Investment objective & strategy
As of Feb. 26, 2026 · prospectusObjective. Thrivent Municipal Bond Fund (the "Fund") seeks a high level of current income exempt from federal income taxes, consistent with capital preservation.
Strategy. 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. The Fund may count securities that generate income subject to the alternative minimum tax toward the 80% investment requirement. The Funds Adviser uses fundamental and other investment research techniques to determine what municipal bonds to buy and sell. Fundamental techniques assess a securitys value based on factors such as an issuers financial profile, management, and business prospects, as applicable. At the time of purchase, the Adviser generally buys investment-grade municipal bonds or unrated bonds it determines to be of comparable quality. The Fund may … 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. The Fund may count securities that generate income subject to the alternative minimum tax toward the 80% investment requirement. The Funds Adviser uses fundamental and other investment research techniques to determine what municipal bonds to buy and sell. Fundamental techniques assess a securitys value based on factors such as an issuers financial profile, management, and business prospects, as applicable. At the time of purchase, the Adviser generally buys investment-grade municipal bonds or unrated bonds it determines to be of comparable quality. The Fund may also invest 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 Moodys, or are unrated but considered to be of comparable quality by the Adviser. The Fund uses an interest rate management technique that includes the purchase and sale of U.S. Treasury futures contracts for the purpose of managing the duration, or interest rate risk, of the Fund.
Top holdings
As of Jan. 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| STATE OF NEW YORK ST AID WITHHLDG 5.0% 07-15-43 | — | $17.10M | 1.50% |
| NYC WTR 4% 6/15/2051 | — | $15.44M | 1.36% |
| NY ST UDC PIT REV 20A SF 4.0% 03-15-45 | — | $14.44M | 1.27% |
| HOUSTON W/S REF-JR-A | HOUUTL | $12.05M | 1.06% |
| Massachusetts Health & Educational Fac. Auth. Rev. (Massachusetts Institute of Technology) L | — | $11.10M | 0.97% |
| OH TPK COMMN-CONV CAB | OHSTRN | $10.26M | 0.90% |
| VIRGINIA SMALL BUSINESS FING A VASDEV 12/52 FIXED 5 | — | $10.11M | 0.89% |
| LELAND STANFORD JUNIOR UNIVERSITY 5.0% 06-01-46 | CASEDU | $9.48M | 0.83% |
| NJ TRANSPRTN TRUST-BB | — | $9.14M | 0.80% |
| WEST VIRGINIA ST PARKWAYS AUTH TURNPIKE TOLL REVENUE | — | $9.02M | 0.79% |
Portfolio moves
Oct 31, 2025 → Jan 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| THRIVENT HIGH INCOME MUNICIPAL BOND FUND · THMBX | 15% | 0.59% |
| DWS MUNICIPAL INCOME TRUST | 8% | — |
| Columbia Total Return Municipal Income Fund · COLTX, COLCX, CTEZX, CADMX, CTEYX, CTEDX | 7% | 0.48% |
Advisers
| Firm | Role |
|---|---|
| Thrivent Asset Management, LLC | Adviser |
Footnotes
- Expense ratio as of February 26, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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