Mutual Funds may offer different classes of shares. Classes indicate the type and number of fees or expenses an investor can expect to pay for shares in a fund.

These are no-load funds, meaning there are no front-end or back-end sales charges to purchase or sell shares. Prior to February 1, 2016, Class S shares were named Institutional Shares.

These are front-end load funds, and they are not available for purchase onThriventFunds.com. You may be eligible to purchase these shares if you work with a financial representative.

Mutual Funds may offer different classes of shares. Classes indicate the type and number of fees or expenses an investor can expect to pay for shares in a fund.

These are no-load funds, meaning there are no front-end or back-end sales charges to purchase or sell shares. Prior to February 1, 2016, Class S shares were named Institutional Shares.

These are front-end load funds, and they are not available for purchase onThriventFunds.com. You may be eligible to purchase these shares if you work with a financial representative.

A look at this funds performance over the past 10 years or since the funds inception (if less than 10 years), based on how an initial $10,000 investment would have changed over time.  Performance shown assumes the reinvest of all dividends and capital gains.  Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.

A look at this funds performance over the past 10 years or since the funds inception (if less than 10 years), based on how an initial $10,000 investment would have changed over time.  Performance shown assumes the reinvest of all dividends and capital gains.  Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.

The potential for risk within the Thrivent Mutual Funds has been categorized into five levels: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive, ranging from lower risk potential to higher risk potential. Funds on the lower risk portion of the scale (Conservative, Moderately Conservative) are expected to have a lower degree of volatility and price fluctuations while those on the higher risk portion of the scale (Aggressive, Moderately Aggressive) are expected to have a higher degree of volatility and price fluctuations.

The potential for risk within the Thrivent Mutual Funds has been categorized into five levels: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive, ranging from lower risk potential to higher risk potential. Funds on the lower risk portion of the scale (Conservative, Moderately Conservative) are expected to have a lower degree of volatility and price fluctuations while those on the higher risk portion of the scale (Aggressive, Moderately Aggressive) are expected to have a higher degree of volatility and price fluctuations.

Shows a funds primary equity style (growth, value, or blend) and primary market capitalization (large, mid, or small). Growth stocks are companies whose earnings are expected to grow at an above-average rate relative to the market. Value stocks are companies that trade at a lower price compared to the market average, as measured by valuation ratios that compare the stocks price to the companys earnings and growth trends. Market capitalization is a measure of the size of the companies held in the fund, calculated by multiplying a companys total outstanding shares by the stock price. Market cap ranges change as stock market valuations shift over time. In general, market cap ranges of approximately $1-5 billion represent small cap stocks, $5-15 billion represents mid cap stocks and greater than $15 billion represents large cap stocks. Funds may hold securities that fall into different market cap ranges. See theprospectusfor more details.

Shows a funds primary equity style (growth, value, or blend) and primary market capitalization (large, mid, or small). Growth stocks are companies whose earnings are expected to grow at an above-average rate relative to the market. Value stocks are companies that trade at a lower price compared to the market average, as measured by valuation ratios that compare the stocks price to the companys earnings and growth trends. Market capitalization is a measure of the size of the companies held in the fund, calculated by multiplying a companys total outstanding shares by the stock price. Market cap ranges change as stock market valuations shift over time. In general, market cap ranges of approximately $1-5 billion represent small cap stocks, $5-15 billion represents mid cap stocks and greater than $15 billion represents large cap stocks. Funds may hold securities that fall into different market cap ranges. See theprospectusfor more details.

The NAV is the funds value or price per share. The NAV is calculated by dividing the market value of all the funds shares (minus its liabilities) by the number of issued shares.

The daily NAV change is the difference between the funds current price per share and its price at the time of market close on the prior day.

Returns are calculated on a calendar-year and year-to-date basis. These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. Its calculated by dividing the funds annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.

The commission paid by an investor upon investment in a fund.

The NAV is the funds value or price per share. The NAV is calculated by dividing the market value of all the funds shares (minus its liabilities) by the number of issued shares.

The daily NAV change is the difference between the funds current price per share and its price at the time of market close on the prior day.

Returns are calculated on a calendar-year and year-to-date basis. These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. Its calculated by dividing the funds annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.

The commission paid by an investor upon investment in a fund.

Thrivent Small Cap Stock Fund seeks long-term capital growth.

This fund looks to provide investors with competitive performance through favorable stock selection while monitoring risk. The Fund typically invests in a combination of both small-capitalization growth stocks and value stocks. Growth stocks are companies whose earnings are expected to grow at an above-average rate relative to the market. Value stocks are companies that trade at a lower price compared to the market average, as measured by valuation ratios that compare the stocks price to the companys earnings and growth trends. Small companies may have the opportunity to grow more rapidly than larger companies as they potentially emerge from a small to a medium-sized company. However, they typically do not pay significant dividends to shareholders and instead reinvest earnings back into the company. Smaller companies have greater volatility (or more risk) because they are often less-seasoned, have narrower product lines, less liquidity, smaller revenues and fewer resources than larger companies.

The portfolio management team seeks to add value through stock selection and active management, and monitors risk in an effort to build a well-diversified portfolio. The team uses fundamental, quantitative and technical investment research techniques to identify and purchase small, financially-sound companies that appear to have strong, long-term growth prospects and capable management teams.

The Fund primarily invests in securities of small companies. Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Fund is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Fund may incur losses due to investments that do not perform as anticipated by the investment adviser. These and other risks are described in the Funds prospectus.

Have a long-term investment time horizon and an aggressive risk tolerance

Are able to withstand a high level of risk and volatility in pursuit of potentially high long-term returns

Our seasoned team of more than 100 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices youre making. More than 84% have at least 10 years of experience, 57% have more than 20 years of investment experience, and 85% have earned the Chartered Financial Analyst designation, an advanced degree, or both.

Looking at how this fund has performed over time, and comparing to appropriate benchmarks, can help you determine if its right for your needs.

These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.

These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.

Periods less than one year are not annualized.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. Its calculated by dividing the funds annual operating expenses by the average dollar value of its assets.

Net Annual Fund Operating Expenses (if Applicable)

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. Its calculated by dividing the funds annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. Its calculated by dividing the funds annual operating expenses by the average dollar value of its assets.

Net Annual Fund Operating Expenses (if Applicable)

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. Its calculated by dividing the funds annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.

How this fund has performed over each calendar year. The annual total returns are calculated on a calendar-year basis, and include both capital appreciation and dividends. Periods of less than one year are not shown.

How this fund has performed over each calendar year. The annual total returns are calculated on a calendar-year basis, and include both capital appreciation and dividends. Periods of less than one year are not shown.

Performance shown assumes the reinvest of all dividends and capital gains.  Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.

1Source: Lipper.  The Lipper median represents the median annualized total return for all reported funds in the classification.  Lipper medians do not include sales charges/fees.  If included, returns would have been lower.

Indexes are unmanaged and do not reflect the fees and expenses associated with active management.  Investments cannot be made directly into an index.

The S&P 500®Indexis a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks.

The S&P SmallCap 600®Indexis a market-cap weighted index that represents the average performance of a group of 600 small-capitalization stocks.

Information about the types of holdings in this mutual fund.

This is a tally of the number of different investment products that make up the funds portfolio.

This is the percentage of the funds holdings that have been traded out or replaced with other holdings over the year.

This is a tally of the number of different investment products that make up the funds portfolio.

This is the percentage of the funds holdings that have been traded out or replaced with other holdings over the year.

This is the Funds top 10 holdings by percentage of the total assets. This excludes derivatives and cash that the fund may hold.

This is the Funds top 10 holdings by percentage of the total assets. This excludes derivatives and cash that the fund may hold.

This is the mix of areas in the market in which the fund contains holdings.

This is the mix of areas in the market in which the fund contains holdings.

Statistics shown below are compared to the S&P 500 Index®.  The benchmark is intended to provide a comparison to the broad U.S. large cap stock market, and may not be representative of the Funds investment strategies and holdings.

Statistics shown below are compared to the S&P 500 Index®.  The benchmark is intended to provide a comparison to the broad U.S. large cap stock market, and may not be representative of the Funds investment strategies and holdings.

A valuation ratio of a companys current share price compared to its earnings per-share, calculated by dividing the market value per share by its trailing 12-month earnings.

A high P/E ratio generally means that investors anticipate higher earnings in the future

Most useful when compared to like investments or historical performance

A measure of corporate profitability that shows how much net income the companies in the portfolio have generated as a percentage of shareholder equity.

High growth companies should have a higher ROE

Useful to compare profitability to similar investments

2Turnover Ratio: 12-month rolling as of 06/28/2019. A measure of the Funds trading activity which is calculated by dividing the lesser of long term purchases or long term sales by average long term market value.

Indexes are unmanaged and do not reflect the fees and expenses associated with active management.  Investments cannot be made directly into an index.

The S&P 500®Indexis a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks.

When you invest in a mutual fund, you take on the risk of losing some or all of your investment. Generally, funds with higher potential returns also have a greater possibility of loss. More conservative or lower risk funds have lower potential returns, but losses tend to be more modest and less frequent than those of more aggressive investments.

Beta is a statistical measure of the volatility, or market risk, of an investment compared to a benchmark. This chart compares the Fund to the S&P 500® over the past three years. The benchmark is intended to provide a comparison to the broad U.S. large cap stock market, and may not be representative of the Funds investment strategies and holdings. This chart also shows R-Squared, which helps indicate how meaningful the comparison may be.

Using the S&P 500 Index as the benchmark, the graph is showing an R2 of 77%

A beta of 1.0 indicates that the Funds price would generally move with the market. A beta of greater than 1.0 indicates the Fund is more volatile than the market, while a beta of less than 1.0 indicates the Fund is typically less volatile than the market. For example, a beta of 1.2 would indicate that the Fund is generally 20% more volatile than the broad U.S. large cap stock market, while a beta of 0.8 would indicate that the Fund is generally 20% less volatile than the market.

R-Squared (or correlation squared) is used to indicate what percentage, from 0% to 100%, of the variation in a Funds return can be explained by the benchmark returns. It is used to help measure how similar a Fund is to the benchmark and how appropriate the benchmark is for other statistical comparisons. The lower the R2, the less meaningful statistics such as Beta will be.

When it comes to choosing a fund with the right level of risk and reward, each investor must decide what is right for them. These measurements can help.

Depending on the fund inception date, some data may not be available.

Measures risk by showing how much a fund fluctuates relative to its average return over a period of time.

These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.

Indexes are unmanaged and do not reflect the fees and expenses associated with active management.  Investments cannot be made directly into an index.

The S&P 500®Indexis a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks.

A funds yield is the income return on an investment based on the distributions paid and the net asset value of the fund. Yields are only shown for funds which have a monthly or quarterly dividend schedule.

Trailing 12-Months; Dividend Schedule:Paid Annually

Capital Gains paid on assets held by the fund for one year or less.

Capital Gains paid on assets held by the fund for more than one year.

Capital Gains paid on assets held by the fund for one year or less.

Capital Gains paid on assets held by the fund for more than one year.

A leading provider of independent investment research, Morningstar provides data and analysis for approximately 500,000 investment offerings worldwide, including Thrivent Mutual Funds.

Morningstar ratings show the weighted average of a funds performance associated with its three, five, and ten year (if applicable) Morningstar Rating metrics.

Morningstar ratings show the weighted average of a funds performance associated with its three, five, and ten year (if applicable) Morningstar Rating metrics.

An assessment of the variations in a funds monthly returns in comparison to similar funds, with an emphasis on downward variation. The greater the variation, the larger the risk score. If two funds have the exact same return, the one with greater variations in its return is given the larger risk score. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.

An assessment of the variations in a funds monthly returns in comparison to similar funds, with an emphasis on downward variation. The greater the variation, the larger the risk score. If two funds have the exact same return, the one with greater variations in its return is given the larger risk score. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.

Morningstar return is an assessment of the funds excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, with an emphasis on downward variation. Therefore, if two funds have precisely the same return, the one with greater variations in its return is given the lower return score. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.

Morningstar return is an assessment of the funds excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, with an emphasis on downward variation. Therefore, if two funds have precisely the same return, the one with greater variations in its return is given the lower return score. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.

Thrivent Small Cap Stock Fund appeared as a small market-cap size, blend investment style fund on the Morningstar Style Box™ as of 07/31/2019.

Thrivent Small Cap Stock Fund appeared as a small market-cap size, blend investment style fund on the Morningstar Style Box™ as of 07/31/2019.

A high rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Morningstar rating is for the S share class only; other classes may have difference performance characteristics. Please see thePerformancetab for results as of the most recent month and quarter end.

The Morningstar RatingTMfor funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed products monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

reveals a funds investment strategy. For equity funds, the vertical axis of the Equity Style Map shows the market capitalization of the stocks owned (large, medium, or small) and the horizontal axis shows investment style (value, blend, or growth).

© 2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  Past performance is no guarantee of future results.

Its important to understand investing costs because they can impact your net return. Here is a breakdown of applicable sales charges and annual operating expenses associated with this mutual fund. Other fees may apply for certain services or account types and are redeemed directly from your account. Examples include overnight delivery or wire fees and annual custodial fees on IRAs.

This figure represents the total percentage of a mutual funds assets paid to the investment adviser for portfolio management and investment services (the management fee), Acquired Fund Fees and Expenses (if the Fund invests in other mutual funds or investments with management fees), plus Other Expenses such as custodial, transfer agency, legal, accounting and administrative fees that are required to operate the fund. For more information, please see theprospectusorStatement of Additional Information.

Distribution/12b-1 Fee(May not apply. Seeprospectusfor more details)

This is an annual marketing or distribution fee on a mutual fund. This is an operational expense, so its included in a funds expense ratio.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. Its calculated by dividing the funds annual operating expenses by the average dollar value of its assets.

Less Waiver(May not apply. Seeprospectusfor more details)

Certain funds may be subject to an expense waiver, or the amount the funds Adviser waives or assumes to keep the funds expenses low.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. Its calculated by dividing the funds annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.

This figure represents the total percentage of a mutual funds assets paid to the investment adviser for portfolio management and investment services (the management fee), Acquired Fund Fees and Expenses (if the Fund invests in other mutual funds or investments with management fees), plus Other Expenses such as custodial, transfer agency, legal, accounting and administrative fees that are required to operate the fund. For more information, please see theprospectusorStatement of Additional Information.

Distribution/12b-1 Fee(May not apply. Seeprospectusfor more details)

This is an annual marketing or distribution fee on a mutual fund. This is an operational expense, so its included in a funds expense ratio.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. Its calculated by dividing the funds annual operating expenses by the average dollar value of its assets.

Less Waiver(May not apply. Seeprospectusfor more details)

Certain funds may be subject to an expense waiver, or the amount the funds Adviser waives or assumes to keep the funds expenses low.

This figure represents the total percentage of a mutual funds assets used to maintain the fund, including operating expenses and management fees. Its calculated by dividing the funds annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.

A fee charged for withdrawing money from a mutual fund. These fees are usually used to discourage shareholders from making too many sales in a short period of time.

A fee charged by a broker or other intermediary for assistance in purchasing or selling shares of a fund.

A fee charged to offset expenses incurred when maintaining low balance accounts.

A fee charged for withdrawing money from a mutual fund. These fees are usually used to discourage shareholders from making too many sales in a short period of time.