Thrivent High Yield Municipal Bond Fund Class S NMFQS:THMBX

Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in municipal bonds, the income of which is exempt from federal income taxation. It invests at least 50% of its assets in debt securities that, at the time of purchase, are rated within or below the "BBB" major rating category by S&P or Fitch, or the "Baa" major rating category by Moody's, or are unrated but considered to be of comparable quality by the Adviser.