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Read Thrivent Asset Management’s perspective on the debt ceiling. View now (PDF)

Thrivent Opportunity Income Plus Fund —
Class S
IIINX
IIINX
Thrivent Opportunity Income Plus Fund
Class
Risk profile
Conservative Aggressive

Morningstar Fixed Income Style Box

Interest Rate Sensitivity:
Limited
Credit Quality:
Medium
 
Inception date
12/29/1997
As of
Net asset value
-
Daily NAV change
-
As of N/A
YTD return
3.67%
1-year return
-0.32%
As of 04/28/2023
Net annual fund operating expenses
0.65%
As of
Sales charge
None
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 04/28/2023
0.65% Total annual fund operating expenses
See data by:

Yields

as of 04/28/2023
12 Month Distribution
4.57%
30 Day SEC
5.18%
Monthly Distribution
5.53%

Growth of 10K

as of 04/28/2023
$11,967
Total market value
$3,737
Current value of reinvested dividends and capital gains

Calendar year performance

as of 04/28/2023

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 04/28/2023
Total number of holdings
1540
Turnover ratio (as of 03/31/2023)
117%
83.05%
U.S.
16.95%
Non-U.S.

Top 10 Holdings

as of 03/31/2023
15.36%
of all holdings
N/A
N/A
Security name % of total assets Maturity Coupon rate
Thrivent Core Emerging Markets Debt Fund 9.03%
U.S. Treasury Bonds 1.18% 08/15/2042 3.38%
SPDR Bloomberg High Yield Bond ETF 0.94%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 0.80% 04/01/2053 5.00%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through 0.72% 06/01/2052 3.50%
Vanguard Short-Term Corporate Bond ETF 0.60%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 0.56% 12/01/2052 4.50%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through 0.54% 05/01/2051 2.50%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 0.50% 03/01/2052 3.00%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 0.49% 01/01/2052 3.00%

Fund Diversification

as of 03/31/2023
N/A
N/A
  • High Yield Bonds
    26.48%
  • Leveraged Loans
    7.15%
  • Investment-Grade Corporates
    17.87%
  • Securitized Debt
    27.06%
  • U.S. Government Bonds
    1.73%
  • International Government Bonds
    7.52%
  • Flexible Income
    7.01%
  • Cash
    5.17%

Fixed Income characteristics

as of 04/28/2023
99.62%
of fund
Duration Average Life
Thrivent Opportunity Income Plus Fund 4.07 6.65
Bloomberg U.S. Aggregate Bond Index 6.23 8.72

Credit quality rating distribution

as of 04/28/2023
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    50.00%
  • Cash
    5.71%
  • U.S. Government Guaranteed
    12.07%
  • AAA
    1.50%
  • AA
    3.06%
  • A
    10.53%
  • BBB
    17.13%
Bond type
% of total
  • High Yield (HY) Bonds
    38.74%
  • BB
    17.91%
  • B
    17.69%
  • CCC
    2.73%
  • CC
    .27%
  • C
    .02%
  • D
    .12%
  • Non-Rated (NR) Bonds
    8.45%
  • May be HQ/HY/NR Bonds
    2.80%
  • ETFs/Closed-End Funds
    2.80%

Beta

as of 04/28/2023
IIINX
0.27
R2=46%
Lower than benchmark
S&P 500 1.0
Higher than benchmark

Volatility

as of 04/28/2023
Standard deviation Average annualized returns
Thrivent Opportunity Income Plus Fund 5.98 1.31
Bloomberg U.S. Aggregate Bond Index 6.13 -3.15

Ratings


Morningstar

as of 04/30/2023
Category: Multisector Bond
Morningstar Information
Funds in category
Overall
286
3-Year
286
5-Year
251
10-Year
152
Risk vs. category
Below Average
286
Return vs. category
Below Average
286

Morningstar ratings are calculated based on risk-adjusted return.

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

Distributions

as of 04/28/2023
Dividends Month End Nav
May 2022 $0.0308 $9.25
June 2022 $0.0297 $8.86
July 2022 $0.0302 $9.12
August 2022 $0.0350 $8.96
September 2022 $0.0336 $8.57
October 2022 $0.0347 $8.57
November 2022 $0.0334 $8.77
December 2022 $0.0344 $8.70
January 2023 $0.0347 $8.96
February 2023 $0.0327 $8.79
March 2023 $0.0371 $8.84
April 2023 $0.0336 $8.88

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


Capital gains - trailing 12 months

as of 04/28/2023
Record date Short term capital gains Long term capital gains Total
- - - -

Expenses, fees, and charges

Management Fees and Other Expenses 0.65%
Distribution/12b-1 Fee None
Total Annual Fund Operating Expenses 0.65%
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

Documents

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%.

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. Prior to August 16, 2013, the Fund was named Thrivent Core Bond Fund. It invested primarily in investment-grade corporate bonds, government bonds, asset-backed securities, and mortgage-backed securities. On August 16, 2013, the Fund adopted its current name and investment strategy, which includes the ability to invest in a diversified mix of higher-yielding fixed-income securities.

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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