Thrivent Mutual Funds A Share Fund Performance, Fee and Expenses

Thrivent Aggressive Allocation Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

14.28 10.43 7.15 7.30

6/30/2005

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.50 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Moderately Aggressive Allocation Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

10.59 8.61 6.49 6.67

6/30/2005

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.39 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Moderate Allocation Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

7.69 6.72 5.79 5.99

6/30/2005

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.28 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Moderately Conservative Allocation Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

5.17 4.85 4.84 5.04

6/30/2005

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.19 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Growth and Income Plus Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

8.32 6.05 4.62 4.40

2/29/2008

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.44 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Balanced Income Plus Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

7.05 6.79 6.29 5.60

12/29/1997

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.09 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Diversified Income Plus Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

5.53 4.56 6.21 5.01

1/8/1997

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.05 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Opportunity Income Plus Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

2.71 2.46 4.19 5.49

7/16/1987

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

0.96 0

Appendix A, C, D, E and F

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Partner Emerging Markets Equity Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

13.75 -0.13 N/A 0.78

8/31/2012

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

3.39 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Small Cap Stock Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

15.07 13.02 8.30 8.82

7/1/1996

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.17 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Mid Cap Stock Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

13.54 15.13 10.80 9.93

6/30/1993

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.06 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Partner Worldwide Allocation Fund (Class A Shares)

 Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

13.38 5.74 3.00 2.85

2/29/2008

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.51 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Large Cap Growth Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

21.93 14.35 8.85 3.71

10/29/1999

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.26 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Large Cap Value Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

9.10 10.61 7.06 5.26

10/29/1999

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

0.91 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Large Cap Stock Fund (Class A Shares)

 Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

12.97 10.03 6.25 7.90

7/16/1987

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.01 0

Appendix A, C, D and E

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent High Yield Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

3.37 4.00 6.93 6.49

4/3/1987

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

0.80 0

Appendix A, C, D, E and F

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Income Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

2.37 2.83 4.95 6.95

6/1/1972

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

0.77 0

Appendix A, C, D, E and F

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Municipal Bond Fund (Class A Shares) Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

2.07 2.33 4.03 5.57

12/3/1976

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

0.74 0

Appendix A, C, D, E and F

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Government Bond Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

0.40 0.76 N/A 2.25

2/26/2010

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

1.00 0

Appendix B, C, D, E and F

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Limited Maturity Bond Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

1.19 1.23 2.27 3.17

10/29/1999

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

0.61 0

Appendix D, E and F

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Thrivent Money Market Fund (Class A Shares)

Performance

Please note that an investment’s past performance is not necessarily an indication of how an investment will perform in the future.

Average Annual Total Return as of

3/29/2018

1 year 5 Year 10 Year Since inception

0.33 0.07 0.23 2.86

3/10/1988

Fees and Expenses

Total Annual Operating Expenses Shareholder-type FeesAs a % Per $1,000

0.67 0

Appendix D, E and F

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account, and participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site (http://www.dol.gov/ebsa/ publications/401k_employee.html) for an example demonstrating the long-term effect of fees and expenses. Please note, however, that fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Appendix

A 4.5% sales charge subtracted from amount invested. Participant gets benefit of a breakpoint if plan assets in Thrivent Mutual Funds (other than Limited Maturity Bond Fund and Money Market Fund) reach breakpoint level.

B 2.0% sales charge subtracted from amount invested. Participant gets benefit of a breakpoint if plan assets in Thrivent Mutual Funds (other than Limited Maturity Bond Fund and Money Market Fund) reach breakpoint level.

C 1% deferred sales charge subtracted from amount withdrawn within 12 months of purchase if total plan assets in Thrivent Mutual Funds (other than Limited Maturity Bond Fund and Money Market Fund) are $1 million or greater.

D A participant that invests in Thrivent Mutual Funds through a 403(b) plan is assessed an annual $15 custodial fee, whether the participant has one or more accounts.

E A participant in a 403(b) plan is assessed a $20 redemption fee when s/he closes out all his/her accounts in Thrivent Mutual Funds.

F A participant in certain 401(k) plans, profit-sharing plans and money purchase pension plans is assessed an annual $12 small account fee per each mutual fund account that is less than the required minimum.

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