497

THRIVENT MUTUAL FUNDS
625 Fourth Avenue South
Minneapolis, MN 55415

November 5, 2018

VIA EDGAR

EDGAR Operations Branch
United States Securities and Exchange Commission
Division of Investment Management
100 F Street, NE
Washington, DC 20549

RE: XBRL Supplement of Thrivent Mutual Funds (the “Registrant”)

Ladies and Gentlemen:

Attached for filing is a supplement with an effective date of October 31, 2018, in XBRL format, to the Registrant’s prospectus dated February 28, 2018. If you have any questions or comments, please feel free to contact me at (612) 844-4198.

Thank you,

/s/ Michael W. Kremenak

Michael W. Kremenak

Secretary and Chief Legal Officer

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Document Type	dei_DocumentType	497
Document Period End Date	dei_DocumentPeriodEndDate	Oct. 31, 2018
Registrant Name	dei_EntityRegistrantName	THRIVENT MUTUAL FUNDS
Central Index Key	dei_EntityCentralIndexKey	0000811869
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Oct. 31, 2018
Document Effective Date	dei_DocumentEffectiveDate	Oct. 31, 2018
Prospectus Date	rr_ProspectusDate	Feb. 28, 2018
Entity Inv Company Type	dei_EntityInvCompanyType	N-1A

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Feb. 28, 2018

Thrivent Mutual Funds

Supplement to

Class A Shares Prospectus, Class S Shares Prospectus, Thrivent Balanced Income Plus Fund Class A Shares Summary Prospectus, Thrivent Balanced Income Plus Fund Class S Shares Summary Prospectus, Thrivent Diversified Income Plus Fund Class A Shares Summary Prospectus,

and Thrivent Diversified Income Plus Fund Class S Shares Summary Prospectus

each dated February 28, 2018

2. The following replaces the first paragraph in the “Summary Section” under the heading “Principal Strategies” for Thrivent Diversified Income Plus Fund:

Under normal circumstances, the Fund invests in a combination of equity securities and debt securities within the ranges shown in the following table:

Broad Asset Category	Target Allocation			Allocation Range
Debt Securities		75	%		55-95	%
Equity Securities		25	%		5-45	%

3. The following replaces the second paragraph in the “Summary Section” under the heading “Principal Strategies” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund:

The equity securities in which the Fund invests may include common stock, preferred stock, securities convertible into common stock, or securities or other instruments the price of which is linked to the value of common stock.

4. Real Estate Investment Trust (“REIT”) Risk is removed from the “Principal Risks” in the “Summary Section” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

THRIVENT MUTUAL FUNDS

Prospectus Date

rr_ProspectusDate

Feb. 28, 2018

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

Thrivent Mutual Funds

Supplement to

Class A Shares Prospectus, Class S Shares Prospectus, Thrivent Balanced Income Plus Fund Class A Shares Summary Prospectus, Thrivent Balanced Income Plus Fund Class S Shares Summary Prospectus, Thrivent Diversified Income Plus Fund Class A Shares Summary Prospectus,

and Thrivent Diversified Income Plus Fund Class S Shares Summary Prospectus

each dated February 28, 2018

2. The following replaces the first paragraph in the “Summary Section” under the heading “Principal Strategies” for Thrivent Diversified Income Plus Fund:

Under normal circumstances, the Fund invests in a combination of equity securities and debt securities within the ranges shown in the following table:

Broad Asset Category	Target Allocation			Allocation Range
Debt Securities		75	%		55-95	%
Equity Securities		25	%		5-45	%

3. The following replaces the second paragraph in the “Summary Section” under the heading “Principal Strategies” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund:

The equity securities in which the Fund invests may include common stock, preferred stock, securities convertible into common stock, or securities or other instruments the price of which is linked to the value of common stock.

4. Real Estate Investment Trust (“REIT”) Risk is removed from the “Principal Risks” in the “Summary Section” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund.

Thrivent Diversified Income Plus Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

Thrivent Mutual Funds

Supplement to

Class A Shares Prospectus, Class S Shares Prospectus, Thrivent Balanced Income Plus Fund Class A Shares Summary Prospectus, Thrivent Balanced Income Plus Fund Class S Shares Summary Prospectus, Thrivent Diversified Income Plus Fund Class A Shares Summary Prospectus,

and Thrivent Diversified Income Plus Fund Class S Shares Summary Prospectus

each dated February 28, 2018

2. The following replaces the first paragraph in the “Summary Section” under the heading “Principal Strategies” for Thrivent Diversified Income Plus Fund:

Under normal circumstances, the Fund invests in a combination of equity securities and debt securities within the ranges shown in the following table:

Broad Asset Category	Target Allocation			Allocation Range
Debt Securities		75	%		55-95	%
Equity Securities		25	%		5-45	%

3. The following replaces the second paragraph in the “Summary Section” under the heading “Principal Strategies” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund:

The equity securities in which the Fund invests may include common stock, preferred stock, securities convertible into common stock, or securities or other instruments the price of which is linked to the value of common stock.

4. Real Estate Investment Trust (“REIT”) Risk is removed from the “Principal Risks” in the “Summary Section” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund.

Thrivent Balanced Income Plus Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

Thrivent Mutual Funds

Supplement to

Class A Shares Prospectus, Class S Shares Prospectus, Thrivent Balanced Income Plus Fund Class A Shares Summary Prospectus, Thrivent Balanced Income Plus Fund Class S Shares Summary Prospectus, Thrivent Diversified Income Plus Fund Class A Shares Summary

Prospectus,

and Thrivent Diversified Income Plus Fund Class S Shares Summary Prospectus

each dated February 28, 2018

3. The following replaces the second paragraph in the “Summary Section” under the heading “Principal Strategies” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund:

The equity securities in which the Fund invests may include common stock, preferred stock, securities convertible into common stock, or securities or other instruments the price of which is linked to the value of common stock.

4. Real Estate Investment Trust (“REIT”) Risk is removed from the “Principal Risks” in the “Summary Section” for both Thrivent Balanced Income Plus Fund and Thrivent Diversified Income Plus Fund.

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Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	THRIVENT MUTUAL FUNDS
Prospectus Date	rr_ProspectusDate	Feb. 28, 2018
Document Creation Date	dei_DocumentCreationDate	Oct. 31, 2018