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Thrivent Balanced Income Plus Fund —
Class S
Thrivent Balanced Income Plus Fund
Morningstar Rating
Moderately Conservative Allocation
Overall among 441 funds as of
Morningstar ratings are calculated based on risk-adjusted return.
Risk profile
Conservative Aggressive
Target allocation
45% Equity
55% Fixed Income
Inception date
As of
Net asset value
Daily NAV change
As of N/A
YTD return
1-year return
As of 10/31/2023
Net annual fund operating expenses
As of
Sales charge
As of

Thrivent Balanced Income Plus Fund seeks long-term total return through a balance between income and the potential for long-term capital growth.

This fund provides a balanced approach to income and capital appreciation. The Fund is actively managed and invests in a combination of other funds managed by the Adviser and direct investments in equity and debt instruments. Approximately half of the portfolio is invested in equity securities to provide potential growth, while the other half of the portfolio is invested in higher-yielding, higher-risk, fixed income securities to generate income. Investments are diversified across sectors in order to manage risk, potentially provide more stability when interest rates rise, and to provide the opportunity for long-term capital growth and income.

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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.

  • Stephen D. Lowe, CFA
    Stephen D. Lowe, CFA
    Chief Investment Strategist
    Managing this fund since 2013

    Mr. Lowe joined Thrivent in 1997. He is the Chief Investment Strategist and has served as the portfolio manager of various Thrivent mutual funds since 2009. He has also been a senior portfolio manager of the high yield portion of Thrivent's general account since 2005. Read more.

  • David Spangler, CFA
    David Spangler, CFA
    Head of Mixed Assets and Market Strategies
    Managing this fund since 2019

    Mr. Spangler joined Thrivent in 2002 serving as Director of Thrivent’s Investment Product Management group. Read more.

  • Theron G. Whitehorn, CFA
    Theron G. Whitehorn, CFA
    Senior Portfolio Manager
    Managing this fund since 2021

    Mr. Whitehorn joined Thrivent in 2018 serving as Director of Fixed Income Quantitative Research. 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
0.76% Total annual fund operating expenses
Thrivent Balanced Income Plus Fund Bloomberg U.S. Mortgage-Backed Securities Index Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index MSCI World Index - USD Net Returns Morningstar LSTA US Leveraged Loan Index Morningstar Moderately Conservative Allocation Avg
3M -6.27% -5.97% -1.92% -9.31% 2.13% -6.03%
YTD 1.67% -4.28% 4.11% 7.88% 10.14% 0.54%
1Y 3.46% -0.82% 5.95% 10.48% 11.92% 2.73%
3Y 2.99% -5.73% 0.82% 8.14% 6.01% 0.69%
5Y 3.73% -1.06% 3.39% 8.27% 4.46% 2.95%
10Y 4.45% 0.34% 3.91% 7.53% 4.22% 3.30%
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
Thrivent Core International Equity Fund 7.15%
Thrivent Core Emerging Markets Debt Fund 4.78%
Microsoft Corporation 1.34%
U.S. Treasury Bonds 0.93% 08/15/2042 3.38%
U.S. Treasury Notes 0.88% 07/31/2028 4.13%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 0.87% 12/01/2052 4.50%
Alphabet, Inc., Class C 0.86%
U.S. Treasury Notes 0.81% 02/15/2024 0.13%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through 0.80% 06/01/2052 3.50%
Apple, Inc. 0.76%

Fund Diversification

as of 09/29/2023
  • Large Cap Equity
  • Mid Cap Equity
  • Small Cap Equity
  • International Equity
  • High Yield Bonds
  • Leveraged Loans
  • Investment-Grade Corporates
  • Securitized Debt
  • U.S. Government Bonds
  • International Government Bonds
  • Flexible Income
  • Cash

Equity characteristics

as of 10/31/2023
of all holdings
P/E Ratio Return on Equity
Thrivent Balanced Income Plus Fund 16.19 17.04%
S&P 500® Index 21.17 25.00%

Fixed Income characteristics

as of 10/31/2023
of fund
Duration Average Life
Thrivent Balanced Income Plus Fund 5.25 6.98
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
Lower than benchmark
S&P 500 1.0
Higher than benchmark


as of 10/31/2023
Standard deviation Average annualized returns
Thrivent Balanced Income Plus Fund 10.51 2.99
S&P 500® Index 17.82 10.36
Bloomberg U.S. Aggregate Bond Index 6.07 -5.57



as of 10/31/2023
Category: Moderately Conservative Allocation
Morningstar Information
Check out our funds that received 4- or 5-Star Overall Morningstar RatingTM
Funds in category
Risk vs. category
Return vs. category

Morningstar ratings are calculated based on risk-adjusted return.

Equity Style Map
Weighted average of holdings
75% of fund's stock holdings


as of 10/31/2023
Dividends Month End Nav
November 2022 $0.0000 $12.59
December 2022 $0.1123 $12.20
January 2023 $0.0000 $12.80
February 2023 $0.0000 $12.51
March 2023 $0.0891 $12.60
April 2023 $0.0000 $12.69
May 2023 $0.0000 $12.54
June 2023 $0.0990 $12.82
July 2023 $0.0000 $13.04
August 2023 $0.0000 $12.87
September 2023 $0.0950 $12.41
October 2023 $0.0000 $12.13

Trailing 12-Months; Dividend Schedule: Paid Quarterly

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 0.76%
Distribution/12b-1 Fee None
Total Annual Fund Operating Expenses 0.76%
Redemption Fee None
Transaction Fee None
Low Balance Fee $10 semiannually
Front-End Sales Charge None
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 -
Fund Commentary -
Sales Profile -
Schedule of Investment -
Annual Proxy Voting -

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


The Fund has a long-term target allocation of 45% equity securities and 55% fixed income. The portfolio management team actively manages the Fund with overweight and underweight positions in the various sectors based on their views of the market and economy. Individual stocks and bonds are analyzed and selected on an ongoing basis. The Fund is regularly rebalanced to ensure that the holdings are within appropriate ranges.


The Fund’s value is influenced by a number of factors, including the performance of the broader market, the effectiveness of the Adviser’s allocation strategy, and risks specific to the Fund’s asset classes, market cap groups, investment styles, and issuers. 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. The Adviser is also subject to actual or potential conflicts of interest. 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. High yield securities are subject to increased credit risk as well as liquidity risk. The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. Leveraged loans, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. 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 Fund invests in other funds; therefore, the Fund is dependent upon the performance of the other funds and is subject to the risks, additional fees and expenses of the other funds. The Fund may engage in active and frequent trading of portfolio securities, which may result in higher transaction costs and higher taxes. When interest rates fall, certain obligations will be paid off more quickly and proceeds may have to be invested in securities with lower yields. The use of quantitative investing techniques also involves risk. These and other risks are described in the prospectus.

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