AMENDMENT NO. 2 TO INVESTMENT SUBADVISORY AGREEMENT (Thrivent Mutual Funds)

Exhibit 6.10

AMENDMENT NO. 2

TO INVESTMENT SUBADVISORY AGREEMENT

(Thrivent Mutual Funds)

Amendment No. 1 to INVESTMENT SUBADVISORY AGREEMENT, dated as of February 28, 2007 (the “Agreement”), by and among Thrivent Asset Management, LLC (the “Adviser”), Thrivent Mutual Funds (the “Trust”) and Mercator Asset Management, L.P. (the “Sub-adviser”).

The Agreement is hereby amended, effective as of September 16, 2011, as follows:

1. All references to the “Fund” under the Agreement shall refer solely to Thrivent Partner Worldwide Allocation Fund.

2. Schedule 1 to the Agreement is hereby deleted in its entirety and replaced with Exhibit A to this Amendment.

3. The following paragraph is added as Section XIX.G. to the Agreement:

Execution in Counterparts. This Agreement may be executed simultaneously in two or more identical counterparts, each of which, standing alone, shall be an original, but all of which shall constitute but one agreement.

Except as modified herein, all terms and conditions of the Agreement remain in full force and effect.

THRIVENT ASSET MANAGEMENT, LLC
		By:		/s/ Xxxxxxx X. Xxxxxxx
		Name:		Xxxxxxx X. Xxxxxxx
		Title:		President

THRIVENT MUTUAL FUNDS
		By:		/s/ Xxxxxxx X. Xxxxxxx
		Name:		Xxxxxxx X. Xxxxxxx
		Title:		President

MERCATOR ASSET MANAGEMENT, L.P.
		By:		/s/ Xxxxx X. Xxxxxx
		Name:		Xxxxx X. Xxxxxx
		Title:		President, JXC Corp., General Partner

EXHIBIT A

Schedule I

Dated as of September 16, 2011

Sub-advisory Fees

Thrivent Partner Worldwide Allocation Fund

Annual Rate of Average Daily Net Assets

Managed by the Sub-adviser:

First		$	25 Million				.75	%
Next		$	25 Million				.60	%
Next		$	25 Million				.55	%
Next		$	225 Million				.50	%
Next		$	200 Million				.40	%
Over		$	500 Million				.20	%

* Solely for purposes of calculating the fees payable under this Fee Schedule, the value of the average daily net assets of the Fund, which are subject to the Sub-adviser’s investment discretion, shall be aggregated with the value of the average daily net assets of Thrivent Series Fund, Inc., which are subject to the Sub-adviser’s investment discretion.