Report of Independent Registered Public Accounting Firm to The
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Report of Independent Registered Public Accounting Firm To the Board of Trustees of Thrivent Mutual Funds and Shareholders of Thrivent Aggressive Allocation Fund, Thrivent Balanced Income Plus Fund, Thrivent Global Stock Fund, Thrivent High Yield Fund, Thrivent Income Fund, Thrivent International Allocation Fund, Thrivent Limited Maturity Bond Fund, Thrivent Moderate Allocation Fund, Thrivent Moderately Aggressive Allocation Fund, Thrivent Moderately Conservative Allocation Fund, Thrivent Municipal Bond Fund and Thrivent Opportunity Income Plus Fund Opinions on the Financial Statements We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments, of Thrivent Aggressive Allocation Fund, Thrivent Balanced Income Plus Fund, Thrivent Global Stock Fund, Thrivent High Yield Fund, Thrivent Income Fund, Thrivent International Allocation Fund, Thrivent Limited Maturity Bond Fund, Thrivent Moderate Allocation Fund, Thrivent Moderately Aggressive Allocation Fund, Thrivent Moderately Conservative Allocation Fund, Thrivent Municipal Bond Fund and Thrivent Opportunity Income Plus Fund (twelve of the funds constituting Thrivent Mutual Funds, hereafter collectively referred to as the "Funds") as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America. Basis for Opinions These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant PricewaterhouseCoopers LLP, 45 South Seventh Street, Suite 3400, Minneapolis, MN 55402 T: (612) 596 6000, F: (612) 373 7160, www.pwc.com/us estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, agent banks, transfer agent and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions. December 18, 2020 We have served as the auditor of one or more investment companies in Thrivent Financial for Lutherans investment company complex since 1987. 2 Aggressive Allocation Fund Schedule of Investments as of October 31, 2020 Registered Investment Shares Common Stock (42.8%) Value Shares Companies (46.5%) Value Communications Services (1.6%) - continued Unaffiliated (0.7%) 6,533 Take-Two Interactive Software, 10,832 Health Care Select Sector SPDR Inc.b $1,012,092 Funda $1,101,181 23,615 Twitter, Inc.b 976,716 6,999 ProShares Ultra S&P 500a 486,571 11,203 Uber Technologies, Inc.b 374,292 27,786 SPDR S&P 500 ETF Trust 9,073,240 50,585 Verizon Communications, Inc. 2,882,839 11,620 SPDR S&P Regional Banking ETF 478,163 1,050 Walt Disney Company 127,313 Total 11,139,155 14,442 Zillow Group, Inc.b 1,290,104 Total 23,659,577 Affiliated (45.8%) 4,249,495 Thrivent Core Emerging Markets Consumer Discretionary (5.4%) Equity Fundb 44,024,770 3,919 Adient plcb 83,161 7,005,956 Thrivent Core International Equity 2,123 Amazon.com, Inc.b 6,445,746 Fund 59,200,332 6,359 American Eagle Outfitters, Inc. 87,182 7,476,236 Thrivent Core Low Volatility Equity 376 American Public Education, Inc.b 10,629 Fund 86,799,100 40,739 Aptiv plc 3,930,906 1,627,130 Thrivent Global Stock Fund, Class 2,419 At Home Group, Inc.b 39,405 S 39,278,920 1,559 AutoNation, Inc.b 88,442 1,488,383 Thrivent High Yield Fund, Class S 6,682,839 1,048 AutoZone, Inc.b 1,183,171 492,626 Thrivent Income Fund, Class S 4,916,410 3,471 Beazer Homes USA, Inc.b 42,277 12,775,335 Thrivent International Allocation 5,317 Bed Bath & Beyond, Inc. 105,277 Fund, Class S 117,405,326 833 Big Lots, Inc. 39,651 8,260,339 Thrivent Large Cap Growth Fund, 4,562 BJ's Restaurants, Inc. 128,694 Class S 134,643,523 360 Booking Holdings, Inc.b 584,100 3,208,458 Thrivent Large Cap Value Fund, 17,792 Bright Horizons Family Solutions, Class S 66,062,158 Inc.b 2,812,026 587,180 Thrivent Limited Maturity Bond 843 Brinker International, Inc. 36,704 Fund, Class S 7,433,702 1,191 Brunswick Corporation 75,879 2,969,214 Thrivent Mid Cap Stock Fund, 11,812 Burlington Stores, Inc.b 2,286,567 Class S 83,256,754 3,826 Caesars Entertainment, Inc.b 171,481 1,493,352 Thrivent Small Cap Stock Fund, 2,272 Camping World Holdings, Inc. 60,072 Class S 34,391,890 4,561 Capri Holdings, Ltd.b 96,784 Total 684,095,724 5,704 Carnival Corporation 78,202 53 Cavco Industries, Inc.b 9,123 Total Registered Investment 38,890 Cedar Fair, LP 1,011,529 Companies (cost $562,823,695) 695,234,879 981 Century Casinos, Inc.b 4,620 1,178 Century Communities, Inc.b 45,753 b Shares Common Stock (42.8%) Value 11,389 Chegg, Inc. 836,408 21,473 Chewy, Inc.a,b 1,322,737 Communications Services (1.6%) 31,883 Chico's FAS, Inc. 34,115 4,519 Activision Blizzard, Inc. 342,224 1,486 Children's Place, Inc. 37,551 1,899 Alphabet, Inc., Class Ab 3,068,993 1,685 Chipotle Mexican Grill, Inc.b 2,024,494 1,317 Alphabet, Inc., Class Cb 2,134,870 537 Choice Hotels International, Inc. 46,907 4,772 ANGI Homeservices, Inc.b 50,583 1,096 Churchill Downs, Inc. 163,468 8,884 Cinemark Holdings, Inc. 72,760 105,004 Cooper-Standard Holdings, Inc.b 1,647,513 55,415 Comcast Corporation 2,340,730 2,240 Cracker Barrel Old Country Store, 1,229 Consolidated Communications Inc. 254,957 Holdings, Inc.b 5,739 21,205 Crocs, Inc.b 1,109,658 33,343 Discovery, Inc., Class Ab 674,862 3,842 Culp, Inc. 47,679 21,200 DISH Network Corporationb 540,388 11,212 D.R. Horton, Inc. 749,074 1,712 EchoStar Corporationb 39,650 4,393 Dana, Inc. 61,458 6,700 Facebook, Inc.b 1,762,837 2,401 Darden Restaurants, Inc. 220,700 20,377 Gannett Company, Inc.b 23,434 4,217 Dave & Buster's Entertainment, 701 Hemisphere Media Group, Inc.b 5,482 Inc. 72,364 5,455 Interpublic Group of Companies, 1,055 Deckers Outdoor Corporationb 267,305 Inc. 98,681 1,531 Denny's Corporationb 13,718 36,175 Live Nation Entertainment, Inc.b 1,765,340 9,003 Designer Brands, Inc. 38,983 568 Match Group, Inc.b 66,331 3,542 Dick's Sporting Goods, Inc. 200,654 5,987 Meredith Corporation 65,857 1,640 Dine Brands Global, Inc. 84,378 1,876 News Corporation 24,426 4,964 Domino's Pizza, Inc. 1,877,980 2,001 Omnicom Group, Inc. 94,447 205 Dorman Products, Inc.b 18,300 40,068 ORBCOMM, Inc.b 172,292 84,177 Duluth Holdings, Inc.b 1,291,275 116,089 QuinStreet, Inc.b 1,858,005 1,501 Dunkin' Brands Group, Inc. 149,665 6,828 RingCentral, Inc.b 1,763,946 1,107 eBay, Inc. 52,726 1,232 Scholastic Corporation 24,344 7,571 Emerald Holding, Inc. 19,836 1,641 Ethan Allen Interiors, Inc. 26,338 The accompanying Notes to Financial Statements are an integral part of this schedule. 1 Aggressive Allocation Fund Schedule of Investments as of October 31, 2020 Shares Common Stock (42.8%) Value Shares Common Stock (42.8%) Value Consumer Discretionary (5.4%) - continued Consumer Discretionary (5.4%) - continued 15,883 Etsy, Inc.b $1,931,214 3,874 RHb $1,298,681 2,666 Express, Inc.b 1,629 1,711 Royal Caribbean Cruises, Ltd.