Mutual Funds February 28, 2021

Thrivent Mutual Funds Class A Shares Prospectus

Thrivent Aggressive Allocation Fund TAAAX Thrivent Limited Fund LBLAX Thrivent Balanced Income Plus Fund AABFX Thrivent Mid Cap Stock Fund AASCX Thrivent Diversified Income Plus Fund AAHYX Thrivent Moderate Allocation Fund THMAX Thrivent Global Stock Fund AALGX Thrivent Moderately Aggressive Allocation Fund TMAAX Thrivent Government TBFAX Thrivent Moderately Conservative Allocation Fund TCAAX Thrivent High Yield Fund LBHYX Thrivent Money Market Fund AMMXX Thrivent Income Fund LUBIX Thrivent Fund AAMBX Thrivent International Allocation Fund TWAAX Thrivent Opportunity Income Plus Fund AAINX Thrivent Large Cap Growth Fund AAAGX Thrivent Small Cap Stock Fund AASMX Thrivent Large Cap Value Fund AAUTX

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

Page Summary Section Thrivent Aggressive Allocation Fund...... 3 Thrivent Balanced Income Plus Fund ...... 8 Thrivent Diversified Income Plus Fund...... 13 Thrivent Global Stock Fund...... 18 Thrivent Fund ...... 22 Thrivent High Yield Fund...... 26 Thrivent Income Fund ...... 30 Thrivent International Allocation Fund...... 34 Thrivent Large Cap Growth Fund...... 38 Thrivent Large Cap Value Fund ...... 41 Thrivent Limited Maturity Bond Fund ...... 44 Thrivent Mid Cap Stock Fund...... 48 Thrivent Moderate Allocation Fund ...... 51 Thrivent Moderately Aggressive Allocation Fund...... 56 Thrivent Moderately Conservative Allocation Fund...... 61 Thrivent Money Market Fund...... 66 Thrivent Municipal Bond Fund ...... 69 Thrivent Opportunity Income Plus Fund...... 72 Thrivent Small Cap Stock Fund...... 77

More about Investment Strategies and Risks ...... 80 Information about Certain Principal Investment Strategies...... 80 Information about Certain Non-Principal Investment Strategies...... 82 Glossary of Principal Risks...... 83 Glossary of Investment Terms...... 90

Management of the Funds...... 91 Investment Adviser...... 91 Management Fees ...... 91 Administrative Service Fee...... 91 Portfolio Management ...... 91 Personal Securities Investments ...... 93 Trademarks...... 93

Shareholder Information ...... 95 How to Contact Us ...... 95 Pricing Fund Shares...... 95 Class A Shares...... 96 Buying Shares ...... 97 Redeeming Shares...... 99 Exchanging Shares Between Funds ...... 101 Transaction Confirmations...... 102 Uncashed Checks on Your Account ...... 102 Accounts with Low Balances ...... 102 Important Information Regarding Unclaimed/Abandoned Property ...... 103

1 Table of Contents

Frequent Trading Policies and Monitoring Processes...... 103 Anti-Money Laundering...... 104 Disclosure of Fund Holdings...... 104 Standing Allocation Order...... 104 Payments to Financial Intermediaries ...... 104 Distributions ...... 105 Dividends ...... 105 Capital Gains...... 105 Distribution Options...... 105 Taxes...... 106 Index Descriptions...... 107 Financial Highlights ...... 111

2 Thrivent Aggressive Allocation Fund TAAAX

Investment Objective expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund’s Thrivent Aggressive Allocation Fund (the Fund ) seeks long-term operating expenses remain the same. Although your actual cost capital growth. may be higher or lower, based on these assumptions your cost would be: Fees and Expenses This table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Fund. You may qualify for sales $567 $854 $1,163 $2,038 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 Portfolio Turnover discounts is available from your financial professional and in the The Fund pays transaction costs, such as commissions, when it “Class A Shares” section on pages 96 through 97 of the Fund’s buys and sells securities (or “turns over” its portfolio). A higher prospectus and the “Sales Charges” section under the heading portfolio turnover rate may indicate higher transaction costs and “Purchase, Redemption and Pricing of Shares” of the Fund’s may result in higher taxes when Fund shares are held in a taxable Statement of Additional Information. account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s Shareholder Fees performance. During the most recent fiscal year, the Fund’s (fees paid directly from your investment) portfolio turnover rate was 48% of the average value of its portfolio. Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% Principal Strategies Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase The Fund pursues its objective by investing in a combination of price or current net asset value)1 1.00% other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek greater Annual Fund Operating Expenses long-term capital growth and are comfortable with higher levels of (expenses that you pay each year as a percentage of the value of risk and volatility. The Fund uses a prescribed asset allocation your investment) strategy involving a two-step process that is designed to achieve its desired risk tolerance. The first step is the construction of a Management Fees 0.73% model for the allocation of the Fund’s assets across broad asset Distribution and Shareholder Service (12b-1) Fees 0.25% categories (namely, equity securities and debt securities). The Other Expenses 0.17% second step involves the determination of sub-classes within the broad asset categories and target weightings (i.e., what the Acquired Fund Fees and Expenses 0.25% Adviser determines is the strategic allocation) for these Total Annual Fund Operating Expenses 1.40% sub-classes. Sub-classes for equity securities may be based on market capitalization, investment style (such as growth or value), Less Fee Waivers and/or Expense Reimbursements2 0.20% or economic sector. Sub-classes for debt securities may be based on maturity, duration, type or credit rating (high Total Annual Fund Operating Expenses After Fee yield—commonly known as “junk bonds”—or investment grade). Waivers and/or Expense Reimbursements 1.20% The Adviser may consider environmental, social, and governance 1 When you invest $1,000,000 or more, a deferred sales charge of 1% (ESG) factors as part of its investment analysis and will apply to shares redeemed within one year. decision-making processes for the Fund. 2 The Adviser has contractually agreed, for as long as the current fee structure is in place and through at least February 28, 2022, to waive The use of target weightings for various sub-classes within broad 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 asset categories is intended as a multi-style approach to reduce Adviser or an affiliate serves as investment adviser, other than Thrivent the risk of investing in securities having common characteristics. Cash Management Trust. This contractual provision may be terminated The Fund may buy and sell futures contracts to either hedge its upon the mutual agreement between the Independent Trustees of the Fund and the Adviser. exposure or obtain exposure to certain investments. The Fund may invest in foreign securities, including those of Example issuers in emerging markets. An “emerging market” country is This example is intended to help you compare the cost of any country determined by the Adviser to have an emerging investing in the Fund with the cost of investing in other mutual market economy, considering factors such as the country’s credit funds. rating, its political and economic stability and the development of its financial and capital markets. 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

3 Under normal circumstances, the Fund invests in the following Fund is that the allocation strategies used and the allocation broad asset classes within the ranges given: decisions made will not produce the desired results. Equity Security Risk. Equity securities held by the Fund may Target Allocation Broad Asset Category Allocation Range decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may Equity Securities ...... 95% 75-100% occur because of declines in the equity market as a whole, or Debt Securities...... 5% 0-25% because of declines in only a particular country, company, The Fund’s actual holdings in each broad asset category may be industry, or sector of the market. From time to time, the Fund may outside the applicable allocation range from time to time due to invest a significant portion of its assets in companies in one or differing investment performance among asset categories. The more related sectors or industries which would make the Fund Adviser will rebalance the Fund at least annually so that its more vulnerable to adverse developments affecting such sectors holdings are within the ranges for the broad asset categories. or industries. Equity securities are generally more volatile than most debt securities. The Fund pursues its investment strategy by investing primarily in other mutual funds managed by the Adviser. The names of the Large Cap Risk. Large-sized companies may be unable to funds managed by the Adviser which are currently available for respond quickly to new competitive challenges such as changes investment by the Fund are shown in the list below. The list is in technology. They may also not be able to attain the high growth provided for information purposes only. The Adviser may change rate of successful smaller companies, especially during the availability of the funds managed by the Adviser for extended periods of economic expansion. investment by the Fund without shareholder approval or advance Small Cap Risk. Smaller, less seasoned companies often have notice to shareholders. greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend Equity Securities to have small revenues, narrower product lines, less Small Cap management depth and experience, small shares of their product Thrivent Small Cap Stock Fund or service markets, fewer financial resources, and less Mid Cap competitive strength than larger companies. Such companies Thrivent Mid Cap Stock Fund seldom pay significant dividends that could soften the impact of Large Cap a falling market on returns. Thrivent Global Stock Fund Thrivent Large Cap Growth Fund Mid Cap Risk. Medium-sized companies often have greater Thrivent Large Cap Value Fund price volatility, lower trading volume, and less liquidity than larger, Other more-established companies. These companies tend to have Thrivent International Allocation Fund smaller revenues, narrower product lines, less management Thrivent Core International Equity Fund depth and experience, smaller shares of their product or service Thrivent Core Low Volatility Equity Fund markets, fewer financial resources, and less competitive strength than larger companies. Debt Securities High Yield Bonds Market Risk. Over time, securities markets generally tend to Thrivent High Yield Fund move in cycles with periods when security prices rise and Intermediate/Long-Term Bonds periods when security prices decline. The value of the Fund’s Thrivent Income Fund investments may move with these cycles and, in some instances, Short-Term/Intermediate Bonds increase or decrease more than the applicable market(s) as Thrivent Limited Maturity Bond Fund measured by the Fund’s benchmark index(es). The securities Other markets may also decline because of factors that affect a Thrivent Core Emerging Markets Debt Fund particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious Short-Term Debt Securities illness, public health threats, war, terrorism, natural disasters or Money Market similar events. Thrivent Cash Management Trust Other Other Funds Risk. Because the Fund invests in other funds Thrivent Core Short-Term Reserve Fund managed by the Adviser or an affiliate (“Other Funds”), the performance of the Fund is dependent, in part, upon the Principal Risks 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 The Fund is subject to the following principal investment risks, Other Funds. In addition, Other Funds may be subject to which you should review carefully and in entirety. The Fund may additional fees and expenses that will be borne by the Fund. not achieve its investment objective and you could lose money by investing in the Fund. Growth Investing Risk. Growth style investing includes the risk of investing in securities whose prices historically have been Allocation Risk. The Fund’s investment performance depends more volatile than other securities, especially over the short term. upon how its assets are allocated across broad asset categories Growth stock prices reflect projections of future earnings or and applicable sub-classes within such categories. Some broad revenues and, if a company’s earnings or revenues fall short of asset categories and sub-classes may perform below expectations, its stock price may fall dramatically. expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the

4 Value Investing Risk. Value style investing includes the risk that that the Adviser will be able to effectively implement the Fund’s stocks of undervalued companies may not rise as quickly as investment objective. anticipated if the market doesn’t recognize their intrinsic value or Conflicts of Interest Risk. An investment in the Fund will be if value stocks are out of favor. subject to a number of actual or potential conflicts of interest. For Foreign Securities Risk. Foreign securities generally carry more example, the Adviser or its affiliates may provide services to the risk and are more volatile than their domestic counterparts, in Fund for which the Fund would compensate the Adviser and/or part because of potential for higher political and economic risks, such affiliates. The Fund may invest in other pooled investment lack of reliable information and fluctuations in currency exchange vehicles sponsored, managed, or otherwise affiliated with the rates where investments are denominated in currencies other Adviser, including other Funds. The Adviser may have an than the U.S. dollar. Certain events in foreign markets may incentive (financial or otherwise) to enter into transactions or adversely affect foreign and domestic issuers, including arrangements on behalf of the Fund with itself or its affiliates in interruptions in the global supply chain, market closures, war, circumstances where it might not have done so otherwise. terrorism, natural disasters and outbreak of infectious diseases. The Adviser or its affiliates manage other investment funds and/or The Fund’s investment in any country could be subject to accounts (including proprietary accounts) and have other clients governmental actions such as capital or currency controls, with investment objectives and strategies that are similar to, or nationalizing a company or industry, expropriating assets, or overlap with, the investment objective and strategy of the Fund, imposing punitive taxes that would have an adverse effect on creating conflicts of interest in investment and allocation security prices, and impair the Fund’s ability to repatriate capital decisions regarding the allocation of investments that could be or income. Foreign securities may also be more difficult to resell appropriate for the Fund and other clients of the Adviser or their than comparable U.S. securities because the markets for foreign affiliates. securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be Issuer Risk. Issuer risk is the possibility that factors specific to diluted by adverse changes in exchange rates when the an issuer to which the Fund is exposed will affect the market security’s value is converted to U.S. dollars. Foreign withholding prices of the issuer’s securities and therefore the value of the taxes also may apply and errors and delays may occur in the Fund. settlement process for foreign securities. Quantitative Investing Risk. Securities selected according to a Emerging Markets Risk. The economic and political structures quantitative analysis methodology can perform differently from of developing countries in emerging markets, in most cases, do the market as a whole based on the model and the factors used not compare favorably with the U.S. or other developed countries in the analysis, the weight placed on each factor and changes in in terms of wealth and stability, and their financial markets often the factor’s historical trends. Such models are based on lack liquidity. Fund performance will likely be negatively affected assumptions of these and other market factors, and the models by portfolio exposure to countries and corporations domiciled in may not take into account certain factors, or perform as intended, or with revenue exposures to countries in the midst of, among and may result in a decline in the value of the Fund’s portfolio. other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval, or interventionist Derivatives Risk. The use of derivatives (such as futures) government policies. Fund performance may also be negatively involves additional risks and transaction costs which could leave affected by portfolio exposure to countries and corporations the Fund in a worse position than if it had not used these domiciled in or with revenue exposures to countries with less instruments. The Fund utilizes equity futures in order to increase developed legal, tax, regulatory, and accounting systems. or decrease its exposure to various asset classes at a lower cost Significant buying or selling actions by a few major investors may than trading stocks directly. The use of derivatives can lead to also heighten the volatility of emerging markets. These factors losses because of adverse movements in the price or value of make investing in emerging market countries significantly riskier the underlying asset, index or rate, which may be magnified by than in other countries, and events in any one country could certain features of the contract. Changes in the value of the cause the Fund’s share price to decline. derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the Foreign Currency Risk. The value of a foreign currency may original amount invested. Derivatives can be highly volatile, decline against the U.S. dollar, which would reduce the dollar illiquid and difficult to value. Certain derivatives may also be value of securities denominated in that currency. The overall subject to counterparty risk, which is the risk that the other party impact of such a decline of foreign currency can be significant, in the transaction will not fulfill its contractual obligations due to unpredictable, and long lasting, depending on the currencies its financial condition, market events, or other reasons. represented, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. LIBOR Risk. The Fund may be exposed to financial instruments Under normal conditions, the Fund does not engage in extensive that are tied to LIBOR (London Interbank Offered Rate) to foreign currency hedging programs. Further, exchange rate determine payment obligations, financing terms or investment movements are volatile, and it is not possible to effectively hedge value. Such financial instruments may include bank loans, the currency risks of many developing countries. derivatives, floating rate securities, certain asset backed securities, and other assets or liabilities tied to LIBOR. In 2017, Investment Adviser Risk. The Fund is actively managed and the head of the U.K. Financial Conduct Authority announced a the success of its investment strategy depends significantly on desire to phase out the use of LIBOR by the end of 2021. On the skills of the Adviser in assessing the potential of the November 30, 2020, the administrator of LIBOR announced its investments in which the Fund invests. This assessment of intention to delay the phase out of the majority of the U.S. dollar investments may prove incorrect, resulting in losses or poor LIBOR publications until June 30, 2023, with the remainder of performance, even in rising markets. There is also no guarantee LIBOR publications to still end at the end of 2021. There remains

5 uncertainty regarding the future utilization of LIBOR and the Best Quarter: Q2 ’20 +19.26% nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or its investments are not Worst Quarter: Q1 ’20 (21.71)% known. Average Annual Total Returns Health Crisis Risk. The global pandemic outbreak of the novel (Periods Ending December 31, 2020) coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption. The duration and 1 Year 5 Years 10 Years full effects of the outbreak are uncertain and may result in trading Fund (before taxes) 11.18% 11.31% 9.32% suspensions and market closures, limit liquidity and the ability of the Fund to process shareholder redemptions, and negatively Fund (after taxes on impact Fund performance. The COVID-19 outbreak and future distributions) 10.40% 9.92% 8.04% pandemics could affect the global economy and markets in ways Fund (after taxes on that cannot be foreseen and may exacerbate other types of risks, distributions and negatively impacting the value of Fund investments. redemptions) 7.16% 8.68% 7.26% S&P 500® Index Performance (reflects no deduction for The following bar chart and table provide an indication of the fees, expenses or taxes) 18.40% 15.22% 13.88% risks of investing in the Fund by showing changes in the Fund’s MSCI All Country World Index performance from year to year and by showing how the Fund’s ex-USA - USD Net Returns average annual returns for one-, five- and ten-year periods (reflects no deduction for compared to broad-based securities market indices. The index fees, expenses or taxes) 10.65% 8.93% 4.92% descriptions appear in the Index Descriptions section of the Bloomberg Barclays prospectus. Call 800-847-4836 or visit thriventfunds.com for U.S. Aggregate Bond Index performance results current to the most recent month-end. (reflects no deduction for The bar chart includes the effects of Fund expenses, but not fees, expenses or taxes) 7.51% 4.44% 3.84% 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 Management sold your shares at the end of the period. The after-tax returns are calculated using the historical highest individual federal marginal Investment Adviser(s) income tax rates and do not reflect the impact of state and local The Fund is managed by Thrivent Asset Management, LLC taxes. Actual after-tax returns depend on an investor’s tax (“Thrivent Asset Mgt.” or the “Adviser”). situation and may differ from those shown and after-tax returns are not relevant to investors who hold their Fund shares through Portfolio Manager(s) tax-deferred arrangements such as individual retirement Stephen D. Lowe, CFA, David S. Royal and David R. accounts. Spangler, CFA are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served as a How the Fund has performed in the past (before and after taxes) portfolio manager of the Fund since April 2016. Mr. Royal has is not necessarily an indication of how it will perform in the future. served as portfolio manager of the Fund since April 2018. Mr. Performance information provides some indication of the risks of Spangler has served as a portfolio manager of the Fund since investing in the Fund by showing changes in the Fund’s February 2019. Mr. Lowe is Chief Investment Strategist and has performance over time. been with Thrivent Financial since 1997. He has served as a portfolio manager since 2009. Mr. Royal is Chief Investment Year-by-Year Total Return Officer and has been with Thrivent Financial since 2006. Mr. Spangler has been with Thrivent Financial since 2002, in an 30 26.76% investment management capacity since 2006 and currently is a 25 24.46% Senior Portfolio Manager. 20.93% 20 16.41% Purchase and Sale of Fund Shares

15 12.61% You may purchase, redeem or exchange shares of the Fund 9.65% through certain broker-dealers. 10 5.81% 5 The minimum initial investment requirement for this Fund is $2,000 and the minimum subsequent investment requirement is (4.66)% (0.86)% (6.89)%

Annual Return (%) 0 $50 for taxable accounts. For IRA or tax-deferred accounts, the minimum initial investment requirement for this Fund is $1,000 -5 and the minimum subsequent investment requirement is $50. -10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan.

6 You may purchase or redeem Fund shares on days that the New Payments to Broker-Dealers and Other York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet Financial Intermediaries (thrivent.com), by wire/ACH transfer or through an automatic If you purchase the Fund through a broker-dealer or other investment plan (for purchases) or a systematic withdrawal plan financial intermediary (such as an insurance company), the Fund (for redemptions), subject to certain limitations. and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create Tax Information a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over The Fund intends to make distributions that may be taxed as another investment. Ask your salesperson or visit your financial ordinary income or capital gains. Investing in the Fund through a intermediary’s website for more information. retirement plan could have different tax consequences.

7 Thrivent Balanced Income Plus Fund AABFX

Investment Objective Portfolio Turnover Thrivent Balanced Income Plus Fund (the Fund) seeks The Fund pays transaction costs, such as commissions, when it long-term total return through a balance between income and the buys and sells securities (or “turns over” its portfolio). A higher potential for long-term capital growth. portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable Fees and Expenses account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s This table describes the fees and expenses that you may pay if performance. During the most recent fiscal year, the Fund’s you buy and hold shares of the Fund. You may qualify for sales portfolio turnover rate was 85% of the average value of its charge discounts if you and your family invest, or agree to invest portfolio. 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 Principal Strategies discounts is available from your financial professional and in the “Class A Shares” section on pages 96 through 97 of the Fund’s Under normal circumstances, the Fund invests in a combination prospectus and the “Sales Charges” section under the heading of equity securities and debt securities within the ranges shown “Purchase, Redemption and Pricing of Shares” of the Fund’s in the following table: Statement of Additional Information. Target Allocation Broad Asset Category Allocation Range Shareholder Fees (fees paid directly from your investment) Equity Securities ...... 50% 25-75% Debt Securities...... 50% 25-75% Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% The equity securities in which the Fund invests may include common stock, preferred stock, securities convertible into Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase common stock, or securities or other instruments the price of price or current net asset value)1 1.00% which is linked to the value of common stock. The debt securities in which the Fund invests may be of any Annual Fund Operating Expenses maturity or credit quality, including high yield, high risk bonds, (expenses that you pay each year as a percentage of the value of notes, and other debt obligations commonly known your investment) as “junk bonds.” At the time of purchase, these high-yield Management Fees 0.55% securities are rated within or below the “BB” major rating category by S&P or the “Ba” major rating category by Moody’s or Distribution and Shareholder Service (12b-1) Fees 0.25% are unrated but considered to be of comparable quality by the Other Expenses 0.24% Adviser. The Fund may also invest in leveraged loans, which are Acquired Fund Fees and Expenses 0.01% senior secured loans that are made by banks or other lending institutions to companies that are rated below investment grade. Total Annual Fund Operating Expenses 1.05% In addition, the Fund may invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. (including commercially backed ones), convertible bonds, and sovereign and (both U.S. dollar and Example non-U.S. dollar denominated). This example is intended to help you compare the cost of The Fund may invest in foreign securities, including those of investing in the Fund with the cost of investing in other mutual issuers in emerging markets. An “emerging market” country is funds. any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s credit The example assumes that you invest $10,000 in the Fund for the rating, its political and economic stability and the development of time periods indicated and then redeem all of your shares at the its financial and capital markets. end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s The Fund utilizes derivatives primarily in the form of U.S. Treasury operating expenses remain the same. Although your actual cost futures contracts in order to manage the Fund’s duration, or may be higher or lower, based on these assumptions your cost interest rate risk. The Fund may enter into derivatives contracts would be: traded on exchanges or in the over the counter market. The Fund may also pursue its investment strategy by investing in 1 Year 3 Years 5 Years 10 Years other mutual funds managed by the Adviser. $552 $769 $1,003 $1,675 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

8 an issuer’s financial profile, management, and business illness, public health threats, war, terrorism, natural disasters or prospects while quantitative and technical techniques involve a similar events. more data-oriented analysis of financial information, market Large Cap Risk. Large-sized companies may be unable to trends and price movements. The Adviser may consider respond quickly to new competitive challenges such as changes environmental, social, and governance (ESG) factors as part of in technology. They may also not be able to attain the high growth its investment analysis and decision-making processes for the rate of successful smaller companies, especially during Fund. extended periods of economic expansion. Principal Risks Leveraged Loan Risk. Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt The Fund is subject to the following principal investment risks, securities. In addition, leveraged loans, which typically hold a which you should review carefully and in entirety. The Fund may senior position in the capital structure of a borrower, are subject not achieve its investment objective and you could lose money to the risk that a court could subordinate such loans to presently by investing in the Fund. existing or future indebtedness or take other action detrimental to Equity Security Risk. Equity securities held by the Fund may the holders of leveraged loans. Leveraged loans are also subject decline significantly in price, sometimes rapidly or unpredictably, to the risk that the value of the collateral, if any, securing a loan over short or extended periods of time, and such declines may may decline, be insufficient to meet the obligations of the occur because of declines in the equity market as a whole, or borrower, or be difficult to liquidate. Some leveraged loans are because of declines in only a particular country, company, not as easily purchased or sold as publicly-traded securities and industry, or sector of the market. From time to time, the Fund may others are illiquid, which may make it more difficult for the Fund to invest a significant portion of its assets in companies in one or value them or dispose of them at an acceptable price. Below more related sectors or industries which would make the Fund investment-grade leveraged loans are typically more credit more vulnerable to adverse developments affecting such sectors sensitive. In the event of fraud or misrepresentation, the Fund or industries. Equity securities are generally more volatile than may not be protected under federal securities laws with respect most debt securities. to leveraged loans that may not be in the form of “securities.” The settlement period for some leveraged loans may be more than Interest Rate Risk. Interest rate risk is the risk that prices of debt seven days. securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with LIBOR Risk. The Fund may be exposed to financial instruments longer durations (a measure of price sensitivity of a bond or bond that are tied to LIBOR (London Interbank Offered Rate) to fund to changes in interest rates) or maturities (i.e., the amount of determine payment obligations, financing terms or investment time until a bond’s issuer must pay its principal or face value) value. Such financial instruments may include bank loans, tend to be more sensitive to changes in interest rates than debt derivatives, floating rate securities, certain asset backed securities with shorter durations or maturities. Changes by the securities, and other assets or liabilities tied to LIBOR. In 2017, Federal Reserve to monetary policies could affect interest rates the head of the U.K. Financial Conduct Authority announced a and the value of some securities. In addition, the phase out of desire to phase out the use of LIBOR by the end of 2021. On LIBOR (the offered rate for short-term Eurodollar deposits November 30, 2020, the administrator of LIBOR announced its between major international banks) by the end of 2021 could intention to delay the phase out of the majority of the U.S. dollar lead to increased volatility and illiquidity in certain markets that LIBOR publications until June 30, 2023, with the remainder of currently rely on LIBOR to determine interest rates. LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the Credit Risk. Credit risk is the risk that an issuer of a debt security nature of any replacement rate, and any potential effects of the to which the Fund is exposed may no longer be able or willing to transition away from LIBOR on the Fund or its investments are not pay its debt. As a result of such an event, the debt security may known. decline in price and affect the value of the Fund. Prepayment Risk. When interest rates fall, certain obligations will Allocation Risk. The Fund’s investment performance depends be paid off by the obligor more quickly than originally anticipated, upon how its assets are allocated across broad asset categories and a Fund may have to invest the proceeds in securities with and applicable sub-classes within such categories. Some broad lower yields. In periods of falling interest rates, the rate of asset categories and sub-classes may perform below prepayments tends to increase (as does price fluctuation) as expectations or the securities markets generally over short and borrowers are motivated to pay off debt and refinance at new extended periods. Therefore, a principal risk of investing in the lower rates. During such periods, reinvestment of the prepayment Fund is that the allocation strategies used and the allocation proceeds by the management team will generally be at lower decisions made will not produce the desired results. rates of return than the return on the assets that were prepaid. Market Risk. Over time, securities markets generally tend to Prepayment generally reduces the and the move in cycles with periods when security prices rise and average life of the security. periods when security prices decline. The value of the Fund’s Foreign Securities Risk. Foreign securities generally carry more investments may move with these cycles and, in some instances, risk and are more volatile than their domestic counterparts, in increase or decrease more than the applicable market(s) as part because of potential for higher political and economic risks, measured by the Fund’s benchmark index(es). The securities lack of reliable information and fluctuations in currency exchange markets may also decline because of factors that affect a rates where investments are denominated in currencies other particular industry or market sector, or due to impacts from than the U.S. dollar. Certain events in foreign markets may domestic or global events, including the spread of infectious adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war,

9 terrorism, natural disasters and outbreak of infectious diseases. High Yield Risk. High yield securities – commonly known as The Fund’s investment in any country could be subject to “junk bonds” – to which the Fund is exposed are considered governmental actions such as capital or currency controls, predominantly speculative with respect to the issuer’s continuing nationalizing a company or industry, expropriating assets, or ability to make principal and interest payments. If the issuer of the imposing punitive taxes that would have an adverse effect on security is in default with respect to interest or principal security prices, and impair the Fund’s ability to repatriate capital payments, the value of the Fund may be negatively affected. or income. Foreign securities may also be more difficult to resell High yield securities generally have a less liquid resale market. than comparable U.S. securities because the markets for foreign Sovereign Debt Risk. Sovereign debt securities are issued or securities are often less liquid. Even when a foreign security guaranteed by foreign governmental entities. These investments increases in price in its local currency, the appreciation may be are subject to the risk that a governmental entity may delay or diluted by adverse changes in exchange rates when the refuse to pay interest or repay principal on its sovereign debt, security’s value is converted to U.S. dollars. Foreign withholding due, for example, to cash flow problems, insufficient foreign taxes also may apply and errors and delays may occur in the currency reserves, political considerations, the relative size of the settlement process for foreign securities. governmental entity’s debt position in relation to the economy or Emerging Markets Risk. The economic and political structures the failure to put in place economic reforms required by the of developing countries in emerging markets, in most cases, do International Monetary Fund or other multilateral agencies. If a not compare favorably with the U.S. or other developed countries governmental entity defaults, it may ask for more time in which to in terms of wealth and stability, and their financial markets often pay or for further loans. There is no legal process for collecting lack liquidity. Fund performance will likely be negatively affected sovereign debts that a government does not pay nor are there by portfolio exposure to countries and corporations domiciled in bankruptcy proceedings through which all or part of the or with revenue exposures to countries in the midst of, among sovereign debt that a governmental entity has not repaid may be other things, hyperinflation, currency devaluation, trade collected. disagreements, sudden political upheaval, or interventionist Quantitative Investing Risk. Securities selected according to a government policies. Fund performance may also be negatively quantitative analysis methodology can perform differently from affected by portfolio exposure to countries and corporations the market as a whole based on the model and the factors used domiciled in or with revenue exposures to countries with less in the analysis, the weight placed on each factor and changes in developed legal, tax, regulatory, and accounting systems. the factor’s historical trends. Such models are based on Significant buying or selling actions by a few major investors may assumptions of these and other market factors, and the models also heighten the volatility of emerging markets. These factors may not take into account certain factors, or perform as intended, make investing in emerging market countries significantly riskier and may result in a decline in the value of the Fund’s portfolio. than in other countries, and events in any one country could cause the Fund’s share price to decline. Investment Adviser Risk. The Fund is actively managed and the success of its investment strategy depends significantly on Foreign Currency Risk. The value of a foreign currency may the skills of the Adviser in assessing the potential of the decline against the U.S. dollar, which would reduce the dollar investments in which the Fund invests. This assessment of value of securities denominated in that currency. The overall investments may prove incorrect, resulting in losses or poor impact of such a decline of foreign currency can be significant, performance, even in rising markets. There is also no guarantee unpredictable, and long lasting, depending on the currencies that the Adviser will be able to effectively implement the Fund’s represented, how each one appreciates or depreciates in relation investment objective. to the U.S. dollar, and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive Conflicts of Interest Risk. An investment in the Fund will be foreign currency hedging programs. Further, exchange rate subject to a number of actual or potential conflicts of interest. For movements are volatile, and it is not possible to effectively hedge example, the Adviser or its affiliates may provide services to the the currency risks of many developing countries. Fund for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment Mortgage-Backed and Other Asset-Backed Securities Risk. vehicles sponsored, managed, or otherwise affiliated with the The value of mortgage-backed and asset-backed securities will Adviser, including other Funds. The Adviser may have an be influenced by the factors affecting the housing market and the incentive (financial or otherwise) to enter into transactions or assets underlying such securities. As a result, during periods of arrangements on behalf of the Fund with itself or its affiliates in declining asset value, difficult or frozen credit markets, swings in circumstances where it might not have done so otherwise. interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in The Adviser or its affiliates manage other investment funds and/or value, face valuation difficulties, become more volatile and/or accounts (including proprietary accounts) and have other clients become illiquid. In addition, both mortgage-backed and with investment objectives and strategies that are similar to, or asset-backed securities are sensitive to changes in the overlap with, the investment objective and strategy of the Fund, repayment patterns of the underlying security. If the principal creating conflicts of interest in investment and allocation payment on the underlying asset is repaid faster or slower than decisions regarding the allocation of investments that could be the holder of the asset-backed or mortgage-backed security appropriate for the Fund and other clients of the Adviser or their anticipates, the price of the security may fall, particularly if the affiliates. holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect Other Funds Risk. Because the Fund invests in other funds may cause the value of the Fund to decline and reduce the managed by the Adviser or an affiliate (“Other Funds”), the overall return of the Fund. performance of the Fund is dependent, in part, upon the performance of Other Funds in which the Fund may invest. As a

10 result, the Fund is subject to the same risks as those faced by the situation and may differ from those shown, and after-tax returns Other Funds. In addition, Other Funds may be subject to are not relevant to investors who hold their Fund shares through additional fees and expenses that will be borne by the Fund. tax-deferred arrangements, such as individual retirement accounts. Issuer Risk. Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market Effective August 16, 2013, based on approval of the Fund’s prices of the issuer’s securities and therefore the value of the Board of Trustees and notice to Fund shareholders, the Fund’s Fund. principal strategies were changed, which had the effect of decreasing the extent to which the Fund generally invests in Derivatives Risk. The use of derivatives (such as futures) equity securities and increasing the extent to which the Fund involves additional risks and transaction costs which could leave generally invests in debt securities. At the same time, the Fund’s the Fund in a worse position than if it had not used these name changed from Thrivent Balanced Fund to Thrivent instruments. The Fund utilizes futures on U.S. Treasuries in order Balanced Income Plus Fund. As a result, performance to manage duration. The use of derivatives can lead to losses information presented below with respect to periods prior to because of adverse movements in the price or value of the August 16, 2013, reflects the performance of an investment underlying asset, index or rate, which may be magnified by portfolio that was materially different from the investment portfolio certain features of the contract. Changes in the value of the of the Fund. derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the How the Fund has performed in the past (before and after taxes) original amount invested. Derivatives can be highly volatile, is not necessarily an indication of how it will perform in the future. illiquid and difficult to value. Certain derivatives may also be Performance information provides some indication of the risks of subject to counterparty risk, which is the risk that the other party investing in the Fund by showing changes in the Fund’s in the transaction will not fulfill its contractual obligations due to performance over time. its financial condition, market events, or other reasons. Year-by-Year Total Return 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. Dealer inventories of bonds are at or near historic 25 lows in relation to market size, which has the potential to 20.18% 20 decrease liquidity and increase price volatility in the 16.64% markets, particularly during periods of economic or market 15 12.64% stress. As a result of this decreased liquidity, the Fund may have 11.38% to accept a lower price to sell a security, sell other securities to 10 8.69% 6.66% raise cash, or give up an investment opportunity, any of which 5.53% could have a negative effect on performance. 5 (2.17)% (0.81)% (5.09)% Health Crisis Risk. The global pandemic outbreak of the novel 0 coronavirus known as COVID-19 has resulted in substantial Annual Return (%) market volatility and global business disruption. The duration and -5 full effects of the outbreak are uncertain and may result in trading -10 suspensions and market closures, limit liquidity and the ability of ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 the Fund to process shareholder redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future Best Quarter: Q2 ’20 +13.47% pandemics could affect the global economy and markets in ways Worst Quarter: Q1 ’20 (17.13)% that cannot be foreseen and may exacerbate other types of risks, negatively impacting the value of Fund investments. Performance The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing 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

11 Average Annual Total Returns Strategist and has been with Thrivent Financial since 1997. He (Periods Ending December 31, 2020) has served as a portfolio manager since 2009. Mr. Spangler has been with Thrivent Financial since 2002, in an investment 1 Year 5 Years 10 Years management capacity since 2006 and currently is a Senior Fund (before taxes) 3.78% 6.42% 6.59% Portfolio Manager. Mr. Whitehorn is the Director of Fixed Income Fund (after taxes on Quantitative Research and has been with Thrivent Financial since distributions) 3.01% 5.12% 4.92% May 2018. Fund (after taxes on distributions and Purchase and Sale of Fund Shares redemptions) 2.34% 4.55% 4.70% You may purchase, redeem or exchange shares of the Fund Bloomberg Barclays through certain broker-dealers. Mortgage-Backed Securities The minimum initial investment requirement for this Fund is Index $2,000 and the minimum subsequent investment requirement is (reflects no deduction for $50 for taxable accounts. For IRA or tax-deferred accounts, the fees, expenses or taxes) 3.87% 3.05% 3.01% minimum initial investment requirement for this Fund is $1,000 Bloomberg Barclays and the minimum subsequent investment requirement is $50. U.S. High Yield Ba/B 2% These investment requirements may be different, however, for Issuer Capped Index investors investing in the Fund through an automatic investment (reflects no deduction for plan. fees, expenses or taxes) 7.67% 8.22% 6.82% You may purchase or redeem Fund shares on days that the New MSCI World Index - USD Net York Stock Exchange is open. You may conduct such Returns transactions by mail, telephone 800-847-4836, the Internet (reflects no deduction for (thrivent.com), by wire/ACH transfer or through an automatic fees, expenses or taxes) 15.90% 12.19% 9.87% investment plan (for purchases) or a systematic withdrawal plan S&P/LSTA Leveraged Loan (for redemptions), subject to certain limitations. Index (reflects no deduction for Tax Information fees, expenses or taxes) 3.12% 5.24% 4.32% The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a Management retirement plan could have different tax consequences. Investment Adviser(s) Payments to Broker-Dealers and Other The Fund is managed by Thrivent Asset Management, LLC Financial Intermediaries (“Thrivent Asset Mgt.” or the “Adviser”). If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund Portfolio Manager(s) and its related companies may pay the intermediary for the sale Stephen D. Lowe, CFA, David R. Spangler, CFA and Theron of Fund shares and related services. These payments may create G. Whitehorn, CFA are jointly and primarily responsible for the a conflict of interest by influencing the broker-dealer or other day-to-day management of the Fund. Mr. Lowe has served as a intermediary and your salesperson to recommend the Fund over portfolio manager of the Fund since August 2013. Mr. Spangler another investment. Ask your salesperson or visit your financial has served as a portfolio manager of the Fund since February intermediary’s website for more information. 2019. Mr. Whitehorn has served as a portfolio manager of the Fund since February 2021. Mr. Lowe is Chief Investment

12 Thrivent Diversified Income Plus Fund AAHYX

Investment Objective Portfolio Turnover Thrivent Diversified Income Plus Fund (the Fund) seeks to The Fund pays transaction costs, such as commissions, when it maximize income while maintaining prospects for capital buys and sells securities (or “turns over” its portfolio). A higher appreciation. portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable Fees and Expenses account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s This table describes the fees and expenses that you may pay if performance. During the most recent fiscal year, the Fund’s you buy and hold shares of the Fund. You may qualify for sales portfolio turnover rate was 156% of the average value of its charge discounts if you and your family invest, or agree to invest portfolio. 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 Principal Strategies discounts is available from your financial professional and in the “Class A Shares” section on pages 96 through 97 of the Fund’s Under normal circumstances, the Fund invests in a combination prospectus and the “Sales Charges” section under the heading of equity securities and debt securities within the ranges shown “Purchase, Redemption and Pricing of Shares” of the Fund’s in the following table: Statement of Additional Information. Target Allocation Broad Asset Category Allocation Range Shareholder Fees (fees paid directly from your investment) Debt Securities...... 75% 55-95% Equity Securities ...... 25% 5-45% Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% The equity securities in which the Fund invests may include common stock, preferred stock, securities convertible into Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase common stock, or securities or other instruments the price of price or current net asset value)1 1.00% which is linked to the value of common stock. The debt securities in which the Fund invests may be of any Annual Fund Operating Expenses maturity or credit quality, including high yield, high risk bonds, (expenses that you pay each year as a percentage of the value of notes, debentures and other debt obligations commonly known your investment) as “junk bonds.” At the time of purchase, these high-yield Management Fees 0.55% securities are rated within or below the “BB” major rating category by S&P or the “Ba” major rating category by Moody’s or Distribution and Shareholder Service (12b-1) Fees 0.25% are unrated but considered to be of comparable quality by the Other Expenses 0.15% Adviser. The Fund may also invest in leveraged loans, which are Acquired Fund Fees and Expenses 0.01% senior secured loans that are made by banks or other lending institutions to companies that are rated below investment grade. Total Annual Fund Operating Expenses 0.96% In addition, the Fund may invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. (including commercially backed ones), convertible bonds, and sovereign and emerging market debt (both U.S. dollar and Example non-U.S. dollar denominated). This example is intended to help you compare the cost of The Fund may invest in foreign securities, including those of investing in the Fund with the cost of investing in other mutual issuers in emerging markets. An “emerging market” country is funds. any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s credit The example assumes that you invest $10,000 in the Fund for the rating, its political and economic stability and the development of time periods indicated and then redeem all of your shares at the its financial and capital markets. end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s The Fund utilizes derivatives primarily in the form of U.S. Treasury operating expenses remain the same. Although your actual cost futures contracts in order to manage the Fund’s duration, or may be higher or lower, based on these assumptions your cost interest rate risk. The Fund may enter into derivatives contracts would be: traded on exchanges or in the over the counter market. The Fund may also pursue its investment strategy by investing in 1 Year 3 Years 5 Years 10 Years other mutual funds managed by the Adviser. $544 $742 $957 $1,575 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

13 an issuer’s financial profile, management, and business repayment patterns of the underlying security. If the principal prospects while quantitative and technical techniques involve a payment on the underlying asset is repaid faster or slower than more data-oriented analysis of financial information, market the holder of the asset-backed or mortgage-backed security trends and price movements. The Adviser may consider anticipates, the price of the security may fall, particularly if the environmental, social, and governance (ESG) factors as part of holder must reinvest the repaid principal at lower rates or must its investment analysis and decision-making processes for the continue to hold the security when interest rates rise. This effect Fund. may cause the value of the Fund to decline and reduce the overall return of the Fund. Principal Risks Market Risk. Over time, securities markets generally tend to The Fund is subject to the following principal investment risks, move in cycles with periods when security prices rise and which you should review carefully and in entirety. The Fund may periods when security prices decline. The value of the Fund’s not achieve its investment objective and you could lose money investments may move with these cycles and, in some instances, by investing in the Fund. increase or decrease more than the applicable market(s) as measured by the Fund’s benchmark index(es). The securities Interest Rate Risk. Interest rate risk is the risk that prices of debt markets may also decline because of factors that affect a securities decline in value when interest rates rise for debt particular industry or market sector, or due to impacts from securities that pay a fixed rate of interest. Debt securities with domestic or global events, including the spread of infectious longer durations (a measure of price sensitivity of a bond or bond illness, public health threats, war, terrorism, natural disasters or fund to changes in interest rates) or maturities (i.e., the amount of similar events. 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 High Yield Risk. High yield securities – commonly known as securities with shorter durations or maturities. Changes by the “junk bonds” – to which the Fund is exposed are considered Federal Reserve to monetary policies could affect interest rates predominantly speculative with respect to the issuer’s continuing and the value of some securities. In addition, the phase out of ability to make principal and interest payments. If the issuer of the LIBOR (the offered rate for short-term Eurodollar deposits security is in default with respect to interest or principal between major international banks) by the end of 2021 could payments, the value of the Fund may be negatively affected. lead to increased volatility and illiquidity in certain markets that High yield securities generally have a less liquid resale market. currently rely on LIBOR to determine interest rates. Leveraged Loan Risk. Leveraged loans (also known as bank Equity Security Risk. Equity securities held by the Fund may loans) are subject to the risks typically associated with debt decline significantly in price, sometimes rapidly or unpredictably, securities. In addition, leveraged loans, which typically hold a over short or extended periods of time, and such declines may senior position in the capital structure of a borrower, are subject occur because of declines in the equity market as a whole, or to the risk that a court could subordinate such loans to presently because of declines in only a particular country, company, existing or future indebtedness or take other action detrimental to industry, or sector of the market. From time to time, the Fund may the holders of leveraged loans. Leveraged loans are also subject invest a significant portion of its assets in companies in one or to the risk that the value of the collateral, if any, securing a loan more related sectors or industries which would make the Fund may decline, be insufficient to meet the obligations of the more vulnerable to adverse developments affecting such sectors borrower, or be difficult to liquidate. Some leveraged loans are or industries. Equity securities are generally more volatile than not as easily purchased or sold as publicly-traded securities and most debt securities. others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below Credit Risk. Credit risk is the risk that an issuer of a debt security investment-grade leveraged loans are typically more credit to which the Fund is exposed may no longer be able or willing to sensitive. In the event of fraud or misrepresentation, the Fund pay its debt. As a result of such an event, the debt security may may not be protected under federal securities laws with respect decline in price and affect the value of the Fund. to leveraged loans that may not be in the form of “securities.” The Allocation Risk. The Fund’s investment performance depends settlement period for some leveraged loans may be more than upon how its assets are allocated across broad asset categories seven days. and applicable sub-classes within such categories. Some broad LIBOR Risk. The Fund may be exposed to financial instruments asset categories and sub-classes may perform below that are tied to LIBOR (London Interbank Offered Rate) to expectations or the securities markets generally over short and determine payment obligations, financing terms or investment extended periods. Therefore, a principal risk of investing in the value. Such financial instruments may include bank loans, Fund is that the allocation strategies used and the allocation derivatives, floating rate securities, certain asset backed decisions made will not produce the desired results. securities, and other assets or liabilities tied to LIBOR. In 2017, Mortgage-Backed and Other Asset-Backed Securities Risk. the head of the U.K. Financial Conduct Authority announced a The value of mortgage-backed and asset-backed securities will desire to phase out the use of LIBOR by the end of 2021. On be influenced by the factors affecting the housing market and the November 30, 2020, the administrator of LIBOR announced its assets underlying such securities. As a result, during periods of intention to delay the phase out of the majority of the U.S. dollar declining asset value, difficult or frozen credit markets, swings in LIBOR publications until June 30, 2023, with the remainder of interest rates, or deteriorating economic conditions, LIBOR publications to still end at the end of 2021. There remains mortgage-related and asset-backed securities may decline in uncertainty regarding the future utilization of LIBOR and the value, face valuation difficulties, become more volatile and/or nature of any replacement rate, and any potential effects of the become illiquid. In addition, both mortgage-backed and transition away from LIBOR on the Fund or its investments are not asset-backed securities are sensitive to changes in the known.

14 Prepayment Risk. When interest rates fall, certain obligations will represented, how each one appreciates or depreciates in relation be paid off by the obligor more quickly than originally anticipated, to the U.S. dollar, and whether currency positions are hedged. and a Fund may have to invest the proceeds in securities with Under normal conditions, the Fund does not engage in extensive lower yields. In periods of falling interest rates, the rate of foreign currency hedging programs. Further, exchange rate prepayments tends to increase (as does price fluctuation) as movements are volatile, and it is not possible to effectively hedge borrowers are motivated to pay off debt and refinance at new the currency risks of many developing countries. lower rates. During such periods, reinvestment of the prepayment Preferred Securities Risk. There are certain additional risks proceeds by the management team will generally be at lower associated with investing in preferred securities, including, but rates of return than the return on the assets that were prepaid. not limited to, preferred securities may include provisions that Prepayment generally reduces the yield to maturity and the permit the issuer, at its discretion, to defer or omit distributions for average life of the security. a stated period without any adverse consequences to the issuer; Large Cap Risk. Large-sized companies may be unable to preferred securities are generally subordinated to bonds and respond quickly to new competitive challenges such as changes other debt instruments in a company’s capital structure in terms in technology. They may also not be able to attain the high growth of having priority to corporate income and liquidation payments, rate of successful smaller companies, especially during and therefore will be subject to greater credit risk than more extended periods of economic expansion. senior debt instruments; preferred securities may be substantially less liquid than many other securities, such as common stocks or Foreign Securities Risk. Foreign securities generally carry more U.S. Government securities; generally, traditional preferred risk and are more volatile than their domestic counterparts, in securities offer no voting rights with respect to the issuing part because of potential for higher political and economic risks, company unless preferred dividends have been in arrears for a lack of reliable information and fluctuations in currency exchange specified number of periods, at which time the preferred security rates where investments are denominated in currencies other holders may elect a number of directors to the issuer’s board; than the U.S. dollar. Certain events in foreign markets may and in certain varying circumstances, an issuer of preferred adversely affect foreign and domestic issuers, including securities may redeem the securities prior to a specified date. interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. Other Funds Risk. Because the Fund invests in other funds The Fund’s investment in any country could be subject to managed by the Adviser or an affiliate (“Other Funds”), the governmental actions such as capital or currency controls, performance of the Fund is dependent, in part, upon the nationalizing a company or industry, expropriating assets, or performance of Other Funds in which the Fund may invest. As a imposing punitive taxes that would have an adverse effect on result, the Fund is subject to the same risks as those faced by the security prices, and impair the Fund’s ability to repatriate capital Other Funds. In addition, Other Funds may be subject to or income. Foreign securities may also be more difficult to resell additional fees and expenses that will be borne by the Fund. than comparable U.S. securities because the markets for foreign Investment Adviser Risk. The Fund is actively managed and securities are often less liquid. Even when a foreign security the success of its investment strategy depends significantly on increases in price in its local currency, the appreciation may be the skills of the Adviser in assessing the potential of the diluted by adverse changes in exchange rates when the investments in which the Fund invests. This assessment of security’s value is converted to U.S. dollars. Foreign withholding investments may prove incorrect, resulting in losses or poor taxes also may apply and errors and delays may occur in the performance, even in rising markets. There is also no guarantee settlement process for foreign securities. that the Adviser will be able to effectively implement the Fund’s Emerging Markets Risk. The economic and political structures investment objective. of developing countries in emerging markets, in most cases, do Conflicts of Interest Risk. An investment in the Fund will be not compare favorably with the U.S. or other developed countries subject to a number of actual or potential conflicts of interest. For in terms of wealth and stability, and their financial markets often example, the Adviser or its affiliates may provide services to the lack liquidity. Fund performance will likely be negatively affected Fund for which the Fund would compensate the Adviser and/or by portfolio exposure to countries and corporations domiciled in such affiliates. The Fund may invest in other pooled investment or with revenue exposures to countries in the midst of, among vehicles sponsored, managed, or otherwise affiliated with the other things, hyperinflation, currency devaluation, trade Adviser, including other Funds. The Adviser may have an disagreements, sudden political upheaval, or interventionist incentive (financial or otherwise) to enter into transactions or government policies. Fund performance may also be negatively arrangements on behalf of the Fund with itself or its affiliates in affected by portfolio exposure to countries and corporations circumstances where it might not have done so otherwise. domiciled in or with revenue exposures to countries with less developed legal, tax, regulatory, and accounting systems. The Adviser or its affiliates manage other investment funds and/or Significant buying or selling actions by a few major investors may accounts (including proprietary accounts) and have other clients also heighten the volatility of emerging markets. These factors with investment objectives and strategies that are similar to, or make investing in emerging market countries significantly riskier overlap with, the investment objective and strategy of the Fund, than in other countries, and events in any one country could creating conflicts of interest in investment and allocation cause the Fund’s share price to decline. decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their Foreign Currency Risk. The value of a foreign currency may affiliates. 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

15 Issuer Risk. Issuer risk is the possibility that factors specific to descriptions appear in the Index Descriptions section of the an issuer to which the Fund is exposed will affect the market prospectus. Call 800-847-4836 or visit thriventfunds.com for prices of the issuer’s securities and therefore the value of the performance results current to the most recent month-end. Fund. The bar chart includes the effects of Fund expenses, but not Liquidity Risk. Liquidity is the ability to sell a security relatively sales charges. If sales charges were included, returns would be quickly for a price that most closely reflects the actual value of lower than those shown. The table includes the effects of Fund the security. Dealer inventories of bonds are at or near historic expenses and maximum sales charges and assumes that you lows in relation to market size, which has the potential to sold your shares at the end of the period. The after-tax returns are decrease liquidity and increase price volatility in the fixed income calculated using the historical highest individual federal marginal markets, particularly during periods of economic or market income tax rates and do not reflect the impact of state and local stress. As a result of this decreased liquidity, the Fund may have taxes. Actual after-tax returns depend on an investor’s tax to accept a lower price to sell a security, sell other securities to situation and may differ from those shown, and after-tax returns raise cash, or give up an investment opportunity, any of which are not relevant to investors who hold their Fund shares through could have a negative effect on performance. tax-deferred arrangements, such as individual retirement accounts. Returns after taxes on distributions and redemptions Derivatives Risk. The use of derivatives (such as futures) may be higher than before tax returns and/or after taxes on involves additional risks and transaction costs which could leave distributions shown because they reflect the tax benefit of capital the Fund in a worse position than if it had not used these losses realized in the redemption of Fund shares. instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration. The use of derivatives can lead to losses How the Fund has performed in the past (before and after taxes) because of adverse movements in the price or value of the is not necessarily an indication of how it will perform in the future. underlying asset, index or rate, which may be magnified by Performance information provides some indication of the risks of certain features of the contract. Changes in the value of the investing in the Fund by showing changes in the Fund’s derivative may not correlate as intended with the underlying performance over time. asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, Year-by-Year Total Return illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party 16 in the transaction will not fulfill its contractual obligations due to 14.08% 14 13.12% its financial condition, market events, or other reasons. 12 Quantitative Investing Risk. Securities selected according to a 10.40% 10 quantitative analysis methodology can perform differently from 8.98% 8 the market as a whole based on the model and the factors used 6.70% 6.67% in the analysis, the weight placed on each factor and changes in 6 the factor’s historical trends. Such models are based on 4 3.54% assumptions of these and other market factors, and the models 2 1.78% may not take into account certain factors, or perform as intended, Annual Return (%) (0.62)% (3.10)% 0 and may result in a decline in the value of the Fund’s portfolio. -2 Portfolio Turnover Rate Risk. The Fund may engage in active -4 and frequent trading of portfolio securities in implementing its ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 principal investment strategies. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses Best Quarter: Q2 ’20 +9.37% which are borne by the Fund and its shareholders and may also Worst Quarter: Q1 ’20 (11.91)% result in short-term capital gains taxable to shareholders. Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of the Fund to process shareholder redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future pandemics could affect the global economy and markets in ways that cannot be foreseen and may exacerbate other types of risks, negatively impacting the value of Fund investments. Performance The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index

16 Average Annual Total Returns Strategist and has been with Thrivent Financial since 1997. He (Periods Ending December 31, 2020) has served as a portfolio manager since 2009. Mr. Anderson is Vice President, Fixed Income General Accounts. He has been 1 Year 5 Years 10 Years with Thrivent Financial since 1997 and has served as a portfolio Fund (before taxes) 1.87% 5.36% 5.53% manager since 2000. Mr. Whitehorn is the Director of Fixed Fund (after taxes on Income Quantitative Research and has been with Thrivent distributions) 0.88% 3.96% 4.05% Financial since May 2018. Fund (after taxes on distributions and Purchase and Sale of Fund Shares redemptions) 1.15% 3.55% 3.73% You may purchase, redeem or exchange shares of the Fund Bloomberg Barclays through certain broker-dealers. Mortgage-Backed Securities The minimum initial investment requirement for this Fund is Index $2,000 and the minimum subsequent investment requirement is (reflects no deduction for $50 for taxable accounts. For IRA or tax-deferred accounts, the fees, expenses or taxes) 3.87% 3.05% 3.01% minimum initial investment requirement for this Fund is $1,000 Bloomberg Barclays and the minimum subsequent investment requirement is $50. U.S. High Yield Ba/B 2% These investment requirements may be different, however, for Issuer Capped Index investors investing in the Fund through an automatic investment (reflects no deduction for plan. fees, expenses or taxes) 7.67% 8.22% 6.82% You may purchase or redeem Fund shares on days that the New MSCI World Index - USD Net York Stock Exchange is open. You may conduct such Returns transactions by mail, telephone 800-847-4836, the Internet (reflects no deduction for (thrivent.com), by wire/ACH transfer or through an automatic fees, expenses or taxes) 15.90% 12.19% 9.87% investment plan (for purchases) or a systematic withdrawal plan S&P/LSTA Leveraged Loan (for redemptions), subject to certain limitations. Index (reflects no deduction for Tax Information fees, expenses or taxes) 3.12% 5.24% 4.32% The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a Management retirement plan could have different tax consequences. Investment Adviser(s) Payments to Broker-Dealers and Other The Fund is managed by Thrivent Asset Management, LLC Financial Intermediaries (“Thrivent Asset Mgt.” or the “Adviser”). If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund Portfolio Manager(s) and its related companies may pay the intermediary for the sale Stephen D. Lowe, CFA, Gregory R. Anderson, CFA and of Fund shares and related services. These payments may create Theron G. Whitehorn, CFA are jointly and primarily responsible a conflict of interest by influencing the broker-dealer or other for the day-to-day management of the Fund. Mr. Lowe has served intermediary and your salesperson to recommend the Fund over as a portfolio manager of the Fund since May 2015. Mr. Anderson another investment. Ask your salesperson or visit your financial has served as a portfolio manager of the Fund since October intermediary’s website for more information. 2018. Mr. Whitehorn has served as a portfolio manager of the Fund since February 2021. Mr. Lowe is Chief Investment

17 Thrivent Global Stock Fund AALGX

Investment Objective may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Thrivent Global Stock Fund (the Fund ) seeks long-term capital operating expenses or in the example, affect the Fund’s growth. performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its Fees and Expenses portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales Principal Strategies charge discounts if you and your family invest, or agree to invest Under normal circumstances, the Fund invests at least 80% of its in the future, at least $50,000 in Class A shares of a fund or funds net assets in equity securities of domestic and international of Thrivent Mutual Funds. More information about these and other companies. Under normal market conditions, the Fund invests discounts is available from your financial professional and in the approximately 40% of its net assets in foreign assets. However, “Class A Shares” section on pages 96 through 97 of the Fund’s the Fund could invest a much lower percentage of its net assets prospectus and the “Sales Charges” section under the heading in foreign assets depending on market conditions. An asset may “Purchase, Redemption and Pricing of Shares” of the Fund’s be determined to be foreign based on the issuer’s domicile, Statement of Additional Information. principal place of business, stock exchange listing, source of revenue, or other factors. Foreign securities may also include Shareholder Fees depositary receipts. Should the Adviser change the investments (fees paid directly from your investment) used for purposes of this 80% threshold, you will be notified at Maximum Sales Charge (load) Imposed On least 60 days prior to the change. Purchases (as a % of offering price) 4.50% The Fund will generally make the following allocations among the Maximum Deferred Sales Charge (load) (as a broad asset classes listed below: percentage of the lower of the original purchase price or current net asset value)1 1.00% U.S.large-capequity...... 0-60% U.S.mid-capequity...... 0-25% Annual Fund Operating Expenses U.S.small-capequity...... 0-25% (expenses that you pay each year as a percentage of the value of Developed international equity ...... 0-60% your investment) Emergingmarketsequity...... 0-25% Management Fees 0.57% The Fund’s actual holdings in each broad asset category may be outside the applicable allocation range from time to time due to Distribution and Shareholder Service (12b-1) Fees 0.25% differing investment performances among asset classes. These Other Expenses 0.20% allocations may change without shareholder approval or advance Total Annual Fund Operating Expenses 1.02% notice to shareholders to the extent consistent with applicable law. 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. The Fund seeks to achieve its investment objective by investing primarily in domestic and foreign common stocks. The Fund may Example buy and sell futures contracts to either hedge its exposure or This example is intended to help you compare the cost of obtain exposure to certain investments. The Adviser uses investing in the Fund with the cost of investing in other mutual fundamental, quantitative, and technical investment research funds. techniques to determine what stocks to buy and sell. Fundamental techniques assess a security’s value based on an The example assumes that you invest $10,000 in the Fund for the issuer’s financial profile, management, and business prospects time periods indicated and then redeem all of your shares at the while quantitative and technical techniques involve a more end of those periods. The example also assumes that your data-oriented analysis of financial information, market trends and investment has a 5% return each year, and that the Fund’s price movements. The Adviser may consider environmental, operating expenses remain the same. Although your actual cost social, and governance (ESG) factors as part of its investment may be higher or lower, based on these assumptions your cost analysis and decision-making processes for the Fund. The Fund would be: may sell securities for a variety of reasons, such as to secure gains, limit losses, or reposition assets into more promising 1 Year 3 Years 5 Years 10 Years opportunities. $549 $760 $988 $1,642 Principal Risks Portfolio Turnover The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may The Fund pays transaction costs, such as commissions, when it not achieve its investment objective and you could lose money buys and sells securities (or “turns over” its portfolio). A higher by investing in the Fund. portfolio turnover rate may indicate higher transaction costs and

18 Equity Security Risk. Equity securities held by the Fund may increase or decrease more than the applicable market(s) as decline significantly in price, sometimes rapidly or unpredictably, measured by the Fund’s benchmark index(es). The securities over short or extended periods of time, and such declines may markets may also decline because of factors that affect a occur because of declines in the equity market as a whole, or particular industry or market sector, or due to impacts from because of declines in only a particular country, company, domestic or global events, including the spread of infectious industry, or sector of the market. From time to time, the Fund may illness, public health threats, war, terrorism, natural disasters or invest a significant portion of its assets in companies in one or similar events. more related sectors or industries which would make the Fund Quantitative Investing Risk. Securities selected according to a more vulnerable to adverse developments affecting such sectors quantitative analysis methodology can perform differently from or industries. Equity securities are generally more volatile than the market as a whole based on the model and the factors used most debt securities. in the analysis, the weight placed on each factor and changes in Allocation Risk. The Fund’s investment performance depends the factor’s historical trends. Such models are based on upon how its assets are allocated across broad asset categories assumptions of these and other market factors, and the models and applicable sub-classes within such categories. Some broad may not take into account certain factors, or perform as intended, asset categories and sub-classes may perform below and may result in a decline in the value of the Fund’s portfolio. expectations or the securities markets generally over short and Mid Cap Risk. Medium-sized companies often have greater extended periods. Therefore, a principal risk of investing in the price volatility, lower trading volume, and less liquidity than larger, Fund is that the allocation strategies used and the allocation more-established companies. These companies tend to have decisions made will not produce the desired results. smaller revenues, narrower product lines, less management Large Cap Risk. Large-sized companies may be unable to depth and experience, smaller shares of their product or service respond quickly to new competitive challenges such as changes markets, fewer financial resources, and less competitive strength in technology. They may also not be able to attain the high growth than larger companies. rate of successful smaller companies, especially during Small Cap Risk. Smaller, less seasoned companies often have extended periods of economic expansion. greater price volatility, lower trading volume, and less liquidity Foreign Securities Risk. Foreign securities generally carry more than larger, more established companies. These companies tend risk and are more volatile than their domestic counterparts, in to have small revenues, narrower product lines, less part because of potential for higher political and economic risks, management depth and experience, small shares of their product lack of reliable information and fluctuations in currency exchange or service markets, fewer financial resources, and less rates where investments are denominated in currencies other competitive strength than larger companies. Such companies than the U.S. dollar. Certain events in foreign markets may seldom pay significant dividends that could soften the impact of adversely affect foreign and domestic issuers, including a falling market on returns. interruptions in the global supply chain, market closures, war, Emerging Markets Risk. The economic and political structures terrorism, natural disasters and outbreak of infectious diseases. of developing countries in emerging markets, in most cases, do The Fund’s investment in any country could be subject to not compare favorably with the U.S. or other developed countries governmental actions such as capital or currency controls, in terms of wealth and stability, and their financial markets often nationalizing a company or industry, expropriating assets, or lack liquidity. Fund performance will likely be negatively affected imposing punitive taxes that would have an adverse effect on by portfolio exposure to countries and corporations domiciled in security prices, and impair the Fund’s ability to repatriate capital or with revenue exposures to countries in the midst of, among or income. Foreign securities may also be more difficult to resell other things, hyperinflation, currency devaluation, trade than comparable U.S. securities because the markets for foreign disagreements, sudden political upheaval, or interventionist securities are often less liquid. Even when a foreign security government policies. Fund performance may also be negatively increases in price in its local currency, the appreciation may be affected by portfolio exposure to countries and corporations diluted by adverse changes in exchange rates when the domiciled in or with revenue exposures to countries with less security’s value is converted to U.S. dollars. Foreign withholding developed legal, tax, regulatory, and accounting systems. taxes also may apply and errors and delays may occur in the Significant buying or selling actions by a few major investors may settlement process for foreign securities. also heighten the volatility of emerging markets. These factors Foreign Currency Risk. The value of a foreign currency may make investing in emerging market countries significantly riskier decline against the U.S. dollar, which would reduce the dollar than in other countries, and events in any one country could value of securities denominated in that currency. The overall cause the Fund’s share price to decline. impact of such a decline of foreign currency can be significant, Futures Contract Risk. The value of a futures contract tends to unpredictable, and long lasting, depending on the currencies increase and decrease in tandem with the value of the underlying represented, how each one appreciates or depreciates in relation instrument. The price of futures can be highly volatile; using them to the U.S. dollar, and whether currency positions are hedged. could lower total return, and the potential loss from futures can Under normal conditions, the Fund does not engage in extensive exceed the Fund’s initial investment in such contracts. In foreign currency hedging programs. Further, exchange rate addition, the value of the futures contract may not accurately movements are volatile, and it is not possible to effectively hedge track the value of the underlying instrument. the currency risks of many developing countries. Issuer Risk. Issuer risk is the possibility that factors specific to Market Risk. Over time, securities markets generally tend to an issuer to which the Fund is exposed will affect the market move in cycles with periods when security prices rise and prices of the issuer’s securities and therefore the value of the periods when security prices decline. The value of the Fund’s Fund. investments may move with these cycles and, in some instances, 19 Investment Adviser Risk. The Fund is actively managed and Year-by-Year Total Return the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the 35 investments in which the Fund invests. This assessment of 29.24% investments may prove incorrect, resulting in losses or poor 30 performance, even in rising markets. There is also no guarantee 25 22.62% 20.83% that the Adviser will be able to effectively implement the Fund’s 20 investment objective. 15 14.43% 14.45% Derivatives Risk. The use of derivatives (such as futures) 10 involves additional risks and transaction costs which could leave 4.94% 4.87% the Fund in a worse position than if it had not used these 5 2.47% (5.06)% (8.75)% instruments. The Fund utilizes equity futures in order to increase Annual Return (%) 0 or decrease its exposure to various asset classes at a lower cost -5 than trading stocks directly. The use of derivatives can lead to -10 losses because of adverse movements in the price or value of ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the Best Quarter: Q2 ’20 +20.50% derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the Worst Quarter: Q1 ’20 (22.89)% original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be Average Annual Total Returns subject to counterparty risk, which is the risk that the other party (Periods Ending December 31, 2020) in the transaction will not fulfill its contractual obligations due to 1 Year 5 Years 10 Years its financial condition, market events, or other reasons. Fund (before taxes) 9.28% 9.16% 8.87% Health Crisis Risk. The global pandemic outbreak of the novel Fund (after taxes on coronavirus known as COVID-19 has resulted in substantial distributions) 8.51% 7.17% 7.13% market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading Fund (after taxes on suspensions and market closures, limit liquidity and the ability of distributions and the Fund to process shareholder redemptions, and negatively redemptions) 6.03% 6.85% 6.82% impact Fund performance. The COVID-19 outbreak and future MSCI All Country World Index pandemics could affect the global economy and markets in ways - USD Net Returns that cannot be foreseen and may exacerbate other types of risks, (reflects no deduction for negatively impacting the value of Fund investments. fees, expenses or taxes) 16.25% 12.26% 9.13% Performance The following bar chart and table provide an indication of the Management risks of investing in the Fund by showing changes in the Fund’s Investment Adviser(s) performance from year to year and by showing how the Fund’s average annual returns for one-, five- and ten-year periods The Fund is managed by Thrivent Asset Management, LLC compared to a broad-based securities market index. The index (“Thrivent Asset Mgt.” or the “Adviser”). description appears in the Index Descriptions section of the Portfolio Manager(s) prospectus. Call 800-847-4836 or visit thriventfunds.com for performance results current to the most recent month-end. Kurt J. Lauber, CFA, Noah J. Monsen, CFA, Lauri Brunner and David R. Spangler, CFA are jointly and primarily The bar chart includes the effects of Fund expenses, but not responsible for the day-to-day management of the Fund. Mr. sales charges. If sales charges were included, returns would be Lauber has served as a portfolio manager of the Fund since lower than those shown. The table includes the effects of Fund March 2013. Mr. Monsen has served as a portfolio manager of expenses and maximum sales charges and assumes that you the Fund since February 2018. Ms. Brunner has served as a sold your shares at the end of the period. The after-tax returns are portfolio manager of the Fund since September 2018. Mr. calculated using the historical highest individual federal marginal Spangler has served as a portfolio manager of the Fund since income tax rates and do not reflect the impact of state and local February 2019. Mr. Lauber has been with Thrivent Financial since taxes. Actual after-tax returns depend on an investor’s tax 2004 and previously served as an associate portfolio manager. situation and may differ from those shown, and after-tax returns Mr. Monsen has been with Thrivent Financial since 2000 and has are not relevant to investors who hold their Fund shares through served in an investment management capacity since 2008. Ms. tax-deferred arrangements, such as individual retirement Brunner has been with Thrivent Financial since 2007 and accounts. currently is a Senior Portfolio Manager. Mr. Spangler has been How the Fund has performed in the past (before and after taxes) with Thrivent Financial since 2002, in an investment management is not necessarily an indication of how it will perform in the future. capacity since 2006 and currently is a Senior Portfolio Manager. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time.

20 Purchase and Sale of Fund Shares Tax Information You may purchase, redeem or exchange shares of the Fund The Fund intends to make distributions that may be taxed as through certain broker-dealers. ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences. 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 Payments to Broker-Dealers and Other minimum initial investment requirement for this Fund is $1,000 Financial Intermediaries and the minimum subsequent investment requirement is $50. If you purchase the Fund through a broker-dealer or other These investment requirements may be different, however, for financial intermediary (such as an insurance company), the Fund investors investing in the Fund through an automatic investment and its related companies may pay the intermediary for the sale plan. of Fund shares and related services. These payments may create You may purchase or redeem Fund shares on days that the New a conflict of interest by influencing the broker-dealer or other York Stock Exchange is open. You may conduct such intermediary and your salesperson to recommend the Fund over transactions by mail, telephone 800-847-4836, the Internet another investment. Ask your salesperson or visit your financial (thrivent.com), by wire/ACH transfer or through an automatic intermediary’s website for more information. investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

21 Thrivent Government Bond Fund TBFAX

Class A shares of Thrivent Government Bond Fund are closed to end of those periods. In addition, the example for the 1 Year all purchases and exchanges into the Fund, other than the period reflects the effect of the contractual fee waiver and/or reinvestment of dividends by current shareholders in the Fund. expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund’s Investment Objective operating expenses remain the same. Although your actual cost Thrivent Government Bond Fund (the Fund) seeks total return, may be higher or lower, based on these assumptions your cost consistent with preservation of capital. The Fund’s investment would be: objective may be changed without shareholder approval. 1 Year 3 Years 5 Years 10 Years Fees and Expenses $285 $514 $762 $1,471 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales Portfolio Turnover charge discounts if you and your family invest, or agree to invest The Fund pays transaction costs, such as commissions, when it in the future, at least $50,000 in Class A shares of a fund or funds buys and sells securities (or “turns over” its portfolio). A higher of Thrivent Mutual Funds. More information about these and other portfolio turnover rate may indicate higher transaction costs and discounts is available from your financial professional and in the may result in higher taxes when Fund shares are held in a taxable “Class A Shares” section on pages 96 through 97 of the Fund’s account. These costs, which are not reflected in annual fund prospectus and the “Sales Charges” section under the heading operating expenses or in the example, affect the Fund’s “Purchase, Redemption and Pricing of Shares” of the Fund’s performance. During the most recent fiscal year, the Fund’s Statement of Additional Information. portfolio turnover rate was 322% of the average value of its portfolio. Shareholder Fees (fees paid directly from your investment) Principal Strategies Maximum Sales Charge (load) Imposed On Under normal circumstances, the Fund invests at least 80% of its Purchases (as a % of offering price) 2.00% net assets (plus the amount of borrowings for investment Maximum Deferred Sales Charge (load) (as a purposes) in U.S. government bonds. For purposes of this percentage of the lower of the original purchase disclosure, “U.S. government bonds” are debt instruments issued price or current net asset value)1 1.00% or guaranteed by the U.S. government or its agencies and instrumentalities, including U.S. Treasuries, Treasury Inflation Annual Fund Operating Expenses Protected Securities (TIPS), U.S. Government Agency debt, and (expenses that you pay each year as a percentage of the value of mortgage-backed securities issued or guaranteed by the your investment) Government National Mortgage Association (GNMA or Ginnie Management Fees 0.40% Mae), the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation Distribution and Shareholder Service (12b-1) Fees 0.13% (FHLMC or ). Should the Adviser change the Other Expenses 0.55% investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change. Total Annual Fund Operating Expenses 1.08% The Fund’s portfolio securities may be of any maturity. The Less Fee Waivers and/or Expense Reimbursements2 0.23% Adviser uses fundamental, quantitative and technical investment research techniques to determine what debt obligations to buy Total Annual Fund Operating Expenses After Fee and sell. Fundamental techniques assess a security’s value Waivers and/or Expense Reimbursements 0.85% based on an issuer’s financial profile, management, and business 1 When you invest $1,000,000 or more, a deferred sales charge of 1% prospects while quantitative and technical techniques involve a will apply to shares redeemed within one year. more data-oriented analysis of financial information, market 2 The Adviser has contractually agreed, through at least February 28, trends and price movements. The Adviser may consider 2022, to waive a portion of the management fees associated with the environmental, social, and governance (ESG) factors as part of Class A shares of the Thrivent Government Bond Fund in order to limit the Total Annual Fund Operating Expenses After Fee Waivers and/or its investment analysis and decision-making processes for the Expense Reimbursements to an annual rate of 0.85% of the average Fund. The “total return” sought by the Fund consists of income daily net assets of the Class A shares. This contractual provision, earned on the Fund’s investments plus capital appreciation, if however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of the any. The Fund may invest in U.S. dollar denominated sovereign Fund and the Adviser. debt of foreign governments. Example The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund’s duration, or This example is intended to help you compare the cost of interest rate risk. The Fund may enter into derivatives contracts investing in the Fund with the cost of investing in other mutual traded on exchanges or in the over the counter market. 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

22 Principal Risks in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index. The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may Interest Rate Risk. Interest rate risk is the risk that prices of debt not achieve its investment objective and you could lose money securities decline in value when interest rates rise for debt by investing in the Fund. securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond Government Securities Risk. The Fund invests in securities fund to changes in interest rates) or maturities (i.e., the amount of issued or guaranteed by the U.S. government or its agencies and time until a bond’s issuer must pay its principal or face value) instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, tend to be more sensitive to changes in interest rates than debt Fannie Mae or Freddie Mac securities). Securities issued or securities with shorter durations or maturities. Changes by the guaranteed by Federal Home Loan Banks, Ginnie Mae, Fannie Federal Reserve to monetary policies could affect interest rates Mae or Freddie Mac are not issued directly by the U.S. and the value of some securities. In addition, the phase out of government. Ginnie Mae is a wholly owned U.S. corporation that LIBOR (the offered rate for short-term Eurodollar deposits is authorized to guarantee, with the full faith and credit of the U.S. between major international banks) by the end of 2021 could government, the timely payment of principal and interest of its lead to increased volatility and illiquidity in certain markets that securities. By contrast, securities issued or guaranteed by U.S. currently rely on LIBOR to determine interest rates. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full Market Risk. Over time, securities markets generally tend to faith and credit of the U.S. government. No assurance can be move in cycles with periods when security prices rise and given that the U.S. government would provide financial support to periods when security prices decline. The value of the Fund’s its agencies and instrumentalities if not required to do so by law. investments may move with these cycles and, in some instances, In addition, the value of U.S. government securities may be increase or decrease more than the applicable market(s) as affected by changes in the credit rating of the U.S. government, measured by the Fund’s benchmark index(es). The securities which may be negatively impacted by rising levels of markets may also decline because of factors that affect a indebtedness. particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious Mortgage-Backed and Other Asset-Backed Securities Risk. illness, public health threats, war, terrorism, natural disasters or The value of mortgage-backed and asset-backed securities will similar events. be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of Redemption Risk. The Fund may need to sell portfolio securities declining asset value, difficult or frozen credit markets, swings in to meet redemption requests. The Fund could experience a loss interest rates, or deteriorating economic conditions, when selling portfolio securities to meet redemption requests if mortgage-related and asset-backed securities may decline in there is (i) significant redemption activity by shareholders, value, face valuation difficulties, become more volatile and/or including, for example, when a single investor or few large become illiquid. In addition, both mortgage-backed and investors make a significant redemption of Fund shares, (ii) a asset-backed securities are sensitive to changes in the disruption in the normal operation of the markets in which the repayment patterns of the underlying security. If the principal Fund buys and sells portfolio securities or (iii) the inability of the payment on the underlying asset is repaid faster or slower than Fund to sell portfolio securities because such securities are the holder of the asset-backed or mortgage-backed security illiquid. In such events, the Fund could be forced to sell portfolio anticipates, the price of the security may fall, particularly if the securities at unfavorable prices in an effort to generate sufficient holder must reinvest the repaid principal at lower rates or must cash to pay redeeming shareholders. continue to hold the security when interest rates rise. This effect LIBOR Risk. The Fund may be exposed to financial instruments may cause the value of the Fund to decline and reduce the that are tied to LIBOR (London Interbank Offered Rate) to overall return of the Fund. determine payment obligations, financing terms or investment Inflation-Linked Security Risk. Inflation-linked debt securities, value. Such financial instruments may include bank loans, such as TIPS, are subject to the effects of changes in market derivatives, floating rate securities, certain asset backed interest rates caused by factors other than inflation (real interest securities, and other assets or liabilities tied to LIBOR. In 2017, rates). In general, the price of an inflation-linked security tends to the head of the U.K. Financial Conduct Authority announced a decrease when real interest rates increase and can increase desire to phase out the use of LIBOR by the end of 2021. On when real interest rates decrease. Interest payments on November 30, 2020, the administrator of LIBOR announced its inflation-linked securities are unpredictable and will fluctuate as intention to delay the phase out of the majority of the U.S. dollar the principal and interest are adjusted for inflation. Any increase LIBOR publications until June 30, 2023, with the remainder of in the principal amount of an inflation-linked debt security will be LIBOR publications to still end at the end of 2021. There remains considered taxable ordinary income, even though the Fund will uncertainty regarding the future utilization of LIBOR and the not receive the principal until maturity. nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or its investments are not There can also be no assurance that the inflation index used will known. accurately measure the real rate of inflation in the prices of goods and services. The Fund’s investments in inflation-linked securities Sovereign Debt Risk. Sovereign debt securities are issued or may lose value in the event that the actual rate of inflation is guaranteed by foreign governmental entities. These investments different than the rate of the inflation index. In addition, are subject to the risk that a governmental entity may delay or inflation-linked securities are subject to the risk that the refuse to pay interest or repay principal on its sovereign debt, Consumer Price Index for All Urban Consumers (CPI-U) or other due, for example, to cash flow problems, insufficient foreign relevant pricing index may be discontinued, fundamentally currency reserves, political considerations, the relative size of the altered in a manner materially adverse to the interests of an governmental entity’s debt position in relation to the economy or investor in the securities, altered by legislation or Executive Order the failure to put in place economic reforms required by the

23 International Monetary Fund or other multilateral agencies. If a descriptions appear in the Index Descriptions section of the governmental entity defaults, it may ask for more time in which to prospectus. Call 800-847-4836 or visit thriventfunds.com for pay or for further loans. There is no legal process for collecting performance results current to the most recent month-end. sovereign debts that a government does not pay nor are there The bar chart includes the effects of Fund expenses, but not bankruptcy proceedings through which all or part of the sales charges. If sales charges were included, returns would be sovereign debt that a governmental entity has not repaid may be lower than those shown. The table includes the effects of Fund collected. expenses and maximum sales charges and assumes that you Investment Adviser Risk. The Fund is actively managed and sold your shares at the end of the period. The after-tax returns are the success of its investment strategy depends significantly on calculated using the historical highest individual federal marginal the skills of the Adviser in assessing the potential of the income tax rates and do not reflect the impact of state and local investments in which the Fund invests. This assessment of taxes. Actual after-tax returns depend on an investor’s tax investments may prove incorrect, resulting in losses or poor situation and may differ from those shown, and after-tax returns performance, even in rising markets. There is also no guarantee are not relevant to investors who hold their Fund shares through that the Adviser will be able to effectively implement the Fund’s tax-deferred arrangements, such as individual retirement investment objective. accounts. Derivatives Risk. The use of derivatives (such as futures) How the Fund has performed in the past (before and after taxes) involves additional risks and transaction costs which could leave is not necessarily an indication of how it will perform in the future. the Fund in a worse position than if it had not used these Performance information provides some indication of the risks of instruments. The Fund utilizes futures on U.S. Treasuries in order investing in the Fund by showing changes in the Fund’s to manage duration. The use of derivatives can lead to losses performance over time. because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by Year-by-Year Total Return certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying 10 asset, rate or index, and the Fund could lose much more than the 8.18% 8 original amount invested. Derivatives can be highly volatile, 6.92% illiquid and difficult to value. Certain derivatives may also be 6 5.70% subject to counterparty risk, which is the risk that the other party 5.01% in the transaction will not fulfill its contractual obligations due to 4 2.97% its financial condition, market events, or other reasons. 2.50% 2 1.36% 0.40% Liquidity Risk. Liquidity is the ability to sell a security relatively (4.21)% (0.03)% quickly for a price that most closely reflects the actual value of 0 the security. Dealer inventories of bonds are at or near historic Annual Return (%) -2 lows in relation to market size, which has the potential to decrease liquidity and increase price volatility in the fixed income -4 markets, particularly during periods of economic or market -6 stress. As a result of this decreased liquidity, the Fund may have ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which Best Quarter: Q1 ’20 +6.22% could have a negative effect on performance. Worst Quarter: Q4 ’16 (3.50)% Portfolio Turnover Rate Risk. The Fund may engage in active and frequent trading of portfolio securities in implementing its Average Annual Total Returns principal investment strategies. A high rate of portfolio turnover (Periods Ending December 31, 2020) (100% or more) involves correspondingly greater expenses 1 Year 5 Years 10 Years which are borne by the Fund and its shareholders and may also result in short-term capital gains taxable to shareholders. Fund (before taxes) 4.82% 2.84% 2.61% Health Crisis Risk. The global pandemic outbreak of the novel Fund (after taxes on coronavirus known as COVID-19 has resulted in substantial distributions) 3.61% 1.96% 1.68% market volatility and global business disruption. The duration and Fund (after taxes on full effects of the outbreak are uncertain and may result in trading distributions and suspensions and market closures, limit liquidity and the ability of redemptions) 3.01% 1.81% 1.68% the Fund to process shareholder redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future Bloomberg Barclays pandemics could affect the global economy and markets in ways U.S. Treasury Index that cannot be foreseen and may exacerbate other types of risks, (reflects no deduction for negatively impacting the value of Fund investments. fees, expenses or taxes) 8.00% 3.77% 3.34% Bloomberg Barclays Performance U.S. Agency Index The following bar chart and table provide an indication of the (reflects no deduction for risks of investing in the Fund by showing changes in the Fund’s fees, expenses or taxes) 5.48% 3.21% 2.61% performance from year to year and by showing how the Fund’s average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index

24 Management transactions by mail, telephone 800-847-4836, the Internet (Thrivent.com), by wire/ACH transfer or through an automatic Investment Adviser(s) investment plan (for purchases) or a systematic withdrawal plan The Fund is managed by Thrivent Asset Management, LLC (for redemptions), subject to certain limitations. (“Thrivent Asset Mgt.” or the “Adviser”). Tax Information Portfolio Manager(s) The Fund intends to make distributions that may be taxed as Michael G. Landreville, CFA, CPA (inactive) and Gregory R. ordinary income or capital gains. Investing in the Fund through a Anderson, CFA are jointly and primarily responsible for the retirement plan could have different tax consequences. day-to-day management of the Fund. Mr. Landreville has served as portfolio manager of the Fund since February 2010. Mr. Payments to Broker-Dealers and Other Anderson has served as a portfolio manager of the Fund since February 2017. Mr. Landreville has been with Thrivent Financial Financial Intermediaries since 1983 and has served as a portfolio manager since 1998. If you purchase the Fund through a broker-dealer or other Mr. Anderson is Vice President, Fixed Income General Accounts. financial intermediary (such as an insurance company), the Fund He has been with Thrivent Financial since 1997 and has served and its related companies may pay the intermediary for the sale as a portfolio manager since 2000. of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other Purchase and Sale of Fund Shares intermediary and your salesperson to recommend the Fund over Class A shares of Thrivent Government Bond Fund are closed to another investment. Ask your salesperson or visit your financial all purchases and exchanges into the Fund, other than the intermediary’s website for more information. reinvestment of dividends by current shareholders in the Fund. You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such

25 Thrivent High Yield Fund LBHYX

Investment Objective may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Thrivent High Yield Fund (the Fund ) seeks high current income operating expenses or in the example, affect the Fund’s and, secondarily, growth of capital. performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62% of the average value of its Fees and Expenses portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales Principal Strategies charge discounts if you and your family invest, or agree to invest Under normal market conditions, the Fund invests at least 80% of in the future, at least $50,000 in Class A shares of a fund or funds its net assets (plus the amount of any borrowing for investment of Thrivent Mutual Funds. More information about these and other purposes) in high yield, high risk bonds, notes, debentures and discounts is available from your financial professional and in the other debt obligations (including leveraged loans, “Class A Shares” section on pages 96 through 97 of the Fund’s mortgage-backed securities, convertible bonds, and convertible prospectus and the “Sales Charges” section under the heading stock), or preferred stocks. These securities are commonly “Purchase, Redemption and Pricing of Shares” of the Fund’s known as “junk bonds.” At the time of purchase these securities Statement of Additional Information. 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 Shareholder Fees considered to be of comparable quality by the Adviser. The Fund (fees paid directly from your investment) invests in securities regardless of the securities’ maturity average Maximum Sales Charge (load) Imposed On and may also invest in foreign securities. Should the Adviser Purchases (as a % of offering price) 4.50% change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change. Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase The Adviser uses fundamental, quantitative, and technical 1 price or current net asset value) 1.00% investment research techniques to determine what securities to buy and sell. Fundamental techniques assess a security’s value Annual Fund Operating Expenses based on an issuer’s financial profile, management, and business (expenses that you pay each year as a percentage of the value of prospects while quantitative and technical techniques involve a your investment) more data-oriented analysis of financial information, market Management Fees 0.38% trends and price movements. The Adviser may consider environmental, social, and governance (ESG) factors as part of Distribution and Shareholder Service (12b-1) Fees 0.25% its investment analysis and decision-making processes for the Other Expenses 0.17% Fund. The Adviser focuses on U.S. companies which it believes Total Annual Fund Operating Expenses 0.80% have or are expected to achieve adequate cash flows or access to capital markets for the payment of principal and interest 1 When you invest $1,000,000 or more, a deferred sales charge of 1% obligations. will apply to shares redeemed within one year. The Fund utilizes derivatives primarily in the form of U.S. Treasury Example futures contracts in order to manage the Fund’s duration, or interest rate risk. The Fund may enter into derivatives contracts This example is intended to help you compare the cost of traded on exchanges or in the over the counter market. investing in the Fund with the cost of investing in other mutual funds. Principal Risks The example assumes that you invest $10,000 in the Fund for the The Fund is subject to the following principal investment risks, time periods indicated and then redeem all of your shares at the which you should review carefully and in entirety. The Fund may end of those periods. The example also assumes that your not achieve its investment objective and you could lose money investment has a 5% return each year, and that the Fund’s by investing in the Fund. operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost High Yield Risk. High yield securities – commonly known as would be: “junk bonds” – to which the Fund is exposed are considered predominantly speculative with respect to the issuer’s continuing 1 Year 3 Years 5 Years 10 Years ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal $528 $694 $874 $1,395 payments, the value of the Fund may be negatively affected. High yield securities generally have a less liquid resale market. Portfolio Turnover Interest Rate Risk. Interest rate risk is the risk that prices of debt The Fund pays transaction costs, such as commissions, when it securities decline in value when interest rates rise for debt buys and sells securities (or “turns over” its portfolio). A higher securities that pay a fixed rate of interest. Debt securities with portfolio turnover rate may indicate higher transaction costs and

26 longer durations (a measure of price sensitivity of a bond or bond prepayments tends to increase (as does price fluctuation) as fund to changes in interest rates) or maturities (i.e., the amount of borrowers are motivated to pay off debt and refinance at new time until a bond’s issuer must pay its principal or face value) lower rates. During such periods, reinvestment of the prepayment tend to be more sensitive to changes in interest rates than debt proceeds by the management team will generally be at lower securities with shorter durations or maturities. Changes by the rates of return than the return on the assets that were prepaid. Federal Reserve to monetary policies could affect interest rates Prepayment generally reduces the yield to maturity and the and the value of some securities. In addition, the phase out of average life of the security. LIBOR (the offered rate for short-term Eurodollar deposits Foreign Securities Risk. Foreign securities generally carry more between major international banks) by the end of 2021 could risk and are more volatile than their domestic counterparts, in lead to increased volatility and illiquidity in certain markets that part because of potential for higher political and economic risks, currently rely on LIBOR to determine interest rates. lack of reliable information and fluctuations in currency exchange Credit Risk. Credit risk is the risk that an issuer of a debt security rates where investments are denominated in currencies other to which the Fund is exposed may no longer be able or willing to than the U.S. dollar. Certain events in foreign markets may pay its debt. As a result of such an event, the debt security may adversely affect foreign and domestic issuers, including decline in price and affect the value of the Fund. interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. Convertible Securities Risk. Convertible securities are subject The Fund’s investment in any country could be subject to to the usual risks associated with debt securities, such as interest governmental actions such as capital or currency controls, rate risk and credit risk. Convertible securities also react to nationalizing a company or industry, expropriating assets, or changes in the value of the common stock into which they imposing punitive taxes that would have an adverse effect on convert, and are thus subject to market risk. The Fund may also security prices, and impair the Fund’s ability to repatriate capital be forced to convert a convertible security at an inopportune or income. Foreign securities may also be more difficult to resell time, which may decrease the Fund’s return. than comparable U.S. securities because the markets for foreign Leveraged Loan Risk. Leveraged loans (also known as bank securities are often less liquid. Even when a foreign security loans) are subject to the risks typically associated with debt increases in price in its local currency, the appreciation may be securities. In addition, leveraged loans, which typically hold a diluted by adverse changes in exchange rates when the senior position in the capital structure of a borrower, are subject security’s value is converted to U.S. dollars. Foreign withholding to the risk that a court could subordinate such loans to presently taxes also may apply and errors and delays may occur in the existing or future indebtedness or take other action detrimental to settlement process for foreign securities. the holders of leveraged loans. Leveraged loans are also subject Market Risk. Over time, securities markets generally tend to to the risk that the value of the collateral, if any, securing a loan move in cycles with periods when security prices rise and may decline, be insufficient to meet the obligations of the periods when security prices decline. The value of the Fund’s borrower, or be difficult to liquidate. Some leveraged loans are investments may move with these cycles and, in some instances, not as easily purchased or sold as publicly-traded securities and increase or decrease more than the applicable market(s) as others are illiquid, which may make it more difficult for the Fund to measured by the Fund’s benchmark index(es). The securities value them or dispose of them at an acceptable price. Below markets may also decline because of factors that affect a investment-grade leveraged loans are typically more credit particular industry or market sector, or due to impacts from sensitive. In the event of fraud or misrepresentation, the Fund domestic or global events, including the spread of infectious may not be protected under federal securities laws with respect illness, public health threats, war, terrorism, natural disasters or to leveraged loans that may not be in the form of “securities.” The similar events. settlement period for some leveraged loans may be more than seven days. Liquidity Risk. Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of LIBOR Risk. The Fund may be exposed to financial instruments the security. Dealer inventories of bonds are at or near historic that are tied to LIBOR (London Interbank Offered Rate) to lows in relation to market size, which has the potential to determine payment obligations, financing terms or investment decrease liquidity and increase price volatility in the fixed income value. Such financial instruments may include bank loans, markets, particularly during periods of economic or market derivatives, floating rate securities, certain asset backed stress. As a result of this decreased liquidity, the Fund may have securities, and other assets or liabilities tied to LIBOR. In 2017, to accept a lower price to sell a security, sell other securities to the head of the U.K. Financial Conduct Authority announced a raise cash, or give up an investment opportunity, any of which desire to phase out the use of LIBOR by the end of 2021. On could have a negative effect on performance. November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar Investment Adviser Risk. The Fund is actively managed and LIBOR publications until June 30, 2023, with the remainder of the success of its investment strategy depends significantly on LIBOR publications to still end at the end of 2021. There remains the skills of the Adviser in assessing the potential of the uncertainty regarding the future utilization of LIBOR and the investments in which the Fund invests. This assessment of nature of any replacement rate, and any potential effects of the investments may prove incorrect, resulting in losses or poor transition away from LIBOR on the Fund or its investments are not performance, even in rising markets. There is also no guarantee known. that the Adviser will be able to effectively implement the Fund’s investment objective. Prepayment Risk. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, Derivatives Risk. The use of derivatives (such as futures) and a Fund may have to invest the proceeds in securities with involves additional risks and transaction costs which could leave lower yields. In periods of falling interest rates, the rate of the Fund in a worse position than if it had not used these 27 instruments. The Fund utilizes futures on U.S. Treasuries in order Year-by-Year Total Return to manage duration. The use of derivatives can lead to losses because of adverse movements in the price or value of the 20 underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the 15.81% derivative may not correlate as intended with the underlying 15 13.87% 12.33% asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, 10 7.08% illiquid and difficult to value. Certain derivatives may also be 6.55% subject to counterparty risk, which is the risk that the other party 5 4.33% in the transaction will not fulfill its contractual obligations due to 2.67% its financial condition, market events, or other reasons. 1.53%

Annual Return (%) (3.11)% (3.48)% 0 Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial -5 market volatility and global business disruption. The duration and ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 full effects of the outbreak are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of Best Quarter: Q2 ’20 +8.31% the Fund to process shareholder redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future Worst Quarter: Q1 ’20 (13.67)% pandemics could affect the global economy and markets in ways that cannot be foreseen and may exacerbate other types of risks, Average Annual Total Returns negatively impacting the value of Fund investments. (Periods Ending December 31, 2020) Performance 1 Year 5 Years 10 Years Fund (before taxes) (2.02)% 5.33% 5.08% The following bar chart and table provide an indication of the Fund (after taxes on risks of investing in the Fund by showing changes in the Fund’s distributions) (3.98)% 3.06% 2.68% performance from year to year and by showing how the Fund’s average annual returns for one-, five- and ten-year periods Fund (after taxes on compared to a broad-based securities market index. The index distributions and description appears in the Index Descriptions section of the redemptions) (1.27)% 3.07% 2.83% prospectus. Call 800-847-4836 or visit thriventfunds.com for Bloomberg Barclays performance results current to the most recent month-end. U.S. Corporate High Yield The bar chart includes the effects of Fund expenses, but not Bond Index sales charges. If sales charges were included, returns would be (reflects no deduction for lower than those shown. The table includes the effects of Fund fees, expenses or taxes) 7.11% 8.59% 6.80% expenses and maximum sales charges and assumes that you sold your shares at the end of the period. The after-tax returns are Management calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local Investment Adviser(s) taxes. Actual after-tax returns depend on an investor’s tax The Fund is managed by Thrivent Asset Management, LLC situation and may differ from those shown, and after-tax returns (“Thrivent Asset Mgt.” or the “Adviser”). are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as individual retirement Portfolio Manager(s) accounts. Returns after taxes on distributions and redemptions Paul J. Ocenasek, CFA is primarily responsible for the may be higher than before tax returns and/or after taxes on day-to-day management of the Fund. Mr. Ocenasek has served distributions shown because they reflect the tax benefit of capital as portfolio manager of the Fund since December 1997. He has losses realized in the redemption of Fund shares. been with Thrivent Financial since 1987 and, since 1997, has served as portfolio manager to other Thrivent mutual funds. 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. Purchase and Sale of Fund Shares Performance information provides some indication of the risks of You may purchase, redeem or exchange shares of the Fund investing in the Fund by showing changes in the Fund’s through certain broker-dealers. performance over time. 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.

28 You may purchase or redeem Fund shares on days that the New Payments to Broker-Dealers and Other York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet Financial Intermediaries (thrivent.com), by wire/ACH transfer or through an automatic If you purchase the Fund through a broker-dealer or other investment plan (for purchases) or a systematic withdrawal plan financial intermediary (such as an insurance company), the Fund (for redemptions), subject to certain limitations. and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create Tax Information a conflict of interest by influencing the broker-dealer or other The Fund intends to make distributions that may be taxed as intermediary and your salesperson to recommend the Fund over ordinary income or capital gains. Investing in the Fund through a another investment. Ask your salesperson or visit your financial retirement plan could have different tax consequences. intermediary’s website for more information.

29 Thrivent Income Fund LUBIX

Investment Objectives Portfolio Turnover Thrivent Income Fund (the Fund) seeks high current income The Fund pays transaction costs, such as commissions, when it while preserving principal. The Fund’s secondary investment buys and sells securities (or “turns over” its portfolio). A higher objective is to obtain long-term growth of capital in order to portfolio turnover rate may indicate higher transaction costs and maintain investors’ purchasing power. may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Fees and Expenses operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s This table describes the fees and expenses that you may pay if portfolio turnover rate was 105% of the average value of its you buy and hold shares of the Fund. You may qualify for sales portfolio. 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 Principal Strategies of Thrivent Mutual Funds. More information about these and other discounts is available from your financial professional and in the The principal strategies of the Fund are to invest in “Class A Shares” section on pages 96 through 97 of the Fund’s investment-grade corporate bonds, government bonds, prospectus and the “Sales Charges” section under the heading asset-backed securities, mortgage-backed securities, and other “Purchase, Redemption and Pricing of Shares” of the Fund’s types of debt securities. Asset-backed securities are securities Statement of Additional Information. backed by notes or receivables originated by banks, credit card companies or other providers of credit. Shareholder Fees The Fund may invest in foreign securities, including those of (fees paid directly from your investment) issuers in emerging markets. An “emerging market” country is any country determined by the Adviser to have an emerging Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of Maximum Deferred Sales Charge (load) (as a its financial and capital markets. percentage of the lower of the original purchase 1 price or current net asset value) 1.00% Under normal conditions, at least 65% of the Fund’s assets will be invested in debt securities or preferred stock that is rated Annual Fund Operating Expenses investment grade (Baa3/BBB-/BBB- or higher) using the middle (expenses that you pay each year as a percentage of the value of rating of Moody’s, S&P and Fitch; when a rating from only two your investment) agencies is available, the lower is used; when only one agency Management Fees 0.34% rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, the Adviser may use other Distribution and Shareholder Service (12b-1) Fees 0.25% sources to classify securities by credit quality. Other Expenses 0.17% The Fund may also invest in high yield, high risk bonds, notes, Total Annual Fund Operating Expenses 0.76% debentures and other debt obligations or preferred stock commonly known as “junk bonds.” At the time of purchase these 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. securities are rated within or below the “BB” major rating category by S&P or the “Ba” major rating category by Moody’s or Example are unrated but considered to be of comparable quality by the Adviser. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual The Adviser uses fundamental, quantitative, and technical funds. investment research techniques to determine what debt obligations to buy and sell. Fundamental techniques assess a The example assumes that you invest $10,000 in the Fund for the security’s value based on an issuer’s financial profile, time periods indicated and then redeem all of your shares at the management, and business prospects while quantitative and end of those periods. The example also assumes that your technical techniques involve a more data-oriented analysis of investment has a 5% return each year, and that the Fund’s financial information, market trends and price movements. The operating expenses remain the same. Although your actual cost Adviser may consider environmental, social, and governance may be higher or lower, based on these assumptions your cost (ESG) factors as part of its investment analysis and would be: decision-making processes for the Fund. The Adviser may purchase bonds of any maturity and generally focuses on U.S. 1 Year 3 Years 5 Years 10 Years companies that it believes are financially sound and have strong $524 $682 $853 $1,350 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

30 interest rate risk. The Fund may enter into derivatives contracts declining asset value, difficult or frozen credit markets, swings in traded on exchanges or in the over the counter market. interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in The Fund may invest in securities of any market sector and may value, face valuation difficulties, become more volatile and/or hold a significant amount of securities of companies, from time to become illiquid. In addition, both mortgage-backed and time, within a single sector such as financials. asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal Principal Risks payment on the underlying asset is repaid faster or slower than The Fund is subject to the following principal investment risks, the holder of the asset-backed or mortgage-backed security which you should review carefully and in entirety. The Fund may anticipates, the price of the security may fall, particularly if the not achieve its investment objectives and you could lose money holder must reinvest the repaid principal at lower rates or must by investing in the Fund. continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the Interest Rate Risk. Interest rate risk is the risk that prices of debt overall return of the Fund. securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with LIBOR Risk. The Fund may be exposed to financial instruments longer durations (a measure of price sensitivity of a bond or bond that are tied to LIBOR (London Interbank Offered Rate) to fund to changes in interest rates) or maturities (i.e., the amount of determine payment obligations, financing terms or investment time until a bond’s issuer must pay its principal or face value) value. Such financial instruments may include bank loans, tend to be more sensitive to changes in interest rates than debt derivatives, floating rate securities, certain asset backed securities with shorter durations or maturities. Changes by the securities, and other assets or liabilities tied to LIBOR. In 2017, Federal Reserve to monetary policies could affect interest rates the head of the U.K. Financial Conduct Authority announced a and the value of some securities. In addition, the phase out of desire to phase out the use of LIBOR by the end of 2021. On LIBOR (the offered rate for short-term Eurodollar deposits November 30, 2020, the administrator of LIBOR announced its between major international banks) by the end of 2021 could intention to delay the phase out of the majority of the U.S. dollar lead to increased volatility and illiquidity in certain markets that LIBOR publications until June 30, 2023, with the remainder of currently rely on LIBOR to determine interest rates. LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the Credit Risk. Credit risk is the risk that an issuer of a debt security nature of any replacement rate, and any potential effects of the to which the Fund is exposed may no longer be able or willing to transition away from LIBOR on the Fund or its investments are not pay its debt. As a result of such an event, the debt security may known. decline in price and affect the value of the Fund. Market Risk. Over time, securities markets generally tend to High Yield Risk. High yield securities – commonly known as move in cycles with periods when security prices rise and “junk bonds” – to which the Fund is exposed are considered periods when security prices decline. The value of the Fund’s predominantly speculative with respect to the issuer’s continuing investments may move with these cycles and, in some instances, ability to make principal and interest payments. If the issuer of the increase or decrease more than the applicable market(s) as security is in default with respect to interest or principal measured by the Fund’s benchmark index(es). The securities payments, the value of the Fund may be negatively affected. markets may also decline because of factors that affect a High yield securities generally have a less liquid resale market. particular industry or market sector, or due to impacts from Government Securities Risk. The Fund invests in securities domestic or global events, including the spread of infectious issued or guaranteed by the U.S. government or its agencies and illness, public health threats, war, terrorism, natural disasters or instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, similar events. Fannie Mae or Freddie Mac securities). Securities issued or Issuer Risk. Issuer risk is the possibility that factors specific to guaranteed by Federal Home Loan Banks, Ginnie Mae, Fannie an issuer to which the Fund is exposed will affect the market Mae or Freddie Mac are not issued directly by the U.S. prices of the issuer’s securities and therefore the value of the government. Ginnie Mae is a wholly owned U.S. corporation that Fund. is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its Foreign Securities Risk. Foreign securities generally carry more securities. By contrast, securities issued or guaranteed by U.S. risk and are more volatile than their domestic counterparts, in government-related organizations such as Federal Home Loan part because of potential for higher political and economic risks, Banks, Fannie Mae and Freddie Mac are not backed by the full lack of reliable information and fluctuations in currency exchange faith and credit of the U.S. government. No assurance can be rates where investments are denominated in currencies other given that the U.S. government would provide financial support to than the U.S. dollar. Certain events in foreign markets may its agencies and instrumentalities if not required to do so by law. adversely affect foreign and domestic issuers, including In addition, the value of U.S. government securities may be interruptions in the global supply chain, market closures, war, affected by changes in the credit rating of the U.S. government, terrorism, natural disasters and outbreak of infectious diseases. which may be negatively impacted by rising levels of The Fund’s investment in any country could be subject to indebtedness. governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or Mortgage-Backed and Other Asset-Backed Securities Risk. imposing punitive taxes that would have an adverse effect on The value of mortgage-backed and asset-backed securities will security prices, and impair the Fund’s ability to repatriate capital be influenced by the factors affecting the housing market and the or income. Foreign securities may also be more difficult to resell assets underlying such securities. As a result, during periods of than comparable U.S. securities because the markets for foreign

31 securities are often less liquid. Even when a foreign security Liquidity Risk. Liquidity is the ability to sell a security relatively increases in price in its local currency, the appreciation may be quickly for a price that most closely reflects the actual value of diluted by adverse changes in exchange rates when the the security. Dealer inventories of bonds are at or near historic security’s value is converted to U.S. dollars. Foreign withholding lows in relation to market size, which has the potential to taxes also may apply and errors and delays may occur in the decrease liquidity and increase price volatility in the fixed income settlement process for foreign securities. markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have Investment Adviser Risk. The Fund is actively managed and to accept a lower price to sell a security, sell other securities to the success of its investment strategy depends significantly on raise cash, or give up an investment opportunity, any of which the skills of the Adviser in assessing the potential of the could have a negative effect on performance. investments in which the Fund invests. This assessment of investments may prove incorrect, resulting in losses or poor Portfolio Turnover Rate Risk. The Fund may engage in active performance, even in rising markets. There is also no guarantee and frequent trading of portfolio securities in implementing its that the Adviser will be able to effectively implement the Fund’s principal investment strategies. A high rate of portfolio turnover investment objective. (100% or more) involves correspondingly greater expenses which are borne by the Fund and its shareholders and may also Financial Sector Risk. To the extent that the financials sector result in short-term capital gains taxable to shareholders. continues to represent a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend Health Crisis Risk. The global pandemic outbreak of the novel to a greater extent on, factors impacting this sector. Performance coronavirus known as COVID-19 has resulted in substantial of companies in the financials sector may be adversely impacted market volatility and global business disruption. The duration and by many factors, including, among others, government full effects of the outbreak are uncertain and may result in trading regulations, economic conditions, credit rating downgrades, suspensions and market closures, limit liquidity and the ability of changes in interest rates, and decreased liquidity in credit the Fund to process shareholder redemptions, and negatively markets. The impact of more stringent capital requirements, impact Fund performance. The COVID-19 outbreak and future recent or future regulation of any individual financial company or pandemics could affect the global economy and markets in ways recent or future regulation of the financials sector as a whole that cannot be foreseen and may exacerbate other types of risks, cannot be predicted. In recent years, cyber attacks and negatively impacting the value of Fund investments. technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses. Performance Derivatives Risk. The use of derivatives (such as futures) The following bar chart and table provide an indication of the involves additional risks and transaction costs which could leave risks of investing in the Fund by showing changes in the Fund’s the Fund in a worse position than if it had not used these performance from year to year and by showing how the Fund’s instruments. The Fund utilizes futures on U.S. Treasuries in order average annual returns for one-, five- and ten-year periods to manage duration. The use of derivatives can lead to losses compared to a broad-based securities market index. The index because of adverse movements in the price or value of the description appears in the Index Descriptions section of the underlying asset, index or rate, which may be magnified by prospectus. Call 800-847-4836 or visit thriventfunds.com for certain features of the contract. Changes in the value of the performance results current to the most recent month-end. derivative may not correlate as intended with the underlying The bar chart includes the effects of Fund expenses, but not asset, rate or index, and the Fund could lose much more than the sales charges. If sales charges were included, returns would be original amount invested. Derivatives can be highly volatile, lower than those shown. The table includes the effects of Fund illiquid and difficult to value. Certain derivatives may also be expenses and maximum sales charges and assumes that you subject to counterparty risk, which is the risk that the other party sold your shares at the end of the period. The after-tax returns are in the transaction will not fulfill its contractual obligations due to calculated using the historical highest individual federal marginal its financial condition, market events, or other reasons. income tax rates and do not reflect the impact of state and local Emerging Markets Risk. The economic and political structures taxes. Actual after-tax returns depend on an investor’s tax of developing countries in emerging markets, in most cases, do situation and may differ from those shown, and after-tax returns not compare favorably with the U.S. or other developed countries are not relevant to investors who hold their Fund shares through in terms of wealth and stability, and their financial markets often tax-deferred arrangements, such as individual retirement lack liquidity. Fund performance will likely be negatively affected accounts. by portfolio exposure to countries and corporations domiciled in How the Fund has performed in the past (before and after taxes) or with revenue exposures to countries in the midst of, among is not necessarily an indication of how it will perform in the future. other things, hyperinflation, currency devaluation, trade Performance information provides some indication of the risks of disagreements, sudden political upheaval, or interventionist investing in the Fund by showing changes in the Fund’s government policies. Fund performance may also be negatively performance over time. 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. 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 the Fund’s share price to decline.

32 Year-by-Year Total Return manager of the Fund since June 2017. Mr. White is the Director of Investment Grade Research, and he has been with Thrivent

14 13.19% Financial since 1999. 12 11.59% 10.82% Purchase and Sale of Fund Shares 10 You may purchase, redeem or exchange shares of the Fund 8 through certain broker-dealers. 6.36% 5.79% 6.04% 5.42% 6 The minimum initial investment requirement for this Fund is 4 $2,000 and the minimum subsequent investment requirement is 2 $50 for taxable accounts. For IRA or tax-deferred accounts, the (0.27)% (0.90)% (2.61)% minimum initial investment requirement for this Fund is $1,000 Annual Return (%) 0 and the minimum subsequent investment requirement is $50. -2 These investment requirements may be different, however, for -4 investors investing in the Fund through an automatic investment ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 plan.

Best Quarter: Q2 ’20 +8.78% You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such Worst Quarter: Q2 ’13 (2.94)% transactions by mail, telephone 800-847-4836, the Internet (thrivent.com), by wire/ACH transfer or through an automatic Average Annual Total Returns investment plan (for purchases) or a systematic withdrawal plan (Periods Ending December 31, 2020) (for redemptions), subject to certain limitations. 1 Year 5 Years 10 Years Tax Information Fund (before taxes) 6.55% 5.69% 4.93% The Fund intends to make distributions that may be taxed as Fund (after taxes on ordinary income or capital gains. Investing in the Fund through a distributions) 4.52% 4.12% 3.40% retirement plan could have different tax consequences. Fund (after taxes on distributions and Payments to Broker-Dealers and Other redemptions) 4.05% 3.69% 3.13% Financial Intermediaries Bloomberg Barclays U.S. Index If you purchase the Fund through a broker-dealer or other (reflects no deduction for financial intermediary (such as an insurance company), the Fund fees, expenses or taxes) 9.89% 6.74% 5.63% 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 Management intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial Investment Adviser(s) intermediary’s website for more information. The Fund is managed by Thrivent Asset Management, LLC (“Thrivent Asset Mgt.” or the “Adviser”).

Portfolio Manager(s) Kent L. White, CFA is primarily responsible for the day-to-day management of the Fund. Mr. White has served as a portfolio

33 Thrivent International Allocation Fund TWAAX

Investment Objective investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual cost Thrivent International Allocation Fund (the Fund ) seeks may be higher or lower, based on these assumptions your cost long-term capital growth. would be:

Fees and Expenses 1 Year 3 Years 5 Years 10 Years This table describes the fees and expenses that you may pay if $567 $850 $1,155 $2,018 you buy and hold shares of the Fund. 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 Portfolio Turnover of Thrivent Mutual Funds. More information about these and other The Fund pays transaction costs, such as commissions, when it discounts is available from your financial professional and in the buys and sells securities (or “turns over” its portfolio). A higher “Class A Shares” section on pages 96 through 97 of the Fund’s portfolio turnover rate may indicate higher transaction costs and prospectus and the “Sales Charges” section under the heading may result in higher taxes when Fund shares are held in a taxable “Purchase, Redemption and Pricing of Shares” of the Fund’s account. These costs, which are not reflected in annual fund Statement of Additional Information. operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s Shareholder Fees portfolio turnover rate was 105% of the average value of its (fees paid directly from your investment) portfolio. Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% Principal Strategies Maximum Deferred Sales Charge (load) (as a The Fund seeks to achieve its objective by investing primarily in percentage of the lower of the original purchase equity securities of issuers throughout the world. The Fund seeks price or current net asset value)1 1.00% to diversify its portfolio broadly among developed and emerging countries and among multiple asset classes. Under normal Annual Fund Operating Expenses market conditions, the Fund invests at least 40% of its net assets (expenses that you pay each year as a percentage of the value of in foreign assets. If market conditions are not deemed favorable your investment) 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 Management Fees 0.67% determined to be foreign based on the issuer’s domicile, principal Distribution and Shareholder Service (12b-1) Fees 0.25% place of business, stock exchange listing, source of revenue, or Other Expenses 0.46% other factors. Foreign securities may also include depositary receipts. The Fund may also pursue its investment strategy by Total Annual Fund Operating Expenses 1.38% investing in equity derivatives such as futures contracts to either Less Fee Waivers and/or Expense hedge its exposure or gain exposure to certain investments. The Reimbursements2 0.18% Adviser may consider environmental, social, and governance Total Annual Fund Operating Expenses After Fee (ESG) factors as part of its investment analysis and Waivers and/or Expense Reimbursements 1.20% decision-making processes for the Fund.

1 When you invest $1,000,000 or more, a deferred sales charge of 1% The Adviser will make asset allocation decisions among the will apply to shares redeemed within one year. various asset classes and has engaged Goldman Sachs Asset 2 The Adviser has contractually agreed, through at least February 28, Management, L.P. (“GSAM”) to manage a portion of the Fund’s 2022, to waive a portion of the management fees associated with the Class A shares of the Thrivent International Allocation Fund in order to international small-cap equity assets. The Adviser will directly limit the Total Annual Fund Operating Expenses After Fee Waivers manage the remaining assets in the Fund. and/or Expense Reimbursements to an annual rate of 1.20% of the average daily net assets of the Class A shares. This contractual The Fund will generally make the following allocations among the provision, however, may be terminated before the indicated termination date upon the mutual agreement between the Independent Trustees of broad asset classes listed below: the Fund and the Adviser. International large- and mid-cap equity...... 0-80% Example International small-cap equity ...... 0-30% Emergingmarketsequity...... 0-25% This example is intended to help you compare the cost of U.S. securities ...... 0-10% investing in the Fund with the cost of investing in other mutual funds. The Fund’s actual holdings in each broad asset category may be outside the applicable allocation range from time to time due to The example assumes that you invest $10,000 in the Fund for the differing investment performances among asset classes. These time periods indicated and then redeem all of your shares at the allocations may change without shareholder approval or advance end of those periods. In addition, the example for the 1 Year notice to shareholders to the extent consistent with applicable period reflects the effect of the contractual fee waiver and/or law. expense reimbursement. The example also assumes that your

34 In buying and selling securities for the Fund, the Adviser uses an or income. Foreign securities may also be more difficult to resell active strategy. This strategy consists of a disciplined approach than comparable U.S. securities because the markets for foreign that involves computer-aided, quantitative analysis of securities are often less liquid. Even when a foreign security fundamental, technical and risk-related factors. The Adviser’s increases in price in its local currency, the appreciation may be factor model (a method of analyzing and combining multiple data diluted by adverse changes in exchange rates when the sources) systematically reviews thousands of stocks, using data security’s value is converted to U.S. dollars. Foreign withholding such as historical earnings growth and expected future growth, taxes also may apply and errors and delays may occur in the valuation, price momentum, and other quantitative factors to settlement process for foreign securities. forecast return potential. Then, risk characteristics of potential Large Cap Risk. Large-sized companies may be unable to investments and covariation among securities are analyzed along respond quickly to new competitive challenges such as changes with the return forecasts in determining the Fund’s holdings. in technology. They may also not be able to attain the high growth GSAM uses a quantitative style of management, in combination rate of successful smaller companies, especially during with a qualitative overlay, that emphasizes fundamentally-based extended periods of economic expansion. stock selection, careful portfolio construction and efficient Growth Investing Risk. Growth style investing includes the risk implementation. The Fund’s investments are selected using of investing in securities whose prices historically have been fundamental research and a variety of quantitative techniques more volatile than other securities, especially over the short term. based on certain investment themes. The Fund may make Growth stock prices reflect projections of future earnings or investment decisions that deviate from those generated by revenues and, if a company’s earnings or revenues fall short of GSAM’s proprietary models, at the discretion of GSAM. In expectations, its stock price may fall dramatically. addition, GSAM may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that Value Investing Risk. Value style investing includes the risk that are based on GSAM’s proprietary research. stocks of undervalued companies may not rise as quickly as anticipated if the market doesn’t recognize their intrinsic value or Principal Risks if value stocks are out of favor. The Fund is subject to the following principal investment risks, Quantitative Investing Risk. Securities selected according to a which you should review carefully and in entirety. The Fund may quantitative analysis methodology can perform differently from not achieve its investment objective and you could lose money the market as a whole based on the model and the factors used by investing in the Fund. in the analysis, the weight placed on each factor and changes in the factor’s historical trends. Such models are based on Allocation Risk. The Fund’s investment performance depends assumptions of these and other market factors, and the models upon how its assets are allocated across broad asset categories may not take into account certain factors, or perform as intended, and applicable sub-classes within such categories. Some broad and may result in a decline in the value of the Fund’s portfolio. asset categories and sub-classes may perform below expectations or the securities markets generally over short and Emerging Markets Risk. The economic and political structures extended periods. Therefore, a principal risk of investing in the of developing countries in emerging markets, in most cases, do Fund is that the allocation strategies used and the allocation not compare favorably with the U.S. or other developed countries decisions made will not produce the desired results. in terms of wealth and stability, and their financial markets often lack liquidity. Fund performance will likely be negatively affected Equity Security Risk. Equity securities held by the Fund may by portfolio exposure to countries and corporations domiciled in decline significantly in price, sometimes rapidly or unpredictably, or with revenue exposures to countries in the midst of, among over short or extended periods of time, and such declines may other things, hyperinflation, currency devaluation, trade occur because of declines in the equity market as a whole, or disagreements, sudden political upheaval, or interventionist because of declines in only a particular country, company, government policies. Fund performance may also be negatively industry, or sector of the market. From time to time, the Fund may affected by portfolio exposure to countries and corporations invest a significant portion of its assets in companies in one or domiciled in or with revenue exposures to countries with less more related sectors or industries which would make the Fund developed legal, tax, regulatory, and accounting systems. more vulnerable to adverse developments affecting such sectors Significant buying or selling actions by a few major investors may or industries. Equity securities are generally more volatile than also heighten the volatility of emerging markets. These factors most debt securities. make investing in emerging market countries significantly riskier Foreign Securities Risk. Foreign securities generally carry more than in other countries, and events in any one country could risk and are more volatile than their domestic counterparts, in cause the Fund’s share price to decline. part because of potential for higher political and economic risks, Foreign Currency Risk. The value of a foreign currency may lack of reliable information and fluctuations in currency exchange decline against the U.S. dollar, which would reduce the dollar rates where investments are denominated in currencies other value of securities denominated in that currency. The overall than the U.S. dollar. Certain events in foreign markets may impact of such a decline of foreign currency can be significant, adversely affect foreign and domestic issuers, including unpredictable, and long lasting, depending on the currencies interruptions in the global supply chain, market closures, war, represented, how each one appreciates or depreciates in relation terrorism, natural disasters and outbreak of infectious diseases. to the U.S. dollar, and whether currency positions are hedged. The Fund’s investment in any country could be subject to Under normal conditions, the Fund does not engage in extensive governmental actions such as capital or currency controls, foreign currency hedging programs. Further, exchange rate nationalizing a company or industry, expropriating assets, or movements are volatile, and it is not possible to effectively hedge imposing punitive taxes that would have an adverse effect on the currency risks of many developing countries. security prices, and impair the Fund’s ability to repatriate capital 35 Market Risk. Over time, securities markets generally tend to instruments. The Fund utilizes equity futures in order to increase move in cycles with periods when security prices rise and or decrease its exposure to various asset classes at a lower cost periods when security prices decline. The value of the Fund’s than trading stocks directly. The use of derivatives can lead to investments may move with these cycles and, in some instances, losses because of adverse movements in the price or value of increase or decrease more than the applicable market(s) as the underlying asset, index or rate, which may be magnified by measured by the Fund’s benchmark index(es). The securities certain features of the contract. Changes in the value of the markets may also decline because of factors that affect a derivative may not correlate as intended with the underlying particular industry or market sector, or due to impacts from asset, rate or index, and the Fund could lose much more than the domestic or global events, including the spread of infectious original amount invested. Derivatives can be highly volatile, illness, public health threats, war, terrorism, natural disasters or illiquid and difficult to value. Certain derivatives may also be similar events. subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to Small Cap Risk. Smaller, less seasoned companies often have its financial condition, market events, or other reasons. greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend Health Crisis Risk. The global pandemic outbreak of the novel to have small revenues, narrower product lines, less coronavirus known as COVID-19 has resulted in substantial management depth and experience, small shares of their product market volatility and global business disruption. The duration and or service markets, fewer financial resources, and less full effects of the outbreak are uncertain and may result in trading competitive strength than larger companies. Such companies suspensions and market closures, limit liquidity and the ability of seldom pay significant dividends that could soften the impact of the Fund to process shareholder redemptions, and negatively a falling market on returns. impact Fund performance. The COVID-19 outbreak and future pandemics could affect the global economy and markets in ways Mid Cap Risk. Medium-sized companies often have greater that cannot be foreseen and may exacerbate other types of risks, price volatility, lower trading volume, and less liquidity than larger, negatively impacting the value of Fund investments. 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 Performance markets, fewer financial resources, and less competitive strength The following bar chart and table provide an indication of the than larger companies. risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s Issuer Risk. Issuer risk is the possibility that factors specific to average annual returns for one-, five- and ten-year periods an issuer to which the Fund is exposed will affect the market compared to a broad-based securities market index. The index prices of the issuer’s securities and therefore the value of the description appears in the Index Descriptions section of the Fund. prospectus. Call 800-847-4836 or visit thriventfunds.com for Investment Adviser Risk. The Fund is actively managed and performance results current to the most recent month-end. the success of its investment strategy depends significantly on The bar chart includes the effects of Fund expenses, but not the skills of the Adviser or subadviser in assessing the potential sales charges. If sales charges were included, returns would be of the investments in which the Fund invests. This assessment of lower than those shown. The table includes the effects of Fund investments may prove incorrect, resulting in losses or poor expenses and maximum sales charges and assumes that you performance, even in rising markets. There is also no guarantee sold your shares at the end of the period. The after-tax returns are that the Adviser will be able to effectively implement the Fund’s calculated using the historical highest individual federal marginal investment objective. income tax rates and do not reflect the impact of state and local Multi-Manager Risk. The investment style employed by the taxes. Actual after-tax returns depend on an investor’s tax subadviser may not be complementary to that of the Adviser. The situation and may differ from those shown, and after-tax returns interplay of the strategy employed by the subadviser and the are not relevant to investors who hold their Fund shares through Adviser may result in the Fund indirectly holding positions in tax-deferred arrangements such as individual retirement certain types of securities, industries or sectors. These positions accounts. Returns after taxes on distributions and redemptions may be detrimental to a Fund’s performance depending upon the may be higher than before tax returns and/or after taxes on performance of those securities and the overall economic distributions shown because they reflect the tax benefit of capital environment. The multi-manager approach could result in a high losses realized in the redemption of Fund shares. level of portfolio turnover, resulting in higher brokerage expenses How the Fund has performed in the past (before and after taxes) and increased tax liability from a Fund’s realization of capital is not necessarily an indication of how it will perform in the future. gains. Performance information provides some indication of the risks of Portfolio Turnover Rate Risk. The Fund may engage in active investing in the Fund by showing changes in the Fund’s and frequent trading of portfolio securities in implementing its performance over time. 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. 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

36 Year-by-Year Total Return 2013. Takashi Suwabe, Managing Director and co-head of active equity research within QIS, joined GSAM and the QIS team 30 in 2009. Mr. Suwabe has managed the Fund since September 2013. Dennis Walsh, Managing Director and global co-head of 23.12% 19.96% equity alpha strategies within QIS, joined GSAM and the QIS 18.79% 20 team in 2009. He has managed the Fund since February 2021. 15.13% The Adviser manages the Fund’s international large- and mid-cap 10 equity, emerging markets equity and U.S. securities assets. Noah 2.88% 3.38% J. Monsen, CFA and Brian W. Bomgren, CQF are jointly and (12.12)% (4.92)% (1.19)% (15.82)% 0 primarily responsible for day-to-day management of the Fund’s international large- and mid-cap equity, emerging markets equity

Annual Return (%) and U.S. securities assets. Mr. Monsen and Mr. Bomgren have -10 served as portfolio managers of the Fund since February 2016. Mr. Monsen has been with Thrivent Financial since 2000 and has -20 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 served in an investment management capacity since 2008. Mr. Bomgren has been with Thrivent Financial since 2006 and is currently a Senior Portfolio Manager. Best Quarter: Q2 ’20 +15.44% Worst Quarter: Q1 ’20 (25.57)% Purchase and Sale of Fund Shares

Average Annual Total Returns You may purchase, redeem or exchange shares of the Fund (Periods Ending December 31, 2020) through certain broker-dealers. 1 Year 5 Years 10 Years The minimum initial investment requirement for this Fund is $2,000 and the minimum subsequent investment requirement is Fund (before taxes) (1.25)% 4.77% 3.61% $50 for taxable accounts. For IRA or tax-deferred accounts, the Fund (after taxes on minimum initial investment requirement for this Fund is $1,000 distributions) (1.54)% 4.00% 3.05% and the minimum subsequent investment requirement is $50. Fund (after taxes on These investment requirements may be different, however, for distributions and investors investing in the Fund through an automatic investment redemptions) (0.53)% 3.58% 2.77% plan. MSCI All Country World Index You may purchase or redeem Fund shares on days that the New ex-USA - USD Net Returns York Stock Exchange is open. You may conduct such (reflects no deduction for transactions by mail, telephone 800-847-4836, the Internet fees, expenses or taxes) 10.65% 8.93% 4.92% (thrivent.com), by wire/ACH transfer or through an automatic investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations. Management Tax Information Investment Adviser(s) The Fund intends to make distributions that may be taxed as The Fund is managed by Thrivent Asset Management, LLC ordinary income or capital gains. Investing in the Fund through a (“Thrivent Asset Mgt.” or the “Adviser”), which has engaged retirement plan could have different tax consequences. Goldman Sachs Asset Management, L.P. (“GSAM”) to subadvise a portion of the Fund’s assets. Payments to Broker-Dealers and Other Portfolio Manager(s) Financial Intermediaries GSAM’s Quantitative Investment Strategies team (the “QIS” team) If you purchase the Fund through a broker-dealer or other manages international small-cap equity assets of the Fund with financial intermediary (such as an insurance company), the Fund the following team members being jointly and primarily and its related companies may pay the intermediary for the sale responsible for day-to-day management. Len Ioffe, Managing of Fund shares and related services. These payments may create Director and Senior Portfolio Manager, joined GSAM in 1994 and a conflict of interest by influencing the broker-dealer or other has been a portfolio manager since 1996. Mr. Ioffe has managed intermediary and your salesperson to recommend the Fund over the Fund since September 2013. Osman Ali, Managing Director another investment. Ask your salesperson or visit your financial and global co-head of equity alpha strategies within QIS, joined intermediary’s website for more information. GSAM and the research and portfolio management team within QIS in 2005. Mr. Ali has managed the Fund since September

37 Thrivent Large Cap Growth Fund AAAGX

Investment Objective investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual cost Thrivent Large Cap Growth Fund (the Fund ) seeks long-term may be higher or lower, based on these assumptions your cost capital appreciation. would be:

Fees and Expenses 1 Year 3 Years 5 Years 10 Years This table describes the fees and expenses that you may pay if $555 $786 $1,035 $1,748 you buy and hold shares of the Fund. 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 Portfolio Turnover of Thrivent Mutual Funds. More information about these and other The Fund pays transaction costs, such as commissions, when it discounts is available from your financial professional and in the buys and sells securities (or “turns over” its portfolio). A higher “Class A Shares” section on pages 96 through 97 of the Fund’s portfolio turnover rate may indicate higher transaction costs and prospectus and the “Sales Charges” section under the heading may result in higher taxes when Fund shares are held in a taxable “Purchase, Redemption and Pricing of Shares” of the Fund’s account. These costs, which are not reflected in annual fund Statement of Additional Information. operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s Shareholder Fees portfolio turnover rate was 44% of the average value of its (fees paid directly from your investment) portfolio. Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% Principal Strategies Maximum Deferred Sales Charge (load) (as a Under normal circumstances, the Fund invests at least 80% of its percentage of the lower of the original purchase net assets (plus the amount of any borrowing for investment price or current net asset value)1 1.00% purposes) in equity securities of large companies. The Adviser focuses mainly on the equity securities of large domestic and Annual Fund Operating Expenses international companies which have market capitalizations (expenses that you pay each year as a percentage of the value of equivalent to those included in widely known indices such as the your investment) Russell 1000® Growth Index, S&P 500® Index, or the large company market capitalization classifications published by Management Fees 0.68% Lipper, Inc. These companies typically have a market Distribution and Shareholder Service (12b-1) Fees 0.25% capitalization of approximately $8 billion or more. Should the Other Expenses 0.19% Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the Total Annual Fund Operating Expenses 1.12% change. Less Fee Waivers and/or Expense Reimbursements2 0.04% The Fund seeks to achieve its investment objective by investing in common stocks. The Adviser uses fundamental, quantitative, Total Annual Fund Operating Expenses After Fee and technical investment research techniques and focuses on Waivers and/or Expense Reimbursements 1.08% stocks of companies that it believes have demonstrated and will 1 When you invest $1,000,000 or more, a deferred sales charge of 1% sustain above-average earnings growth over time, or which are will apply to shares redeemed within one year. expected to develop rapid sales and earnings growth in the 2 The Adviser has contractually agreed, through at least February 28, future when compared to the economy and stock market as a 2022, to waive a portion of the management fees associated with the Class A shares of the Thrivent Large Cap Growth Fund in order to limit whole. Many such companies are in the technology sector and the Total Annual Fund Operating Expenses After Fee Waivers and/or the Fund may at times have a higher concentration in this Expense Reimbursements to an annual rate of 1.08% of the average industry. The Adviser may consider environmental, social, and daily net assets of the Class A shares. This contractual provision, however, may be terminated before the indicated termination date governance (ESG) factors as part of its investment analysis and upon the mutual agreement between the Independent Trustees of the decision-making processes for the Fund. Fund and the Adviser. The Fund may sell securities for a variety of reasons, such as to Example secure gains, limit losses, or reposition assets into more This example is intended to help you compare the cost of promising opportunities. investing in the Fund with the cost of investing in other mutual funds. Principal Risks The example assumes that you invest $10,000 in the Fund for the The Fund is subject to the following principal investment risks, time periods indicated and then redeem all of your shares at the which you should review carefully and in entirety. The Fund may end of those periods. In addition, the example for the 1 Year not achieve its investment objective and you could lose money period reflects the effect of the contractual fee waiver and/or by investing in the Fund. expense reimbursement. The example also assumes that your

38 Large Cap Risk. Large-sized companies may be unable to Foreign Securities Risk. Foreign securities generally carry more respond quickly to new competitive challenges such as changes risk and are more volatile than their domestic counterparts, in in technology. They may also not be able to attain the high growth part because of potential for higher political and economic risks, rate of successful smaller companies, especially during lack of reliable information and fluctuations in currency exchange extended periods of economic expansion. rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may Growth Investing Risk. Growth style investing includes the risk adversely affect foreign and domestic issuers, including of investing in securities whose prices historically have been interruptions in the global supply chain, market closures, war, more volatile than other securities, especially over the short term. terrorism, natural disasters and outbreak of infectious diseases. Growth stock prices reflect projections of future earnings or The Fund’s investment in any country could be subject to revenues and, if a company’s earnings or revenues fall short of governmental actions such as capital or currency controls, expectations, its stock price may fall dramatically. nationalizing a company or industry, expropriating assets, or Equity Security Risk. Equity securities held by the Fund may imposing punitive taxes that would have an adverse effect on decline significantly in price, sometimes rapidly or unpredictably, security prices, and impair the Fund’s ability to repatriate capital over short or extended periods of time, and such declines may or income. Foreign securities may also be more difficult to resell occur because of declines in the equity market as a whole, or than comparable U.S. securities because the markets for foreign because of declines in only a particular country, company, securities are often less liquid. Even when a foreign security industry, or sector of the market. From time to time, the Fund may increases in price in its local currency, the appreciation may be invest a significant portion of its assets in companies in one or diluted by adverse changes in exchange rates when the more related sectors or industries which would make the Fund security’s value is converted to U.S. dollars. Foreign withholding more vulnerable to adverse developments affecting such sectors taxes also may apply and errors and delays may occur in the or industries. Equity securities are generally more volatile than settlement process for foreign securities. most debt securities. Non-Diversified Risk. The Fund is not “diversified” within the Market Risk. Over time, securities markets generally tend to meaning of the 1940 Act. That means the Fund may invest a move in cycles with periods when security prices rise and greater percentage of its assets in the securities of any single periods when security prices decline. The value of the Fund’s issuer compared to other funds. A non-diversified portfolio is investments may move with these cycles and, in some instances, generally more susceptible than a diversified portfolio to the risk increase or decrease more than the applicable market(s) as that events or developments affecting a particular issuer or measured by the Fund’s benchmark index(es). The securities industry will significantly affect the Fund’s performance. markets may also decline because of factors that affect a Health Crisis Risk. The global pandemic outbreak of the novel particular industry or market sector, or due to impacts from coronavirus known as COVID-19 has resulted in substantial domestic or global events, including the spread of infectious market volatility and global business disruption. The duration and illness, public health threats, war, terrorism, natural disasters or full effects of the outbreak are uncertain and may result in trading similar events. suspensions and market closures, limit liquidity and the ability of Technology-Oriented Companies Risk. Common stocks of the Fund to process shareholder redemptions, and negatively companies that rely extensively on technology, science or impact Fund performance. The COVID-19 outbreak and future communications in their product development or operations may pandemics could affect the global economy and markets in ways be more volatile than the overall stock market and may or may that cannot be foreseen and may exacerbate other types of risks, not move in tandem with the overall stock market. Technology, negatively impacting the value of Fund investments. science and communications are rapidly changing fields, and stocks of these companies, especially of smaller or unseasoned Performance companies, may be subject to more abrupt or erratic market The following bar chart and table provide an indication of the movements than the stock market in general. There are risks of investing in the Fund by showing changes in the Fund’s significant competitive pressures among technology-oriented performance from year to year and by showing how the Fund’s companies and the products or operations of such companies average annual returns for one-, five- and ten-year periods may become obsolete quickly. In addition, these companies may compared to broad-based securities market indices. The index have limited product lines, markets or financial resources and the descriptions appear in the Index Descriptions section of the management of such companies may be more dependent upon prospectus. Call 800-847-4836 or visit thriventfunds.com for one or a few key people. performance results current to the most recent month-end. Issuer Risk. Issuer risk is the possibility that factors specific to The bar chart includes the effects of Fund expenses, but not an issuer to which the Fund is exposed will affect the market sales charges. If sales charges were included, returns would be prices of the issuer’s securities and therefore the value of the lower than those shown. The table includes the effects of Fund Fund. expenses and maximum sales charges and assumes that you Investment Adviser Risk. The Fund is actively managed and sold your shares at the end of the period. The after-tax returns are the success of its investment strategy depends significantly on calculated using the historical highest individual federal marginal the skills of the Adviser in assessing the potential of the income tax rates and do not reflect the impact of state and local investments in which the Fund invests. This assessment of taxes. Actual after-tax returns depend on an investor’s tax investments may prove incorrect, resulting in losses or poor situation and may differ from those shown, and after-tax returns performance, even in rising markets. There is also no guarantee are not relevant to investors who hold their Fund shares through that the Adviser will be able to effectively implement the Fund’s tax-deferred arrangements, such as individual retirement investment objective. accounts.

39 How the Fund has performed in the past (before and after taxes) Portfolio Manager(s) is not necessarily an indication of how it will perform in the future. Lauri Brunner is primarily responsible for the day-to-day Performance information provides some indication of the risks of management of the Fund, and she has served as portfolio investing in the Fund by showing changes in the Fund’s manager of the Fund since September 2018. Ms. Brunner has performance over time. been with Thrivent Financial since 2007 and currently is a Senior Portfolio Manager. Year-by-Year Total Return Purchase and Sale of Fund Shares 50 You may purchase, redeem or exchange shares of the Fund 42.44% through certain broker-dealers. 40 34.89% 31.61% The minimum initial investment requirement for this Fund is 30 27.70% $2,000 and the minimum subsequent investment requirement is $50 for taxable accounts. For IRA or tax-deferred accounts, the 20 17.79% minimum initial investment requirement for this Fund is $1,000 and the minimum subsequent investment requirement is $50. 10.05% 9.69% 10 These investment requirements may be different, however, for

Annual Return (%) 1.47% investors investing in the Fund through an automatic investment (6.29)% (2.26)% 0 plan. You may purchase or redeem Fund shares on days that the New -10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 York Stock Exchange is open. You may conduct such transactions by mail, telephone 800-847-4836, the Internet Best Quarter: Q2 ’20 +28.81% (thrivent.com), by wire/ACH transfer or through an automatic Worst Quarter: Q3 ’11 (17.18)% investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations. Average Annual Total Returns (Periods Ending December 31, 2020) Tax Information The Fund intends to make distributions that may be taxed as 1 Year 5 Years 10 Years ordinary income or capital gains. Investing in the Fund through a Fund (before taxes) 36.00% 17.79% 15.08% retirement plan could have different tax consequences. Fund (after taxes on distributions) 33.60% 16.27% 14.14% Payments to Broker-Dealers and Other Fund (after taxes on Financial Intermediaries distributions and If you purchase the Fund through a broker-dealer or other redemptions) 22.92% 14.04% 12.50% financial intermediary (such as an insurance company), the Fund Russell 1000® Growth Index and its related companies may pay the intermediary for the sale (reflects no deduction for of Fund shares and related services. These payments may create fees, expenses or taxes) 38.49% 21.00% 17.21% a conflict of interest by influencing the broker-dealer or other S&P 500 Growth Index intermediary and your salesperson to recommend the Fund over (reflects no deduction for another investment. Ask your salesperson or visit your financial fees, expenses or taxes) 33.47% 18.98% 16.49% intermediary’s website for more information.

Management Investment Adviser(s) The Fund is managed by Thrivent Asset Management, LLC (“Thrivent Asset Mgt.” or the “Adviser”).

40 Thrivent Large Cap Value Fund AAUTX

Investment Objective may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Thrivent Large Cap Value Fund (the Fund ) seeks to achieve operating expenses or in the example, affect the Fund’s long-term growth of capital. performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its Fees and Expenses portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales Principal Strategies charge discounts if you and your family invest, or agree to invest Under normal circumstances, the Fund invests at least 80% of its in the future, at least $50,000 in Class A shares of a fund or funds net assets (plus the amount of any borrowing for investment of Thrivent Mutual Funds. More information about these and other purposes) in equity securities of large companies. The Adviser discounts is available from your financial professional and in the focuses mainly on the equity securities of large domestic and “Class A Shares” section on pages 96 through 97 of the Fund’s international companies which have market capitalizations prospectus and the “Sales Charges” section under the heading equivalent to those included in widely known indices such as the “Purchase, Redemption and Pricing of Shares” of the Fund’s Russell 1000® Value Index, S&P 500® Index, or the large Statement of Additional Information. company market capitalization classifications published by Lipper, Inc. These companies typically have a market Shareholder Fees capitalization of approximately $8 billion or more. Should the (fees paid directly from your investment) Adviser change the investments used for purposes of this 80% Maximum Sales Charge (load) Imposed On threshold, we will notify you at least 60 days prior to the change. Purchases (as a % of offering price) 4.50% The Fund seeks to achieve its investment objective by investing Maximum Deferred Sales Charge (load) (as a primarily in common stocks. The Adviser uses fundamental, percentage of the lower of the original purchase quantitative, and technical investment research techniques and 1 price or current net asset value) 1.00% focuses on stocks of companies that it believes are undervalued in relation to their long-term earnings power or asset value. These Annual Fund Operating Expenses stocks typically, but not always, have below average (expenses that you pay each year as a percentage of the value of price-to-earnings and price-to-book value ratios. The Adviser your investment) may consider environmental, social, and governance (ESG) Management Fees 0.45% factors as part of its investment analysis and decision-making processes for the Fund. The Fund may sell securities for a variety Distribution and Shareholder Service (12b-1) Fees 0.25% of reasons, such as to secure gains, limit losses, or reposition Other Expenses 0.21% assets into more promising opportunities. Total Annual Fund Operating Expenses 0.91% Principal Risks 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may Example not achieve its investment objective and you could lose money by investing in the Fund. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual Large Cap Risk. Large-sized companies may be unable to funds. respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth The example assumes that you invest $10,000 in the Fund for the rate of successful smaller companies, especially during time periods indicated and then redeem all of your shares at the extended periods of economic expansion. end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s Value Investing Risk. Value style investing includes the risk that operating expenses remain the same. Although your actual cost stocks of undervalued companies may not rise as quickly as may be higher or lower, based on these assumptions your cost anticipated if the market doesn’t recognize their intrinsic value or would be: if value stocks are out of favor. Equity Security Risk. Equity securities held by the Fund may 1 Year 3 Years 5 Years 10 Years decline significantly in price, sometimes rapidly or unpredictably, $539 $727 $931 $1,519 over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or Portfolio Turnover because of declines in only a particular country, company, industry, or sector of the market. From time to time, the Fund may The Fund pays transaction costs, such as commissions, when it invest a significant portion of its assets in companies in one or buys and sells securities (or “turns over” its portfolio). A higher more related sectors or industries which would make the Fund portfolio turnover rate may indicate higher transaction costs and

41 more vulnerable to adverse developments affecting such sectors Performance or industries. Equity securities are generally more volatile than most debt securities. The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s Market Risk. Over time, securities markets generally tend to performance from year to year and by showing how the Fund’s move in cycles with periods when security prices rise and average annual returns for one-, five- and ten-year periods periods when security prices decline. The value of the Fund’s compared to broad-based securities market indices. The index investments may move with these cycles and, in some instances, descriptions appear in the Index Descriptions section of the increase or decrease more than the applicable market(s) as prospectus. Call 800-847-4836 or visit thriventfunds.com for measured by the Fund’s benchmark index(es). The securities performance results current to the most recent month-end. markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from The bar chart includes the effects of Fund expenses, but not domestic or global events, including the spread of infectious sales charges. If sales charges were included, returns would be illness, public health threats, war, terrorism, natural disasters or lower than those shown. The table includes the effects of Fund similar events. expenses and maximum sales charges and assumes that you sold your shares at the end of the period. The after-tax returns are Issuer Risk. Issuer risk is the possibility that factors specific to calculated using the historical highest individual federal marginal an issuer to which the Fund is exposed will affect the market income tax rates and do not reflect the impact of state and local prices of the issuer’s securities and therefore the value of the taxes. Actual after-tax returns depend on an investor’s tax Fund. situation and may differ from those shown, and after-tax returns Investment Adviser Risk. The Fund is actively managed and are not relevant to investors who hold their Fund shares through the success of its investment strategy depends significantly on tax-deferred arrangements, such as individual retirement the skills of the Adviser in assessing the potential of the accounts. Returns after taxes on distributions and redemptions investments in which the Fund invests. This assessment of may be higher than before tax returns and/or after taxes on investments may prove incorrect, resulting in losses or poor distributions shown because they reflect the tax benefit of capital performance, even in rising markets. There is also no guarantee losses realized in the redemption of Fund shares. that the Adviser will be able to effectively implement the Fund’s How the Fund has performed in the past (before and after taxes) investment objective. is not necessarily an indication of how it will perform in the future. Foreign Securities Risk. Foreign securities generally carry more Performance information provides some indication of the risks of risk and are more volatile than their domestic counterparts, in investing in the Fund by showing changes in the Fund’s part because of potential for higher political and economic risks, performance over time. lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other Year-by-Year Total Return than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including 35 31.32% interruptions in the global supply chain, market closures, war, 30 terrorism, natural disasters and outbreak of infectious diseases. The Fund’s investment in any country could be subject to 25 23.67% governmental actions such as capital or currency controls, 20 17.21% 17.08% 17.23% nationalizing a company or industry, expropriating assets, or 15 imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund’s ability to repatriate capital 10 8.52% or income. Foreign securities may also be more difficult to resell 5 4.31% (3.44)% (3.61)% (8.81)% than comparable U.S. securities because the markets for foreign Annual Return (%) 0 securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be -5 diluted by adverse changes in exchange rates when the -10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 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. Best Quarter: Q4 ’20 +18.58% Worst Quarter: Q1 ’20 (27.90)% Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of the Fund to process shareholder redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future pandemics could affect the global economy and markets in ways that cannot be foreseen and may exacerbate other types of risks, negatively impacting the value of Fund investments.

42 Average Annual Total Returns The minimum initial investment requirement for this Fund is (Periods Ending December 31, 2020) $2,000 and the minimum subsequent investment requirement is $50 for taxable accounts. For IRA or tax-deferred accounts, the 1 Year 5 Years 10 Years minimum initial investment requirement for this Fund is $1,000 Fund (before taxes) (0.40)% 9.05% 9.13% and the minimum subsequent investment requirement is $50. Fund (after taxes on These investment requirements may be different, however, for distributions) (1.83)% 7.80% 8.15% investors investing in the Fund through an automatic investment plan. Fund (after taxes on distributions and You may purchase or redeem Fund shares on days that the New redemptions) 0.77% 6.99% 7.32% York Stock Exchange is open. You may conduct such Russell 1000® Value Index transactions by mail, telephone 800-847-4836, the Internet (reflects no deduction for (thrivent.com), by wire/ACH transfer or through an automatic fees, expenses or taxes) 2.80% 9.74% 10.50% investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations. S&P 500 Value Index (reflects no deduction for Tax Information fees, expenses or taxes) 1.36% 10.52% 10.74% The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a Management retirement plan could have different tax consequences. Investment Adviser(s) Payments to Broker-Dealers and Other The Fund is managed by Thrivent Asset Management, LLC Financial Intermediaries (“Thrivent Asset Mgt.” or the “Adviser”). If you purchase the Fund through a broker-dealer or other Portfolio Manager(s) financial intermediary (such as an insurance company), the Fund Kurt J. Lauber, CFA is primarily responsible for the day-to-day and its related companies may pay the intermediary for the sale management of the Fund. Mr.Lauber has served as portfolio of Fund shares and related services. These payments may create manager of the Fund since March 2013. Mr. Lauber has been a conflict of interest by influencing the broker-dealer or other with Thrivent Financial since 2004 and previously served as an intermediary and your salesperson to recommend the Fund over associate portfolio manager. another investment. Ask your salesperson or visit your financial intermediary’s website for more information. Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund through certain broker-dealers.

43 Thrivent Limited Maturity Bond Fund LBLAX

Investment Objective Principal Strategies Thrivent Limited Maturity Bond Fund (the Fund) seeks a high The principal strategies of the Fund are to invest in level of current income consistent with stability of principal. investment-grade corporate bonds, government bonds, municipal bonds, mortgage-backed securities (including Fees and Expenses commercially backed ones), asset-backed securities, and collateralized debt obligations (including collateralized loan This table describes the fees and expenses that you may pay if obligations). Asset-backed securities are securities backed by you buy and hold shares of the Fund. notes or receivables originated by banks, credit card companies, or other providers of credit; collateralized debt obligations are Shareholder Fees types of asset-backed securities. Under normal market (fees paid directly from your investment) conditions, the Fund invests at least 80% of its net assets (plus Maximum Sales Charge (load) Imposed On the amount of any borrowing for investment purposes) in debt Purchases (as a % of offering price) None securities or preferred stock in at least the “Baa” major rating Maximum Deferred Sales Charge (load) (as a category by Moody’s or at least in the “BBB” major rating percentage of the lower of the original purchase category by S&P or unrated securities considered to be of price or current net asset value) None comparable quality by the Fund’s Adviser, with the dollar-weighted average effective maturity for the Fund expected Annual Fund Operating Expenses to be between one and five years. Should the Adviser change the (expenses that you pay each year as a percentage of the value of investments used for purposes of this 80% threshold, you will be your investment) notified at least 60 days prior to the change. Management Fees 0.28% The Fund may also invest in high yield, high risk bonds, notes, Distribution and Shareholder Service (12b-1) Fees 0.13% debentures and other debt obligations or preferred stock commonly known as “junk bonds.” At the time of purchase, these Other Expenses 0.19% securities are rated within or below the “BB” major rating Total Annual Fund Operating Expenses 0.60% 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 Example Adviser. This example is intended to help you compare the cost of The Adviser uses fundamental, quantitative, and technical investing in the Fund with the cost of investing in other mutual investment research techniques to determine what debt funds. obligations to buy and sell. Fundamental techniques assess a security’s value based on an issuer’s financial profile, The example assumes that you invest $10,000 in the Fund for the management, and business prospects while quantitative and time periods indicated and then redeem all of your shares at the technical techniques involve a more data-oriented analysis of end of those periods. The example also assumes that your financial information, market trends and price movements. The investment has a 5% return each year, and that the Fund’s Adviser may consider environmental, social, and governance operating expenses remain the same. Although your actual cost (ESG) factors as part of its investment analysis and may be higher or lower, based on these assumptions your cost decision-making processes for the Fund. The Adviser focuses on would be: companies that it believes are financially sound and have strong cash flow, asset values and interest or dividend earnings, and 1 Year 3 Years 5 Years 10 Years may invest in U.S. dollar-denominated debt of foreign companies. $61 $192 $335 $750 The Fund utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Fund’s duration, or Portfolio Turnover interest rate risk. The Fund may enter into derivatives contracts The Fund pays transaction costs, such as commissions, when it traded on exchanges or in the over the counter market. buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and Principal Risks may result in higher taxes when Fund shares are held in a taxable The Fund is subject to the following principal investment risks, account. These costs, which are not reflected in annual fund which you should review carefully and in entirety. The Fund may operating expenses or in the example, affect the Fund’s not achieve its investment objective and you could lose money performance. During the most recent fiscal year, the Fund’s by investing in the Fund. portfolio turnover rate was 153% of the average value of its portfolio. 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.

44 government. Ginnie Mae is a wholly owned U.S. corporation that lead to increased volatility and illiquidity in certain markets that is authorized to guarantee, with the full faith and credit of the U.S. currently rely on LIBOR to determine interest rates. government, the timely payment of principal and interest of its Credit Risk. Credit risk is the risk that an issuer of a debt security securities. By contrast, securities issued or guaranteed by U.S. to which the Fund is exposed may no longer be able or willing to government-related organizations such as Federal Home Loan pay its debt. As a result of such an event, the debt security may Banks, Fannie Mae and Freddie Mac are not backed by the full decline in price and affect the value of the Fund. faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to Market Risk. Over time, securities markets generally tend to its agencies and instrumentalities if not required to do so by law. move in cycles with periods when security prices rise and In addition, the value of U.S. government securities may be periods when security prices decline. The value of the Fund’s affected by changes in the credit rating of the U.S. government, investments may move with these cycles and, in some instances, which may be negatively impacted by rising levels of increase or decrease more than the applicable market(s) as indebtedness. measured by the Fund’s benchmark index(es). The securities markets may also decline because of factors that affect a Mortgage-Backed and Other Asset-Backed Securities Risk. particular industry or market sector, or due to impacts from The value of mortgage-backed and asset-backed securities will domestic or global events, including the spread of infectious be influenced by the factors affecting the housing market and the illness, public health threats, war, terrorism, natural disasters or assets underlying such securities. As a result, during periods of similar events. declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, LIBOR Risk. The Fund may be exposed to financial instruments mortgage-related and asset-backed securities may decline in that are tied to LIBOR (London Interbank Offered Rate) to value, face valuation difficulties, become more volatile and/or determine payment obligations, financing terms or investment become illiquid. In addition, both mortgage-backed and value. Such financial instruments may include bank loans, asset-backed securities are sensitive to changes in the derivatives, floating rate securities, certain asset backed repayment patterns of the underlying security. If the principal securities, and other assets or liabilities tied to LIBOR. In 2017, payment on the underlying asset is repaid faster or slower than the head of the U.K. Financial Conduct Authority announced a the holder of the asset-backed or mortgage-backed security desire to phase out the use of LIBOR by the end of 2021. On anticipates, the price of the security may fall, particularly if the November 30, 2020, the administrator of LIBOR announced its holder must reinvest the repaid principal at lower rates or must intention to delay the phase out of the majority of the U.S. dollar continue to hold the security when interest rates rise. This effect LIBOR publications until June 30, 2023, with the remainder of may cause the value of the Fund to decline and reduce the LIBOR publications to still end at the end of 2021. There remains overall return of the Fund. uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, and any potential effects of the Collateralized Debt Obligations Risk. The risks of an transition away from LIBOR on the Fund or its investments are not investment in a collateralized debt obligation (“CDO”) depend known. 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 Futures Contract Risk. The value of a futures contract tends to associated with fixed income securities and asset-backed increase and decrease in tandem with the value of the underlying securities, CDOs carry additional risks including, but not limited instrument. The price of futures can be highly volatile; using them to: (i) the possibility that distributions from collateral securities will could lower total return, and the potential loss from futures can not be adequate to make interest or other payments; (ii) the risk exceed the Fund’s initial investment in such contracts. In that the collateral may default, decline in value, and/or be addition, the value of the futures contract may not accurately downgraded; (iii) the Fund may invest in tranches of CDOs that track the value of the underlying instrument. are subordinate to other tranches; (iv) the structure and High Yield Risk. High yield securities – commonly known as complexity of the transaction and the legal documents could lead “junk bonds” – to which the Fund is exposed are considered to disputes among investors regarding the characterization of predominantly speculative with respect to the issuer’s continuing proceeds; (v) the investment return achieved by the Fund could ability to make principal and interest payments. If the issuer of the be significantly different than those predicted by financial security is in default with respect to interest or principal models; (vi) the lack of a readily available secondary market for payments, the value of the Fund may be negatively affected. CDOs; (vii) risk of forced “fire sale” liquidation due to technical High yield securities generally have a less liquid resale market. defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. Issuer Risk. Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market Interest Rate Risk. Interest rate risk is the risk that prices of debt prices of the issuer’s securities and therefore the value of the securities decline in value when interest rates rise for debt Fund. securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond Investment Adviser Risk. The Fund is actively managed and fund to changes in interest rates) or maturities (i.e., the amount of the success of its investment strategy depends significantly on time until a bond’s issuer must pay its principal or face value) the skills of the Adviser in assessing the potential of the tend to be more sensitive to changes in interest rates than debt investments in which the Fund invests. This assessment of securities with shorter durations or maturities. Changes by the investments may prove incorrect, resulting in losses or poor Federal Reserve to monetary policies could affect interest rates performance, even in rising markets. There is also no guarantee and the value of some securities. In addition, the phase out of that the Adviser will be able to effectively implement the Fund’s LIBOR (the offered rate for short-term Eurodollar deposits investment objective. between major international banks) by the end of 2021 could

45 Liquidity Risk. Liquidity is the ability to sell a security relatively Year-by-Year Total Return quickly for a price that most closely reflects the actual value of the security. Dealer inventories of bonds are at or near historic 5 lows in relation to market size, which has the potential to 4.45% decrease liquidity and increase price volatility in the fixed income 3.97% markets, particularly during periods of economic or market 4 3.78% 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 3 raise cash, or give up an investment opportunity, any of which 2.53% could have a negative effect on performance. 2.16% 2

Portfolio Turnover Rate Risk. The Fund may engage in active 1.34% and frequent trading of portfolio securities in implementing its Annual Return (%) 0.94% 1 0.78% principal investment strategies. A high rate of portfolio turnover 0.49% (100% or more) involves correspondingly greater expenses 0.10% which are borne by the Fund and its shareholders and may also 0 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 result in short-term capital gains taxable to shareholders. Health Crisis Risk. The global pandemic outbreak of the novel Best Quarter: Q2 ’20 +4.82% coronavirus known as COVID-19 has resulted in substantial Worst Quarter: Q1 ’20 (2.66)% market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading Average Annual Total Returns suspensions and market closures, limit liquidity and the ability of (Periods Ending December 31, 2020) the Fund to process shareholder redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future 1 Year 5 Years 10 Years pandemics could affect the global economy and markets in ways Fund (before taxes) 3.97% 2.77% 2.04% that cannot be foreseen and may exacerbate other types of risks, negatively impacting the value of Fund investments. Fund (after taxes on distributions) 3.16% 1.92% 1.31% Performance Fund (after taxes on The following bar chart and table provide an indication of the distributions and risks of investing in the Fund by showing changes in the Fund’s redemptions) 2.34% 1.74% 1.26% performance from year to year and by showing how the Fund’s Bloomberg Barclays average annual returns for one-, five- and ten-year periods Government/Credit 1-3 Year compared to a broad-based securities market index. The index Bond Index description appears in the Index Descriptions section of the (reflects no deduction for prospectus. Call 800-847-4836 or visit thriventfunds.com for fees, expenses or taxes) 3.33% 2.21% 1.60% performance results current to the most recent month-end. The bar chart and table include the effects of Fund expenses and Management assume that you sold your shares at the end of the period. The after-tax returns are calculated using the historical highest Investment Adviser(s) individual federal marginal income tax rates and do not reflect the The Fund is managed by Thrivent Asset Management, LLC impact of state and local taxes. Actual after-tax returns depend (“Thrivent Asset Mgt.” or the “Adviser”). on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Portfolio Manager(s) Fund shares through tax-deferred arrangements, such as Michael G. Landreville, CFA, CPA (inactive), Gregory R. individual retirement accounts. Anderson, CFA, Cortney L. Swensen, CFA and Jon-Paul (JP) How the Fund has performed in the past (before and after taxes) Gagne are jointly and primarily responsible for the day-to-day is not necessarily an indication of how it will perform in the future. management of the Fund. Mr. Landreville has served as a Performance information provides some indication of the risks of portfolio manager of the Fund since October 1999, Mr. Anderson investing in the Fund by showing changes in the Fund’s has served as a portfolio manager of the Fund since April 2005, performance over time. Ms. Swensen has served as a portfolio manager of the Fund since February 2020, and Mr. Gagne has served as a portfolio manager of the Fund since February 2021. Mr. Landreville has been with Thrivent Financial since 1983 and has served as a portfolio manager since 1998. Mr. Anderson is Vice President, Fixed Income General Accounts. He has been with Thrivent Financial since 1997 and has served as a portfolio manager since 2000. Ms. Swensen has been with Thrivent Financial since 2011 and is currently a Senior Portfolio Manager. Mr. Gagne joined Thrivent Financial in May 2018 as a Senior Research Analyst/Trader covering Securitized Assets and became a portfolio manager in February 2021.

46 Purchase and Sale of Fund Shares Tax Information You may purchase, redeem or exchange shares of the Fund The Fund intends to make distributions that may be taxed as through certain broker-dealers. ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences. 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 Payments to Broker-Dealers and Other minimum initial investment requirement for this Fund is $1,000 Financial Intermediaries and the minimum subsequent investment requirement is $50. If you purchase the Fund through a broker-dealer or other These investment requirements may be different, however, for financial intermediary (such as an insurance company), the Fund investors investing in the Fund through an automatic investment and its related companies may pay the intermediary for the sale plan. of Fund shares and related services. These payments may create You may purchase or redeem Fund shares on days that the New a conflict of interest by influencing the broker-dealer or other York Stock Exchange is open. You may conduct such intermediary and your salesperson to recommend the Fund over transactions by mail, telephone 800-847-4836, the Internet another investment. Ask your salesperson or visit your financial (thrivent.com), by wire/ACH transfer or through an automatic intermediary’s website for more information. investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

47 Thrivent Mid Cap Stock Fund AASCX

Investment Objective may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Thrivent Mid Cap Stock Fund (the Fund ) seeks long-term capital operating expenses or in the example, affect the Fund’s growth. performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40% of the average value of its Fees and Expenses portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales Principal Strategies charge discounts if you and your family invest, or agree to invest Under normal circumstances, the Fund invests at least 80% of its in the future, at least $50,000 in Class A shares of a fund or funds net assets (plus the amount of any borrowing for investment of Thrivent Mutual Funds. More information about these and other purposes) in equity securities of mid-sized companies. The discounts is available from your financial professional and in the Adviser focuses mainly on the equity securities of mid-sized U.S. “Class A Shares” section on pages 96 through 97 of the Fund’s companies which have market capitalizations equivalent to those prospectus and the “Sales Charges” section under the heading included in widely known indices such as the Russell Midcap® “Purchase, Redemption and Pricing of Shares” of the Fund’s Index, S&P MidCap 400® Index, or the mid-sized company Statement of Additional Information. market capitalization classifications published by Lipper, Inc. These companies typically have a market capitalization of Shareholder Fees approximately $2 billion to $25 billion. Should the Adviser change (fees paid directly from your investment) the investments used for purposes of this 80% threshold, you will Maximum Sales Charge (load) Imposed On be notified at least 60 days prior to the change. Purchases (as a % of offering price) 4.50% The Fund seeks to achieve its investment objective by investing Maximum Deferred Sales Charge (load) (as a in common stocks. The Adviser uses fundamental, quantitative, percentage of the lower of the original purchase and technical investment research techniques to determine what 1 price or current net asset value) 1.00% securities to buy and sell. Fundamental techniques assess a security’s value based on an issuer’s financial profile, Annual Fund Operating Expenses management, and business prospects while quantitative and (expenses that you pay each year as a percentage of the value of technical techniques involve a more data-oriented analysis of your investment) financial information, market trends and price movements. The Management Fees 0.63% Adviser may consider environmental, social, and governance (ESG) factors as part of its investment analysis and Distribution and Shareholder Service (12b-1) Fees 0.25% decision-making processes for the Fund. The Adviser generally Other Expenses 0.16% looks for mid-sized companies that, in its opinion: Total Annual Fund Operating Expenses 1.04% • have prospects for growth in their sales and earnings; • are in an industry with a good economic outlook; 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. • have high-quality management; and/or • have a strong financial position. Example The Adviser may sell securities for a variety of reasons, such as This example is intended to help you compare the cost of to secure gains, limit losses, or reposition assets to more investing in the Fund with the cost of investing in other mutual promising opportunities. funds. The example assumes that you invest $10,000 in the Fund for the Principal Risks time periods indicated and then redeem all of your shares at the The Fund is subject to the following principal investment risks, end of those periods. The example also assumes that your which you should review carefully and in entirety. The Fund may investment has a 5% return each year, and that the Fund’s not achieve its investment objective and you could lose money operating expenses remain the same. Although your actual cost by investing in the Fund. may be higher or lower, based on these assumptions your cost would be: 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 1 Year 3 Years 5 Years 10 Years smaller revenues, narrower product lines, less management $551 $766 $998 $1,664 depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength Portfolio Turnover than larger companies. The Fund pays transaction costs, such as commissions, when it Equity Security Risk. Equity securities held by the Fund may buys and sells securities (or “turns over” its portfolio). A higher decline significantly in price, sometimes rapidly or unpredictably, portfolio turnover rate may indicate higher transaction costs and over short or extended periods of time, and such declines may

48 occur because of declines in the equity market as a whole, or are not relevant to investors who hold their Fund shares through because of declines in only a particular country, company, tax-deferred arrangements, such as individual retirement industry, or sector of the market. From time to time, the Fund may accounts. invest a significant portion of its assets in companies in one or How the Fund has performed in the past (before and after taxes) more related sectors or industries which would make the Fund is not necessarily an indication of how it will perform in the future. more vulnerable to adverse developments affecting such sectors Performance information provides some indication of the risks of or industries. Equity securities are generally more volatile than investing in the Fund by showing changes in the Fund’s most debt securities. performance over time. Market Risk. Over time, securities markets generally tend to move in cycles with periods when security prices rise and Year-by-Year Total Return periods when security prices decline. The value of the Fund’s investments may move with these cycles and, in some instances, 40 increase or decrease more than the applicable market(s) as 35.11% measured by the Fund’s benchmark index(es). The securities 30 28.16% markets may also decline because of factors that affect a 24.47% particular industry or market sector, or due to impacts from 21.66% 20 18.52% domestic or global events, including the spread of infectious 13.91% illness, public health threats, war, terrorism, natural disasters or 11.44% 10 similar events. (6.47)% 0.28% (10.64)% Issuer Risk. Issuer risk is the possibility that factors specific to 0

an issuer to which the Fund is exposed will affect the market Annual Return (%) prices of the issuer’s securities and therefore the value of the -10 Fund. -20 Investment Adviser Risk. The Fund is actively managed and ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the Best Quarter: Q2 ’20 +26.49% investments in which the Fund invests. This assessment of Worst Quarter: Q1 ’20 (28.38)% investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee Average Annual Total Returns that the Adviser will be able to effectively implement the Fund’s (Periods Ending December 31, 2020) investment objective. 1 Year 5 Years 10 Years Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial Fund (before taxes) 16.17% 14.44% 12.18% market volatility and global business disruption. The duration and Fund (after taxes on full effects of the outbreak are uncertain and may result in trading distributions) 15.21% 12.80% 10.76% suspensions and market closures, limit liquidity and the ability of Fund (after taxes on the Fund to process shareholder redemptions, and negatively distributions and impact Fund performance. The COVID-19 outbreak and future redemptions) 10.24% 11.26% 9.74% pandemics could affect the global economy and markets in ways that cannot be foreseen and may exacerbate other types of risks, S&P MidCap 400® Index negatively impacting the value of Fund investments. (reflects no deduction for fees, expenses or taxes) 13.66% 12.35% 11.51% Performance Russell Midcap® Index The following bar chart and table provide an indication of the (reflects no deduction for risks of investing in the Fund by showing changes in the Fund’s fees, expenses or taxes) 17.10% 13.40% 12.41% performance from year to year and by showing how the Fund’s average annual returns for one-, five- and ten-year periods Management compared to broad-based securities market indices. The index descriptions appear in the Index Descriptions section of the Investment Adviser(s) prospectus. Call 800-847-4836 or visit thriventfunds.com for The Fund is managed by Thrivent Asset Management, LLC performance results current to the most recent month-end. (“Thrivent Asset Mgt.” or the “Adviser”). The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be Portfolio Manager(s) lower than those shown. The table includes the effects of Fund Brian J. Flanagan, CFA is primarily responsible for the expenses and maximum sales charges and assumes that you day-to-day management of the Fund. Mr. Flanagan has been a sold your shares at the end of the period. The after-tax returns are portfolio manager of the Fund since February 2004. He has been calculated using the historical highest individual federal marginal with Thrivent Financial since 1994 and a portfolio manager since income tax rates and do not reflect the impact of state and local 2000. taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns

49 Purchase and Sale of Fund Shares Tax Information You may purchase, redeem or exchange shares of the Fund The Fund intends to make distributions that may be taxed as through certain broker-dealers. ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences. 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 Payments to Broker-Dealers and Other minimum initial investment requirement for this Fund is $1,000 Financial Intermediaries and the minimum subsequent investment requirement is $50. If you purchase the Fund through a broker-dealer or other These investment requirements may be different, however, for financial intermediary (such as an insurance company), the Fund investors investing in the Fund through an automatic investment and its related companies may pay the intermediary for the sale plan. of Fund shares and related services. These payments may create You may purchase or redeem Fund shares on days that the New a conflict of interest by influencing the broker-dealer or other York Stock Exchange is open. You may conduct such intermediary and your salesperson to recommend the Fund over transactions by mail, telephone 800-847-4836, the Internet another investment. Ask your salesperson or visit your financial (thrivent.com), by wire/ACH transfer or through an automatic intermediary’s website for more information. investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations.

50 Thrivent Moderate Allocation Fund THMAX

Investment Objective expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund’s Thrivent Moderate Allocation Fund (the Fund ) seeks long-term operating expenses remain the same. Although your actual cost capital growth while providing reasonable stability of principal. may be higher or lower, based on these assumptions your cost would be: Fees and Expenses This table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Fund. You may qualify for sales $551 $803 $1,074 $1,846 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 Portfolio Turnover discounts is available from your financial professional and in the The Fund pays transaction costs, such as commissions, when it “Class A Shares” section on pages 96 through 97 of the Fund’s buys and sells securities (or “turns over” its portfolio). A higher prospectus and the “Sales Charges” section under the heading portfolio turnover rate may indicate higher transaction costs and “Purchase, Redemption and Pricing of Shares” of the Fund’s may result in higher taxes when Fund shares are held in a taxable Statement of Additional Information. account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s Shareholder Fees performance. During the most recent fiscal year, the Fund’s (fees paid directly from your investment) portfolio turnover rate was 117% of the average value of its portfolio. Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% Principal Strategies Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase The Fund pursues its objective by investing in a combination of price or current net asset value)1 1.00% other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek Annual Fund Operating Expenses moderate long-term capital growth with reasonable stability of (expenses that you pay each year as a percentage of the value of principal and are comfortable with moderate levels of risk and your investment) volatility. The Fund uses a prescribed asset allocation strategy involving a two-step process that is designed to achieve its Management Fees 0.62% desired risk tolerance. The first step is the construction of a Distribution and Shareholder Service (12b-1) Fees 0.25% model for the allocation of the Fund’s assets across broad asset Other Expenses 0.12% categories (namely, equity securities and debt securities). The second step involves the determination of sub-classes within the Acquired Fund Fees and Expenses 0.23% broad asset categories and target weightings (i.e., what the Total Annual Fund Operating Expenses 1.22% Adviser determines is the strategic allocation) for these sub-classes. Sub-classes for equity securities may be based on Less Fee Waivers and/or Expense Reimbursements2 0.18% market capitalization, investment style (such as growth or value), or economic sector. Sub-classes for debt securities may be Total Annual Fund Operating Expenses After Fee based on maturity, duration, security type or credit rating (high Waivers and/or Expense Reimbursements 1.04% yield—commonly known as “junk bonds”—or investment grade). 1 When you invest $1,000,000 or more, a deferred sales charge of 1% The Adviser may consider environmental, social, and governance will apply to shares redeemed within one year. (ESG) factors as part of its investment analysis and 2 The Adviser has contractually agreed, for as long as the current fee decision-making processes for the Fund. structure is in place and through at least February 28, 2022, 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 The use of target weightings for various sub-classes within broad Adviser or an affiliate serves as investment adviser, other than Thrivent asset categories is intended as a multi-style approach to reduce Cash Management Trust. This contractual provision may be terminated the risk of investing in securities having common characteristics. upon the mutual agreement between the Independent Trustees of the Fund and the Adviser. The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments. Example The Fund may invest in foreign securities, including those of This example is intended to help you compare the cost of issuers in emerging markets. An “emerging market” country is investing in the Fund with the cost of investing in other mutual any country determined by the Adviser to have an emerging funds. market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of The example assumes that you invest $10,000 in the Fund for the its financial and capital markets. 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

51 Under normal circumstances, the Fund invests in the following Fund is that the allocation strategies used and the allocation broad asset classes within the ranges given: decisions made will not produce the desired results. Equity Security Risk. Equity securities held by the Fund may Target Allocation Broad Asset Category Allocation Range decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may Equity Securities ...... 57% 35-75% occur because of declines in the equity market as a whole, or Debt Securities...... 43% 25-65% because of declines in only a particular country, company, The Fund’s actual holdings in each broad asset category may be industry, or sector of the market. From time to time, the Fund may outside the applicable allocation range from time to time due to invest a significant portion of its assets in companies in one or differing investment performance among asset categories. The more related sectors or industries which would make the Fund Adviser will rebalance the Fund at least annually so that its more vulnerable to adverse developments affecting such sectors holdings are within the ranges for the broad asset categories. or industries. Equity securities are generally more volatile than most debt securities. The Fund pursues its investment strategy by investing primarily in other mutual funds managed by the Adviser. The names of the Interest Rate Risk. Interest rate risk is the risk that prices of debt funds managed by the Adviser which are currently available for securities decline in value when interest rates rise for debt investment by the Fund are shown in the list below. The list is securities that pay a fixed rate of interest. Debt securities with provided for information purposes only. The Adviser may change longer durations (a measure of price sensitivity of a bond or bond the availability of the funds managed by the Adviser for fund to changes in interest rates) or maturities (i.e., the amount of investment by the Fund without shareholder approval or advance time until a bond’s issuer must pay its principal or face value) notice to shareholders. tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes by the Equity Securities Federal Reserve to monetary policies could affect interest rates Small Cap and the value of some securities. In addition, the phase out of Thrivent Small Cap Stock Fund LIBOR (the offered rate for short-term Eurodollar deposits Mid Cap between major international banks) by the end of 2021 could Thrivent Mid Cap Stock Fund lead to increased volatility and illiquidity in certain markets that Large Cap currently rely on LIBOR to determine interest rates. Thrivent Global Stock Fund Large-sized companies may be unable to Thrivent Large Cap Growth Fund Large Cap Risk. respond quickly to new competitive challenges such as changes Thrivent Large Cap Value Fund in technology. They may also not be able to attain the high growth Other rate of successful smaller companies, especially during Thrivent International Allocation Fund extended periods of economic expansion. Thrivent Core International Equity Fund Thrivent Core Low Volatility Equity Fund Mid Cap Risk. Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, Debt Securities more-established companies. These companies tend to have High Yield Bonds smaller revenues, narrower product lines, less management Thrivent High Yield Fund depth and experience, smaller shares of their product or service Intermediate/Long-Term Bonds markets, fewer financial resources, and less competitive strength Thrivent Income Fund than larger companies. Short-Term/Intermediate Bonds Thrivent Limited Maturity Bond Fund Market Risk. Over time, securities markets generally tend to Other move in cycles with periods when security prices rise and Thrivent Core Emerging Markets Debt Fund periods when security prices decline. The value of the Fund’s investments may move with these cycles and, in some instances, Short-Term Debt Securities increase or decrease more than the applicable market(s) as Money Market measured by the Fund’s benchmark index(es). The securities Thrivent Cash Management Trust markets may also decline because of factors that affect a Other particular industry or market sector, or due to impacts from Thrivent Core Short-Term Reserve Fund domestic or global events, including the spread of infectious illness, public health threats, war, terrorism, natural disasters or Principal Risks similar events. The Fund is subject to the following principal investment risks, Credit Risk. Credit risk is the risk that an issuer of a debt security which you should review carefully and in entirety. The Fund may to which the Fund is exposed may no longer be able or willing to not achieve its investment objective and you could lose money pay its debt. As a result of such an event, the debt security may by investing in the Fund. decline in price and affect the value of the Fund. Allocation Risk. The Fund’s investment performance depends LIBOR Risk. The Fund may be exposed to financial instruments upon how its assets are allocated across broad asset categories that are tied to LIBOR (London Interbank Offered Rate) to and applicable sub-classes within such categories. Some broad determine payment obligations, financing terms or investment asset categories and sub-classes may perform below value. Such financial instruments may include bank loans, expectations or the securities markets generally over short and derivatives, floating rate securities, certain asset backed extended periods. Therefore, a principal risk of investing in the

52 securities, and other assets or liabilities tied to LIBOR. In 2017, also heighten the volatility of emerging markets. These factors the head of the U.K. Financial Conduct Authority announced a make investing in emerging market countries significantly riskier desire to phase out the use of LIBOR by the end of 2021. On than in other countries, and events in any one country could November 30, 2020, the administrator of LIBOR announced its cause the Fund’s share price to decline. intention to delay the phase out of the majority of the U.S. dollar Foreign Currency Risk. The value of a foreign currency may LIBOR publications until June 30, 2023, with the remainder of decline against the U.S. dollar, which would reduce the dollar LIBOR publications to still end at the end of 2021. There remains value of securities denominated in that currency. The overall uncertainty regarding the future utilization of LIBOR and the impact of such a decline of foreign currency can be significant, nature of any replacement rate, and any potential effects of the unpredictable, and long lasting, depending on the currencies transition away from LIBOR on the Fund or its investments are not represented, how each one appreciates or depreciates in relation known. to the U.S. dollar, and whether currency positions are hedged. Other Funds Risk. Because the Fund invests in other funds Under normal conditions, the Fund does not engage in extensive managed by the Adviser or an affiliate (“Other Funds”), the foreign currency hedging programs. Further, exchange rate performance of the Fund is dependent, in part, upon the movements are volatile, and it is not possible to effectively hedge performance of Other Funds in which the Fund may invest. As a the currency risks of many developing countries. result, the Fund is subject to the same risks as those faced by the Small Cap Risk. Smaller, less seasoned companies often have Other Funds. In addition, Other Funds may be subject to greater price volatility, lower trading volume, and less liquidity additional fees and expenses that will be borne by the Fund. than larger, more established companies. These companies tend High Yield Risk. High yield securities – commonly known as to have small revenues, narrower product lines, less “junk bonds” – to which the Fund is exposed are considered management depth and experience, small shares of their product predominantly speculative with respect to the issuer’s continuing or service markets, fewer financial resources, and less ability to make principal and interest payments. If the issuer of the competitive strength than larger companies. Such companies security is in default with respect to interest or principal seldom pay significant dividends that could soften the impact of payments, the value of the Fund may be negatively affected. a falling market on returns. High yield securities generally have a less liquid resale market. Growth Investing Risk. Growth style investing includes the risk Foreign Securities Risk. Foreign securities generally carry more of investing in securities whose prices historically have been risk and are more volatile than their domestic counterparts, in more volatile than other securities, especially over the short term. part because of potential for higher political and economic risks, Growth stock prices reflect projections of future earnings or lack of reliable information and fluctuations in currency exchange revenues and, if a company’s earnings or revenues fall short of rates where investments are denominated in currencies other expectations, its stock price may fall dramatically. than the U.S. dollar. Certain events in foreign markets may Value Investing Risk. Value style investing includes the risk that adversely affect foreign and domestic issuers, including stocks of undervalued companies may not rise as quickly as interruptions in the global supply chain, market closures, war, anticipated if the market doesn’t recognize their intrinsic value or terrorism, natural disasters and outbreak of infectious diseases. if value stocks are out of favor. The Fund’s investment in any country could be subject to governmental actions such as capital or currency controls, Investment Adviser Risk. The Fund is actively managed and nationalizing a company or industry, expropriating assets, or the success of its investment strategy depends significantly on imposing punitive taxes that would have an adverse effect on the skills of the Adviser in assessing the potential of the security prices, and impair the Fund’s ability to repatriate capital investments in which the Fund invests. This assessment of or income. Foreign securities may also be more difficult to resell investments may prove incorrect, resulting in losses or poor than comparable U.S. securities because the markets for foreign performance, even in rising markets. There is also no guarantee securities are often less liquid. Even when a foreign security that the Adviser will be able to effectively implement the Fund’s increases in price in its local currency, the appreciation may be investment objective. diluted by adverse changes in exchange rates when the security’s value is converted to U.S. dollars. Foreign withholding Conflicts of Interest Risk. An investment in the Fund will be taxes also may apply and errors and delays may occur in the subject to a number of actual or potential conflicts of interest. For settlement process for foreign securities. example, the Adviser or its affiliates may provide services to the Fund for which the Fund would compensate the Adviser and/or Emerging Markets Risk. The economic and political structures such affiliates. The Fund may invest in other pooled investment of developing countries in emerging markets, in most cases, do vehicles sponsored, managed, or otherwise affiliated with the not compare favorably with the U.S. or other developed countries Adviser, including other Funds. The Adviser may have an in terms of wealth and stability, and their financial markets often incentive (financial or otherwise) to enter into transactions or lack liquidity. Fund performance will likely be negatively affected arrangements on behalf of the Fund with itself or its affiliates in by portfolio exposure to countries and corporations domiciled in circumstances where it might not have done so otherwise. or with revenue exposures to countries in the midst of, among other things, hyperinflation, currency devaluation, trade The Adviser or its affiliates manage other investment funds and/or disagreements, sudden political upheaval, or interventionist accounts (including proprietary accounts) and have other clients government policies. Fund performance may also be negatively with investment objectives and strategies that are similar to, or affected by portfolio exposure to countries and corporations overlap with, the investment objective and strategy of the Fund, domiciled in or with revenue exposures to countries with less creating conflicts of interest in investment and allocation developed legal, tax, regulatory, and accounting systems. Significant buying or selling actions by a few major investors may

53 decisions regarding the allocation of investments that could be lower than those shown. The table includes the effects of Fund appropriate for the Fund and other clients of the Adviser or their expenses and maximum sales charges and assumes that you affiliates. sold your shares at the end of the period. The after-tax returns are calculated using the historical highest individual federal marginal Issuer Risk. Issuer risk is the possibility that factors specific to income tax rates and do not reflect the impact of state and local an issuer to which the Fund is exposed will affect the market taxes. Actual after-tax returns depend on an investor’s tax prices of the issuer’s securities and therefore the value of the situation and may differ from those shown and after-tax returns Fund. are not relevant to investors who hold their Fund shares through Quantitative Investing Risk. Securities selected according to a tax-deferred arrangements such as individual retirement quantitative analysis methodology can perform differently from accounts. the market as a whole based on the model and the factors used How the Fund has performed in the past (before and after taxes) in the analysis, the weight placed on each factor and changes in is not necessarily an indication of how it will perform in the future. the factor’s historical trends. Such models are based on Performance information provides some indication of the risks of assumptions of these and other market factors, and the models investing in the Fund by showing changes in the Fund’s may not take into account certain factors, or perform as intended, performance over time. and may result in a decline in the value of the Fund’s portfolio. Derivatives Risk. The use of derivatives (such as futures) Year-by-Year Total Return involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these 20 18.33% instruments. The Fund utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost 15.18% 15 13.29% than trading stocks directly. The use of derivatives can lead to 11.72% 12.29% losses because of adverse movements in the price or value of 10 8.35% the underlying asset, index or rate, which may be magnified by 5.47% certain features of the contract. Changes in the value of the 5 derivative may not correlate as intended with the underlying (1.60)% (0.87)% (4.95)% asset, rate or index, and the Fund could lose much more than the 0 original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be Annual Return (%) -5 subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to -10 its financial condition, market events, or other reasons. ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 Portfolio Turnover Rate Risk. The Fund may engage in active Best Quarter: Q2 ’20 +13.00% and frequent trading of portfolio securities in implementing its principal investment strategies. A high rate of portfolio turnover Worst Quarter: Q1 ’20 (12.41)% (100% or more) involves correspondingly greater expenses which are borne by the Fund and its shareholders and may also Average Annual Total Returns result in short-term capital gains taxable to shareholders. (Periods Ending December 31, 2020) Health Crisis Risk. The global pandemic outbreak of the novel 1 Year 5 Years 10 Years coronavirus known as COVID-19 has resulted in substantial Fund (before taxes) 8.19% 8.17% 6.96% market volatility and global business disruption. The duration and Fund (after taxes on full effects of the outbreak are uncertain and may result in trading distributions) 6.92% 6.91% 5.74% suspensions and market closures, limit liquidity and the ability of the Fund to process shareholder redemptions, and negatively Fund (after taxes on impact Fund performance. The COVID-19 outbreak and future distributions and pandemics could affect the global economy and markets in ways redemptions) 5.30% 6.04% 5.17% that cannot be foreseen and may exacerbate other types of risks, S&P 500® Index negatively impacting the value of Fund investments. (reflects no deduction for fees, expenses or taxes) 18.40% 15.22% 13.88% Performance Bloomberg Barclays The following bar chart and table provide an indication of the U.S. Aggregate Bond Index risks of investing in the Fund by showing changes in the Fund’s (reflects no deduction for performance from year to year and by showing how the Fund’s fees, expenses or taxes) 7.51% 4.44% 3.84% average annual returns for one-, five- and ten-year periods MSCI All Country World Index compared to broad-based securities market indices. The index ex-USA - USD Net Returns descriptions appear in the Index Descriptions section of the (reflects no deduction for prospectus. Call 800-847-4836 or visit thriventfunds.com for fees, expenses or taxes) 10.65% 8.93% 4.92% 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

54 Management and the minimum subsequent investment requirement is $50. These investment requirements may be different, however, for Investment Adviser(s) investors investing in the Fund through an automatic investment The Fund is managed by Thrivent Asset Management, LLC plan. (“Thrivent Asset Mgt.” or the “Adviser”). You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such Portfolio Manager(s) transactions by mail, telephone 800-847-4836, the Internet Stephen D. Lowe, CFA, David S. Royal and David R. (thrivent.com), by wire/ACH transfer or through an automatic Spangler, CFA are jointly and primarily responsible for the investment plan (for purchases) or a systematic withdrawal plan day-to-day management of the Fund. Mr. Lowe has served as a (for redemptions), subject to certain limitations. portfolio manager of the Fund since April 2016. Mr. Royal has served as portfolio manager of the Fund since April 2018. Mr. Tax Information Spangler has served as a portfolio manager of the Fund since The Fund intends to make distributions that may be taxed as February 2019. Mr. Lowe is Chief Investment Strategist and has ordinary income or capital gains. Investing in the Fund through a been with Thrivent Financial since 1997. He has served as a retirement plan could have different tax consequences. portfolio manager since 2009. Mr. Royal is Chief Investment Officer and has been with Thrivent Financial since 2006. Mr. Spangler has been with Thrivent Financial since 2002, in an Payments to Broker-Dealers and Other investment management capacity since 2006 and currently is a Financial Intermediaries Senior Portfolio Manager. If you purchase the Fund through a broker-dealer or other financial intermediary (such as an insurance company), the Fund Purchase and Sale of Fund Shares and its related companies may pay the intermediary for the sale You may purchase, redeem or exchange shares of the Fund of Fund shares and related services. These payments may create through certain broker-dealers. a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over The minimum initial investment requirement for this Fund is another investment. Ask your salesperson or visit your financial $2,000 and the minimum subsequent investment requirement is intermediary’s website for more information. $50 for taxable accounts. For IRA or tax-deferred accounts, the minimum initial investment requirement for this Fund is $1,000

55 Thrivent Moderately Aggressive Allocation Fund TMAAX

Investment Objective expense reimbursement. The example also assumes that your investment has a 5% return each year, and that the Fund’s Thrivent Moderately Aggressive Allocation Fund (the Fund ) operating expenses remain the same. Although your actual cost seeks long-term capital growth. may be higher or lower, based on these assumptions your cost would be: Fees and Expenses This table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Fund. You may qualify for sales $558 $832 $1,126 $1,961 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 Portfolio Turnover discounts is available from your financial professional and in the The Fund pays transaction costs, such as commissions, when it “Class A Shares” section on pages 96 through 97 of the Fund’s buys and sells securities (or “turns over” its portfolio). A higher prospectus and the “Sales Charges” section under the heading portfolio turnover rate may indicate higher transaction costs and “Purchase, Redemption and Pricing of Shares” of the Fund’s may result in higher taxes when Fund shares are held in a taxable Statement of Additional Information. account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s Shareholder Fees performance. During the most recent fiscal year, the Fund’s (fees paid directly from your investment) portfolio turnover rate was 81% of the average value of its portfolio. Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% Principal Strategies Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase The Fund pursues its objective by investing in a combination of price or current net asset value)1 1.00% other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek Annual Fund Operating Expenses moderately greater long-term capital growth and are comfortable (expenses that you pay each year as a percentage of the value of with moderately higher levels of risk and volatility. The Fund uses your investment) a prescribed asset allocation strategy involving a two-step process that is designed to achieve its desired risk tolerance. Management Fees 0.67% The first step is the construction of a model for the allocation of Distribution and Shareholder Service (12b-1) Fees 0.25% the Fund’s assets across broad asset categories (namely, equity Other Expenses 0.13% securities and debt securities). The second step involves the determination of sub-classes within the broad asset categories Acquired Fund Fees and Expenses 0.28% and target weightings (i.e., what the Adviser determines is the Total Annual Fund Operating Expenses 1.33% strategic allocation) for these sub-classes. Sub-classes for equity securities may be based on market capitalization, investment Less Fee Waivers and/or Expense Reimbursements2 0.22% style (such as growth or value), or economic sector. Sub-classes for debt securities may be based on maturity, duration, security Total Annual Fund Operating Expenses After Fee type or credit rating (high yield—commonly known as “junk Waivers and/or Expense Reimbursements 1.11% bonds”—or investment grade). The Adviser may consider 1 When you invest $1,000,000 or more, a deferred sales charge of 1% environmental, social, and governance (ESG) factors as part of will apply to shares redeemed within one year. its investment analysis and decision-making processes for the 2 The Adviser has contractually agreed, for as long as the current fee Fund. structure is in place and through at least February 28, 2022, 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 The use of target weightings for various sub-classes within broad Adviser or an affiliate serves as investment adviser, other than Thrivent asset categories is intended as a multi-style approach to reduce Cash Management Trust. This contractual provision may be terminated the risk of investing in securities having common characteristics. upon the mutual agreement between the Independent Trustees of the Fund and the Adviser. The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments. Example The Fund may invest in foreign securities, including those of This example is intended to help you compare the cost of issuers in emerging markets. An “emerging market” country is investing in the Fund with the cost of investing in other mutual any country determined by the Adviser to have an emerging funds. market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of The example assumes that you invest $10,000 in the Fund for the its financial and capital markets. 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

56 Under normal circumstances, the Fund invests in the following Fund is that the allocation strategies used and the allocation broad asset classes within the ranges given: decisions made will not produce the desired results. Equity Security Risk. Equity securities held by the Fund may Target Allocation Broad Asset Category Allocation Range decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may Equity Securities ...... 77% 55-90% occur because of declines in the equity market as a whole, or Debt Securities...... 23% 10-45% because of declines in only a particular country, company, The Fund’s actual holdings in each broad asset category may be industry, or sector of the market. From time to time, the Fund may outside the applicable allocation range from time to time due to invest a significant portion of its assets in companies in one or differing investment performance among asset categories. The more related sectors or industries which would make the Fund Adviser will rebalance the Fund at least annually so that its more vulnerable to adverse developments affecting such sectors holdings are within the ranges for the broad asset categories. or industries. Equity securities are generally more volatile than most debt securities. The Fund pursues its investment strategy by investing primarily in other mutual funds managed by the Adviser. The names of the Large Cap Risk. Large-sized companies may be unable to funds managed by the Adviser which are currently available for respond quickly to new competitive challenges such as changes investment by the Fund are shown in the list below. The list is in technology. They may also not be able to attain the high growth provided for information purposes only. The Adviser may change rate of successful smaller companies, especially during the availability of the funds managed by the Adviser for extended periods of economic expansion. investment by the Fund without shareholder approval or advance Small Cap Risk. Smaller, less seasoned companies often have notice to shareholders. greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend Equity Securities to have small revenues, narrower product lines, less Small Cap management depth and experience, small shares of their product Thrivent Small Cap Stock Fund or service markets, fewer financial resources, and less Mid Cap competitive strength than larger companies. Such companies Thrivent Mid Cap Stock Fund seldom pay significant dividends that could soften the impact of Large Cap a falling market on returns. Thrivent Global Stock Fund Thrivent Large Cap Growth Fund Mid Cap Risk. Medium-sized companies often have greater Thrivent Large Cap Value Fund price volatility, lower trading volume, and less liquidity than larger, Other more-established companies. These companies tend to have Thrivent International Allocation Fund smaller revenues, narrower product lines, less management Thrivent Core International Equity Fund depth and experience, smaller shares of their product or service Thrivent Core Low Volatility Equity Fund markets, fewer financial resources, and less competitive strength than larger companies. Debt Securities High Yield Bonds Market Risk. Over time, securities markets generally tend to Thrivent High Yield Fund move in cycles with periods when security prices rise and Intermediate/Long-Term Bonds periods when security prices decline. The value of the Fund’s Thrivent Income Fund investments may move with these cycles and, in some instances, Short-Term/Intermediate Bonds increase or decrease more than the applicable market(s) as Thrivent Limited Maturity Bond Fund measured by the Fund’s benchmark index(es). The securities Other markets may also decline because of factors that affect a Thrivent Core Emerging Markets Debt Fund particular industry or market sector, or due to impacts from domestic or global events, including the spread of infectious Short-Term Debt Securities illness, public health threats, war, terrorism, natural disasters or Money Market similar events. Thrivent Cash Management Trust Other Other Funds Risk. Because the Fund invests in other funds Thrivent Core Short-Term Reserve Fund managed by the Adviser or an affiliate (“Other Funds”), the performance of the Fund is dependent, in part, upon the Principal Risks 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 The Fund is subject to the following principal investment risks, Other Funds. In addition, Other Funds may be subject to which you should review carefully and in entirety. The Fund may additional fees and expenses that will be borne by the Fund. not achieve its investment objective and you could lose money by investing in the Fund. Growth Investing Risk. Growth style investing includes the risk of investing in securities whose prices historically have been Allocation Risk. The Fund’s investment performance depends more volatile than other securities, especially over the short term. upon how its assets are allocated across broad asset categories Growth stock prices reflect projections of future earnings or and applicable sub-classes within such categories. Some broad revenues and, if a company’s earnings or revenues fall short of asset categories and sub-classes may perform below expectations, its stock price may fall dramatically. expectations or the securities markets generally over short and extended periods. Therefore, a principal risk of investing in the

57 Value Investing Risk. Value style investing includes the risk that tend to be more sensitive to changes in interest rates than debt stocks of undervalued companies may not rise as quickly as securities with shorter durations or maturities. Changes by the anticipated if the market doesn’t recognize their intrinsic value or Federal Reserve to monetary policies could affect interest rates if value stocks are out of favor. and the value of some securities. In addition, the phase out of LIBOR (the offered rate for short-term Eurodollar deposits Foreign Securities Risk. Foreign securities generally carry more between major international banks) by the end of 2021 could risk and are more volatile than their domestic counterparts, in lead to increased volatility and illiquidity in certain markets that part because of potential for higher political and economic risks, currently rely on LIBOR to determine interest rates. lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other Credit Risk. Credit risk is the risk that an issuer of a debt security than the U.S. dollar. Certain events in foreign markets may to which the Fund is exposed may no longer be able or willing to adversely affect foreign and domestic issuers, including pay its debt. As a result of such an event, the debt security may interruptions in the global supply chain, market closures, war, decline in price and affect the value of the Fund. terrorism, natural disasters and outbreak of infectious diseases. LIBOR Risk. The Fund may be exposed to financial instruments The Fund’s investment in any country could be subject to that are tied to LIBOR (London Interbank Offered Rate) to governmental actions such as capital or currency controls, determine payment obligations, financing terms or investment nationalizing a company or industry, expropriating assets, or value. Such financial instruments may include bank loans, imposing punitive taxes that would have an adverse effect on derivatives, floating rate securities, certain asset backed security prices, and impair the Fund’s ability to repatriate capital securities, and other assets or liabilities tied to LIBOR. In 2017, or income. Foreign securities may also be more difficult to resell the head of the U.K. Financial Conduct Authority announced a than comparable U.S. securities because the markets for foreign desire to phase out the use of LIBOR by the end of 2021. On securities are often less liquid. Even when a foreign security November 30, 2020, the administrator of LIBOR announced its increases in price in its local currency, the appreciation may be intention to delay the phase out of the majority of the U.S. dollar diluted by adverse changes in exchange rates when the LIBOR publications until June 30, 2023, with the remainder of security’s value is converted to U.S. dollars. Foreign withholding LIBOR publications to still end at the end of 2021. There remains taxes also may apply and errors and delays may occur in the uncertainty regarding the future utilization of LIBOR and the settlement process for foreign securities. nature of any replacement rate, and any potential effects of the Emerging Markets Risk. The economic and political structures transition away from LIBOR on the Fund or its investments are not of developing countries in emerging markets, in most cases, do known. not compare favorably with the U.S. or other developed countries Investment Adviser Risk. The Fund is actively managed and in terms of wealth and stability, and their financial markets often the success of its investment strategy depends significantly on lack liquidity. Fund performance will likely be negatively affected the skills of the Adviser in assessing the potential of the by portfolio exposure to countries and corporations domiciled in investments in which the Fund invests. This assessment of or with revenue exposures to countries in the midst of, among investments may prove incorrect, resulting in losses or poor other things, hyperinflation, currency devaluation, trade performance, even in rising markets. There is also no guarantee disagreements, sudden political upheaval, or interventionist that the Adviser will be able to effectively implement the Fund’s government policies. Fund performance may also be negatively investment objective. affected by portfolio exposure to countries and corporations domiciled in or with revenue exposures to countries with less Conflicts of Interest Risk. An investment in the Fund will be developed legal, tax, regulatory, and accounting systems. subject to a number of actual or potential conflicts of interest. For Significant buying or selling actions by a few major investors may example, the Adviser or its affiliates may provide services to the also heighten the volatility of emerging markets. These factors Fund for which the Fund would compensate the Adviser and/or make investing in emerging market countries significantly riskier such affiliates. The Fund may invest in other pooled investment than in other countries, and events in any one country could vehicles sponsored, managed, or otherwise affiliated with the cause the Fund’s share price to decline. Adviser, including other Funds. The Adviser may have an incentive (financial or otherwise) to enter into transactions or Foreign Currency Risk. The value of a foreign currency may arrangements on behalf of the Fund with itself or its affiliates in decline against the U.S. dollar, which would reduce the dollar circumstances where it might not have done so otherwise. value of securities denominated in that currency. The overall impact of such a decline of foreign currency can be significant, The Adviser or its affiliates manage other investment funds and/or unpredictable, and long lasting, depending on the currencies accounts (including proprietary accounts) and have other clients represented, how each one appreciates or depreciates in relation with investment objectives and strategies that are similar to, or to the U.S. dollar, and whether currency positions are hedged. overlap with, the investment objective and strategy of the Fund, Under normal conditions, the Fund does not engage in extensive creating conflicts of interest in investment and allocation foreign currency hedging programs. Further, exchange rate decisions regarding the allocation of investments that could be movements are volatile, and it is not possible to effectively hedge appropriate for the Fund and other clients of the Adviser or their the currency risks of many developing countries. affiliates. Interest Rate Risk. Interest rate risk is the risk that prices of debt Issuer Risk. Issuer risk is the possibility that factors specific to securities decline in value when interest rates rise for debt an issuer to which the Fund is exposed will affect the market securities that pay a fixed rate of interest. Debt securities with prices of the issuer’s securities and therefore the value of the longer durations (a measure of price sensitivity of a bond or bond Fund. 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)

58 Quantitative Investing Risk. Securities selected according to a Year-by-Year Total Return quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used 25 in the analysis, the weight placed on each factor and changes in 21.25% 21.44% the factor’s historical trends. Such models are based on 20 assumptions of these and other market factors, and the models 16.16% 14.12% may not take into account certain factors, or perform as intended, 15 12.94% and may result in a decline in the value of the Fund’s portfolio. 9.71% 10 Derivatives Risk. The use of derivatives (such as futures) 5.70% involves additional risks and transaction costs which could leave 5 the Fund in a worse position than if it had not used these (3.60)% (0.98)% (6.30)% 0 instruments. The Fund utilizes equity futures in order to increase Annual Return (%) or decrease its exposure to various asset classes at a lower cost -5 than trading stocks directly. The use of derivatives can lead to -10 losses because of adverse movements in the price or value of ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the Best Quarter: Q2 ’20 +15.44% derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the Worst Quarter: Q1 ’20 (16.39)% original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be Average Annual Total Returns subject to counterparty risk, which is the risk that the other party (Periods Ending December 31, 2020) in the transaction will not fulfill its contractual obligations due to 1 Year 5 Years 10 Years its financial condition, market events, or other reasons. Fund (before taxes) 9.01% 9.58% 8.12% Health Crisis Risk. The global pandemic outbreak of the novel Fund (after taxes on coronavirus known as COVID-19 has resulted in substantial distributions) 7.87% 8.22% 6.88% market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading Fund (after taxes on suspensions and market closures, limit liquidity and the ability of distributions and the Fund to process shareholder redemptions, and negatively redemptions) 5.98% 7.24% 6.22% impact Fund performance. The COVID-19 outbreak and future S&P 500® Index pandemics could affect the global economy and markets in ways (reflects no deduction for that cannot be foreseen and may exacerbate other types of risks, fees, expenses or taxes) 18.40% 15.22% 13.88% negatively impacting the value of Fund investments. Bloomberg Barclays Performance U.S. Aggregate Bond Index (reflects no deduction for The following bar chart and table provide an indication of the fees, expenses or taxes) 7.51% 4.44% 3.84% risks of investing in the Fund by showing changes in the Fund’s MSCI All Country World Index performance from year to year and by showing how the Fund’s ex-USA - USD Net Returns average annual returns for one-, five- and ten-year periods (reflects no deduction for compared to broad-based securities market indices. The index fees, expenses or taxes) 10.65% 8.93% 4.92% 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. Management The bar chart includes the effects of Fund expenses, but not Investment Adviser(s) sales charges. If sales charges were included, returns would be lower than those shown. The table includes the effects of Fund The Fund is managed by Thrivent Asset Management, LLC expenses and maximum sales charges and assumes that you (“Thrivent Asset Mgt.” or the “Adviser”). sold your shares at the end of the period. The after-tax returns are calculated using the historical highest individual federal marginal Portfolio Manager(s) income tax rates and do not reflect the impact of state and local Stephen D. Lowe, CFA, David S. Royal and David R. taxes. Actual after-tax returns depend on an investor’s tax Spangler, CFA are jointly and primarily responsible for the situation and may differ from those shown and after-tax returns day-to-day management of the Fund. Mr. Lowe has served as a are not relevant to investors who hold their Fund shares through portfolio manager of the Fund since April 2016. Mr. Royal has tax-deferred arrangements such as individual retirement served as portfolio manager of the Fund since April 2018. Mr. accounts. Spangler has served as a portfolio manager of the Fund since February 2019. Mr. Lowe is Chief Investment Strategist and has How the Fund has performed in the past (before and after taxes) been with Thrivent Financial since 1997. He has served as a is not necessarily an indication of how it will perform in the future. portfolio manager since 2009. Mr. Royal is Chief Investment Performance information provides some indication of the risks of Officer and has been with Thrivent Financial since 2006. Mr. investing in the Fund by showing changes in the Fund’s Spangler has been with Thrivent Financial since 2002, in an performance over time.

59 investment management capacity since 2006 and currently is a investment plan (for purchases) or a systematic withdrawal plan Senior Portfolio Manager. (for redemptions), subject to certain limitations. Purchase and Sale of Fund Shares Tax Information You may purchase, redeem or exchange shares of the Fund The Fund intends to make distributions that may be taxed as through certain broker-dealers. ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences. 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 Payments to Broker-Dealers and Other minimum initial investment requirement for this Fund is $1,000 Financial Intermediaries and the minimum subsequent investment requirement is $50. If you purchase the Fund through a broker-dealer or other These investment requirements may be different, however, for financial intermediary (such as an insurance company), the Fund investors investing in the Fund through an automatic investment and its related companies may pay the intermediary for the sale plan. of Fund shares and related services. These payments may create You may purchase or redeem Fund shares on days that the New a conflict of interest by influencing the broker-dealer or other York Stock Exchange is open. You may conduct such intermediary and your salesperson to recommend the Fund over transactions by mail, telephone 800-847-4836, the Internet another investment. Ask your salesperson or visit your financial (thrivent.com), by wire/ACH transfer or through an automatic intermediary’s website for more information.

60 Thrivent Moderately Conservative Allocation Fund TCAAX

Investment Objective period reflects the effect of the contractual fee waiver and/or expense reimbursement. The example also assumes that your Thrivent Moderately Conservative Allocation Fund (the Fund ) investment has a 5% return each year, and that the Fund’s seeks long-term capital growth while providing reasonable operating expenses remain the same. Although your actual cost stability of principal. may be higher or lower, based on these assumptions your cost would be: Fees and Expenses This table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Fund. You may qualify for sales $549 $789 $1,047 $1,784 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 Portfolio Turnover discounts is available from your financial professional and in the The Fund pays transaction costs, such as commissions, when it “Class A Shares” section on pages 96 through 97 of the Fund’s buys and sells securities (or “turns over” its portfolio). A higher prospectus and the “Sales Charges” section under the heading portfolio turnover rate may indicate higher transaction costs and “Purchase, Redemption and Pricing of Shares” of the Fund’s may result in higher taxes when Fund shares are held in a taxable Statement of Additional Information. account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s Shareholder Fees performance. During the most recent fiscal year, the Fund’s (fees paid directly from your investment) portfolio turnover rate was 146% of the average value of its portfolio. Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% Principal Strategies Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase The Fund pursues its objective by investing in a combination of price or current net asset value)1 1.00% other funds managed by the Adviser and directly held financial instruments. The Fund is designed for investors who seek Annual Fund Operating Expenses long-term capital growth with reasonable stability of principal and (expenses that you pay each year as a percentage of the value of more conservative levels of risk and volatility. The Fund uses a your investment) prescribed asset allocation strategy involving a two-step process that is designed to achieve its desired risk tolerance. The first Management Fees 0.59% step is the construction of a model for the allocation of the Fund’s Distribution and Shareholder Service (12b-1) Fees 0.25% assets across broad asset categories (namely, debt securities Other Expenses 0.13% and equity securities). The second step involves the determination of sub-classes within the broad asset categories Acquired Fund Fees and Expenses 0.19% and target weightings (i.e., what the Adviser determines is the Total Annual Fund Operating Expenses 1.16% strategic allocation) for these sub-classes. Sub-classes for debt securities may be based on maturity, duration, security type or Less Fee Waivers and/or Expense Reimbursements2 0.14% credit rating (high yield—commonly known as “junk bonds”—or investment grade) and may include leveraged loans, which are Total Annual Fund Operating Expenses After Fee senior secured loans that are made by banks or other lending Waivers and/or Expense Reimbursements 1.02% institutions to companies that are rated below investment grade. 1 When you invest $1,000,000 or more, a deferred sales charge of 1% Sub-classes for equity securities may be based on market will apply to shares redeemed within one year. capitalization, investment style (such as growth or value), or 2 The Adviser has contractually agreed, for as long as the current fee economic sector. The Adviser may consider environmental, structure is in place and through at least February 28, 2022, to waive an amount equal to any management fees indirectly incurred by the social, and governance (ESG) factors as part of its investment Fund as a result of its investment in any other mutual fund for which the analysis and decision-making processes for the Fund. Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated The use of target weightings for various sub-classes within broad upon the mutual agreement between the Independent Trustees of the Fund and the Adviser. asset categories is intended as a multi-style approach to reduce the risk of investing in securities having common characteristics. Example The Fund may buy and sell futures contracts to either hedge its exposure or obtain exposure to certain investments. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual The Fund may invest in foreign securities, including those of funds. issuers in emerging markets. An “emerging market” country is any country determined by the Adviser to have an emerging The example assumes that you invest $10,000 in the Fund for the market economy, considering factors such as the country’s credit time periods indicated and then redeem all of your shares at the rating, its political and economic stability and the development of end of those periods. In addition, the example for the 1 Year its financial and capital markets.

61 Under normal circumstances, the Fund invests in the following Fund is that the allocation strategies used and the allocation broad asset classes within the ranges given: decisions made will not produce the desired results. Interest Rate Risk. Interest rate risk is the risk that prices of debt Target Allocation Broad Asset Category Allocation Range securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with Debt Securities...... 63% 35-85% longer durations (a measure of price sensitivity of a bond or bond Equity Securities ...... 37% 15-65% fund to changes in interest rates) or maturities (i.e., the amount of The Fund’s actual holdings in each broad asset category may be time until a bond’s issuer must pay its principal or face value) outside the applicable allocation range from time to time due to tend to be more sensitive to changes in interest rates than debt differing investment performance among asset categories. The securities with shorter durations or maturities. Changes by the Adviser will rebalance the Fund at least annually so that its Federal Reserve to monetary policies could affect interest rates holdings are within the ranges for the broad asset categories. and the value of some securities. In addition, the phase out of LIBOR (the offered rate for short-term Eurodollar deposits The Fund pursues its investment strategy by investing primarily in between major international banks) by the end of 2021 could other mutual funds managed by the Adviser. The names of the lead to increased volatility and illiquidity in certain markets that funds managed by the Adviser which are currently available for currently rely on LIBOR to determine interest rates. investment by the Fund are shown in the list below. The list is provided for information purposes only. The Adviser may change Equity Security Risk. Equity securities held by the Fund may the availability of the funds managed by the Adviser for decline significantly in price, sometimes rapidly or unpredictably, investment by the Fund without shareholder approval or advance over short or extended periods of time, and such declines may notice to shareholders. occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, Debt Securities industry, or sector of the market. From time to time, the Fund may High Yield Bonds invest a significant portion of its assets in companies in one or Thrivent High Yield Fund more related sectors or industries which would make the Fund Intermediate/Long-Term Bonds more vulnerable to adverse developments affecting such sectors Thrivent Income Fund or industries. Equity securities are generally more volatile than Short-Term/Intermediate Bonds most debt securities. Thrivent Limited Maturity Bond Fund Over time, securities markets generally tend to Other Market Risk. move in cycles with periods when security prices rise and Thrivent Core Emerging Markets Debt Fund periods when security prices decline. The value of the Fund’s Equity Securities investments may move with these cycles and, in some instances, Small Cap increase or decrease more than the applicable market(s) as Thrivent Small Cap Stock Fund measured by the Fund’s benchmark index(es). The securities Mid Cap markets may also decline because of factors that affect a Thrivent Mid Cap Stock Fund particular industry or market sector, or due to impacts from Large Cap domestic or global events, including the spread of infectious Thrivent Global Stock Fund illness, public health threats, war, terrorism, natural disasters or Thrivent Large Cap Growth Fund similar events. Thrivent Large Cap Value Fund Large Cap Risk. Large-sized companies may be unable to Other respond quickly to new competitive challenges such as changes Thrivent International Allocation Fund in technology. They may also not be able to attain the high growth Thrivent Core International Equity Fund rate of successful smaller companies, especially during Thrivent Core Low Volatility Equity Fund extended periods of economic expansion. Short-Term Debt Securities Credit Risk. Credit risk is the risk that an issuer of a debt security Money Market to which the Fund is exposed may no longer be able or willing to Thrivent Cash Management Trust pay its debt. As a result of such an event, the debt security may Other decline in price and affect the value of the Fund. Thrivent Core Short-Term Reserve Fund LIBOR Risk. The Fund may be exposed to financial instruments Principal Risks that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment The Fund is subject to the following principal investment risks, value. Such financial instruments may include bank loans, which you should review carefully and in entirety. The Fund may derivatives, floating rate securities, certain asset backed not achieve its investment objective and you could lose money securities, and other assets or liabilities tied to LIBOR. In 2017, by investing in the Fund. the head of the U.K. Financial Conduct Authority announced a Allocation Risk. The Fund’s investment performance depends desire to phase out the use of LIBOR by the end of 2021. On upon how its assets are allocated across broad asset categories November 30, 2020, the administrator of LIBOR announced its and applicable sub-classes within such categories. Some broad intention to delay the phase out of the majority of the U.S. dollar asset categories and sub-classes may perform below LIBOR publications until June 30, 2023, with the remainder of expectations or the securities markets generally over short and LIBOR publications to still end at the end of 2021. There remains extended periods. Therefore, a principal risk of investing in the uncertainty regarding the future utilization of LIBOR and the

62 nature of any replacement rate, and any potential effects of the Foreign Securities Risk. Foreign securities generally carry more transition away from LIBOR on the Fund or its investments are not risk and are more volatile than their domestic counterparts, in known. part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange Mortgage-Backed and Other Asset-Backed Securities Risk. rates where investments are denominated in currencies other The value of mortgage-backed and asset-backed securities will than the U.S. dollar. Certain events in foreign markets may be influenced by the factors affecting the housing market and the adversely affect foreign and domestic issuers, including assets underlying such securities. As a result, during periods of interruptions in the global supply chain, market closures, war, declining asset value, difficult or frozen credit markets, swings in terrorism, natural disasters and outbreak of infectious diseases. interest rates, or deteriorating economic conditions, The Fund’s investment in any country could be subject to mortgage-related and asset-backed securities may decline in governmental actions such as capital or currency controls, value, face valuation difficulties, become more volatile and/or nationalizing a company or industry, expropriating assets, or become illiquid. In addition, both mortgage-backed and imposing punitive taxes that would have an adverse effect on asset-backed securities are sensitive to changes in the security prices, and impair the Fund’s ability to repatriate capital repayment patterns of the underlying security. If the principal or income. Foreign securities may also be more difficult to resell payment on the underlying asset is repaid faster or slower than than comparable U.S. securities because the markets for foreign the holder of the asset-backed or mortgage-backed security securities are often less liquid. Even when a foreign security anticipates, the price of the security may fall, particularly if the increases in price in its local currency, the appreciation may be holder must reinvest the repaid principal at lower rates or must diluted by adverse changes in exchange rates when the continue to hold the security when interest rates rise. This effect security’s value is converted to U.S. dollars. Foreign withholding may cause the value of the Fund to decline and reduce the taxes also may apply and errors and delays may occur in the overall return of the Fund. settlement process for foreign securities. Government Securities Risk. The Fund invests in securities Emerging Markets Risk. The economic and political structures issued or guaranteed by the U.S. government or its agencies and of developing countries in emerging markets, in most cases, do instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, not compare favorably with the U.S. or other developed countries Fannie Mae or Freddie Mac securities). Securities issued or in terms of wealth and stability, and their financial markets often guaranteed by Federal Home Loan Banks, Ginnie Mae, Fannie lack liquidity. Fund performance will likely be negatively affected Mae or Freddie Mac are not issued directly by the U.S. by portfolio exposure to countries and corporations domiciled in government. Ginnie Mae is a wholly owned U.S. corporation that or with revenue exposures to countries in the midst of, among is authorized to guarantee, with the full faith and credit of the U.S. other things, hyperinflation, currency devaluation, trade government, the timely payment of principal and interest of its disagreements, sudden political upheaval, or interventionist securities. By contrast, securities issued or guaranteed by U.S. government policies. Fund performance may also be negatively government-related organizations such as Federal Home Loan affected by portfolio exposure to countries and corporations Banks, Fannie Mae and Freddie Mac are not backed by the full domiciled in or with revenue exposures to countries with less faith and credit of the U.S. government. No assurance can be developed legal, tax, regulatory, and accounting systems. given that the U.S. government would provide financial support to Significant buying or selling actions by a few major investors may its agencies and instrumentalities if not required to do so by law. also heighten the volatility of emerging markets. These factors In addition, the value of U.S. government securities may be make investing in emerging market countries significantly riskier affected by changes in the credit rating of the U.S. government, than in other countries, and events in any one country could which may be negatively impacted by rising levels of cause the Fund’s share price to decline. indebtedness. Foreign Currency Risk. The value of a foreign currency may High Yield Risk. High yield securities – commonly known as decline against the U.S. dollar, which would reduce the dollar “junk bonds” – to which the Fund is exposed are considered value of securities denominated in that currency. The overall predominantly speculative with respect to the issuer’s continuing impact of such a decline of foreign currency can be significant, ability to make principal and interest payments. If the issuer of the unpredictable, and long lasting, depending on the currencies security is in default with respect to interest or principal represented, how each one appreciates or depreciates in relation payments, the value of the Fund may be negatively affected. to the U.S. dollar, and whether currency positions are hedged. High yield securities generally have a less liquid resale market. Under normal conditions, the Fund does not engage in extensive Mid Cap Risk. Medium-sized companies often have greater foreign currency hedging programs. Further, exchange rate price volatility, lower trading volume, and less liquidity than larger, movements are volatile, and it is not possible to effectively hedge more-established companies. These companies tend to have the currency risks of many developing countries. smaller revenues, narrower product lines, less management Investment Adviser Risk. The Fund is actively managed and depth and experience, smaller shares of their product or service the success of its investment strategy depends significantly on markets, fewer financial resources, and less competitive strength the skills of the Adviser in assessing the potential of the than larger companies. investments in which the Fund invests. This assessment of Other Funds Risk. Because the Fund invests in other funds investments may prove incorrect, resulting in losses or poor managed by the Adviser or an affiliate (“Other Funds”), the performance, even in rising markets. There is also no guarantee performance of the Fund is dependent, in part, upon the that the Adviser will be able to effectively implement the Fund’s performance of Other Funds in which the Fund may invest. As a investment objective. result, the Fund is subject to the same risks as those faced by the Conflicts of Interest Risk. An investment in the Fund will be Other Funds. In addition, Other Funds may be subject to subject to a number of actual or potential conflicts of interest. For additional fees and expenses that will be borne by the Fund. 63 example, the Adviser or its affiliates may provide services to the the Fund in a worse position than if it had not used these Fund for which the Fund would compensate the Adviser and/or instruments. The Fund utilizes equity futures in order to increase such affiliates. The Fund may invest in other pooled investment or decrease its exposure to various asset classes at a lower cost vehicles sponsored, managed, or otherwise affiliated with the than trading stocks directly. The use of derivatives can lead to Adviser, including other Funds. The Adviser may have an losses because of adverse movements in the price or value of incentive (financial or otherwise) to enter into transactions or the underlying asset, index or rate, which may be magnified by arrangements on behalf of the Fund with itself or its affiliates in certain features of the contract. Changes in the value of the circumstances where it might not have done so otherwise. derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the The Adviser or its affiliates manage other investment funds and/or original amount invested. Derivatives can be highly volatile, accounts (including proprietary accounts) and have other clients illiquid and difficult to value. Certain derivatives may also be with investment objectives and strategies that are similar to, or subject to counterparty risk, which is the risk that the other party overlap with, the investment objective and strategy of the Fund, in the transaction will not fulfill its contractual obligations due to creating conflicts of interest in investment and allocation its financial condition, market events, or other reasons. decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their Portfolio Turnover Rate Risk. The Fund may engage in active affiliates. and frequent trading of portfolio securities in implementing its principal investment strategies. A high rate of portfolio turnover Issuer Risk. Issuer risk is the possibility that factors specific to (100% or more) involves correspondingly greater expenses an issuer to which the Fund is exposed will affect the market which are borne by the Fund and its shareholders and may also prices of the issuer’s securities and therefore the value of the result in short-term capital gains taxable to shareholders. Fund. Health Crisis Risk. The global pandemic outbreak of the novel Quantitative Investing Risk. Securities selected according to a coronavirus known as COVID-19 has resulted in substantial quantitative analysis methodology can perform differently from market volatility and global business disruption. The duration and the market as a whole based on the model and the factors used full effects of the outbreak are uncertain and may result in trading in the analysis, the weight placed on each factor and changes in suspensions and market closures, limit liquidity and the ability of the factor’s historical trends. Such models are based on the Fund to process shareholder redemptions, and negatively assumptions of these and other market factors, and the models impact Fund performance. The COVID-19 outbreak and future may not take into account certain factors, or perform as intended, pandemics could affect the global economy and markets in ways and may result in a decline in the value of the Fund’s portfolio. that cannot be foreseen and may exacerbate other types of risks, Leveraged Loan Risk. Leveraged loans (also known as bank negatively impacting the value of Fund investments. loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a Performance senior position in the capital structure of a borrower, are subject The following bar chart and table provide an indication of the to the risk that a court could subordinate such loans to presently risks of investing in the Fund by showing changes in the Fund’s existing or future indebtedness or take other action detrimental to performance from year to year and by showing how the Fund’s the holders of leveraged loans. Leveraged loans are also subject average annual returns for one-, five- and ten-year periods to the risk that the value of the collateral, if any, securing a loan compared to broad-based securities market indices. The index may decline, be insufficient to meet the obligations of the descriptions appear in the Index Descriptions section of the borrower, or be difficult to liquidate. Some leveraged loans are prospectus. Call 800-847-4836 or visit thriventfunds.com for not as easily purchased or sold as publicly-traded securities and performance results current to the most recent month-end. others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below The bar chart includes the effects of Fund expenses, but not investment-grade leveraged loans are typically more credit sales charges. If sales charges were included, returns would be sensitive. In the event of fraud or misrepresentation, the Fund lower than those shown. The table includes the effects of Fund may not be protected under federal securities laws with respect expenses and maximum sales charges and assumes that you to leveraged loans that may not be in the form of “securities.” The sold your shares at the end of the period. The after-tax returns are settlement period for some leveraged loans may be more than calculated using the historical highest individual federal marginal seven days. income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax Prepayment Risk. When interest rates fall, certain obligations will situation and may differ from those shown and after-tax returns be paid off by the obligor more quickly than originally anticipated, are not relevant to investors who hold their Fund shares through and a Fund may have to invest the proceeds in securities with tax-deferred arrangements such as individual retirement lower yields. In periods of falling interest rates, the rate of accounts. prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new How the Fund has performed in the past (before and after taxes) lower rates. During such periods, reinvestment of the prepayment is not necessarily an indication of how it will perform in the future. proceeds by the management team will generally be at lower Performance information provides some indication of the risks of rates of return than the return on the assets that were prepaid. investing in the Fund by showing changes in the Fund’s Prepayment generally reduces the yield to maturity and the performance over time. average life of the security. Derivatives Risk. The use of derivatives (such as futures) involves additional risks and transaction costs which could leave

64 Year-by-Year Total Return day-to-day management of the Fund. Mr. Lowe has served as a portfolio manager of the Fund since April 2016. Mr. Royal has 20 served as portfolio manager of the Fund since April 2018. Mr. Spangler has served as a portfolio manager of the Fund since

14.80% February 2019. Mr. Lowe is Chief Investment Strategist and has 15 been with Thrivent Financial since 1997. He has served as a portfolio manager since 2009. Mr. Royal is Chief Investment 9.81% 10.11% 10 9.06% 9.06% Officer and has been with Thrivent Financial since 2006. Mr. 6.96% Spangler has been with Thrivent Financial since 2002, in an 5.01% investment management capacity since 2006 and currently is a 5 Senior Portfolio Manager.

Annual Return (%) (0.34)% (0.95)% (3.89)% 0 Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund -5 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 through certain broker-dealers. The minimum initial investment requirement for this Fund is Best Quarter: Q2 ’20 +9.26% $2,000 and the minimum subsequent investment requirement is Worst Quarter: Q1 ’20 (7.93)% $50 for taxable accounts. For IRA or tax-deferred accounts, the minimum initial investment requirement for this Fund is $1,000 Average Annual Total Returns and the minimum subsequent investment requirement is $50. (Periods Ending December 31, 2020) These investment requirements may be different, however, for investors investing in the Fund through an automatic investment 1 Year 5 Years 10 Years plan. Fund (before taxes) 5.14% 6.24% 5.33% You may purchase or redeem Fund shares on days that the New Fund (after taxes on York Stock Exchange is open. You may conduct such distributions) 3.85% 4.96% 4.11% transactions by mail, telephone 800-847-4836, the Internet Fund (after taxes on (thrivent.com), by wire/ACH transfer or through an automatic distributions and investment plan (for purchases) or a systematic withdrawal plan redemptions) 3.36% 4.43% 3.79% (for redemptions), subject to certain limitations. S&P 500® Index Tax Information (reflects no deduction for fees, expenses or taxes) 18.40% 15.22% 13.88% The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Investing in the Fund through a Bloomberg Barclays retirement plan could have different tax consequences. U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 7.51% 4.44% 3.84% Payments to Broker-Dealers and Other MSCI All Country World Index Financial Intermediaries ex-USA - USD Net Returns If you purchase the Fund through a broker-dealer or other (reflects no deduction for financial intermediary (such as an insurance company), the Fund fees, expenses or taxes) 10.65% 8.93% 4.92% 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 Management intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial Investment Adviser(s) intermediary’s website for more information. The Fund is managed by Thrivent Asset Management, LLC (“Thrivent Asset Mgt.” or the “Adviser”).

Portfolio Manager(s) Stephen D. Lowe, CFA, David S. Royal and David R. Spangler, CFA are jointly and primarily responsible for the

65 Thrivent Money Market Fund AMMXX

Investment Objective Principal Strategies Thrivent Money Market Fund (the Fund) seeks a high level of The Fund seeks to produce current income while maintaining current income, while maintaining liquidity and a constant net liquidity by investing at least 99.5% of its total assets in asset value of $1.00 per share. government securities, cash and repurchase agreements collateralized fully by government securities or cash. Government Fees and Expenses securities are any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or This table describes the fees and expenses that you may pay if supervised by and acting as an instrumentality of the government you buy and hold shares of the Fund. of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for Shareholder Fees any of the foregoing. (fees paid directly from your investment) The Adviser manages the Fund subject to strict rules established Maximum Sales Charge (load) Imposed On by the Securities and Exchange Commission that are designed Purchases (as a % of offering price) None so that the Fund may maintain a stable $1.00 share price. Those Maximum Deferred Sales Charge (load) (as a rules generally require the Fund, among other things, to invest percentage of the lower of the original purchase only in high quality securities that are denominated in U.S. dollars price or current net asset value) None and have short remaining maturities. In addition, the rules require the Fund to maintain a dollar-weighted average maturity (WAM) of Annual Fund Operating Expenses not more than 60 days and a dollar-weighted average life (WAL) (expenses that you pay each year as a percentage of the value of of not more than 120 days. When calculating its WAM, the Fund your investment) may shorten its maturity by using the interest rate resets of Management Fees 0.35% certain adjustable rate securities. Generally, the Fund may not take into account these resets when calculating its WAL. Distribution and Shareholder Service (12b-1) Fees None Other Expenses 0.26% The Adviser typically uses U.S. Treasury securities, short-term discount notes issued by government-related organizations and Total Annual Fund Operating Expenses 0.61% government securities payable within seven-days or less to Less Fee Waivers and/or Expense provide liquidity for reasonably foreseeable shareholder Reimbursements1 0.15% redemptions and to comply with regulatory requirements. The Total Annual Fund Operating Expenses After Fee Adviser invests in other securities by selecting from the available Waivers and/or Expense Reimbursements 0.46% supply of short-term government securities based on its interest rate outlook and analysis of quantitative and technical factors. 1 The Adviser has contractually agreed, through at least February 28, 2022, to waive a portion of the management fees associated with the Although the Fund frequently holds securities until maturity, the Class A shares of the Thrivent Money Market Fund equal in the Adviser may sell securities to increase liquidity. The Adviser may aggregate to 0.15% of the average daily net assets of the Class A select securities for such sales that would least impact the Fund. shares. This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between the The Adviser may consider environmental, social, and governance Independent Trustees of the Fund and the Adviser. (ESG) factors as part of its investment analysis and decision-making processes for the Fund. Example This example is intended to help you compare the cost of Principal Risks investing in the Fund with the cost of investing in other mutual You could lose money by investing in the Fund.Although the Fund funds. seeks to preserve the value of your investment at $1.00 per The example assumes that you invest $10,000 in the Fund for the share, it cannot guarantee it will do so.An investment in the Fund time periods indicated and then redeem all of your shares at the is not insured or guaranteed by the Federal Deposit Insurance end of those periods. In addition, the example for the 1 Year Corporation or any other government agency.The Fund’s sponsor period reflects the effect of the contractual fee waiver and/or has no legal obligation to provide financial support to the Fund, expense reimbursement. The example also assumes that your and you should not expect that the sponsor will provide financial investment has a 5% return each year, and that the Fund’s support to the Fund at any time. In addition, the Fund is subject operating expenses remain the same. Although your actual cost to the following principal investment risks. may be higher or lower, based on these assumptions your cost Government Securities Risk. The Fund invests in securities would be: issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, 1 Year 3 Years 5 Years 10 Years Fannie Mae or Freddie Mac securities). Securities issued or $47 $180 $325 $748 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

66 is authorized to guarantee, with the full faith and credit of the U.S. pandemics could affect the global economy and markets in ways government, the timely payment of principal and interest of its that cannot be foreseen and may exacerbate other types of risks, securities. By contrast, securities issued or guaranteed by U.S. negatively impacting the value of Fund investments. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full Performance faith and credit of the U.S. government. No assurance can be The following bar chart and table provide an indication of the given that the U.S. government would provide financial support to risks of investing in the Fund by showing changes in the Fund’s its agencies and instrumentalities if not required to do so by law. performance from year to year and by showing the Fund’s In addition, the value of U.S. government securities may be average annual returns for one-, five- and ten-year periods. The affected by changes in the credit rating of the U.S. government, bar chart and table include the effects of Fund expenses and which may be negatively impacted by rising levels of assume that you sold your shares at the end of the period. On indebtedness. February 1, 2016, the Fund changed its investment strategies Interest Rate Risk. A weak economy, strong equity markets, or from those of a prime money market fund to those of a changes by the Federal Reserve in its monetary policies may government money market fund. Call 800-847-4836 or visit cause short-term interest rates to increase and affect the Fund’s thriventfunds.com for performance results current to the most ability to maintain a stable share price. recent month-end. Credit Risk. Credit risk is the risk that an issuer of a debt security How the Fund has performed in the past (before and after taxes) to which the Fund is exposed may no longer be able or willing to is not necessarily an indication of how it will perform in the future. pay its debt. As a result of such an event, the debt security may Performance information provides some indication of the risks of decline in price and affect the value of the Fund. investing in the Fund by showing changes in the Fund’s performance over time. Repurchase Agreement Risk. If the seller of a repurchase agreement defaults or is otherwise unable to fulfill its obligations, Year-by-Year Total Return the Fund may incur losses as a result of selling the underlying securities, enforcing its rights, or a decline in the value of collateral. 2.0 1.80% LIBOR Risk. The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to 1.5 determine payment obligations, financing terms or investment 1.37% value. Such financial instruments may include bank loans, derivatives, floating rate securities, certain asset backed 1.0 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. On

Annual Return (%) 0.5 November 30, 2020, the administrator of LIBOR announced its 0.29% intention to delay the phase out of the majority of the U.S. dollar 0.10% LIBOR publications until June 30, 2023, with the remainder of 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 LIBOR publications to still end at the end of 2021. There remains ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, and any potential effects of the Best Quarter: Q2 ’19 +0.49% transition away from LIBOR on the Fund or its investments are not Worst Quarter: Q4 ’20 +0.00% known.

Redemption Risk. The Fund may need to sell portfolio securities 1 The Fund’s performance was also 0.00% for Q4 ’09 through Q3 ‘17. to meet redemption requests. The Fund could experience a loss when selling portfolio securities to meet redemption requests if Average Annual Total Returns there is (i) significant redemption activity by shareholders, (Periods Ending December 31, 2020) including, for example, when a single investor or few large 1 Year 5 Years 10 Years investors make a significant redemption of Fund shares, (ii) a disruption in the normal operation of the markets in which the Fund (before taxes) 0.29% 0.71% 0.35% Fund buys and sells portfolio securities or (iii) the inability of the Fund (after taxes on Fund to sell portfolio securities because such securities are distributions) 0.17% 0.42% 0.21% illiquid. In such events, the Fund could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient Fund (after taxes on cash to pay redeeming shareholders. distributions and redemptions) 0.17% 0.42% 0.21% Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial The 7-day yield for the period ended December 31, 2020 was market volatility and global business disruption. The duration and 0.00%. You may call 800-847-4836 to obtain the Fund’s current full effects of the outbreak are uncertain and may result in trading yield information. suspensions and market closures, limit liquidity and the ability of the Fund to process shareholder redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future

67 Management You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such Investment Adviser(s) transactions by mail, telephone 800-847-4836, the Internet The Fund is managed by Thrivent Asset Management, LLC (thrivent.com), by wire/ACH transfer or through an automatic (“Thrivent Asset Mgt.” or the “Adviser”). investment plan (for purchases) or a systematic withdrawal plan (for redemptions), subject to certain limitations. Portfolio Manager(s) William D. Stouten is primarily responsible for the day-to-day Tax Information management of the Fund. Mr. Stouten has served as portfolio The Fund intends to make distributions that may be taxed as manager of the Fund since December 2003. Prior to this position, ordinary income or capital gains. Investing in the Fund through a he was a research analyst and trader for the Thrivent money retirement plan could have different tax consequences. market funds since 2001, when he joined Thrivent Financial. Payments to Broker-Dealers and Other Purchase and Sale of Fund Shares Financial Intermediaries You may purchase, redeem or exchange shares of the Fund If you purchase the Fund through a broker-dealer or other through certain broker-dealers. financial intermediary (such as an insurance company), the Fund The minimum initial investment requirement for this Fund is and its related companies may pay the intermediary for the sale $2,000 and the minimum subsequent investment requirement is of Fund shares and related services. These payments may create $50 for taxable accounts. For IRA or tax-deferred accounts, the a conflict of interest by influencing the broker-dealer or other minimum initial investment requirement for this Fund is $1,000 intermediary and your salesperson to recommend the Fund over and the minimum subsequent investment requirement is $50. another investment. Ask your salesperson or visit your financial These investment requirements may be different, however, for intermediary’s website for more information. investors investing in the Fund through an automatic investment plan.

68 Thrivent Municipal Bond Fund AAMBX

Investment Objective portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable Thrivent Municipal Bond Fund (the Fund ) seeks a high level of account. These costs, which are not reflected in annual fund current income exempt from federal income taxes, consistent operating expenses or in the example, affect the Fund’s with capital preservation. performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 29% of the average value of its Fees and Expenses portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales Principal Strategies charge discounts if you and your family invest, or agree to invest Under normal market conditions, the Fund invests at least 80% of in the future, at least $50,000 in Class A shares of a fund or funds its net assets (plus the amount of any borrowing for investment of Thrivent Mutual Funds. More information about these and other purposes) in municipal bonds, the income of which is exempt discounts is available from your financial professional and in the from federal income taxation. The Fund may count securities that “Class A Shares” section on pages 96 through 97 of the Fund’s generate income subject to the alternative minimum tax toward prospectus and the “Sales Charges” section under the heading the 80% investment requirement. “Purchase, Redemption and Pricing of Shares” of the Fund’s Statement of Additional Information. The Fund’s Adviser uses fundamental, quantitative, and technical investment research techniques to determine what municipal Shareholder Fees bonds to buy and sell. Fundamental techniques assess a (fees paid directly from your investment) security’s value based on an issuer’s financial profile, management, and business prospects while quantitative and Maximum Sales Charge (load) Imposed On technical techniques involve a more data-oriented analysis of Purchases (as a % of offering price) 4.50% financial information, market trends and price movements. The Maximum Deferred Sales Charge (load) (as a Adviser may consider environmental, social, and governance percentage of the lower of the original purchase (ESG) factors as part of its investment analysis and 1 price or current net asset value) 1.00% decision-making processes for the Fund. At the time of purchase, the Adviser generally buys investment-grade municipal bonds or Annual Fund Operating Expenses unrated bonds it determines to be of comparable quality. The (expenses that you pay each year as a percentage of the value of Fund may also invest in debt securities that, at the time of your investment) purchase, are rated within or below the “BBB” major rating Management Fees 0.40% category by S&P or Fitch, or the “Baa” major rating category by Moody’s, or are unrated but considered to be of comparable Distribution and Shareholder Service (12b-1) Fees 0.25% quality by the Adviser. The Fund uses an interest rate Other Expenses 0.09% management technique that includes the purchase and sale of Total Annual Fund Operating Expenses 0.74% U.S. Treasury futures contracts for the purpose of managing the duration, or interest rate risk, of the Fund. 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. Principal Risks Example The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. The Fund may This example is intended to help you compare the cost of not achieve its investment objective and you could lose money investing in the Fund with the cost of investing in other mutual by investing in the Fund. funds. Municipal Bond Risk. The Fund’s performance may be affected The example assumes that you invest $10,000 in the Fund for the by political and economic conditions at the state, regional or time periods indicated and then redeem all of your shares at the federal level. These may include budgetary problems, decline in end of those periods. The example also assumes that your the tax base and other factors that may cause rating agencies to investment has a 5% return each year, and that the Fund’s downgrade the credit ratings on certain issues. Bonds may also operating expenses remain the same. Although your actual cost exhibit price fluctuations due to changes in interest rate or bond may be higher or lower, based on these assumptions your cost yield levels. Some municipal bonds may be repaid prior to would be: maturity if interest rates decrease. As a result, the value of the Fund’s shares may fluctuate significantly in the short term. 1 Year 3 Years 5 Years 10 Years Interest Rate Risk. Interest rate risk is the risk that prices of debt $522 $676 $843 $1,327 securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with Portfolio Turnover longer durations (a measure of price sensitivity of a bond or bond The Fund pays transaction costs, such as commissions, when it fund to changes in interest rates) or maturities (i.e., the amount of buys and sells securities (or “turns over” its portfolio). A higher time until a bond’s issuer must pay its principal or face value)

69 tend to be more sensitive to changes in interest rates than debt Liquidity Risk. Liquidity is the ability to sell a security relatively securities with shorter durations or maturities. Changes by the quickly for a price that most closely reflects the actual value of Federal Reserve to monetary policies could affect interest rates the security. Brokers and dealers have decreased their and the value of some securities. In addition, the phase out of inventories of municipal bonds in recent years. This could limit LIBOR (the offered rate for short-term Eurodollar deposits the Adviser’s ability to buy or sell these bonds and increase price between major international banks) by the end of 2021 could volatility and trading costs, particularly during periods of lead to increased volatility and illiquidity in certain markets that economic or market stress. In addition, recent federal banking currently rely on LIBOR to determine interest rates. regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease the Adviser’s Tax Risk. Changes in federal income tax laws or rates may affect ability to buy or sell bonds. As a result, the Adviser may be both the net asset value of the Fund and the taxable equivalent forced to accept a lower price to sell a security, to sell other interest generated from securities in the Fund. Since the Fund securities to raise cash, or to give up an investment opportunity, may invest in municipal securities subject to the federal any of which could have a negative effect on performance. alternative minimum tax without limitation, the Fund may not be suitable for investors who already are or could be subject to the Investment Adviser Risk. The Fund is actively managed and federal alternative minimum tax. the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the Credit Risk. Credit risk is the risk that an issuer of a debt security investments in which the Fund invests. This assessment of to which the Fund is exposed may no longer be able or willing to investments may prove incorrect, resulting in losses or poor pay its debt. As a result of such an event, the debt security may performance, even in rising markets. There is also no guarantee decline in price and affect the value of the Fund. that the Adviser will be able to effectively implement the Fund’s Futures Contract Risk. The value of a futures contract tends to investment objective. increase and decrease in tandem with the value of the underlying Health Crisis Risk. The global pandemic outbreak of the novel instrument. The price of futures can be highly volatile; using them coronavirus known as COVID-19 has resulted in substantial could lower total return, and the potential loss from futures can market volatility and global business disruption. The duration and exceed the Fund’s initial investment in such contracts. In full effects of the outbreak are uncertain and may result in trading addition, the value of the futures contract may not accurately suspensions and market closures, limit liquidity and the ability of track the value of the underlying instrument. the Fund to process shareholder redemptions, and negatively Market Risk. Over time, securities markets generally tend to impact Fund performance. The COVID-19 outbreak and future move in cycles with periods when security prices rise and pandemics could affect the global economy and markets in ways periods when security prices decline. The value of the Fund’s that cannot be foreseen and may exacerbate other types of risks, investments may move with these cycles and, in some instances, negatively impacting the value of Fund investments. increase or decrease more than the applicable market(s) as measured by the Fund’s benchmark index(es). The securities Performance markets may also decline because of factors that affect a The following bar chart and table provide an indication of the particular industry or market sector, or due to impacts from risks of investing in the Fund by showing changes in the Fund’s domestic or global events, including the spread of infectious performance from year to year and by showing how the Fund’s illness, public health threats, war, terrorism, natural disasters or average annual returns for one-, five- and ten-year periods similar events. compared to a broad-based securities market index. The index LIBOR Risk. The Fund may be exposed to financial instruments description appears in the Index Descriptions section of the that are tied to LIBOR (London Interbank Offered Rate) to prospectus. Call 800-847-4836 or visit thriventfunds.com for determine payment obligations, financing terms or investment performance results current to the most recent month-end. value. Such financial instruments may include bank loans, The bar chart includes the effects of Fund expenses, but not derivatives, floating rate securities, certain asset backed sales charges. If sales charges were included, returns would be securities, and other assets or liabilities tied to LIBOR. In 2017, lower than those shown. The table includes the effects of Fund the head of the U.K. Financial Conduct Authority announced a expenses and maximum sales charges and assumes that you desire to phase out the use of LIBOR by the end of 2021. On sold your shares at the end of the period. The after-tax returns are November 30, 2020, the administrator of LIBOR announced its calculated using the historical highest individual federal marginal intention to delay the phase out of the majority of the U.S. dollar income tax rates and do not reflect the impact of state and local LIBOR publications until June 30, 2023, with the remainder of taxes. Actual after-tax returns depend on an investor’s tax LIBOR publications to still end at the end of 2021. There remains situation and may differ from those shown, and after-tax returns uncertainty regarding the future utilization of LIBOR and the are not relevant to investors who hold their Fund shares through nature of any replacement rate, and any potential effects of the tax-deferred arrangements, such as individual retirement transition away from LIBOR on the Fund or its investments are not accounts. Returns after taxes on distributions and redemptions known. may be higher than before tax returns and/or after taxes on High Yield Risk. High yield securities – commonly known as distributions shown because they reflect the tax benefit of capital “junk bonds” – to which the Fund is exposed are considered losses realized in the redemption of Fund shares. predominantly speculative with respect to the issuer’s continuing How the Fund has performed in the past (before and after taxes) ability to make principal and interest payments. If the issuer of the is not necessarily an indication of how it will perform in the future. security is in default with respect to interest or principal Performance information provides some indication of the risks of payments, the value of the Fund may be negatively affected. investing in the Fund by showing changes in the Fund’s High yield securities generally have a less liquid resale market. performance over time.

70 Year-by-Year Total Return as portfolio manager of the Fund since April 2002. She has been with Thrivent Financial since 1988 and has served as a portfolio 12 manager since 1994. 10.57% 10 9.62% Purchase and Sale of Fund Shares 7.59% 8 7.11% You may purchase, redeem or exchange shares of the Fund 6 through certain broker-dealers. 4.46% 4.78% The minimum initial investment requirement for this Fund is 4 3.10% $2,000 and the minimum subsequent investment requirement is 2 $50 for taxable accounts. For IRA or tax-deferred accounts, the (3.55)% (0.21)% 0.31% minimum initial investment requirement for this Fund is $1,000

Annual Return (%) 0 and the minimum subsequent investment requirement is $50. -2 These investment requirements may be different, however, for -4 investors investing in the Fund through an automatic investment ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 plan.

Best Quarter: Q3 ’11 +4.04% You may purchase or redeem Fund shares on days that the New York Stock Exchange is open. You may conduct such Worst Quarter: Q2 ’13 (3.69)% transactions by mail, telephone 800-847-4836, the Internet (thrivent.com), by wire/ACH transfer or through an automatic Average Annual Total Returns investment plan (for purchases) or a systematic withdrawal plan (Periods Ending December 31, 2020) (for redemptions), subject to certain limitations. 1 Year 5 Years 10 Years Tax Information Fund (before taxes) 0.06% 2.30% 3.81% The Fund generally intends to distribute tax-exempt income, Fund (after taxes on although it may also make distributions that are taxed as ordinary distributions) 0.06% 2.30% 3.80% income or capital gains. Investing in the Fund through a Fund (after taxes on retirement plan could have different tax consequences. distributions and redemptions) 1.16% 2.48% 3.73% Payments to Broker-Dealers and Other Bloomberg Barclays Financial Intermediaries Municipal Bond Index (reflects no deduction for If you purchase the Fund through a broker-dealer or other fees, expenses or taxes) 5.21% 3.91% 4.63% 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 Management a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over Investment Adviser(s) another investment. Ask your salesperson or visit your financial The Fund is managed by Thrivent Asset Management, LLC intermediary’s website for more information. (“Thrivent Asset Mgt.” or the “Adviser”).

Portfolio Manager(s) Janet I. Grangaard, CFA is primarily responsible for the day-to-day management of the Fund. Ms. Grangaard has served

71 Thrivent Opportunity Income Plus Fund AAINX

Investment Objective Portfolio Turnover Thrivent Opportunity Income Plus Fund (the Fund) seeks a high The Fund pays transaction costs, such as commissions, when it level of current income, consistent with capital preservation. buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and Fees and Expenses may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund This table describes the fees and expenses that you may pay if operating expenses or in the example, affect the Fund’s you buy and hold shares of the Fund. You may qualify for sales performance. During the most recent fiscal year, the Fund’s charge discounts if you and your family invest, or agree to invest portfolio turnover rate was 186% of the average value of its in the future, at least $50,000 in Class A shares of a fund or funds portfolio. of Thrivent Mutual Funds. More information about these and other discounts is available from your financial professional and in the Principal Strategies “Class A Shares” section on pages 96 through 97 of the Fund’s prospectus and the “Sales Charges” section under the heading Under normal circumstances, the Fund primarily invests in a “Purchase, Redemption and Pricing of Shares” of the Fund’s broad range of debt securities. Statement of Additional Information. The debt securities in which the Fund invests may be of any maturity or credit quality, including high yield, high risk bonds, Shareholder Fees notes, debentures and other debt obligations commonly known (fees paid directly from your investment) as “junk bonds.” At the time of purchase, these high-yield securities are rated within or below the “BB” major rating Maximum Sales Charge (load) Imposed On Purchases (as a % of offering price) 4.50% 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 Maximum Deferred Sales Charge (load) (as a Adviser. The Fund may also invest in leveraged loans, which are percentage of the lower of the original purchase price or current net asset value)1 1.00% 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, Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of asset-backed securities, mortgage-backed securities (including your investment) commercially backed ones), sovereign and emerging market debt (both U.S. dollar and non-U.S. dollar denominated), Management Fees 0.43% preferred stock, and other types of securities. Distribution and Shareholder Service (12b-1) Fees 0.25% The Fund utilizes derivatives primarily in the form of U.S. Treasury Other Expenses 0.20% futures contracts in order to manage the Fund’s duration, or interest rate risk. The Fund may enter into derivatives contracts Acquired Fund Fees and Expenses 0.03% traded on exchanges or in the over the counter market. Total Annual Fund Operating Expenses 0.91% The Fund may invest in foreign securities, including those of 1 When you invest $1,000,000 or more, a deferred sales charge of 1% issuers in emerging markets. An “emerging market” country is will apply to shares redeemed within one year. any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s credit Example rating, its political and economic stability and the development of This example is intended to help you compare the cost of its financial and capital markets. investing in the Fund with the cost of investing in other mutual funds. The Fund may invest in exchange-traded funds (“ETFs”), which are investment companies generally designed to track the The example assumes that you invest $10,000 in the Fund for the performance of a securities or other index or benchmark. time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your The Fund may also pursue its investment strategy by investing in investment has a 5% return each year, and that the Fund’s other mutual funds managed by the Adviser. operating expenses remain the same. Although your actual cost The Adviser uses fundamental, quantitative and technical may be higher or lower, based on these assumptions your cost investment research techniques to determine what to buy and would be: sell. Fundamental techniques assess a security’s value based on an issuer’s financial profile, management, and business 1 Year 3 Years 5 Years 10 Years prospects while quantitative and technical techniques involve a $539 $727 $931 $1,519 more data-oriented analysis of financial information, market trends and price movements. The Adviser may consider environmental, social, and governance (ESG) factors as part of its investment analysis and decision-making processes for the Fund.

72 Principal Risks LIBOR Risk. The Fund may be exposed to financial instruments that are tied to LIBOR (London Interbank Offered Rate) to The Fund is subject to the following principal investment risks, determine payment obligations, financing terms or investment which you should review carefully and in entirety. The Fund may value. Such financial instruments may include bank loans, not achieve its investment objective and you could lose money derivatives, floating rate securities, certain asset backed by investing in the Fund. securities, and other assets or liabilities tied to LIBOR. In 2017, Interest Rate Risk. Interest rate risk is the risk that prices of debt the head of the U.K. Financial Conduct Authority announced a securities decline in value when interest rates rise for debt desire to phase out the use of LIBOR by the end of 2021. On securities that pay a fixed rate of interest. Debt securities with November 30, 2020, the administrator of LIBOR announced its longer durations (a measure of price sensitivity of a bond or bond intention to delay the phase out of the majority of the U.S. dollar fund to changes in interest rates) or maturities (i.e., the amount of LIBOR publications until June 30, 2023, with the remainder of time until a bond’s issuer must pay its principal or face value) LIBOR publications to still end at the end of 2021. There remains tend to be more sensitive to changes in interest rates than debt uncertainty regarding the future utilization of LIBOR and the securities with shorter durations or maturities. Changes by the nature of any replacement rate, and any potential effects of the Federal Reserve to monetary policies could affect interest rates transition away from LIBOR on the Fund or its investments are not and the value of some securities. In addition, the phase out of known. LIBOR (the offered rate for short-term Eurodollar deposits Prepayment Risk. When interest rates fall, certain obligations will between major international banks) by the end of 2021 could be paid off by the obligor more quickly than originally anticipated, lead to increased volatility and illiquidity in certain markets that and a Fund may have to invest the proceeds in securities with currently rely on LIBOR to determine interest rates. lower yields. In periods of falling interest rates, the rate of Credit Risk. Credit risk is the risk that an issuer of a debt security prepayments tends to increase (as does price fluctuation) as to which the Fund is exposed may no longer be able or willing to borrowers are motivated to pay off debt and refinance at new pay its debt. As a result of such an event, the debt security may lower rates. During such periods, reinvestment of the prepayment decline in price and affect the value of the Fund. proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Mortgage-Backed and Other Asset-Backed Securities Risk. Prepayment generally reduces the yield to maturity and the The value of mortgage-backed and asset-backed securities will average life of the security. be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of High Yield Risk. High yield securities – commonly known as declining asset value, difficult or frozen credit markets, swings in “junk bonds” – to which the Fund is exposed are considered interest rates, or deteriorating economic conditions, predominantly speculative with respect to the issuer’s continuing mortgage-related and asset-backed securities may decline in ability to make principal and interest payments. If the issuer of the value, face valuation difficulties, become more volatile and/or security is in default with respect to interest or principal become illiquid. In addition, both mortgage-backed and payments, the value of the Fund may be negatively affected. asset-backed securities are sensitive to changes in the High yield securities generally have a less liquid resale market. repayment patterns of the underlying security. If the principal Allocation Risk. The Fund’s investment performance depends payment on the underlying asset is repaid faster or slower than upon how its assets are allocated across broad asset categories the holder of the asset-backed or mortgage-backed security and applicable sub-classes within such categories. Some broad anticipates, the price of the security may fall, particularly if the asset categories and sub-classes may perform below holder must reinvest the repaid principal at lower rates or must expectations or the securities markets generally over short and continue to hold the security when interest rates rise. This effect extended periods. Therefore, a principal risk of investing in the may cause the value of the Fund to decline and reduce the Fund is that the allocation strategies used and the allocation overall return of the Fund. decisions made will not produce the desired results. Leveraged Loan Risk. Leveraged loans (also known as bank Foreign Securities Risk. Foreign securities generally carry more loans) are subject to the risks typically associated with debt risk and are more volatile than their domestic counterparts, in securities. In addition, leveraged loans, which typically hold a part because of potential for higher political and economic risks, senior position in the capital structure of a borrower, are subject lack of reliable information and fluctuations in currency exchange to the risk that a court could subordinate such loans to presently rates where investments are denominated in currencies other existing or future indebtedness or take other action detrimental to than the U.S. dollar. Certain events in foreign markets may the holders of leveraged loans. Leveraged loans are also subject adversely affect foreign and domestic issuers, including to the risk that the value of the collateral, if any, securing a loan interruptions in the global supply chain, market closures, war, may decline, be insufficient to meet the obligations of the terrorism, natural disasters and outbreak of infectious diseases. borrower, or be difficult to liquidate. Some leveraged loans are The Fund’s investment in any country could be subject to not as easily purchased or sold as publicly-traded securities and governmental actions such as capital or currency controls, others are illiquid, which may make it more difficult for the Fund to nationalizing a company or industry, expropriating assets, or value them or dispose of them at an acceptable price. Below imposing punitive taxes that would have an adverse effect on investment-grade leveraged loans are typically more credit security prices, and impair the Fund’s ability to repatriate capital sensitive. In the event of fraud or misrepresentation, the Fund or income. Foreign securities may also be more difficult to resell may not be protected under federal securities laws with respect than comparable U.S. securities because the markets for foreign to leveraged loans that may not be in the form of “securities.” The securities are often less liquid. Even when a foreign security settlement period for some leveraged loans may be more than increases in price in its local currency, the appreciation may be seven days. diluted by adverse changes in exchange rates when the

73 security’s value is converted to U.S. dollars. Foreign withholding that the Adviser will be able to effectively implement the Fund’s taxes also may apply and errors and delays may occur in the investment objective. settlement process for foreign securities. Conflicts of Interest Risk. An investment in the Fund will be Emerging Markets Risk. The economic and political structures subject to a number of actual or potential conflicts of interest. For of developing countries in emerging markets, in most cases, do example, the Adviser or its affiliates may provide services to the not compare favorably with the U.S. or other developed countries Fund for which the Fund would compensate the Adviser and/or in terms of wealth and stability, and their financial markets often such affiliates. The Fund may invest in other pooled investment lack liquidity. Fund performance will likely be negatively affected vehicles sponsored, managed, or otherwise affiliated with the by portfolio exposure to countries and corporations domiciled in Adviser, including other Funds. The Adviser may have an or with revenue exposures to countries in the midst of, among incentive (financial or otherwise) to enter into transactions or other things, hyperinflation, currency devaluation, trade arrangements on behalf of the Fund with itself or its affiliates in disagreements, sudden political upheaval, or interventionist circumstances where it might not have done so otherwise. government policies. Fund performance may also be negatively The Adviser or its affiliates manage other investment funds and/or affected by portfolio exposure to countries and corporations accounts (including proprietary accounts) and have other clients domiciled in or with revenue exposures to countries with less with investment objectives and strategies that are similar to, or developed legal, tax, regulatory, and accounting systems. overlap with, the investment objective and strategy of the Fund, Significant buying or selling actions by a few major investors may creating conflicts of interest in investment and allocation also heighten the volatility of emerging markets. These factors decisions regarding the allocation of investments that could be make investing in emerging market countries significantly riskier appropriate for the Fund and other clients of the Adviser or their than in other countries, and events in any one country could affiliates. cause the Fund’s share price to decline. Issuer Risk. Issuer risk is the possibility that factors specific to Sovereign Debt Risk. Sovereign debt securities are issued or an issuer to which the Fund is exposed will affect the market guaranteed by foreign governmental entities. These investments prices of the issuer’s securities and therefore the value of the are subject to the risk that a governmental entity may delay or Fund. refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign Liquidity Risk. Liquidity is the ability to sell a security relatively currency reserves, political considerations, the relative size of the quickly for a price that most closely reflects the actual value of governmental entity’s debt position in relation to the economy or the security. Dealer inventories of bonds are at or near historic the failure to put in place economic reforms required by the lows in relation to market size, which has the potential to International Monetary Fund or other multilateral agencies. If a decrease liquidity and increase price volatility in the fixed income governmental entity defaults, it may ask for more time in which to markets, particularly during periods of economic or market pay or for further loans. There is no legal process for collecting stress. As a result of this decreased liquidity, the Fund may have sovereign debts that a government does not pay nor are there to accept a lower price to sell a security, sell other securities to bankruptcy proceedings through which all or part of the raise cash, or give up an investment opportunity, any of which sovereign debt that a governmental entity has not repaid may be could have a negative effect on performance. collected. Derivatives Risk. The use of derivatives (such as futures) Market Risk. Over time, securities markets generally tend to involves additional risks and transaction costs which could leave move in cycles with periods when security prices rise and the Fund in a worse position than if it had not used these periods when security prices decline. The value of the Fund’s instruments. The Fund utilizes futures on U.S. Treasuries in order investments may move with these cycles and, in some instances, to manage duration. The use of derivatives can lead to losses increase or decrease more than the applicable market(s) as because of adverse movements in the price or value of the measured by the Fund’s benchmark index(es). The securities underlying asset, index or rate, which may be magnified by markets may also decline because of factors that affect a certain features of the contract. Changes in the value of the particular industry or market sector, or due to impacts from derivative may not correlate as intended with the underlying domestic or global events, including the spread of infectious asset, rate or index, and the Fund could lose much more than the illness, public health threats, war, terrorism, natural disasters or original amount invested. Derivatives can be highly volatile, similar events. illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party Other Funds Risk. Because the Fund invests in other funds in the transaction will not fulfill its contractual obligations due to managed by the Adviser or an affiliate (“Other Funds”), the its financial condition, market events, or other reasons. performance of the Fund is dependent, in part, upon the performance of Other Funds in which the Fund may invest. As a ETF Risk. An ETF is subject to the risks of the underlying result, the Fund is subject to the same risks as those faced by the investments that it holds. In addition, for index-based ETFs, the Other Funds. In addition, Other Funds may be subject to performance of an ETF may diverge from the performance of additional fees and expenses that will be borne by the Fund. such index (commonly known as tracking error). ETFs are subject to fees and expenses (like management fees and operating Investment Adviser Risk. The Fund is actively managed and expenses) that do not apply to an index, and the Fund will the success of its investment strategy depends significantly on indirectly bear its proportionate share of any such fees and the skills of the Adviser in assessing the potential of the expenses paid by the ETFs in which it invests. Because ETFs investments in which the Fund invests. This assessment of trade on an exchange, there is a risk that an ETF will trade at a investments may prove incorrect, resulting in losses or poor discount to net asset value or that investors will fail to bring the performance, even in rising markets. There is also no guarantee

74 trading price in line with the underlying shares (known as the Year-by-Year Total Return arbitrage mechanism). Portfolio Turnover Rate Risk. The Fund may engage in active 10 and frequent trading of portfolio securities in implementing its 8.21% 8 7.72% principal investment strategies. A high rate of portfolio turnover 7.13% (100% or more) involves correspondingly greater expenses which are borne by the Fund and its shareholders and may also 6 5.46% 4.87% result in short-term capital gains taxable to shareholders. 3.74% 4 3.30% Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial 2 market volatility and global business disruption. The duration and Annual Return (%) (1.30)% (0.75)% (1.25)% full effects of the outbreak are uncertain and may result in trading 0 suspensions and market closures, limit liquidity and the ability of the Fund to process shareholder redemptions, and negatively -2 impact Fund performance. The COVID-19 outbreak and future ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 pandemics could affect the global economy and markets in ways that cannot be foreseen and may exacerbate other types of risks, Best Quarter: Q2 ’20 +6.56% negatively impacting the value of Fund investments. Worst Quarter: Q1 ’20 (7.87)%

Performance Average Annual Total Returns The following bar chart and table provide an indication of the (Periods Ending December 31, 2020) risks of investing in the Fund by showing changes in the Fund’s 1 Year 5 Years 10 Years performance from year to year and by showing how the Fund’s average annual returns for one-, five- and ten-year periods Fund (before taxes) (0.93)% 3.53% 3.18% compared to broad-based securities market indices. The index Fund (after taxes on descriptions appear in the Index Descriptions section of the distributions) (2.16)% 2.03% 1.79% prospectus. Call 800-847-4836 or visit thriventfunds.com for Fund (after taxes on performance results current to the most recent month-end. distributions and The bar chart includes the effects of Fund expenses, but not redemptions) (0.57)% 2.03% 1.82% sales charges. If sales charges were included, returns would be Bloomberg Barclays lower than those shown. The table includes the effects of Fund Mortgage-Backed Securities expenses and maximum sales charges and assumes that you Index sold your shares at the end of the period. The after-tax returns are (reflects no deduction for calculated using the historical highest individual federal marginal fees, expenses or taxes) 3.87% 3.05% 3.01% income tax rates and do not reflect the impact of state and local Bloomberg Barclays taxes. Actual after-tax returns depend on an investor’s tax U.S. High Yield Ba/B 2% situation and may differ from those shown, and after-tax returns Issuer Capped Index are not relevant to investors who hold their Fund shares through (reflects no deduction for tax-deferred arrangements, such as individual retirement fees, expenses or taxes) 7.67% 8.22% 6.82% accounts. Returns after taxes on distributions and redemptions may be higher than before tax returns and/or after taxes on S&P/LSTA Leveraged Loan distributions shown because they reflect the tax benefit of capital Index losses realized in the redemption of Fund shares. (reflects no deduction for fees, expenses or taxes) 3.12% 5.24% 4.32% 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 Management changing the types of debt securities in which the Fund may invest. At the same time, the Fund’s name changed from Thrivent Investment Adviser(s) Core Bond Fund to Thrivent Opportunity Income Plus Fund. As a The Fund is managed by Thrivent Asset Management, LLC result, performance information presented below with respect to (“Thrivent Asset Mgt.” or the “Adviser”). periods prior to August 16, 2013, reflects the performance of an investment portfolio that was materially different from the Portfolio Manager(s) investment portfolio of the Fund. Gregory R. Anderson, CFA, Conrad E. Smith, CFA, Kent L. How the Fund has performed in the past (before and after taxes) White,CFA,StephenD.Lowe,CFAand Theron G. is not necessarily an indication of how it will perform in the future. Whitehorn, CFA are jointly and primarily responsible for the Performance information provides some indication of the risks of day-to-day management of the Fund. Mr. Anderson has served investing in the Fund by showing changes in the Fund’s as a portfolio manager of the Fund since April 2005. Mr. Smith performance over time. has served as a portfolio manager of the Fund since August 2013. Mr. White has served as a portfolio manager of the Fund since May 2015. Mr. Lowe has served as a portfolio manager of

75 the Fund since February 2018. Mr. Whitehorn has served as a You may purchase or redeem Fund shares on days that the New portfolio manager of the Fund since February 2021. Mr. Anderson York Stock Exchange is open. You may conduct such is Vice President, Fixed Income General Accounts. He has been transactions by mail, telephone 800-847-4836, the Internet with Thrivent Financial since 1997 and has served as a portfolio (thrivent.com), by wire/ACH transfer or through an automatic manager since 2000. Mr. Smith has been with Thrivent Financial investment plan (for purchases) or a systematic withdrawal plan since 2004 and also manages the leveraged loan portfolio and (for redemptions), subject to certain limitations. the high yield bond portfolio of Thrivent Financial’s general account. Mr. White is the Director of Investment Grade Research Tax Information at Thrivent Financial and has been with the firm since 1999. Mr. The Fund intends to make distributions that may be taxed as Lowe is Chief Investment Strategist and has been with Thrivent ordinary income or capital gains. Investing in the Fund through a Financial since 1997. Mr. Whitehorn is the Director of Fixed retirement plan could have different tax consequences. Income Quantitative Research and has been with Thrivent Financial since May 2018. Payments to Broker-Dealers and Other Purchase and Sale of Fund Shares Financial Intermediaries You may purchase, redeem or exchange shares of the Fund If you purchase the Fund through a broker-dealer or other through certain broker-dealers. financial intermediary (such as an insurance company), the Fund and its related companies may pay the intermediary for the sale The minimum initial investment requirement for this Fund is of Fund shares and related services. These payments may create $2,000 and the minimum subsequent investment requirement is a conflict of interest by influencing the broker-dealer or other $50 for taxable accounts. For IRA or tax-deferred accounts, the intermediary and your salesperson to recommend the Fund over minimum initial investment requirement for this Fund is $1,000 another investment. Ask your salesperson or visit your financial and the minimum subsequent investment requirement is $50. intermediary’s website for more information. These investment requirements may be different, however, for investors investing in the Fund through an automatic investment plan.

76 Thrivent Small Cap Stock Fund AASMX

Investment Objective may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Thrivent Small Cap Stock Fund (the Fund ) seeks long-term operating expenses or in the example, affect the Fund’s capital growth. performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 67% of the average value of its Fees and Expenses portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales Principal Strategies charge discounts if you and your family invest, or agree to invest Under normal circumstances, the Fund invests at least 80% of its in the future, at least $50,000 in Class A shares of a fund or funds net assets (plus the amount of any borrowing for investment of Thrivent Mutual Funds. More information about these and other purposes) in equity securities of small companies. The Adviser discounts is available from your financial professional and in the focuses mainly in the equity securities of smaller U.S. companies “Class A Shares” section on pages 96 through 97 of the Fund’s which have market capitalizations equivalent to those companies prospectus and the “Sales Charges” section under the heading included in widely known indices such as the Russell 2000® “Purchase, Redemption and Pricing of Shares” of the Fund’s Index, S&P SmallCap 600® Index, or the small company market Statement of Additional Information. capitalization classifications published by Lipper, Inc. These companies typically have a market capitalization of less than Shareholder Fees $6 billion. Should the Adviser change the investments used for (fees paid directly from your investment) purposes of this 80% threshold, you will be notified at least 60 Maximum Sales Charge (load) Imposed On days prior to the change. Purchases (as a % of offering price) 4.50% The Fund seeks to achieve its investment objective by investing Maximum Deferred Sales Charge (load) (as a primarily in common stocks. The Adviser uses fundamental, percentage of the lower of the original purchase quantitative, and technical investment research techniques to 1 price or current net asset value) 1.00% determine what securities to buy and sell. Fundamental techniques assess a security’s value based on an issuer’s Annual Fund Operating Expenses financial profile, management, and business prospects while (expenses that you pay each year as a percentage of the value of quantitative and technical techniques involve a more your investment) data-oriented analysis of financial information, market trends and Management Fees 0.67% price movements. The Adviser may consider environmental, social, and governance (ESG) factors as part of its investment Distribution and Shareholder Service (12b-1) Fees 0.25% analysis and decision-making processes for the Fund. The Other Expenses 0.23% Adviser looks for small companies that, in its opinion: Total Annual Fund Operating Expenses 1.15% • have an improving fundamental outlook; • have capable management; and 1 When you invest $1,000,000 or more, a deferred sales charge of 1% will apply to shares redeemed within one year. • are financially sound. The Adviser may sell securities for a variety of reasons, such as Example to secure gains, limit losses, or reposition assets to more This example is intended to help you compare the cost of promising opportunities. investing in the Fund with the cost of investing in other mutual funds. Principal Risks The example assumes that you invest $10,000 in the Fund for the The Fund is subject to the following principal investment risks, time periods indicated and then redeem all of your shares at the which you should review carefully and in entirety. The Fund may end of those periods. The example also assumes that your not achieve its investment objective and you could lose money investment has a 5% return each year, and that the Fund’s by investing in the Fund. operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions your cost Small Cap Risk. Smaller, less seasoned companies often have would be: 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 1 Year 3 Years 5 Years 10 Years management depth and experience, small shares of their product $562 $799 $1,054 $1,785 or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies Portfolio Turnover seldom pay significant dividends that could soften the impact of a falling market on returns. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher Equity Security Risk. Equity securities held by the Fund may portfolio turnover rate may indicate higher transaction costs and decline significantly in price, sometimes rapidly or unpredictably,

77 over short or extended periods of time, and such declines may situation and may differ from those shown, and after-tax returns occur because of declines in the equity market as a whole, or are not relevant to investors who hold their Fund shares through because of declines in only a particular country, company, tax-deferred arrangements, such as individual retirement industry, or sector of the market. From time to time, the Fund may accounts. invest a significant portion of its assets in companies in one or How the Fund has performed in the past (before and after taxes) more related sectors or industries which would make the Fund is not necessarily an indication of how it will perform in the future. more vulnerable to adverse developments affecting such sectors Performance information provides some indication of the risks of or industries. Equity securities are generally more volatile than investing in the Fund by showing changes in the Fund’s most debt securities. performance over time. Market Risk. Over time, securities markets generally tend to move in cycles with periods when security prices rise and Year-by-Year Total Return periods when security prices decline. The value of the Fund’s investments may move with these cycles and, in some instances, 40 increase or decrease more than the applicable market(s) as 35.42% measured by the Fund’s benchmark index(es). The securities 30 27.38% markets may also decline because of factors that affect a 25.21% 22.46% particular industry or market sector, or due to impacts from 20.88% 20 domestic or global events, including the spread of infectious illness, public health threats, war, terrorism, natural disasters or 10 8.87% similar events. 4.24% (5.76)% (3.10)% (10.58)% Issuer Risk. Issuer risk is the possibility that factors specific to 0

an issuer to which the Fund is exposed will affect the market Annual Return (%) prices of the issuer’s securities and therefore the value of the -10 Fund. -20 Investment Adviser Risk. The Fund is actively managed and ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the Best Quarter: Q4 ’20 +35.89% investments in which the Fund invests. This assessment of Worst Quarter: Q1 ’20 (30.13)% investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee Average Annual Total Returns that the Adviser will be able to effectively implement the Fund’s (Periods Ending December 31, 2020) investment objective. 1 Year 5 Years 10 Years Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial Fund (before taxes) 16.93% 15.05% 10.96% market volatility and global business disruption. The duration and Fund (after taxes on full effects of the outbreak are uncertain and may result in trading distributions) 16.42% 12.91% 9.37% suspensions and market closures, limit liquidity and the ability of Fund (after taxes on the Fund to process shareholder redemptions, and negatively distributions and impact Fund performance. The COVID-19 outbreak and future redemptions) 10.38% 11.65% 8.61% pandemics could affect the global economy and markets in ways that cannot be foreseen and may exacerbate other types of risks, S&P SmallCap® 600 Index negatively impacting the value of Fund investments. (reflects no deduction for fees, expenses or taxes) 11.29% 12.37% 11.92% Performance Russell 2000® Index The following bar chart and table provide an indication of the (reflects no deduction for risks of investing in the Fund by showing changes in the Fund’s fees, expenses or taxes) 19.96% 13.26% 11.20% performance from year to year and by showing how the Fund’s average annual returns for one-, five- and ten-year periods Management compared to broad-based securities market indices. The index descriptions appear in the Index Descriptions section of the Investment Adviser(s) prospectus. Call 800-847-4836 or visit thriventfunds.com for The Fund is managed by Thrivent Asset Management, LLC performance results current to the most recent month-end. (“Thrivent Asset Mgt.” or the “Adviser”). The bar chart includes the effects of Fund expenses, but not sales charges. If sales charges were included, returns would be Portfolio Manager(s) lower than those shown. The table includes the effects of Fund Matthew D. Finn, CFA and James M. Tinucci, CFA are jointly expenses and maximum sales charges and assumes that you and primarily responsible for the day-to-day management of the sold your shares at the end of the period. The after-tax returns are Fund. Mr. Finn has served as lead portfolio manager for the Fund calculated using the historical highest individual federal marginal since March 2013. Mr. Tinucci has served as the associate income tax rates and do not reflect the impact of state and local portfolio manager of the Fund since February 2015. Mr. Finn has taxes. Actual after-tax returns depend on an investor’s tax been a portfolio manager at Thrivent Financial since 2004, when

78 he joined Thrivent Financial. Mr. Tinucci has been with Thrivent investment plan (for purchases) or a systematic withdrawal plan Financial since 2014. (for redemptions), subject to certain limitations. Purchase and Sale of Fund Shares Tax Information You may purchase, redeem or exchange shares of the Fund The Fund intends to make distributions that may be taxed as through certain broker-dealers. ordinary income or capital gains. Investing in the Fund through a retirement plan could have different tax consequences. 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 Payments to Broker-Dealers and Other minimum initial investment requirement for this Fund is $1,000 Financial Intermediaries and the minimum subsequent investment requirement is $50. If you purchase the Fund through a broker-dealer or other These investment requirements may be different, however, for financial intermediary (such as an insurance company), the Fund investors investing in the Fund through an automatic investment and its related companies may pay the intermediary for the sale plan. of Fund shares and related services. These payments may create You may purchase or redeem Fund shares on days that the New a conflict of interest by influencing the broker-dealer or other York Stock Exchange is open. You may conduct such intermediary and your salesperson to recommend the Fund over transactions by mail, telephone 800-847-4836, the Internet another investment. Ask your salesperson or visit your financial (thrivent.com), by wire/ACH transfer or through an automatic intermediary’s website for more information.

79 More about Investment Strategies and Risks

Each Fund’s investment objective and principal strategies are whose value derives from another security, an index, an interest described in the “Summary Section” above. The principal rate or a currency. Each Fund may use derivatives for hedging strategies are the strategies that a Fund’s investment adviser and (attempting to offset a potential loss in one position by sub-adviser (if applicable) believe are most likely to be important establishing an interest in an opposite position). This includes the in trying to achieve the Fund’s investment objective. Please note use of currency-based derivatives for hedging its positions in that each Fund may also use strategies and invest in securities foreign securities. Each Fund may also use derivatives to obtain that are not described in this prospectus, but that are described investment exposure to a certain asset class or for speculation in the Statement of Additional Information. (investing for potential income or capital gain). This section provides additional information about some of the While hedging can guard against potential risks, using securities and other practices in which certain Funds may derivatives adds to the Fund’s expenses and can eliminate some engage, along with their associated risks. opportunities for gains. There is also a risk that a derivative intended as a hedge may not perform as expected. For example, Information about Certain Principal the price or value of the underlying instrument, asset, index, currency or rate may move in a different direction than expected Investment Strategies or such movements may be of a magnitude greater or less than Adjustable rate securities. The interest rate may be adjusted expected. daily or at specified intervals (such as monthly, quarterly or Another risk with derivatives is that some types can amplify a annually). Adjustments may be based on a referenced market gain or loss, thereby creating investment exposure greater than rate for a specified term (such as one, three or twelve months). the initial investment. For example, futures contracts, options on For some securities, adjustments are made by a third-party or futures contracts, forward contracts, and options on derivatives auction process designed to maintain a market value close to the can allow the Fund to obtain large investment exposures in return security’s face amount. Adjustments may be limited by caps or for meeting relatively small margin requirements. As a result, floors. investments in those transactions may be highly leveraged, and a Some adjustable rate securities are payable upon demand, Fund could potentially earn or lose substantially more money which should reduce the volatility of their market values. The right than the actual cost (if any) incurred when the derivative is to demand payment may be exercisable after a specified notice entered into by a Fund. The use of leverage may cause the Fund period (such as seven or thirty days) and only at specified to liquidate portfolio positions when it may not be advantageous intervals (such as at the end of a calendar month or quarter). The to do so to satisfy its obligations or to meet any required asset right to demand payment may terminate upon certain events segregation requirements. In addition, a derivative used for (such as the issuer’s insolvency). hedging or replication may not accurately track the value of the underlying asset, index or rate. So long as the Adviser expects an adjustable rate security’s market value to approximate its face value after each interest rate With some derivatives, whether used for hedging, replication or adjustment, the Adviser may rely on the interest rate when speculation, there is also the risk that the counterparty may fail to calculating a Fund’s dollar-weighted average maturity or duration. honor its contract terms, causing a loss for the Fund. In addition, The market value of an adjustable rate security may nevertheless suitable derivative investments for hedging, replication or decline, due to changes in market conditions or the financial speculative purposes may not be available. condition of the issuer and the effects of caps or floors on interest Derivatives can be difficult to value and illiquid, which means a rate adjustments. Fund may not be able to close out a derivatives transaction in a Collateralized debt obligations. Thrivent Limited Maturity Bond cost-efficient manner. Futures contracts are subject to the risk Fund may invest in collateralized debt obligations (“CDOs”) as a that an exchange may impose price fluctuation limits, which may principal strategy; the other Funds may do so as a non-principal make it difficult or impossible for a Fund to close out a position strategy. CDOs are types of asset-backed securities. when desired. Collateralized loan obligations (“CLOs”) are ordinarily issued by a Hybrid instruments (a type of potentially high-risk derivative) can trust or other special purpose entity and are typically combine the characteristics of securities, futures, and options. collateralized by a pool of loans, which may include, among For example, the principal amount, redemption, or conversion others, domestic and non-U.S. senior secured loans, senior terms of a security could be related to the market price of some unsecured loans, and subordinate corporate loans, including commodity, currency, or securities index. Such securities may loans that may be rated below investment grade or equivalent bear interest or pay dividends at below market or even relatively unrated loans, held by such issuer. Normally, collateralized bond nominal rates. Under certain conditions, the redemption value of obligations (“CBOs”), CLOs and other CDOs are privately offered a hybrid could be zero. and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Emerging markets securities. A security is considered to be an Fund as illiquid securities. “emerging market” security if issued by a country that is an emerging market country, or a country or company that Fund Derivatives. Derivatives, a category that includes options, management has determined meets one or more of the following futures, swaps and hybrid instruments, are financial instruments criteria:

80 • is organized under the laws of, or has its principal office in, currencies and related instruments, including foreign currency an emerging market country; exchange transactions, to hedge its foreign investments. • has its principal securities trading market in an emerging In addition, foreign securities may be more difficult to resell and market country; and/or less liquid than comparable U.S. securities because the markets • derives a majority of its annual revenue or earnings or assets for foreign securities are less efficient. Even where a foreign from goods produced, sales made or services performed in security increases in price in its local currency, the appreciation an emerging market country. may be diluted by the negative effect of exchange rates when the An “emerging market” country is any country determined by the security’s value is converted to U.S. dollars. Foreign withholding Adviser or subadviser to have an emerging market economy, taxes also may apply and errors and delays may occur in the considering factors such as the country’s credit rating, its political settlement process for foreign securities. and economic stability and the development of its financial and Government bonds and municipal bonds. Each of the Funds capital markets. These emerging market countries include every may invest in government bonds and municipal bonds. As a nation in the world except the U.S., Canada, Israel, Japan, result, the Fund’s performance may be affected by political and Australia, New Zealand, Hong Kong, Singapore and all nations economic conditions at the state, regional or Federal level. These typically considered part of Western Europe. may include budgetary problems, declines in the tax base or Exchange traded funds (“ETFs”). An ETF is an investment changes in federal income tax laws or rates and other factors that company that trades on a securities exchange and holds a may cause rating agencies to downgrade the credit ratings on portfolio of investments generally designed to track the certain issues. performance of an index or benchmark. An ETF may fail to High yield bonds. High yield bonds are debt securities rated accurately track the index or benchmark and may trade at a below BBB- by S&P or Fitch, or Baa3 by Moody’s, or unrated discount to its net asset value. securities deemed to be of comparable quality by the Adviser. To Generally, investments in other investment companies (including the extent that a Fund invests in high yield bonds, it takes on the ETFs) are subject to statutory limitations prescribed by the following risks: Investment Company Act of 1940, as amended. These limitations • The risk of a bond’s issuer defaulting on principal or interest include a prohibition on a Fund acquiring more than 3% of the payments is greater than on higher quality bonds. voting shares of any other investment company, and a prohibition • Issuers of high yield bonds are less secure financially and on investing more than 5% of the Fund’s total assets in the are more likely to be hurt by interest rate increases and securities of any one investment company or more than 10% of declines in the health of the issuer or the economy. its total assets, in the aggregate, in investment company • High yield securities generally have a less liquid resale securities. market. Foreign currency transactions. The Funds may conduct foreign International exposure. Many U.S. companies in which the currency exchange transactions, normally either on a spot (i.e., Funds may invest generate significant revenues and earnings cash) basis at the spot rate prevailing in the foreign currency from abroad. As a result, these companies and the prices of their exchange market, or through entering into forward contracts to securities may be affected by weaknesses in global and regional purchase or sell foreign currencies. The value of a Fund’s assets economies and the relative value of foreign currencies to the U.S. as measured in U.S. dollars may be affected favorably or dollar. These factors, taken as a whole, could adversely affect the unfavorably by changes in currency exchange rates and price of Fund shares. exchange control legislation. The Funds will generally not enter into a forward contract with a term greater than one year. Mortgage-backed and asset-backed securities. Mortgage-backed securities are securities that are backed by Under unusual circumstances, certain Funds may commit pools of mortgages and which pay income based on the substantial assets to the consummation of these contracts. payments of principal and income they receive from the Although forward contracts may be used to protect a Fund from underlying mortgages. Asset-backed securities are similar but adverse currency movements, they also involve the risk that are backed by other assets, such as pools of consumer loans. anticipated currency movements will not be accurately predicted, Both are sensitive to interest rate changes as well as to changes and the Fund’s total returns could be adversely affected as a in the repayment patterns of the underlying securities. If the result. principal payment on the underlying asset is repaid faster or There are some markets where it is not possible to engage in slower than the holder of the mortgage-backed or asset-backed effective foreign currency hedging. This is generally true, for security anticipates, the price of the security may fall, especially if example, for the currencies of various emerging markets where the holder must reinvest the repaid principal at lower rates or the foreign exchange markets are not sufficiently developed to must continue to hold the securities when interest rates rise. permit hedging activity to take place. Real estate investment trusts (“REITs”). REITs generally can Foreign securities. Foreign securities are generally more volatile be divided into three types: equity REITs, mortgage REITs and than their domestic counterparts, in part because of the potential hybrid REITs (which combine the characteristics of equity REITs for higher political and economic risks, lack of reliable information and mortgage REITs). Equity REITs will be affected by changes in and fluctuations in currency exchange rates where investments the values of and incomes from the properties they own, while are denominated in currencies other than the U.S. dollar. These mortgage REITs may be affected by the credit quality of the risks are usually higher in less developed countries. Each of the mortgage loans they hold. All types of REITs may be affected by Funds except Thrivent Money Market Fund may use foreign changes in interest rates. The effect of rising interest rates is generally more pronounced for high dividend paying securities

81 such as REITs. This may cause the value of real estate securities a Fund’s ability to raise cash to meet redemptions. Also, because to decline during periods of rising interest rates, which would there may not be an established market price for these securities, reduce the overall return of the Fund. REITs are subject to other a Fund may have to estimate their value, which means that their risks as well, including the fact that REITs are dependent on valuation (and, to a much smaller extent, the valuation of the specialized management skills which may affect their ability to Fund) may have a subjective element. generate cash flow for operating purposes and to make Initial public offerings. Each of the Funds may purchase distributions to shareholders or unitholders. REITs may have securities in initial public offerings (IPOs) of securities. IPOs limited diversification and are subject to the risks associated with issued by unseasoned companies with little or no operating obtaining financing for real property. A REIT can pass its income history are risky and their prices are highly volatile, but they can through to shareholders or unitholders without any tax at the result in very large gains in their initial trading. Thus, when the entity level if it complies with various requirements under the Fund’s size is smaller, any gains from IPOs will have an Internal Revenue Code. There is the risk that a REIT held by a exaggerated impact on the Fund’s reported performance than Fund will fail to qualify for this tax-free pass-through treatment of when the Fund is larger. Attractive IPOs are often oversubscribed its income. By investing in REITs indirectly through a Fund, in and may not be available to the Fund, or only in very limited addition to bearing a proportionate share of the expenses of the quantities. There can be no assurance that a Fund will have Fund, you will also indirectly bear similar expenses of the REITs in favorable IPO investment opportunities. which the Fund invests. In-kind purchases. The Funds may purchase shares of affiliated Securities ratings. When fixed-income securities are rated by Funds through in-kind contributions of portfolio securities held by one or more independent rating agencies, a Fund uses these the Fund, according to procedures adopted by the Funds’ Board ratings to determine bond quality. Investment grade bonds are of Trustees (the “Board”) and subject to applicable regulatory those that are rated within or above the BBB- rating category by requirements. The procedures generally require, among other S&P or Fitch, or the Baa3 rating category by Moody’s, or unrated things, that the in-kind contribution does not favor the Fund but considered of equivalent quality by the Fund’s adviser. making the contribution over any other shareholder in the High-yield bonds are below investment grade bonds in terms of receiving Fund and the contribution is in the best interests of the quality. affiliated Fund receiving the in-kind contribution. The securities In cases where a bond is rated in conflicting categories by contributed must be valued according to the receiving Fund’s different rating agencies, a Fund (other than Thrivent Money valuation procedures and be of the appropriate type and amount Market Fund) may choose to follow the higher rating. If a bond is for investment by the Fund receiving the contribution. If these unrated, the Fund may assign it to a given category based on its procedures are not followed or the shares purchased decline in own credit research. If a rating agency downgrades a security, value, it could adversely affect the price of Fund shares. the market price and liquidity of such security may be adversely Securities lending. Each of the Funds except Thrivent Money affected and the Fund will determine whether to hold or sell the Market Fund may seek additional income by lending Fund security, depending on all of the facts and circumstances at that securities to qualified institutions. By reinvesting any cash time. collateral it receives in these transactions, a Fund could realize Information about Certain Non-Principal additional gains or losses. If the borrower fails to return the securities and the invested collateral has declined in value, the Investment Strategies Fund could lose money.

Defensive investing. In response to market, economic, political Short-term trading. The investment strategy for each Fund at or other conditions, each Fund (other than the Money Market times may include short-term trading. While a Fund ordinarily Fund) may invest without limitation in cash, preferred stocks, or does not trade securities for short-term profits, it will sell any investment-grade debt securities for temporary defensive security at any time it believes best, which may result in purposes that are not part of the Fund’s principal investment short-term trading. Short-term trading can increase a Fund’s strategies. If the Fund does this, different factors could affect the transaction costs and may increase your tax liability. Fund’s performance and it may not achieve its investment Unusual opportunities. Each of the Funds may purchase some objective. securities that do not meet its normal investment criteria when the Illiquid Investments. A Fund may not acquire an illiquid investment adviser or subadviser perceives an unusual investment if, immediately after the acquisition, the Fund would opportunity for gain, which could include a variety of factors, have invested more than 15% of its net assets (5% of net assets including a change in management, an extraordinary corporate for Thrivent Money Market Fund subject to money market fund event, or a temporary imbalance in the supply of or demand for requirements) in “illiquid investments” that are assets. An illiquid the securities. investment is an investment that a Fund reasonably expects When-issued securities. A Fund may invest in securities prior to cannot be sold or disposed of in current market conditions in their date of issue. These securities could fall in value by the time seven calendar days or less without the sale or disposition they are actually issued, which may be any time from a few days significantly changing the market value of the investment. Any to over a year. In addition, no income will be earned on these securities that are thinly traded or whose resale is restricted can securities until they are actually delivered. be difficult to sell at a desired time and price. Some of these securities are new and complex, and trade only among Zero coupons. A zero security is a debt security that institutions. The markets for these securities are still developing does not make cash interest payments for some or all of its life. and may not function as efficiently as established markets. Instead, it is sold and traded at a discount to its face value. The Owning a large percentage of illiquid investments could hamper interest consists of the gradual appreciation in price as the bond

82 approaches maturity and is reported as income to a Fund that Adviser, including other Funds. The Adviser may have an has purchased the security. The Fund is required to distribute to incentive (financial or otherwise) to enter into transactions or shareholders an amount equal to the amount of income reported arrangements on behalf of the Fund with itself or its affiliates in to the Fund even though such income may not be received by circumstances where it might not have done so otherwise. the Fund as distributable cash. The shareholder distributions may The Adviser or its affiliates manage other investment funds and/or require the Fund to liquidate Fund securities at a accounts (including proprietary accounts) and have other clients disadvantageous time and incur a loss. Zero coupon bonds can with investment objectives and strategies that are similar to, or be higher- or lower-quality debt, and are more volatile than overlap with, the investment objective and strategy of a Fund, coupon bonds. creating conflicts of interest in investment and allocation Glossary of Principal Risks decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their The main risks associated with investing in each Fund are affiliates. The Adviser and its affiliates have no obligation to make summarized in each Fund’s respective “Summary Section” available any information regarding their proprietary activities or above. More detailed descriptions of these and other risks are strategies, or the activities or strategies used for other funds described below in alphabetical order for ease of reference. and/or accounts managed by them, for the benefit of the Each Fund may be subject to additional risks that are not management of the Funds. No affiliate of the Adviser is under any described in this prospectus but are included in the statement of obligation to share any investment opportunity, including an additional information. investment technique, idea, model or strategy, with the Funds. The portfolio compositions and performance results therefore will Allocation Risk. Certain Funds’ investment performance differ across the Funds and other such funds and/or accounts. depends upon how its assets are allocated across broad asset These conflicts of interest are exacerbated to the extent that the categories and applicable sub-classes within such categories. Adviser’s other clients are proprietary or pay them higher fees or Some broad asset categories and sub-classes may perform performance-based fees. Further, the activities in which the below expectations or the securities markets generally over short Adviser and its affiliates are involved on behalf of other accounts and extended periods. For example, underperformance in the could limit or preclude the flexibility that the Funds could equity or debt markets could have a material adverse effect on a otherwise have to participate in certain investments. 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 Convertible Securities Risk.Convertible securities are subject that the allocation strategies used and the allocation decisions to the usual risks associated with debt securities, such as interest made will not produce the desired results. rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they Collateralized Debt Obligations (“CDO”) Risk. The risks of an convert, and are thus subject to market risk. A Fund may also be investment in a CDO depend largely on the quality and type of forced to convert a convertible security at an inopportune time, the collateral and the tranche of the CDO in which a Fund which may decrease the Fund’s return. invests. In addition to the typical risks associated with fixed income securities and asset-backed securities, CDOs carry Credit Risk. Credit risk is the risk that an issuer of a debt security additional risks including, but not limited to: (i) the possibility that to which the Fund is exposed may no longer be able or willing to distributions from collateral securities will not be adequate to pay its debt. As a result of such an event, the debt security may make interest or other payments; (ii) the risk that the collateral decline in price and affect the value of a Fund. Similarly, there is a may default, decline in value, and/or be downgraded; (iii) the risk that the value of a debt security may decline because of Fund may invest in tranches of CDOs that are subordinate to concerns about the issuer’s ability or willingness to make interest other tranches; (iv) the structure and complexity of the and/or principal payments. Debt securities are subject to varying transaction and the legal documents could lead to disputes degrees of credit risk, which are often reflected in credit ratings. among investors regarding the characterization of proceeds; (v) The credit rating of a debt security may be lowered if the issuer the investment return achieved by the Fund could be significantly suffers adverse changes in its financial condition, which can lead different than those predicted by financial models; (vi) the lack of to more volatility in the price of the security and in shares of the a readily available secondary market for CDOs; (vii) risk of forced Fund. “fire sale” liquidation due to technical defaults such as coverage Cybersecurity Risk. The Funds and their service providers may test failures; and (viii) the CDO’s manager may perform poorly. In be susceptible to operational, information security, and related addition, investments in CDOs may be characterized by the Fund risks. In general, cyber incidents can result from deliberate as illiquid securities. attacks or unintentional events. Cyber-attacks include, but are not Conflicts of Interest Risk. An investment in the Funds will be limited to, gaining unauthorized access to digital systems to subject to a number of actual or potential conflicts of interest. The misappropriate assets or sensitive information, corrupt data, or following does not purport to be a comprehensive list or complete otherwise disrupt operations. Cyber incidents affecting the explanation of all potential conflicts of interest which may affect Adviser, a Subadviser, or other service providers (including, but the Funds. A Fund may encounter circumstances, or enter into not limited to, fund accountants, custodians, transfer agents, and transactions, in which conflicts of interest may arise, which are financial intermediaries) have the ability to disrupt and impact not listed or discussed below. business operations, potentially resulting in financial losses, by interfering with the Funds’ ability to calculate their NAV, corrupting The Adviser or its affiliates may provide services to the Funds for data or preventing parties from sharing information necessary for which the Funds would compensate the Adviser and/or such the Funds’ operation, preventing or slowing trades, stopping affiliates. The Funds may invest in other pooled investment shareholders from making transactions, potentially subjecting the vehicles sponsored, managed, or otherwise affiliated with the Funds or the Adviser to regulatory fines and penalties, and

83 creating additional compliance costs. Similar types of cyber disagreements, sudden political upheaval or interventionist security risks are also present for issuers or securities in which government policies. Fund performance may also be negatively the Funds may invest, which could result in material adverse affected by portfolio exposure to countries and corporations consequences for such issuers and may cause the Funds’ domiciled in or with revenue exposures to countries with less investments in such companies to lose value. While the Funds’ developed legal, tax, regulatory, and accounting systems. There service providers have established business continuity plans in also may be less publicly available information about issuers in the event of such cyber incidents, there are inherent limitations in emerging markets than would be available about issuers in more such plans and systems. Additionally, the Funds cannot control developed capital markets, and such issuers may not be subject the cybersecurity plans and systems put in place by their service to accounting, auditing and financial reporting standards and providers or any other third parties whose operations may affect requirements comparable to those to which U.S. companies are the Funds or their shareholders. Although each Fund attempts to subject. Emerging markets may also have differing legal systems minimize such failures through controls and oversight, it is not which make it difficult for the Fund to pursue legal remedies with possible to identify all of the operation risks that may affect a respect to its investments. Significant buying or selling actions by Fund or to develop processes and controls that completely a few major investors may also heighten the volatility of emerging eliminate or mitigate the occurrence of such failures or other markets. These factors make investing in emerging market disruptions in service. The value of an investment in a Fund’s countries significantly riskier than in other countries and events in shares may be adversely affected by the occurrence of the any one country could cause the Fund’s share price to decline. operational errors or failures or technological issues or other Some emerging market countries restrict to varying degrees similar events and a Fund and its shareholders may bear costs foreign investment in their securities markets. In some tied to these risks. circumstances, these restrictions may limit or preclude Derivatives Risk. The use of derivatives (such as futures, investment in certain countries or may increase the cost of options, credit default swaps, and total return swaps) involves investing in securities of particular companies. additional risks and transaction costs which could leave a Fund Emerging markets generally do not have the level of market in a worse position than if it had not used these instruments. efficiency and strict standards in accounting and securities Changes in the value of the derivative may not correlate as regulation to be on par with advanced economies. Investments in intended with the underlying asset, rate or index, and a Fund emerging markets come with much greater risk due to political could lose much more than the original amount invested. instability, domestic infrastructure problems and currency Derivatives can be highly volatile, illiquid and difficult to value. volatility. Derivatives are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations. Equity Security Risk. Equity securities held by a Fund may decline significantly in price, sometimes rapidly or unpredictably, Some derivatives may give rise to a form of economic leverage, over short or extended periods of time, and such declines may and may expose the Fund to greater risk and increase its costs. occur because of declines in the equity market as a whole, or Such leverage may cause the Fund to liquidate portfolio positions because of declines in only a particular country, company, when it may not be advantageous to do so to satisfy its industry, or sector of the market. From time to time, the Fund may obligations or to meet any required asset segregation invest a significant portion of its assets in one particular sector, requirements. Increases and decreases in the value of the Fund’s industry, or geographic region which would make the Fund more portfolio will be magnified when the Fund uses leverage. Futures vulnerable to adverse developments affecting such sectors, contracts, options on futures contracts, forward contracts, and industries, or geographic regions. Equity securities are generally options on derivatives can allow the Fund to obtain large more volatile than most debt securities. The prices of individual investment exposures in return for meeting relatively small margin stocks generally do not all move in the same direction at the requirements. As a result, investments in those transactions may same time. A variety of factors can negatively affect the price of a be highly leveraged. particular company’s stock. These factors may include, but are The success of a Fund’s derivatives strategies will depend on the not limited to: poor earnings reports, a loss of customers, Adviser’s ability to assess and predict the impact of market or litigation against the company, general unfavorable performance economic developments on the underlying asset, index or rate of the company’s sector or industry, or changes in government and the derivative itself, without the benefit of observing the regulations affecting the company or its industry. performance of the derivative under all possible market ETF Risk. An ETF is subject to the risks of the underlying conditions. Swap agreements may involve fees, commissions or investments that it holds. For index-based ETFs, while such ETFs other costs that may reduce a Fund’s gains from a swap seek to achieve the same returns as a particular market index, agreement or may cause a Fund to lose money. Futures contracts the performance of an ETF may diverge from the performance of are subject to the risk that an exchange may impose price such index (commonly known as tracking error). ETFs are subject fluctuation limits, which may make it difficult or impossible for a to fees and expenses (like management fees and operating Fund to close out a position when desired. expenses) and a Fund will indirectly bear its proportionate share Emerging Markets Risk. The economic and political structures of any such fees and expenses paid by the ETFs in which it of developing countries in emerging markets, in most cases, do invests. In addition, ETF shares may trade at a premium or not compare favorably with the U.S. or other developed countries discount to their net asset value and investors may fail to bring in terms of wealth and stability, and their financial markets often the trading price in line with the underlying shares (known as the lack liquidity. Fund performance will likely be negatively affected arbitrage mechanism). As ETFs trade on an exchange, they are by portfolio exposure to countries and corporations domiciled in subject to the risks of any exchange-traded instrument, or with revenue exposures to countries in the midst of, among including: (i) an active trading market for its shares may not other things, hyperinflation, currency devaluation, trade develop or be maintained, (ii) trading of its shares may be halted

84 by the exchange, and (iii) its shares may be delisted from the events in foreign markets may adversely affect foreign and exchange. domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and Financial Sector Risk. Companies in the financial sector of an outbreak of infectious diseases. Foreign securities also may be economy are subject to extensive governmental regulation and more difficult to resell than comparable U.S. securities because intervention, which may adversely affect the scope of their the markets for foreign securities are often less liquid. Even when activities, the prices they can charge, the amount of capital they a foreign security increases in price in its local currency, the must maintain and, potentially, their size. Governmental appreciation may be diluted by adverse changes in exchange regulation may change frequently and may have significant rates when the security’s value is converted to U.S. dollars. adverse consequences for companies in the financial sector, Foreign withholding taxes also may apply and errors and delays including effects not intended by such regulation. The impact of may occur in the settlement process for foreign securities. recent or future regulation in various countries of any individual financial company or of the financial sector as a whole cannot be Securities of foreign companies in which the Fund invests predicted. Certain risks may impact the value of investments in generally carry more risk than securities of U.S. companies. The the financial sector more severely than those of investments economies and financial markets of certain regions—such as outside this sector, including the risks associated with companies Latin America, Asia, Europe and the Mediterranean region—can that operate with substantial financial leverage. Companies in the be highly interdependent and may decline at the same time. financial sector may also be adversely affected by increases in Certain European countries in which a Fund may invest have interest rates and loan losses, decreases in the availability of recently experienced significant volatility in financial markets and money or asset valuations, credit rating downgrades and adverse may continue to do so in the future. The impact of the United conditions in other related markets. Insurance companies, in Kingdom’s intended departure from the European Union, particular, may be subject to severe price competition and/or rate commonly known as “Brexit,” and the potential departure of one regulation, which may have an adverse impact on their or more other countries from the European Union may have profitability. During the financial crisis that began in 2007, the significant political and financial consequences for global deterioration of the credit markets impacted a broad range of markets. These consequences include greater market volatility mortgage, asset-backed, auction rate, sovereign debt and other and illiquidity, currency fluctuations, deterioration in economic markets, including U.S. and non-U.S. credit and interbank money activity, a decrease in business confidence and an increased markets, thereby affecting a wide range of financial institutions likelihood of a recession in such markets. Uncertainty relating to and markets. During the financial crisis, a number of large the withdrawal procedures and timeline may have adverse financial institutions failed, merged with stronger institutions or effects on asset valuations and the renegotiation of current trade had significant government infusions of capital. Instability in the agreements, as well as an increase in financial regulation in such financial markets caused certain financial companies to incur markets. This may adversely impact Fund performance. large losses. Some financial companies experienced declines in Other risks result from the varying stages of economic and the valuations of their assets, took actions to raise capital (such political development of foreign countries; the differing regulatory as the issuance of debt or equity securities), or even ceased environments, trading days, and accounting standards of foreign operations. Some financial companies borrowed significant markets; and higher transaction costs. The Fund’s investment in amounts of capital from government sources. Those actions any country could be subject to governmental actions such as caused the securities of many financial companies to decline in capital or currency controls, nationalizing a company or industry, value. The financial sector is particularly sensitive to fluctuations expropriating assets, or imposing punitive taxes that would have in interest rates. The financial sector is also a target for cyber an adverse effect on security prices and impair the Fund’s ability attacks and may experience technology malfunctions and to repatriate capital or income. disruptions. In recent years, cyber attacks and technology failures have become increasingly frequent and have caused Futures Contract Risk. The value of a futures contract tends to significant losses. increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them Foreign Currency Risk. The Fund is also subject to the risk that could lower total return, and the potential loss from futures can the value of a foreign currency may decline against the U.S. exceed the Fund’s initial investment in such contracts. In dollar, which would reduce the dollar value of securities addition, the value of the futures contract may not accurately denominated in that currency. The overall impact of such a track the value of the underlying instrument. decline of foreign currency can be significant, unpredictable, and long lasting, depending on the currencies represented, how each Government Securities Risk. Certain Funds invest in securities one appreciates or depreciates in relation to the U.S. dollar, and issued or guaranteed by the U.S. government or its agencies and whether currency positions are hedged. Under normal instrumentalities (such as Ginnie Mae, Fannie Mae or Freddie conditions, the Fund does not engage in extensive foreign Mac securities). Securities issued or guaranteed by Ginnie Mae, currency hedging programs. Further, exchange rate movements Fannie Mae or Freddie Mac are not issued directly by the U.S. are volatile, and it is not possible to effectively hedge the government. Ginnie Mae is a wholly owned U.S. corporation that currency risks of many developing countries. is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its Foreign Securities Risk. To the extent a Fund is exposed to securities. By contrast, securities issued or guaranteed by U.S. foreign securities, it is subject to various risks associated with government-related organizations such as Fannie Mae and such securities. Foreign securities are generally more volatile Freddie Mac are not backed by the full faith and credit of the U.S. than their domestic counterparts, in part because of potential for government. No assurance can be given that the U.S. higher political and economic risks, lack of reliable information government would provide financial support to its agencies and and fluctuations in currency exchange rates where investments instrumentalities if not required to do so by law. In addition, the are denominated in currencies other than the U.S. dollar. Certain

85 value of U.S. government securities may be affected by changes longer durations or maturities tend to be more sensitive to in the credit rating of the U.S. government, which may be changes in interest rates than debt securities with shorter negatively impacted by rising levels of indebtedness. durations or maturities. Changes by the Federal Reserve to monetary policies could affect interest rates and the value of Growth Investing Risk. Growth style investing includes the risk some securities. In addition, the phase out of LIBOR (the offered of investing in securities whose prices historically have been rate for short-term Eurodollar deposits between major more volatile than other securities, especially over the short term. international banks) by the end of 2021 could lead to increased Growth stock prices reflect projections of future earnings or volatility and illiquidity in certain markets that currently rely on revenues and, if a company’s earnings or revenues fall short of LIBOR to determine interest rates. expectations, its stock price may fall dramatically. Growth stocks may lack dividends that could help cushion prices in a declining Investing-in-Funds Risk. Each of the Thrivent Aggressive market. Growth style investing may be out of favor with investors Allocation Fund, Thrivent Moderate Allocation Fund, Thrivent from time to time and growth stocks may underperform the Moderately Aggressive Allocation Fund and Thrivent Moderately securities of other companies or the stock market in general. Conservative Allocation Fund (each, a “Thrivent Asset Allocation Fund”) allocate their assets among certain other funds managed Health Crisis Risk. The global pandemic outbreak of the novel by the Adviser or an affiliate (“Other Funds”). From time to time, coronavirus known as COVID-19 has resulted in substantial one or more of the Other Funds may experience relatively large market volatility and global business disruption. The duration and investments or redemptions due to reallocations or rebalancings full effects of the outbreak are uncertain and may result in trading by the Thrivent Asset Allocation Funds or other investors. These suspensions and market closures, limit liquidity and the ability of transactions may affect the Other Funds since Other Funds that the Fund to process shareholder redemptions, and negatively experience redemptions as a result of reallocations or impact Fund performance. The COVID-19 outbreak and future rebalancings may have to sell Fund securities and since Other pandemics could affect the global economy and markets in ways Funds that receive additional cash will have to invest such cash. that cannot be foreseen and may exacerbate other types of risks, These effects may be particularly important when one or more of negatively impacting the value of Fund investments. the Thrivent Asset Allocation Funds owns a substantial portion of High Yield Risk. High yield securities - commonly known as any Other Fund. While it is impossible to predict the overall “junk bonds” - are considered predominantly speculative with impact of these transactions over time, the performance of an respect to the issuer’s continuing ability to make principal and Other Fund may be adversely affected if the Other Fund is interest payments. If the issuer of the security is in default with required to sell securities or invest cash at inopportune times. respect to interest or principal payments, the value of the Fund These transactions could also increase transaction costs and may be negatively affected. High yield securities may be more accelerate the realization of taxable income if sales of securities susceptible to real or perceived adverse economic conditions resulted in gains. Because the Thrivent Asset Allocation Funds than investment grade securities, and they generally have more may own substantial portions of some Other Funds, a redemption volatile prices and carry more risk to principal. In addition, high or reallocation by a Thrivent Asset Allocation Fund away from an yield securities generally are less liquid than investment grade Other Fund could cause the Other Fund’s expenses to increase. securities. Investment Adviser Risk. The Funds are actively managed and Inflation-Linked Security Risk. Inflation-linked debt securities, the success of its investment strategy depends significantly on such as TIPS, are subject to the effects of changes in market the skills of the Adviser or subadviser in assessing the potential interest rates caused by factors other than inflation (real interest of the investments in which the Fund invests. This assessment of rates). In general, the price of an inflation-linked security tends to investments may prove incorrect, resulting in losses or poor decrease when real interest rates increase and can increase performance, even in rising markets. when real interest rates decrease. Interest payments on Issuer Risk. Issuer risk is the possibility that factors specific to a inflation-linked securities are unpredictable and will fluctuate as company to which a Fund’s portfolio is exposed will affect the the principal and interest are adjusted for inflation. Any increase market prices of the company’s securities and therefore the value in the principal amount of an inflation-linked debt security will be of the Fund. Some factors affecting the performance of a considered taxable ordinary income, even though the Fund will company include demand for the company’s products or not receive the principal until maturity. services, the quality of management of the company and brand There can also be no assurance that the inflation index used will recognition and loyalty. To the extent that a Fund invests in accurately measure the real rate of inflation in the prices of goods common stock, common stock of a company is subordinate to and services. The Fund’s investments in inflation-linked securities other securities issued by the company. If a company becomes may lose value in the event that the actual rate of inflation is insolvent, interests of investors owning common stock will be different than the rate of the inflation index. In addition, subordinated to the interests of other investors in and general inflation-linked securities are subject to the risk that the creditors of, the company. Consumer Price Index for All Urban Consumers (CPI-U) or other Large Cap Risk. Large-sized companies may be unable to relevant pricing index may be discontinued, fundamentally respond quickly to new competitive challenges such as changes altered in a manner materially adverse to the interests of an in technology. They may also not be able to attain the high growth investor in the securities, altered by legislation or Executive Order rate of successful smaller companies, especially during in a materially adverse manner to the interests of an investor in extended periods of economic expansion. the securities or substituted with an alternative index. Large Shareholder Risk. From time to time, shareholders of a Interest Rate Risk. Interest rate risk is the risk that prices of debt Fund (which may include institutional investors, financial securities decline in value when interest rates rise for debt intermediaries, or affiliated Funds) may make relatively large securities that pay a fixed rate of interest. Debt securities with redemptions or purchases of shares. These transactions may 86 cause a Fund to sell securities at disadvantageous prices or process might lead to increased volatility and illiquidity in markets invest additional cash, as the case may be. While it is impossible that currently rely on LIBOR to determine interest rates and could to predict the overall impact of these transactions over time, there also lead to a reduction in the value of some LIBOR-based could be adverse effects on a Fund’s performance to the extent investments. Any such effects of the transition away from LIBOR, that a Fund may be required to sell securities or invest cash at as well as other unforeseen effects, could result in losses to the times when it would not otherwise do so. Redemptions of a large Fund. Since the usefulness of LIBOR as a benchmark could number of shares also may increase transaction costs or have deteriorate during the transition period, these effects could occur adverse tax consequences for shareholders of the Fund by prior to the end of 2021. The effect of any changes to, or requiring a sale of portfolio securities. In addition, a large discontinuation of, LIBOR on the Fund will vary depending, redemption could result in a Fund’s current expenses being among other things, on (1) existing fallback or termination allocated over a smaller asset base, leading to an increase in the provisions in individual contracts and (2) whether, how, and when Fund’s expense ratio. industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Leveraged Loan Risk. Leveraged loans are subject to the risks Accordingly, it is difficult to predict the full impact of the transition typically associated with debt securities. In addition, leveraged away from LIBOR on the Funds until new reference rates and loans, which typically hold a senior position in the capital fallbacks for both legacy and new products, instruments and structure of a borrower, are subject to the risk that a court could contracts are commercially accepted. subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of Liquidity Risk. Liquidity is the ability to sell a security relatively leveraged loans. Leveraged loans are also subject to the risk that quickly for a price that most closely reflects the actual value of the value of the collateral, if any, securing a loan may decline, be the security. Certain securities (e.g., small-cap stocks, foreign insufficient to meet the obligations of the borrower, or be difficult securities and high-yield bonds) often have a less liquid resale to liquidate. Some leveraged loans are not as easily purchased or market. Liquid investments may become illiquid after purchase sold as publicly-traded securities and others are illiquid, which by the Adviser or subadviser, particularly during periods of may make it more difficult for the Fund to value them or dispose market turmoil. As a result, the Adviser or subadviser may have of them at an acceptable price. Below investment-grade difficulty selling or disposing of securities quickly in certain leveraged loans are typically more credit sensitive. In the event of markets or may only be able to sell the holdings at prices fraud or misrepresentation, the Fund may not be protected under substantially less than what the Adviser or subadviser believes federal securities laws with respect to leveraged loans that may they are worth. Less liquid securities can also become more not be in the form of “securities.” difficult to value. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid LIBOR Risk. The Funds may be exposed to financial instruments investments, may be subject to purchase and sale restrictions. that are tied to LIBOR (London Interbank Offered Rate) to determine payment obligations, financing terms or investment Dealer inventories of bonds are at or near historic lows in relation value. LIBOR is an average interest rate that banks charge one to market size, which has the potential to decrease liquidity and another for the use of short-term money. Such financial increase price volatility in the fixed income markets, particularly instruments may include bank loans, derivatives, floating rate during periods of economic or market stress. In addition, securities, certain asset backed securities, and other assets or inventories of municipal bonds held by brokers and dealers have liabilities tied to LIBOR. decreased in recent years, lessening their ability to make a market in these securities. As a result of this decreased liquidity, In 2017, the head of the U.K. Financial Conduct Authority the Adviser or subadviser may have to accept a lower price to announced a desire to phase out the use of LIBOR by the end of sell a security, sell other securities to raise cash, or give up an 2021. On November 30, 2020, the administrator of LIBOR investment opportunity, any of which could have a negative effect announced its intention to delay the phase out of the majority of on performance. the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to discontinue at the end of Market Risk. Over time, securities markets generally tend to 2021. There remains uncertainty regarding the future utilization of move in cycles with periods when security prices rise and LIBOR and the nature of any replacement rate, and any potential periods when security prices decline. The value of the Fund’s effects of the transition away from LIBOR on the Fund or its investments may move with these cycles and, in some instances, investments are not known. Actions by regulators have resulted in increase or decrease more than the applicable market(s) as the establishment of alternative reference rates to LIBOR in most measured by the Fund’s benchmark index(es). The securities major currencies. The U.S. Federal Reserve, based on the markets may also decline because of factors that affect a recommendations of the New York Federal Reserve’s Alternative particular industry or market sector. Reference Rate Committee (comprised of major derivative market Price declines may occur in response to general market and participants and their regulators), has begun publishing a economic conditions or events, including conditions and Secured Overnight Financing Rate (SOFR), that is intended to developments outside of the financial markets such as significant replace U.S. dollar LIBOR. Proposals for alternative reference changes in interest and inflation rates and the availability of rates for other currencies have also been announced or have credit. In addition, domestic or global events, including the already begun publication. spread of an infectious illness, public health threats, war, Neither the effect of the LIBOR transition process nor its ultimate terrorism, natural disasters or similar events could reduce success can yet be known. Markets are slowly developing in consumer demand or economic output, result in market closures, response to these new rates. Questions around liquidity impacted travel restrictions or quarantines, and generally have a significant by these rates, and how to appropriately adjust these rates at the impact on the world economies, which in turn could adversely time of transition, remain a concern for the Funds. The transition affect a Fund’s investments. Any investment is subject to the risk

87 that the financial markets as a whole may decline in value, Non-Diversified Risk. A Fund that is not “diversified” within the thereby depressing the investment’s price. meaning of the 1940 Act may invest a greater percentage of its assets in the securities of any single issuer compared to other Mid Cap Risk. Medium-sized companies often have greater funds. A non-diversified portfolio is generally more susceptible price volatility, lower trading volume, and less liquidity than larger, than a diversified portfolio to the risk that events or developments more-established companies. These companies tend to have affecting a particular issuer or industry will significantly affect the smaller revenues, narrower product lines, less management Fund’s performance. depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength Other Funds Risk. The performance of Funds that invest in than larger companies. 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 Mortgage-Backed and Other Asset-Backed Securities Risk. those faced by the Other Funds’ underlying portfolios. Those The value of mortgage-related and asset-backed securities will risks may include, among others, market risk, issuer risk, volatility be influenced by the factors affecting the housing market and the risk, foreign securities risk, foreign currency risk, emerging assets underlying such securities. As a result, during periods of markets risk, derivatives risk, credit risk, interest rate risk, high declining asset value, difficult or frozen credit markets, swings in yield risk and investment adviser risk. As a shareholder of the interest rates, or deteriorating economic conditions, Fund, you will bear your share of the Fund’s operating expenses mortgage-related and asset-backed securities may decline in as well as the Fund’s share of the Other Funds’ operating value, face valuation difficulties, become more volatile and/or expenses. Consequently, an investment in the Fund would result become illiquid. In addition, both mortgage-backed and in higher aggregate operating costs than investing directly in asset-backed securities are sensitive to changes in the Other Funds that are also portfolios. repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than Portfolio Turnover Rate Risk. A Fund may engage in active and the holder of the asset-backed or mortgage-backed security frequent trading of portfolio securities in implementing its anticipates, the price of the security may fall, particularly if the principal investment strategies. A high rate of portfolio turnover holder must reinvest the repaid principal at lower rates or must (100% or more) involves correspondingly greater expenses continue to hold the security when interest rates rise. This effect which are borne by the Fund and its shareholders and may also may cause the value of the Fund to decline and reduce the result in short-term capital gains taxable to shareholders. The overall return of the Fund. expenses may include bid-ask spreads, dealer mark-ups, and other transactional costs on the sale of securities and Municipal Bond Risk. A Fund’s performance may be affected by reinvestment in other securities. political and economic conditions at the state, regional or federal level. These may include budgetary problems, decline in the tax Preferred Securities Risk. There are certain additional risks base and other factors that may cause rating agencies to associated with investing in preferred securities, including, but downgrade the credit ratings on certain issues. Bonds may also not limited to, preferred securities may include provisions that exhibit price fluctuations due to changes in interest rate or bond permit the issuer, at its discretion, to defer or omit distributions for yield levels. Some municipal bonds may be repaid prior to a stated period without any adverse consequences to the issuer; maturity if interest rates decrease. As a result, the value of a preferred securities are generally subordinated to bonds and Fund’s shares may fluctuate significantly in the short term. The other debt instruments in a company’s capital structure in terms amount of public information available about municipal bonds is of having priority to corporate income and liquidation payments, generally less than for certain corporate equities or bonds, and therefore will be subject to greater credit risk than more meaning that the investment performance of a Fund may be more senior debt instruments; preferred securities may be substantially dependent on the analytical abilities of the Adviser than funds less liquid than many other securities, such as common stocks or that invest in stock or other corporate investments. A Fund may U.S. Government securities; generally, traditional preferred make significant investments in a particular segment of the securities offer no voting rights with respect to the issuing municipal or in the debt of issuers located in the company unless preferred dividends have been in arrears for a same state or territory. Adverse conditions in such industry or specified number of periods, at which time the preferred security location could have a correspondingly adverse effect on the holders may elect a number of directors to the issuer’s board; financial condition of issuers. These conditions may cause the and in certain varying circumstances, an issuer of preferred value of a Fund’s shares to fluctuate more than the values of securities may redeem the securities prior to a specified date. shares of funds that invest in a greater variety of investments. Prepayment Risk. When interest rates fall, certain obligations will Multi-Manager Risk. The Trust and Thrivent Asset Mgt. have be paid off by the obligor more quickly than originally anticipated, received an exemptive order from the SEC (known as a and a Fund may have to invest the proceeds in securities with “multi-manager order”) that permits them to hire and fire one or lower yields. In periods of falling interest rates, the rate of more subadvisers for the Funds without a shareholder vote, prepayments tends to increase (as does price fluctuation) as subject to approval by the Trust’s Board and shareholder notice. borrowers are motivated to pay off debt and refinance at new During the transition of management of Fund assets from one lower rates. During such periods, reinvestment of the prepayment subadviser to another, it is possible that the Fund will not be fully proceeds by the management team will generally be at lower invested in accordance with the Fund’s prospectus and, rates of return than the return on the assets that were prepaid. therefore, will not be fully pursuing its investment objective during Prepayment generally reduces the yield to maturity and the such transition. In addition, the multi-manager approach could average life of the security. result in a high level of portfolio turnover, resulting in higher Quantitative Investing Risk. Securities selected according to a brokerage expenses and increased tax liability from a Fund’s quantitative analysis methodology can perform differently from realization of capital gains. the market as a whole based on the model and the factors used

88 in the analysis, the weight placed on each factor and changes in strategy, its ability to obtain leverage and financing, and the value the factor’s historical trends. Such models are based on of investments held by the Fund. assumptions of these and other market factors, and the models Repurchase Agreement Risk. A repurchase agreement, or may not take into account certain factors, or perform as intended, repo, is a form of short-term borrowing that allows a dealer to sell and may result in a decline in the value of the Fund’s portfolio. If securities to an investor, such as the Fund, and buy them back models or data used in the models would be incorrect or (usually the next day) at a slightly higher price. If the seller of a incomplete, any decisions made in reliance thereon expose the repurchase agreement defaults or is otherwise unable to fulfill its Fund to potential risks. If incorrect market data is entered into obligations, the Fund may incur losses as a result of selling the even a well-founded model, the resulting information will be underlying securities, enforcing its rights, or a decline in the value incorrect and could lead to losses for the Fund. of collateral. Real Estate Investment Trust (“REIT”) Risk. REITs generally Small Cap Risk. Smaller, less seasoned companies often have can be divided into three types: equity REITs, mortgage REITs greater price volatility, lower trading volume, and less liquidity and hybrid REITs (which combine the characteristics of equity than larger, more established companies. A Fund may have REITs and mortgage REITs). Equity REITs will be affected by difficulty selling holdings of these companies at a desired time changes in the values of, and income from, the properties they and price. Smaller companies tend to have small revenues, own, while mortgage REITs may be affected by the credit quality narrower product lines, less management depth and experience, of the mortgage loans they hold. All REIT types may be affected small shares of their product or service markets, fewer financial by changes in interest rates. The effect of rising interest rates is resources, and less competitive strength than larger companies. generally more pronounced for high dividend paying stock than Such companies seldom pay significant dividends that could for stocks that pay little or no dividends. This may cause the soften the impact of a falling market on returns. It may be a value of real estate securities to decline during periods of rising substantial period of time before a Fund could realize a gain, if interest rates, which would reduce the overall return of the Fund. any, on an investment in a small cap company. REITs are subject to additional risks, including the fact that they are dependent on specialized management skills that may affect Sovereign Debt Risk. Sovereign debt securities are issued or the REITs’ abilities to generate cash flows for operating purposes guaranteed by foreign governmental entities. These investments and for making investor distributions. REITs may have limited are subject to the risk that a governmental entity may delay or diversification and are subject to the risks associated with refuse to pay interest or repay principal on its sovereign debt, obtaining financing for real property. As with any investment, due, for example, to cash flow problems, insufficient foreign there is a risk that REIT securities and other real estate industry currency reserves, political considerations, the relative size of the investments may be overvalued at the time of purchase. In governmental entity’s debt position in relation to the economy or addition, a REIT can pass its income through to its investors the failure to put in place economic reforms required by the without any tax at the entity level if it complies with various International Monetary Fund or other multilateral agencies. If a requirements under the Internal Revenue Code. There is the risk, governmental entity defaults, it may ask for more time in which to however, that a REIT held by the Fund will fail to qualify for this pay or for further loans. There is no legal process for collecting tax-free pass-through treatment of its income. By investing in sovereign debts that a government does not pay nor are there REITs indirectly through the Fund, in addition to bearing a bankruptcy proceedings through which all or part of the proportionate share of the expenses of the Fund, you will also sovereign debt that a governmental entity has not repaid may be indirectly bear similar expenses of the REITs in which the Fund collected. invests. Tax Risk. Changes in federal income tax laws or rates may affect Redemption Risk. A Fund may need to sell portfolio securities to both the net asset value of a Fund and the taxable equivalent meet redemption requests. The Fund could experience a loss interest generated from securities in a Fund. Since a Fund may when selling portfolio securities to meet redemption requests if invest in municipal securities subject to the federal alternative there is (i) significant redemption activity by shareholders, minimum tax without limitation, a Fund may not be suitable for including, for example, when a single investor or few large investors who already are or could be subject to the federal investors make a significant redemption of Fund shares, (ii) a alternative minimum tax. disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities or (iii) an inability of the Technology-Oriented Companies Risk. Common stocks of Fund to sell portfolio securities because such securities are companies that rely extensively on technology, science or illiquid. In such events, the Fund could be forced to sell portfolio communications in their product development or operations may securities at unfavorable prices in an effort to generate sufficient be more volatile than the overall stock market and may or may cash to pay redeeming shareholders. not move in tandem with the overall stock market. Technology, science and communications are rapidly changing fields, and Regulatory Risk. Legal, tax, and regulatory developments may stocks of these companies, especially of smaller and adversely affect the Funds. Securities and futures markets are unseasoned companies, may be subject to more abrupt or erratic subject to comprehensive statutes, regulations, and margin market movements than the stock market in general. These are requirements enforced by the SEC, other regulators and significant competitive pressures among technology-oriented self-regulatory organizations, and exchanges authorized to take companies and the products or operations of such companies extraordinary actions in the event of market emergencies. The may become obsolete quickly. In addition, these companies may regulatory environment for the Funds is evolving, and changes in have limited product lines, markets or financial resources and the the regulation of investment funds, managers, and their trading management of such companies may be more dependent upon activities and capital markets, or a regulator’s disagreement with one or a few key people. the Funds’ interpretation of the application of certain regulations, may adversely affect the ability of a Fund to pursue its investment

89 Value Investing Risk. Value style investing includes the risk that Environmental, Social and Governance (ESG) Factors. stocks of undervalued companies may not rise as quickly as Factors related to environmental, social and governance matters anticipated if the market doesn’t recognize their intrinsic value or that may be considered as part of investment analysis and if value stocks are out of favor. Value style investing may be out of decision-making processes. In selecting portfolio investments, favor with investors from time to time and value stocks may portfolio managers and research analysts may consider ESG underperform the securities of other companies or the stock ratings and research alongside other investment considerations. market in general. Fundamental Investment Research Techniques. Research Glossary of Investment Terms techniques that generally assess a company or security’s value based on a broad examination of financial data, quality of Dollar-Weighted Average Effective Maturity. Measure of the management, business concept and competition. Fund that is determined by calculating the average maturity of Maturity. A bond fund has no real maturity, but it does have a each debt security owned by the Fund, weighting each security dollar-weighted average effective maturity that represents an according to the amount that it represents in the Fund. In average of the effective maturities of the underlying bonds, with addition, for asset-backed and mortgage-backed securities, as each bond’s effective maturity “weighted” by the percent of fund well as bonds with required prepayments or redemption rights, assets it represents. For bonds that are most likely to be called the calculation considers the expected prepayments of the before maturity, the effective maturity of a bond is usually the call underlying securities and/or the present value of a mandatory date. stream of prepayments. Quantitative Investment Research Techniques. Research Duration. A measure of price sensitivity of a bond or bond fund techniques that generally focus on a company’s financial to changes in interest rates. While duration is similar to maturity in statements and assess a company or security’s value based on that the result is stated in years, it is a better indicator of price appropriate financial ratios that measure revenue, profitability and sensitivity than maturity since it takes into account the time value financial structure. of future cash flows generated over the bond’s life. Since duration can be computed for bond funds by using a weighted approach, Technical Investment Research Techniques. Research the approximate effect on a bond fund’s price can be estimated techniques that generally involve the study of trends and by multiplying the fund’s duration by an expected change in movements in a security’s price, trading volume and other interest rates. For example, if interest rates were to rise by 1%, market-related factors in an attempt to discern patterns. the net asset value of a bond fund with an average duration of 5 years would be expected to fall 5%.

90 Management of the Funds

Investment Adviser Management Fund Fee The Funds are managed by Thrivent Asset Mgt., 901 Marquette Avenue, Suite 2500, Minneapolis, Minnesota 55402-3211. Thrivent Moderately Aggressive Allocation Thrivent Asset Mgt. had approximately $24 billion in assets under Fund2 ...... 0.67% management as of December 31, 2020. Thrivent Asset Mgt. is an Thrivent Moderately Conservative Allocation indirect wholly owned subsidiary of Thrivent Financial for Fund2 ...... 0.59% Lutherans (“Thrivent Financial”). Thrivent Financial and its Thrivent Money Market Fund...... 0.35% affiliates have been in the investment advisory business since Thrivent Municipal Bond Fund ...... 0.40% 1986 and had approximately $141 billion in assets under Thrivent Opportunity Income Plus Fund ...... 0.43% management as of December 31, 2020. Thrivent Small Cap Stock Fund ...... 0.67% Thrivent Asset Mgt. provides investment research and supervision of the assets for each of the Funds that it manages. 1 Thrivent Asset Mgt. reimbursed certain expenses of some of the For Thrivent International Allocation Fund, Thrivent Asset Mgt. Funds. This table does not reflect the effects of any reimbursements. In has entered into a subadvisory agreement with a subadviser and addition, with respect to Thrivent International Allocation Fund, Thrivent Asset Mgt. pays the subadviser a subadvisory fee from the pays the subadviser a portion of the net management fee management fee it receives from Thrivent International Allocation Thrivent Asset Mgt. receives from the Fund. Thrivent Asset Mgt. Fund. The subadvisory fee does not constitute an additional fee to you, manages a portion of Thrivent International Allocation Fund’s the shareholder. To learn more about the subadvisory fee, please consult the Statement of Additional Information. assets and provides investment research and supervision of 2 The Adviser has contractually agreed, for as long as the current fee these assets. Thrivent Asset Mgt. establishes the overall structure is in place and through at least February 28, 2022, to waive investment strategy and evaluates, selects and recommends, 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 subject to the approval of the Board, one or more subadvisers to Adviser or an affiliate serves as investment adviser, other than Thrivent manage all or a portion of the investments of Thrivent Cash Management Trust. International Allocation Fund. Certain of the Funds have breakpoints, which you can learn more Thrivent Asset Mgt. and Thrivent Mutual Funds received an about by consulting the Statement of Additional Information. In exemptive order from the SEC that permits Thrivent Asset Mgt. addition, the Trust’s annual report (in the case of Diversified and the Funds, with the approval of Thrivent Mutual Funds’ Income Plus Fund) and semiannual report (in the case of the Board, to retain one or more subadvisers for the Funds, or other Funds) each discuss the basis for the Board’s approval of subsequently change a subadviser, without submitting the the investment adviser agreement between the Trust and the respective investment subadvisory agreements, or material Adviser. amendments to those agreements, to a vote of the shareholders of the applicable Fund. Thrivent Asset Mgt. will notify Administrative Service Fee shareholders of a Fund if there is a new subadviser for that Fund. The Adviser is responsible for providing certain administrative and accounting services to the Funds. Each Fund pays the Management Fees Adviser a fee equal to the sum of $70,000 plus 0.017% of the Each Fund pays an annual management fee to the Adviser. The Fund’s average daily net assets for providing such services to the Adviser received the following management fees during the Fund. See “Other Services—Administration Contract” in the SAI Fund’s most recent fiscal year, expressed as a percentage of the for additional information. 1 Fund’s average daily net assets. Portfolio Management

Management This section provides information about the portfolio management Fund Fee for each of the Funds. The Statement of Additional Information for Thrivent Aggressive Allocation Fund2 ...... 0.73% the Funds provides information about the portfolio managers’ Thrivent Balanced Income Plus Fund ...... 0.55% compensation, other accounts managed by the portfolio Thrivent Diversified Income Plus Fund ...... 0.55% managers, and the portfolio managers’ ownership of shares of Thrivent Global Stock Fund ...... 0.57% the Funds. Thrivent Government Bond Fund ...... 0.40% Thrivent Aggressive Allocation Fund, Thrivent Thrivent High Yield Fund ...... 0.38% Moderate Allocation Fund, Thrivent Moderately Thrivent Income Fund ...... 0.34% Aggressive Allocation Fund, and Thrivent Moderately Thrivent International Allocation Fund ...... 0.67% Conservative Allocation Fund Thrivent Large Cap Growth Fund ...... 0.68% Thrivent Large Cap Value Fund ...... 0.45% Stephen D. Lowe, CFA, David S. Royal and David R. Thrivent Limited Maturity Bond Fund...... 0.28% Spangler, CFA are jointly and primarily responsible for the Thrivent Mid Cap Stock Fund ...... 0.63% day-to-day management of the Fund. Mr. Lowe has served as a Thrivent Moderate Allocation Fund2...... 0.62% portfolio manager of the Fund since April 2016. Mr. Royal has served as portfolio manager of the Fund since April 2018. Mr.

91 Spangler has served as a portfolio manager of the Fund since as portfolio manager of the Fund since February 2010. Mr. February 2019. Mr. Lowe is Chief Investment Strategist and has Anderson has served as a portfolio manager of the Fund since been with Thrivent Financial since 1997. He has served as a February 2017. Mr. Landreville has been with Thrivent Financial portfolio manager since 2009. Mr. Royal is Chief Investment since 1983 and has served as a portfolio manager since 1998. Officer and has been with Thrivent Financial since 2006. Mr. Mr. Anderson is Vice President, Fixed Income General Accounts. Spangler has been with Thrivent Financial since 2002, in an He has been with Thrivent Financial since 1997 and has served investment management capacity since 2006 and currently is a as a portfolio manager since 2000. Senior Portfolio Manager. Thrivent High Yield Fund Thrivent Balanced Income Plus Fund Paul J. Ocenasek, CFA is primarily responsible for the Stephen D. Lowe, CFA, David R. Spangler, CFA and Theron day-to-day management of the Fund. Mr. Ocenasek has served G. Whitehorn, CFA are jointly and primarily responsible for the as portfolio manager of the Fund since December 1997. He has day-to-day management of the Fund. Mr. Lowe has served as a been with Thrivent Financial since 1987 and, since 1997, has portfolio manager of the Fund since August 2013. Mr. Spangler served as portfolio manager to other Thrivent mutual funds. has served as a portfolio manager of the Fund since February 2019. Mr. Whitehorn has served as a portfolio manager of the Thrivent Income Fund Fund since February 2021. Mr. Lowe is Chief Investment Kent L. White, CFA is primarily responsible for the day-to-day Strategist and has been with Thrivent Financial since 1997. He management of the Fund. Mr. White has served as a portfolio has served as a portfolio manager since 2009. Mr. Spangler has manager of the Fund since June 2017. Mr. White is the Director of been with Thrivent Financial since 2002, in an investment Investment Grade Research, and he has been with Thrivent management capacity since 2006 and currently is a Senior Financial since 1999. Portfolio Manager. Mr. Whitehorn is the Director of Fixed Income Quantitative Research and has been with Thrivent Financial since Thrivent International Allocation Fund May 2018. Thrivent Asset Mgt. has engaged Goldman Sachs Asset Management, L.P. (“GSAM”), 200 West Street, New York, New Thrivent Diversified Income Plus Fund York 10282-2198, as investment subadviser for a portion of the Stephen D. Lowe, CFA, Gregory R. Anderson, CFA and Fund’s assets. Theron G. Whitehorn, CFA are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Lowe has served GSAM has been registered as an investment adviser since 1990 as a portfolio manager of the Fund since May 2015. Mr. Anderson and is an affiliate of Goldman Sachs & Co. LLC. As of has served as a portfolio manager of the Fund since October December 31, 2020, GSAM, including its investment advisory 2018. Mr. Whitehorn has served as a portfolio manager of the affiliates, had assets under supervision (“AUS”) of approximately Fund since February 2021. Mr. Lowe is Chief Investment $1,953,798.60 million. AUS includes assets under management Strategist and has been with Thrivent Financial since 1997. He and other client assets for which GSAM and its investment has served as a portfolio manager since 2009. Mr. Anderson is advisory affiliates do not have full discretion. GSAM’s Quantitative Vice President, Fixed Income General Accounts. He has been Investment Strategies team (the “QIS” team) manages with Thrivent Financial since 1997 and has served as a portfolio international small-cap equity assets of the Fund with the manager since 2000. Mr. Whitehorn is the Director of Fixed following team members being jointly and primarily responsible Income Quantitative Research and has been with Thrivent for day-to-day management. Len Ioffe, Managing Director and Financial since May 2018. Senior Portfolio Manager, joined GSAM in 1994 and has been a portfolio manager since 1996. Mr. Ioffe has managed the Fund Thrivent Global Stock Fund since September 2013. Osman Ali, Managing Director and global co-head of equity alpha strategies within QIS, joined Kurt J. Lauber, CFA, Noah J. Monsen, CFA, Lauri Brunner GSAM and the research and portfolio management team within and David R. Spangler, CFA are jointly and primarily QIS in 2005. Mr. Ali has managed the Fund since September responsible for the day-to-day management of the Fund. Mr. 2013. Takashi Suwabe, Managing Director and co-head of Lauber has served as a portfolio manager of the Fund since active equity research within QIS, joined GSAM and the QIS team March 2013. Mr. Monsen has served as a portfolio manager of in 2009. Mr. Suwabe has managed the Fund since September the Fund since February 2018. Ms. Brunner has served as a 2013. Dennis Walsh, Managing Director and global co-head of portfolio manager of the Fund since September 2018. Mr. equity alpha strategies within QIS, joined GSAM and the QIS Spangler has served as a portfolio manager of the Fund since team in 2009. He has managed the Fund since February 2021. February 2019. Mr. Lauber has been with Thrivent Financial since 2004 and previously served as an associate portfolio manager. The Adviser manages the Fund’s international large- and mid-cap Mr. Monsen has been with Thrivent Financial since 2000 and has equity, emerging markets equity and U.S. securities assets. Noah served in an investment management capacity since 2008. Ms. J. Monsen, CFA and Brian W. Bomgren, CQF are jointly and Brunner has been with Thrivent Financial since 2007 and primarily responsible for day-to-day management of the Fund’s currently is a Senior Portfolio Manager. Mr. Spangler has been international large- and mid-cap equity, emerging markets equity with Thrivent Financial since 2002, in an investment management and U.S. securities assets. Mr. Monsen and Mr. Bomgren have capacity since 2006 and currently is a Senior Portfolio Manager. served as portfolio managers of the Fund since February 2016. Mr. Monsen has been with Thrivent Financial since 2000 and has Thrivent Government Bond Fund served in an investment management capacity since 2008. Mr. Michael G. Landreville, CFA, CPA (inactive) and Gregory R. Bomgren has been with Thrivent Financial since 2006 and is Anderson, CFA are jointly and primarily responsible for the currently a Senior Portfolio Manager. day-to-day management of the Fund. Mr. Landreville has served

92 Thrivent Large Cap Growth Fund since May 2015. Mr. Lowe has served as a portfolio manager of Lauri Brunner is primarily responsible for the day-to-day the Fund since February 2018. Mr. Whitehorn has served as a management of the Fund, and she has served as portfolio portfolio manager of the Fund since February 2021. Mr. Anderson manager of the Fund since September 2018. Ms. Brunner has is Vice President, Fixed Income General Accounts. He has been been with Thrivent Financial since 2007 and currently is a Senior with Thrivent Financial since 1997 and has served as a portfolio Portfolio Manager. manager since 2000. Mr. Smith has been with Thrivent Financial since 2004 and also manages the leveraged loan portfolio and Thrivent Large Cap Value Fund the high yield bond portfolio of Thrivent Financial’s general account. Mr. White is the Director of Investment Grade Research Kurt J. Lauber, CFA is primarily responsible for the day-to-day at Thrivent Financial and has been with the firm since 1999. Mr. management of the Fund. Mr.Lauber has served as portfolio Lowe is Chief Investment Strategist and has been with Thrivent manager of the Fund since March 2013. Mr. Lauber has been Financial since 1997. Mr. Whitehorn is the Director of Fixed with Thrivent Financial since 2004 and previously served as an Income Quantitative Research and has been with Thrivent associate portfolio manager. Financial since May 2018 Thrivent Limited Maturity Bond Fund Thrivent Small Cap Stock Fund Michael G. Landreville, CFA, CPA (inactive), Gregory R. Matthew D. Finn, CFA and James M. Tinucci, CFA are jointly Anderson, CFA, Cortney L. Swensen, CFA and Jon-Paul (JP) and primarily responsible for the day-to-day management of the Gagne are jointly and primarily responsible for the day-to-day Fund. Mr. Finn has served as lead portfolio manager for the Fund management of the Fund. Mr. Landreville has served as a since March 2013. Mr. Tinucci has served as the associate portfolio manager of the Fund since October 1999, Mr. Anderson portfolio manager of the Fund since February 2015. Mr. Finn has has served as a portfolio manager of the Fund since April 2005, been a portfolio manager at Thrivent Financial since 2004, when Ms. Swensen has served as a portfolio manager of the Fund he joined Thrivent Financial. Mr. Tinucci has been with Thrivent since February 2020, and Mr. Gagne has served as a portfolio Financial since 2014. manager of the Fund since February 2021. Mr. Landreville has been with Thrivent Financial since 1983 and has served as a portfolio manager since 1998. Mr. Anderson is Vice President, Personal Securities Investments Fixed Income General Accounts. He has been with Thrivent Personnel of Thrivent Asset Mgt. and the subadvisers may invest Financial since 1997 and has served as a portfolio manager in securities for their own account pursuant to codes of ethics since 2000. Ms. Swensen has been with Thrivent Financial since that establish procedures for personal investing and restrict 2011 and is currently a Senior Portfolio Manager. Mr. Gagne certain transactions. Transactions in securities that may be held joined Thrivent Financial in May 2018 as a Senior Research by the Funds are permitted by Thrivent Asset Mgt., subject to Analyst/Trader covering Securitized Assets and became a compliance with applicable provisions under the applicable portfolio manager in February 2021. codes of ethics. Thrivent Mid Cap Stock Fund Trademarks Brian J. Flanagan, CFA is primarily responsible for the day-to-day management of the Fund. Mr. Flanagan has been a BLOOMBERG® is a trademark and service mark of Bloomberg portfolio manager of the Fund since February 2004. He has been Finance L.P. and its affiliates (collectively “Bloomberg”). with Thrivent Financial since 1994 and a portfolio manager since BARCLAYS® is a trademark and service mark of Barclays Bank 2000. Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all Thrivent Money Market Fund proprietary rights in the Bloomberg Barclays Indices. Neither William D. Stouten is primarily responsible for the day-to-day Bloomberg nor Barclays approves or endorses this material, or management of the Fund. Mr. Stouten has served as portfolio guarantees the accuracy or completeness of any information manager of the Fund since October 2003. Prior to this position, herein, or makes any warranty, express or implied, as to the he was a research analyst and trader for the Thrivent money results to be obtained therefrom and, to the maximum extent market funds since 2001, when he joined Thrivent Financial. allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. Thrivent Municipal Bond Fund Global Industry Classification standard (GICS) was developed Janet I. Grangaard, CFA is primarily responsible for the by and is the exclusive property and a service mark of MSCI Inc. day-to-day management of the Fund. Ms. Grangaard has served (MSCI) and Standard & Poor’s, a division of The McGraw-Hill as portfolio manager of the Fund since April 2002. She has been Companies, Inc. (S&P), and is licensed for use by the Funds. with Thrivent Financial since 1988 and has served as a portfolio Neither MSCI, S&P nor any third party involved in making or manager since 1994. compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to Thrivent Opportunity Income Plus Fund such standard or classification (or the results to be obtained by Gregory R. Anderson, CFA, Conrad E. Smith, CFA, Kent L. the use thereof), and all such parties hereby expressly disclaim White, CFA, Stephen D. Lowe, CFA and Theron G. all warranties or originality, accuracy, completeness, Whitehorn, CFA are jointly and primarily responsible for the merchantability and fitness for a particular purpose with respect day-to-day management of the Fund. Mr. Anderson has served to any of such standard or classification. Without limiting any of as a portfolio manager of the Fund since April 2005. Mr. Smith the foregoing, in no event shall MSCI, S&P, any of their affiliates has served as a portfolio manager of the Fund since August or any third party involved in making or compiling the GICS or 2013. Mr. White has served as a portfolio manager of the Fund any GICS classifications have any liability for any direct, indirect,

93 special, punitive, consequential or any other damages (including 2000®, Russell 2000® Growth, Russell Midcap®, Russell lost profits) even if notified of the possibility of such damages. Midcap® Growth, Russell Midcap® Value, Russell 1000® Value, Russell 1000® Growth, Russell 3000® is/are a trade mark(s) of the The Funds are not sponsored, endorsed, sold or promoted by relevant LSE Group companies and is/are used by any other LSE MSCI, any of its affiliates, any of its information providers or any Group company under license. All rights in the FTSE Russell other third party involved in, or related to, compiling, computing indexes or data vest in the relevant LSE Group company which or creating any MSCI Index (collectively, the “MSCI Parties”). The owns the index or the data. Neither LSE Group nor its licensors MSCI Indexes are the exclusive property of MSCI. MSCI and the accept any liability for any errors or omissions in the indexes or MSCI Index names are service mark(s) of MSCI or its affiliates data and no party may rely on any indexes or data contained in and have been licensed for use for certain purposes by Thrivent this communication. No further distribution of data from the LSE Financial. None of the MSCI Parties makes any representation or Group is permitted without the relevant LSE Group company’s warranty, express or implied, to the issuer or owners of the Funds express written consent. The LSE Group does not promote, or any other person or entity regarding the advisability of sponsor or endorse the content of this communication. investing in funds generally or in the Funds particularly or the ability of any MSCI Index to track corresponding stock market The S&P 500® Index, S&P SmallCap 600® Index, S&P SmallCap performance. MSCI or its affiliates are the licensors of certain 600 Growth Index, S&P MidCap 400® Index, S&P 500 Growth trademarks, service marks and trade names and of the MSCI Index, and S&P 500 Value Index are products of S&P Dow Jones Indexes which are determined, composed and calculated by Indices LLC and/or its affiliates and have been licensed for use MSCI without regard to the Funds or the issuer or owners of the by the Funds. Copyright © 2021 S&P Dow Jones Indices LLC, a Funds or any other person or entity. None of the MSCI Parties has subsidiary of McGraw Hill Financial Inc., and/or its affiliates. All any obligation to take the needs of the issuer or owners of the rights reserved. Redistribution, reproduction and/or photocopying Funds or any other person or entity into consideration in in whole or in part are prohibited without written permission of determining, composing or calculating the MSCI Indexes. None S&P Dow Jones Indices LLC. For more information on any of S&P of the MSCI Parties is responsible for or has participated in the Dow Jones indices LLC’s indices please visit spdji.com. S&P® is determination of the timing of, prices at, or quantities of the a registered trademark of Standard & Poor’s Financial Funds to be issued or in the determination or calculation of the Services LLC and Dow Jones® is a registered trademark of Dow equation by or the consideration into which the Funds are Jones Trademark Holdings LLC. Neither S&P Dow Jones redeemable. Further, none of the MSCI Parties has any obligation Indices LLC, Dow Jones Trademark Holdings, LLC their affiliates or liability to the issuer or owners of the Funds or any other nor their third party licensors make any representation or person or entity in connection with the administration, marketing warranty, express or implied, as to the ability of any index to or offering of the Funds. accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Although MSCI shall obtain information for inclusion in or for use Dow Jones Trademark Holdings LLC, their affiliates nor their third in the calculation of the MSCI Indexes from sources that MSCI party licensors shall have any liability for any errors, omissions, or considers reliable, none of the MSCI Parties warrants or interruptions of any index or the data included therein. guarantees the originality, accuracy and/or the completeness of any MSCI Index or any data included therein. None of the MSCI LSTA is a trademark of Loan Syndications and Trading Parties makes any warranty, express or implied, as to results to Association, Inc. and has been licensed for use by S&P Dow be obtained by the issuer of the fund, owners of the fund, or any Jones Indices. other person or entity, from the use of any MSCI Index or any This prospectus may contain information obtained from third data included therein. None of the MSCI Parties shall have any parties, including ratings from credit ratings agencies such as liability for any errors, omissions or interruptions of or in Standard & Poor’s. Reproduction and distribution of third party connection with any MSCI Index or any data included therein. content in any form is prohibited except with the prior written Further, none of the MSCI Parties makes any express or implied permission of the related third party. Third party content providers warranties of any kind, and the MSCI Parties hereby expressly do not guarantee the accuracy, completeness, timeliness or disclaim all warranties of merchantability and fitness for a availability of any information, including ratings, and are not particular purpose, with respect to each MSCI Index and any responsible for any errors or omissions (negligent or otherwise), data included therein. Without limiting any of the foregoing, in no regardless of the cause, or for the results obtained from the use event shall any of the MSCI Parties have any liability for any of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO direct, indirect, special, punitive, consequential or any other EXPRESS OR IMPLIED WARRANTIES, INCLDUING, BUT NOT damages (including lost profits) even if notified of the possibility LIMITED TO, ANY WARTRANTIES OF MERCHANTABILITY OR of such damages. FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY MSCI makes no express or implied warranties or representations CONTENT PROCIDES SHALL NOT BE LIABLE FOR ANY and shall have no liability whatsoever with respect to any MSCI DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, data contained herein. The MSCI data may not be further COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL redistributed or used as a basis for other indexes or any DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES securities or financial products. This prospectus is not approved, (INCLDUING LOST INCOME OR PROFITS AND OPPORTUNITY endorsed, reviewed or produced by MSCI. None of the MSCI COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN data is intended to constitute investment advice or a CONNECTION WITH ANY USE OF THEIR CONTENT, recommendation to make (or refrain from making) any kind of INCLUDING RATINGS. Credit ratings are statements of opinions investment decision and may not be relied on as such. and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of London Stock Exchange Group plc and its group undertakings securities or the suitability of securities for investment purposes (collectively, the “LSE Group”). © LSE Group 2020. FTSE Russell and should not be relied on as investment advice. is a trading name of certain of the LSE Group companies. Russell

94 Shareholder Information

How to Contact Us markets do not open for trading. The Funds generally do not determine NAV on holidays observed by the NYSE or on any Internet: other day when the NYSE is closed. The NYSE is regularly closed thriventfunds.com on Saturdays and Sundays, New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Telephone: Independence Day, Labor Day, Thanksgiving Day and Christmas 800-847-4836 Day. The price at which you purchase or redeem shares of a New Applications: Fund is based on the next calculation of the NAV after the Fund Thrivent Mutual Funds receives your purchase or redemption request in good order. P.O. Box 219347 Thrivent Money Market Fund seeks to maintain a stable $1.00 Kansas City, Missouri 64121-9347 NAV, pursuant to procedures established by the Board, and Additional Investments: generally utilizes the amortized cost method. Valuing securities Thrivent Mutual Funds held by Thrivent Money Market Fund on the basis of amortized P.O. Box 219334 cost (which approximates market value) involves a constant Kansas City, Missouri 64121-9334 amortization of premium or accretion of discount to maturity. This method is explained further in the Statement of Additional Redemptions, Exchanges or Other Requests: Information. The Fund will not value a security at amortized cost, Thrivent Mutual Funds but will instead make a fair value determination for such security, P.O. Box 219348 if it determines that amortized cost is not approximately the same Kansas City, Missouri 64121-9348 as the fair value of the security. Express Mail: Each other Fund determines the NAV for a particular class by Thrivent Mutual Funds dividing the total Fund assets attributable to that class, less all 430 West 7th Street liabilities attributable to such class, by the total number of Kansas City, Missouri 64105 outstanding shares of that class. To determine the NAV, the other Fax: Funds generally value their securities at current market value 866-278-8363 using readily available market prices. If market prices are not available or if the Adviser determines that they do not accurately Wire Transfer Instructions: reflect fair value for a security, the Board has authorized the State Street Corp. Adviser to make fair valuation determinations pursuant to policies 225 Franklin Street approved by the Board. Fair valuation of a particular security is Boston, MA 02101 an inherently subjective process, with no single standard to utilize ABA #011000028 when determining a security’s fair value. In each case where a Account #4195-538-6 security is fair valued, consideration is given to the facts and Credit: circumstances relevant to the particular situation. This Thrivent Financial Investor Services Inc. as Agent for the consideration includes a review of various factors set forth in the benefit of Thrivent Mutual Funds pricing policies adopted by the Board. For any portion of a Fund’s assets that are invested in other mutual funds, the NAV is Further Credit: calculated based upon the NAV of the mutual funds in which the [Name of the Fund] Fund invests, and the prospectuses for those mutual funds [Shareholder Account Number] explain the circumstances under which they will use fair value [Shareholder Registration/Name] pricing and the effects of such a valuation. Pricing Fund Shares Because many foreign markets close before the U.S. markets, significant events may occur between the close of the foreign The price of a Fund’s shares is based on the Fund’s net asset market and the close of the U.S. markets, when the Fund’s assets value (“NAV”). Each Fund determines its NAV for a particular are valued, that could have a material impact on the valuation of class of shares once daily at the close of regular trading on the foreign securities (i.e., available price quotations for these New York Stock Exchange (“NYSE”), which is normally 4:00 p.m. securities may not necessarily reflect the occurrence of the Eastern time. If the NYSE has an unscheduled early close but significant event). The Funds, subject to oversight by the Board, certain other markets remain open until their regularly scheduled evaluate the impact of these significant events and adjust the closing time, the NAV may be determined as of the regularly valuation of foreign securities to reflect the fair value as of the scheduled closing time of the NYSE. If the NYSE and/or certain close of the U.S. markets to the extent that the available price other markets close early due to extraordinary circumstances quotations do not, in the Adviser’s opinion, adequately reflect the (e.g., weather, terrorism, etc.), the NAV may be calculated as of occurrence of the significant events. For more information about the early close of the NYSE and/or certain other markets. The how the Funds discourage abusive trading practices (including NAV generally will not be determined on days when, due to those that may attempt to take advantage of significant events, extraordinary circumstances, the NYSE and/or certain other the occurrence of which are not necessarily reflected in available price quotations of foreign securities), please see the section

95 entitled “Frequent Trading Policies and Monitoring Processes” in this Prospectus. Class A Shares

Thrivent Mutual Funds offer Class A shares and Class S shares. 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 some Funds. Class S shares do not impose sales charges or Rule 12b-1 fees. Because the sales charges and expenses vary between the Class A shares and Class S shares, performance will vary with respect to each class. A copy of the Class S prospectus may be obtained by writing to the Fund, calling 800-847-4836, or downloading it from our website (thriventfunds.com). 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 shareholders in the Fund. 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 the other Funds.

When You Invest This % is Deducted Which Equals This % This Amount For Sales Charges of Your Investment**

Less than $50,000 ...... 4.5% 4.71% $50,000 and above but less than $100,000 ...... 3.5% 3.63% $100,000 and above but less than $250,000 ...... 2.5% 2.56% $250,000 and above but less than $500,000 ...... 1.5% 1.52% $500,000 and above but less than $1,000,000 ...... 1.0% 1.01% $1,000,000 or more...... 0%* 0%* * A deferred sales charge of 1% will apply to shares redeemed within one year. ** 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 Sales Charges purchases. The total amount of your intended purchases will determine the sales charge that will apply. Purchases made • Rights of Accumulation: You can combine the value of within 90 days prior to the execution of the Letter of Intent existing Class A and Class S share accounts (except the within Class A shares and Class S (the “90-day purchases”) Excluded Shares as defined directly below) of Thrivent will be used for purposes of meeting the applicable threshold Mutual Funds in any eligible account type that you or others (e.g., $50,000). The 13-month period will begin on the trade that reside at the same mailing address (“household”) own date of the first 90-day purchase. for the purpose of calculating the sales charge. To ensure you receive any applicable reduced sales charge through You may combine the value of all existing Class A and Rights of Accumulation, you must notify us at the time of Class S share accounts (except for Excluded Shares) in any purchase of the other existing accounts, and we may ask you eligible account type that you or a member of your household to provide us with account statements of these accounts. own for purposes of determining the amount that must be purchased to satisfy your commitment under the Class A Shares not eligible for Rights of Accumulation privileges Letter of Intent. Accounts will be valued as of the day before include Thrivent Limited Maturity Bond Fund, Thrivent Money the start date of the 13-month period. You must notify us, Market Fund and shares purchased directly by you or a however, of the other existing accounts, and we may ask that member of your household through thriventfunds.com you provide account statements for these other accounts. (“Excluded Shares”). Please note that shares held in certain types of accounts The value of all shares in any multi-participant (e.g., multi-participant employer-sponsored retirement plans employer-sponsored retirement plan and certain corporate and certain partnership and corporate accounts) are not and partnership accounts (except for the Excluded Shares) included for purposes of taking advantage of reduced sales will be accumulated for the purpose of determining the sales charges offered by a Letter of Intent. charge for shares purchased through that retirement plan or The Fund will hold a certain portion of your investment in organization. escrow until your commitment is met. If your commitment is • Automatic Reinvestments: Shares that you purchase by not met, a portion of your investment will be redeemed to automatically reinvesting dividends or capital gains satisfy the higher sales charge applicable to the amount distributions from Class A shares of the Funds will not be actually purchased. subject to any initial sales charge. The Funds may waive your commitment in the Letter of Intent • Thirteen-month Letter of Intent: If you or a member of your if the Funds place restrictions on future purchases of Fund household intend to purchase at least $50,000 of Class A shares that impair your ability to fulfill your commitment. shares of one or more of the Funds (except for Excluded • Reinvestment of Redemption Proceeds/Cash Dividends: Shares) within a 13-month period, you may sign a Letter of Except for participants in certain employer-sponsored Intent and receive the reduced sales charge on these retirement plans, if you redeem any or all of your Class A

96 shares of any Fund other than Thrivent Limited Maturity Bond No deferred sales charge will apply to the following: Fund or Thrivent Money Market Fund, or if you receive cash • Increases in the net asset value of shares above the dividends from one of these Funds, you may reinvest any purchase price; amount of your redemption or cash dividend in Class A • Shares purchased through reinvestment of dividends and shares of any of the Funds without paying a sales charge. capital gains distributions; You must make your reinvestment within 90 days after • Shares purchased more than one year prior to redemption; redeeming your Class A shares or receiving your cash • Shares redeemed due to the death or disability of a sole dividend and inform the Fund that you qualify for this individual shareholder (but not for shares held in joint discount. Your redemption or receipt of a cash dividend may accounts or “family,” ”living” or other trusts) and for be a taxable event even if the cash proceeds are later mandatory retirement distributions from an IRA or a reinvested. Please contact your tax advisor for more tax-sheltered custodial account (403(b) plan); or information. • Redemptions from certain retirement plans that are taken in • Purchases by Tax-exempt Organizations: Shares of any substantially equal payments. Fund are available at one-half of the regular sales charge, if any, if purchased by organizations qualifying for Buying Shares tax-exemption under Sections 501(c)(3) and 501(c)(13) of the Internal Revenue Code. You must notify us, at the time of Opening an Account initial purchase, if you are a tax-exempt organization under either 501(c)(3) or 501(c)(13). In addition, we may require You must open an account to purchase Fund shares. Your that you provide proof of your tax-exempt status. financial professional will help you open a new account. For questions about the Funds, please contact your financial • Periodic Waiver or Reduction of Initial Sales Charge: The professional or, please call the Thrivent Mutual Funds Interaction Funds’ principal underwriter, Thrivent Distributors, LLC Center (“Interaction Center”) at 800-847-4836. (“Thrivent Distributors”), may, from time to time, waive or reduce the initial sales charge on certain shares offered Generally, you can purchase multiple Funds under one account uniformly to the public for specific time periods as specified registration type (e.g., an IRA). How you register your account in the disclosure documents of the applicable Fund (e.g., with the Funds can affect your legal interests as well as the rights prospectus or supplement to the prospectus). and interests of your family and beneficiaries. You should always consult with your legal and/or tax advisor to determine the • Certain Retirement Plans: Thrivent Distributors may waive account registration that best meets your needs. You must clearly the sales charge for purchases of shares by certain identify the type of account you want on your application. retirement plan accounts. Additional documentation may be necessary on any account, including accounts such as a corporation, trust, estate, • Certain Financial Intermediaries: Thrivent Distributors may custodianship, guardianship, partnership or pension and profit waive the sales charge for shares purchased by certain sharing plan. Your ability to transfer Fund shares to another banks, broker-dealers and other financial institutions, which broker-dealer is limited to those broker-dealers with whom have entered into an agreement with Thrivent Distributors or Thrivent Distributors maintains a selling agreement. In the event one of its affiliates, on behalf of clients participating in a fund that your account has been abandoned or is no longer supported supermarket, asset allocation program or other program. by your broker-dealer, we will assist you in finding an alternative • Information on the Funds’ Website: Information regarding broker-dealer or exchanging your shares, as appropriate. the ways to eliminate or reduce the initial sales charges is also available at thriventfunds.com, including hyperlinks that Required Minimum Investments facilitate access to the information. Initial Additional Deferred Sales Charge and Applicable Waivers Regular Account Purchase Purchases As it pertains to Rights of Accumulation, if you invest $1,000,000 All Funds $2,000 $50 or more in Class A shares and redeem those shares within one year (the “one-year time period”), a deferred sales charge of 1% IRA or Tax-Deferred Plan will apply to the lower of the original purchase price or current net All Funds $1,000 $50 asset value. In order to ensure that you pay the lowest deferred sales charge possible, the Fund will first redeem shares that are Employer Sponsored No Minimum not subject to the deferred sales charge and then shares subject Qualified Plans Requirement to the deferred sales charge. There is no deferred sales charge on exchanges into Class A shares of another Fund. The date of Minimum Monthly your initial investment will continue to be used as the basis for Amount Per Fund deferred sales charge calculations when you exchange. If you Automatic Investment Plan Account Number exchange Class A shares of any other Fund for Class A shares of Thrivent Money Market Fund or Thrivent Limited Maturity Bond All Funds $50 Fund, the elapsed time used to measure the one-year time period will stop during the period your investment is in the Class A Making an Order shares of either the Thrivent Money Market Fund or the Thrivent Shares of the Funds are issued on days that the NYSE is open, Limited Maturity Bond Fund. The amount of any deferred sales which generally are weekdays other than national holidays. If you charge will be paid to Thrivent Distributors. are not purchasing through an omnibus or networked account,

97 your order will be considered received when it is received by the • By telephone; transfer agent in good order. If you are purchasing through an • By the Internet; or omnibus or networked account, your order will be considered • By wire/ACH transfer. received when an authorized broker (or its authorized designee) During periods of extreme volume caused by dramatic economic receives it in good order. Good order means that your instructions or stock market changes or due to unforeseen technology issues, and any required payment have been received by the transfer it is possible that you may have difficulty reaching the Interaction agent or an authorized broker (or its authorized designee) in the Center by phone or Internet for short periods of time. form required by the Funds, including the name of the Fund, the account number, the amount of the transaction, and all required Initial Purchases by Mail signatures. Orders received in good order by the transfer agent, or by an authorized broker (or its authorized designee) for (See “How to Contact Us” for address information) omnibus or networked accounts, before the close of trading on To buy shares of the Funds by mail: the NYSE (generally 4:00 p.m. Eastern time) will be processed at the NAV calculated that day less any applicable sales charge. • Complete and submit your new account application for each The Fund, its transfer agent, or any other authorized Fund agent different account registration. If you do not complete the may, in its sole discretion, determine whether any particular application properly, your purchase may be delayed or transaction request is in good order and reserves the right to rejected. change or waive any good order requirement at any time. • Make your check payable to the Fund you are buying. If more than one Fund, make your check payable to “Thrivent Mutual Purchases by Employer Sponsored Qualified Funds.” Plans and IRAs or Other Tax-Deferred Plans Initial Purchases by Telephone For SEP, SIMPLE and 403(b) plans, while there is no required To buy initial shares of the Funds by telephone, please note the minimum investment amount for purchases, we reserve the right following: to limit purchases to a single Fund until a minimum investment of $1,000 is achieved. In addition, the required minimum investment • Complete and submit your new account application for each on a purchase for IRAs or other Tax-Deferred Plans, as disclosed different account registration. If you do not complete the above in “Required Minimum Investments,” may be waived. application properly, your purchase may be delayed or rejected. Purchase Policies • Complete all of the bank information required on the Your payment must be in U.S. dollars drawn on a U.S. bank. application so that you may call the Fund to withdraw money Thrivent Mutual Funds does not accept cash, virtual currency, from your bank checking or savings account to make your traveler’s checks, credit card courtesy checks or most third-party investment. and starter/counter checks. If you purchase shares by check, • This feature may not be available on certain accounts. electronic funds transfer (other than bank wire) or automatic Initial Purchases by Internet investment plan and you elect to redeem those shares soon after their purchase, a Fund may delay paying the redemption To buy initial shares of the Funds by the Internet, please note the proceeds for up to 10 days from the date of purchase to allow the following: Fund to collect payment for the purchase of shares. • Complete and submit your new account application for each The Funds and Thrivent Distributors reserve the right to suspend different account registration. If you do not complete the the offering of shares for a period of time and the right to reject application properly, your purchase may be delayed or any specific purchase of shares. rejected. • A User ID and password is required prior to authorizing such Under applicable anti-money laundering rules and other transactions. regulations, the Fund, its transfer agent, or any other authorized • Bank instructions must be established on the account Fund agent may suspend, restrict or cancel your purchase order through the Internet or by submitting the bank information on and withhold the monies. the application prior to making a purchase. The Funds have implemented procedures designed to • This feature may not be available on certain accounts. reasonably ensure that instructions are genuine. These procedures include recording telephone conversations, logging Initial Purchases by Wire Transfer electronic activity, requesting verification of certain personal To buy initial shares of the Funds by wire transfer, please note the information and supplying transaction verification information. following: Please note, however, that the Funds will not be liable for losses • Your bank must be a member of, have a corresponding suffered by a shareholder that result from following instructions relationship with a member of, or use the Federal Reserve reasonably believed to be authentic after verification pursuant to System. these procedures. If an account has multiple owners, the Funds • Complete and mail your new account application for each may rely on the instructions of any one account owner. account registration. If you do not complete the application properly, your purchase may be delayed or rejected. Initial Purchases • Instruct your bank to wire transfer the funds. (See Wire You may purchase initial shares in any of the following ways: Transfer Instructions under “How to Contact Us”) • This feature may not be available on certain accounts. • Through a financial representative; • Thrivent Mutual Funds and its transfer agent are not • By mail;

98 responsible for the consequences of delays resulting from cost averaging. Dollar cost averaging involves investing a fixed the banking or Federal Reserve wire transfer system, or from amount of money at regular intervals. Generally, when you dollar incomplete wiring instructions. cost average, you purchase more shares when the price is low and fewer shares when the price is high. Dollar cost averaging Additional Purchases does not ensure a profit or protect against a loss during declining You may purchase additional shares in any of the following ways: markets. • Through a financial representative; For further information regarding any of the following automatic • By mail; investment plans, contact your financial representative or the • By telephone; Interaction Center at 800-847-4836. • By the Internet; Automatic Purchase Plan • By wire/ACH transfer; or • Through an Automatic Investment Plan. The Funds’ Automatic Purchase Plan allows you to make regular additional investments in an existing Fund account. Under this During periods of extreme volume caused by dramatic economic plan, the Funds will withdraw from an investor’s bank checking or or stock market changes or due to unforeseen technology issues, savings account in the amount specified (subject to the required it is possible that shareholders may have difficulty reaching the minimum investments) on specified dates. The proceeds will be Interaction Center by phone or Internet for short periods of time. invested in shares of the specified Fund at the applicable offering price determined on the date of the draw. To use this plan, you Additional Purchases by Mail must authorize the plan on your application form, or subsequently (See “How to Contact Us” for address information) in writing, and may be required to submit additional documents. This feature may not be available on certain accounts. To make additional purchases by mail, make your check payable to the specific Fund in which you are investing. If more than one Automatic Payroll Deduction Savings and Investment Fund, make your check payable to “Thrivent Mutual Funds.” Plan Please indicate your Fund account number on the face of your check. If you have more than one account, always verify that you The payroll deduction savings and investment plan allows Social are investing in the proper account. This will help ensure the Security recipients, federal employees and military personnel to proper handling of the transaction. invest in the Funds through direct deduction from their paychecks or commission checks. For information about how to Additional Purchases by Telephone instruct another institution to send payroll deduction amounts to your mutual fund account, contact the Interaction Center at The ability to purchase shares by telephone is automatically 800-847-4836. extended to most shareholder accounts, unless the option is specifically declined on your application. Certain accounts are Retirement Plans not extended this feature. If you do not want the telephone purchase option on your account, please call the Interaction Certain types of individual and employer-sponsored retirement Center at 800-847-4836. By accepting this feature, you assume plans may be established with assets invested in Thrivent Mutual some risks for unauthorized transactions. Funds. These accounts may offer you tax advantages. You should consult your attorney and/or tax advisor before you Additional Purchases by Internet establish a retirement plan. Additional fees may apply to some retirement accounts. Please review plan documents and/or You may purchase additional shares within your Fund accounts custodial account agreements for more information. You may over the Internet. A User ID and password is required prior to obtain these materials, documents and forms by contacting your authorizing transactions on your Fund accounts. This feature may financial professional or the Interaction Center, or by not be available on certain accounts. downloading the documents on thriventfunds.com. Please note, Additional Purchases by Wire Transfer however, that each Fund reserves the right to not make its shares available to certain retirement plan accounts. You may make additional purchases in an existing Fund account by wire transfer. Please note the following: Redeeming Shares • Your bank must be a member of, have a corresponding relationship with a member of, or use the Federal Reserve When the transfer agent or an authorized broker (or its authorized System. designee) receives your redemption request in good order, the • Instruct your bank to wire transfer the funds. (See Wire Fund will redeem available shares at the next calculation of the Transfer Instructions under “How to Contact Us”) Fund’s NAV. Orders received by the transfer agent or an • This feature may not be available on certain accounts. authorized broker (or its authorized designee) in good order • Thrivent Mutual Funds and its transfer agent are not before the close of trading on the NYSE (generally 4:00 p.m. responsible for the consequences of delays resulting from Eastern time) will be processed at the NAV calculated that day, the banking or Federal Reserve wire transfer system, or from less any applicable deferred sales charge. incomplete wiring instructions. Except as discussed below for redemptions of recently purchased shares, the Funds typically expect to pay redemption Automatic Investment Plans proceeds within two business days after receipt of a redemption The Funds offer several automatic investment plans to make request determined to be in good order, but payment may take periodic investing more convenient. Using the Funds’ automatic up to seven days. The right to redeem shares may be suspended investment plans, you may implement a strategy called dollar or payment upon redemption may be delayed for more than

99 seven days only (i) for any period during which trading on the participating in the Medallion Signature Guarantee Program. A NYSE is restricted as determined by the SEC or during which the Medallion Signature Guarantee may generally be obtained at any NYSE is closed (other than customary weekend and holiday national bank or brokerage firm. We may waive or alter the closings), (ii) for any period during which an emergency exists, Medallion Signature Guarantee requirement in certain limited as defined by the SEC, as a result of which disposal of portfolio circumstances. The Funds do not accept Medallion Signature securities or determination of the NAV of the Funds is not Guarantees by fax. reasonably practicable, and (iii) for such other periods as the A written redemption request between $100,000 and $499,999.99 SEC may by order permit for the protection of shareholders of the requires one of the following three procedures: Funds. If you purchased shares by check, electronic funds transfer (other than bank wire) or automatic investment plan and • Your notarized signature; you elect to redeem those shares soon after their purchase, a • A Medallion Signature Guarantee; or Fund may delay paying the redemption proceeds for up to 10 • An attestation of your signature by your financial professional. days from the date of purchase to allow the Fund to collect payment for the purchase of shares. We may waive these requirements in limited instances. One of these three procedures would also be required for: The Funds typically expect to meet redemption requests with cash or cash equivalents held by the applicable Fund(s) or from • Requests to send redemption proceeds to an address other proceeds from selling Fund assets in connection with the normal than the one listed on the account; course management of the Fund. In stressed or otherwise • Requests to wire funds or directly deposit funds to a bank abnormal market conditions, including to meet significant account with a bank name registration different than the bank redemption activity by shareholders, a Fund may need to sell name of the account; portfolio assets. In this type of situation, the Fund could be forced • Requests to make redemption proceeds payable to someone to sell portfolio securities at unfavorable prices in an effort to other than the current account owner; generate sufficient cash to pay redeeming shareholders. • Requests to sell shares if there has been a change of address on the account within the preceding 15 days; and A Fund may also, particularly in stressed or otherwise abnormal • Requests to sell shares if there has been a new bank of market conditions, meet redemption requests with cash obtained record added on the account within the preceding 15 days. through short-term borrowing arrangements that may be available from time to time. Such borrowing arrangements If you have any questions regarding the foregoing, please currently include a credit facility in which the Funds and other contact your financial professional or the Interaction Center at portfolios managed by the Adviser or an affiliate participate, and 800-847-4836. an interfund lending program maintained pursuant to an Please note that an additional fee of $12.50 will be assessed for a exemptive order from the SEC. The Funds are limited under both redemption delivered by weekday overnight mail and a fee of $20 arrangements as to the amount that each may borrow. The will be assessed for a redemption delivered by overnight mail for statement of additional information includes more information Saturday delivery. In addition, if you request a redemption by wire about these borrowing arrangements. transfer, a fee of up to $50 may be assessed. These fees will be Although the Funds typically expect to pay redemption proceeds satisfied by the redemption of account shares. in cash, if a Fund determines that a cash redemption would be A Fund will mail payment proceeds within seven days following detrimental to remaining Fund shareholders, the Funds may pay receipt of all required documents. A mailing of redemption all or a portion of redemption proceeds to affiliated shareholders proceeds may be delayed for up to 10 days from the date of with in-kind distributions of a Fund’s portfolio securities. In this purchase to allow the Fund to collect payment for the purchase of situation, you would typically receive a pro-rata portion (i.e., a shares. proportionate share) of a Fund’s portfolio of holdings to the extent practicable. You may incur brokerage and other transaction costs Under applicable anti-money laundering rules and other associated with converting into cash the portfolio securities regulations, redemptions may be suspended, restricted, distributed to you for such in-kind redemptions. The portfolio cancelled or processed by the Fund, its transfer agent, or any securities you receive may increase or decrease in value before other authorized Fund agent, and any proceeds may be withheld. you convert them into cash. You may incur tax liability when you You may redeem shares in any of the following ways: sell the portfolio securities you receive from an in-kind redemption. • Through a financial professional; • By mail or fax; If an account has multiple owners, the Fund may rely on the • By telephone; instructions of any one account owner to redeem shares. • By the Internet; Additional documentation may be necessary on any account, • By wire/ACH transfer; or including accounts such as a corporation, trust, estate, • Through the Automatic Redemption Plan. custodianship, guardianship, partnership or pension and profit sharing plan. During periods of extreme volume caused by dramatic economic or stock market changes or due to unforeseen technology issues, You must have a Medallion Signature Guarantee if you want to it is possible that shareholders may have difficulty reaching the sell shares with a value of $500,000 or more. A Medallion Interaction Center by phone or Internet for short periods of time. Signature Guarantee is a stamp provided by a financial institution that verifies your signature. You endorse the applicable form and Redemptions from certain accounts may be subject to additional have the signature(s) guaranteed by an eligible guarantor plan provisions. institution such as a commercial bank, trust company, security broker or dealer, credit union, or a savings association 100 Redemptions by Mail or Fax Automatic Redemption Plan (See “How to Contact Us” for address or fax information) The Automatic Redemption Plan allows you to have money automatically withdrawn from your Fund account(s) on a regular Complete a Thrivent Mutual Funds redemption form. You may basis. The plan allows you to receive funds or direct payments at obtain these materials, documents and forms by contacting your regular intervals. The following rules and/or guidelines apply: financial professional or the Interaction Center, or by downloading the documents on thriventfunds.com. As an • You need a minimum of $5,000 in your account to start the alternative, you may prepare a written request including the plan. following information: • To stop or change your plan, please notify Thrivent Mutual Funds 10 days prior to the next withdrawal. • Name(s) of the account owner(s); • Because of sales charges, you must consider carefully the • The account number; costs of frequent investments in and withdrawals from your • The name of the Fund(s) whose shares are being redeemed; account. • Dollar amount or number of shares you wish to redeem; and • This feature may not be available on certain accounts. • Signature of authorized signer(s). Thrivent Money Market Fund Checks Redemptions by Telephone The Thrivent Money Market Fund allows you to write checks The ability to redeem shares by telephone is automatically against your existing shares in the account if you complete a extended to most shareholder accounts, unless the option is check writing signature card and agreement. You can request specifically declined on your application. Certain accounts are checks on your application or in writing. You may obtain these not extended this feature. If you do not want the telephone materials, documents and forms by contacting your financial redemption option on your account, please call the Interaction professional or the Interaction Center. The Fund does not charge Center at 800-847-4836. By accepting this feature, you assume a fee for supplying your checks. The following rules and/or some risks for unauthorized transactions. guidelines apply: Telephone redemption checks will be issued to the same • The checks you write on Thrivent Money Market Fund must payee(s) as the account registration and sent to the address of be for $500 or more. (Because the Fund is not a bank, some record. features, such as stop payment, may not be available.) Telephone redemptions are not allowed if, among other things: • The transfer agent may impose reasonable fees for each check that is returned. • You have not expressly selected the option to permit • Unless you purchased shares by wire, you must wait up to 10 telephone or Internet redemptions; days after you purchase Thrivent Money Market Fund shares • There has been a change of address in the preceding 15 to write checks against that purchase. days; or • Unless you redeem via the Internet or phone, you need a • The request is for $500,000 or more. written request—not a check—to close a Thrivent Money Market Fund account. Redemptions by Internet • You may earn daily income dividends on Fund shares up to To redeem shares from your accounts over the Internet, a User ID the date they are redeemed. and password is required prior to authorizing transactions on • This feature may not be available on certain accounts. your accounts. This feature may not be available on certain accounts. Exchanging Shares Between Funds Internet redemption checks will be issued to the same payee(s) You may exchange some or all of your shares of one Fund for as the account registration and sent only to the address of shares of any of the other Funds. You may make exchanges by record. using the options described in this section or by using the Internet redemptions are not allowed if, among other things: automatic exchange plan, which allows you to make exchanges on a regular basis. If you exchange shares of a Fund for which • You have not expressly selected the option to permit you have previously paid an initial sales charge for shares of telephone or Internet redemptions; another Fund, you will not be charged an initial sales charge for • There has been a change of address in the preceding 15 the exchange. If the shares to be exchanged have not previously days; or paid a sales charge, that portion of the shares acquired through • The request is for $100,000 or more. reinvested dividends and capital gains will not be subject to a sales charge. In certain limited circumstances, exchanges Redemptions by Wire Transfer between different share classes of the same Fund may be When redeeming shares by wire transfer, the following conditions permitted. A conversion between share classes of the same Fund apply: is a nontaxable event. All exchanges will be based on the NAV of • Your bank must be a member of, have a corresponding the shares you are exchanging and acquiring and will be subject relationship with a member of, or use the Federal Reserve to the minimum investment requirements. System. The Funds reserve the right to terminate the exchange feature of • A fee of up to $50 may be assessed for redemptions by wire. any shareholder who is believed to be engaging in abusive • Other restrictions may apply if Thrivent Mutual Funds does trading activity, as discussed in “Frequent Trading Policy and not already have information related to your bank account. Monitoring Process.” Further, the Funds reserve the right to • This feature may not be available on certain accounts. modify or terminate the exchange feature at any time with respect

101 to any Fund, if the Funds’ Trustees determine that continuing the Thrivent Mutual Funds. To start the plan, you will, in most cases, feature may be detrimental to shareholders. If the exchange be required to complete paperwork. policies are materially modified or terminated, the Fund will give To start, stop or change your plan, notify Thrivent Mutual Funds at you at least 60 days prior notice. least 10 days prior to the next exchange date. You may receive more information about making exchanges For further instructions on how to start, stop, or make changes to between Funds by contacting your financial representative or the the plan, call the Interaction Center at 800-847-4836, or notify the Interaction Center. Orders received by the transfer agent or an Fund in writing. 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. Transaction Confirmations Under applicable anti-money laundering rules and other Typically, you will receive written confirmation of your transaction regulations, exchange requests may be suspended, restricted, within five business days following the date of your transaction. cancelled or processed by the Fund, its transfer agent, or any You will receive confirmation of check writing transactions in other authorized Fund agent, and any proceeds may be withheld. Thrivent Money Market Fund monthly. You will receive confirmation of certain purchases and sales at least quarterly, You may exchange Funds in any of the following ways: including purchases under an automatic investment plan, • Through a financial representative; purchases under an automatic exchange election, purchases of • By mail or fax; shares from reinvested dividends and/or capital gains, and • By telephone; automatic redemptions. You also can check your account activity • By the Internet; or at any time on thrivent.com. • By the Automatic Exchange Plan. Uncashed Checks on Your Account During periods of extreme volume caused by dramatic economic or stock market changes or due to unforeseen technology issues, The Funds reserve the right to reinvest any dividend, distribution shareholders may have difficulty reaching the Interaction Center or redemption proceeds amounts that you have elected to by phone or Internet for short periods of time. receive by check should your check remain uncashed for more than 180 days. Such checks will be reinvested in your account at Exchanges by Mail or Fax the NAV on the day of the reinvestment. When reinvested, those Complete a Thrivent Mutual Funds exchange form. You may amounts are subject to the risk of loss like any Fund investment. obtain these materials, documents and forms by contacting your No interest will accrue on amounts represented by uncashed financial professional or the Interaction Center, or by checks. If you elect to receive distributions in cash and a check downloading the documents on thriventfunds.com. As an remains uncashed for more than 180 days, your cash election alternative, you may prepare a written request including the may be changed automatically to reinvest and your future following information: dividend and capital gains distributions will be reinvested in the Fund at the NAV as of the date of payment of the distribution. This • Name(s) of the account owner(s); provision may not apply to certain retirement or qualified • The Fund(s) and account number(s); accounts, accounts with a non-U.S. address or closed accounts. • Dollar or share amount you wish to exchange; Your participation in the Automatic Redemption Plan may be • The name of the Fund(s) and account number(s) you are terminated if a check remains uncashed. exchanging into; and • Signatures of all account owners. Accounts with Low Balances

Exchanges by Telephone Due to the high cost to shareholders of maintaining accounts with The ability to exchange shares by telephone is automatically low balances, a Fund may, by redeeming account shares, charge extended to most accounts, unless the option is specifically a semiannual account maintenance fee of $10 (a “low balance declined on your application. This option may not be available on fee”) if the value of shares in the account falls below the required certain accounts. If you do not want the telephone exchange minimum investment amount shown in the “Buying Shares” option on your account, please call the Interaction Center at section of this prospectus. The low balance fee may be waived 800-847-4836. By accepting this feature, you assume some risks for certain accounts (e.g. certain retirement plans and investors for unauthorized transactions. in certain fee-based investment advisory programs). Low balance fees will be automatically deducted from your account Exchanges by the Internet twice per year. Alternatively, your account could be closed (rather To exchange shares within your Fund accounts over the Internet, than being assessed a low balance fee) by redeeming the shares a User ID and password is required prior to authorizing an in your account. Before your account is closed, however, you will exchange on your Fund accounts. This feature may not be be notified in writing and allowed 60 days to purchase additional available on certain accounts. shares. If additional shares are not purchased, any such close-out redemption may be at a time that is not favorable to you Automatic Exchange Plans and may have tax consequences. 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

102 Important Information Regarding Several different tactics are used to reduce the frequency and effect that frequent trading can have on the Funds. The Funds Unclaimed/Abandoned Property may use a combination of monitoring shareholder activity and restricting shareholder transactions on certain accounts to It is important that the Fund maintains a correct address for each combat such trading practices. The Funds’ use of effective fair shareholder. An incorrect address may cause a shareholder’s value pricing procedures also reduces the opportunities for short account statements and other mailings to be returned to the term traders, especially for the Funds with securities that pose Fund. Please be advised that certain state escheatment laws more frequent pricing challenges, such as international may require the Fund to turn over your Fund account to the state securities, high yield securities, and other securities whose listed in your account registration as abandoned property if no market prices may not accurately reflect their fair value (see shareholder initiated activity occurs in the account within the time “Pricing Funds’ Shares”). frame specified by the applicable state law. When monitoring shareholder activity, the Funds may consider Escheatment laws vary by state, and states have different criteria several factors to evaluate shareholder activity including, but not for defining inactivity and unclaimed or abandoned property. You limited to, the amount and frequency of transactions, the amount should check with your state of residence for specifics. of time between purchases and redemptions (including Depending on the laws in your jurisdiction, shareholder initiated exchanges), trading patterns, and total assets in the Funds that activity might be achieved by one of the following methods: are purchased and redeemed. In making this evaluation, the • Sending a letter to Thrivent Mutual Funds via the U.S. Post Funds may consider trading in multiple accounts under common Office; ownership or control. The Funds reserve the right, in their sole • Logging in to your online account on thrivent.com; discretion, to consider other relevant factors when monitoring • Speaking to a Customer Service Representative on the phone shareholder activity. after you go through a security verification process. For If a shareholder is believed to be engaging in frequent trading residents of certain states, contact cannot be made by phone activity, the Funds may request the shareholder to cease such but must be in writing or through the Fund’s secure web activity, restrict the frequency and number of exchanges allowed application; on an account, or take other action as the Funds deem • Cashing checks that are received and are made payable to necessary to limit or restrict the account privileges to the the owner of the account; or shareholder. The Funds may also reject or cancel any purchase • Taking action on letters received in the mail from the Fund request, including the purchase side of an exchange, without concerning account inactivity, outstanding checks and/or notice for any reason. If it becomes necessary to cancel a escheatment or abandoned property and promptly following transaction of a shareholder whose account has been restricted, the directions in such letters. the Funds will promptly reverse the exchange or (if the purchase The Fund, the Adviser, and the transfer agent will not be liable to request is not associated with an exchange) refund the full Shareholders or their representatives for good faith compliance purchase price to the shareholder. with escheatment laws. To learn more about the escheatment Although the Funds seek to deter frequent trading practices, rules for your particular state, please contact your attorney or there are no guarantees that all activity can be detected or State Treasurer’s and/or Controller’s Offices. If you do not hold prevented. Shareholders engaging in such trading practices use your Shares directly with the Fund, you should contact your an evolving variety of strategies to avoid detection and it may not broker-dealer, retirement plan, or other third-party intermediary be possible for operational and technological systems to regarding applicable state escheatment laws. Residents of reasonably identify all frequent trading activity. Omnibus certain states, including Texas, may designate a representative to accounts like those maintained by brokers and retirement plans receive escheatment or abandoned property notices regarding aggregate purchases and redemptions for multiple investors Fund shares. For more information, please contact your financial whose identities may not be known to the Funds. The Funds intermediary. A completed designation form may be mailed to the monitor aggregate trading activity of the omnibus accounts, and below address. if suspicious activity is detected, the Funds will contact the Thrivent Mutual Funds intermediary associated with the account to determine if 901 Marquette Avenue, Suite 2500 short-term or excessive trading has occurred. If the Funds Minneapolis, Minnesota 55402-3211 believe that its frequent trading policy has been violated, it will ask the intermediary to impose restrictions on excessive trades. Frequent Trading Policies and Monitoring However, the financial intermediary associated with the omnibus account may be limited in its ability to restrict trading practices of Processes its clients. Because short-term or excessive trading in Fund shares may In addition, transactions by certain institutional accounts, asset disrupt management of a Fund and increase Fund expenses, the allocation programs and Funds in other Funds may be exempt Funds place certain limits on frequent trading in the Funds. from the policies discussed above, subject to approval by Except with respect to systematic purchases and redemptions, designated persons at Thrivent Financial. The Statement of transactions solely in your Thrivent Money Market Fund, omnibus Additional Information includes a description of arrangements accounts and other specifically approved accounts, the Funds permitting frequent purchases and redemptions of Fund shares. 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.

103 Anti-Money Laundering selected financial intermediaries (such as brokers or third party administrators) for providing certain sub-transfer agency and You may be asked to provide additional information in order for related administrative services to shareholders holding Fund the Funds to verify your identity in accordance with requirements shares in nominee or street name, including, without limitation, under anti-money laundering and other laws and regulations. the following services: maintaining investor accounts at the Accounts may be restricted and/or closed, and the monies financial intermediary level and keeping track of purchases, withheld, pending verification of this information or as otherwise redemptions and exchanges by such accounts; processing and required or permitted under these and other regulations. mailing trade confirmations, monthly statements, prospectuses, Additionally, the Funds reserve the right to involuntarily redeem annual reports, semiannual reports, and shareholder notices and an account in the case of: (i) actual or suspected threatening other SEC-required communications; capturing and processing conduct or actual or suspected fraudulent, illegal or suspicious tax data; issuing and mailing dividend checks to shareholders activity by the account owner or any other individual associated who have selected cash distributions; preparing record date with the account; or (ii) the failure of the account owner to provide shareholder lists for proxy solicitations; collecting and posting information to the Funds, the Funds’ transfer agent, or any other distributions to shareholder accounts; and establishing and authorized Fund agent related to opening the accounts. maintaining systematic withdrawals and automated investment plans and shareholder account registrations. A Fund may pay a Disclosure of Fund Holdings fee for these services, directly or through the Adviser or its affiliates, to financial intermediaries selected by the Adviser A description of the Funds’ policies and procedures with respect and/or its affiliates. The actual services provided, and the fees to the disclosure of their portfolio securities is available in the paid for such services, may vary from firm to firm. Statement of Additional Information for the Funds, which can be obtained at thriventfunds.com. The payments described above may be material to financial intermediaries relative to other compensation paid by the Funds Standing Allocation Order and/or Thrivent Distributors, the Adviser and their affiliates and may be in addition to any (i) distribution and/or servicing (12b-1) The Thrivent Asset Allocation Funds may purchase and redeem fees and (ii) revenue sharing fees described herein. Thrivent shares of Other Funds each business day pursuant to a standing Distributors and the Adviser rely primarily on contractual allocation order (the “Allocation Order”). When the Allocation arrangements with financial intermediaries to verify whether such Order is in effect, it provides daily instructions for how a purchase intermediaries are providing the services for which they are or redemption order by a Thrivent Asset Allocation Fund should receiving such payments. Although Thrivent Distributors and the be allocated among the Other Funds. Each day when the Adviser do not audit such financial intermediaries, they may Allocation Order is in effect, a Thrivent Asset Allocation Fund will make periodic information requests to verify certain information purchase or redeem shares of the relevant Other Funds at the about the services provided. NAV for the Other Funds calculated the previous day. Any modification to the daily instruction provided by the Allocation Other Payments Order must be before the close of trading on the NYSE. Thrivent Asset Mgt. has entered into an agreement with the Funds’ principal underwriter, Thrivent Distributors, pursuant to Payments to Financial Intermediaries which Thrivent Asset Mgt. pays (from its own resources, not the resources of the Funds) Thrivent Distributors for services relating Rule 12b-1 Fees to the promotion, offering, marketing or distribution of the Funds and/or retention of assets maintained in the Funds. In addition, Class A shares of Funds have an annual Rule 12b-1 fee for Thrivent Asset Mgt. and Thrivent Distributors may make distribution and shareholder servicing activities. The Rule 12b-1 payments, out of their own resources, to financial intermediaries fee is 0.25% each year of average daily net assets for all Funds that sell shares of the Funds in order to promote the distribution other than Thrivent Government Bond Fund and Thrivent Limited and retention of Fund shares. The payments are typically based Maturity Bond Fund, which have a Rule 12b-1 fee of 0.125%, and on cumulative shares purchased by financial intermediaries’ Thrivent Money Market Fund, which does not have a Rule 12b-1 clients and may vary by share class and other factors. These fee. The Funds pay the Rule 12b-1 fees to Thrivent Distributors, payments create an incentive for the financial intermediary or its LLC (“Thrivent Distributors”). Those fees are paid out of a Fund’s financial representatives to recommend or offer shares of the assets attributable to the class of shares on an ongoing basis. As Funds to you. The aforementioned arrangements are sometimes a result, these fees will increase the cost of your investment and referred to as “revenue sharing.” may cost you more than paying other types of sales charges. Revenue sharing arrangements are separately negotiated Thrivent Distributors may pay all or a portion of the fees to any between the Adviser and/or its affiliates, and the recipients of broker-dealer, financial institution or any other person who these payments. Revenue sharing payments are not borne renders assistance in distributing or promoting the sale of shares, directly by the Funds, and are not reflected as additional or who provides certain shareholder services. Payments of the expenses in the fee table in this prospectus. 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

104 Distributions

Dividends October 31, except for Thrivent Diversified Income Plus Fund, which are for the prior twelve-month period ending December 31. Dividends of the Funds, if any, are generally declared and paid as follows: Distribution Options

Declared Daily and • Thrivent Government Bond Fund When completing your application, you may select one of the Paid Monthly • Thrivent High Yield Fund following options for dividends and capital gains distributions. Notify your Fund of a change in your distribution option 10 days • Thrivent Income Fund before the record date of the dividend or distribution. • Thrivent Limited Maturity Bond Fund • Thrivent Money Market Fund • Full Reinvestment. Distributions from a Fund will be • Thrivent Municipal Bond Fund reinvested in additional shares of the same class of that • Thrivent Opportunity Income Plus Fund. This option will be selected automatically unless one of Fund the other options is specified. • Full Reinvestment in a Different Fund. You may also Declared and Paid • Thrivent Diversified Income Plus choose to have your distributions reinvested into an existing Monthly Fund account of the same class of another Fund within the Thrivent Declared and Paid • Thrivent Balanced Income Plus Mutual Funds. Quarterly Fund • Part Cash and Part Reinvestment. You may request to have • Thrivent Moderate Allocation Fund part of your distributions paid in cash and part of your • Thrivent Moderately Conservative distributions reinvested in additional shares of the same class Allocation Fund of the Fund.

Declared and Paid • Thrivent Aggressive Allocation Fund • All Cash. Distributions will be paid in cash. You may choose to send your distributions directly to your bank account or Annually • Thrivent Global Stock Fund request to have a check sent to you. • Thrivent International Allocation Fund The Funds reserve the right to automatically reinvest any • Thrivent Large Cap Growth Fund distributions into your account that are less than $10. • Thrivent Large Cap Value Fund Distributions paid in shares will be credited to your account at the • Thrivent Mid Cap Stock Fund next determined NAV per share. • Thrivent Moderately Aggressive See “Shareholder Information—Uncashed Checks on Your Allocation Fund Account” for information about uncashed distribution checks. • Thrivent Small Cap Stock Fund 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

105 Taxes

General accumulate on a tax-deferred basis and are taxable upon withdrawal. The investment earnings portion of any The Funds intend to make distributions that may be taxed as “non-qualified” Roth IRA withdrawal is also taxable upon ordinary income or capital gains. In general, any net investment withdrawal. If you have any questions regarding your tax status, income and short-term capital gain distributions you receive from please consult with a tax professional. a Fund are taxable as ordinary income. To the extent a Fund receives and distributes qualified dividend income, you may be Back-up Withholding eligible for a tax rate lower than that on other ordinary income distributions. Distributions of other net capital gains by the Fund By law, the Funds must withhold 24% of your distributions and are generally taxable as capital gains—in most cases, at different proceeds as a prepayment of federal income tax if you have not rates from those that apply to ordinary income. In addition, there provided complete, correct taxpayer information. In addition, to is a possibility that some of the distributions of Thrivent the extent that a Fund invests less than 50% of its total assets in Diversified Income Plus Fund may be classified as return of municipal bonds, income generated from those bonds and capital. distributed to Fund shareholders would generally be subject to federal income tax. The tax you pay on a given capital gains distribution generally depends on how long a Fund has held the Fund securities it sold. Municipal Bonds It does not depend on how long you have owned your Fund shares or whether you reinvest your distributions or take them in Dividend distributions from the Thrivent Municipal Bond Fund, cash. when not held in an IRA, 403(b) plan, or tax-qualified retirement plan, are generally exempt from federal income tax. The Fund Every year, the Funds will send you a statement detailing the tax may, however, invest a portion of its assets in securities that status of all your distributions for the previous year. The tax generate income that is not exempt from federal income tax or statement for all Funds except Thrivent Diversified Income Plus securities that are subject to the alternative minimum tax. In Fund will be mailed in January. The REIT investments of Thrivent addition, income of the Fund that is exempt from federal income Diversified Income Plus Fund do not provide complete tax tax may be subject to state and local income tax. Any capital information until after the calendar year-end. Consequently, gains distributed by Thrivent Municipal Bond Fund will be subject Thrivent Diversified Income Plus Fund expects to send your tax to federal and state taxes. statement in late February. When held in an IRA, 403(b) plan, or tax-qualified retirement plan, For tax purposes, an exchange between Funds is the same as a the Thrivent Municipal Bond Fund is treated like any other IRA, sale. The sale of shares in your account may produce a gain or 403(b) plan, or tax-qualified retirement plan investment— loss, which may be a taxable event. accumulating on a tax-deferred basis and taxable upon For Fund shares purchased on or after January 1, 2012 through withdrawal. By electing to invest your IRA, 403(b) plan, or 1099-B reportable accounts (“covered shares”), the Fund (other tax-qualified retirement plan in the Thrivent Municipal Bond Fund, than the Money Market Fund) tracks the cost basis of these you are not able to take advantage of the federal tax exemption shares pursuant to your cost basis election (e.g., average cost; on any earnings (dividends and capital gains) upon withdrawal. last-in, first-out (LIFO)). In the event that you do not elect a Dividends and capital gains distributions from the Thrivent particular method, the average cost method will be used on your Municipal Bond Fund, when held in an IRA, 403(b) plan, or covered shares. When you redeem your covered shares, the tax-qualified retirement plan, are reported as taxable income Fund will provide you with a tax statement indicating your capital when received. Please consult with your tax professional for more gains or losses, if any, on the redemption of covered shares information. during the applicable tax period and will also report this information to the Internal Revenue Service. You are required to Foreign Securities use this provided information when filling out your Federal tax return. For more information about the Funds’ practices regarding Foreign investments pose special tax issues for Thrivent Global cost basis, please visit thriventfunds.com. Stock Fund and Thrivent International Allocation Fund and their shareholders. For example, certain gains and losses from Retirement Plans currency fluctuations may be taxable as ordinary income. Also, certain foreign countries withhold taxes on some interest and Pre-tax contributions to traditional/SEP/SIMPLE IRAs, 403(b) dividends that otherwise would be payable to these Funds. If the plans, and tax-qualified retirement plans are taxable upon amount withheld is material, these Funds may elect to pass withdrawal. Investment earnings inside traditional/SEP/SIMPLE through a credit to shareholders. IRAs, 403(b) plans, and tax-qualified retirement plans

106 Index Descriptions

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.

Index Description Fund

Bloomberg Barclays 1-3 Year The Bloomberg Barclays 1-3 Year Thrivent Limited Maturity Bond Fund Government/Credit Bond Index Government/Credit Bond Index is an index that measures the performance of government and corporate fixed-rate debt securities with maturities of 1-3 years. Bloomberg Barclays Municipal Bond The Bloomberg Barclays Municipal Bond Thrivent Municipal Bond Fund Index Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more. Bloomberg Barclays U.S. Agency The Bloomberg Barclays U.S. Agency Thrivent Government Bond Fund Index Index is an index that measures the performance of the agency sector of the U.S. government bond market. Bloomberg Barclays U.S. Aggregate The Bloomberg Barclays U.S. Aggregate Thrivent Aggressive Allocation Fund Bond Index Bond Index is an index that measures the performance of U.S. investment Thrivent Moderately Aggressive grade bonds. Allocation Fund Thrivent Moderate Allocation Fund Thrivent Moderately Conservative Allocation Fund Bloomberg Barclays U.S. Corporate The Bloomberg Barclays U.S. Corporate Thrivent Income Fund Bond Index Bond Index measures the investment grade, fixed-rate, taxable corporate bond market and includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Bloomberg Barclays U.S. Corporate The Bloomberg Barclays U.S. Corporate Thrivent High Yield Fund High Yield Bond Index High Yield Bond Index is an index that measures the performance of fixed-rate non-investment grade bonds. Bloomberg Barclays U.S. High Yield The Bloomberg Barclays U.S. High Yield Thrivent Balanced Income Plus Fund Ba/B 2% Issuer Capped Index Ba/B 2% Issuer Capped Index is an index that represents the performance of Thrivent Diversified Income Plus Fund high yield corporate bonds rated Ba or Thrivent Opportunity Income Plus Fund B, with a maximum allocation of 2% to any one issuer. Bloomberg Barclays U.S. Mortgage- The Bloomberg Barclays U.S. Mortgage- Thrivent Balanced Income Plus Fund Backed Securities Index Backed Securities Index is an index that covers the mortgage-backed securities Thrivent Diversified Income Plus Fund component of the Bloomberg Barclays Thrivent Opportunity Income Plus Fund U.S. Aggregate Bond Index. Bloomberg Barclays U.S. Treasury The Bloomberg Barclays U.S. Treasury Thrivent Government Bond Fund Index Index is an index that measures the performance of the U.S. Treasury bond market.

107 Index Description Fund

MSCI All Country World Index – USD The MSCI All Country World Index - Thrivent Global Stock Fund Net Returns USD Net Returns is an index that measures the performance of developed and emerging stock markets throughout the world. MSCI All Country World Index ex-USA The MSCI All Country World Index ex- Thrivent Aggressive Allocation Fund – USD Net Returns USA – USD Net Returns is an index that measures the performance of stock Thrivent International Allocation Fund markets in developed and emerging Thrivent Moderately Aggressive markets countries throughout the world Allocation Fund (excluding the U.S.). Thrivent Moderate Allocation Fund Thrivent Moderately Conservative Allocation Fund MSCI EAFE Index The MSCI EAFE Index is an index that Thrivent International Index Fund represents the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, and excluding the U.S. and Canada. MSCI World Index – USD Net Returns The MSCI World Index – USD Net Thrivent Balanced Income Plus Fund Returns is an index that measures the performance of stock markets in Thrivent Diversified Income Plus Fund developed countries throughout the world. Russell 1000® Growth Index The Russell 1000® Growth Index is an Thrivent Large Cap Growth Fund unmanaged market capitalization- weighted index of growth-oriented stocks of the largest companies that are included in the Russell 1000 Index. Russell 1000® Value Index The Russell 1000® Value Index is an Thrivent Large Cap Value Fund unmanaged market capitalization- weighted index of value-oriented stocks of the largest companies that are included in the Russell 1000 Index. Russell 2000® Index The Russell 2000® Index is an Thrivent Small Cap Stock Fund unmanaged market capitalization- weighted index measuring the smallest 2,000 companies in the Russell 3000 Index. Russell Midcap® Index The Russell Midcap® Index is an Thrivent Mid Cap Stock Fund unmanaged market capitalization- weighted index measuring the performance of the 800 smallest companies in the Russell 1000 Index. S&P 500® Index The S&P 500® Index is an index that Thrivent Aggressive Allocation Fund measures the performance of 500 widely held, publicly traded stocks. Thrivent Moderately Aggressive Allocation Fund Thrivent Moderate Allocation Fund Thrivent Moderately Conservative Allocation Fund S&P 500 Growth Index The S&P 500 Growth Index is an index Thrivent Large Cap Growth Fund that measures the performance of the growth stocks in the S&P 500 Index. S&P 500 Value Index The S&P 500 Value Index is an index Thrivent Large Cap Value Fund that measures the performance of the value stocks in the S&P 500 Index.

108 Index Description Fund

S&P MidCap 400® Index The S&P MidCap 400® Index is an Thrivent Mid Cap Stock Fund index that measures the performance of 400 mid-cap stocks. S&P SmallCap 600® Index The SmallCap 600® Index is an index Thrivent Small Cap Stock Fund that measures the performance of a group of 600 small-cap stocks. S&P/LSTA Leveraged Loan Index The S&P/LSTA Leveraged Loan Index is Thrivent Balanced Income Plus Fund an index that reflects the performance of the largest facilities in the leveraged Thrivent Diversified Income Plus Fund loan market. Thrivent Opportunity Income Plus Fund

109 [This page intentionally left blank] Financial Highlights

The financial highlights tables for each of the Funds are intended for the fiscal year ended October 31, 2020 (for all Funds except to help you understand the Funds’ financial performance for the Thrivent Diversified Income Plus Fund, whose report, along with past five complete fiscal years or, if shorter, the period of the the Fund’s financial statements, are included in the Annual Funds’ operations. Certain information reflects financial results for Report to Shareholders for the fiscal year ended December 31, a single Fund share. The total returns in the tables represent the 2020), which are available upon request. The financial highlights rate that an investor would have earned or lost on an investment should be read in conjunction with the financial statements and in a Fund (assuming reinvestment of all dividends and notes thereto. The tables do not show the effect of a sales charge distributions). This information has been audited by for any of the Funds. PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose reports, along with the Funds’ financial statements, are included in the Annual Reports to Shareholders

111 Thrivent Mutual Funds Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*

Income from Investment Operations Less Distributions from Net Asset Net Realized Net Value, Net and Unrealized Total from Net Realized Beginning Investment Gain/(Loss) on Investment Investment Gain on of Period Income/(Loss) Investments(a) Operations Income Investments

Aggressive Allocation Fund Class A Shares 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) Year Ended 10/31/2017 13.11 0.05 2.98 3.03 (0.07) (0.06) Year Ended 10/31/2016 14.05 0.07 0.08 0.15 (0.03) (1.06)

Balanced Income Plus Fund Class A Shares 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) Year Ended 10/31/2017 12.22 0.29 1.01 1.30 (0.26) — Year Ended 10/31/2016 12.80 0.30 0.03 0.33 (0.29) (0.62)

Diversified Income Plus Fund Class A Shares 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) Year Ended 12/31/2017 7.00 0.21 0.41 0.62 (0.21) — Year Ended 12/31/2016 6.79 0.22 0.23 0.45 (0.24) —

Global Stock Fund Class A Shares 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) Year Ended 10/31/2017 24.77 0.30 5.13 5.43 (0.29) (0.70) Year Ended 10/31/2016 26.32 0.26 (0.66) (0.40) (0.24) (0.91)

Government Bond Fund Class A Shares 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) Year Ended 10/31/2017 10.14 0.14 (0.20) (0.06) (0.14) (0.02) Year Ended 10/31/2016 10.12 0.12 0.21 0.33 (0.12) (0.19)

(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.

112 Thrivent Mutual Funds Financial Highlights – continued

RATIOS / SUPPLEMENTAL DATA Ratios to Average Net Assets Ratio to Average Before Expenses Waived, Net Assets** Credited or Paid Indirectly**

Net Asset Value, Net Assets, Net Net Portfolio Total End of Total End of Period Investment Investment Turnover Distributions Period Return(b) (in millions) Expenses Income/(Loss) Expenses Income/(Loss) Rate

$(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% (0.13) 16.01 23.31% 879.6 0.92% 0.32% 1.19% 0.05% 59% (1.09) 13.11 1.34% 730.0 0.94% 0.50% 1.21% 0.23% 58%(c)

(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% (0.26) 13.26 10.78% 250.7 1.06% 2.26% 1.06% 2.26% 145% (0.91) 12.22 2.83% 231.8 1.07% 2.52% 1.07% 2.52% 125%(c)

(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% (0.21) 7.41 8.98% 617.3 0.97% 2.86% 0.97% 2.86% 133% (0.24) 7.00 6.70% 591.3 0.97% 3.23% 0.97% 3.23% 91%

(3.11) 23.82 2.78% 1,383.1 1.02% 0.75% 1.02% 0.75% 59% (2.22) 26.16 7.73% 1,478.5 1.01% 1.39% 1.01% 1.39% 73% (2.72) 26.59 0.22% 1,492.5 0.99% 1.15% 0.99% 1.15% 52% (0.99) 29.21 22.61% 1,594.8 1.01% 1.11% 1.01% 1.11% 73% (1.15) 24.77 (1.48)% 1,399.8 1.03% 1.03% 1.03% 1.03% 64%(d)

(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% (0.16) 9.92 (0.56)% 6.5 0.85% 1.40% 1.00% 1.25% 193% (0.31) 10.14 3.36% 8.7 0.87% 1.16% 1.04% 0.98% 152%(d)

(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) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Aggressive Allocation Fund was 57% and Balanced Income Plus Fund was 120%. (d) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Global Stock Fund was 62% and Government Bond Fund was 149%. ** Computed on an annualized basis for periods less than one year.

113 Thrivent Mutual Funds Financial Highlights – continued

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*

Income from Investment Operations Less Distributions from Net Asset Net Realized Net Value, Net and Unrealized Total from Net Realized Beginning Investment Gain/(Loss) on Investment Investment Gain on of Period Income/(Loss) Investments(a) Operations Income Investments

High Yield Fund Class A Shares 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) — Year Ended 10/31/2017 4.76 0.25 0.14 0.39 (0.25) — Year Ended 10/31/2016 4.74 0.25 0.02 0.27 (0.25) —

Income Fund Class A Shares 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) Year Ended 10/31/2017 9.26 0.28 0.02 0.30 (0.28) (0.01) Year Ended 10/31/2016 9.01 0.29 0.29 0.58 (0.29) (0.04)

International Allocation Fund Class A Shares 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) Year Ended 10/31/2017 9.65 0.20 1.67 1.87 (0.19) — Year Ended 10/31/2016 9.62 0.21 — 0.21 (0.18) —

Large Cap Growth Fund Class A Shares 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) Year Ended 10/31/2017 8.23 (0.04) 2.09 2.05 — (0.05) Year Ended 10/31/2016 9.12 (0.03) (0.36) (0.39) — (0.50)

Large Cap Value Fund Class A Shares 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) Year Ended 10/31/2017 19.42 0.29 3.85 4.14 (0.24) (0.65) Year Ended 10/31/2016 19.99 0.30 0.39 0.69 (0.19) (1.07)

(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.

114 Thrivent Mutual Funds Financial Highlights – continued

RATIOS / SUPPLEMENTAL DATA Ratios to Average Net Assets Ratio to Average Before Expenses Waived, Net Assets** Credited or Paid Indirectly**

Net Asset Value, Net Assets, Net Net Portfolio Total End of Total End of Period Investment Investment Turnover Distributions Period Return(b) (in millions) Expenses Income/(Loss) Expenses Income/(Loss) Rate

$(0.23) $ 4.49 (0.16)% $407.10 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% (0.25) 4.90 8.42% 477.7 0.80% 5.25% 0.80% 5.25% 48% (0.25) 4.76 6.05% 471.5 0.81% 5.42% 0.81% 5.42% 43%(c)

(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% (0.29) 9.27 3.34% 342.5 0.77% 3.04% 0.77% 3.04% 100% (0.33) 9.26 6.62% 359.3 0.77% 3.20% 0.77% 3.20% 107%(c)

(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% (0.19) 11.33 19.76% 161.4 1.36% 1.86% 1.56% 1.65% 94% (0.18) 9.65 2.21% 141.3 1.40% 1.82% 1.58% 1.64% 108%(d)

(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% (0.05) 10.23 25.03% 210.2 1.20% (0.32)% 1.26% (0.38)% 65% (0.50) 8.23 (4.52)% 178.8 1.20% (0.25)% 1.28% (0.33)% 68%(d)

(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% (0.89) 22.67 21.77% 228.0 0.91% 1.31% 0.91% 1.31% 17% (1.26) 19.42 3.86% 198.6 0.93% 1.34% 0.93% 1.34% 22%

(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) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for High Yield Fund was 42% and Income Fund was 104%. (d) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in amaterial misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for International Allocation Fund was 107% and Large Cap Growth Fund was 67%. ** Computed on an annualized basis for periods less than one year.

115 Thrivent Mutual Funds Financial Highlights – continued

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*

Income from Investment Operations Less Distributions from Net Asset Net Realized Net Value, Net and Unrealized Total from Net Realized Beginning Investment Gain/(Loss) on Investment Investment Gain on of Period Income/(Loss) Investments(a) Operations Income Investments

Limited Maturity Bond Fund Class A Shares 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) — Year Ended 10/31/2017 12.48 0.21 0.01 0.22 (0.21) — Year Ended 10/31/2016 12.38 0.20 0.10 0.30 (0.20) —

Mid Cap Stock Fund Class A Shares 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) Year Ended 10/31/2017 21.63 (0.02) 5.45 5.43 (0.02) (0.99) Year Ended 10/31/2016 21.61 0.02 2.44 2.46 (0.03) (2.41)

Moderate Allocation Fund Class A Shares 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) Year Ended 10/31/2017 12.52 0.17 1.45 1.62 (0.17) (0.08) Year Ended 10/31/2016 12.90 0.16 0.20 0.36 (0.15) (0.59)

(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.

116 Thrivent Mutual Funds Financial Highlights – continued

RATIOS / SUPPLEMENTAL DATA Ratios to Average Net Assets Ratio to Average Before Expenses Waived, Net Assets** Credited or Paid Indirectly**

Net Asset Value, Net Assets, Net Net Portfolio Total End of Total End of Period Investment Investment Turnover Distributions Period Return(b) (in millions) Expenses Income/(Loss) Expenses Income/(Loss) Rate

$(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% (0.21) 12.49 1.79% 336.0 0.61% 1.69% 0.61% 1.69% 79% (0.20) 12.48 2.42% 351.2 0.62% 1.58% 0.62% 1.58% 83%(c)

(0.71) 24.40 6.08% 1,146.3 1.04% 0.10% 1.04% 0.10% 40% (2.61) 23.68 6.89% 1,174.7 1.04% 0.22% 1.04% 0.22% 28% (2.23) 24.87 4.07% 1,171.8 1.04% 0.17% 1.04% 0.17% 34% (1.01) 26.05 25.63% 1,188.0 1.06% (0.07)% 1.06% (0.07)% 29% (2.44) 21.63 12.93% 1,005.1 1.09% 0.09% 1.09% 0.09% 22%(d)

(0.70) 14.29 6.16% 1,888.6 0.81% 1.32% 0.99% 1.14% 117% (0.55) 14.15 10.34% 1,884.8 0.80% 1.59% 1.00% 1.39% 145% (0.60) 13.37 0.50% 1,778.0 0.79% 1.46% 1.00% 1.25% 133% (0.25) 13.89 13.08% 1,839.5 0.80% 1.31% 1.02% 1.09% 158% (0.74) 12.52 3.06% 1,682.9 0.81% 1.31% 1.02% 1.10% 147%(e)

(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) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Limited Maturity Bond Fund was 81%. (d) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Mid Cap Stock Fund was 21%. (e) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Moderate Allocation Fund was 138%. ** Computed on an annualized basis for periods less than one year.

117 Thrivent Mutual Funds Financial Highlights – continued

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*

Income from Investment Operations Less Distributions from Net Asset Net Realized Net Value, Net and Unrealized Total from Net Realized Beginning Investment Gain/(Loss) on Investment Investment Gain on of Period Income/(Loss) Investments(a) Operations Income Investments

Moderately Aggressive Allocation Fund Class A Shares 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) Year Ended 10/31/2017 13.11 0.13 2.22 2.35 (0.13) (0.14) Year Ended 10/31/2016 13.73 0.13 0.15 0.28 (0.09) (0.81)

Moderately Conservative Allocation Fund Class A Shares 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) Year Ended 10/31/2017 11.78 0.21 0.80 1.01 (0.21) (0.10) Year Ended 10/31/2016 11.88 0.20 0.21 0.41 (0.18) (0.33)

Money Market Fund Class A Shares 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) — Year Ended 10/31/2017 1.00 — — — — — Year Ended 10/31/2016 1.00 — — — — —

Municipal Bond Fund Class A Shares 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) — Year Ended 10/31/2017 11.65 0.39 (0.26) 0.13 (0.39) — Year Ended 10/31/2016 11.60 0.39 0.05 0.44 (0.39) —

(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.

118 Thrivent Mutual Funds Financial Highlights – continued

RATIOS / SUPPLEMENTAL DATA Ratios to Average Net Assets Ratio to Average Before Expenses Waived, Net Assets** Credited or Paid Indirectly**

Net Asset Value, Net Assets, Net Net Portfolio Total End of Total End of Period Investment Investment Turnover Distributions Period Return(b) (in millions) Expenses Income/(Loss) Expenses Income/(Loss) Rate

$(0.93) $15.16 5.77% $2,234.1 0.83% 1.03% 1.05% 0.81% 81% (0.78) 15.24 10.36% 2,251.4 0.83% 1.21% 1.06% 0.98% 98% (0.78) 14.62 1.37% 2,123.3 0.80% 0.99% 1.06% 0.73% 86% (0.27) 15.19 18.21% 2,086.9 0.81% 0.91% 1.08% 0.64% 103% (0.90) 13.11 2.36% 1,809.6 0.82% 1.01% 1.10% 0.73% 94%(c)

(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% (0.31) 12.48 8.70% 719.7 0.83% 1.70% 0.99% 1.54% 208% (0.51) 11.78 3.65% 703.3 0.84% 1.69% 0.99% 1.54% 196%(c)

(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 — 1.00 0.03% 325.1 0.80% 0.03% 0.80% 0.03% N/A — 1.00 0.00% 381.3 0.41% 0.00% 0.85% (0.43)% N/A

(0.33) 11.42 2.48% 1,215.5 0.74% 2.68% 0.74% 2.68% 29% (0.36) 11.47 8.76% 1,253.7 0.75% 2.99% 0.75% 2.99% 31% (0.38) 10.89 (1.08)% 1,238.9 0.74% 3.42% 0.74% 3.42% 35% (0.39) 11.39 1.15% 1,382.3 0.74% 3.41% 0.74% 3.41% 18% (0.39) 11.65 3.79% 1,471.0 0.74% 3.29% 0.74% 3.29% 10%

(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) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Moderately Aggressive Allocation Fund was 90% and Moderately Conservative Allocation Fund was 181%. ** Computed on an annualized basis for periods less than one year.

119 Thrivent Mutual Funds Financial Highlights – continued

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*

Income from Investment Operations Less Distributions from Net Asset Net Realized Net Value, Net and Unrealized Total from Net Realized Beginning Investment Gain/(Loss) on Investment Investment Gain on of Period Income/(Loss) Investments(a) Operations Income Investments

Opportunity Income Plus Fund Class A Shares 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) — Year Ended 10/31/2017 10.23 0.34 0.08 0.42 (0.34) — Year Ended 10/31/2016 10.05 0.36 0.19 0.55 (0.37) —

Small Cap Stock Fund Class A Shares 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) Year Ended 10/31/2017 17.53 (0.02) 5.98 5.96 (0.03) (0.86) Year Ended 10/31/2016 18.15 0.04 0.88 0.92 — (1.54)

(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.

120 Thrivent Mutual Funds Financial Highlights – continued

RATIOS / SUPPLEMENTAL DATA Ratios to Average Net Assets Ratio to Average Before Expenses Waived, Net Assets** Credited or Paid Indirectly**

Net Asset Value, Net Assets, Net Net Portfolio Total End of Total End of Period Investment Investment Turnover Distributions Period Return(b) (in millions) Expenses Income/(Loss) Expenses Income/(Loss) Rate

$(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% (0.34) 10.31 4.16% 264.8 0.90% 3.29% 0.91% 3.28% 186% (0.37) 10.23 5.60% 258.4 0.89% 3.65% 0.92% 3.62% 156%(c)

(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% (0.89) 22.60 34.84% 424.0 1.16% (0.07)% 1.16% (0.07)% 47% (1.54) 17.53 5.72% 331.4 1.21% 0.23% 1.21% 0.23% 58%

(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) Management identified an error in the calculation of the 10/31/2016 Portfolio Turnover Rates. The market value of a short term security was incorrectly included in the calculation. The impact of the revised calculation was evaluated, and Management concluded that the error did not result in a material misstatement of the Financial Statements or the Financial Highlights. Management determined that a revision of the 10/31/2016 Portfolio Turnover Rates was appropriate and the revisions are reflected in the Financial Highlights. The previously stated 10/31/2016 Portfolio Turnover Rate for Opportunity Income Plus Fund was 147%. ** Computed on an annualized basis for periods less than one year.

121 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank]

4321 N. Ballard Rd. Appleton, WI 54919-0001

A better way to deliver documents In response to concerns regarding multiple mailings, we send one copy of a shareholder report and 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. • 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 or a shareholder report for Thrivent Mutual Funds, call us at 800-847-4836. These documents are also available by visiting thriventfunds.com. • 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 or a shareholder report for Thrivent Mutual Funds, contact your financial professional. These documents are also available by visiting thriventfunds.com.

Contact Thrivent Mutual Funds Phone: 800-847-4836 New Applications: Redemptions, Exchanges or Other Fax: 866-278-8363 Thrivent Mutual Funds Requests: P.O. Box 219347 Thrivent Mutual Funds Web: thriventfunds.com Kansas City, Missouri 64121-9347 P.O. Box 219348 Kansas City, Missouri 64121-9348 Email: [email protected] Additional Investments: Thrivent Mutual Funds Express Mail: P.O. Box 219334 Thrivent Mutual Funds Kansas City, Missouri 64121-9334 430 West 7th Street Kansas City, Missouri 64105

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 the semiannual report, 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 [email protected]. 1940 Act File No. 811-5075 The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker/dealer, member FINRA/SIPC and subsidiary of Thrivent,the marketing name for Thrivent Financial for Lutherans. 32001PR R2-21