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Thrivent Opportunity Income Plus Fund —
Class A
AAINX
AAINX
Thrivent Opportunity Income Plus Fund
Class
Risk profile
Conservative Aggressive

Morningstar Fixed Income Style Box

Interest Rate Sensitivity:
Limited
Credit Quality:
Medium
 
Inception date
7/16/1987
As of
Public offering price
N/A
Net asset value
-
Daily NAV change
-
As of N/A
YTD return with sales charge
-3.42%
1-year return with sales charge
-1.19%
As of 10/31/2023
Net annual fund operating expenses
0.91%
As of
Max sales charge
4.50%
As of
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Thrivent Opportunity Income Plus Fund seeks a high level of current income, consistent with capital preservation.

This fund generates income by investing predominantly in a diversified mix of high-income fixed income securities. It invests primarily in higher-yielding, higher-risk, fixed income securities to generate income, while the equity holdings are generally opportunistic investments. Investments are diversified across sectors in order to manage risk and potentially provide more stability when interest rates rise. 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.

The Fund may be suitable for investors who:

  • Seek a high level of income and are able to withstand the volatility of high yielding bonds in pursuit of high current income
  • Have a medium to long-term time horizon and a moderately conservative risk tolerance
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 2018

    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.

  • Kent L. White, CFA
    Kent L. White, CFA
    VP, Fixed Income Mutual Funds
    Managing this fund since 2015

    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.

  • 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

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
0.91% Total annual fund operating expenses
Thrivent Opportunity Income Plus Fund Bloomberg U.S. Mortgage-Backed Securities Index Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index Morningstar LSTA US Leveraged Loan Index Morningstar Multisector Bond Avg
3M -7.51% -5.97% -1.92% 2.13% -2.54%
YTD -3.42% -4.28% 4.11% 10.14% 1.18%
1Y -1.19% -0.82% 5.95% 11.92% 3.78%
3Y -3.30% -5.73% 0.82% 6.01% -0.75%
5Y -0.57% -1.06% 3.39% 4.46% 1.42%
10Y 1.15% 0.34% 3.91% 4.22% 2.11%

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

See data by:

Yields

as of 10/31/2023
12 Month Distribution
4.83%
30 Day SEC
5.85%
Monthly Distribution
4.79%

Growth of 10K

as of 10/31/2023
$11,748
Total market value
$3,550
Current value of reinvested dividends and capital gains

Calendar year performance

as of 10/31/2023

Characteristics

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
1575
Turnover ratio (as of 09/29/2023)
80%
82.76%
U.S.
17.24%
Non-U.S.

Top 10 Holdings

as of 09/29/2023
17.26%
of all holdings
N/A
N/A
Security name % of total assets Maturity Coupon rate
Thrivent Core Emerging Markets Debt Fund 8.90%
U.S. Treasury Notes 2.20% 05/15/2033 3.38%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 1.23% 10/01/2053 5.50%
U.S. Treasury Bonds 1.02% 08/15/2042 3.38%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 0.94% 10/01/2053 4.00%
Federal National Mortgage Association Conventional 30-yr. Pass Through 0.65% 10/01/2053 4.50%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through 0.65% 06/01/2052 3.50%
Vanguard Short-Term Corporate Bond ETF 0.61%
U.S. Treasury Notes 0.55% 07/31/2028 4.13%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 0.51% 12/01/2052 4.50%

Fund Diversification

as of 09/29/2023
N/A
N/A
  • High Yield Bonds
    23.99%
  • Leveraged Loans
    7.60%
  • Investment-Grade Corporates
    18.26%
  • Securitized Debt
    29.05%
  • U.S. Government Bonds
    4.27%
  • International Government Bonds
    7.54%
  • Flexible Income
    6.19%
  • Cash
    3.08%

Fixed Income characteristics

as of 10/31/2023
99.78%
of fund
Duration Average Life
Thrivent Opportunity Income Plus Fund 4.09 6.72
Bloomberg U.S. Aggregate Bond Index 5.84 8.48

Credit quality rating distribution

as of 10/31/2023
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    51.09%
  • Cash
    3.07%
  • U.S. Government Guaranteed
    17.02%
  • AAA
    1.26%
  • AA
    2.57%
  • A
    10.11%
  • BBB
    17.06%
Bond type
% of total
  • High Yield (HY) Bonds
    36.82%
  • BB
    15.66%
  • B
    17.52%
  • CCC
    3.15%
  • CC
    .21%
  • C
    .02%
  • D
    .26%
  • Non-Rated (NR) Bonds
    9.93%
  • May be HQ/HY/NR Bonds
    2.15%
  • ETFs/Closed-End Funds
    2.15%

Beta

as of 10/31/2023
AAINX
0.28
R2=46%
Lower than benchmark
S&P 500 1.0
Higher than benchmark

Volatility

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 Opportunity Income Plus Fund 5.79 -1.81
Bloomberg U.S. Aggregate Bond Index 6.07 -5.57

Ratings


Morningstar

as of 10/31/2023
Category: Multisector Bond
Morningstar Information
Funds in category
Overall
326
3-Year
326
5-Year
269
10-Year
167
Risk vs. category
Average
326
Return vs. category
Below Average
326

Morningstar ratings are calculated based on risk-adjusted return.

Fixed income style box
Hi
Med
Low
QUALITY
Limited
Moderate
Extensive
SENSITIVITY

Distributions

as of 10/31/2023
Dividends Month End Nav Month End Pop
November 2022 $0.0315 $8.77 $9.18
December 2022 $0.0326 $8.70 $9.11
January 2023 $0.0327 $8.96 $9.38
February 2023 $0.0309 $8.79 $9.20
March 2023 $0.0352 $8.84 $9.26
April 2023 $0.0318 $8.87 $9.29
May 2023 $0.0371 $8.77 $9.18
June 2023 $0.0350 $8.80 $9.21
July 2023 $0.0354 $8.84 $9.26
August 2023 $0.0361 $8.78 $9.19
September 2023 $0.0346 $8.60 $9.01
October 2023 $0.0355 $8.46 $8.86

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 0.66%
Distribution/12b-1 Fee 0.25%
Total Annual Fund Operating Expenses 0.91%
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

Documents

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%.

Strategy

The Fund primarily invests in a broad range of debt securities. 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. Fixed income securities and equity holdings are analyzed and selected on an ongoing basis. The Fund is regularly rebalanced to ensure that the holdings are within appropriate ranges.

Risk

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. Leveraged loans, sovereign debt, mortgage-related and other asset-backed securities are subject to additional risks. 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, investment styles, and issuers. The Adviser is also subject to actual or potential conflicts of interest. The use of derivatives such as futures involves additional risks. 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. 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 securities, which may result in higher transaction costs and taxes. When interest rates fall, certain obligations will be paid off more quickly and proceeds may have to be invested in lower-yielding securities with lower yields. These and other risks are described in the prospectus.

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