FOURTH QUARTER 2017 FUND FOCUS CLASS A SHARE QUARTERLY PERFORMANCE UPDATE

FOURTH QUARTER 2017 FUND FOCUS QUARTERLY PERFORMANCE UPDATE CLASS A SHARE

How to use this booklet To help give you a better understanding of each, this booklet provides information about the 21 different Thrivent Mutual Funds, including each Fund s: Performance over the period. Investment objectives and risks. Portfolio management team, their processes and their strategies. Potential investor profile. To provide context and a performance comparison, we also include the performance of the Fund s benchmark and Lipper peer group (when applicable). All data represents past performance and does not guarantee future results.

TABLE OF CONTENTS Thrivent Asset Management The Team Behind Your Investments....................2 Economic and Financial Market Review................. Thrivent Mutual Funds that received 4- and 5-Star Overall Morningstar Ratings............... 4 Overall Lipper Leaders and Ratings................... 6 Thrivent Mutual Funds Fact Sheets Asset Allocation Funds Provides a mix of the three main asset classes stocks, bonds and cash equivalents. Thrivent Aggressive Allocation Fund.................. 8 Thrivent Moderately Aggressive Allocation Fund........... 10 Thrivent Moderate Allocation Fund................. 12 Thrivent Moderately Conservative Allocation Fund......... 14 Income Plus Funds A broadly diversified mix of investments meant to generate income. Thrivent Growth and Income Plus Fund............... 16 Thrivent Balanced Income Plus Fund................ 18 Thrivent Diversified Income Plus Fund............... 20 Thrivent Opportunity Income Plus Fund............... 22 Equity Funds Funds made up primarily of stock investments, which represent a share in a company s ownership. Thrivent Partner Emerging Markets Equity Fund.......... 24 Thrivent Small Cap Stock Fund................... 26 Thrivent Mid Cap Stock Fund.................... 28 Thrivent Partner Worldwide Allocation Fund............. 0 Thrivent Large Cap Stock Fund................... 2 Thrivent Large Cap Growth Fund.................. 4 Thrivent Large Cap Value Fund................... 6 Fixed-Income Funds Helps you generate income with the exception of the Money Market Fund, which focuses on maintaining principal. Thrivent High Yield Fund...................... 8 Thrivent Income Fund........................ 40 Thrivent Municipal Bond Fund................... 42 Thrivent Government Bond Fund.................. 44 Thrivent Limited Maturity Bond Fund................ 46 Thrivent Money Market Fund.................... 48 Performance Summary Thrivent Mutual Funds Quarterly Total Returns............ 50 Additional marketing materials: Our View (#112) Thrivent Asset Allocation Funds Tactical Allocations and Performance (#090B) Thrivent Income Plus Funds Tactical Allocations and Performance (#090C) Page 1 of 50 -- Only valid with all pages.

THE TEAM BEHIND YOUR INVESTMENTS Thrivent Investment Committee Senior Management David Royal VP, Chief Investment Officer Mark Simenstad, CFA VP, Chief Investment Strategist David Francis, CFA VP, Head of Equities Steve Lowe, CFA VP, Head of Fixed Income Philosophy We at Thrivent Asset Management and our parent company, Thrivent Financial, have operated with an emphasis on integrity for more than a century. Our investment philosophy reflects the approach we believe best serves our members, which includes the following goals: Consistent, competitive performance. Our portfolio managers aim for consistent, competitive performance. Instead of risking too much for outsized gains, they aim to achieve steady progress year after year. Style consistency. Our Portfolios strive to remain true to their stated investment objectives to support an overall asset allocation strategy. Competitive fees and expenses. We strive to provide value to our members by keeping net operating expenses at or below the industry average on most of our products. Process Our investment professionals use a robust, multi-step process to create a product suite of well-diversified portfolios that meet a range of investment goals and objectives. Strategic asset allocation: We use sophisticated portfolio optimization strategies based on risk and return expectations, mathematical models and statistical analysis to develop our long-term strategic asset allocation targets for each portfolio. Tactical investment decisions: We use our knowledge, experience and the latest market and economic data to form views and make decisions in an effort to stay on top of ever-changing market conditions. Company research: Our analysts perform an intensive review of the companies within their sectors by meeting with management, examining financial statements and assessing the company s competitiveness and long-term prospects. Portfolio management: Our portfolio managers determine which securities to buy and sell in order to construct well-diversified portfolios within their respective asset class categories, such as large-cap stocks or corporate bonds. Risk management: We strive to keep our Portfolios within certain parameters and guidelines so that the risks remain consistent with each Portfolio s investment objective. People We put the strength and wisdom of more than 100 investment professionals to work for you. Of these individuals: 84% of them have at least 10 years of experience. 55% have at least 20 years of experience. 87% have a graduate degree, CFA designation, or both. We manage not only a family of mutual funds, but variable subaccounts and the general account assets for Thrivent, a not-for-profit Fortune 500 financial services organization with more than $105 billion in assets under management 1 (as of December 1, 2016). Darren Bagwell, CFA Senior Equities Portfolio Manager 1 Includes the Thrivent General Account (which manages surplus and the assets backing Thrivent Financial s life insurance, fixed annuity and health products), mutual funds, variable subaccount portfolios (primarily connected to variable annuities and variable universal life insurance) and other assets related to Thrivent Financial s affiliates and other subsidiaries. Page 2 of 50 -- Only valid with all pages.

ECONOMIC AND FINANCIAL MARKET REVIEW December 1, 2017 Economic and Financial Market Review U.S. economic growth surpassed expectations, and the final reading for third quarter s gross domestic product (GDP) was revised upward from the initial estimate of.0% to.2%. 1 The U.S. economy added more jobs than expected and unemployment fell close to its lowest level in 17 years at 4.1%, while the jobless rate in the manufacturing sector slid to an all-time low of 2.6%. Although demand for labor was high and the supply of workers was low, wage growth did not show significant acceleration, with average hourly earnings rising slightly less than 2.5% year-over-year. 2 The price of oil and most other commodities increased for the second quarter in a row with West Texas Intermediate (WTI) crude ending the year just above $60 per barrel. Due to strength in the economy and job market, the Federal Reserve (Fed) made the widely anticipated move of raising short-term interest rates by 0.25% for the third time this year in mid-december. In their meeting notes, Fed policymakers increased projections for economic growth in 2018, but left their forecast in place for three additional rate hikes next year. The Fed also commenced its balance sheet reduction in October by scaling back its reinvestments into U.S. Treasuries and mortgage-backed securities by $10 billion per month an amount that will increase over time. The dollar weakened partly due to stronger growth in Europe and Japan, which are both in earlier stages of economic expansion than the U.S. Equities Review Although October has historically been a highly volatile month for stocks, the quarter began with it being the calmest on record since 1928. In fact, volatility was exceptionally muted throughout the year with the VIX (the Volatility Index on the Chicago Board Options Exchange) at its lowest level of the past 10 years. The U.S. equity market continued to post steady gains fueled by strong corporate earnings, surprisingly low inflation and optimism surrounding monetary and fiscal policies. The Dow Jones Industrial Average hit multiple new highs throughout the quarter, breaking through 2,000 and 24,000 in short order and flirting with the 25,000 mark by year-end. The blue-chip index recorded its ninth straight quarterly gain the longest streak since 1997. The bellwether S&P 500 Index also continued to reach new heights, advancing 6.64% during the fourth quarter its strongest quarterly gain since the fourth quarter of 2015 and 21.8% for the year. Every sector in the S&P 500 was in positive territory for the quarter led by consumer discretionary and information technology stocks, while utilities and health care lagged. Growth stocks whose profits are expected to grow at a faster rate than the broader market continued to outperform value stocks as they have done all year. For the quarter, the large-cap growth components of the Russell 1000 Index advanced 7.86%, beating the value segment s return of 5.% by more than 2.5%. The dispersion was much wider over the full year with growth outpacing value in the index by more than 16%. Meanwhile, small-cap stocks fell short of their large-cap cohorts for the quarter and year with the Russell 2000 Index gaining.4% and 14.65%, respectively, over the two periods. Overseas, emerging-market stocks continued to outpace developed markets as they have done all year. The MSCI Emerging Markets Index advanced 7.44% for the quarter, bringing the year-to-date return for the segment to 7.28%. This compares to a 4.2% quarterly and 25.0% yearly return for the developed markets, as measured by the MSCI EAFE Index. Markets in Japan, China and the U.K. all produced strong results during the quarter. Fixed-Income Review As is typical during monetary policy tightening, the U.S. Treasury yield curve continued to flatten during the quarter. Short-term rates moved higher while long-term rates stayed fairly range-bound, but ended the quarter and year lower than where they started. Rates at the short end of the curve moved higher in response to the Fed s rate increases, while rates at the long end were pressured downward by weak inflation numbers. The difference in yields between five-year and 0-year Treasuries compressed from 110 basis points at the beginning of 2017 to 54 basis points by year-end, reflecting expectations for continuing Fed tightening in 2018. Like the equity markets, volatility remained exceptionally low in the fixed-income markets during the quarter and year. The U.S. bond market produced muted returns during the quarter with the broad market proxy the Bloomberg Barclays U.S. Aggregate Bond Index gaining 0.9%. For the year, the index was up.54%. Investment-grade corporate bonds were solid performers with spreads versus Treasuries continuing to tighten to their narrowest levels so far during this cycle. As measured by the Bloomberg Barclays U.S. Corporate Investment Grade Index, the segment was up 1.17% and 6.42% for the quarter and year, respectively. Emerging-market debt also recorded a strong return of 8.17% for the year in U.S. dollar terms, fueled by investor inflows, low volatility and appetite for risk. 4 1 Bureau of Economic Analysis: Gross Domestic Product Third Quarter 2017 (Dec. 21, 2017). 2 U.S. Bureau of Labor Statistics: The Employment Situation November 2017 (Dec. 8, 2017). Bloomberg-West Texas Intermediate Crude (Dec. 29, 2017). 4 Bloomberg Barclays Emerging Markets Index. Page of 50 -- Only valid with all pages.

Thrivent Mutual Funds that received 4- or 5-Star Overall Morningstar Ratings (as of December 1, 2017) A high rating does not imply positive performance results. Thrivent Mutual Fund Name (Morningstar Category) Thrivent Mid Cap Stock Fund (Mid-Cap Blend) Thrivent Aggressive Allocation Fund 2 (Allocation, 85%+ Equity) Thrivent Small Cap Stock Fund (Small Growth) Thrivent Partner Worldwide Allocation Fund (World Allocation) Thrivent Balanced Income Plus Fund 4 (Allocation, 0% to 50% Equity) Thrivent Moderately Aggressive Allocation Fund 2 (Allocation, 70% to 85% Equity) Thrivent Limited Maturity Bond Fund (Short-Term Bond) Thrivent Diversified Income Plus Fund (Allocation, 0% to 50% Equity) Thrivent High Yield Fund (High Yield Bond) Thrivent Large Cap Stock Fund (World Large Stock) Thrivent Municipal Bond Fund (Muni National Long) Share Class Overall Morningstar Rating TM -Year 5-Year 10-Year # Peer Funds: 1 59 59 24 220 S A # Peer Funds: 1 162 162 1 106 S A # Peer Funds: 1 609 609 544 406 S A # Peer Funds: 1 72 72 28 S N/A A # Peer Funds: 1 45 45 76 277 S A # Peer Funds: 1 16 16 279 201 S A # Peer Funds: 1 462 462 99 257 S A # Peer Funds: 1 45 45 76 277 S A # Peer Funds: 1 609 609 501 19 S A # Peer Funds: 1 720 720 589 S A # Peer Funds: 1 140 140 127 10 S A All data represents past performance. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-486 or visit ThriventFunds.com for performance results current to the most recent month-end. 1 Number of Peer Funds is consistent across all share classes. 2 The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund s prospectus. The Adviser has contractually agreed, through at least Feb. 28, 2018, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund s prospectus. 4 The Thrivent Balanced Income Plus Fund had an investment strategy change effective August 16, 201. As a result, peer group comparisons are less relevant for this fund. Page 4 of 50 -- Only valid with all pages.

MORNINGSTAR RATINGS About Morningstar Ratings The Morningstar Rating for 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 product s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive five stars. The next 22.5% receive four stars. The next 5% receive three stars. The next 22.5% receive two stars. And the bottom 10% receive one 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 6-59 months of total returns, 60% five-year rating/40% three-year rating for 50-119 months of total returns, and 50% 10-year rating/0% 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. 2018 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 () 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. Ratings may differ among share classes of a mutual fund as a result of different expense structures; however, the ratings do not consider sales loads. The Thrivent Growth and Income Plus, Balanced Income Plus, and Opportunity Income Plus Funds had investment strategy changes effective August 16, 201. As a result, peer group comparisons are less relevant for these products. Page 5 of 50 -- Only valid with all pages.

Overall Lipper Leaders and Ratings (as of December 1, 2017) Lipper ranks funds against their peers on five separate measures. The highest 20% in each peer group are named Lipper Leaders for that measure. Listed here are the Thrivent Mutual Funds that have a rating of 5 in one or more of the Lipper Leader measures in the overall period. See the next page for details on this rating. Thrivent Mutual Fund Name (Lipper Classification) Thrivent Mid Cap Stock Fund (Mid-Cap Core Funds) Share Class Overall Lipper Leader Measures 2 # Peer Funds Lipper Ratings for Lipper Leader Measures 1, 2 -Year # Peer Funds 5-Year # Peer Funds 10-Year # Peer Funds S & A 50 50 0 208 S & A 50 50 0 208 Thrivent Aggressive Allocation Fund (Mixed-Asset Target Allocation Aggressive Growth Funds) Thrivent Moderately Aggressive Allocation Fund (Mixed-Asset Target Allocation Growth Funds) S & A 147 147 14 112 S & A 147 147 14 112 S 445 445 421 11 S 444 444 420 10 A 444 444 420 10 Thrivent Moderate Allocation Fund (Mixed-Asset Target Allocation Moderate Funds) Thrivent Moderately Conservative Allocation Fund (Mixed-Asset Target Allocation Conservative Funds) S 496 496 451 41 S 15 15 287 215 S 15 15 287 215 S & A 4,69 4,69,489 1,96 Thrivent Diversified Income Plus Fund (Mixed-Asset Target Allocation Conservative Funds) S 15 15 287 215 A 15 15 287 215 S 15 15 287 215 A 15 15 287 215 S & A 4,69 4,69,489 1,96 S 142 142 122 77 Large Cap Stock Fund (Global Large-Cap Core Funds) S 59 59 52 8 Large Cap Growth Fund (Large-Cap Growth Funds) S & A 4 564 564 524 77 Thrivent Large Cap Value Fund (Large-Cap Value Funds) Thrivent High Yield Fund (High Yield Funds) Thrivent Government Bond Fund 4 (General U.S. Government Funds) S 416 416 7 266 S 216 216 187 121 S 291 291 224 124 S 94 94 90 N/A S 94 94 90 N/A A 94 94 90 N/A Thrivent Limited Maturity Bond Fund (Short Investment Grade Debt Funds) S 286 286 244 16 S 281 281 29 158 S & A 5,789 5,789 4,91,204 All data represents past performance. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-486 or visit ThriventFunds.com for performance results current to the most recent month-end. Page 6 of 50 -- Only valid with all pages.

LIPPER RATINGS Information about Lipper Leaders and Ratings 1 For the Lipper Leader rating, funds are ranked against their peers on each of five measures: Total Return, Consistent Return, Preservation, Expense, and Tax Efficiency. Scores are subject to change every month and are calculated for the following periods: -year, 5-year, 10-year, and overall. The overall calculation is based on an equalweighted average of percentile ranks for each measure over -year, 5-year, and 10-year periods (if applicable). For each measure, the highest 20% of funds in each peer group are named Lipper Leaders. The next 20% receive a rating of 4; the middle 20% are rated ; the next 20% are rated 2, and the lowest 20% are rated 1. Ratings do not reflect funds sales charges. Ratings may differ among share classes of a mutual fund as a result of different expense structures. See prospectus for more details. 2 Lipper Leader Measures: Lipper Ratings for Total Return reflect funds historical total return performance relative to peers. Lipper Ratings for Consistent Return reflect funds historical risk-adjusted returns, relative to peers. Lipper Ratings for Tax Efficiency reflect the funds historical success in postponing taxable distributions, relative to peers. Lipper Ratings for Expense reflect the funds expense minimization, relative to peers with similar load structures. Ratings for Total Return, Consistent Return, Tax Efficiency, and Expense are computed for all Lipper classifications with five or more distinct portfolios and span both equity and fixed income funds (e.g., large-cap core, general U.S. Treasury, etc.). Lipper Ratings for Preservation reflect funds historical loss avoidance, relative to other funds within the same asset class. Ratings for Preservation are computed from three broad asset classes equity funds, mixed-asset funds, and bond funds (e.g., equity includes U.S. diversified, sector, and world equity funds). The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund s prospectus. 4 The Adviser has contractually agreed, through at least Feb. 28, 2018, to reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund s prospectus for details. The Thrivent Growth and Income Plus, Balanced Income Plus, and Opportunity Income Plus Funds had investment strategy changes effective Aug. 16, 201. As a result, peer group comparisons are less relevant for these Funds. Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. As a result, you should not make an investment decision on the basis of this information. Rather, you should use the Lipper ratings for informational purposes only. Certain information provided by Lipper may relate to securities that may not be offered, sold or delivered within the United States (or any state thereof) or to, or for the account or benefit of, United States persons. Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain from Lipper. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. Source: Lipper, a Thomson Reuters company. Thomson Reuters 2018. All rights reserved. More information is available at Lipperweb.com. Page 7 of 50 -- Only valid with all pages.

ThrivenT Aggressive AllocATion Fund class A Investment Objective Thrivent Aggressive Allocation Fund seeks longterm capital growth. Who Should Consider Investing? The Fund may be suitable for investors who: Seek long-term growth. 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 longterm returns. Minimum Investment Initial (non-retirement): $2,000 Initial (IRA or tax-deferred): $1,000 Subsequent: $50 Expense Ratio Gross 1.52% Net 1.25% The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund s prospectus. Benchmark(s) Indexes are unmanaged and do not reflect the fees and expenses associated with active management. Investments cannot be made directly into an index. Index is a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks. Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. Morgan Stanley Capital International (MSCI) All Country World Index ex-usa - USD Net Returns is an index that is designed to measure equity market performance in all global developed and emerging markets outside of the U.S. Fund Management & Experience David C. Francis, CFA - Fund Start: 2005; Industry Start: 1978; Mark L. Simenstad, CFA - Fund Start: 2005; Industry Start: 198; Darren M. Bagwell, CFA - Fund Start: 2016; Industry Start: 1991; Stephen D. Lowe, CFA - Fund Start: 2016; Industry Start: 1996 Risks: The Fund invests in other Thrivent Mutual Funds and in directly-held equity and debt instruments. The Fund is subject to its own fees and expenses and the expenses of the other funds in which it invests, and is subject to all of the risks of the other funds in which it invests. 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 incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Fund in a worse position than if it had not used these instruments. The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies. December 1, 2017 Inception Date Total Net Assets Ticker 6/0/2005 $1.2 billion TAAAX Fund Description The Thrivent Aggressive Allocation Fund is the most aggressive option in Thrivent s suite of Asset Allocation Funds and is designed for investors with the longest time horizon and highest tolerance for risk. Its long-term target allocation is 95% equity securities and 5% fixed income. The Fund is globally diversified across all major equity and fixed income sectors and styles. The Fund is actively managed and invests in a combination of other Thrivent mutual funds and direct investments in stocks, bonds, and derivatives. Investment Strategy/Process The Fund s asset allocation strategy starts with the construction of a model that sets the long-term target allocations for the broad asset classes of equity and fixed income. Next, the target weightings for sub-classes are determined. Equity sub-classes are often based on market capitalization (large, mid, and small), investment style (such as growth and value), economic sector and world region. Fixed income sub-classes may be based on maturity, duration, credit quality and security type. The portfolio management team actively manages the Fund with overweight and underweight positions in the various sub-classes based on their views of the market and economy. Individual stocks and bonds are analyzed and selected on an ongoing basis. The Fund is regularly rebalanced to ensure that the holdings are within appropriate ranges. Growth of $10,000 and Calendar Year Performance (%) Growth of $10,000 Calendar Year Total Returns (CYTR) Total Market Value (assumes the reinvestment of. all.. dividends.......... and.... capital...... gains).................................................. $18,070........ Accumulated............ Dividends.......... and.... Capital....... Gains........................................ $5,74...... $20,000 0.2 26.76 $15,000 17.11 12.61 5.81 9.65 $10,000-4.66-0.86 $5,000-7.41 $0 2008 2009 2010 2011 2012 201 2014 2015 2016 45% 0% 15% 0% -15% -0% -45% Performance shown does not reflect the Fund s sales charge. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses. Trailing Returns Average Annual (%) Since Month YTD 1 Year Year 5 Year 10 Year Incept. Class A share (without sales charge) 4.72 20.9 20.9 9.54 12.01 6.09 7.4 Class A share (with 4.5% max sales charge) 0.02 15.51 15.51 7.87 10.98 5.61 7.04 Index 6.64 21.8 21.8 11.41 15.79 8.50 N/A Aggregate Bond Index 0.9.54.54 2.24 2.10 4.01 N/A MSCI ACWI ex-usa - USD Net Returns 5.00 27.19 27.19 7.8 6.80 1.84 N/A Lipper Mixed-Asset Target Allocation Aggressive 4.87 20.4 20.4 8.09 10.98 5.4 N/A Growth Funds Median¹ All data represents past performance and assumes the reinvestment of dividends and capital gains. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-486 or visit ThriventFunds.com for performance results current to the most recent month-end. All performance shown reflects the current maximum sales charge of 4.5%. Prior to Feb. 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date. 1 Source: Lipper LANA. The Lipper median represents the median annualized total return for all reported funds in the classification. Lipper medians do not include sales charges or fees. If included, returns would have been lower. 20.9 2017 CYTR Page 8 of 50 -- Only valid with all pages.

December 1, 2017 ThrivenT Aggressive AllocATion Fund class A Fund Diversification Large Cap Equity International Equity Small Cap Equity Mid Cap Equity Cash Government Bonds International Debt Securitized Debt Short Term Bonds High Yield Bonds Investment Grade Credit 8.% 25.8% 21.2% 7.% 2.% 1.4% 1.1% 1.1% 0.6% 0.5% 0.4% Top 10 Holdings Excluding Derivatives (42.26% of Fund, as of 11/0/2017) Thrivent Partner Worldwide 11.29% Allocation Fund, Class S Thrivent Large Cap Growth Fund, 6.98% Class S Thrivent Mid Cap Stock Fund, 6.8% Class S Thrivent Large Cap Value Fund, 5.71% Class S Thrivent Core International.71% Equity Fund Thrivent Large Cap Stock Fund,.10% Class S Thrivent Small Cap Stock Fund,.07% Class S Amazon.com, Inc. 0.79% SPDR S&P 500 ETF Trust 0.64% Thrivent Limited Maturity Bond 0.59% Fund, Class S FuND STATISTICS Statistics shown below are compared to the S&P 500 Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks are intended to provide a comparison to the broad U.S. large cap stock market and the broad U.S. bond market, and may not be representative of the Fund s investment strategies and holdings. Holdings Information Number of Holdings 972 Turnover Ratio (last 12-months)⁵ 60% Percent U.S. 7.1% Percent Non-U.S. 26.9% Risk/Volatility Measures Beta (-year vs. ): A measure of the volatility, or market risk, of an investment compared to the broad U.S. large cap stock market. Lower than Benchmark S&P 500 1.0 Higher than Benchmark Bond Quality Rating Distribution (%) The lower of the bond ratings assigned by Moody s Investor Services, Inc. or Standard & Poor s Financial Services, LLC ( S&P ). Investments in derivatives and short-term investments are not included. Category Percentage HIGH QuALITY (HQ) Cash 2.2 U.S. Gov t Guaranteed 65.7 AAA.7 AA 0.6 A.1 BBB 8.7 HIGH YIELD (HY) BB 5.7 B 6.7 CCC 2.0 CC 0.1 C D 0.5 OTHER Non-Rated (NR) 0.9 ETFs/Closed-End Funds 0.1 (may be (HQ/HY/NR) Dividend Distributions & Price History (Trailing 12-Months; Dividend Schedule: Paid Annually) Dividends Month-End NAV² Month-End POP³ Jan-17 $1.94 $14.60 Feb-17 $14.4 $15.02 Mar-17 $14.47 $15.15 Apr-17 $14.74 $15.4 May-17 $14.9 $15.6 Jun-17 $15.0 $15.74 Jul-17 $15. $16.05 Aug-17 $15.7 $16.09 Sep-17 $15.75 $16.49 Oct-17 $16.01 $16.76 Nov-17 $16. $17.10 Dec-17 $0.0601 $15.5 $16.26 $0.0601 (Total) $15.07 (Avg.)⁴ $15.78 (Avg.)⁴ Capital Gains - Trailing 12-Months Record Date Short- Term Gain Long-Term Gain Total 05/12/2017 $0.0000 $0.0008 $0.0008 12/1/2017 $0.287 $0.6069 $0.8906 2 NAV = Net Asset Value (without sales charge, not available to all investors). POP = Public Offering Price (with sales charge - see prospectus for details). 4 Average of the daily NAV/POP values for the trailing 12 months. 5 Turnover Ratio: 12-month rolling as of 11/0/2017. A measure of the Fund s trading activity, calculated by dividing the lesser of long-term purchases or long-term sales by average long-term market value. 6 Source: Barclays Capital Indices, POINT. 2018 Barclays Capital Inc. Used with permission. POINT is a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of U.S. investment grade bonds. 7,8,9 is a registered trademark of Standard & Poor s Financial Services LLC, a part of McGraw Hill Financial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks. Sources: (7) Morningstar; (8) FactSet; (9) Thrivent Financial. Investing in a mutual fund involves risks, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the fund, which investors should read and consider carefully before investing. Prospectuses are available at ThriventFunds.com or by calling 800-847-486. The principal underwriter for Thrivent Mutual Funds is Thrivent Distributors, LLC. Thrivent Distributors, LLC, is a registered broker-dealer and member of FINRA, with its principal place of business at 625 Fourth Avenue South, Minneapolis, MN 55415. Asset management services provided by Thrivent Asset Management, LLC. Both entities are wholly-owned subsidiaries of Thrivent Financial. Appleton, WI Minneapolis, MN 800-847-486 ThriventFunds.com Fund 0.97 Standard Deviation: A statistical measure of volatility. The higher the standard deviation, the riskier an investment is considered to be. Fund Index⁷ Aggregate⁶ Year 10.1% 10.07% 2.74% 5 Year 9.48% 9.49% 2.80% 10 Year 15.47% 15.08%.21% Equity Characteristics (92.6% of Fund) Market Capitalization: A measure of the size of the companies held in the portfolio, calculated by multiplying a company s total outstanding shares by the stock price. Fund Index⁸ Avg Mkt Cap $22.7 B $49.7 B Wtd Median Mkt Cap $10.4 B $96.6 B Price to Earnings (P/E) Ratio: A valuation ratio calculated by dividing the share price of each stock held in the portfolio by its trailing 12- month earnings per share. Fund Index⁹ P/E Ratio 2.5 2.2 Return on Equity (ROE): A measure of corporate profitability that shows how much net income the companies in the portfolio have generated as a percentage of shareholder equity. Fund Index⁹ ROE 14.5% 19.% Fixed Income Characteristics (7.4% of Fund) Average Duration: A measure of a portfolio s sensitivity to changes in interest rates; the longer the portfolio s duration, the more sensitive it is. Fund Aggregate⁶ Average Duration (years) 5.6 6.0 Weighted Average Life: The market-value weighted average of the time remaining until the bond in the portfolio will repay principal. Fund Aggregate⁶ Wtd Avg Life (years) 6.8 8.2 Page 9 of 50 -- Only valid with all pages.

ThrivenT ModeraTely aggressive allocation Fund class a Investment Objective Thrivent Moderately Aggressive Allocation Fund seeks long-term capital growth. Who Should Consider Investing? The Fund may be suitable for investors who: Seek long-term growth. Have a long-term investment time horizon and a moderately aggressive risk tolerance. Are able to withstand a moderately high level of risk and volatility in pursuit of moderately high long-term returns. Minimum Investment Initial (non-retirement): $2,000 Initial (IRA or tax-deferred): $1,000 Subsequent: $50 Expense Ratio Gross 1.42% Net 1.14% The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund s prospectus. Benchmark(s) Indexes are unmanaged and do not reflect the fees and expenses associated with active management. Investments cannot be made directly into an index. Index is a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks. Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. Morgan Stanley Capital International (MSCI) All Country World Index ex-usa - USD Net Returns is an index that is designed to measure equity market performance in all global developed and emerging markets outside of the U.S. Fund Management & Experience David C. Francis, CFA - Fund Start: 2005; Industry Start: 1978; Mark L. Simenstad, CFA - Fund Start: 2005; Industry Start: 198; Darren M. Bagwell, CFA - Fund Start: 2016; Industry Start: 1991; Stephen D. Lowe, CFA - Fund Start: 2016; Industry Start: 1996 Risks: The Fund invests in other Thrivent Mutual Funds and in directly-held equity and debt instruments. The Fund is subject to its own fees and expenses and the expenses of the other funds in which it invests, and is subject to all of the risks of the other funds in which it invests. 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 incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Fund in a worse position than if it had not used these instruments. The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies. December 1, 2017 Inception Date Total Net Assets Ticker 6/0/2005 $2.5 billion TMAAX Fund Description The Thrivent Moderately Aggressive Allocation Fund is the second-most aggressive option in Thrivent s suite of Asset Allocation Funds. It has a long-term target allocation of 77% equity securities and 2% fixed income. The Fund is diversified globally across all major equity and fixed income sectors and styles. The Fund is actively managed and invests in a combination of other Thrivent mutual funds and direct investments in stocks, bonds, and derivatives. Investment Strategy/Process The Fund s asset allocation strategy starts with the construction of a model that sets the long-term target allocations for the broad asset classes of equity and fixed income. Next, the target weightings for sub-classes are determined. Equity sub-classes are often based on market capitalization (large, mid, and small), investment style (such as growth and value), economic sector and world region. Fixed income sub-classes may be based on maturity, duration, credit quality and security type. The portfolio management team actively manages the Fund with overweight and underweight positions in the various sub-classes based on their views of the market and economy. Individual stocks and bonds are analyzed and selected on an ongoing basis. The Fund is regularly rebalanced to ensure that the holdings are within appropriate ranges. Growth of $10,000 and Calendar Year Performance (%) Growth of $10,000 Calendar Year Total Returns (CYTR) Total Market Value (assumes the reinvestment of. all.. dividends.......... and.... capital...... gains).................................................. $17,441........ Accumulated............ Dividends.......... and.... Capital....... Gains........................................ $5,268...... $20,000 29.67 21.25 $15,000 15.41 12.94 5.70 9.71 $10,000 -.60-0.98 $5,000 $0 -.81 2008 2009 2010 2011 2012 201 2014 2015 2016 40% 0% 20% 10% 0% -10% -20% -0% -40% Performance shown does not reflect the Fund s sales charge. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses. Trailing Returns Average Annual (%) Since Month YTD 1 Year Year 5 Year 10 Year Incept. Class A share (without sales charge).85 16.16 16.16 8.06 10.09 5.72 6.85 Class A share (with 4.5% max sales charge) -0.84 10.95 10.95 6.41 9.08 5.24 6.46 Index 6.64 21.8 21.8 11.41 15.79 8.50 N/A Aggregate Bond Index 0.9.54.54 2.24 2.10 4.01 N/A MSCI ACWI ex-usa - USD Net Returns 5.00 27.19 27.19 7.8 6.80 1.84 N/A Lipper Mixed-Asset Target Allocation Growth Funds 4.08 15.58 15.58 6.95 9.4 5.62 N/A Median¹ All data represents past performance and assumes the reinvestment of dividends and capital gains. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-486 or visit ThriventFunds.com for performance results current to the most recent month-end. All performance shown reflects the current maximum sales charge of 4.5%. Prior to Feb. 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date. 1 Source: Lipper LANA. The Lipper median represents the median annualized total return for all reported funds in the classification. Lipper medians do not include sales charges or fees. If included, returns would have been lower. 16.16 2017 CYTR Page 10 of 50 -- Only valid with all pages.

December 1, 2017 ThrivenT ModeraTely aggressive allocation Fund class a Fund Diversification Large Cap Equity International Equity Small Cap Equity Investment Grade Credit Mid Cap Equity Securitized Debt Government Bonds Cash Short Term Bonds High Yield Bonds International Debt Floating-Rate Bank Loans 6.0% 21.% 9.9% 7.2% 6.8% 5.6%.0% 2.9% 2.5% 2.2% 1.8% 0.8% Bond Quality Rating Distribution (%) The lower of the bond ratings assigned by Moody s Investor Services, Inc. or Standard & Poor s Financial Services, LLC ( S&P ). Investments in derivatives and short-term investments are not included. Category Percentage HIGH QuALITY (HQ) Cash 2.9 U.S. Gov t Guaranteed 7. AAA 5.9 AA 1.4 A 6.7 BBB 19.9 HIGH YIELD (HY) BB 8.9 B 7.5 CCC 1.5 CC 0.8 C D 0.5 OTHER Non-Rated (NR).0 ETFs/Closed-End Funds (may.7 be (HQ/HY/NR) Top 10 Holdings Excluding Derivatives (46.84% of Fund, as of 11/0/2017) Thrivent Partner Worldwide 9.87% Allocation Fund, Class S Thrivent Large Cap Value Fund, Class S 8.47% Thrivent Large Cap Growth Fund, 7.04% Class S Thrivent Mid Cap Stock Fund, Class S 6.7% Thrivent Large Cap Stock Fund, Class S 5.02% Thrivent Core International Equity Fund 2.58% Thrivent Income Fund, Class S 2.4% Thrivent Small Cap Stock Fund, Class S 1.86% FNMA Conv l 0-Yr. Pass-Thru 1.81% Thrivent Limited Maturity Bond 1.9% Fund, Class S Dividend Distributions & Price History (Trailing 12-Months; Dividend Schedule: Paid Annually) Dividends Month-End NAV² Month-End POP³ Jan-17 $1.6 $14.27 Feb-17 $1.95 $14.61 Mar-17 $14.01 $14.67 Apr-17 $14.21 $14.88 May-17 $14.6 $15.04 Jun-17 $14.44 $15.12 Jul-17 $14.68 $15.7 Aug-17 $14.72 $15.41 Sep-17 $15.00 $15.71 Oct-17 $15.19 $15.91 Nov-17 $15.42 $16.15 Dec-17 $0.1621 $14.79 $15.49 $0.1621 (Total) $14.48 (Avg.)⁴ $15.16 (Avg.)⁴ Capital Gains - Trailing 12-Months Short- Long-Term Record Date Term Gain Gain Total 12/1/2017 $0.182 $0.452 $0.6184 2 NAV = Net Asset Value (without sales charge, not available to all investors). POP = Public Offering Price (with sales charge - see prospectus for details). 4 Average of the daily NAV/POP values for the trailing 12 months. 5 Turnover Ratio: 12-month rolling as of 11/0/2017. A measure of the Fund s trading activity, calculated by dividing the lesser of long-term purchases or long-term sales by average long-term market value. 6 Source: Barclays Capital Indices, POINT. 2018 Barclays Capital Inc. Used with permission. POINT is a registered trademark of Barclays Capital Inc. Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of U.S. investment grade bonds. 7,8,9 is a registered trademark of Standard & Poor s Financial Services LLC, a part of McGraw Hill Financial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks. Sources: (7) Morningstar; (8) FactSet; (9) Thrivent Financial. Investing in a mutual fund involves risks, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the fund, which investors should read and consider carefully before investing. Prospectuses are available at ThriventFunds.com or by calling 800-847-486. The principal underwriter for Thrivent Mutual Funds is Thrivent Distributors, LLC. Thrivent Distributors, LLC, is a registered broker-dealer and member of FINRA, with its principal place of business at 625 Fourth Avenue South, Minneapolis, MN 55415. Asset management services provided by Thrivent Asset Management, LLC. Both entities are wholly-owned subsidiaries of Thrivent Financial. Appleton, WI Minneapolis, MN 800-847-486 ThriventFunds.com FuND STATISTICS Statistics shown below are compared to the S&P 500 Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks are intended to provide a comparison to the broad U.S. large cap stock market and the broad U.S. bond market, and may not be representative of the Fund s investment strategies and holdings. Holdings Information Number of Holdings 1,867 Turnover Ratio (last 12-months)⁵ 100% Percent U.S. 76.9% Percent Non-U.S. 2.1% Risk/Volatility Measures Beta (-year vs. ): A measure of the volatility, or market risk, of an investment compared to the broad U.S. large cap stock market. Lower than Benchmark S&P 500 1.0 Fund 0.79 Higher than Benchmark Standard Deviation: A statistical measure of volatility. The higher the standard deviation, the riskier an investment is considered to be. Fund Index⁷ Aggregate⁶ Year 8.2% 10.07% 2.74% 5 Year 7.90% 9.49% 2.80% 10 Year 1.45% 15.08%.21% Equity Characteristics (74.0% of Fund) Market Capitalization: A measure of the size of the companies held in the portfolio, calculated by multiplying a company s total outstanding shares by the stock price. Fund Index⁸ Avg Mkt Cap $22.6 B $49.7 B Wtd Median Mkt Cap $9.2 B $96.6 B Price to Earnings (P/E) Ratio: A valuation ratio calculated by dividing the share price of each stock held in the portfolio by its trailing 12- month earnings per share. Fund Index⁹ P/E Ratio 22. 2.2 Return on Equity (ROE): A measure of corporate profitability that shows how much net income the companies in the portfolio have generated as a percentage of shareholder equity. Fund Index⁹ ROE 14.5% 19.% Fixed Income Characteristics (26.0% of Fund) Average Duration: A measure of a portfolio s sensitivity to changes in interest rates; the longer the portfolio s duration, the more sensitive it is. Fund Aggregate⁶ Average Duration (years) 5.5 6.0 Weighted Average Life: The market-value weighted average of the time remaining until the bond in the portfolio will repay principal. Fund Aggregate⁶ Wtd Avg Life (years) 7.9 8.2 Page 11 of 50 -- Only valid with all pages.

ThrivenT ModeraTe allocation Fund class a Investment Objective Thrivent Moderate Allocation Fund seeks longterm capital growth while providing reasonable stability of principal. Who Should Consider Investing? The Fund may be suitable for investors who: Seek long-term growth and reasonable stability of principal. Have a medium to long-term investment time horizon and a moderate risk tolerance. Are able to withstand a moderate level of risk and volatility in pursuit of moderate long-term returns. Minimum Investment Initial (non-retirement): $2,000 Initial (IRA or tax-deferred): $1,000 Subsequent: $50 Expense Ratio Gross 1.28% Net 1.07% The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund s prospectus. Benchmark(s) Indexes are unmanaged and do not reflect the fees and expenses associated with active management. Investments cannot be made directly into an index. Index is a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks. Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. Morgan Stanley Capital International (MSCI) All Country World Index ex-usa - USD Net Returns is an index that is designed to measure equity market performance in all global developed and emerging markets outside of the U.S. Fund Management & Experience David C. Francis, CFA - Fund Start: 2005; Industry Start: 1978; Mark L. Simenstad, CFA - Fund Start: 2005; Industry Start: 198; Darren M. Bagwell, CFA - Fund Start: 2016; Industry Start: 1991; Stephen D. Lowe, CFA - Fund Start: 2016; Industry Start: 1996 Risks: The Fund invests in other Thrivent Mutual Funds and in directly-held equity and debt instruments. The Fund is subject to its own fees and expenses and the expenses of the other funds in which it invests, and is subject to all of the risks of the other funds in which it invests. 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 incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Fund in a worse position than if it had not used these instruments. The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies. December 1, 2017 Inception Date Total Net Assets Ticker 6/0/2005 $2. billion THMAX Fund Description The Thrivent Moderate Allocation Fund is the approximate mid-point risk option in Thrivent s suite of Asset Allocation Funds. It s designed for investors with a medium to long-term time horizon and a moderate tolerance for risk. It has a long-term target allocation of 57% equity securities and 4% fixed income. The Fund is globally diversified across all major equity and fixed income sectors and styles. The Fund is actively managed and invests in a combination of other Thrivent mutual funds and direct investments in stocks, bonds, and derivatives. Investment Strategy/Process The Fund s asset allocation strategy starts with the construction of a model that sets the long-term target allocations for the broad asset classes of equity and fixed income. Next, the target weightings for sub-classes are determined. Equity sub-classes are often based on market capitalization (large, mid, and small), investment style (such as growth and value), economic sector and world region. Fixed income sub-classes may be based on maturity, duration, credit quality and security type. The portfolio management team actively manages the Fund with overweight and underweight positions in the various sub-classes based on their views of the market and economy. Individual stocks and bonds are analyzed and selected on an ongoing basis. The Fund is regularly rebalanced to ensure that the holdings are within appropriate ranges. Growth of $10,000 and Calendar Year Performance (%) Growth of $10,000 Calendar Year Total Returns (CYTR) Total Market Value (assumes the reinvestment of. all.. dividends.......... and.... capital...... gains).................................................. $16,70........ Accumulated............ Dividends.......... and.... Capital....... Gains........................................ $4,846...... $20,000 $15,000 $10,000 26.67 1.87 11.72 15.18 5.47 8.5-1.60-0.87 $5,000-27.99 $0 2008 2009 2010 2011 2012 201 2014 2015 2016 0% 20% 10% 0% -10% -20% -0% Performance shown does not reflect the Fund s sales charge. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses. Trailing Returns Average Annual (%) Since Month YTD 1 Year Year 5 Year 10 Year Incept. Class A share (without sales charge) 2.91 12.29 12.29 6.45 7.94 5.28 6.20 Class A share (with 4.5% max sales charge) -1.7 7.2 7.2 4.8 6.95 4.80 5.81 Index 6.64 21.8 21.8 11.41 15.79 8.50 N/A Aggregate Bond Index 0.9.54.54 2.24 2.10 4.01 N/A MSCI ACWI ex-usa - USD Net Returns 5.00 27.19 27.19 7.8 6.80 1.84 N/A Lipper Mixed-Asset Target Alloc Moderate Funds Median¹.12 12.72 12.72 5.76 7.29 5.0 N/A All data represents past performance and assumes the reinvestment of dividends and capital gains. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-486 or visit ThriventFunds.com for performance results current to the most recent month-end. All performance shown reflects the current maximum sales charge of 4.5%. Prior to Feb. 29, 2016, the maximum sales charge was 5.5%; however, the prior rate is not reflected for periods that began prior to that date. 1 Source: Lipper LANA. The Lipper median represents the median annualized total return for all reported funds in the classification. Lipper medians do not include sales charges or fees. If included, returns would have been lower. 12.29 2017 CYTR Page 12 of 50 -- Only valid with all pages.