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Fixed Income Funds

Thrivent High Income Municipal Bond Fund (THMBX)

You own shares of this fund

Class
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.
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Class S
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".

Class A
These are front-end load funds. This fund is not offered as Class A.

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Class
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.
24

Class S
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".

Class A
These are front-end load funds. This fund is not offered as Class A.

Growth of $10,000

(as of 08/31/2018)

A look at this fund’s performance over the past 10 years or since the fund's 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. 

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(as of 08/31/2018)

A look at this fund’s performance over the past 10 years or since the fund's 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. 

Growth of $10,000
Year Value

Risk Potential

Risk Potential
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.

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Risk Potential
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.

Moderate

Morningstar Fixed Income Style Box

Fund Highlights

Net Asset Value (NAV)
The NAV is the fund’s value or price per share. The NAV is calculated by dividing the market value of all the fund’s shares (minus its liabilities) by the number of issued shares.

Daily NAV Change 
The daily NAV change is the difference between the fund’s current price per share and its price at the time of market close on the prior day.

Returns
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. 

Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s 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.

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

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Net Asset Value (NAV)
The NAV is the fund’s value or price per share. The NAV is calculated by dividing the market value of all the fund’s shares (minus its liabilities) by the number of issued shares.

Daily NAV Change 
The daily NAV change is the difference between the fund’s current price per share and its price at the time of market close on the prior day.

Returns
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. 

Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s 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.

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

Inception Date
02/28/2018

Net Asset Value
Daily NAV Change
N/A

(as of 08/31/2018)


Since Inception Return
0.68%
1 Year Return
N/A

(as of 08/31/2018)


Net Annual Fund Operating Expenses
0.66%
Sales Charge
None

Fund Overview

Thrivent High Income Municipal Bond Fund has an inception date of February 28, 2018 and seeks a high level of current income exempt from federal income taxes.

This fund invests in a nationally-diversified portfolio of municipal bonds of varying credit quality. A municipal bond is a debt security issued by a city, county or state government to finance its capital expenditures. These bonds often finance public projects such as schools, airports, roads, bridges, sewers, hospitals, and senior living and recreational facilities. Municipal bonds are generally exempt from federal income taxes. The Fund holds at least 50% of its assets in bonds that are unrated or are rated BBB or below, but also has an allocation to higher quality investment-grade bonds. It expects to invest primarily in revenue bonds that are repaid from the revenues generated by the project and may also invest in general obligation bonds that are backed by the taxing authority of the issuer. The Fund will also invest in “tobacco bonds” issued by states to securitize their settlements with tobacco companies. Higher yielding municipal bonds typically have more credit risk and longer duration than investment grade bonds.

The portfolio management team seeks to add value through security 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 determine which securities to buy and sell. Through rigorous credit research, the Thrivent Mutual Funds municipal bond analysts seek to identify municipal bonds (both investment grade and below investment grade) that are issued by entities with strong fundamentals and sufficient cash flows to meet their principal and interest obligations. The portfolio managers are responsible for portfolio construction and risk management and seek to invest with a prudent level of risk relative to the non-investment grade peer group of funds. The Fund's holdings may be concentrated in certain sectors including health care and education.

Municipal bonds are subject to risks including, but not limited to, credit risk and interest rate risk. Credit risk is the risk that an issuer of a bond to which the Fund is exposed may no longer be able to pay its debt. Bond prices may decline during periods of rising interest rate and changes by the Federal Reserve to monetary policy could affect interest rates and the value of some securities. Below investment grade municipal bonds are subject to additional risks including an increased likelihood of default risk. Default risk is the risk that an issuer will not be able to make principal and interest payments in which case the value of the Fund may be negatively affected.

Changes in federal income tax laws or rates may affect both the net asset value of the Fund and the taxable equivalent interest generated from securities in the Fund. Some issues may be subject to state and local taxes and/or the federal and state alternative minimum tax (AMT). Any increase in principal value may be taxable. The Fund may incur losses due to investments that do not perform as anticipated by the investment adviser. In periods when dealer inventories of bonds are low in relation to market size, there is the potential for decreased liquidity and increased price volatility in the fixed income markets. Investing in municipal bonds for the purpose of generating tax-exempt income may not be appropriate for investors in all income tax brackets. Please consult a tax advisor for more detailed information about your specific situation, including state/local tax treatment. These and other risks are described in the Fund's prospectus.

Who Should Consider Investing?

The Fund may be suitable for investors who:

  • Seek income that is generally exempt from federal income taxes.  The Fund may invest in municipal securities that are subject to state and local taxes and/or the alternative minimum tax (AMT). While the dividends earned on a municipal bond fund are usually federally tax-exempt, any capital gains distributions, as well as realized capital gains from selling fund shares, may be taxable.
  • 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 commensurate long-term returns and higher income.

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 you’re making. More than 84% have at least 10 years of experience, 55% have more than 20 years of investment experience, and 87% have earned the Chartered Financial Analyst designation, an advanced degree, or both.

  • Janet I. Grangaard

    Janet I. Grangaard, CFA

    Senior Portfolio Manager

    View Full Bio
  • Johan Å. Åkesson

    Johan Å. Åkesson, CFA

    Associate Portfolio Manager

    View Full Bio

Fund Details

Performance data cited represents past performance and should not be viewed as an indication of future results. 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.