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Thrivent Income Fund —
Class A
Thrivent Income Fund
Risk profile
Conservative Aggressive

Morningstar Fixed Income Style Box

Interest Rate Sensitivity:
Credit Quality:
Inception date
As of
Public offering price
Net asset value
Daily NAV change
As of N/A
YTD return with sales charge
1-year return with sales charge
As of 10/31/2023
Net annual fund operating expenses
As of
Max sales charge
As of


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Thrivent Income Fund seeks high current income while preserving principal and, secondarily, to obtain long-term growth of capital in order to maintain investors’ purchasing power.

This fund invests primarily in investment-grade corporate bonds, government bonds, asset-backed securities, and mortgage-backed securities. The Fund may also invest a portion of its assets in high yield bonds, leveraged loans and preferred stock, and may opportunistically invest in foreign issuers (including emerging market issuers), non-agency mortgage-backed securities and commercial mortgage- backed securities. The Fund typically has its largest allocation in BBB-rated bonds, which are the lowest-tier of investment grade bonds. The Fund uses derivatives in order to manage the Fund’s duration, or interest rate risk.

The Fund may be suitable for investors who:

  • Seek a high level of income while preserving principal
  • Have a medium to long-term investment time horizon and a moderately conservative risk tolerance
  • Are willing to accept lower long-term returns in order to have a low to moderate level of risk and volatility
Fund management

Our seasoned team of more than 125 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 80% have at least 10 years of experience, more than 50% have more than 20 years of investment experience, and more than 85% have earned the Chartered Financial Analyst designation, an advanced degree, or both.

  • Kent L. White, CFA
    Kent L. White, CFA
    VP, Fixed Income Mutual Funds
    Managing this fund since 2017

    Mr. White is currently a Senior Portfolio Manager at Thrivent and was previously the Director of Investment Grade Research. He has been with the firm since 1999. Read more.

  • Cortney Swensen, CFA
    Cortney Swensen, CFA
    Senior Portfolio Manager
    Managing this fund since 2023

    Ms. Swensen joined Thrivent in 2011 serving as a research analyst covering investment grade corporate bonds. She became a portfolio manager in 2016. Read more.


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.

Average Annualized Returns

as of 10/31/2023
0.75% Total annual fund operating expenses
Thrivent Income Fund Bloomberg U.S. Corporate Bond Index Morningstar Corporate Bond Avg
3M -9.65% -5.23% -4.90%
YTD -5.77% -1.86% -1.35%
1Y -1.75% 2.77% 2.63%
3Y -6.56% -5.48% -4.95%
5Y -0.05% 0.85% 0.74%
10Y 1.30% 1.89% 1.71%

The average annualized returns for the fund reflect the current maximum sales charge of 4.5%.

See data by:


as of 10/31/2023
12 Month Distribution
30 Day SEC
Monthly Distribution

Growth of 10K

as of 10/31/2023
Total market value
Current value of reinvested dividends and capital gains

Calendar year performance

as of 10/31/2023


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.

Holdings breakdown

as of 10/31/2023
Total number of holdings
Turnover ratio (as of 09/29/2023)

Top 10 Holdings

as of 09/29/2023
of all holdings
Security name % of total assets Maturity Coupon rate
U.S. Treasury Bonds 2.10% 05/15/2053 3.63%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through 1.83% 07/01/2053 5.50%
U.S. Treasury Notes 1.56% 02/15/2033 3.50%
U.S. Treasury Bonds 0.76% 02/15/2043 3.88%
UBS Group AG 0.71% 08/12/2033 6.54%
Sprint Capital Corporation 0.65% 03/15/2032 8.75%
Cheniere Energy Partners, LP 0.53% 10/01/2029 4.50%
UBS Group AG 0.50% 01/12/2029 3.87%
Hyundai Capital America 0.49% 09/21/2030 6.20%
U.S. Treasury Bonds 0.47% 08/15/2043 4.38%

Fund Diversification

as of 09/29/2023
  • Investment-Grade Corporates
  • High Yield Bonds
  • U.S. Government Bonds
  • Securitized Debt
  • Flexible Income
  • Cash
  • International Government Debt

Fixed Income characteristics

as of 10/31/2023
Duration Average Life
Thrivent Income Fund 6.51 10.91
Bloomberg U.S. Aggregate Bond Index 5.84 8.48

Credit quality rating distribution

as of 10/31/2023
Bond type
% of total
  • High Quality (HQ) Bonds
  • Cash
  • U.S. Government Guaranteed
  • AAA
  • AA
  • A
  • BBB
Bond type
% of total
  • High Yield (HY) Bonds
  • BB
  • B
  • CCC
  • CC
  • C
  • D
  • Non-Rated (NR) Bonds
  • May be HQ/HY/NR Bonds
  • ETFs/Closed-End Funds


as of 10/31/2023
Depending on the fund inception date, some data may not be available.
Standard deviation Average annualized returns (without sales charge)
Thrivent Income Fund 8.21 -5.12
Bloomberg U.S. Aggregate Bond Index 6.07 -5.57



as of 10/31/2023
Category: Corporate Bond
Morningstar Information
Funds in category
Risk vs. category
Below Average
Return vs. category

Morningstar ratings are calculated based on risk-adjusted return.

Fixed income style box


as of 10/31/2023
Dividends Month End Nav Month End Pop
November 2022 $0.0226 $7.86 $8.23
December 2022 $0.0224 $7.80 $8.17
January 2023 $0.0241 $8.14 $8.52
February 2023 $0.0213 $7.88 $8.25
March 2023 $0.0251 $8.02 $8.40
April 2023 $0.0232 $8.06 $8.44
May 2023 $0.0276 $7.93 $8.30
June 2023 $0.0247 $7.94 $8.31
July 2023 $0.0253 $7.96 $8.34
August 2023 $0.0256 $7.88 $8.25
September 2023 $0.0241 $7.64 $8.00
October 2023 $0.0272 $7.46 $7.81

Trailing 12-Months; Dividend Schedule: Declared Daily, Paid Monthly

Capital gains - trailing 12 months

as of 10/31/2023
Record date Short term capital gains Long term capital gains Total
- - - -

Expenses, fees, and charges

Management Fees and Other Expenses 0.50%
Distribution/12b-1 Fee 0.25%
Total Annual Fund Operating Expenses 0.75%
Redemption Fee None
Transaction Fee None
Low Balance Fee $10 semiannually
Front-End Sales Charge Max 4.50%
Back-End Sales Charge None

Minimum investment

Initial for non-retirement accounts $2,000
Initial for retirement or tax deferred accounts $1,000
Additional Purchases $50
Initial minimums are waived when a recurring investment of $50 or more is set up


Title Download View
Prospectus & Fund Documents -
Fund Facts -
Sales Profile -
Schedule of Investment -
Annual Proxy Voting -

Due to rounding, some values may not total 100%.


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. The Fund’s investment adviser may purchase bonds of any maturity and generally focuses on U.S. companies that it believes are financially sound and have strong cash flows and earnings. The team also considers the macro-economic environment and performs an ongoing assessment of relative value and risk. Based on this market outlook, the Fund may take overweight and underweight positions in various sectors and industries and may reallocate across the higher and lower-quality segments of the bond market. The analysts perform research and provide buy/sell recommendations while the portfolio manager is responsible for portfolio construction and risk management.


Debt securities are subject to risks such as declining prices during periods of rising interest rates and credit risk, or the risk that an issuer may not pay its debt. High yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives such as futures involves additional risks and transaction costs. Foreign investments involve additional risks, such as currency fluctuations and political, economic and market instability, which may be magnified for investments in emerging markets. To the extent that the financials sector continues to represent a significant portion of the Fund, The Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. U.S. Government securities may not be fully guaranteed by the U.S Government and issues may not have the funds to meet their payment obligations. The value of U.S. government securities may be affected by changes in credit ratings, which may be negatively impacted by rising national debt. The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. The Fund’s value may be affected by factors specific to an issuer within the Fund. The London Interbank Offered Rate (LIBOR) is being phased out, which brings uncertainty to instruments tied to it. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. Securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of mortgage-related and other asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. These and other risks are described in the prospectus.

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