232 | $270205 |
| Thrivent High Income Municipal Bond Fund | $172527 | $121532 | $84929 |
| Thrivent High Yield Fund | $2800620 | $3128700 | $3000365 |
| Thrivent Income Fund | $3363206 | $3809986 | $3278093 |
| Thrivent International Allocation Fund | $5769698 | $6197463 | $5509922 |
| Thrivent Large Cap Growth Fund | $12828911 | $12963076 | $8832240 |
| Thrivent Large Cap Value Fund | $8270101 | $6853173 | $4893138 |
| Thrivent Limited Maturity Bond Fund | $4172157 | $4406790 | $3214174 |
| Thrivent Low Volatility Equity Fund | $179398 | $175420 | $163373 |
| Thrivent Mid Cap Growth Fund <sup>(2)</sup> | $135747 | $103615 | $28140 |
| Thrivent Mid Cap Stock Fund | $21297048 | $19311149 | $13666339 |
| Thrivent Mid Cap Value Fund <sup>(2)</sup> | $123220 | $65136 | $24095 |
| Thrivent Moderate Allocation Fund | $21126580 | $20868367 | $17110346 |
| Thrivent Moderately Aggressive Allocation Fund | $25143262 | $25137764 | $20686388 |
| Thrivent Moderately Conservative Allocation Fund | $7182432 | $7163940 | $5930328 |
| Thrivent Money Market Fund | $1969414 | $2392438 | $2556153 |
| Thrivent Multidimensional Income Fund <sup>(1)</sup> | $364783 | $277405 | $148275 |
| Thrivent Municipal Bond Fund | $5913259 | $6382649 | $6128425 |
| Thrivent Opportunity Income Plus Fund | $3146598 | $3547003 | $3186960 |
| Thrivent Small Cap Growth Fund | $1200108 | $856266 | $98976 |
| Thrivent Small Cap Stock Fund | $9804258 | $7223828 | $4230375 |

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------

<sup>(1)</sup>

For fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020.

<sup>(2)</sup>

Dollar amounts for investment advisory services for fiscal year ended 10/31/2020 are since the Fund's inception on February 28, 2020.

The next table shows the total expenses reimbursed with respect to the Funds for the last three fiscal years.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Aggressive Allocation Fund | $3747173 | $3857284 | $2880396 |
| Thrivent Balanced Income Plus Fund | $—  | $—  | $—  |
| Thrivent Diversified Income Plus Fund <sup>(1)</sup> | $—  | $—  | $—  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Global Stock Fund | $—  | $—  | $—  |
| Thrivent Government Bond Fund | $90877 | $9058 | $9749 |
| Thrivent High Income Municipal Bond Fund | $206633 | $187814 | $171832 |
| Thrivent High Yield Fund | $—  | $—  | $—  |
| Thrivent Income Fund | $—  | $—  | $—  |
| Thrivent International Allocation Fund | $165632 | $189999 | $226588 |
| Thrivent Large Cap Growth Fund | $—  | $—  | $—  |
| Thrivent Large Cap Value Fund | $—  | $—  | $—  |
| Thrivent Limited Maturity Bond Fund | $—  | $—  | $—  |
| Thrivent Low Volatility Equity Fund | $137625 | $140159 | $126204 |
| Thrivent Mid Cap Growth Fund <sup>(2)</sup> | $214061 | $194565 | $97708 |
| Thrivent Mid Cap Stock Fund | $—  | $—  | $—  |
| Thrivent Mid Cap Value Fund <sup>(2)</sup> | $187719 | $156853 | $89802 |
| Thrivent Moderate Allocation Fund | $6411870 | $6553626 | $5025345 |
| Thrivent Moderately Aggressive Allocation Fund | $8879689 | $9080661 | $6864379 |
| Thrivent Moderately Conservative Allocation Fund | $1747014 | $1781465 | $1431896 |
| Thrivent Money Market Fund | $278889 | $3025527 | $1467906 |
| Thrivent Multidimensional Income Fund <sup>(1)</sup> | $180853 | $123550 | $138016 |
| Thrivent Municipal Bond Fund | $—  | $—  | $—  |
| Thrivent Opportunity Income Plus Fund | $—  | $—  | $—  |
| Thrivent Small Cap Growth Fund | $317183 | $274737 | $178812 |
| Thrivent Small Cap Stock Fund | $—  | $—  | $—  |

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<sup>(1)</sup>

For fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020.

<sup>(2)</sup>

Expenses reimbursed for fiscal year 10/31/2020 are since the Fund's inception on February 28, 2020.

Subadvisory Fees

Thrivent Asset Mgt. pays GSAM an annual subadvisory fee for the performance of subadvisory services for Thrivent International Allocation Fund. The fee payable for managing the international small- and mid-cap equities assets of the Fund is equal to 0.58% of the first $250 million of average daily net assets managed by GSAM and 0.54% of the average daily net assets over $250 million. GSAM was paid the following amounts for the last three years: $715,802 for the year ended October 31, 2020, $625,957 for the year ended October 31, 2021, and $460,328 for the year ended October 31, 2022. For purposes of determining breakpoints, assets invested in Thrivent International Allocation Portfolio, a series of Thrivent Series Fund, Inc. and managed by subadviser, will be included in determining average daily net assets. GSAM began managing the international small- and mid-cap equities portion of the Thrivent International Allocation Fund on September 25, 2013. Effective April 30, 2023, GSAM will no longer serve as a subadviser to the Fund.

Code of Ethics

The Trust, Thrivent Asset Mgt. and the subadviser have each adopted a code of ethics pursuant to the requirements of the 1940 Act. Under the Codes of Ethics, personnel are only permitted to engage in personal securities transactions in accordance with certain conditions relating to such person's position, the identity of the security, the timing of the transaction, and similar factors. Transactions in securities that may be held by the Funds are permitted, subject to compliance with applicable provisions of the Code. Personal securities transactions must be reported quarterly and broker confirmations of such transactions must be provided for review.

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Proxy Voting Policies

The Board has delegated to Thrivent Asset Mgt., the Trust's investment adviser, the responsibility for voting any proxies with respect to each Fund in accordance with the proxy voting policies adopted by Thrivent Asset Mgt. The Board has authorized the Adviser to delegate, in whole or in part, its proxy voting authority to a Fund's subadviser. The Adviser maintains the ability to withdraw or override a subadviser's delegated authority to vote proxies. A subadviser who has delegated authority to vote the proxies with respect to a Fund that it subadvises does so in accordance with proxy voting policies adopted by the subadviser. The subadviser's proxy voting is subject to the Adviser's ongoing oversight and due diligence processes. The Adviser's proxy voting policy and the proxy voting policies of the subadviser are included in Appendix A. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge at thriventmutualfunds.com/prospectus by choosing a Fund underneath the Mutual Funds tab and navigating to "Related Documents" under Fund Details – Holdings, or at SEC.gov where it is filed on form N-PX.

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Underwriting and Distribution Services

The Funds' principal underwriter and distributor, Thrivent Distributors, LLC ("Thrivent Distributors"), is a Delaware limited liability company organized in 2015. Thrivent Distributors is an indirect wholly owned subsidiary of Thrivent and is located at 901 Marquette Avenue, Minneapolis, Minnesota 55402-3211. The officers and directors of Thrivent Distributors who are affiliated with the Trust are set forth below under "Affiliated Persons." Under a Distribution Agreement (the "Distribution Agreement"), Thrivent Distributors sells shares of the Funds as agent for the Trust. Thrivent Distributors offers the Funds' shares for sale on a continuous basis and has agreed to use its best efforts to secure purchasers for the shares of the Funds. Shares of each Fund are also offered and sold by selected broker-dealers who have selling agreements with Thrivent Distributors.

The Distribution Agreement was initially approved by the Board of Trustees, including a majority of the Independent Trustees, on November 18, 2015, and will continue in effect from year to year so long as its continuance is approved at least annually by the Board of Trustees, including the Independent Trustees.

Underwriting Commissions

Thrivent Distributors began serving as the Funds' principal underwriter and distributor on January 1, 2016. The table below provides the total dollar amount of underwriting commissions received by Thrivent Distributors for the past three fiscal years of the Funds, which are used to pay commissions to financial professionals and other expenses. Thrivent Distributors did not receive compensation in connection with redemptions and repurchases or brokerage commissions.

Underwriting Commissions

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Aggressive Allocation Fund | $1047662 | $1204206 | $1190680 |
| Thrivent Balanced Income Plus Fund | $166852 | $228967 | $156248 |
| Thrivent Diversified Income Plus Fund <sup>(1)</sup> | $351775 | $645033 | $501512 |
| Thrivent Global Stock Fund | $395267 | $556728 | $513594 |
| Thrivent High Yield Fund | $137075 | $230511 | $263737 |
| Thrivent Income Fund | $89384 | $279536 | $229721 |
| Thrivent International Allocation Fund | $33097 | $50402 | $54344 |
| Thrivent Large Cap Growth Fund | $251561 | $314869 | $308740 |
| Thrivent Large Cap Value Fund | $150622 | $155303 | $100178 |
| Thrivent Mid Cap Stock Fund | $467625 | $602438 | $537949 |
| Thrivent Moderate Allocation Fund | $1290992 | $1925330 | $1608431 |
| Thrivent Moderately Aggressive Allocation Fund | $1946036 | $2566324 | $2413338 |
| Thrivent Moderately Conservative Allocation Fund | $427616 | $673314 | $575871 |
| Thrivent Municipal Bond Fund | $408004 | $819454 | $843249 |
| Thrivent Opportunity Income Plus Fund | $109878 | $189913 | $209498 |
| Thrivent Small Cap Stock Fund | $213614 | $258997 | $203501 |

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<sup>(1)</sup>

For fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020.

12b-1 Distribution Plan

The Trust has adopted a Distribution Plan and Agreement pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") with respect to the Class A shares of each Fund. Pursuant to the 12b-1 Plan, the Trust, on behalf of Class A shares of each Fund, will pay Thrivent Distributors a distribution fee and shareholder servicing fee in connection with the promotion

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and distribution of Fund shares and the provision of services to shareholders. Such services include advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature.

Thrivent Distributors may pay all or a portion of the fees to any broker-dealer, financial institution or any other person who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement subject to the requirements of the 12b-1 Plan. To the extent not so paid by Thrivent Distributors, it may retain such amounts.

The 12b-1 Plan provides that it may not be amended to increase materially the costs which a Fund may bear pursuant to the 12b-1 Plan without approval by a majority vote of the Class A shareholders. The 12b-1 Plan also provides that other material amendments of the 12b-1 Plan must be approved by the Trustees, and by the Independent Trustees, by a vote cast in person at a meeting called for the purpose of considering such amendments.

While the 12b-1 Plan is in effect, the selection and nomination of the Independent Trustees of the Trust has been committed to the discretion of the Independent Trustees, and any person who acts as legal counsel for the Independent Trustees must be an independent legal counsel. The 12b-1 Plan was approved by the Board of Trustees and by the Independent Trustees on November 18, 2015 and became effective on January 1, 2016. It is subject to annual approval, by the Board of Trustees and by the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on the 12b-1 Plan. The 12b-1 Plan is terminable with respect to the either the Class A shares of any Fund at any time by a vote of a majority of the Independent Trustees or by 1940 Act Majority Vote of the applicable Class A shareholders of such Fund. A quarterly report of the amounts expended under the 12b-1 Plan and the purposes for which such expenditures were incurred must be made to the Trustees for their review.

In connection with the services to be provided by Thrivent Distributors under the Rule 12b-1 Plan, Class A shares of the Funds pay Thrivent Distributors an aggregate fee for distribution and shareholder servicing equal to an annual rate of no more than 0.25% of the average daily net asset value represented by such shares. The fee is accrued daily and paid monthly.

For the most recent fiscal year, the Funds paid $32.6 million to Thrivent Distributors under the 12b-1 Plan, all of which was paid to the selling broker-dealers as compensation.

Sub-Accounting Services

The Adviser may make arrangements for a Fund to make payments, directly or through the Adviser or its affiliates, to selected financial intermediaries (such as brokers or third party administrators) for providing certain sub-transfer agency and related administrative services to shareholders holding Fund shares in nominee or street name, including, without limitation, the following services: maintaining investor accounts at the financial intermediary level and keeping track of purchases, redemptions and exchanges by such accounts; processing and mailing trade confirmations, monthly statements, prospectuses, annual reports, semiannual reports, and shareholder notices and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations. A Fund may pay a fee for these services, directly or through the Adviser or its affiliates, to financial intermediaries selected by the Adviser and/or its affiliates. The actual services provided, and the fees paid for such services, may vary from firm to firm.

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Other Payments

Thrivent Asset Mgt. has entered into an agreement with the Funds' principal underwriter, 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 retention of assets maintained in the Funds. Compensation paid by Thrivent Asset Mgt. to Thrivent Distributors and its sales personnel may vary by Fund and other factors as agreed upon from time to time. In addition, Thrivent Asset Mgt. and Thrivent Distributors may make payments, out of their own resources, to financial intermediaries that sell shares of the Funds in order to promote the distribution and retention of Fund shares. Such payments may be made for a variety of purposes or services, including, without limitation, marketing and/or fund promotion activities and presentations, educational training programs, events or conferences (including sponsorships of such events by the Adviser), data analytics and support, printing and mailing costs, and the development of technology platforms and reporting systems. In addition, the Adviser may make payments to certain intermediaries that promote or make shares of the Funds available to their clients, or make payments to intermediaries for activities that the Adviser believes facilitate investment in the Funds. This compensation, often referred to as revenue sharing, would be in addition to any compensation paid by the Funds through the 12b-1 Plan or for administrative, sub-transfer agency, networking, recordkeeping, and/or other shareholder support services. Payments made to intermediaries are expected to vary year to year and are expected to be different for different Intermediaries and third parties.

To the extent such payments are made, these payments create an incentive for the financial intermediary or its financial professionals to recommend or offer shares of the Funds to you. The Adviser could make payments based on any number of metrics, including payments in fixed amounts, amounts based upon an intermediary's services at defined levels, amounts based on the intermediary's net sales of the Funds in a year or other period, or calculated in basis points based on average net assets attributed to the intermediary, any of which arrangements may include an agreed-upon minimum or maximum payment, or any combination of the foregoing. Payments to an intermediary may be significant and may create conflicts of interest for the intermediary. In addition, Thrivent Distributors may make charitable contributions on behalf of financial professionals whose clients contribute to a donor-advised fund managed by a Thrivent affiliate.

Revenue sharing arrangements are separately negotiated between the Adviser and/or its affiliates, and the recipients of these payments. Revenue sharing payments are not made by the Funds and are not reflected as additional expenses in the fee table in the Funds' prospectus.

As of the date of this SAI, the Adviser has agreements in place to make payments to the following intermediaries:

Advisor Group, Inc.

Ameriprise Financial Services, LLC

Ascensus

BNY Mellon N.A.

Cambridge Investment Research, Inc.

Charles Schwab & Co.

Cuso Financial Services LP

Commonwealth Financial Network

Empower/GFS Equities Inc.

Envestnet Asset Management, Inc.

Fidelity Brokerage Services, LLC

Hand Securities

John Hancock Life Insurance Company (U.S.A.)

Lincoln Financial Advisors Corp.

Lincoln Financial Securities Corp.

Linsco / Private Ledger Corp. (LPL Financial Services, Inc.)

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Matrix/MSCS/SEI

Matrix – Newport

Matrix – USB

Mid Atlantic

Morgan Stanley Smith Barney LLC

Oppenheimer

Pershing Advisor Solutions LLC

Principal

RBC Capital Markets LLC

TD Ameritrade, Inc.

Thrivent Advisor Network, LLC

Thrivent Investment Management Inc.

Valic

Voya Financial

Affiliated Persons

The following officers of Thrivent Distributors are affiliated with the Trust.

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| | | |
|:---|:---|:---|
| **Affiliated Person** | **Position with Trust** | **Position with Thrivent Distributors** |
| Michael W. Kremenak | Trustee and President | Elected Manager |
| David S. Royal | &nbsp;&nbsp; Trustee and Chief Investment <br> Officer<br>| Elected Manager |
| Edward S. Dryden | Chief Compliance Officer | Chief Compliance Officer |
| John D. Jackson | Secretary and Chief Legal Officer | Chief Legal Officer and Secretary |
| Troy A. Beaver | Vice President | Chief Executive Officer |
| Andrew R. Kellogg | Vice President | Vice President |

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Other Services

Custodian

The custodian for the Funds is State Street Bank and Trust Company (the "Custodian"), One Lincoln Street, Boston, Massachusetts 02111. The Custodian is responsible for safeguarding the Funds' assets held in the United States and for serving as the Funds' foreign custody manager.

Transfer Agent

Thrivent Financial Investor Services Inc. ("Thrivent Financial Investor Services"), 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211, provides transfer agency and dividend payment services necessary to the Funds on a per-account basis for direct-at-fund accounts, and based on assets under management for third party intermediary accounts in an omnibus relationship.

Administration Contract

Thrivent Asset Mgt. provides both administrative and accounting services to the Fund under an Administrative Services Agreement. Under this Agreement, the Fund pays Thrivent Asset Mgt. an annual fee equal to (a) 0.017% of the Fund's average daily net assets, and (b) a fixed fee of $70,000. Payments made under the Agreement for the first fiscal year in which the Fund was operational are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Aggressive Allocation Fund | $408664 | $395635 | $314536 |
| Thrivent Balanced Income Plus Fund | 143662 | 139491 | 131177 |
| Thrivent Diversified Income Plus Fund <sup>(1)</sup> | 269001 | 273125 | 249221 |
| Thrivent Global Stock Fund | 396964 | 422295 | 360222 |
| Thrivent Government Bond Fund | 85764 | 87605 | 81484 |
| Thrivent High Income Municipal Bond Fund | 75866 | 74132 | 72888 |
| Thrivent High Yield Fund | 193887 | 209822 | 203589 |
| Thrivent Income Fund | 239926 | 264649 | 235124 |
| Thrivent International Allocation Fund | 217633 | 228822 | 210836 |
| Thrivent Large Cap Growth Fund | 403584 | 399227 | 291199 |
| Thrivent Large Cap Value Fund | 382426 | 328898 | 254852 |
| Thrivent Limited Maturity Bond Fund | 328207 | 344162 | 263064 |
| Thrivent Low Volatility Equity Fund | 75083 | 74970 | 74629 |
| Thrivent Mid Cap Growth Fund <sup>(2)</sup> | 73077 | 72349 | 47304 |
| Thrivent Mid Cap Stock Fund | 671091 | 609772 | 440213 |
| Thrivent Mid Cap Value Fund <sup>(2)</sup> | 72793 | 71476 | 47213 |
| Thrivent Moderate Allocation Fund | 650878 | 643562 | 537085 |
| Thrivent Moderately Aggressive Allocation Fund | 711247 | 711103 | 594682 |
| Thrivent Moderately Conservative Allocation Fund | 278655 | 278108 | 241636 |
| Thrivent Money Market Fund | 196794 | 186204 | 194156 |
| Thrivent Multidimensional Income Fund <sup>(1)</sup> | 81275 | 78574 | 74583 |
| Thrivent Municipal Bond Fund | 320787 | 343586 | 331238 |
| Thrivent Opportunity Income Plus Fund | 193105 | 210123 | 194821 |
| Thrivent Small Cap Growth Fund | 95502 | 88196 | 72103 |
| Thrivent Small Cap Stock Fund | 330787 | 258390 | 178025 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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<sup>(1)</sup>

For fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020.

<sup>(2)</sup>

Payments for fiscal year ended 10/31/2020 are since the Fund's inception on February 28, 2020.

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP, 45 South Seventh Street, Suite 3400, Minneapolis, MN 55402, serves as the Funds' independent registered public accounting firm, providing professional services including audits of the Funds' annual financial statements, assistance and consultation in connection with Securities and Exchange Commission filings, and review and signing of the annual income tax returns filed on behalf of the Funds.

Securities Lending

Certain Funds may seek to earn additional income through lending their securities to certain qualified broker-dealers and institutions. Pursuant to a Securities Lending Agency Agreement dated December 18, 2017, the Funds have retained Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending ("Goldman Sachs") as securities lending agent.

As securities lending agent to the Funds, Goldman Sachs performs services including, but not limited to, negotiating loans with borrowers, monitoring approved borrowers, processing the return of loaned securities to the Funds, and providing recordkeeping and reporting to the Funds relating to their securities lending activities.

The following table summarizes the income and fees from securities lending activities for the most recent fiscal year for those Funds that participated in securities lending.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gross Income**<br> **from**<br> **Securities Lending**<br> **Activities**<br>| **Fees Paid to**<br> **Securities**<br> **Lending**<br> **Agent from a**<br> **Revenue Split**<br>| **Rebates**<br> **(Paid to**<br> **Borrower)**<br>| **Other Fees**<br> **not Included**<br> **in the**<br> **Revenue Split**<br>| **Aggregate Fees/**<br> **Compensation**<br> **for Securities**<br> **Lending**<br> **Activities**<br>| **Net Income**<br> **from Securities**<br> **Lending**<br> **Activities**<br>|
| **Thrivent Aggressive Allocation Fund** | **Thrivent Aggressive Allocation Fund** | **Thrivent Aggressive Allocation Fund** | **Thrivent Aggressive Allocation Fund** | **Thrivent Aggressive Allocation Fund** | **Thrivent Aggressive Allocation Fund** |
| $123106 | $5028 | $72945 | $- | $77974 | $45132 |
| **Thrivent Balanced Income Plus Fund** | **Thrivent Balanced Income Plus Fund** | **Thrivent Balanced Income Plus Fund** | **Thrivent Balanced Income Plus Fund** | **Thrivent Balanced Income Plus Fund** | **Thrivent Balanced Income Plus Fund** |
| $103222 | $7835 | $25073 | $- | $32908 | $70314 |
| **Thrivent Diversified Income Plus Fund** | **Thrivent Diversified Income Plus Fund** | **Thrivent Diversified Income Plus Fund** | **Thrivent Diversified Income Plus Fund** | **Thrivent Diversified Income Plus Fund** | **Thrivent Diversified Income Plus Fund** |
| $667862 | $43864 | $229115 | $- | $272978 | $394884 |
| **Thrivent Global Stock Fund** | **Thrivent Global Stock Fund** | **Thrivent Global Stock Fund** | **Thrivent Global Stock Fund** | **Thrivent Global Stock Fund** | **Thrivent Global Stock Fund** |
| $180634 | $13606 | $41676 | $- | $55282 | $125352 |
| **Thrivent High Yield Fund** | **Thrivent High Yield Fund** | **Thrivent High Yield Fund** | **Thrivent High Yield Fund** | **Thrivent High Yield Fund** | **Thrivent High Yield Fund** |
| $633713 | $38007 | $255263 | $- | $293270 | $340443 |
| **Thrivent Income Fund** | **Thrivent Income Fund** | **Thrivent Income Fund** | **Thrivent Income Fund** | **Thrivent Income Fund** | **Thrivent Income Fund** |
| $86028 | $3950 | $46700 | $- | $50650 | $35378 |
| **Thrivent International Allocation Fund** | **Thrivent International Allocation Fund** | **Thrivent International Allocation Fund** | **Thrivent International Allocation Fund** | **Thrivent International Allocation Fund** | **Thrivent International Allocation Fund** |
| $144102 | $12496 | $15438 | $- | $27934 | $116168 |
| **Thrivent Large Cap Growth Fund** | **Thrivent Large Cap Growth Fund** | **Thrivent Large Cap Growth Fund** | **Thrivent Large Cap Growth Fund** | **Thrivent Large Cap Growth Fund** | **Thrivent Large Cap Growth Fund** |
| $20840 | $1917 | $1655 | $- | $3572 | $17268 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gross Income**<br> **from**<br> **Securities Lending**<br> **Activities**<br>| **Fees Paid to**<br> **Securities**<br> **Lending**<br> **Agent from a**<br> **Revenue Split**<br>| **Rebates**<br> **(Paid to**<br> **Borrower)**<br>| **Other Fees**<br> **not Included**<br> **in the**<br> **Revenue Split**<br>| **Aggregate Fees/**<br> **Compensation**<br> **for Securities**<br> **Lending**<br> **Activities**<br>| **Net Income**<br> **from Securities**<br> **Lending**<br> **Activities**<br>|
| **Thrivent Large Cap Value Fund** | **Thrivent Large Cap Value Fund** | **Thrivent Large Cap Value Fund** | **Thrivent Large Cap Value Fund** | **Thrivent Large Cap Value Fund** | **Thrivent Large Cap Value Fund** |
| $34459 | $2974 | $4739 | $- | $7713 | $26746 |
| **Thrivent Limited Maturity Bond Fund** | **Thrivent Limited Maturity Bond Fund** | **Thrivent Limited Maturity Bond Fund** | **Thrivent Limited Maturity Bond Fund** | **Thrivent Limited Maturity Bond Fund** | **Thrivent Limited Maturity Bond Fund** |
| $59050 | $2677 | $32377 | $- | $35055 | $23995 |
| **Thrivent Low Volatility Equity Fund** | **Thrivent Low Volatility Equity Fund** | **Thrivent Low Volatility Equity Fund** | **Thrivent Low Volatility Equity Fund** | **Thrivent Low Volatility Equity Fund** | **Thrivent Low Volatility Equity Fund** |
| $885 | $84 | $45 | $- | $129 | $756 |
| **Thrivent Mid Cap Growth Fund** | **Thrivent Mid Cap Growth Fund** | **Thrivent Mid Cap Growth Fund** | **Thrivent Mid Cap Growth Fund** | **Thrivent Mid Cap Growth Fund** | **Thrivent Mid Cap Growth Fund** |
| $1609 | $101 | $595 | $- | $696 | $913 |
| **Thrivent Mid Cap Stock Fund** | **Thrivent Mid Cap Stock Fund** | **Thrivent Mid Cap Stock Fund** | **Thrivent Mid Cap Stock Fund** | **Thrivent Mid Cap Stock Fund** | **Thrivent Mid Cap Stock Fund** |
| $32195 | $2619 | $6173 | $- | $8792 | $23403 |
| **Thrivent Mid Cap Value Fund** | **Thrivent Mid Cap Value Fund** | **Thrivent Mid Cap Value Fund** | **Thrivent Mid Cap Value Fund** | **Thrivent Mid Cap Value Fund** | **Thrivent Mid Cap Value Fund** |
| $412 | $41 | $0 | $- | $41 | $371 |
| **Thrivent Moderate Allocation Fund** | **Thrivent Moderate Allocation Fund** | **Thrivent Moderate Allocation Fund** | **Thrivent Moderate Allocation Fund** | **Thrivent Moderate Allocation Fund** | **Thrivent Moderate Allocation Fund** |
| $247543 | $12239 | $125794 | $- | $138032 | $109511 |
| **Thrivent Moderately Aggressive Allocation Fund** | **Thrivent Moderately Aggressive Allocation Fund** | **Thrivent Moderately Aggressive Allocation Fund** | **Thrivent Moderately Aggressive Allocation Fund** | **Thrivent Moderately Aggressive Allocation Fund** | **Thrivent Moderately Aggressive Allocation Fund** |
| $229843 | $9695 | $133217 | $- | $142911 | $86932 |
| **Thrivent Moderately Conservative Allocation Fund** | **Thrivent Moderately Conservative Allocation Fund** | **Thrivent Moderately Conservative Allocation Fund** | **Thrivent Moderately Conservative Allocation Fund** | **Thrivent Moderately Conservative Allocation Fund** | **Thrivent Moderately Conservative Allocation Fund** |
| $122873 | $6687 | $56323 | $- | $63010 | $59863 |
| **Thrivent Multidimensional Income Fund** | **Thrivent Multidimensional Income Fund** | **Thrivent Multidimensional Income Fund** | **Thrivent Multidimensional Income Fund** | **Thrivent Multidimensional Income Fund** | **Thrivent Multidimensional Income Fund** |
| $50043 | $4091 | $9055 | $- | $13146 | $36897 |
| **Thrivent Opportunity Income Plus Fund** | **Thrivent Opportunity Income Plus Fund** | **Thrivent Opportunity Income Plus Fund** | **Thrivent Opportunity Income Plus Fund** | **Thrivent Opportunity Income Plus Fund** | **Thrivent Opportunity Income Plus Fund** |
| $222466 | $16036 | $62624 | $- | $78661 | $143805 |
| **Thrivent Small Cap Growth Fund** | **Thrivent Small Cap Growth Fund** | **Thrivent Small Cap Growth Fund** | **Thrivent Small Cap Growth Fund** | **Thrivent Small Cap Growth Fund** | **Thrivent Small Cap Growth Fund** |
| $23275 | $1440 | $8927 | $- | $10366 | $12909 |
| **Thrivent Small Cap Stock Fund** | **Thrivent Small Cap Stock Fund** | **Thrivent Small Cap Stock Fund** | **Thrivent Small Cap Stock Fund** | **Thrivent Small Cap Stock Fund** | **Thrivent Small Cap Stock Fund** |
| $57125 | $2528 | $31851 | $- | $34379 | $22746 |

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Brokerage Allocation and Other Practices

Brokerage Transactions

In connection with the management of the investment and reinvestment of the assets of the Funds, the advisory agreement authorizes Thrivent Asset Mgt., acting by its own officers, directors or employees, or by a subadviser, to select the brokers or dealers that will execute purchase and sale transactions for the Funds. In executing portfolio transactions and selecting brokers or dealers, if any, Thrivent Asset Mgt. and the subadviser will use reasonable efforts to seek on behalf of the Funds the best overall terms available.

In assessing the best overall terms available for any transaction, Thrivent Asset Mgt. and the subadviser will consider all factors it deems relevant, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the breadth of the market in and the price of the security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the financial condition and execution capability of the broker or dealer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the reasonableness of the commission, if any (for the specific transaction and on a continuing basis).

In evaluating the best overall terms available, and in selecting the broker or dealer, if any, to execute a particular transaction, Thrivent Asset Mgt. and the subadviser may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to any other accounts over which Thrivent Asset Mgt., the subadviser, or an affiliate of Thrivent Asset Mgt. or the subadviser, exercises investment discretion. Thrivent Asset Mgt. and the subadviser may pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, Thrivent Asset Mgt. or the subadviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided. To the extent applicable, the provisions of the European Union's second Markets in Financial Instruments Directive, known as MiFID II, could have an impact on the allocation of brokerage transactions and the receipt and compensation for research services by Thrivent Asset Mgt. or a subadviser.

To the extent that the receipt of the above-described services may supplant services for which Thrivent Asset Mgt. or the subadviser might otherwise have paid, it would, of course, tend to reduce the expenses of Thrivent Asset Mgt.

The research obtained by Thrivent Asset Mgmt. and the subadviser from a broker or dealer may be used to benefit all accounts managed or advised by Thrivent Asset Mgmt. and the subadviser, including the Funds, and may not directly benefit the particular accounts that generated the brokerage commissions used to acquire the research product or service, including the Funds.

In certain cases, Thrivent Asset Mgt. or the subadviser may obtain products or services from a broker that have both research and non-research uses. Examples of non-research uses are administrative and marketing functions. These are referred to as "mixed use" products. In each case, Thrivent Asset Mgt. or the subadviser makes a good faith effort to determine the proportion of such products or services that may be used for research and non-research purposes. The portion of the costs of such products or services attributable to research usage may be defrayed by Thrivent Asset Mgt. or the subadviser, as the case may be, through brokerage commissions generated by transactions of its clients, including the Funds. Thrivent Asset Mgt. or the subadviser pays the provider in cash for the non-research portion of its use of these products or services.

Thrivent Asset Mgt. and the subadviser may obtain third-party research from broker-dealers or non-broker dealers by entering into a commission sharing arrangement (a "CSA"). Under a CSA, the executing broker-dealer agrees that part of the commissions it earns on certain equity trades will be allocated to one or more research providers as payment for research. CSAs allow Thrivent Asset Mgt. and the subadviser to direct broker-dealers to pool commissions that are

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generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third-party research providers for research.

The Trust's Board has approved procedures in conformity with Rule 10f-3 under the 1940 Act whereby a Fund may purchase securities that are offered in underwritings in which an affiliate of a subadviser participates. These procedures prohibit a Fund from directly or indirectly benefiting a subadviser affiliate in connection with such underwritings. In addition, for underwritings where a subadviser affiliate participates as a principal underwriter, certain restrictions may apply that could, among other things, limit the amount of securities that a Fund could purchase in the underwritings.

The investment decisions for a Fund are and will continue to be made independently from those of other investment companies and accounts managed by Thrivent Asset Mgt., a subadviser, or their affiliates. Such other investment companies and accounts may also invest in the same securities as a Fund. When purchases and sales of the same security are made at substantially the same time on behalf of such other investment companies and accounts, transactions may be averaged as to the price and available investments allocated as to the amount in a manner which Thrivent Asset Mgt. and its affiliates believe to be equitable to each investment company or account, including the Fund. In some instances, this investment procedure may affect the price paid or received by a Fund or the size of the position obtainable or sold by a Fund.

Affiliated Transactions

GSAM may place trades with certain brokers with which it is under common control, including Goldman Sachs, provided it determines that these affiliates' products, services, and costs are comparable to those of non-affiliated, qualified brokerage firms. GSAM may trade with its affiliated brokers in exchange for brokerage and research products and services of the type sometimes known as "soft dollars." GSAM also may trade with its affiliated brokers on an execution-only basis.

Brokerage Commissions

The following table shows the amount of brokerage commissions the Funds paid in each of the past three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Aggressive Allocation Fund | $545263 | $668414 | $610464 |
| Thrivent Balanced Income Plus Fund | $66736 | $92544 | $155303 |
| Thrivent Diversified Income Plus Fund <sup>(1)</sup> | $116472 | $216548 | $256738 |
| Thrivent Global Stock Fund | $1311781 | $1587918 | $1389876 |
| Thrivent Government Bond Fund | $5070 | $6165 | $4427 |
| Thrivent High Income Municipal Bond Fund | $587 | $124 | $151 |
| Thrivent High Yield Fund | $44978 | $49921 | $3100 |
| Thrivent Income Fund | $20729 | $9197 | $34906 |
| Thrivent International Allocation Fund | $1137363 | $1663627 | $1187523 |
| Thrivent Large Cap Growth Fund | $287778 | $239346 | $233347 |
| Thrivent Large Cap Value Fund | $491039 | $346839 | $424103 |
| Thrivent Limited Maturity Bond Fund | $66185 | $70207 | $46511 |
| Thrivent Low Volatility Equity Fund | $22125 | $23146 | $26249 |
| Thrivent Mid Cap Growth Fund | $5656 | $5943 | $2584 |
| Thrivent Mid Cap Stock Fund | $865636 | $1027344 | $1073782 |
| Thrivent Mid Cap Value Fund | $8433 | $4865 | $4545 |
| Thrivent Moderate Allocation Fund | $691622 | $777110 | $662031 |
| Thrivent Moderately Aggressive Allocation Fund | $843078 | $999441 | $963832 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Moderately Conservative Allocation Fund | $157981 | $198307 | $152076 |
| Thrivent Money Market Fund | $—  | $—  | $—  |
| Thrivent Multidimensional Income Fund <sup>(1)</sup> | $18953 | $23918 | $17640 |
| Thrivent Municipal Bond Fund | $—  | $—  | $—  |
| Thrivent Opportunity Income Plus Fund | $73712 | $99089 | $72550 |
| Thrivent Small Cap Growth Fund | $88325 | $94231 | $9431 |
| Thrivent Small Cap Stock Fund | $916622 | $747402 | $756894 |

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<sup>(1)</sup>

For the fiscal year ended December 31, 2022, December 31, 2021 and December 31, 2020.

The table below indicates the total amount of brokerage commissions paid by each Fund to firms that provided research services and the aggregate amount of transactions relating to such commissions for the most recent fiscal year ended October 31, 2022. The provision of research services was not necessarily a factor in the placement of brokerage business with these firms.

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| | | |
|:---|:---|:---|
| **Fund** | **Commissions** | **Aggregate**<br> **Transactions**<br>|
| Thrivent Aggressive Allocation Fund | $452489 | $909254997 |
| Thrivent Balanced Income Plus Fund | $57021 | $163107114 |
| Thrivent Diversified Income Plus Fund <sup>(1)</sup> | $93291.22 | $228220340.11 |
| Thrivent Global Stock Fund | $1235920 | $1980020300 |
| Thrivent Government Bond Fund | $1632 | $1632 |
| Thrivent High Income Municipal Bond Fund | $316 | $596372 |
| Thrivent High Yield Fund | $40953 | $72283879 |
| Thrivent Income Fund | $8985 | $9128407 |
| Thrivent International Allocation Fund | $1070827 | $1190306782 |
| Thrivent Large Cap Growth Fund | $286901 | $2047826298 |
| Thrivent Large Cap Value Fund | $478178 | $883987748 |
| Thrivent Limited Maturity Bond Fund | $23564 | $24085 |
| Thrivent Low Volatility Equity Fund | $21431 | $42905007 |
| Thrivent Mid Cap Growth Fund | $5655 | $18233658 |
| Thrivent Mid Cap Stock Fund | $861960 | $2029729964 |
| Thrivent Mid Cap Value Fund | $8433 | $17772651 |
| Thrivent Moderate Allocation Fund | $579999 | $1173022794 |
| Thrivent Moderately Aggressive Allocation Fund | $703800 | $1354115153 |
| Thrivent Moderately Conservative Allocation Fund | $124563 | $254063954 |
| Thrivent Money Market Fund | $—  | $—  |
| Thrivent Multidimensional Income Fund <sup>(1)</sup> | $18572.43 | $18627232.86 |
| Thrivent Municipal Bond Fund | $—  | $—  |
| Thrivent Opportunity Income Plus Fund | $55509 | $102275586 |
| Thrivent Small Cap Growth Fund | $85785 | $157911823 |
| Thrivent Small Cap Stock Fund | $913798 | $1460561942 |

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<sup>(1)</sup>

For the fiscal year ended December 31, 2022.

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Portfolio Turnover Rates

The rate of portfolio turnover in the Funds will not be a limiting factor when Thrivent Asset Mgt. or the subadviser deems changes in a Fund's portfolio appropriate in view of its investment objectives. As a result, while a Fund will not purchase or sell securities solely to achieve short term trading profits, a Fund may sell portfolio securities without regard to the length of time held if consistent with the Fund's investment objective. A higher degree of equity portfolio activity will increase brokerage costs to a Fund. The portfolio turnover rate is computed by dividing the dollar amount of securities purchased or sold (whichever is smaller) by the average value of securities owned during the year. Short-term investments such as commercial paper and short-term U.S. Government securities are not considered when computing the turnover rate.

The following table shows the portfolio turnover rates for the Funds for the last three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **10/31/2022** | **10/31/2021** | **10/31/2020** |
| Thrivent Aggressive Allocation Fund | 42% | 50% | 48% |
| Thrivent Balanced Income Plus Fund | 211% | 157% | 85% |
| Thrivent Diversified Income Plus Fund <sup>(12)</sup> | 278% | 268% | 156% |
| Thrivent Global Stock Fund | 58% | 60% | 59% |
| Thrivent Government Bond Fund | 372% | 427% | 322% |
| Thrivent High Income Municipal Bond Fund | 49% | 47% | 94% |
| Thrivent High Yield Fund | 37% | 64% | 62% |
| Thrivent Income Fund | 39% | 54% | 105% |
| Thrivent International Allocation Fund | 90% | 124% | 105% |
| Thrivent Large Cap Growth Fund | 51% | 40% | 44% |
| Thrivent Large Cap Value Fund | 21% | 23% | 34% |
| Thrivent Limited Maturity Bond Fund <sup>(3)</sup> | 50% | 169% | 153% |
| Thrivent Low Volatility Equity Fund | 76% | 75% | 72% |
| Thrivent Mid Cap Growth Fund <sup>(4)</sup> | 33% | 61% | 57% |
| Thrivent Mid Cap Stock Fund | 27% | 48% | 40% |
| Thrivent Mid Cap Value Fund <sup>(4)</sup> | 31% | 36% | 58% |
| Thrivent Moderate Allocation Fund | 96% | 120% | 117% |
| Thrivent Moderately Aggressive Allocation Fund | 62% | 76% | 81% |
| Thrivent Moderately Conservative Allocation Fund | 140% | 159% | 146% |
| Thrivent Multidimensional Income Fund <sup>(1)</sup> | 59% | 44% | 61% |
| Thrivent Municipal Bond Fund | 42% | 16% | 29% |
| Thrivent Opportunity Income Plus Fund | 175% | 228% | 186% |
| Thrivent Small Cap Growth Fund | 53% | 42% | 49% |
| Thrivent Small Cap Stock Fund | 42% | 46% | 67% |

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<sup>(1)</sup>

For fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020 because the Fund has a fiscal year end of December 31.

<sup>(2)</sup>

The portfolio turnover rate for the fiscal year ended December 31, 2021 was higher than the previous fiscal year primarily because of adjustments in the Fund's portfolio made in accordance with its investment strategy.

<sup>(3)</sup>

The portfolio turnover rate for the fiscal year ended October 31, 2022 was lower than the previous fiscal year primarily because of adjustments in the Fund's portfolio made in accordance with its investment strategy.

<sup>(</sup><sup>4</sup><sup>)</sup>

Portfolio turnover rate for fiscal year ended 10/31/2020 is since the Fund's inception on February 28, 2020.

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Regular Brokers or Dealers

Each of the Funds listed below held securities of its "regular broker or dealers," as that term is defined in Rule 10b-1 under the 1940 Act, as of October 31, 2022 (December 31, 2022 in the case of Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund) as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker or Dealer (or Parent)** | **Aggregate**<br> **Holdings**<br>|
| Thrivent Aggressive Allocation Fund | J.P. Morgan | $4367658 |
|  | Banc Of America Securities | $3632363 |
|  | Wells Fargo | $3326733 |
|  | Morgan Stanley & Co. | $2784659 |
|  | Citigroup Global Markets, Inc. | $2158584 |
|  | Raymond James & Associates | $996511 |
| Thrivent Balanced Income Plus Fund | Banc Of America Securities | $3545417 |
|  | J.P. Morgan | $2745130 |
|  | Citigroup Global Markets, Inc. | $1849643 |
|  | Wells Fargo | $1783802 |
|  | Morgan Stanley & Co. | $1437225 |
|  | Goldman Sachs | $909793 |
|  | Barclays Capital, Inc. | $312312 |
|  | Credit Suisse First Boston Corporation | $247186 |
|  | Raymond James & Associates | $207099 |
|  | S.C. Bernstein | $77517 |
|  | Nomura Securities | $45901 |
| Thrivent Diversified Income Plus Fund | J.P. Morgan | $8671903 |
|  | Banc Of America Securities | $8535782 |
|  | Citigroup Global Markets, Inc. | $5413203 |
|  | Wells Fargo | $4879853 |
|  | Morgan Stanley & Co. | $4036013 |
|  | Goldman Sachs | $3595962 |
|  | Credit Suisse First Boston Corporation | $2679900 |
|  | Barclays Capital, Inc. | $2521517 |
|  | S.C. Bernstein | $330537 |
|  | Jane Street Execution Services, LLC | $299644 |
|  | Jefferies & Company | $247166 |
|  | Nomura Securities | $165136 |
| Thrivent Global Stock Fund | J.P. Morgan | $10364456 |
|  | Banc Of America Securities | $7811129 |
|  | Wells Fargo | $7123391 |
|  | Morgan Stanley & Co. | $5956668 |
|  | Barclays Capital, Inc. | $689496 |
|  | Deutsche Bank, Inc. | $122507 |
| Thrivent Government Bond Fund | HSBC Securities | $244658 |
| Thrivent High Income Municipal Bond Fund | Huntington | $162263 |

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker or Dealer (or Parent)** | **Aggregate**<br> **Holdings**<br>|
| Thrivent High Yield Fund | Deutsche Bank, Inc. | $496063 |
| Thrivent Income Fund | Banc Of America Securities | $21964138 |
|  | J.P. Morgan | $16908060 |
|  | Morgan Stanley & Co. | $13587290 |
|  | Goldman Sachs | $11561004 |
|  | Wells Fargo | $11201461 |
|  | Citigroup Global Markets, Inc. | $11105821 |
|  | Credit Suisse First Boston Corporation | $8876200 |
|  | HSBC Securities | $6341318 |
|  | Barclays Capital, Inc. | $6272333 |
|  | Deutsche Bank, Inc. | $6014636 |
| Thrivent International Allocation Fund | Barclays Capital, Inc. | $822598 |
|  | Deutsche Bank, Inc. | $355924 |
| Thrivent Large Cap Value Fund | Banc Of America Securities | $40578806 |
|  | J.P. Morgan | $37054540 |
|  | Statestreet Bank | $17918582 |
|  | Raymond James & Associates | $11161277 |
| Thrivent Limited Maturity Bond Fund | Banc Of America Securities | $26469943 |
|  | Goldman Sachs | $21846980 |
|  | J.P. Morgan | $21336037 |
|  | Morgan Stanley & Co. | $19144854 |
|  | Citigroup Global Markets, Inc. | $16569621 |
|  | Credit Suisse First Boston Corporation | $7919629 |
|  | Barclays Capital, Inc. | $7777582 |
|  | Thrivent Investment Management | $4500363 |
|  | Bank Of New York Mellon | $3715782 |
|  | Nomura Securities | $3254686 |
|  | Mizuho Securities | $2064481 |
| Thrivent Mid Cap Value Fund | Raymond James & Associates | $182644 |
| Thrivent Moderate Allocation Fund | J.P. Morgan | $9670388 |
|  | Banc Of America Securities | $7862514 |
|  | Citigroup Global Markets, Inc. | $6756944 |
|  | Morgan Stanley & Co. | $6109828 |
|  | Wells Fargo | $5576908 |
|  | Goldman Sachs | $3836849 |
|  | Credit Suisse First Boston Corporation | $3176313 |
|  | Barclays Capital, Inc. | $2326853 |
|  | Raymond James & Associates | $976073 |
| Thrivent Moderately Aggressive Allocation Fund | Citigroup Global Markets, Inc. | $5928811 |
|  | J.P. Morgan | $5826098 |
|  | Banc Of America Securities | $5570726 |
|  | Morgan Stanley & Co. | $4461510 |

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker or Dealer (or Parent)** | **Aggregate**<br> **Holdings**<br>|
|  | Wells Fargo | $3915372 |
|  | Goldman Sachs | $2536628 |
|  | Credit Suisse First Boston Corporation | $1944540 |
|  | Barclays Capital, Inc. | $1365588 |
|  | Raymond James & Associates | $792129 |
| Thrivent Moderately Conservative Allocation Fund | J.P. Morgan | $3570845 |
|  | Citigroup Global Markets, Inc. | $2812626 |
|  | Banc Of America Securities | $2722784 |
|  | Goldman Sachs | $2325717 |
|  | Morgan Stanley & Co. | $2178307 |
|  | Credit Suisse First Boston Corporation | $1679633 |
|  | Wells Fargo | $1514935 |
|  | Barclays Capital, Inc. | $1423017 |
|  | Raymond James & Associates | $91677 |
| Thrivent Money Market Fund | RBC Capital Markets | $130000000 |
|  | Goldman Sachs | $106340000 |
| Thrivent Multidimensional Income Fund | J.P. Morgan | $1187091 |
|  | Banc Of America Securities | $1106788 |
|  | Wells Fargo | $1048523 |
|  | Citigroup Global Markets, Inc. | $903989 |
|  | Goldman Sachs | $468305 |
|  | Morgan Stanley & Co. | $380313 |
|  | Credit Suisse First Boston Corporation | $261601 |
|  | Deutsche Bank, Inc. | $248272 |
|  | S.C. Bernstein | $241795 |
|  | UBS Warburg | $211875 |
|  | Barclays Capital, Inc. | $57188 |
| Thrivent Opportunity Income Plus Fund | Banc Of America Securities | $9608710 |
|  | J.P. Morgan | $6593583 |
|  | Citigroup Global Markets, Inc. | $4582131 |
|  | Wells Fargo | $3235112 |
|  | Goldman Sachs | $3227741 |
|  | Morgan Stanley & Co. | $3058831 |
|  | Deutsche Bank, Inc. | $3005586 |
|  | Credit Suisse First Boston Corporation | $1796661 |
|  | Barclays Capital, Inc. | $1187564 |
|  | S.C. Bernstein | $389499 |
|  | Nomura Securities | $172524 |

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Purchase, Redemption and Pricing of Shares

Purchasing Shares

Initial and subsequent purchases of Fund shares may be made through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A financial professional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobile app;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wire/ACH transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic Investment Plan.

Complete and submit your new account application for each different account registration. If you do not complete the application properly, your purchase may be delayed or rejected.

Sales Charges

Purchases of Class A Fund shares (other than shares of Thrivent Money Market Fund or Thrivent Limited Maturity Bond Fund) carry an initial sales charge. This is explained in the section of the Funds' prospectus relating to such shares entitled "Class A Sales Charges," which also lists ways to reduce or avoid sales charges on subsequent purchases.

In addition to the situations described in the prospectus, sales charges are waived when additional shares are purchased by the following individuals and entities who currently own Class A shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directors, retired employees, and current and former part- and full-time employees of Thrivent and its subsidiaries and affiliates or others that reside at the same mailing address as the director or employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• members of Thrivent's sales force and others that reside at the same mailing address as the sales force member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any trust, pension, profit-sharing or other benefit plan for such persons.

Thrivent Distributors may also, from time to time, waive or reduce the initial sales charge on certain Class A shares offered uniformly to the public for specific time periods as specified in the disclosure documents of the applicable Fund (*e.g.*, prospectus or supplement to the prospectus).

Restriction on Sale of Shares Purchased

Sales to any of the persons or groups mentioned in this section are made only with the purchaser's written promise that the shares will not be resold, except through redemption or repurchase by or on behalf of a Fund.

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Redeeming Shares

Shares may be redeemed through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A financial professional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mail or fax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobile app;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wire/ACH transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic Redemption Plan.

All methods of redemptions are described in the Funds' prospectus under "Redeeming Shares."

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Net Asset Value

All Funds Except the Thrivent Money Market Fund

The net asset value per share is generally determined at the close of regular trading on the New York Stock Exchange (the "NYSE"), or any other day as provided by Rule 22c-1 under the 1940 Act. Determination of net asset value may be suspended when the NYSE is closed or if certain emergencies have been determined to exist by the Securities and Exchange Commission, as allowed by the 1940 Act. If the NYSE has an unscheduled early close but certain other markets remain open until their regularly scheduled closing time, the NAV may be determined as of the regularly scheduled closing time of the NYSE. If the NYSE and/or certain other markets close early due to extraordinary circumstances (*e.g.*, weather, terrorism, etc.), the NAV may be calculated as of the early close of the NYSE and/or other markets. The NAV generally will not be determined on days when, due to extraordinary circumstances, the NYSE and/or certain other markets do not open for trading.

Net asset value is determined by adding the market or appraised value of all securities and other assets; subtracting liabilities; and dividing the result by the number of shares outstanding.

The market value of each Fund's securities is determined at the close of regular trading of the NYSE on each day the NYSE is open. The value of portfolio securities is determined in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Securities that are traded on U.S. exchanges or included in a national market system, including options, shall be valued at the last sale price on the principal exchange as of the close of regular trading on such exchange or the official closing price of the national market system. If there have been no sales and the exchange traded security is held long, the latest bid quotation is used. If the exchange traded security is held short, the latest ask quotation is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over-the-counter securities held long for which reliable quotations are available shall be valued at the latest bid quotations. If the over-the-counter security is held short, it shall be valued at the latest ask quotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income securities traded on a national securities exchange will be valued at the last sale price on such securities exchange that day. If there have been no sales, the latest bid quotation is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because market quotations are generally not "readily available" for many debt securities, foreign and domestic debt securities held by the Funds may be valued by an Approved Pricing Service ("APS"), using the evaluation or other valuation methodologies used by the APS. If quotations are not available from the APS, the Adviser's Valuation Committee shall make a fair value determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Funds may value debt securities with a remaining maturity of 60 days or less at amortized cost.

Prices provided by independent pricing services may be determined without relying exclusively on quoted prices and may consider institutional trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data employed in determining valuation for such securities.

Securities and assets for which there is not a readily available market quotation will be appraised at fair value by the Adviser's Valuation Committee pursuant to written procedures approved by the Board of Trustees.

Generally, trading in foreign securities, as well as U.S. Government securities, money market instruments and repurchase agreements, is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of shares of a Fund are determined as of such times. Foreign currency exchange rates are also generally determined prior to the close of the NYSE. Occasionally, events affecting the value of such securities and exchange rates may occur between the times at which they are determined and the close of the NYSE, which will not be reflected in the computation of net asset values. If events occur during such periods that materially affect the value of such securities, the securities will be valued at their fair market value.

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For purposes of determining the net asset value of shares of a Fund all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars based upon an exchange rate quoted by a major bank that is a regular participant in the foreign exchange market or on the basis of a pricing service that takes into account the quotes provided by a number of such major banks.

Thrivent Money Market Fund

Securities held by the Thrivent Money Market Fund are valued on the basis of amortized cost, which involves a constant amortization of premium or accretion of discount to maturity regardless of the impact of fluctuating interest rates on the market value of the security. Amortized cost approximates market value. While this method provides certainty in valuation, it may result in periods in which the value as determined by amortized cost is higher or lower than the price the Thrivent Money Market Fund would receive if it sold the security.

The Thrivent Money Market Fund seeks to maintain a constant net asset value of $1.00 per share. However, such maintenance at $1.00 might not be possible, including if (1) there are changes in short-term interest rates or other factors such as unfavorable changes in the credit of issuers affecting the values of the securities held by the Thrivent Money Market Fund and the Thrivent Money Market Fund is compelled to sell such securities at a time when the prices that it is able to realize vary significantly from the values determined on the amortized cost basis or (2) the Thrivent Money Market Fund should have negative net income.

The Board may, in its discretion, permanently suspend redemptions and liquidate if, among other things, the Thrivent Money Market Fund, at the end of a business day, has less than 10% of its total assets invested in weekly liquid assets; or if the Fund's amortized cost price per share has deviated from its market-based NAV per share, or the Board has determined such deviation is likely to occur.

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Tax Status

Federal Tax Information for the Funds

This discussion of federal income tax consequences is based on the Internal Revenue Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

It is each Fund's policy to qualify for taxation as a "regulated investment company" (RIC) by meeting the requirements of Subchapter M of the Internal Revenue Code. By qualifying as a RIC, each Fund expects to eliminate or reduce to a nominal amount the federal income tax to which it is subject. If a Fund does not qualify as a RIC under the Internal Revenue Code, it will be subject to federal income tax on its net investment income and any net realized capital gains. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to qualify as a RIC so that it will be relieved of federal income tax on that part of its income that is distributed to shareholders. In order to qualify for treatment as a RIC, a Fund must, among other requirements, distribute annually to its shareholders at least the sum of 90% of its investment company taxable income (generally, net investment income plus the excess, if any, of net short-term capital gain over net long-term capital losses) and 90% of its net tax-exempt income. Among these requirements are the following: (i) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock or securities or currencies and net income derived from an interest in a qualified publicly traded partnership; (ii) at the close of each quarter of the Fund's taxable year, at least 50% of the value of its total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of the Fund's assets and that does not represent more than 10% of the outstanding voting securities of such issuer; and (iii) at the close of each quarter of the Fund's taxable year, not more than 25% of the value of its assets may be invested in securities (other than U.S. government securities or the securities of other RICs) of any one issuer or of two or more issuers and which are engaged in the same, similar, or related trades or businesses if the Fund owns at least 20% of the voting power of such issuers, or the securities of one or more qualified publicly traded partnerships.

Certain master limited partnerships may qualify as "qualified publicly traded partnerships" for purposes of the Subchapter M diversification rules described above. To do so, the master limited partnership must satisfy two requirements during the taxable year. First, the interests of such partnership either must be traded on an established securities market or must be readily tradable on a secondary market (or the substantial equivalent thereof). Second, the partnership must meet the 90% gross income requirements for the exception from treatment as a corporation with gross income other than income consisting of dividends, interest, payments with respect to securities loans, or gains from the sale or other disposition of stock or securities or foreign currencies, or other income derived with respect to its business of investing in such stock securities or currencies.

The Internal Revenue Code imposes a non-deductible excise tax on RICs that do not distribute in a calendar year (regardless of whether they otherwise have a non-calendar taxable year) an amount equal to 98% of their "ordinary income" (as defined in the Internal Revenue Code) for the calendar year plus 98.2% of their net capital gain for the one-year period ending on October 31 of such calendar year (except for Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund, which are for the one-year period ending on December 31), plus any undistributed amounts from prior years. The non-deductible excise tax is equal to 4% of the deficiency. For the foregoing purposes, a Fund is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such

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calendar year and certain amounts with respect to which estimated taxes are paid in such calendar year. A Fund may in certain circumstances be required to liquidate Fund investments to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect a Fund's ability to satisfy the requirements for qualification as a RIC.

Dividends and interest received from a Fund's holding of foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If a Fund meets certain requirements, which include a requirement that more than 50% of the value of the Fund's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, then the Fund should be eligible to file an election with the Internal Revenue Service (IRS) that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a tax deduction, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to this election, the Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then, subject to certain limitations, either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit the shareholder may be entitled to use against such shareholder's federal income tax. If a Fund makes this election, the Fund will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

A Fund's transactions in foreign currencies and forward foreign currency contracts will be subject to special provisions of the Internal Revenue Code that, among other things, may affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the RIC distribution requirements for avoiding income and excise taxes. Each Fund intends to monitor its transactions, intends to make the appropriate tax elections, and intends to make the appropriate entries in its books and records when its acquires any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of the Fund as a RIC and minimize the imposition of income and excise taxes.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Fund will be subject to one of the following special tax regimes: (i) the Fund is liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund was able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the passive foreign investment company, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above.

A Fund's transactions in futures contracts, forward contracts, foreign currency exchange transactions, options and certain other investment and hedging activities may be restricted by the Internal Revenue Code and are subject to special tax rules. In a given case, these rules may accelerate income to a Fund, defer its losses, cause adjustments in the holding periods of the Fund's assets, convert short-term capital losses into long-term capital losses or otherwise affect the character of the Fund's income. These rules could therefore affect the amount, timing and character of distributions to shareholders. Each Fund will endeavor to make any available elections pertaining to these transactions in a manner believed to be in the best interest of the Fund and its shareholders.

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Under Section 988 of the Internal Revenue Code, special rules are provided for certain transactions in a foreign currency other than the taxpayer's functional currency (i.e., unless certain special rules apply, currencies other than the U.S. dollar). In general, foreign currency gains or losses from forward contracts, from futures contracts that are not "regulated futures contracts," and from unlisted options will be treated as ordinary income or loss under Section 988 of the Internal Revenue Code. Also, certain foreign exchange gains or losses derived with respect to foreign fixed income securities are also subject to Section 988 treatment. In general, therefore, Section 988 gains or losses will increase or decrease the amount of a Fund's investment company taxable income available to be distributed to shareholders as ordinary income, rather than increasing or decreasing the amount of the Fund's net capital gain.

Each Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures contracts as of the end of the year as well as those actually realized during the year. Gain or loss from futures and options contracts on broad-based indexes required to be marked-to-market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on futures contracts, options contracts and swaps to the extent of any unrecognized gains on offsetting positions held by the Fund. It is anticipated that any net gain realized from the closing out of futures or options contracts will be considered gain from the sale of securities and therefore will be qualifying income for purposes of the 90% requirement described above. Each Fund distributes to shareholders at least annually any net capital gains which have been recognized for federal income tax purposes, including unrealized gains at the end of the Fund's fiscal year on futures or options transactions. Such distributions are combined with distributions of capital gains realized on the Fund's other investments and shareholders are advised on the nature of the distributions.

Federal Income Tax Information for Shareholders

The discussion of federal income taxation presented below supplements the discussion in the Funds' prospectus and only summarizes some of the important federal tax considerations generally affecting shareholders of the Funds. Accordingly, prospective investors (particularly those not residing or domiciled in the United States) should consult their own tax advisors regarding the consequences of investing in the Funds.

Any dividends declared by a Fund in October, November or December and paid the following January are treated, for tax purposes, as if they were received by shareholders on December 31 of the year in which they were declared. In general, distributions by a Fund of investment company taxable income (including net short-term capital gains), if any, whether received in cash or additional shares, will be taxable to you as ordinary income. A portion of these distributions may be treated as qualified dividend income (eligible for the reduced rates to individuals as described below) to the extent that the Fund receives qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the shares of the Fund on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares of the Fund become ex-dividend with respect to such dividend (and the Fund also satisfies those holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (ii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iii) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Internal Revenue Code. Dividends received by a Fund from a REIT or another RIC may be treated as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income received by such REIT or RIC. It is expected that dividends received by a Fund from a REIT and distributed to a shareholder generally will be taxable to the shareholder as ordinary income.

Distributions from net capital gain (if any) that are reported as capital gains dividends are taxable as long-term capital gains without regard to the length of time the shareholder has held shares of the Fund. However, if you receive a capital

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gains dividend with respect to Fund shares held for six months or less, any loss on the sale or exchange of those shares shall, to the extent of the capital gains dividend, be treated as a long-term capital loss. The maximum individual rate applicable to "qualified dividend income" and long-term capital gains is generally either 15% or 20% depending on whether the individual's income exceeds certain threshold amounts. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Internal Revenue Code.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

At the beginning of every year, the Funds will provide shareholders with a tax reporting statement containing information detailing the estimated tax status of any distributions that the Funds paid during the previous calendar year. REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues the tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Fund will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement in completing your tax returns.

Each Fund will inform you of the amount of your ordinary income dividends and capital gain distributions, if any, at the time they are paid and will advise you of its tax status for federal income tax purposes, including what portion of the distributions will be qualified dividend income, shortly after the close of each calendar year.

If a Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of the shareholder's tax basis in its shares, and thereafter, as capital gain. A return of capital is not taxable, but reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. To the extent that a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

For corporate investors in a Fund, dividend distributions the Fund reports as dividends received from qualifying domestic corporations will be eligible for the 50% corporate dividends-received deduction to the extent they would qualify if the Fund were a regular corporation. Distributions by a Fund also may be subject to state, local and foreign taxes, which may differ from the federal income tax treatment described above.

A sale of shares in a Fund may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of shares will be treated as short-term capital gain or loss. The maximum individual tax rate applicable to long-term capital gains is generally either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. Any loss realized upon a taxable disposition of shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of shares will be disallowed if other substantially identical shares of a Fund is purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

Capital losses in excess of capital gains (net capital losses) are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, a Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable

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years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. Capital loss carryforwards will be carried forward to one or more subsequent taxable years without expiration to offset capital gains realized during such subsequent taxable years; any such carryforward losses will retain their character as short-term or long-term.

Certain tax-exempt shareholders, including qualified pension plans, individual retirement accounts, salary deferral arrangements, 401(k)s, and other tax-exempt entities, generally are exempt from federal income taxation except with respect to their unrelated business taxable income (UBTI). Under current law, the Funds generally serve to block UBTI from being realized by its tax-exempt shareholders. However, notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI by virtue of its investment in a Fund where, for example, (i) the Fund invests in REITs that hold residual interests in real estate mortgage investment conduits (REMICs) or (ii) its shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of section 514(b) of the Internal Revenue Code. Charitable remainder trusts are subject to special rules and should consult their tax advisors. There are no restrictions preventing the Funds from holding investments in REITs that hold residual interests in REMICs, and the Funds may do so.

For taxable years beginning after 2017 and before 2026, non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary REIT dividends and income derived from MLP investments. A fund is permitted to pass through to shareholders the character of ordinary REIT dividends so as to allow non-corporate shareholders to claim this deduction. There currently is no mechanism for a Fund to pass through to non-corporate shareholders the character of income derived from MLP investments. It is uncertain whether future legislation or other guidance will enable the Funds to pass through to non-corporate shareholders the ability to claim this deduction with respect to income derived from MLP investments.

**Backup Withholding.** The Funds will be required in certain cases to withhold at the applicable withholding rate and remit to the U.S. Treasury the withheld amount of taxable dividends and redemption proceeds paid to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that he or she is not subject to "backup withholding;" or (4) fails to provide a certified statement that he or she is a U.S. person (including a U.S. resident alien). Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. tax liability.

**Disclosure for Non-U.S. Shareholders.** Distributions by a Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by a Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States, under special rules regarding the disposition of "U.S. real property interests" ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the

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United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation.

If a Fund invests in a RIC that pays Capital Gain Dividends, short-term capital gain dividends or interest-related dividends to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. A Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign shareholders should contact their intermediaries regarding the application of these rules to their accounts.

Foreign shareholders with respect to whom income from a Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors. Distributions by a Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g. dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund unless (i) such gain is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States, (ii) in the case of a foreign shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the foreign shareholder's sale of shares of a Fund (as described below).

Special rules would apply if a Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A Fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than 10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether a Fund is a QIE. If an interest in a Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

If a Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of their shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains

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realized from USRPIs in the hands of the Fund's foreign shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

Foreign shareholders of a Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Fund shares.

The Funds generally do not expect their shares to be considered USRPIs. Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Funds.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). Foreign shareholders should consult their tax advisers in this regard.

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding a Fund's shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding a Fund's shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

**Reportable Transactions.** Under U.S. Treasury regulations, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as the Funds are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Shareholders are urged to consult their tax advisors as to the state and local tax rules affecting investments in a Fund.

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Description of Debt Ratings

A Fund's investments may range in quality from securities rated in the lowest category in which the Fund is permitted to invest to securities rated in the highest category (as rated by Moody's, S&P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality). The percentage of a Fund's assets invested in securities in a particular rating category will vary. The following terms are generally used to describe the credit quality of fixed income securities:

*High Quality Debt Securities* are those rated in one of the two highest rating categories (the highest category for commercial paper) or, if unrated, deemed comparable by the Adviser.

*Investment Grade Debt Securities* are those rated in one of the four highest rating categories or, if unrated, deemed comparable by the Adviser.

*Below Investment Grade, High Yield Securities ("Junk Bonds")* are those rated lower than Baa by Moody's, BBB by S&P or Fitch and comparable securities. They are deemed predominately speculative with respect to the issuer's ability to repay principal and interest.

The following is a description of Moody's, S&P's and Fitch's rating categories applicable to fixed income securities.

Moody's Investors Service, Inc.

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody's defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody's ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody's rating addresses the issuer's ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody's ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody's issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned.

Moody's differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies, however, Moody's aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

**Global Long-Term Obligation Ratings**

Moody's long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

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| | |
|:---|:---|
| Aaa: | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
| Aa: | Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
| A: | Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
| Baa: | &nbsp;&nbsp; Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such <br> may possess certain speculative characteristics.<br>|
| Ba: | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
| B: | Obligations rated B are judged to be speculative and are subject to high credit risk. |
| Caa: | &nbsp;&nbsp; Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit <br> risk.<br>|
| Ca: | &nbsp;&nbsp; Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of <br> recovery of principal and interest.<br>|
| C: | &nbsp;&nbsp; Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of <br> principal or interest.<br>|

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Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Global Short-Term Ratings**

Moody's short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

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| | |
|:---|:---|
| P-1: | Ratings of Prime-1 reflect a superior ability to repay short-term obligations. |
| P-2: | Ratings of Prime-2 reflect a strong ability to repay short-term obligations. |
| P-3: | Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
| NP: | Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |

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US Municipal Short-Term Debt and Demand Obligation Ratings

**Short-Term Obligation Ratings**

We use the global short-term Prime rating scale for commercial paper issued by US municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity.

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For other short-term municipal obligations, we use one of two other short-term rating scales, the Municipal Investment Grade ("MIG") and Variable Municipal Investment Grade ("VMIG") scales discussed below.

Moody's uses the MIG scale for US municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain circumstances, we use the MIG scale for bond anticipation notes with maturities of up to five years.

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| | |
|:---|:---|
| MIG 1: | &nbsp;&nbsp; This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, <br> highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.<br>|
| MIG 2: | &nbsp;&nbsp; This designation denotes strong credit quality. Margins of protection are ample, although not as large as in <br> the preceding group.<br>|
| MIG 3: | &nbsp;&nbsp; This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and <br> market access for refinancing is likely to be less well-established.<br>|
| SG: | &nbsp;&nbsp; This designation denotes speculative-grade credit quality. Debt instruments in this category may lack <br> sufficient margins of protection.<br>|

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**Demand Obligation Ratings**

In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature ("demand feature") of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. Please see our methodology that discusses demand obligations with conditional liquidity support.

For VRDOs, we typically assign the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is "NR".

Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects Moody's view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the liquidity of the corporate obligor.

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| | |
|:---|:---|
| VMIG 1: | &nbsp;&nbsp; This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term <br> credit strength of the liquidity provider and structural and legal protections.<br>|
| VMIG 2: | &nbsp;&nbsp; This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit <br> strength of the liquidity provider and structural and legal protections.<br>|
| VMIG 3: | &nbsp;&nbsp; This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory <br> short-term credit strength of the liquidity provider and structural and legal protections.<br>|
| SG: | &nbsp;&nbsp; This designation denotes speculative-grade credit quality. Demand features rated in this category may be <br> supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the <br> structural or legal protections.<br>|

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S&P Global Ratings

**Long-Term Issue Credit Ratings**

Issue credit ratings are based, in varying degrees, on the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Likelihood of payment — capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nature of and provisions of the obligation; and the promise imputed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protection afforded by, and relative position of, the obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

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| | |
|:---|:---|
| AAA: | &nbsp;&nbsp; An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to <br> meet its financial commitment on the obligation is extremely strong.<br>|
| AA: | &nbsp;&nbsp; An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's <br> capacity to meet its financial commitment on the obligation is very strong.<br>|
| A: | &nbsp;&nbsp; An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances <br> and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to <br> meet its financial commitment on the obligation is still strong.<br>|
| BBB: | &nbsp;&nbsp; An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions <br> or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its <br> financial commitment on the obligation.<br>|

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Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

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| | |
|:---|:---|
| BB: | &nbsp;&nbsp; An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces <br> major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which <br> could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.<br>|
| B: | &nbsp;&nbsp; An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor <br> currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, <br> or economic conditions will likely impair the obligor's capacity or willingness to meet its financial <br> commitment on the obligation.<br>|
| CCC: | &nbsp;&nbsp; An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable <br> business, financial, and economic conditions for the obligor to meet its financial commitment on the <br> obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to <br> have the capacity to meet its financial commitment on the obligation.<br>|
| CC: | &nbsp;&nbsp; An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a <br> default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of <br> the anticipated time to default.<br>|
| C: | &nbsp;&nbsp; An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have <br> lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.<br>|

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| | |
|:---|:---|
| D: | &nbsp;&nbsp; An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, <br> the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P <br> Global Ratings believes that such payments will be made within five business days in the absence of a <br> stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' <br> rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where <br> default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an <br> obligation is lowered to 'D' if it is subject to a distressed debt restructuring.<br>|
| Plus (+) or <br> minus (-):<br>| &nbsp;&nbsp; The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show <br> relative standing within the rating categories.<br>|

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**Short-Term Issue Credit Ratings** 

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| | |
|:---|:---|
| A-1: | &nbsp;&nbsp; A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's <br> capacity to meet its financial commitment on the obligation is strong. Within this category, certain <br> obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its <br> financial commitment on these obligations is extremely strong.<br>|
| A-2: | &nbsp;&nbsp; A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in <br> circumstances and economic conditions than obligations in higher rating categories. However, the obligor's <br> capacity to meet its financial commitment on the obligation is satisfactory.<br>|
| A-3: | &nbsp;&nbsp; A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic <br> conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet <br> its financial commitment on the obligation.<br>|
| B: | &nbsp;&nbsp; A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. <br> The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing <br> uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.<br>|
| C: | &nbsp;&nbsp; A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable <br> business, financial, and economic conditions for the obligor to meet its financial commitment on the <br> obligation.<br>|
| D: | &nbsp;&nbsp; A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital <br> instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, <br> unless S&P Global Ratings believes that such payments will be made within any stated grace period. <br> However, any stated grace period longer than five business days will be treated as five business days. The <br> 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and <br> where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating <br> on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.<br>|

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Fitch, Inc.

**Long-Term Credit Ratings** 

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| | |
|:---|:---|
| *Investment Grade* | *Investment Grade* |
| AAA: | &nbsp;&nbsp; Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in <br> case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely <br> to be adversely affected by foreseeable events.<br>|

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| | |
|:---|:---|
| AA: | &nbsp;&nbsp; Very high credit quality. "AA" ratings denote expectations of very low credit risk. They indicate very strong <br> capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to <br> foreseeable events.<br>|
| A: | &nbsp;&nbsp; High credit quality. "A" ratings denote low expectation of credit risk. The capacity for timely payment of <br> financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to <br> adverse business or economic conditions than is the case for higher ratings.<br>|
| BBB: | &nbsp;&nbsp; Good credit quality. "BBB" ratings indicate that expectations of credit risk are currently low. The capacity <br> for payment of financial commitments is considered adequate, but adverse business or economic <br> conditions are more likely to impair this capacity.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| *Speculative Grade* | *Speculative Grade* |
| BB: | &nbsp;&nbsp; Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse <br> changes in business or economic conditions over time; however, business or financial alternatives may be <br> available to allow financial commitments to be met.<br>|
| B: | Highly speculative. 'B' ratings indicate that material credit risk is present. |
| CCC: | Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present. |
| CC: | Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk. |
| C: | Exceptionally high levels of credit risk. 'C' indicates exceptionally high levels of credit risk. |

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**Short-Term Credit Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in US public finance markets.

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| | |
|:---|:---|
| F1: | &nbsp;&nbsp; Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial <br> commitments; may have an added "+" to denote any exceptionally strong credit feature.<br>|
| F2: | Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments. |
| F3: | &nbsp;&nbsp; Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is <br> adequate.<br>|
| B: | &nbsp;&nbsp; Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus <br> heightened vulnerability to near term adverse changes in financial and economic conditions.<br>|
| C: | High short-term default risk. Default is a real possibility. |
| RD: | &nbsp;&nbsp; Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, <br> although it continues to meet other financial obligations. Typically applicable to entity ratings only.<br>|
| D: | Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation. |

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Report of Independent Registered Public Accounting Firm and Financial Statements

The annual reports for the Trust for the periods ended [October 31, 2022 (for all series except Thrivent Diversified Income](http://www.sec.gov/Archives/edgar/data/811869/000081186922000039/primary-document.htm)[Plus Fund and Thrivent Multidimensional Income Fund)](http://www.sec.gov/Archives/edgar/data/811869/000081186922000039/primary-document.htm) and [December 31, 2022 (for Thrivent Diversified Income Plus](http://www.sec.gov/Archives/edgar/data/811869/000081186923000008/primary-document.htm)[Fund and Thrivent Multidimensional Income Fund)](http://www.sec.gov/Archives/edgar/data/811869/000081186923000008/primary-document.htm), which include the Report of the Independent Registered Public Accounting Firm and financial statements, are separate reports furnished with this SAI and are incorporated herein by reference.

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Appendix A—Proxy Voting Policies

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## Thrivent Financial for Lutherans and

## Thrivent Asset Management, LLC

## Proxy Voting Policies and Procedures Summary
Responsibility to Vote Proxies

**Overview**. Thrivent Financial for Lutherans and Thrivent Asset Management, LLC (collectively, in their capacity as investment advisers, **"Thrivent"**) have adopted Proxy Voting Policies and Procedures (**"Policies and Procedures"**) for the purpose of establishing formal policies and procedures for performing and documenting Thrivent's fiduciary duty with regard to the voting of client proxies, including investment companies which it sponsors and for which it serves as investment adviser ("**Thrivent Funds**") and by institutional accounts who have requested that Thrivent be involved in the proxy process.

**Fiduciary Considerations**. It is the policy of Thrivent that decisions with respect to proxy issues will be made primarily in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular client. Thrivent seeks to vote proxies solely in the interests of the client, including Thrivent Funds. Thrivent votes proxies, where possible to do so, in a manner consistent with its fiduciary obligations and responsibilities. Logistics involved may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

Administration of Policies and Procedures

Thrivent has formed a committee that is responsible for establishing positions with respect to corporate governance and other proxy issues, as well as overseeing the environmental, social and governance (**"ESG"**) analysis components of Thrivent's investment processes (**"Committee"**). Annually, the Committee reviews the Policies and Procedures, including in relation to recommended changes reflected in applicable benchmark policies and voting guidelines of Institutional Shareholder Services Inc. (**"ISS"**). As discussed below, Thrivent may, with the approval of the Committee, vote proxies other than in accordance with the applicable voting guidelines in the Policies and Procedures.

How Proxies are Reviewed, Processed and Voted

In order to facilitate the proxy voting process, Thrivent has retained ISS, an unaffiliated third-party proxy service provider, to provide proxy voting-related services, including custom vote recommendations, research, vote execution, reporting, auditing and consulting assistance for the handling of proxy voting responsibilities. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. ISS analyzes each proxy vote of Thrivent's clients and prepares a recommendation and/or materials for Thrivent's consideration which reflect ISS's application of the Policies and Procedures. In determining how to vote proxies, Thrivent leverages the applicable market specific ISS Benchmark Proxy Voting Guidelines ("**Benchmark Guidelines**") and ISS Sustainability Proxy Voting Guidelines ("**Sustainability Guidelines,**" collectively the "**Guidelines**"). While these Guidelines differ in some respects, particularly on environmental, social and governance proposals or proposals that implicate environmental, social and governance considerations, they are aligned in many areas, including auditor ratification, executive and director compensation, equity-based compensation plans, mergers & acquisitions, and capital structure-related. In some cases, generally where the ISS recommendations do not differ between the Guidelines, Thrivent will provide standing instructions to ISS to vote proxies based on the recommendation of ISS pursuant to the Guidelines. In cases where (i) the Sustainability Guidelines and Benchmark Guidelines recommend voting in a different manner on environmental, social and governance proposals, or

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proposals that implicate environmental, social and governance considerations, (ii) items are not addressed by the Guidelines, and (iii) for other specified proposal types, Thrivent uses ISS's research and recommendations and a determination by investment management or other Thrivent personnel as the circumstances warrant.

Certain of Thrivent's clients' accounts are accounts or funds (or a portion thereof) that employ a quantitative strategy that relies on factor-based models or an index-tracking approach rather than primarily on fundamental security research and analyst coverage that an actively managed portfolio using fundamental research would typically employ; often, these accounts hold a high number of positions. Accordingly, in light of the considerable time and effort that would be required to review ISS research and recommendations, absent client direction, for securities held only in accounts or funds that only employ a quantitative strategy (and are not held in other Thrivent client accounts, or in the same account but in the portion managed using fundamental research and analyst coverage), for certain categories of management and shareholder proposals, Thrivent may use a different process than is used for other accounts to review and determine a voting outcome. For these proposals, Thrivent may review Benchmark Guidelines and Sustainability Guidelines and (i) determine, consistent with the best interest of its clients, to provide standing instructions to vote proxies in accordance with the recommendations of ISS where such Guidelines recommend voting in the same manner; or (ii) where such Guidelines do not recommend voting in the same manner, vote as determined by Thrivent personnel other than the affected account's investment management team.

The Benchmark Guidelines and Sustainability Guidelines can be found at:

https://www.issgovernance.com/policy-gateway/voting-policies/.

*Supplement applicable to Thrivent Small-Mid Cap ESG ETF (the "ETF") only*. Thrivent expects to vote proxies on behalf of the ETF in many cases in accordance with its custom guidelines created as described above and discussed below under the heading "Summary of Thrivent's Voting Policies." However, Thrivent retains the discretion in all cases to vote in a manner inconsistent with these guidelines and policies if it believes such a vote is in the ETF's best interest after consideration of any information Thrivent believes relevant, including in light of the ETF's focus on long-term sustainable business models. This may mean that proxies are voted on behalf of the ETF in a manner that differs from votes for other clients.

*Supplement applicable to Thrivent ESG Index Portfolio ("ESG Index Portfolio") only*. Thrivent expects to vote proxies on behalf of ESG Index Portfolio in many cases in accordance with its custom guidelines created as described above and discussed below under the heading "Summary of Thrivent's Voting Policies," using similar processes as for other clients employing a quantitative strategy as discussed above. However, Thrivent retains the discretion in all cases to vote in a manner inconsistent with these guidelines and policies if it believes such a vote is in ESG Index Portfolio's best interest after consideration of any information Thrivent believes relevant, including in light of ESG Index Portfolio's focus on tracking the investment results of an index composed of companies selected by the index provider based on environmental, social and governance characteristics. This may mean that proxies are voted on behalf of ESG Index Portfolio in a manner that differs from votes for other clients.

#### Proxy Voting Process Overview
Thrivent utilizes ISS's voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes on behalf of our clients. ISS provides comprehensive summaries of proxy proposals, publications discussing key proxy voting issues, and specific vote recommendations regarding Thrivent's clients' portfolio company proxies to assist in the proxy voting process. The final authority and responsibility for proxy voting decisions remains with Thrivent. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the viewpoint of our respective clients.

Thrivent may on any particular proxy vote determine that it is in the best interests of its clients to diverge from the Policies and Procedures' applicable voting guidelines, including diverging from ISS's

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recommendations with respect to Thrivent's clients' accounts that are accounts or funds (or a portion thereof) that employ a quantitative strategy. In such cases, the person requesting to diverge from the Policies and Procedures' applicable voting guidelines is required to document in writing the rationale for their vote and submit all written documentation to the Committee for review and approval. In determining whether to approve any particular request, the Committee will determine that the request is not influenced by any conflict of interest and is in the best interests of Thrivent's clients.

#### Summary of Thrivent's Voting Policies
Specific voting guidelines have been adopted by the Committee for regularly occurring categories of management and shareholder proposals. The detailed voting guidelines are available to Thrivent's clients upon request. The following is a summary of significant Thrivent policies, which are generally consistent with the Sustainability Guidelines or Benchmark Guidelines referenced above:

*Board Structure and Composition Issues* – Thrivent believes boards are expected to have a majority of directors independent of management. The independent directors are expected to organize much of the board's work, even if the chief executive officer also serves as chairperson of the board. Key committees (audit, compensation, and nominating/corporate governance) of the board are expected to be entirely independent of management. It is expected that boards will engage in critical self-evaluation of themselves and of individual members. Boards should be sufficiently diverse to ensure consideration of a wide range of perspectives. Individual directors, in turn, are expected to devote significant amounts of time to their duties and to limit the number of directorships they accept. As such, Thrivent withholds votes for directors who miss more than one-fourth of the scheduled board meetings. Thrivent votes against management efforts to stagger board member terms because a staggered board may act as a deterrent to takeover proposals. For the same reasons, Thrivent votes for proposals that seek to fix the size of the board.

*Board Accountability –* Thrivent believes boards should be sufficiently accountable to shareholders, including through transparency of the company's governance practices and regular board elections, by the provision of sufficient information for shareholders to be able to assess directors and board composition, and through the ability of shareholders to remove directors. Boards should be held responsible for risk oversight or fiduciary responsibility failures. Examples of risk oversight failures include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues; or significant adverse legal judgements or settlement. Thrivent will generally withhold votes from appropriate directors if the company's governing documents impose undue restrictions on shareholder's ability to amend bylaws, non-audit fees paid to the auditor are excessive, the company maintains significant problematic pay practices, or the company is a significant greenhouse gas emitter and is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change via detailed disclosure of climate-related risks and appropriate greenhouse gas emissions reduction targets.

*Executive and Director Compensation* – These proposals necessitate a case-by-case evaluation. Generally, Thrivent opposes compensation packages that provide what we view as excessive awards to a few senior executives or that contain excessively dilutive stock option grants based on a number of criteria such as the costs associated with the plan, plan features, and dilution to shareholders.

*Ratification of Auditors* – Thrivent votes for proposals to ratify auditors, unless an auditor has a financial interest in or association with the company, and is therefore not independent; there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position; non-audit fees paid represent 50 percent or more of the total fees paid to the auditor; or poor accounting practices are identified that rise to a serious level of concern.

*Mergers and Acquisitions* – Thrivent votes on mergers and acquisitions on a case-by-case basis, taking into account and balancing the following: anticipated financial and operating benefits, including the opinion of the financial advisor, market reaction, offer price (cost vs. premium) and prospects of the combined companies; how the deal was negotiated; potential conflicts of interest between management's

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interests and shareholders' interests; and changes in corporate governance and their impact on shareholder rights.

*Anti-takeover and Corporate Governance Issues* – Thrivent generally opposes anti-takeover measures since they adversely impact shareholder rights. When voting on capital structure issues, Thrivent considers the dilutive impact to shareholders and the effect on shareholder rights.

*Social, Environmental and Corporate Responsibility Issues –* Thrivent votes on proposals related to social, environmental, and corporate responsibility issues on a case-by-case basis. These issues may include business activity impacts on the environment and climate, human and labor rights, health and safety, diversity, equity and inclusion, as well as general impacts on communities. The overall guiding principle on vote determinations examines primarily whether the proposal is likely to enhance or protect shareholder value in the short or long term (for the ETF and the ESG Index Portfolio, whether the proposal is likely to enhance value for other stakeholders may be an additional consideration). Other factors that are considered include, but are not limited to: whether legislation or government regulation is appropriately dealing with the issue; whether the request is unduly burdensome or overly prescriptive; whether there are any significant controversies, fines, penalties, or litigation associated with the company's practices; and whether the company already provides reasonable and sufficient information if the proposal requests increased disclosure or greater transparency.

*Shareblocking* – Shareblocking is the practice in certain foreign countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. Thrivent generally refrains from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the loss of liquidity in the blocked shares.

*Applying Proxy Voting Policies to non-U.S. Companies* – Thrivent applies a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which apply without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that applying policies developed for U.S. corporate governance may not appropriate for all markets.

#### Monitoring and Resolving Conflicts of Interest – Thrivent/clients
The Committee is responsible for monitoring and resolving possible material conflicts between the interests of Thrivent and those of its clients with respect to proxy voting. Examples of situations where conflicts of interest can arise are when i) the issuer is a vendor whose products or services are material to Thrivent's business; ii) the issuer is an entity participating to a material extent in the distribution of proprietary investment products advised, administered or sponsored by Thrivent; iii) an Access Person<sup>1</sup> of Thrivent also serves as a director or officer of the issuer; and iv) there is a personal conflict of interest (e.g., familial relationship with company management). Other circumstances or relationships can also give rise to potential conflicts of interest.

All material conflicts of interest will be resolved in the interests of the clients. Application of the Policies and Procedures' applicable voting guidelines to vote client proxies is generally relied on to address possible conflicts of interest since the voting guidelines are pre-determined by the Committee. Where there is discretion in the voting guidelines, voting as recommended under an ISS policy may be relied on to address potential conflicts of interest.

In cases where Thrivent is considering overriding these Policies and Procedures' applicable voting guidelines, or in the event there is discretion in determining how to vote (for example, where or the guidelines provide for a case by case internal review) matters presented for vote are not governed by such guidelines, the Committee will follow these or other similar procedures:

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<sup>1</sup> "Access Person" has the meaning provided under the current Thrivent Code of Ethics.

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• Compliance will conduct a review to seek to identify potential material conflicts of interest. If no material conflict of interest is identified, the proxy will be voted as determined by the Committee or the appropriate Thrivent personnel under these policies and procedures. The Compliance review process for identifying potential conflicts of interest will be reviewed by the Committee and may include a review of factors indicative of a potential conflict of interest or a determination that voting in accordance with ISS's recommendation(s) can reasonably be relied on to address potential conflicts of interest.

• If a material conflict of interest is identified, the Committee will be apprised of that fact and the Committee will evaluate the proposed vote in order to ensure that the proxy ultimately is voted in what Thrivent believes to be the best interests of clients, and without regard for the conflict of interest. The Committee will document its vote determination, including the nature of the material conflict, the Committee's analysis of the matters submitted for proxy vote, and the reasons why the Committee determined that the votes were cast in the best interests of clients.

Certain Thrivent Funds ("top tier fund") may own shares of other Thrivent Funds ("underlying fund"). If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund. If there are no other shareholders in the underlying fund, the top tier fund will vote in what Thrivent believes to be in the top tier fund's best interest.

#### Securities Lending
Thrivent will generally not vote nor seek to recall in order to vote shares on loan, unless it determines that a vote would have a material effect on an investment in such loaned security.

Oversight, Reporting and Record Retention

#### Retention of Proxy Service Provider and Oversight of Voting
In overseeing proxy voting generally and determining whether or not to retain the services of ISS, Thrivent performs the following functions, among others, to determine that Thrivent continues to vote proxies in the best interest of its clients: i) periodic sampling of proxy votes; ii) periodic reviews of Thrivent's Policies and Procedures to determine they are adequate and have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interest of Thrivent's clients; iii) periodic due diligence on ISS designed to monitor ISS's a) capacity and competency to adequately analyze proxy issues, including the adequacy and quality of its staffing and personnel, as well as b) its methodologies for developing vote recommendations and ensuring that its research is accurate and complete; and iv) periodic reviews of ISS's procedures regarding their capabilities to identify and address conflicts of interest.

Proxy statements and solicitation materials of issuers (other than those which are available on the SEC's EDGAR database) are kept by ISS in its capacity as voting agent and are available upon request. Thrivent retains documentation on shares voted differently than the Thrivent Policies and Procedures voting guidelines, and any document which is material to a proxy voting decision such as the Thrivent Policies and Procedures voting guidelines and the Committee meeting materials.

ISS provides Vote Summary Reports for each Thrivent Fund. The report specifies the company, ticker, cusip, meeting dates, proxy proposals, and votes which have been cast for the Thrivent Fund during the period, the position taken with respect to each issue and whether the Thrivent Fund voted with or against company management.

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## Policy, Procedures and Guidelines for

## Goldman Sachs Asset Management's

## Global Proxy Voting

## 2022 Edition

## March 2022
For further information, please contact <u>GSAM-Stewardship@gs.com</u>.

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---

| | |
|:---|:---|
| **Table of Contents** |  |
| [PART I:](#a2430457_1) | 1 |
| [GOLDMAN SACHS ASSET MANAGEMENT POLICY AND PROCEDURES ON PROXY VOTING FOR INVESTMENT ADVISORY CLIENTS](#a2430457_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [A: Our Approach to Proxy Voting](#a2430457_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [B: The Proxy Voting Process](#a2430457_4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [C: Implementation](#a2430457_5) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[D. Conflicts of Interest](#a2430457_6) | 3 |
| [PART II](#a2430457_7) | 4 |
| [GOLDMAN SACHS ASSET MANAGEMENT'S PROXY VOTING GUIDELINES SUMMARY](#a2430457_8) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Region: Americas](#a2430457_9) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. Business Items](#a2430457_10) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2. Board of Directors](#a2430457_11) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3. Executive and Non-Executive Compensation](#a2430457_12) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4. Shareholders Rights and Defenses](#a2430457_13) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5. Strategic Transactions and Capital Structures](#a2430457_14) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6. Environmental and Social Issues](#a2430457_15) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Region: Europe, Middle East and Africa (EMEA) Proxy Items](#a2430457_16) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. Business Items](#a2430457_17) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2. Board of Directors](#a2430457_18) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3. Remuneration](#a2430457_19) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4. Shareholder Rights and Defences](#a2430457_20) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5. Strategic Transactions, Capital Structures and other Business Considerations](#a2430457_21) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6. Environmental and Social Issues](#a2430457_22) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Region: Asia Pacific (APAC) Proxy Items](#a2430457_23) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. Business Items](#a2430457_24) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2. Board of Directors](#a2430457_25) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3. Remuneration](#a2430457_26) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4. Shareholder Rights and Defences](#a2430457_27) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5. Strategic Transactions, Capital Structures and other Business Considerations](#a2430457_28) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6. Environmental and Social Issues](#a2430457_29) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Region: Japan Proxy Items](#a2430457_30) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. Operational Items](#a2430457_31) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2. Board of Directors](#a2430457_32) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3. Compensation](#a2430457_33) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4. Shareholder Rights and Defenses](#a2430457_34) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5. Strategic Transactions and Capital Structures](#a2430457_35) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6. Environmental and Social Issues](#a2430457_36) | 54 |

---

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PART I:

GOLDMAN SACHS ASSET MANAGEMENT<sup>1</sup> POLICY AND PROCEDURES ON PROXY VOTING FOR INVESTMENT ADVISORY CLIENTS

#### A: Our Approach to Proxy Voting
Proxy voting and the analysis of corporate governance issues in general are important elements of the portfolio management services we provide to our advisory clients who have authorized us to address these matters on their behalf. Our guiding principles in performing proxy voting are to make decisions that favor proposals that in our view maximize a company's shareholder value and are not influenced by conflicts of interest. These principles reflect our belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. We recognize that Environmental, Social and Governance (ESG) factors can affect investment performance, expose potential investment risks and provide an indication of management excellence and leadership. When evaluating ESG proxy issues, we balance the purpose of a proposal with the overall benefit to shareholders.

To implement these guiding principles for investments in publicly traded equities for which we have voting power on any record date, we follow customized proxy voting guidelines that have been developed by our portfolio management and our Global Stewardship Team (the "Guidelines"). The Guidelines embody the positions and factors we generally consider important in casting proxy votes. They address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations, mergers, issues of corporate social responsibility and various shareholder proposals. Recognizing the complexity and fact-specific nature of many corporate governance issues, the Guidelines identify factors we consider in determining how the vote should be cast. A summary of the Guidelines is attached as Part II.

The principles and positions reflected in this Policy are designed to guide us in voting proxies, and not necessarily in making investment decisions. Our portfolio management teams (each, a "Portfolio Management Team") base their determinations of whether to invest in a particular company on a variety of factors, and while corporate governance may be one such factor, it may not be the primary consideration.

Goldman Sachs Asset Management has adopted the policies and procedures set out below regarding the voting of proxies (the "Policy"). The Global Stewardship Team periodically reviews this Policy to ensure it continues to be consistent with our guiding principles.

#### B: The Proxy Voting Process

#### Public Equity Investments
<u>Fundamental Equity Team</u>

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<sup>1</sup> For purposes of this Policy, "Asset Management" refers, collectively, to the following legal entities:

Goldman Sachs Asset Management, L.P.; Goldman Sachs Asset Management International; Goldman Sachs Hedge Fund Strategies LLC; GS Investment Strategies, LLC; GSAM Stable Value, LLC; Goldman Sachs Asset Management (Singapore) Pte. Ltd; Goldman Sachs Asset Management (Hong Kong) Limited.; Goldman Sachs Asset Management Co. Ltd.; GSAM Services Private Limited; GS Investment Strategies Canada Inc.; Goldman Sachs Management (Ireland) Limited; Goldman Sachs Asset Management Australia Pty Ltd; Goldman Sachs Services Private Limited.; Goldman Sachs Bank Europe SE; and Goldman Sachs Asset Management Fund Services Limited.

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The Fundamental Equity Team views the analysis of corporate governance practices as an integral part of the investment research and stock valuation process. In forming their views on particular matters, these Portfolio Management Teams may consider applicable regional rules and practices, including codes of conduct and other guides, regarding proxy voting, in addition to the Guidelines and Recommendations (as defined below).

<u>Quantitative Investment Strategies Portfolio Management Teams</u>

The Quantitative Investment Strategies Portfolio Management Teams have decided to generally follow the Guidelines and Recommendations based on such Portfolio Management Teams' investment philosophy and approach to portfolio construction, as well as their participation in the creation of the Guidelines. The Quantitative Investment Strategies Portfolio Management Teams may from time to time, however, review and individually assess any specific shareholder vote.

#### Fixed Income and Private Investments
Voting decisions with respect to client investments in fixed income securities and the securities of privately held issuers generally will be made by the relevant Portfolio Management Teams based on their assessment of the particular transactions or other matters at issue. Those Portfolio Management Teams may also adopt policies related to the fixed income or private investments they make that supplement this Policy.

#### GS Investment Strategies Portfolio Management
Voting decisions with respect to client investments in the securities of privately held issuers generally will be made by the relevant Portfolio Management Teams based on their assessment of the particular transactions or other matters at issue. To the extent the portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will generally follow the Guidelines and Recommendations as discussed below unless an override is requested.&nbsp;&nbsp;&nbsp;&nbsp;

#### Alternative Investment and Manager Selection ("AIMS") and

#### Externally Managed Strategies
Where we place client assets with managers outside of Asset Management, for example within our AIMS business unit, such external managers generally will be responsible for voting proxies in accordance with the managers' own policies. AIMS may, however, retain proxy voting responsibilities where it deems appropriate or necessary under prevailing circumstances. To the extent AIMS portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will follow the Guidelines and Recommendations as discussed below unless an override is requested. Any other voting decision will be conducted in accordance with AIMS' policies governing voting decisions with respect to public and non-publicly traded equity securities held by their clients.&nbsp;&nbsp;&nbsp;&nbsp;

#### C: Implementation
We have retained a third-party proxy voting service (the "Proxy Service") to assist in the implementation of certain proxy voting-related functions, including, without limitation, operational, recordkeeping and reporting services. Among its responsibilities, the Proxy Service prepares a written analysis and recommendation (a "Recommendation") of each proxy vote that reflects the Proxy Service's application of the Guidelines to the particular proxy issues. In addition, in order to facilitate the casting of votes in an efficient manner, the Proxy Service generally prepopulates and automatically submits votes for all proxy matters in accordance with such Recommendations, subject to our ability to recall such automatically submitted votes. If the Proxy Service or Asset Management becomes aware that an issuer has filed, or will file, additional proxy solicitation materials sufficiently in advance of the voting deadline, we will generally endeavor to consider such information where such information is viewed as material in our discretion when casting its vote, which may, but need not, result in a change to the Recommendation, which may take the form of an override (as described below) or a revised Recommendation issued by the Proxy Service. We retain the responsibility for proxy voting decisions. We conduct an annual due diligence meeting with the Proxy Service to review the processes and procedures the Proxy Service follows when making proxy voting recommendations based on the Guidelines and to discuss any material changes in the services, operations, staffing or processes.

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Our Portfolio Management Teams generally cast proxy votes consistently with the Guidelines and the Recommendations. Each Portfolio Management Team, however, may on certain proxy votes seek approval to diverge from the Guidelines or a Recommendation by following a process that seeks to ensure that override decisions are not influenced by any conflict of interest. As a result of the override process, different Portfolio Management Teams may vote differently for particular votes for the same company. In addition, the Global Stewardship Team may on certain proxy votes also seek approval to diverge from the Guidelines or a Recommendation and follow the override process described above that seeks to ensure these decisions are not influenced by any conflict of interest. In these instances, all shares voted are voted in the same manner.

Our clients who have delegated voting responsibility to us with respect to their account may from time to time contact their client representative if they would like to direct us to vote in a particular manner for a particular solicitation. We will use commercially reasonable efforts to vote according to the client's request in these circumstances, however, our ability to implement such voting instruction will be dependent on operational matters such as the timing of the request.

From time to time, our ability to vote proxies may be affected by regulatory requirements and compliance, legal or logistical considerations. As a result, from time to time, we may determine that it is not practicable or desirable to vote proxies. In certain circumstances, such as if a security is on loan through a securities lending program, the Portfolio Management Teams may not be able to participate in certain proxy votes unless the shares of the particular issuer are recalled in time to cast the vote. A determination of whether to seek a recall will be based on whether the applicable Portfolio Management Team determines that the benefit of voting outweighs the costs, lost revenue, and/or other detriments of retrieving the securities, recognizing that the handling of such recall requests is beyond our control and may not be satisfied in time for us to vote the shares in question.

We disclose our voting publicly each year in a filing with the US Securities and Exchange Commission and on our website for all Goldman Sachs Asset Management US registered mutual funds. We also generally disclose our voting publicly on a quarterly basis on our website for company proxies voted according to the Guidelines and Recommendations.

D. Conflicts of Interest

Goldman Sachs Asset Management has implemented processes designed to prevent conflicts of interest from influencing its proxy voting decisions. These processes include information barriers as well as the use of the Guidelines and Recommendations and the override process described above in instances when a Portfolio Management Team is interested in voting in a manner that diverges from the initial Recommendation based on the Guidelines. To mitigate perceived or potential conflicts of interest when a proxy is for shares of The Goldman Sachs Group Inc. or a Goldman Sachs Asset Management managed fund, we will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements.

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PART II

GOLDMAN SACHS ASSET MANAGEMENT'S PROXY VOTING GUIDELINES SUMMARY

The following is a summary of the material Proxy Voting Guidelines (the "Guidelines"), which form the substantive basis of our Policy and Procedures on Proxy Voting for Investment Advisory Clients (the "Policy"). As described in the main body of the Policy, one or more Portfolio Management Teams and/or the Global Stewardship Team may diverge from the Guidelines and a related Recommendation on any particular proxy vote or in connection with any individual investment decision in accordance with the Policy.

#### Region: Americas
*The following section is a summary of the Guidelines, which form the substantive basis of the Policy with respect to North, Central and South American public equity investments of operating and/or holding companies Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.* 

**1.** **Business Items** 

#### Auditor Ratification
Vote FOR proposals to ratify auditors, unless any of the following apply within the last year:

● An auditor has a financial interest in or association with the company, and is therefore not independent;

● There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Poor accounting practices are identified that rise to a serious level of concern, such as: fraud; misapplication of GAAP; or material weaknesses identified in Section 404 disclosures; or

● Fees for non-audit services are excessive (generally over 50% or more of the audit fees).

Vote CASE-BY-CASE on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services or asking for audit firm rotation.

**Reincorporation Proposals** 

We may support management proposals to reincorporate as long as the reincorporation would not substantially diminish shareholder rights. We may not support shareholder proposals for reincorporation unless the current state of incorporation is substantially less shareholder friendly than the proposed reincorporation, there is a strong economic case to reincorporate or the company has a history of making decisions that are not shareholder friendly.

#### Exclusive Venue for Shareholder Lawsuits
Generally vote FOR on exclusive venue proposals, taking into account:

● Whether the company has been materially harmed by shareholder litigation outside its jurisdiction of incorporation, based on disclosure in the company's proxy statement;

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● Whether the company has the following good governance features:

◾ Majority independent board;

◾ Independent key committees;

◾ An annually elected board;

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| | |
|:---|:---|
| ◾ | A majority vote standard in uncontested director elections;  |

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◾ The absence of a poison pill, unless the pill was approved by shareholders; and/or

◾ Separate Chairman CEO role or, if combined, an independent chairman with clearly delineated duties.

#### Virtual Meetings
Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

#### Public Benefit Corporation Proposals
Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

#### Transact Other Business
Vote AGAINST other business when it appears as a voting item.

#### Administrative Requests
Generally vote FOR non-contentious administrative management requests.

**2.** **Board of Directors** 

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; and should be held accountable for actions and results related to their responsibilities. Vote on director nominees should be determined on a CASE-BY-CASE basis.&nbsp;&nbsp;&nbsp;&nbsp;

#### Voting on Director Nominees in Uncontested Elections

#### Board Composition
We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST or WITHHOLD from members of the Nominating Committee:

● At companies incorporated in the US if the board does not have at least 10% women directors and at least one other diverse board director;

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● At companies within the S&P 500, if, in addition to our gender expectations, the board does not have at least one diverse director from an underrepresented ethnic group;

● At companies not incorporated in the US, if the board does not have at least 10% women directors or does not meet the requirements of local listing rules or corporate governance codes or national targets

Vote AGAINST or WITHHOLD from the full board at companies incorporated in the US that do not have at least one woman director.

Vote AGAINST or WITHHOLD from individual directors who:

● Sit on more than five public company boards;

● Are CEOs of public companies who sit on the boards of more than two public companies besides their own--withhold only at their outside boards.

Vote AGAINST or WITHHOLD from members of the Nominating Committee if the average board tenure exceeds 15 years, and there has not been a new nominee in the past 5 years.

#### Director Independence
At companies incorporated in the US, where applicable, the New York Stock Exchange or NASDAQ Listing Standards definition is to be used to classify directors as inside directors, affiliated outside directors, or independent outside directors.

Additionally, we will consider compensation committee interlocking directors to be affiliated (defined as CEOs who sit on each other's compensation committees).

Vote AGAINST or WITHHOLD from inside directors and affiliated outside directors (as described above) when:

● The inside director or affiliated outside director serves on the Audit, Compensation or Nominating Committees; and

● The company lacks an Audit, Compensation or Nominating Committee so that the full board functions as such committees and inside directors or affiliated outside directors are participating in voting on matters that independent committees should be voting on.

#### Director Accountability
Vote AGAINST or WITHHOLD from individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST or WITHHOLD from members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

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● Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal in both years, we will still vote against the committee member(s).

● The company's poison pill has a dead-hand or modified dead-hand feature for two or more years. Vote against/withhold every year until this feature is removed; however, vote against the poison pill if there is one on the ballot with this feature rather than the director;

● The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

● The company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (Scope 1, Scope 2, Scope 3 emissions), material to the company's business

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

#### Committee Responsibilities and Expectations
Companies should establish committees to oversee areas such as audit, executive and non-executive compensation, director nominations and ESG oversight. The responsibilities of the committees should be publicly disclosed.

**Audit Committee** 

Vote AGAINST or WITHHOLD from the members of the Audit Committee if:

● The non-audit fees paid to the auditor are excessive (generally over 50% or more of the audit fees);

● The company receives an adverse opinion on the company's financial statements from its auditor and there is not clear evidence that the situation has been remedied;

● There is excessive pledging or hedging of stock by executives;

● There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm; or

● No members of the Audit Committee hold sufficient financial expertise.

Vote CASE-BY-CASE on members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern are identified, such as fraud, misapplication of GAAP and material weaknesses identified in Section 404 disclosures.

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Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Compensation Committee** 

See section 3 on Executive and Non-Executive compensation for reasons to withhold from members of the Compensation Committee.

**Nominating/Governance Committee** 

Vote AGAINST or WITHHOLD from the members of the Nominating/Governance Committee if:

● The company has opted into, or failed to opt out of, state laws requiring a classified board structure;

● At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

● The board does not meet our diversity expectations;

● The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders.

#### Voting on Director Nominees in Contested Elections
Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed; and

● Whether minority or majority representation is being sought.

**Proxy Access** 

Vote CASE-BY-CASE on shareholder or management proposals asking for proxy access.

We may support proxy access as an important right for shareholders and as an alternative to costly proxy contests and as a method for us to vote for directors on an individual basis, as appropriate, rather than voting on one slate or the other. While this could be an important shareholder right, the following factors will be taken into account when evaluating the shareholder proposals:

● The ownership thresholds, percentage and duration proposed (we generally will not support if the ownership threshold is less than 3%);

● The maximum proportion of directors that shareholders may nominate each year (we generally will not support if the proportion of directors is greater than 25%); and

● Other restricting factors that when taken in combination could serve to materially limit the proxy access provision.

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We will take the above factors into account when evaluating proposals proactively adopted by the company or in response to a shareholder proposal to adopt or amend the right. A vote against governance committee members could result if provisions exist that materially limit the right to proxy access.

**Reimbursing Proxy Solicitation Expenses** 

Vote CASE-BY-CASE on proposals to reimburse proxy solicitation expenses. When voting in conjunction with support of a dissident slate, vote FOR the reimbursement of all appropriate proxy solicitation expenses associated with the election.

#### Other Board Related Proposals (Management and Shareholder)
**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board, or majority in countries where employee representation is common practice;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

#### Shareholder Proposals Regarding Board Declassification
We will generally vote FOR proposals requesting that the board adopt a declassified board structure.

#### Majority Vote Shareholder Proposals
We will vote FOR proposals requesting that the board adopt majority voting in the election of directors provided it does not conflict with the state law where the company is incorporated. We also look for companies to adopt a post-election policy outlining how the company will address the situation of a holdover director.

#### Cumulative Vote Shareholder Proposals
We will generally vote FOR shareholder proposals to restore or provide cumulative unless:

● The company has adopted (i) majority vote standard with a carve-out for plurality voting in situations where there are more nominees than seats and (ii) a director resignation policy to address failed elections.

**3.** **Executive and Non- Executive Compensation** 

#### Pay Practices
Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of compensation criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Compensation practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

● AGAINST Management Say on Pay (MSOP) Proposals; or

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● AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

● If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST/WITHHOLD from compensation committee members.

#### Equity Compensation Plans
Vote CASE-BY-CASE on equity-based compensation plans. Evaluation takes into account potential plan cost, plan features and grant practices. While a negative combination of these factors could cause a vote AGAINST, other reasons to vote AGAINST the equity plan could include the following factors:

● The plan permits the repricing of stock options/stock appreciation rights (SARs) without prior shareholder approval; or

● There is more than one problematic material feature of the plan, which could include one of the following: unfavorable change-in-control features, presence of gross ups and options reload.

#### Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals
Vote FOR annual frequency and AGAINST all proposals asking for any frequency less than annual.

Vote CASE-BY-CASE on management proposals for an advisory vote on executive compensation considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

<u>Factors Considered Include:</u>

● Pay for Performance Disconnect;

We will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR ("Total Shareholder Return") and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time. <br>

● Long-term equity-based compensation is 100% time-based;

● Board's responsiveness if company received 70% or less shareholder support in the previous year's MSOP vote;

● Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

● Egregious employment contracts;

● Excessive perquisites or excessive severance and/or change in control provisions;

● Repricing or replacing of underwater stock options without prior shareholder approval;

● Egregious pension/SERP (supplemental executive retirement plan) payouts;

● Extraordinary relocation benefits;

● Internal pay disparity; and

● Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives.

#### Other Compensation Proposals and Policies

#### Employee Stock Purchase Plans -- Non-Qualified Plans
Vote CASE-BY-CASE on nonqualified employee stock purchase plans taking into account the following factors:

● Broad-based participation;

● Limits on employee contributions;

● Company matching contributions; and

● Presence of a discount on the stock price on the date of purchase.

#### Option Exchange Programs/Repricing Options

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Vote CASE-BY-CASE on management proposals seeking approval to exchange/reprice options, taking into consideration:

● Historic trading patterns--the stock price should not be so volatile that the options are likely to be back "in-the-money" over the near term;

● Rationale for the re-pricing;

● If it is a value-for-value exchange;

● If surrendered stock options are added back to the plan reserve;

● Option vesting;

● Term of the option--the term should remain the same as that of the replaced option;

● Exercise price--should be set at fair market or a premium to market;

● Participants--executive officers and directors should be excluded.

Vote FOR shareholder proposals to put option repricings to a shareholder vote.

#### Stock Retention Holding Period
Vote FOR shareholder proposals asking for a policy requiring that senior executives retain a significant percentage of shares acquired through equity compensation programs if the policy requests retention for two years or less following the termination of their employment (through retirement or otherwise) **and** a holding threshold percentage of 50% or less.

Also consider whether the company has any holding period, retention ratio, or officer ownership requirements in place and the terms/provisions of awards already granted.

#### Elimination of Accelerated Vesting in the Event of a Change in Control
Vote AGAINST shareholder proposals seeking a policy eliminating the accelerated vesting of time-based equity awards in the event of a change-in-control.

#### Performance-based Equity Awards and Pay-for-Superior-Performance Proposals
Generally vote FOR unless there is sufficient evidence that the current compensation structure is already substantially performance-based. We consider performance-based awards to include awards that are tied to shareholder return or other metrics that are relevant to the business.

#### Say on Supplemental Executive Retirement Plans (SERP)
Generally vote AGAINST proposals asking for shareholder votes on SERP.

#### Compensation Committee
Vote AGAINST or WITHHOLD from the members of the Compensation Committee if:

● We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP;

● The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast

**4.** **Shareholders Rights and Defenses** 

#### Shareholder Ability to Act by Written Consent

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Generally vote FOR shareholder proposals that provide shareholders with the ability to act by written consent, unless:

● The company already gives shareholders the right to call special meetings at a threshold of 25% or lower; and

● The company has a history of strong governance practices.

#### Special Meetings Arrangements
Generally vote FOR management proposals that provide shareholders with the ability to call special meetings.

Generally vote FOR shareholder proposals that provide shareholders with the ability to call special meetings at a threshold of 25% or lower if the company currently does not give shareholders the right to call special meetings. However, if a company already gives shareholders the right to call special meetings at a threshold of at least 25%, vote AGAINST shareholder proposals to further reduce the threshold**.** 

Generally vote AGAINST management proposals seeking shareholder approval for the company to hold special meetings with 14 days notice unless the company offers shareholders the ability to vote by electronic means and a proposal to reduce the period of notice to not less than 14 days has received majority support.

#### Advance Notice Requirements for Shareholder Proposals/Nominations
Vote CASE-BY-CASE on advance notice proposals, giving support to proposals that allow shareholders to submit proposals/nominations reasonably close to the meeting date and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory and shareholder review.

#### Shareholder Voting Requirements
Vote AGAINST proposals to require a supermajority shareholder vote. Generally vote FOR management and shareholder proposals to reduce supermajority vote requirements.

#### Poison Pills
Vote FOR shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it, unless the company has:

● a shareholder-approved poison pill in place; or

● adopted a policy concerning the adoption of a pill in the future specifying certain shareholder friendly provisions.

Vote FOR shareholder proposals calling for poison pills to be put to a vote within a time period of less than one year after adoption.

Vote CASE-BY-CASE on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan.

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

**5.** **Strategic Transactions and Capital Structures** 

#### Reorganizations/Restructurings
Vote reorganizations and restructurings on a CASE-BY-CASE basis.

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#### Mergers and Acquisitions
Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

#### Dual Class Structures
Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

#### Share Issuance Requests
*General Issuances:* 

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:* 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

#### Increases in Authorized Capital
Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

● The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Vote AGAINST proposals to adopt unlimited capital authorizations.

#### Reduction of Capital
Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

#### Preferred Stock

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Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

#### Debt Issuance Requests
Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

#### Increase in Borrowing Powers
Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

#### Share Repurchase Plans
We will generally recommend FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks;

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

#### Reissuance of Repurchased Shares
Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

#### Capitalization of Reserves for Bonus Issues/Increase in Par Value
Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

#### Reorganizations/Restructurings
Vote reorganizations and restructurings on a CASE-BY-CASE basis.

#### Reincorporation Proposals
Vote reincorporation proposals on a CASE-BY-CASE basis.

#### Related-Party Transactions

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Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

● The parties on either side of the transaction;

● The nature of the asset to be transferred/service to be provided;

● The pricing of the transaction (and any associated professional valuation);

● The views of independent directors (where provided);

● The views of an independent financial adviser (where appointed);

● Whether any entities party to the transaction (including advisers) is conflicted; and The stated rationale for the transaction, including discussions of timing

#### Common and Preferred Stock Authorization
Generally vote FOR proposals to increase the number of shares of common stock authorized for issuance.

Generally vote FOR proposals to increase the number of shares of preferred stock, as long as there is a commitment to not use the shares for anti-takeover purposes.

**6.** **Environmental and Social Issues** 

#### Overall Approach
Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether adoption of the proposal is likely to enhance or protect shareholder value;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

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#### Environmental Issues

#### Climate Transition Plans
Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

● If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

● If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

● If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the proposal asks for detailed disclosure according to the TCFD's recommendations;

● If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

● If the proposal asks for long-term targets, as well as short and medium term milestones;

● If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

● If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

● If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

● Whether the proposal is binding or non-binding.

#### Environmental Sustainability Reporting
Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

● If the company's current level of disclosure is comparable to that of its industry peers; and

● If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

#### Other Environmental Proposals
Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

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● Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

● Calling for the reduction of Greenhouse Gas (GHG) emissions;

● Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

● Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

● Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

● Requesting a company report on its energy efficiency policies; and

● Requesting reports on the feasibility of developing renewable energy resources.

#### Social Issues

#### Board and Workforce Demographics
A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

● The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

● The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

#### Gender Pay Gap
Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

● The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

● Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

● Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

#### Labor, Human and Animal Rights Standards
Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

● The degree to which existing relevant policies and practices are disclosed;

● Whether or not existing relevant policies are consistent with internationally recognized standards;

● Whether company facilities and those of its suppliers are monitored and how;

● Company participation in fair labor organizations or other internationally recognized human rights initiatives;

● Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

● Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

● The scope of the request; and

● Deviation from industry sector peer company standards and practices.

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Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

#### Racial Equity Audit
• Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

• The degree to which existing relevant policies and practices are disclosed;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

• Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

#### Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives
We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

● There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

● The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

● There is no significant potential threat or actual harm to shareholders' interests;

● There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

● There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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#### Region: Europe, Middle East and Africa (EMEA) Proxy Items
*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to EMEA public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.* 

**1.** **Business Items** 

#### Financial Results/Director and Auditor Reports
Vote FOR approval of financial statements and director and auditor reports, unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

● The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

#### Appointment of Auditors and Auditor Fees
Vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

● There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Name of the proposed auditor has not been published;

● The auditors are being changed without explanation;

● Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

● The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

#### Appointment of Internal Statutory Auditors
Vote FOR the appointment or re-election of statutory auditors, unless:

● There are serious concerns about the statutory reports presented or the audit procedures used;

● Questions exist concerning any of the statutory auditors being appointed; or

● The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

#### Reincorporation Proposals
Vote reincorporation proposals on a CASE-BY-CASE basis

#### Allocation of Income
Vote FOR approval of the allocation of income, unless:

● The dividend payout ratio has been consistently low without adequate explanation; or

● The payout is excessive given the company's financial position.

#### Stock (Scrip) Dividend Alternative

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Vote FOR most stock (scrip) dividend proposals.

Vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

#### Amendments to Articles of Association
Vote amendments to the articles of association on a CASE-BY-CASE basis.

#### Change in Company Fiscal Term
Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

#### Lower Disclosure Threshold for Stock Ownership
Vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

#### Amend Quorum Requirements
Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

#### Virtual Meetings
Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

#### Public Benefit Corporation Proposals
Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

#### Transact Other Business
Vote AGAINST other business when it appears as a voting item.

#### Administrative Requests
Generally vote FOR non-contentious administrative management requests.

**2.** **Board of Directors** 

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and / or meet local best practice expectations; and should be held accountable for actions and results related to their responsibilities.&nbsp;&nbsp;&nbsp;&nbsp;

#### Voting on Director Nominees in Uncontested Elections

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Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

● Adequate disclosure has not been provided in a timely manner; or

● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● There are reservations about:

o Director terms

o Bundling of proposals to elect directors

o Board independence

o Disclosure of named nominees

o Combined Chairman/CEO

o Election of former CEO as Chairman of the board

o Overboarded directors

o Composition of committees

o Director independence

o Number of directors on the board

o Lack of gender diversity on the board

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

#### Board Composition
We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST members of the Nominating Committee:

● At companies if the board does not have at least 10% women directors, or does not meet the requirements of local listing rules or corporate governance codes or national targets;

● At companies in the FTSE100 if the board does not have at least one director from an underrepresented minority ethnic background, in line with the Parker review guidelines.

#### Employee and /or Labor Representatives
Vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

#### Director Independence

#### Classification of Directors

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#### Executive Director
● Employee or executive of the company;

● Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

#### Non-Independent Non-Executive Director (NED)
● Any director who is attested by the board to be a non-independent NED;

● Any director specifically designated as a representative of a significant shareholder of the company;

● Any director who is also an employee or executive of a significant shareholder of the company;

● Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

● Government representative;

● Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

● Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

● Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

● Relative of a current employee of the company or its affiliates;

● Relative of a former executive of the company or its affiliates;

● A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

● Founder/co-founder/member of founding family but not currently an employee;

● Former executive (a cooling off period may be applied);

● Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

● Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

#### Independent NED
● No material connection, either directly or indirectly, to the company other than a board seat.

#### Employee Representative
● Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

#### Director Accountability
Vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of

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laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

● Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal in both years, we will still vote against the committee member(s).

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

● The company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (Scope 1, Scope 2, Scope 3 emissions), material to the company's business;

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

#### Discharge of Directors
Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

● A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest; or

● Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or

● Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

● Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

#### Committee Responsibilities and Expectations
Companies should establish committees to oversee areas such as audit, executive and non-executive compensation, director nominations and ESG oversight. The responsibilities of the committees should be publicly disclosed.

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**Audit Committee** 

Vote AGAINST members of the Audit Committee if:

● Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines.

● The company receives an adverse opinion on the company's financial statements from its auditor and there is not clear evidence that the situation has been remedied;

● There is excessive pledging or hedging of stock by executives;

● There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm; or

● No members of the Audit Committee hold sufficient financial expertise.

Vote CASE-BY-CASE on members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern are identified, such as fraud, misapplication of accounting principles and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Remuneration Committee** 

See section 3 on Remuneration for reasons to vote against members of the Remuneration Committee.

**Nominating/Governance Committee** 

Vote AGAINST members of the Nominating/Governance Committee if:

● At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

● The board does not meet our diversity expectations;

● The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders

#### Voting on Director Nomineess in Contested Elections
Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed; and

● Whether minority or majority representation is being sought.

#### Other Board Related Proposals (Management and Shareholder)

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Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board, or majority in countries where employee representation is common practice;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

**3.** **Remuneration** 

#### Pay Practices
Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

● AGAINST Management Say on Pay (MSOP) Proposals, Remuneration Reports; or

● AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

● If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST from Remuneration Committee members.

#### Remuneration Plans
Vote CASE-BY-CASE on management proposals for a vote on executive remuneration, considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

<u>Factors considered may include:</u>

● Pay for Performance Disconnect;

We will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR ("Total Shareholder Return") and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time. <br>

● Long-term equity-based compensation is 100% time-based;

● Board's responsiveness if company received low shareholder support in the previous year's MSOP or remuneration vote;

● Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

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● Egregious employment contracts;

● Excessive perquisites or excessive severance and/or change in control provisions;

● Repricing or replacing of underwater stock options without prior shareholder approval;

● Egregious pension/SERP (supplemental executive retirement plan) payouts;

● Extraordinary relocation benefits;

● Internal pay disparity; and

● Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives.

#### Non-Executive Director Compensation
Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement benefits for non-executive directors.

#### Director, Officer, and Auditor Indemnification and Liability Provisions
Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

#### Other Remuneration Related Proposals
Vote on other remuneration related proposals on a CASE-BY-CASE basis.

#### Remuneration Committee
When voting for members of the Remuneration Committee, factors considered may include:

● We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP; and

● The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast

● Remuneration structure is widely inconsistent with local market best practices or regulations

**4.** **Shareholder Rights and Defences** 

#### Antitakeover Mechanisms
Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give shareholders the ultimate decision on any proposal or offer.

For the Netherlands, vote recommendations regarding management proposals to approve protective preference shares will be determined on a CASE-BY-CASE basis.

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For French companies listed on a regulated market, generally VOTE AGAINST any general authorities impacting the share capital (i.e. authorities for share repurchase plans and any general share issuances with or without preemptive rights) if they can be used for antitakeover purposes without shareholders' prior explicit approval.

**5.** **Strategic Transactions, Capital Structures and other Business Considerations** 

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

#### Mergers and Acquisitions
Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

#### Dual Class Structures
Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

#### Share Issuance Requests
*General Issuances:* 

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:* 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

#### Increases in Authorized Capital
Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

● The increase would leave the company with less than 30% of its new authorization outstanding

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after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Vote AGAINST proposals to adopt unlimited capital authorizations.

#### Reduction of Capital
Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

#### Preferred Stock
Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

#### Debt Issuance Requests
Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

#### Increase in Borrowing Powers
Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

#### Share Repurchase Plans
We will generally recommend FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks;

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

#### Reissuance of Repurchased Shares
Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

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#### Capitalization of Reserves for Bonus Issues/Increase in Par Value
Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

#### Reorganizations/Restructurings
Vote reorganizations and restructurings on a CASE-BY-CASE basis.

#### Reincorporation Proposals
Vote reincorporation proposals on a CASE-BY-CASE basis.

#### Related-Party Transactions
Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

● The parties on either side of the transaction;

● The nature of the asset to be transferred/service to be provided;

● The pricing of the transaction (and any associated professional valuation);

● The views of independent directors (where provided);

● The views of an independent financial adviser (where appointed);

● Whether any entities party to the transaction (including advisers) is conflicted; and

● The stated rationale for the transaction, including discussions of timing

**6.** **Environmental and Social Issues** 

#### Overall Approach
Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether adoption of the proposal is likely to enhance or protect shareholder value;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

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● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

#### Environmental Issues

#### Climate Transition Plans
Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

● If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

● If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

● If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the proposal asks for detailed disclosure according to the TCFD's recommendations;

● If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

● If the proposal asks for long-term targets, as well as short and medium term milestones;

● If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

● If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

● If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

● Whether the proposal is binding or non-binding.

#### Environmental Sustainability Reporting
Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

● If the company's current level of disclosure is comparable to that of its industry peers; and

● If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

#### Other Environmental Proposals
Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

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● Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

● Calling for the reduction of Greenhouse Gas (GHG) emissions;

● Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

● Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

● Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

● Requesting a company report on its energy efficiency policies; and

● Requesting reports on the feasibility of developing renewable energy resources.

#### Social Issues

#### Board and Workforce Demographics
A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

● The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

● The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

#### Gender Pay Gap
Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

● The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

● Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

● Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

#### Labor, Human and Animal Rights Standards
Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

● The degree to which existing relevant policies and practices are disclosed;

● Whether or not existing relevant policies are consistent with internationally recognized standards;

● Whether company facilities and those of its suppliers are monitored and how;

● Company participation in fair labor organizations or other internationally recognized human rights initiatives;

● Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

● Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

● The scope of the request; and

● Deviation from industry sector peer company standards and practices.

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Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

#### Racial Equity Audit
• Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

• The degree to which existing relevant policies and practices are disclosed;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

• Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

#### Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives
We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

● There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

● The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

● There is no significant potential threat or actual harm to shareholders' interests;

● There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

● There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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#### Region: Asia Pacific (APAC) Proxy Items
*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to APAC public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market. For Japan-specific policies, see Japan Proxy Items from page X.* 

**1.** **Business Items** 

#### Financial Results/Director and Auditor Reports
Vote FOR approval of financial statements and director and auditor reports, unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

● The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

#### Appointment of Auditors and Auditor Fees
Vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

● There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Name of the proposed auditor has not been published;

● The auditors are being changed without explanation;

● Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

● The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

#### Appointment of Internal Statutory Auditors
Vote FOR the appointment or re-election of statutory auditors, unless:

● There are serious concerns about the statutory reports presented or the audit procedures used;

● Questions exist concerning any of the statutory auditors being appointed; or

● The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

#### Reincorporation Proposals
Vote reincorporation proposals on a CASE-BY-CASE basis.

#### Allocation of Income
Vote FOR approval of the allocation of income, unless:

● The dividend payout ratio has been consistently low without adequate explanation; or

● The payout is excessive given the company's financial position.

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#### Stock (Scrip) Dividend Alternative
Vote FOR most stock (scrip) dividend proposals.

Vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

#### Amendments to Articles of Association
Vote amendments to the articles of association on a CASE-BY-CASE basis.

#### Change in Company Fiscal Term
Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

#### Lower Disclosure Threshold for Stock Ownership
Vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

#### Amend Quorum Requirements
Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

#### Virtual Meetings
Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

#### Transact Other Business
Vote AGAINST other business when it appears as a voting item.

#### Administrative Requests
Generally vote FOR non-contentious administrative management requests.

**2.** **Board of Directors** 

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and / or meet local best practice expectations; and should be held accountable for actions and results related to their responsibilities.

#### Voting on Director Nominees in Uncontested Elections
Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

● Adequate disclosure has not been provided in a timely manner; or

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● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● There are reservations about:

o Director terms

o Bundling of proposals to elect directors

o Board independence

o Disclosure of named nominees

o Combined Chairman/CEO

o Election of former CEO as Chairman of the board

o Overboarded directors

o Composition of committees

o Director independence

o Number of directors on the board

o Lack of gender diversity on the board

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

#### Board Composition
We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST members of the Nominating Committee:

● At companies if the board does not have at least 10% women directors, or does not meet the requirements of local listing rules or corporate governance codes or national targets;

#### Employee and /or Labor Representatives
Vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

#### Director Independence

#### Classification of Directors

#### Executive Director
● Employee or executive of the company;

● Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

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#### Non-Independent Non-Executive Director (NED)
● Any director who is attested by the board to be a non-independent NED;

● Any director specifically designated as a representative of a significant shareholder of the company;

● Any director who is also an employee or executive of a significant shareholder of the company;

● Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

● Government representative;

● Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

● Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

● Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

● Relative of a current employee of the company or its affiliates;

● Relative of a former executive of the company or its affiliates;

● A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

● Founder/co-founder/member of founding family but not currently an employee;

● Former executive (a cooling off period may be applied);

● Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

● Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

#### Independent NED
● No material connection, either directly or indirectly, to the company other than a board seat.

#### Employee Representative
● Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

#### Director Accountability
Vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below

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reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

● Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal in both years, we will still vote against the committee member(s).

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

● The company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (Scope 1, Scope 2, Scope 3 emissions), material to the company's business;

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

#### Discharge of Directors
Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

● A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest; or

● Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or

● Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

● Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

#### Committee Responsibilities and Expectations
Companies should establish committees to oversee areas such as audit, executive and non-executive compensation, director nominations and ESG oversight. The responsibilities of the committees should be publicly disclosed.

**Audit Committee** 

Vote AGAINST members of the Audit Committee if:

● Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines.

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● The company receives an adverse opinion on the company's financial statements from its auditor and there is not clear evidence that the situation has been remedied;

● There is excessive pledging or hedging of stock by executives;

● There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm; or

● No members of the Audit Committee hold sufficient financial expertise.

Vote CASE-BY-CASE on members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern are identified, such as fraud, misapplication of accounting principles and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Remuneration Committee** 

See section 3 on Remuneration for reasons to vote against members of the Remuneration Committee.

**Nominating/Governance Committee** 

Vote AGAINST members of the Nominating/Governance Committee if:

● At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

● The board does not meet our diversity expectations;

● The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders

#### Voting on Director Nominees in Contested Elections
Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed; and

● Whether minority or majority representation is being sought.

#### Other Board Related Proposals (Management and Shareholder)
Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

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**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board, or majority in countries where employee representation is common practice;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

**3.** **Remuneration** 

#### Pay Practices
Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

● AGAINST Management Say on Pay (MSOP) Proposals, Remuneration Reports; or

● AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

● If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST from Remuneration Committee members.

#### Remuneration Plans
Vote CASE-BY-CASE on management proposals for a vote on executive remuneration, considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

<u>Factors considered may include:</u>

● Pay for Performance Disconnect;

We will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR ("Total Shareholder Return") and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time. <br>

● Long-term equity-based compensation is 100% time-based;

● Board's responsiveness if company received low shareholder support in the previous year's MSOP or remuneration vote;

● Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

● Egregious employment contracts;

● Excessive perquisites or excessive severance and/or change in control provisions;

● Repricing or replacing of underwater stock options without prior shareholder approval;

● Egregious pension/SERP (supplemental executive retirement plan) payouts;

● Extraordinary relocation benefits;

● Internal pay disparity; and

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● Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives.

#### Non-Executive Director Compensation
Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement benefits for non-executive directors.

#### Director, Officer, and Auditor Indemnification and Liability Provisions
Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

#### Other Remuneration Related Proposals
Vote on other remuneration related proposals on a CASE-BY-CASE basis.

#### Remuneration Committee
When voting for members of the Remuneration Committee, factors considered may include:

● We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP; and

● The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast

● Remuneration structure is widely inconsistent with local market best practices or regulations

**4.** **Shareholder Rights and Defences** 

#### Antitakeover Mechanisms
Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give shareholders the ultimate decision on any proposal or offer.

**5.** **Strategic Transactions, Capital Structures and other Business Considerations** 

#### Reorganizations/Restructurings
Vote reorganizations and restructurings on a CASE-BY-CASE basis.

#### Mergers and Acquisitions
Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

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● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

#### Dual Class Structures
Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

#### Share Issuance Requests
*General Issuances:* 

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law. At companies in India, vote FOR issuance requests without preemptive rights to a maximum of 25% of currently issued capital.

*Specific Issuances:* 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

#### Increases in Authorized Capital
Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

● The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances, or any stricter limit set in local best practice recommendations or law

Vote AGAINST proposals to adopt unlimited capital authorizations.

#### Reduction of Capital
Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

#### Preferred Stock
Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

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Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

#### Debt Issuance Requests
Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

#### Increase in Borrowing Powers
Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

#### Share Repurchase Plans
We will generally recommend FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks;

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

#### Reissuance of Repurchased Shares
Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

#### Capitalization of Reserves for Bonus Issues/Increase in Par Value
Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

#### Reorganizations/Restructurings
Vote reorganizations and restructurings on a CASE-BY-CASE basis.

#### Reincorporation Proposals
Vote reincorporation proposals on a CASE-BY-CASE basis.

#### Related-Party Transactions

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Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

● The parties on either side of the transaction;

● The nature of the asset to be transferred/service to be provided;

● The pricing of the transaction (and any associated professional valuation);

● The views of independent directors (where provided);

● The views of an independent financial adviser (where appointed);

● Whether any entities party to the transaction (including advisers) is conflicted; and The stated rationale for the transaction, including discussions of timing

**6.** **Environmental and Social Issues** 

#### Overall Approach
Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether adoption of the proposal is likely to enhance or protect shareholder value;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

#### Environmental Issues

#### Climate Transition Plans
Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

● If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

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● If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

● If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the proposal asks for detailed disclosure according to the TCFD's recommendations;

● If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

● If the proposal asks for long-term targets, as well as short and medium term milestones;

● If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

● If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

● If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

● Whether the proposal is binding or non-binding.

#### Environmental Sustainability Reporting
Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

● If the company's current level of disclosure is comparable to that of its industry peers; and

● If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

#### Other Environmental Proposals
Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

● Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

● Calling for the reduction of Greenhouse Gas (GHG) emissions;

● Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

● Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

● Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

● Requesting a company report on its energy efficiency policies; and

● Requesting reports on the feasibility of developing renewable energy resources.

#### Social Issues

#### Board and Workforce Demographics

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A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

● The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

● The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

#### Gender Pay Gap
Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

● The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

● Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

● Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

#### Labor, Human and Animal Rights Standards
Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

● The degree to which existing relevant policies and practices are disclosed;

● Whether or not existing relevant policies are consistent with internationally recognized standards;

● Whether company facilities and those of its suppliers are monitored and how;

● Company participation in fair labor organizations or other internationally recognized human rights initiatives;

● Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

● Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

● The scope of the request; and

● Deviation from industry sector peer company standards and practices.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

#### Racial Equity Audit
• Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

• The degree to which existing relevant policies and practices are disclosed;

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• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

• Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

#### Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives
We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

● There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

● The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

● There is no significant potential threat or actual harm to shareholders' interests;

● There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

● There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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#### Region: Japan Proxy Items
*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to Japanese public equity investments of operating and/or holding companies. Applying these guidelines is not inclusive of all considerations in the Japanese market.* 

**1.** **Operational Items** 

#### Financial Results/Director and Auditor Reports
Vote FOR approval of financial statements and director and auditor reports, unless:

● There are concerns about the accounts presented or audit procedures used; or

● The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

#### Appointment of Auditors and Auditor Fees
Vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees, unless:

● There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

● There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

● Name of the proposed auditor has not been published;

● The auditors are being changed without explanation;

● Non-audit-related fees are substantial or are in excess of standard annual audit-related fees; or

● The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

#### Reincorporation Proposals
Vote reincorporation proposals on a CASE-BY-CASE basis.

#### Allocation of Income
Vote FOR approval of the allocation of income, unless:

● The dividend payout ratio is less than 20%, and is not appropriate or sufficient when considering the company's financial position; or

● The company proposes the payments even though the company posted a net loss for the year under review, and the payout is excessive given the company's financial position;

#### Amendments to Articles of Association
Vote amendments to the articles of association on a CASE-BY-CASE basis.

#### Change in Company Fiscal Term
Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

#### Amend Quorum Requirements
Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

#### Virtual Meetings

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Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**2.** **Board of Directors and Statutory Auditors** 

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should have independent oversight of management; and should be held accountable for actions and results related to their responsibilities.

#### Voting on Director Nominees in Uncontested Elections
Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:.&nbsp;&nbsp;&nbsp;&nbsp;

● The company's committee structure: statutory auditor board structure, U.S.-type three committee structure, or audit committee structure; or

● Adequate disclosure has not been provided in a timely manner; or

● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● There are reservations about:

o Director terms

o Bundling of proposals to elect directors

o Board independence

o Disclosure of named nominees

o Combined Chairman/CEO

o Election of former CEO as Chairman of the board

o Overboarded directors

o Composition of committees

o Director independence

o Number of directors on the board

o Lack of gender diversity on the board

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● There are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Vote AGAINST top executives when the company has an excessive amount of strategic shareholdings.

Vote AGAINST top executives when the company has posted average return on equity (ROE) of less than five percent over the last five fiscal years.

Vote AGAINST top executives when the company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (such as Scope 1, Scope 2, Scope 3 emissions), material to the company's business. For companies with 3-committee structure boards, vote AGAINST the Audit Committee Chair.

#### Board Composition

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We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST members of the Nominating Committee if the Board does not have at least 10% women directors. For Japanese boards with statutory auditors or audit committee structure, vote AGAINST top executives.

#### Director Independence

#### Classification of Directors

#### Inside Director
● Employee or executive of the company;

● Any director who is not classified as an outside director of the company.

#### Non-Independent Non-Executive Director (affiliated outsider)
● Any director specifically designated as a representative of a significant shareholder of the company;

● Any director who is/was also an employee or executive of a significant shareholder of the company;

● Beneficial owner (direct or indirect) of at least 10% of the company's stock, or one of the top 10 shareholders, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%)

● Government representative;

● Currently provides or previously provided professional services to the company or to an affiliate of the company;

● Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

● Any director who worked at the company's external audit firm (auditor).

● Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

● Relative of a current employee of the company or its affiliates;

● Any director who works or has worked at a company whose shares are held by the company in question as strategic shareholdings (i.e. "cross-shareholdings")

● Former executive;

● Any director who has served at a company as an outside director for 12 years or more;

● Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

● "Cooling off period" for former employees or executives' representation of significant shareholders and other stakeholders, as well as professional services is considered based on the market best practices and liquidity of executive labor market.

#### Independent Non-Executive Directors (independent outsider)
● No material connection, either directly or indirectly, to the company other than a board seat.

At companies adopting a board with a statutory auditor committee structure or an audit committee structure, vote AGAINST top executives when the board consists of fewer than two outside directors or less than 1/3 of the board consists of outside directors.

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At companies adopting an audit committee structure, vote AGAINST affiliated outside directors who are audit committee members.

At companies adopting a U.S.-type three committee structure, vote AGAINST members of Nominating Committee when the board consists of fewer than two outside directors or less than 1/3 of the board consists of outside directors.

At companies adopting a U.S.-type three committee structure, vote AGAINST affiliated outside directors when less than a majority of the board consists of independent outside directors.

At controlled companies adopting board with a statutory auditor structure or an audit committee structure, vote AGAINST top executives if the board does not consist of majority independent outside directors.

Director Accountability

Vote AGAINST individual outside directors who attend less than 75% of the board and/or committee meetings without a disclosed valid excuse.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

● Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

● Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

● The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

● The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

● If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

#### Voting on Director Nomineess in Contested Elections
Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

● Company performance relative to its peers;

● Strategy of the incumbents versus the dissidents;

------

● Independence of board candidates;

● Experience and skills of board candidates;

● Governance profile of the company;

● Evidence of management entrenchment;

● Responsiveness to shareholders;

● Whether a takeover offer has been rebuffed;

● Whether minority or majority representation is being sought.

Other Board Related Proposals (Management and Shareholder)

Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

#### Independent Board Chair
We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

● Two-thirds independent board;

● A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

● Fully independent key committees; and/or

● Established, publicly disclosed, governance guidelines and director biographies/profiles.

#### Statutory Auditor Elections

#### Statutory Auditor Independence
Vote AGAINST affiliated outside statutory auditors.

For definition of affiliated outsiders, see "Classification of Directors**"** 

#### Statutory Auditor Appointment
Vote FOR management nominees taking into consideration the following:

● Adequate disclosure has not been provided in a timely manner; or

● There are clear concerns over questionable finances or restatements; or

● There have been questionable transactions or conflicts of interest; or

● There are any records of abuses against minority shareholder interests; or

● The board fails to meet minimum corporate governance standards; or

● Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

● Outside statutory auditor's attendance at less than 75% of the board and statutory auditor meetings without a disclosed valid excuse; or

● Unless there are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**3.** **Compensation** 

#### Director Compensation

------

Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement bonuses for outside directors and/or outside statutory auditors, unless the amounts are disclosed and are not excessive relative to other companies in the country or industry.

#### Compensation Plans
Vote compensation plans on a CASE-BY-CASE basis.

#### Director, Officer, and Auditor Indemnification and Liability Provisions
Vote proposals seeking indemnification and liability protection for directors and statutory auditors on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

**4.** **Shareholder Rights and Defenses** 

#### Antitakeover Mechanisms
Generally vote AGAINST all antitakeover proposals, unless certain conditions are met to ensure the proposal is intended to enhance shareholder value, including consideration of the company's governance structure, the anti-takeover defense duration, the trigger mechanism and governance, and the intended purpose of the antitakeover defense.

**5.** **Strategic Transactions and Capital Structures** 

#### Reorganizations/Restructurings
Vote reorganizations and restructurings on a CASE-BY-CASE basis.

#### Mergers and Acquisitions
Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

● Valuation;

● Market reaction;

● Strategic rationale;

● Management's track record of successful integration of historical acquisitions;

● Presence of conflicts of interest; and

● Governance profile of the combined company.

#### Dual Class Structures
Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

------

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:* 

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital.

*Specific Issuances:* 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

#### Increases in Authorized Capital
Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

● The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed.

Vote AGAINST proposals to adopt unlimited capital authorizations.

#### Reduction of Capital
Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

#### Preferred Stock
Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

#### Share Repurchase Plans
We will generally recommend FOR share repurchase programs taking into account whether:

● The share repurchase program can be used as a takeover defense;

● There is clear evidence of historical abuse;

● There is no safeguard in the share repurchase program against selective buybacks;

● Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

------

#### Related-Party Transactions
Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

● The parties on either side of the transaction;

● The nature of the asset to be transferred/service to be provided;

● The pricing of the transaction (and any associated professional valuation);

● The views of independent directors (where provided);

● The views of an independent financial adviser (where appointed);

● Whether any entities party to the transaction (including advisers) is conflicted; and

● The stated rationale for the transaction, including discussions of timing.

**6.** **Environmental and Social Issues** 

#### Overall Approach
Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

● If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

● Whether adoption of the proposal is likely to enhance or protect shareholder value;

● Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

● The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

● Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

● What other companies in the relevant industry have done in response to the issue addressed in the proposal;

● Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

● Whether the subject of the proposal is best left to the discretion of the board;

● Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

● Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

#### Environmental Issues

#### Climate Transition Plans

------

Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

● If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

● If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

● If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the proposal asks for detailed disclosure according to the TCFD's recommendations;

● If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

● If the proposal asks for long-term targets, as well as short and medium term milestones;

● If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

● If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

● If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

● Whether the proposal is binding or non-binding.

#### Environmental Sustainability Reporting
Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

● The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

● If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

● If the company's current level of disclosure is comparable to that of its industry peers; and

● If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

#### Other Environmental Proposals
Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

● Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

● Calling for the reduction of Greenhouse Gas (GHG) emissions;

● Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

● Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

● Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

● Requesting a company report on its energy efficiency policies; and

● Requesting reports on the feasibility of developing renewable energy resources.

------

#### Social Issues

#### Board and Workforce Demographics
A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

● The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

● The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

#### Gender Pay Gap&nbsp;&nbsp;&nbsp;&nbsp;
Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

● The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

● Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

● Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

#### Labor, Human and Animal Rights Standards
Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

● The degree to which existing relevant policies and practices are disclosed;

● Whether or not existing relevant policies are consistent with internationally recognized standards;

● Whether company facilities and those of its suppliers are monitored and how;

● Company participation in fair labor organizations or other internationally recognized human rights initiatives;

● Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

● Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

● The scope of the request; and

● Deviation from industry sector peer company standards and practices.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

#### Racial Equity Audit

------

• Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

• The degree to which existing relevant policies and practices are disclosed;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

#### Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives
We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

● There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

● The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

● There is no significant potential threat or actual harm to shareholders' interests;

● There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

● There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

------

**THRIVENT MUTUAL FUNDS**

**PART C: OTHER INFORMATION**

**Item 28.**

**Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp; [Declaration of Trust, incorporated by reference from Post-Effective Amendment No. 26 to the registration](http://www.sec.gov/Archives/edgar/data/811869/0000811869-98-000017.txt)<br> [statement of Registrant, file no. 033-12911, filed on June 25, 1998.](http://www.sec.gov/Archives/edgar/data/811869/0000811869-98-000017.txt)<br>|
| (a)(2) | &nbsp;&nbsp; [Amendment No. 1 to Declaration of Trust, incorporated by reference from Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/811869/000081186904000070/a4442080.htm)<br> [52 to the registration statement of Registrant, file no. 033-12911, filed on July 14, 2004.](http://www.sec.gov/Archives/edgar/data/811869/000081186904000070/a4442080.htm)<br>|
| (b) | &nbsp;&nbsp; [Amended and Restated By laws, incorporated by reference from Post-Effective Amendment No. 64 to the](http://www.sec.gov/Archives/edgar/data/811869/000119312509039381/dex99b.htm)<br> [registration statement of Registrant, file no. 033-12911, filed on February 27, 2009.](http://www.sec.gov/Archives/edgar/data/811869/000119312509039381/dex99b.htm)<br>|
| (c) | Not Applicable  |
| (d)(1) | &nbsp;&nbsp; [Investment Advisory Agreement with Thrivent Asset Management, LLC, incorporated by reference from](http://www.sec.gov/Archives/edgar/data/811869/000119312506036513/dex99d1.htm)<br> [Post-Effective Amendment No. 59 to the registration statement of Registrant, file no. 033-12911, filed on](http://www.sec.gov/Archives/edgar/data/811869/000119312506036513/dex99d1.htm)<br> [February 22, 2006.](http://www.sec.gov/Archives/edgar/data/811869/000119312506036513/dex99d1.htm)<br>|
| (d)(2) | &nbsp;&nbsp; [Amendment No. 1 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312507255825/dex99d2.htm)<br> [Amendment No. 62 to the registration statement of Registrant, file no. 033-12911, filed on November 29,](http://www.sec.gov/Archives/edgar/data/811869/000119312507255825/dex99d2.htm)<br> [2007.](http://www.sec.gov/Archives/edgar/data/811869/000119312507255825/dex99d2.htm)<br>|
| (d)(3) | &nbsp;&nbsp; [Amendment No. 2 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d3.htm)<br> [Amendment No. 65 to the registration statement of Registrant, file no. 033-12911, filed on December 7,](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d3.htm)<br> [2009.](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d3.htm)<br>|
| (d)(4) | &nbsp;&nbsp; [Amendment No. 3 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d4.htm)<br> [Amendment No. 65 to the registration statement of Registrant, file no. 033-12911, filed on December 7,](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d4.htm)<br> [2009.](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d4.htm)<br>|
| (d)(5) | &nbsp;&nbsp; [Amendment No. 4 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d5.htm)<br> [Amendment No. 65 to the registration statement of Registrant, file no. 033-12911, filed on December 7,](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d5.htm)<br> [2009.](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99d5.htm)<br>|
| (d)(6) | &nbsp;&nbsp; [Amendment No. 5 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312512082243/d181793dex99d6.htm)<br> [Amendment No. 69 to the registration statement of Registrant, file no. 033-12911, filed on February 27,](http://www.sec.gov/Archives/edgar/data/811869/000119312512082243/d181793dex99d6.htm)<br> [2012.](http://www.sec.gov/Archives/edgar/data/811869/000119312512082243/d181793dex99d6.htm)<br>|
| (d)(7) | &nbsp;&nbsp; [Amendment No. 6 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312513083455/d384853dex99d7.htm)<br> [Amendment No. 74 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312513083455/d384853dex99d7.htm)<br> [2013.](http://www.sec.gov/Archives/edgar/data/811869/000119312513083455/d384853dex99d7.htm)<br>|
| (d)(8) | &nbsp;&nbsp; [Amendment No. 7 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99d8.htm)<br> [Amendment No. 76 to the registration statement of Registrant, file no. 033-12911, filed on February 27,](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99d8.htm)<br> [2014.](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99d8.htm)<br>|
| (d)(9) | &nbsp;&nbsp; [Amendment No. 8 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex9969.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-204192, filed on October 8, 2015.](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex9969.htm)<br>|
| (d)(10) | &nbsp;&nbsp; [Amendment No. 9 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex99610.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-204192, filed on October 8, 2015.](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex99610.htm)<br>|
| (d)(11) | &nbsp;&nbsp; [Amendment No. 10 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99d11.htm)<br> [Amendment No. 85 to the registration statement of Registrant, file no. 033-12911, filed on December 1,](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99d11.htm)<br> [2016.](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99d11.htm)<br>|
| (d)(12) | &nbsp;&nbsp; [Amendment No. 11 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99d12.htm)<br> [Amendment No. 85 to the registration statement of Registrant, file no. 033-12911, filed on December 1,](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99d12.htm)<br> [2016.](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99d12.htm)<br>|
| (d)(13) | &nbsp;&nbsp; [Amendment No. 12 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99d13.htm)<br> [Amendment No. 88 to the registration statement of Registrant, file no. 033-12911, filed on December 11,](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99d13.htm)<br> [2017.](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99d13.htm)<br>|
| (d)(14) | &nbsp;&nbsp; [Amendment No. 13 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex99614.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-224009, filed on July 3, 2018.](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex99614.htm)<br>|
| (d)(15) | &nbsp;&nbsp; [Amendment No. 14 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99d15.htm)<br> [Amendment No. 91 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99d15.htm)<br> [2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99d15.htm)<br>|
| (d)(16) | &nbsp;&nbsp; [Amendment No. 15 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312519132139/d738281dex99d16.htm)<br> [Amendment No. 93 to the registration statement of Registrant, file no. 033-12911, filed on May 1, 2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519132139/d738281dex99d16.htm)<br>|

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------

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| | |
|:---|:---|
| (d)(17) | &nbsp;&nbsp; [Amendment No. 16 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex99617.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-231050, filed on August 16, 2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex99617.htm)<br>|
| (d)(18) | &nbsp;&nbsp; [Amendment No. 17 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99d18.htm)<br> [Amendment No. 96 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99d18.htm)<br> [2020.](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99d18.htm)<br>|
| (d)(19) | &nbsp;&nbsp; [Amendment No. 18 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99d19.htm)<br> [Amendment No. 101 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99d19.htm)<br> [2022.](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99d19.htm)<br>|
| (d)(20) | &nbsp;&nbsp; [Amendment No. 19 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99d20.htm)<br> [Amendment No. 102 to the registration statement of Registrant, file no 0033-12911, filed on December 12,](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99d20.htm)<br> [2022.](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99d20.htm)<br>|
| (d)(21) | &nbsp;&nbsp; [Investment Subadvisory Agreement with Goldman Sachs Asset Management, L.P. with respect to Thrivent](http://www.sec.gov/Archives/edgar/data/811869/000119312508035315/dex99d9.htm)<br> [International Allocation Fund (formerly Thrivent Partner Worldwide Allocation Fund), incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312508035315/dex99d9.htm)<br> [reference from Post-Effective Amendment No. 63 to the registration statement of Registrant, file no. 033-](http://www.sec.gov/Archives/edgar/data/811869/000119312508035315/dex99d9.htm)<br> [12911, filed on February 21, 2008.](http://www.sec.gov/Archives/edgar/data/811869/000119312508035315/dex99d9.htm)<br>|
| (d)(22) | &nbsp;&nbsp; [Amendment No. 1 to Investment Subadvisory Agreement with Goldman Sachs Asset Management, L.P.](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99d20.htm)<br> [with respect to Thrivent International Allocation Fund (formerly Thrivent Partner Worldwide Allocation](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99d20.htm)<br> [Fund), incorporated by reference from Post-Effective Amendment No. 76 to the registration statement of](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99d20.htm)<br> [Registrant, file no. 033-12911, filed on February 27, 2014.](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99d20.htm)<br>|
| (d)(23) | &nbsp;&nbsp; [Notice of Termination of Investment Subadvisory Agreement among Thrivent Asset Management, LLC,](http://www.sec.gov/Archives/edgar/data/811869/000119312519298743/d823019dex99d21.htm)<br> [Registrant and Goldman Sachs Asset Management, L.P. solely with respect to emerging markets debt](http://www.sec.gov/Archives/edgar/data/811869/000119312519298743/d823019dex99d21.htm)<br> [assets of Thrivent International Allocation Fund (formerly Thrivent Partner Worldwide Allocation Fund),](http://www.sec.gov/Archives/edgar/data/811869/000119312519298743/d823019dex99d21.htm)<br> [incorporated by reference from Post-Effective Amendment No. 95 to the registration statement of](http://www.sec.gov/Archives/edgar/data/811869/000119312519298743/d823019dex99d21.htm)<br> [Registrant, file no. 033-12911, filed on November 25, 2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519298743/d823019dex99d21.htm)<br>|
| (d)(24) | &nbsp;&nbsp; [Notice of Termination of Investment Subadvisory Agreement among Thrivent Asset Management, LLC,](d430457dex99d24.htm)<br> [Registrant and Goldman Sachs Asset Management, L.P. with respect to Thrivent International Allocation](d430457dex99d24.htm)<br> [Fund, filed herewith](d430457dex99d24.htm).<br>|
| (e)(1) | &nbsp;&nbsp; [Distribution Agreement between Thrivent Distributors, LLC and Thrivent Mutual Funds, incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312515410495/d57604dex99e7.htm)<br> [reference from Post-Effective Amendment No. 81 to the registration statement of Registrant, file no. 033-](http://www.sec.gov/Archives/edgar/data/811869/000119312515410495/d57604dex99e7.htm)<br> [12911, filed on December 22, 2015.](http://www.sec.gov/Archives/edgar/data/811869/000119312515410495/d57604dex99e7.htm)<br>|
| (e)(2) | &nbsp;&nbsp; [Amendment No. 1 to Distribution Agreement, incorporated by reference from Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99e2.htm)<br> [No. 85 to the registration statement of Registrant, file no. 033-12911, filed on December 1, 2016.](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99e2.htm)<br>|
| (e)(3) | &nbsp;&nbsp; [Amendment No. 2 to Distribution Agreement, incorporated by reference from Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99e3.htm)<br> [No. 88 to the registration statement of Registrant, file no. 033-12911, filed on December 11, 2017.](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99e3.htm)<br>|
| (e)(4) | &nbsp;&nbsp; [Amendment No. 3 to Distribution Agreement, incorporated by reference from Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex9974.htm)<br> [No. 1 of Registrant on Form N-14, file no. 333-224009, filed on July 3, 2018.](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex9974.htm)<br>|
| (e)(5) | &nbsp;&nbsp; [Amendment No. 4 to Distribution Agreement, incorporated by reference from Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex9975.htm)<br> [No. 1 of Registrant on Form N-14, file no. 333-231050, filed on August 16, 2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex9975.htm)<br>|
| (e)(6) | &nbsp;&nbsp; [Amendment No. 5 to Distribution Agreement, incorporated by reference from Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99e6.htm)<br> [No. 96 to the registration statement of Registrant, file no. 033-12911, filed on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99e6.htm)<br>|
| (f) | Not Applicable  |
| (g)(1) | &nbsp;&nbsp; [Master Custodian Agreement with State Street Bank and Trust Company ("State Street"), incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312518061246/d520666dex99g.htm)<br> [reference from Post-Effective Amendment No. 89 to the registration statement of Registrant, file no. 033-](http://www.sec.gov/Archives/edgar/data/811869/000119312518061246/d520666dex99g.htm)<br> [12911, filed on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/811869/000119312518061246/d520666dex99g.htm)<br>|
| (g)(2) | &nbsp;&nbsp; [Letter Agreement, dated May 18, 2022, between Registrant and State Street, incorporated by reference](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99g2.htm)<br> [from Post-Effective Amendment No. 102 to the registration statement of Registrant, file no 033-12911, filed](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99g2.htm)<br> [on December 12, 2022.](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99g2.htm)<br>|
| (g)(3) | &nbsp;&nbsp; [Amendment to Custody Agreement effective February 28, 2023, between Registrant and State Street,](d430457dex99g3.htm)<br> [filed herewith](d430457dex99g3.htm). <br>|
| (h)(1) | &nbsp;&nbsp; [Administrative Services Agreement, effective as of January 1, 2009, between Registrant and Thrivent](http://www.sec.gov/Archives/edgar/data/811869/000119312509039381/dex99h5.htm)<br> [Asset Management, LLC, incorporated by reference from Post-Effective Amendment No. 64 to the](http://www.sec.gov/Archives/edgar/data/811869/000119312509039381/dex99h5.htm)<br> [registration statement of Registrant, file no. 033-12911, filed on February 27, 2009.](http://www.sec.gov/Archives/edgar/data/811869/000119312509039381/dex99h5.htm)<br>|
| (h)(2) | &nbsp;&nbsp; [Amendment No. 1 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99h6.htm)<br> [Amendment No. 65 to the registration statement of Registrant, file no. 033-12911, filed on December 7,](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99h6.htm)<br> [2009.](http://www.sec.gov/Archives/edgar/data/811869/000119312509248262/dex99h6.htm)<br>|

---

------

---

| | |
|:---|:---|
| (h)(3) | &nbsp;&nbsp; [Amendment No. 2 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312513083455/d384853dex99h3.htm)<br> [Amendment No. 74 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312513083455/d384853dex99h3.htm)<br> [2013.](http://www.sec.gov/Archives/edgar/data/811869/000119312513083455/d384853dex99h3.htm)<br>|
| (h)(4) | &nbsp;&nbsp; [Amendment No. 3 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99h4.htm)<br> [Amendment No. 76 to the registration statement of Registrant, file no. 033-12911, filed on February 27,](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99h4.htm)<br> [2014.](http://www.sec.gov/Archives/edgar/data/811869/000119312514072584/d585785dex99h4.htm)<br>|
| (h)(5) | &nbsp;&nbsp; [Amendment No. 4 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex99135.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-204192, filed on October 8, 2015.](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex99135.htm)<br>|
| (h)(6) | &nbsp;&nbsp; [Amendment No. 5 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex99136.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-204192, filed on October 8, 2015.](http://www.sec.gov/Archives/edgar/data/811869/000119312515339992/d19052dex99136.htm)<br>|
| (h)(7) | &nbsp;&nbsp; [Amendment No. 6 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99h7.htm)<br> [Amendment No. 85 to the registration statement of Registrant, file no. 033-12911, filed on December 1,](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99h7.htm)<br> [2016.](http://www.sec.gov/Archives/edgar/data/811869/000119312516782173/d451289dex99h7.htm)<br>|
| (h)(8) | &nbsp;&nbsp; [Amendment No. 7 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99h8.htm)<br> [Amendment No. 88 to the registration statement of Registrant, file no. 033-12911, filed on December 11,](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99h8.htm)<br> [2017.](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99h8.htm)<br>|
| (h)(9) | &nbsp;&nbsp; [Amendment No. 8 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex99139.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-224009, filed on July 3, 2018.](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex99139.htm)<br>|
| (h)(10) | &nbsp;&nbsp; [Amendment No. 9 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99h10.htm)<br> [Amendment No. 91 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99h10.htm)<br> [2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99h10.htm)<br>|
| (h)(11) | &nbsp;&nbsp; [Amendment No. 10 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991310.htm)<br> [Amendment No. 1 of Registrant on Form N-14, file no. 333-231050, filed on August 16, 2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991310.htm)<br>|
| (h)(12) | &nbsp;&nbsp; [Amendment No. 11 to Administrative Services Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h12.htm)<br> [Amendment No. 96 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h12.htm)<br> [2020.](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h12.htm)<br>|
| (h)(13) | &nbsp;&nbsp; [Amended and Restated Transfer Agency Agreement between Registrant and Thrivent Financial Investor](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99h9.htm)<br> [Services Inc., incorporated by reference from Post-Effective Amendment No. 88 to the registration](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99h9.htm)<br> [statement of Registrant, file no. 033-12911, filed on December 11, 2017.](http://www.sec.gov/Archives/edgar/data/811869/000119312517365118/d465570dex99h9.htm)<br>|
| (h)(14) | &nbsp;&nbsp; [Amendment No. 1 to Amended and Restated Transfer Agency Agreement, incorporated by reference](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex991311.htm)<br> [from Post-Effective Amendment No. 1 of Registrant on Form N-14, file no. 333-224009, filed on July 3,](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex991311.htm)<br> [2018.](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex991311.htm)<br>|
| (h)(15) | &nbsp;&nbsp; [Amendment No. 2 to Amended and Restated Transfer Agency Agreement, incorporated by reference](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99h13.htm)<br> [from Post-Effective Amendment No. 91 to the registration statement of Registrant, file no. 033-12911, filed](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99h13.htm)<br> [on February 28, 2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519054427/d661258dex99h13.htm)<br>|
| (h)(16) | &nbsp;&nbsp; [Amendment No. 3 to Amended and Restated Transfer Agency Agreement, incorporated by reference](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991314.htm)<br> [from Post-Effective Amendment No. 1 of Registrant on Form N-14, file no. 333-231050, filed on August 16,](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991314.htm)<br> [2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991314.htm)<br>|
| (h)(17) | &nbsp;&nbsp; [Amendment No. 4 to Amended and Restated Transfer Agency Agreement, incorporated by reference](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h17.htm)<br> [from Post-Effective Amendment No. 96 to the registration statement of Registrant, file no. 033-12911, filed](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h17.htm)<br> [on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h17.htm)<br>|
| (h)(18) | &nbsp;&nbsp; [Amendment No. 5 to Amended and Restated Transfer Agency Agreement, incorporated by reference](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h18.htm)<br> [from Post-Effective Amendment No. 99 to the registration statement of Registrant, file no. 033-12911, filed](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h18.htm)<br> [on February 26, 2021.](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h18.htm)<br>|
| (h)(19) | &nbsp;&nbsp; [Amendment No. 6 to Amended and Restated Transfer Agency Agreement, incorporated by reference](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h19.htm)<br> [from Post-Effective Amendment No. 101 to the registration statement of Registrant, file no. 033-12911,](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h19.htm)<br> [filed on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h19.htm)<br>|
| (h)(20) | [Expense Reimbursement Letter Agreement dated February 3, 2023, filed herewith](d430457dex99h20.htm). |
| (h)(21)  | &nbsp;&nbsp; [Securities Lending Agency Agreement between Registrant and Goldman Sachs Bank USA, incorporated](http://www.sec.gov/Archives/edgar/data/811869/000119312518061246/d520666dex99h11.htm)<br> [by reference from Post-Effective Amendment No. 89 to the registration statement of Registrant, file no.](http://www.sec.gov/Archives/edgar/data/811869/000119312518061246/d520666dex99h11.htm)<br> [033-12911, filed on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/811869/000119312518061246/d520666dex99h11.htm)<br>|
| (h)(22) | &nbsp;&nbsp; [Amended Schedule 1 dated June 25, 2018 to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex991314.htm)<br> [reference from Post-Effective Amendment No. 1 of Registrant on Form N-14, file no. 333-224009, filed on](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex991314.htm)<br> [July 3, 2018.](http://www.sec.gov/Archives/edgar/data/811869/000119312518211638/d641845dex991314.htm)<br>|

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| | |
|:---|:---|
| (h)(23) | &nbsp;&nbsp; [Amended Schedule 1 dated August 9, 2019 to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991319.htm)<br> [reference from Post-Effective Amendment No. 1 of Registrant on Form N-14, file no. 333-231050, filed on](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991319.htm)<br> [August 16, 2019.](http://www.sec.gov/Archives/edgar/data/811869/000119312519223121/d782013dex991319.htm)<br>|
| (h)(24) | &nbsp;&nbsp; [Amended Schedule 1 dated February 28, 2020 to Securities Lending Agency Agreement, incorporated](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h23.htm)<br> [by reference from Post-Effective Amendment No. 96 to the registration statement of Registrant, file no.](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h23.htm)<br> [033-12911, filed on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/811869/000119312520053091/d846419dex99h23.htm)<br>|
| (h)(25) | &nbsp;&nbsp; [Amended Schedule 1 dated April 29, 2020 to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h24.htm)<br> [reference from Post-Effective Amendment No. 99 to the registration statement of Registrant, file no. 033-](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h24.htm)<br> [12911, filed on February 26, 2021.](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h24.htm)<br>|
| (h)(26) | &nbsp;&nbsp; [Amended Schedule 1 dated August 31, 2020 to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h25.htm)<br> [reference from Post-Effective Amendment No. 99 to the registration statement of Registrant, file no. 033-](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h25.htm)<br> [12911, filed on February 26, 2021.](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99h25.htm)<br>|
| (h)(27) | &nbsp;&nbsp; [Amended Schedule 1 dated October 6, 2020 to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h28.htm)<br> [reference from Post-Effective Amendment No. 101 to the registration statement of Registrant, file no. 033-](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h28.htm)<br> [12911, filed on February 28, 2022](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h28.htm).<br>|
| (h)(28) | &nbsp;&nbsp; [Amended Schedule 1 dated March 10, 2022 to Securities Lending Agency Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99h29.htm)<br> [reference from Post-Effective Amendment No. 102 to the registration statement of Registrant, file no 033-](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99h29.htm)<br> [12911, filed on December 12, 2022.](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99h29.htm)<br>|
| (h)(29) | [Amended Schedule 1, dated February 2, 2023, to Securities Lending Agency Agreement, filed herewith](d430457dex99h29.htm). |
| (h)(30) | &nbsp;&nbsp; [Form of Rule 12d1-4 Fund of Funds Investment Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h29.htm)<br> [Amendment No. 101 to the registration statement of Registrant, file no. 033-12911, filed on February 28,](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h29.htm)<br> [2022](http://www.sec.gov/Archives/edgar/data/811869/000119312522054790/d258624dex99h29.htm).<br>|
| (i) | [Opinion and Consent of Counsel, filed herewith](d430457dex99i.htm). |
| (j) | [Consent of Independent Registered Public Accounting Firm, filed herewith](d430457dex99j.htm). |
| (k) | Not Applicable  |
| (l) | Not Applicable  |
| (m) | &nbsp;&nbsp; [Rule 12b-1 Plan, incorporated by reference from Post-Effective Amendment No. 99 to the registration](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99m.htm)<br> [statement of Registrant, file no. 033-12911, filed on February 26, 2021.](http://www.sec.gov/Archives/edgar/data/811869/000119312521057328/d66112dex99m.htm)<br>|
| (n) | &nbsp;&nbsp; [Rule 18f-3 Plan, incorporated by reference from Post-Effective Amendment No. 98 to the registration](http://www.sec.gov/Archives/edgar/data/811869/000168386320002903/f3322d2.htm)<br> [statement of Registrant, file no. 033-12911, filed on April 13, 2020](http://www.sec.gov/Archives/edgar/data/811869/000168386320002903/f3322d2.htm).<br>|
| (o) | Not Applicable  |
| (p)(1) | &nbsp;&nbsp; [Code of Ethics (Rule 17j-1) for Registrant, incorporated by reference from Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99p1.htm)<br> [102 to the registration statement of Registrant, file no 033-12911, filed on December 12, 2022.](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99p1.htm)<br>|
| (p)(2) | [Code of Ethics of Goldman Sachs Asset Management, L.P., filed herewith](d430457dex99p2.htm). |
| (q) | &nbsp;&nbsp; [Power of Attorney, incorporated by reference from Post-Effective Amendment No. 102 to the registration](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99q.htm)<br> [statement of Registrant, file no 033-12911, filed on December 12, 2022.](http://www.sec.gov/Archives/edgar/data/811869/000119312522302384/d409469dex99q.htm)<br>|
| EX-101.INS | &nbsp;&nbsp; XBRL Instance Document – the instance document does not appear on the Interactive Data File because <br> its XBRL tags are embedded within the Inline XBRL document.<br>|
| EX-101.SCH | XBRL Taxonomy Extension Schema Document. |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |

---

**Item 29.**

**Persons Controlled by or Under Common Control with Registrant**

Registrant is an open-end management investment company organized as a Massachusetts business trust on March 10, 1987. Thrivent Financial for Lutherans ("Thrivent Financial"), the parent company of the Registrant's investment adviser, is a fraternal benefit society organized under the laws of the State of Wisconsin and is owned by and operated for its members. It has no stockholders and is not subject to the control of any affiliated persons.

The following list shows the persons directly or indirectly controlled by Thrivent Financial. Financial statements of Thrivent Financial will be presented on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | |
|:---|:---|:---|
| **Thrivent Financial Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent Financial | &nbsp;&nbsp; Fraternal benefit society offering financial <br> services and products<br>| Wisconsin |
| Thrivent Financial Holdings, Inc.<sup>1</sup> <br>| &nbsp;&nbsp; Holding company with no independent <br> operations<br>| Delaware |
| North Meadows Investment Ltd.<sup>2</sup> <br>| &nbsp;&nbsp; Real estate development and investment <br> corporation<br>| Wisconsin |
| Thrivent Advisor Network, LLC<sup>2</sup> <br>| Investment adviser | Delaware |
| Thrivent Asset Management, LLC<sup>2</sup> <br>| Investment adviser | Delaware |
| Thrivent Distributors, LLC<sup>2</sup> <br>| Limited purpose broker-dealer | Delaware |
| Thrivent Financial Investor <br> Services Inc.<sup>2</sup> <br>| Transfer agent | Pennsylvania |
| Thrivent Insurance Agency Inc.<sup>2</sup> <br>| Life and health insurance agency | Minnesota |
| Newman Financial Services, <br> LLC<sup>3</sup> <br>| Long-term care insurance agency | Minnesota |
| Thrivent Investment Management Inc.<sup>2</sup> <br>| Broker-dealer and investment adviser | Delaware |
| Thrivent Trust Company<sup>2</sup> <br>| Federally chartered limited purpose trust bank | Federal Charter |
| Gold Ring Holdings, LLC<sup>1</sup> <br>| Holding vehicle | Delaware |
| Thrivent Education Funding, LLC<sup>1</sup> <br>| Special purpose entity | Delaware |
| White Rose GP I, LLC<sup>4</sup> <br>| General partner | Delaware |
| White Rose Fund I Equity Direct, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| White Rose Fund I Fund of Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund GP II, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund II Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund GP III, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund III Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund III Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund GP IV, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund IV Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund IV Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund GP V, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund V Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund V Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund GP VI, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund VI Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund GP VII, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund VII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund VII Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund GP VIII, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund VIII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund VIII Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP IX, LLC<sup>4</sup> <br>| General partner | Delaware |

---

------

---

| | | |
|:---|:---|:---|
| **Thrivent Financial Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent White Rose Fund IX Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund IX Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP X, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund X Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund X Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XI, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XI Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XI Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XII, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XII Fund of Funds, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XIII, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XIII Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XIII Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XIV, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XIV Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Fund XIV Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XV Fund of Funds, <br> LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XV Fund of <br> Funds, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Feeder XV Fund of <br> Funds, LLC<sup>6</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose GP XV Equity Direct, <br> LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Fund XV Equity Direct, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Feeder XV Equity <br> Direct, LLC<sup>6</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Opportunity Fund GP, <br> LLC<sup>1</sup> <br>| General partner | Delaware |
| Thrivent White Rose Opportunity Fund, LP<sup>1</sup> <br>| Investment subsidiary | Delaware |
| Thrivent White Rose Real Estate GP I, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund I Fund <br> of Funds, L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP II, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund II, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP III, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund III, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP IV, LLC<sup>4</sup> <br>| General partner | Delaware |

---

------

---

| | | |
|:---|:---|:---|
| **Thrivent Financial Entities** | **Primary Business** | &nbsp;&nbsp; **State of**<br> **Organization**<br>|
| Thrivent White Rose Real Estate Fund IV, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate Feeder IV, <br> LLC<sup>6</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate GP V, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Real Estate Fund V, <br> L.P.<sup>5</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Real Estate Feeder V, <br> LLC<sup>6</sup> <br>| Private equity real estate fund | Delaware |
| Thrivent White Rose Endurance GP, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Endurance Fund, L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance GP II, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Endurance Fund II, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance GP III, LLC<sup>4</sup> <br>| General partner | Delaware |
| Thrivent White Rose Endurance Fund III, <br> L.P.<sup>5</sup> <br>| Private equity fund | Delaware |
| Thrivent White Rose Endurance Feeder III, <br> LLC<sup>6</sup> <br>| Private equity fund | Delaware |
| Twin Bridge Capital Partners, LLC<sup>7</sup> <br>| Investment adviser | Delaware |

---

------

<sup>1</sup>

Wholly owned subsidiary of Thrivent Financial.

<sup>2</sup>

Wholly owned subsidiary of Thrivent Financial Holdings, Inc. Thrivent Financial is the ultimate controlling entity.

<sup>3</sup>

Wholly owned subsidiary of Thrivent Insurance Agency Inc. Thrivent Financial is the ultimate controlling entity.

<sup>4</sup>

Directly controlled by Thrivent Financial, which is the managing member and owns an interest in the limited liability company.

<sup>5</sup>

Directly controlled by Thrivent Financial. The fund is a pooled investment vehicle organized primarily for the purpose of investing assets of Thrivent Financial's general account.

<sup>6</sup>

Directly controlled by Thrivent Financial. The fund is a pooled investment vehicle organized primarily for the purpose of investing assets of Thrivent Financial's general account. The feeder entity is a feeder fund of the fund.

<sup>7</sup>

Directly controlled by Thrivent Financial. Investment advisory clients include Pacific Street Fund, Twin Bridge Narrow Gate Fund, and Twin Bridge Titan Fund limited partnerships.

**Item 30.**

**Indemnification**

Under Section 12 of Article Seven of Registrant's Declaration of Trust, Registrant may not indemnify any trustee, officer or employee for expenses (*e.g.*, attorney's fees, judgments, fines and settlement amounts) incurred in any threatened, pending or completed action, if there has been an adjudication of liability against such person based on a finding of willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties of office ("disabling conduct"). Registrant shall indemnify its trustees, officers or employees for such expenses whether or not there is an adjudication of liability, if, pursuant to Investment Company Act Release 11330, a determination is made that such person was not liable by reason of disabling conduct by: (i) final decision of the court before which the proceeding was brought; or (ii) in the absence of such a decision, a reasonable determination, based on factual review, that the person was not liable for reasons of such conduct is made by: (a) a majority vote of disinterested, independent trustees; or (b) independent legal counsel in a written opinion.

Advancement of expenses incurred in defending such actions may be made pursuant to Release 11330, provided that the person undertakes to repay the advance unless it is ultimately determined that such person is entitled to indemnification and one or more of the following conditions is met: (1) the person provides security for the undertaking; (2) Registrant is insured against losses arising by reason of any lawful advances; or (3) a majority of disinterested non-party trustees or independent legal counsel in a written opinion determines, based on review of readily available facts, that there is reason to believe the person ultimately will be found entitled to indemnification.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of Registrant pursuant to the foregoing provision, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in

------

that Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31.**

**Business and Other Connections of the Investment Adviser**

Thrivent Asset Management, LLC is the investment adviser and administrator of Registrant. Information about Thrivent Asset Management's financial industry activities or affiliations, as well as the business and other connections of the directors and officers of Thrivent Asset Management, is included on the Form ADV that Thrivent Asset Management has on file with the Securities and Exchange Commission (file No. 801-64988).

The business and other connections of the officers and directors of Goldman Sachs Asset Management, L.P. (subadviser for Thrivent International Allocation Fund) are set forth in the Form ADV of Goldman Sachs Asset Management, L.P. on file with the Securities and Exchange Commission (file No 801-37591).

**Item 32.**

**Principal Underwriters**

(a) Thrivent Distributors, LLC serves as principal underwriter and distributor for Thrivent Mutual Funds, Thrivent Core Funds, Thrivent Cash Management Trust, Thrivent Series Fund, Inc. and Thrivent Church Loan and Income Fund.

(b) The managers and executive officers of Thrivent Distributors, LLC are listed below. Unless otherwise indicated, their principal address is 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211.

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Jamie L. Riesterer<br> 600 Portland Avenue S, Suite 100<br> Minneapolis Minnesota 55415-4402<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Elected Manager<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> N/A<br>|
| David S. Royal | Elected Manager | Trustee and Chief Investment Officer |
| Michael W. Kremenak | Elected Manager | Trustee and President |
| Troy A. Beaver | Chief Executive Officer | Vice President |
| Jeffrey D. Cloutier | Chief Financial Officer | N/A |
| Edward S. Dryden | Chief Compliance Officer | Chief Compliance Officer |
| John D. Jackson | Chief Legal Officer and Secretary | Secretary and Chief Legal Officer |
| Daniel R. Chouanard | Vice President | N/A |
| Andrew R. Kellogg<br> 600 Portland Avenue S, Suite 100<br> Minneapolis Minnesota 55415-4402<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Vice President<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Vice President<br>|
| Jason D. Sterling | Vice President | N/A |
| Jessica E. English | Assistant Secretary | N/A |
| Cynthia J. Nigbur | Assistant Secretary | N/A |

---

(c) Not applicable

**Item 33.**

**Location of Accounts and Records**

The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are in the possession of the following persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Registrant: 901 Marquette Avenue, Suite 2500 Minneapolis, Minnesota 55402-3211 <br> 4321 N. Ballard Rd. Appleton, Wisconsin 54919

------

Custodian: State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 <br> Sub-Transfer Agent SS&C Global Investor & Distribution Solutions, Inc. 1055 Broadway Kansas City, Missouri 64105

**Item 34.**

**Management Services**

Not Applicable

**Item 35.**

**Undertakings**

Not Applicable

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under rule 485(b) under the Securities Act and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Minneapolis, State of Minnesota, on the 28th day of February, 2023.

---

| |
|:---|
| THRIVENT MUTUAL FUNDS<br>|
| /s/ John D. Jackson |
| John D. Jackson<br> Secretary and Chief Legal Officer<br>|

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated and on the 28th day of February, 2023:

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Michael W. Kremenak |  |
| Michael W. Kremenak | Trustee and President (Principal Executive Officer) |
| /s/ Sarah L. Bergstrom |  |
| Sarah L. Bergstrom | Treasurer (Principal Financial and Accounting Officer) |
| \* |  |
| Janice B. Case | Trustee |
| \* |  |
| Robert J. Chersi | Trustee |
| \* |  |
| Arleas Upton Kea | Trustee |
| \* |  |
| Paul R. Laubscher | Trustee |
| \* |  |
| Robert J. Manilla | Trustee |
| \* |  |
| James A. Nussle | Trustee |
| \* |  |
| David S. Royal | Trustee |
| \* |  |
| James W. Runcie | Trustee |
| \* |  |
| Constance L. Souders | Trustee |

---

------

\*

John D. Jackson, by signing his name hereto, does hereby sign this document on behalf of each of the above-named Trustees of Thrivent Mutual Funds pursuant to the powers of attorney duly executed by such persons.

---

| | |
|:---|:---|
| Dated: February 28, 2023 | /s/ John D. Jackson |
|  | &nbsp;&nbsp;&nbsp;&nbsp; John D. Jackson<br> Attorney-in-Fact<br>|

---

------

## Ex-99.(D)(24)

![LOGO](g430457g67t47.jpg)

November 18, 2022

Mr. Alex Cribbes

Goldman Sachs Asset Management, L.P.

Alex.Cribbes@gs.com

---

| | |
|:---|:---|
| **RE:** | **Termination of Investment Sub-Advisory Agreement**  |

---

Mr. Cribbes:

As discussed, this letter provides written notification that the following Investment Sub-Advisory Agreements will be terminated at the close of business on April 30, 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) dated February 29, 2008 among Thrivent Asset Management, LLC, Thrivent Mutual Funds and Goldman Sachs
Asset Management, L.P., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) dated April 30, 2008 among Thrivent Financial for Lutherans, Thrivent Series Fund, Inc. and Goldman
Sachs Asset Management, L.P.

Please let me or Kristine know if you have any questions or concerns.

Sincerely,

/s/ Troy Beaver

Troy Beaver

Vice President

Thrivent Mutual Funds and Thrivent Series Fund, Inc.

## Ex-99.(G)(3)

**Execution version** 

**<u>AMENDMENT TO CUSTODY AGREEMENT</u>**

This Amendment, effective as of February 28, 2023 (the "**Amendment**"), is entered into between each management investment company identified on Appendix A and each management investment company which becomes a party to this Agreement in accordance with the terms hereof (in each case, a "**Fund**"), including, if applicable, each series of the Fund identified on Appendix A and each series which becomes a party to this Agreement in accordance with the terms hereof, and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the "**Custodian**").

**WHEREAS,** the Custodian and the Customer entered into a Custody Agreement dated as of December 1, 2017 (the "**Agreement**"); and

**WHEREAS,** the parties hereto wish to amend the Agreement as set forth below.

**NOW THEREFORE,** in consideration of the mutual agreements herein contained, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appendix A to the Custodian Agreement is hereby deleted in its entirety and replaced with the attached Appendix
A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund hereby confirms, as of the date set forth above, its representations and warranties set forth in
Section 20.7.1 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Custodian and the Fund hereby agree to be bound by all of the terms, provisions, covenants, and obligations
set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full
force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and
all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties
hereby adopt as original any signatures received via electronically transmitted form.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]** 

------

**IN WITNESS WHEREOF,** each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES** 

**SET FORTH ON APPENDIX A HERETO** 

---

| | |
|:---|:---|
| By: | /s/ Sarah Bergstrom |
| Name: | Sarah Bergstrom |
| Title: | Treasurer, Principal Accounting Officer |

---

---

| | |
|:---|:---|
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Scott Shirrell |
| Name: | Scott Shirrell |
| Title: | Vice President |

---

**Amendment to Custody Agreement** 

------

**APPENDIX A** 

**TO** 

**Master Custodian Agreement** 

***Management Investment Companies Registered with the SEC and Portfolios thereof, If Any***

**Thrivent Mutual Funds** 

Thrivent Diversified Income Plus Fund

Thrivent Multidimensional Income Fund

Thrivent Aggressive Allocation

Fund Thrivent Balanced Income Plus Fund

Thrivent Opportunity Income Plus Fund

Thrivent Government Bond Fund

Thrivent High Yield Fund

Thrivent Income Fund

Thrivent Large Cap Growth Fund

Thrivent Global Stock Fund (f/k/a Thrivent Large Cap Stock Fund)

Thrivent Large Cap Value Fund

Thrivent Limited Maturity Bond Fund

Thrivent Mid Cap Growth Fund

Thrivent Mid Cap Value Fund

Thrivent Mid Cap Stock Fund

Thrivent Moderate Allocation Fund

Thrivent Moderately Aggressive Allocation Fund

Thrivent Moderately Conservative Allocation Fund

Thrivent Money Market Fund

Thrivent Municipal Bond Fund

Thrivent International Allocation Fund (f/k/a Thrivent Partner Worldwide Allocation Fund)

Thrivent Small Cap Stock Fund

Thrivent Low Volatility Equity Fund

Thrivent Small Cap Growth Fund

Thrivent High Income Municipal Bond Fund

**Thrivent Series Fund, Inc.** 

Thrivent Aggressive Allocation Portfolio

Thrivent Balanced Income Plus Portfolio

Thrivent Government Bond Portfolio

Thrivent Diversified Income Plus Portfolio

Thrivent ESG Index Portfolio

Thrivent High Yield Portfolio

Thrivent Income Portfolio

Thrivent Large Cap Growth Portfolio

Thrivent Large Cap Index Portfolio

Thrivent Global Stock Portfolio (f/k/a Thrivent Large Cap Stock Portfolio)

Thrivent Large Cap Value Portfolio

Thrivent Limited Maturity Bond Portfolio

Thrivent Mid Cap Index Portfolio

Thrivent Mid Cap Stock Portfolio

------

Thrivent Moderate Allocation Portfolio

Thrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderately Conservative Allocation Portfolio

Thrivent Money Market Portfolio

Thrivent Opportunity Income Plus Portfolio

Thrivent All Cap Portfolio (f/k/a Thrivent Partner All Cap Growth Portfolio)

Thrivent Partner Emerging Markets Equity Portfolio

Thrivent Partner Healthcare Portfolio

Thrivent International Allocation Portfolio (f/k/a Thrivent Partner Worldwide Allocation Portfolio)

Thrivent International Index Portfolio

Thrivent Mid Cap Growth Portfolio

Thrivent Mid Cap Value Portfolio

Thrivent Real Estate Securities Portfolio

Thrivent Small Cap Index Portfolio

Thrivent Small Cap Stock Portfolio

Thrivent Low Volatility Equity Portfolio

Thrivent Multidimensional Income Portfolio

Thrivent Small Cap Growth Portfolio

**Thrivent Core Funds** 

Thrivent Core Short-Term Reserve Fund

Thrivent Core Emerging Markets Debt Fund

Thrivent Core International Equity Fund

Thrivent Core Low Volatility Equity Fund

Thrivent Core Emerging Markets Equity Fund

Thrivent Core Small Cap Value Fund

<u>Thrivent Core Mid Cap Value Fund</u>

**Thrivent Cash Management Trust** 

**Thrivent Church Loan and Income Fund** 

**Thrivent ETF Trust** 

Thrivent Small-Mid Cap ESG ETF

## Ex-99.(H)(20)

![LOGO](g430457g81m06.jpg)

February 3, 2023

Paul R. Laubscher, Chair

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, MN 55402-3211

Dear Mr. Laubscher:

This letter is to confirm to you that Thrivent Asset Management, LLC (the "Adviser") has contractually agreed to waive certain fees and/or reimburse certain expenses associated with the Funds as of the date of the 2023 prospectus update, as detailed below. Amounts waived by the Adviser during the contractual period cannot be recouped by the Adviser in subsequent periods.

&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser has agreed, for as long as the current fee structure is in place and through at least February 28,
2024, to waive an amount equal to any management fees indirectly incurred by the Thrivent Aggressive Allocation Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other
than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser has agreed, for as long as the current fee structure is in place and through at least February 28,
2024, to waive an amount equal to any management fees indirectly incurred by the Thrivent Moderately Aggressive Allocation Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment
adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser has agreed, for as long as the current fee structure is in place and through at least February 28,
2024, to waive an amount equal to any management fees indirectly incurred by the Thrivent Moderate Allocation Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other than
Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Adviser has agreed, for as long as the current fee structure is in place and through at least February 28,
2024, to waive an amount equal to any management fees indirectly incurred by the Thrivent Moderately Conservative Allocation Fund as a result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment
adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class A shares of the Thrivent Balanced Income Plus Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an
annual rate of 0.99% of the average daily net assets of the Class A shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class A shares of the Thrivent Government Bond Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an annual
rate of 0.75% of the average daily net assets of the Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class A shares of the Thrivent International Allocation Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to
an annual rate of 1.17% of the average daily net assets of the Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class A shares of the Thrivent Money Market Fund equal in the aggregate to 0.05% of the average daily net assets of the Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent Government Bond Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an annual
rate of 0.52% of the average daily net assets of the Class S shares.

&nbsp;&nbsp;&nbsp;&nbsp;10. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent High Income Municipal Bond Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses)
to an annual rate of 0.60% of the average daily net assets of the Class S shares.

&nbsp;&nbsp;&nbsp;&nbsp;11. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent Low Volatility Equity Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an
annual rate of 0.95% of the average daily net assets of the Class S shares.

&nbsp;&nbsp;&nbsp;&nbsp;12. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent Mid Cap Growth Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an annual
rate of 0.90% of the average daily net assets of the Class S shares

&nbsp;&nbsp;&nbsp;&nbsp;13. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent Mid Cap Value Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an annual
rate of 0.90% of the average daily net assets of the Class S shares.

&nbsp;&nbsp;&nbsp;&nbsp;14. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent Municipal Bond Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an annual
rate of 0.51% of the average daily net assets of the Class S shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;15. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent Multidimensional Income Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to
an annual rate of 0.75% of the average daily net assets of the Class S shares.

&nbsp;&nbsp;&nbsp;&nbsp;16. The Adviser has agreed, through at least February 28, 2024, to waive certain fees and/or reimburse certain
expenses associated with the Class S shares of the Thrivent Small Cap Growth Fund in order to limit the total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding acquired fund fees and expenses) to an
annual rate of 0.95% of the average daily net assets of the Class S shares.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Sincerely, |
| &nbsp;&nbsp;&nbsp;&nbsp; /s/ David S. Royal  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp; David S. Royal |
| &nbsp;&nbsp;&nbsp;&nbsp; President |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Asset Management, LLC |

---

## Ex-99.(H)(29)

<u>SCHEDULE 1</u>

AVAILABLE SECURITIES

Amended February 1, 2023

---

| | |
|:---|:---|
| **Fund Family** | **Fund Name** |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Aggressive Allocation Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Balanced Income Plus Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Diversified Income Plus Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Global Stock Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Government Bond Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent High Yield Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Income Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent International Allocation Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Large Cap Growth Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Large Cap Value Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Limited Maturity Bond Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Low Volatility Equity Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Mid Cap Growth Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Mid Cap Stock Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Mid Cap Value Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Moderate Allocation Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Moderately Aggressive Allocation Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Moderately Conservative Allocation Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Multidimensional Income Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Opportunity Income Plus Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Small Cap Growth Fund |
| &nbsp;&nbsp; Thrivent Mutual Funds | Thrivent Small Cap Stock Fund |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Aggressive Allocation Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent All Cap Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Balanced Income Plus Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Diversified Income Plus Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent ESG Index Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Global Stock Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Government Bond Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent High Yield Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Income Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent International Allocation Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent International Index Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Large Cap Growth Portfolio |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Large Cap Index Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Large Cap Value Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Limited Maturity Bond Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Low Volatility Equity Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Mid Cap Growth Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Mid Cap Index Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Mid Cap Stock Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Mid Cap Value Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Moderate Allocation Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Moderately Aggressive Allocation Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Moderately Conservative Allocation Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Multidimensional Income Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Opportunity Income Plus Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Partner Emerging Markets Equity Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Partner Healthcare Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Real Estate Securities Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Small Cap Growth Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Small Cap Index Portfolio |
| &nbsp;&nbsp; Thrivent Series Fund, Inc. | Thrivent Small Cap Stock Portfolio |
| &nbsp;&nbsp; Thrivent Core Funds | Thrivent Core Emerging Markets Debt Fund |
| &nbsp;&nbsp; Thrivent Core Funds | Thrivent Core Emerging Markets Equity Fund |
| &nbsp;&nbsp; Thrivent Core Funds | Thrivent Core International Equity Fund |
| &nbsp;&nbsp; Thrivent Core Funds | Thrivent Core Low Volatility Fund |
| &nbsp;&nbsp; Thrivent Core Funds | Thrivent Core Mid Cap Value Fund |
| &nbsp;&nbsp; Thrivent Core Funds | Thrivent Core Small Cap Value Fund |

---

---

| |
|:---|
| **Each registered investment company or series thereof set forth<br>on Exhibit A, as amended, severally and not jointly** |
| By <u>/s/ John D. Jackson</u> |
| Name: John D. Jackson |
| Title: Secretary and Chief Legal Officer |
| **GOLDMAN SACHS BANK USA** |
| By <u>/s/ Christel Carroll</u> |
| Name: Christel Carroll |
| Title: Vice President |

---

## Ex-99.(I)

**Thrivent Mutual Funds** 

**901 Marquette Avenue, Suite 2500** 

**Minneapolis, Minnesota 55402-3211** 

February 28, 2023

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

Ladies and Gentlemen:

As counsel to the Thrivent Mutual Funds, a business trust organized under the laws of the State of Massachusetts (the "Trust"), I have been asked to render an opinion in connection with Post-Effective Amendment No. 103 under the Securities Act of 1933 to the Registration Statement on Form N-1A (Securities Act File No. 033-12911) to be filed by the Trust with the Securities and Exchange Commission.

I wish to advise you that I have examined such documents and questions of law as I have deemed necessary for purposes of this opinion. Based upon the foregoing, I am of the opinion that:

1. The Trust has been duly organized and validly exists pursuant to the laws of the State of Massachusetts; and

2. The shares of beneficial interest of the Trust, which are described in the foregoing Registration Statement, will, when
sold in accordance with the terms of the Prospectus and Statement of Additional Information in effect at the time of the sale, be legally issued, fully paid and non-assessable by the Trust.

I consent to this opinion being filed as an exhibit to the foregoing Registration Statement.

Sincerely,

---

| |
|:---|
| <u>/s/ John D. Jackson</u> |
| John D. Jackson |
| Secretary and Chief Legal Officer |

---

## Ex-99.(J)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Thrivent Mutual Funds of our reports dated December 16, 2022 and February 16, 2023, relating to the financial statements and financial highlights, which appear in each fund's (as listed in Appendix I) Annual Reports on Form N-CSR for the periods listed in Appendix I. We also consent to the references to us under the headings "Financial Highlights" and "Independent Registered Public Accounting Firm" in such Registration Statement.

![LOGO](g430457g27w34.jpg)

Minneapolis, Minnesota <br> February 24, 2023

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Appendix I** | &nbsp;&nbsp;&nbsp;**Appendix I** | &nbsp;&nbsp;&nbsp;**Appendix I** |
| &nbsp;&nbsp;&nbsp; **<u>Fund</u>**<br>| **<u>Period</u>**<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Representation</u> <br><u>Letter Date</u>** |
| &nbsp;&nbsp;&nbsp; **Thrivent Mutual Funds** | | |
| &nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus Fund | Year ended 12/31/2022 | 2/16/2023 |
| &nbsp;&nbsp;&nbsp; Thrivent Global Stock Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Government Bond Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent High Income Municipal Bond Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent High Yield Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Income Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent International Allocation Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Large Cap Value Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Low Volatility Equity Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Money Market Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Multidimensional Income Fund | Year ended 12/31/2021 | 2/16/2023 |
| &nbsp;&nbsp;&nbsp; Thrivent Municipal Bond Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth Fund | Year ended 10/31/2022 | 12/16/2022 |
| &nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock Fund | Year ended 10/31/2022 | 12/16/2022 |

---

## Ex-99.(P)(2)

POLICY ON GSAM CODE OF ETHICS

------

*Applicability: All GSAM* 

**GOLDMAN SACHS & CO. LLC** 

**GOLDMAN SACHS INTERNATIONAL** 

**GOLDMAN SACHS ASSET MANAGEMENT, L.P.** 

**GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL** 

**GOLDMAN SACHS HEDGE FUND STRATEGIES LLC** 

**GS INVESTMENT STRATEGIES, LLC** 

**GSAM STABLE VALUE, LLC** 

**APTITUDE INVESTMENT MANAGEMENT, L.P.** 

**ROCATON INVESTMENT ADVISERS, LLC** 

**GSAM STRATEGIST PORTFOLIOS, LLC.** 

**GOLDMAN SACHS INVESTMENT STRATEGIES CANADA INC.** 

**NEXTCAPITAL ADVISERS, INC.** 

**I.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Access Person" with respect to Goldman Sachs & Co. LLC ("GS&Co.") and Goldman Sachs
International ("GSI") the principal underwriters of any Investment Company (as defined below), means any director, officer or general partner who, in the ordinary course of business, makes, participates in or obtains information regarding
the purchase or sale of Covered Securities by any Investment Company or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Investment Company regarding the purchase or sale of Covered
Securities.

"Access Person" with respect to Goldman Sachs Asset Management, L.P. and GSAM related entities other than GS&Co. and GSI ("GSAM") means any of their Supervised Persons (as defined below) who: (1) has access to (a) non-public information regarding any client's purchase or sale of securities, or (b) non-public information regarding the portfolio holdings of any Reportable Fund (as defined below) or (2) is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. For these purposes, all GSAM directors, officers and partners are considered to be Access Persons. In addition, "Access Person" means (1) any employee of GSAM (and any director, officer, general partner or employee of any company in a control relationship to GSAM) who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of a Covered Security by an Investment Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Adviser who obtains information concerning the recommendations made to an Investment Company with regard to the purchase or sale of a Covered Security by an Investment Company.

 <br> Effective Date: August 29, 2019 *For Internal Use Only* Page 1 of 17

------

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Adviser" means each GSAM related entity so long as it serves as investment adviser, sub-adviser, or principal underwriter to any Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Automatic Investment Plan" means a program in which regular periodic purchases or withdrawals are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Beneficial Ownership" of a security shall be interpreted in the same manner as it would be under Rule 16a-1 (a) (2) under the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), in determining whether a person is the beneficial owner of a security for purposes of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "Board of Trustees" means the board of trustees, directors or managers, including a majority of the
disinterested trustees/directors/managers, of any Investment Company for which an Adviser serves as an investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act
of 1940, as amended (the "Investment Company Act"). Section 2(a)(9) generally provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is
solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Covered Security" means a security as defined in Section 202(a)(18) of the Investment Advisers Act of
1940, as amended (the "Investment Advisers Act") or Section 2(a)(36) of the Investment Company Act, and open-end ETF shares and UIT ETF shares, except that it does not include: (1) direct
obligations of the Government of the United States; (2) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument having a maturity at issuance of less than 366 days and
that is in one of the two highest rating categories of a nationally recognized statistical rating organization), including repurchase agreements; (3) shares issued by money market funds registered under the Investment Company Act;
(4) shares issued by open-end investment companies registered under the Investment Company Act other than Reportable Funds; and (5) shares issued by unit investment trusts that are invested
exclusively in one or more open-end investment companies registered under the Investment Company Act, none of which are Reportable Funds (6) qualified tuition programs established pursuant to
Section 529 of the Internal Revenue Code of 1986 ("529 Plans"), including interests in pre-paid tuition 529 plans and college savings 529 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Exchange-traded fund (ETF)" means an investment company registered under the Investment Company Act as a unit
investment trust ("UIT ETF") or as an open-end investment company ("open-end ETF") that is comprised of a basket of securities

 <br> Effective Date: August 29, 2019 *For Internal Use Only* Page 2 of 17

------

POLICY ON GSAM CODE OF ETHICS

to replicate a securities index or subset of securities underlying an index. ETFs are traded on securities exchanges and in the over-the-counter markets intra-day at negotiated prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act, the Sarbanes-Oxley
Act of 2002, the Investment Company Act, the Investment Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act
as it applies to investment companies and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, the
issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "Investment Company" means a company registered as such under the Investment Company Act, or any series
thereof, for which the Adviser is the investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "Investment Personnel" of the Adviser means (i) any employee of the Adviser (or of any company in a
control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by an Investment Company or (ii) any natural
person who controls the Adviser and who obtains information concerning recommendations made to an Investment Company regarding the purchase or sale of securities by an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. A "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933
pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Purchase or sale of Covered Security" includes, among other things, the writing of an option to purchase or
sell a Covered Security or any security that is exchangeable for or convertible into another Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Reportable Fund" means any investment company registered under the Investment Company Act for which the
Adviser serves as an investment adviser as defined in Section 2(a)(20) of the Investment Company Act or any investment company registered under the Investment Company Act whose investment adviser or principal underwriter controls the Adviser,
is controlled by the Adviser or is under common control with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive and
review reports of purchases and sales by Access

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Persons. The term "Alternative Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to each Adviser. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Supervised Person" means any partner, officer, director (or other person occupying a similar status or
performing similar functions), or employee of GSAM or other person who provides investment advice on behalf of GSAM and is subject to the supervision and control of GSAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has
been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. With respect to an analyst of the Adviser, the foregoing period shall commence on the day that
he or she decides to recommend the purchase or sale of the security to the Adviser for an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. A security is "held or to be acquired" if within the most recent 15 days it (1) is or has been held by the
Investment Company, or (2) is being or has been considered by the Adviser for purchase by the Investment Company, and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security described in
(1) or (2).

**II.** **LEGAL REQUIREMENTS** 

Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of the Adviser to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an Investment Company in contravention of such rules and regulations as the Commission may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of the Adviser in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by an Investment Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To employ any device, scheme or artifice to defraud such Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To make any untrue statement of a material fact to such Investment Company or omit to state a material fact necessary
in order to make the

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statements made to such Investment Company, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any
such Investment Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To engage in any manipulative practice with respect to such Investment Company.

Similarly, Section 206 of the Investment Advisers Act provides that it is unlawful for any investment adviser, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To employ any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or
prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

In addition, Section 204A of the Investment Advisers Act requires the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Investment Advisers Act or Securities Exchange Act or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the Commission has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

**III.** **STATEMENT OF POLICY** 

It is the policy of the Adviser that the Adviser and its Supervised Persons shall comply with applicable Federal Securities Laws and that no Supervised Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 under the Investment Company Act or Sections 204 and 206 of the Investment Advisers Act. No Supervised Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to, an Investment Company or other investment advisory clients or an issuer of any security owned by an Investment Company or other investment advisory clients. In addition, the fundamental position of the Adviser is, and has been, that each Access Person shall place at all times the interests of each Investment Company and its shareholders and all other investment advisory clients first in conducting personal securities transactions. Accordingly, private securities transactions by Access Persons of the Adviser must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should

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not take inappropriate advantage of their positions with, or relationship to, any Investment Company, any other investment advisory client, the Adviser or any affiliated company.

Without limiting in any manner the fiduciary duty owed by Access Persons to the Investment Companies under the provisions of this Code, it should be noted that purchases and sales may be made by Access Persons in the marketplace of securities owned by the Investment Companies; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved and with an investment, rather than a trading, outlook. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the Investment Companies' portfolios. It is also evidence of confidence in the investments made. In making personal investment decisions with respect to any security, however, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated. Further, personal investing by an Access Person should be conducted in such a manner so as to eliminate the possibility that the Access Person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of an Investment Company's or other investment advisory client's portfolio. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to any Investment Company or other investment advisory clients.

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's chief compliance officer and the Review Officer.

**IV.** **EXEMPTED TRANSACTIONS** 

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section V.A(1) and (2) of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Purchases or sales of securities effected for, or held in, any account over which the Access Person has no direct or
indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases or sales of securities which are not eligible for purchase or sale by an Investment Company or other
investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purchases or sales of securities which are non-volitional on the part of the
Access Person, an Investment Company or other investment advisory clients;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Purchases or sales of securities which are part of an Automatic Investment Plan provided that no adjustment is made by
the Access Person to the rate at which securities are purchased or sold, as the case may be, under such a plan during any period in which the security is being considered for purchase or sale by an Investment Company or other investment advisory
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of
its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's acquisition
of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Purchases or sales of publicly-traded shares of companies that have a market capitalization in excess of
$5 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Chief Investment Officer ("CIO") signature approved de minimis per day purchases or sales ($50,000 or less)
of publicly traded shares of companies that have a 10-day average daily trading volume of at least $1 million, subject to the following additional parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg (or similar service)
screen with the minimum 10-day average daily trading volume information indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No Access Person (together with related accounts) may own more than <sup>1</sup>⁄<sub>2</sub> of 1% of the outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Multiple trades of up to $50,000 on different days are permitted so long as each day the trade is approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A security purchased pursuant to this exemption must be held for a minimum of 360 days prior to sale unless it appears
on the Adviser's "$5 billion" Self Pre-Clearance Securities List or normal pre-clearance pursuant to Section VII of this Code is obtained, in which case
the security must be held for at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purchases or sales of securities with respect to which neither an Access Person, nor any member of his or her
immediate family as defined in Rule 16a-1(c) under the Exchange Act, has any direct or indirect influence, control or prior knowledge, which purchases or sales are effected for, or held in, a "blind
account." For this purpose, a "blind account" is an account over which an investment adviser exercises full investment discretion (subject to account guidelines) and does not consult with or seek the approval of the Access Person, or
any member of his or her immediate family, with respect to such purchases and sales; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Other purchases or sales which, due to factors determined by the Adviser, only remotely potentially impact the
interests of an Investment Company or other investment advisory clients because the securities transaction involves a small number of shares of an issuer with a large market capitalization and high average daily trading volume or would otherwise be
very unlikely to affect a highly institutional market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Transactions within a 529 Plan

**V.** **PROHIBITED PURCHASES AND SALES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. While the scope of actions which may violate the Statement of Policy set forth above cannot be exactly defined, such
actions would always include at least the following prohibited activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by
reason of such transaction acquires, any direct or indirect beneficial ownership and which to his or her actual knowledge at the time of such purchase or sale the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is being considered for purchase or sale by an Investment Company or other investment advisory clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is being purchased or sold by an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No Access Person shall enter an order for the purchase or sale of a Covered Security which an Investment Company or other
investment advisory clients is purchasing or selling or considering for purchase or sale until the later of (i) the day after the Investment Company's or other investment advisory clients' transaction in that Covered Security is
completed or (ii) such time as the Investment Company or other investment advisory clients is no longer considering the security for purchase or sale, unless the Review Officer determines that it is clear that, in view of the nature of the
Covered Security and the market for such Covered Security, the order of the Access Person will not adversely affect the price paid or received by the Investment Company or other investment advisory clients. Any securities transactions by an Access
Person in violation of this Subsection 2 must be unwound, if possible, and the profits, if any, will be subject to disgorgement based on the assessment of the appropriate remedy as determined by the Adviser.

The preceding restrictions of this Section V.A(2) are not applicable to particular Access Persons with respect to transactions by Investment

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Companies or other advisory clients whose trading and holdings information is unavailable to such Access Persons due to the presence of an information barrier. Access Persons in GSAM's AIMS group for example, are generally "walled off" from non-public trading and holdings information of GSAM's direct investing businesses, such as GSAM's Fixed Income or Fundamental Equity business. As a result, these Access Persons would not be subject to the restrictions of Section V.A(2) with respect to those particular client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No Access Person shall, in the absence of prior approval by the Review Officer, sell any Covered Security that was
purchased, or purchase a Covered Security that was sold, within the prior 30 calendar days (measured on a last-in first-out basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In addition to the foregoing, the following provisions will apply to Access Persons of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of an
Investment Company or other investment advisory clients) any information regarding securities transactions by an Investment Company or other investment advisory clients or consideration by an Investment Company or other investment advisory clients
or the Adviser of any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Access Persons must, as a regulatory requirement and as a requirement of this Code, obtain prior approval before directly
or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering. In addition, Access Persons must comply with any additional restrictions or prohibitions that may be adopted by the Adviser from
time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In addition to the foregoing, the following provision will apply to Investment Personnel of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Investment Personnel shall serve on the board of directors of any publicly traded company, absent prior written
authorization and determination by the Review Officer that the board service would be consistent with the interests of the Investment Companies and their shareholders or other investment advisory clients. Such interested Investment Personnel may not
participate in the decision for any Investment Company or other investment advisory clients to purchase and sell securities of such company.

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**VI.** **BROKERAGE ACCOUNTS** 

Access Persons are required to direct their brokers to supply for the Review Officer on a timely basis duplicate copies of confirmations of all securities transactions in which the Access Person has a beneficial ownership interest and related periodic statements, whether or not one of the exemptions listed in Section IV applies. If an Access Person is unable to arrange for duplicate copies of confirmations and periodic account statements to be sent to the Review Officer, he or she must immediately notify the Review Officer.

**VII.** **PRECLEARANCE PROCEDURE** 

With such exceptions and conditions as the Adviser deems to be appropriate from time to time and consistent with the purposes of this Code (for example, exceptions based on an issuer's market capitalization, the amount of public trading activity in a security, the size of a particular transaction or other factors), prior to effecting any securities transactions in which an Access Person has a beneficial ownership interest, the Access Person must receive approval by the Adviser. Any approval is valid only for such number of day(s) as may be determined from time to time by the Adviser. If an Access Person is unable to effect the securities transaction during such period, he or she must re-obtain approval prior to effecting the securities transaction.

The Adviser will decide whether to approve a personal securities transaction for an Access Person after considering the specific restrictions and limitations set forth in, and the spirit of, this Code of Ethics, including whether the security at issue is being considered for purchase or sale for an Investment Company or other investment advisory clients (taking into account the Access Person's access to information regarding the transactions and holdings of such Investment Company or other investment advisory client). The Adviser is not required to give any explanation for refusing to approve a securities transaction.

**VIII.** **REPORTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Every Access Person shall report to the Review Officer the information: (1) described in Section VIII-C of this Code with respect to transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires or disposes of, any direct or indirect beneficial ownership in the
Covered Security, and (2) described in Sections VIII-D or VIII-E of this Code with respect to securities holdings beneficially owned by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding Section VIII-A of this Code, an Access Person need not make a
report to the extent the information in the report would duplicate information recorded pursuant to Rule 204-2(a)(13) under the Investment Advisers Act or if the report would duplicate information contained in
broker trade confirmations or account statements so long as the Adviser receives confirmations or statements no later than 30 days after the end of the applicable calendar quarter. The quarterly transaction reports required under Section VIII-A(1) shall be deemed made with respect to (1)

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any account where the Access Person has made provision for transmittal of all daily trading information regarding the account to be delivered to the designated Review Officer for his or her review or (2) any account maintained with the Adviser or an affiliate. With respect to Investment Companies for which the Adviser does not act as investment adviser or sub-adviser, reports required to be furnished by officers and trustees or managers of such Investment Companies who are Access Persons of the Adviser must be made under Section VIII-C of this Code and furnished to the designated review officer of the relevant investment adviser. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Quarterly Transaction and New Account Reports. Unless quarterly transaction reports are deemed to have been made under
Section VIII-B of this Code, every quarterly transaction report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and
shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the transaction, the title, and as applicable the exchange ticker or CUSIP number, the interest rate and
maturity date, class and the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The date that the report was submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) With respect to any account established by an Access Person in which any securities were held during the quarter for
the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The date that the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Initial Holdings Reports.* No later than 10 days after becoming an Access Person, each Access Person must submit a
report containing the following information

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(which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with which the Access Person maintained an account in which any securities (not
just Covered Securities) were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Annual Holdings Reports.* On an annual basis, every Access Person shall submit the following information (which
information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities (not
just Covered Securities) are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. These reporting requirements shall apply whether or not one of the exemptions listed in Section IV applies except that:
(1) an Access Person shall not be required to make a report with respect to securities transactions effected for, and any Covered Securities held in, any account over which such Access Person does not have any direct or indirect influence or
control; and (2) an Access Person need not make a quarterly transaction report with respect to the transactions effected pursuant to an Automatic Investment Plan or a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Any such report may contain a statement that the report shall not be construed as an admission by the person making such
report that (1) he or she has or had any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject Security") or (2) he or she knew or should have known that the Subject Security was
being purchased or sold, or considered for purchase or sale, by an Investment Company or other investment advisory clients on the same day.

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**IX.** **APPROVAL OF CODE OF ETHICS AND AMENDMENTS TO THE CODE OF ETHICS** 

The Board of Trustees of each Investment Company shall approve this Code of Ethics. Any material amendments to this Code of Ethics must be approved by the Board of Trustees of each Investment Company no later than six months after the adoption of the material change. Before their approval of this Code of Ethics and any material amendments hereto, the Adviser shall provide a certification to the Board of Trustees of each such Investment Company that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

**X.** **ANNUAL CERTIFICATION OF COMPLIANCE** 

Each Supervised Person shall certify to the Review Officer annually on the form annexed hereto as Form A that he or she (A) has read and understands this Code of Ethics and any procedures that are adopted by the Adviser relating to this Code, and recognizes that he or she is subject thereto; (B) has complied with the requirements of this Code of Ethics and such procedures; and (C) if an Access Person, has disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported pursuant to the requirements of this Code of Ethics and any related procedures.

**XI.** **CONFIDENTIALITY** 

All reports of securities transactions, holding reports and any other information filed with the Adviser pursuant to this Code shall be treated as confidential, except that reports of securities transactions and holdings reports hereunder will be made available to the Investment Companies and to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent the Adviser considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory or self-regulatory organization.

**XII.** **REVIEW OF REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Review Officer shall be responsible for the review of the quarterly transaction reports required under VIII-C, and the initial and annual holdings reports required under Sections VIII-D and VIII-E, respectively, of this Code of Ethics. In
connection with the review of these reports, the Review Officer or the Alternative Review Officer shall take appropriate measures to determine whether each reporting person has complied with the provisions of this Code of Ethics and any related
procedures adopted by the Adviser. Any violations of the Code of Ethics shall be reported promptly to the Adviser's chief compliance officer by the Review Officer, or Alternate Review Officer, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. On an annual basis, the Review Officer shall prepare for the Board of Trustees of each Investment Company and the Board
of Trustees of each Investment Company shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A report which describes any issues arising under this Code or any related procedures adopted by the Adviser including
without limitation information about material violations of the Code and sanctions imposed in response to material violations. An Alternative Review Officer shall prepare reports with respect to compliance by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A report identifying any recommended changes to existing restrictions or procedures based upon the Adviser's
experience under this Code, evolving industry practices and developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A report certifying to the Board of Trustees that the Adviser has adopted procedures that are reasonably necessary to
prevent Access Persons from violating this Code of Ethics.

**XIII.** **SANCTIONS** 

Upon discovering a violation of this Code, the Adviser may impose such sanction(s) as it deems appropriate, including, among other things, a letter of censure, suspension or termination of the employment of the violator and/or restitution to the affected Investment Company or other investment advisory client of an amount equal to the advantage that the offending person gained by reason of such violation. In addition, as part of any sanction, the Adviser may require the Access Person or other individual involved to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code may also result in criminal prosecution or civil action. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Investment Company with respect to whose securities the violation occurred.

**XIV.** **INTERPRETATION OF PROVISIONS** 

The Adviser may from time to time adopt such interpretations of this Code as it deems appropriate.

**XV.** **IDENTIFICATION OF ACCESS PERSONS AND INVESTMENT PERSONNEL; ADDITIONAL DISTRIBUTION TO SUPERVISED PERSONS** 

The Adviser shall identify all persons who are considered to be Access Persons and Investment Personnel, and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures or amendments to this Code adopted by the Adviser. In addition, all Supervised Persons shall be provided with a copy of this Code and all amendments.

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All Supervised Persons (including Access Persons) shall provide the Review Officer with a written acknowledgment of their receipt of the Code and any amendments.

**XVI.** **EXCEPTIONS TO THE CODE** 

Although exceptions to the Code will rarely, if ever, be granted, a designated Officer of the Adviser, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from the Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the Board of Trustees of the Investment Company with respect to which the exception applies at its next regularly scheduled Board meeting.

**XVII.** **RECORDS** 

The Adviser shall maintain records in the manner and to the extent set forth below, which records may be maintained using micrographic or electronic storage medium under the conditions described in Rule 204-2(g) of the Investment Advisers Act and Rule 31a-2(f)(1) and Rule 17j-1 under the Investment Company Act, and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall
be preserved for a period of not less than five years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an
easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each initial holdings report, annual holdings report and quarterly transaction report made by an Access
Person pursuant to this Code (including any brokerage confirmation or account statements provided in lieu of the reports) shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two
years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of the names of all persons who are, or within the past five years have been, required to make initial
holdings, annual holdings or quarterly transaction reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A record of all written acknowledgements for each person who is currently, or within the past five years was, required
to acknowledge their receipt of this Code and any amendments thereto. All acknowledgements for a person must be kept for the

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POLICY ON GSAM CODE OF ETHICS

period such person is a Supervised Person of the Adviser and until five years after the person ceases to be a Supervised Person of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A record of the names of all persons, currently or within the past five years who are or were responsible for
reviewing initial holdings, annual holdings or quarterly transaction reports shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A record of any decision and the reason supporting the decision to approve the acquisition by Access Person of Initial
Public Offerings and Limited Offerings shall be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. A copy of each report required by Section XII-B of this Code shall be
maintained for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

**XVIII.** **SUPPLEMENTAL COMPLIANCE AND REVIEW PROCEDURES** 

The Adviser may establish, in its discretion, supplemental compliance and review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more, but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

*Pre-PLS Revision History* 

&nbsp;&nbsp;&nbsp;&nbsp;● November 17, 2010

&nbsp;&nbsp;&nbsp;&nbsp;● January 15, 2010

&nbsp;&nbsp;&nbsp;&nbsp;● May 12, 2009

&nbsp;&nbsp;&nbsp;&nbsp;● January 23, 2007

&nbsp;&nbsp;&nbsp;&nbsp;● June 15, 2006

&nbsp;&nbsp;&nbsp;&nbsp;● February 23, 2005 (first web posting)

&nbsp;&nbsp;&nbsp;&nbsp;● January 23, 1991 (original date)

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POLICY ON GSAM CODE OF ETHICS

REVISION HISTORY

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Version 9.4, September 07, 2022 (Current version: New or changed business products or processes; Updated to include the
acquisition of NextCapital Advisers, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Version 9.3, February 26, 2021 (New or changed business products or processes; Removal of application to PWM ISG.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Version 9.2, October 07, 2020 (Routine review cycle; Reviewed and approved without change.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Version 9.1, November 26, 2019 (Other; Migration to GS Docs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Version 9.0, September 09, 2019 (Spelling error correction in title)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Version 8.0, August 29, 2019 (Updated to reflect the name change of Standard & Poor's Investment
Advisory Services to GSAM Strategies Portfolios, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Version 7.0, August 20, 2019 (Updated to specify additional GSAM related entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Version 6.0, February 15, 2019 (Revision)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Version 5.0, January 17, 2018 (Typo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Version 4.0, May 10, 2017 (Entity change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Version 3.0, December 04, 2014 (Reviewed and reapproved w/o change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Version 2.0, March 13, 2012 (Revision of policy to address the ALGO entity.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Version 1.0, March 10, 2012 (New Document)

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