Summary

• Thrivent Income Fund outperformed the Bloomberg U. S. Corporate Bond Index during the first quarter of 2026, driven largely by a positive contribution from security selection in corporate bonds.
• During the quarter Thrivent Income Fund continued to shift more of its exposure from corporate bonds to higher quality sectors as corporate credit spreads hit their richest valuations in nearly three decades.
• Thrivent Income Fund benefited from its duration positioning as it held a shorter duration profile relative to its benchmark which contributed to performance as interest rates rose during the quarter.
• Concerns about the Iranian conflict's impact on energy prices and inflation prompted the market to lower their expectations for the number and timing of future rate cuts by the Federal Reserve.
• Thrivent Income Fund began to decrease its underweight to corporate bonds towards the end of the first quarter and lengthened the Fund's duration profile.

Executive Summary

• Thrivent Income Fund outperformed the Bloomberg U. S. Corporate Bond Index during the first quarter of 2026. The Fund's outperformance was driven largely by a positive contribution from security selection in both investment grade and high

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