UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number: 811-23362
 
Thrivent Church Loan and Income Fund
(Exact name of registrant as specified in charter)
 
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3265
(Address of principal executive offices) (Zip code)
 
John D. Jackson
Assistant Secretary
Thrivent Church Loan and Income Fund
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3265
 (Name and address of agent for service)
 
Registrant’s telephone number, including area code: (612) 844-7190
Date of fiscal year end: March 31
Date of reporting period: March 31, 2020
 
 
Item 1. Report to Stockholders
 
[
Insert shareholder report]
 
Item 2. Code of Ethics
 
As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report.  A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
 
Item 3. Audit Committee Financial Expert
 
Registrant’s Board of Trustees has determined that George W. Morriss and Jerry T. Golden, independent trustees, are the Audit Committee Financial Experts.
 
Item 4. Principal Accountant Fees and Services

 

(a)  Audit Fees

 
The aggregate fees billed by registrant’s independent public accountants, Cohen & Company, Ltd. (“Cohen”), for each of the last two fiscal years for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $55,000 for the year ended March 31, 2019 and $75,000 for the year ended March 31, 2020. 
 
(b)
   
Audit-Related Fees
 
The aggregate fees Cohen billed to registrant for each of the last two fiscal years for assurance and other services that are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a) were $0 for the year ended March 31, 2019 and $0 for the year ended March 31, 2020.  The aggregate fees Cohen billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for assurance and other services directly related to the operations and financial reporting of registrant were $0 for the year ended March 31, 2019 and $0 for the year ended March 31, 2020. 
 
(c)
    
Tax Fees
 
The aggregate tax fees Cohen billed to registrant for each of the last two fiscal years for tax compliance, tax advice and tax planning services were $4,500 for the year ended March 31, 2019 and $6,000 for the year ended March 31, 2020.  These fees include payments for tax return compliance services, excise distribution review services and other tax related matters.  The aggregate tax fees Cohen billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for services directly related to the operations and financial reporting of registrant were $0 for the year ended March 31, 2019 and $0 for the year ended March 31, 2020.
 
(d)
   
All Other Fees
 
The aggregate fees Cohen billed to registrant for each of the last two fiscal years for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $0 for the years ended March 31, 2019 and March 31, 2020.  The aggregate fees Cohen billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $0 for the year ended March 31, 2019 and $0 for the year ended March 31, 2020.  These figures are also reported in response to item 4(g) below.
 
(e)
   
Registrant’s audit committee charter provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre-approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that Cohen billed to registrant.
  
 
(f)  Less than 50% of the hours billed by Cohen for auditing services to registrant for the fiscal year ended March 31, 2020 were for work performed by persons other than full-time permanent employees of Cohen.
 
(g)  The aggregate non-audit fees billed by Cohen to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years ending March 31, 2019 and March 31, 2020 were $0 and $0 respectively.  These figures are also reported in response to item 4(d) above.
 
(h)  Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise Cohen’s independence.
 
Item 5. Audit Committee of Listed Registrants
 
            Not applicable.
 
Item 6. Investments
 
(a)
   
Registrant’s Schedule of Investments is included in the report to shareholders filed under
Item 1.
 
(b)
   
Not applicable to this filing.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
            Companies
 
Thrivent Asset Management, LLC (“Thrivent Asset Mgt.”) is the registrant’s investment adviser. A copy of Thrivent Asset Mgt.’s Proxy Voting Policies and Procedures Summary is attached to this filing as an exhibit and incorporated herein by reference.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies
 
(a)(1)   The following information about the portfolio managers of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”) is provided as of May 29, 2020.
Frederick P. Johnson has served as Portfolio Manager of the Church Loan and Income Fund since 2018. Mr. Johnson also serves as  Senior Portfolio Manager of Thrivent Financial’s church loan portfolio and has served as the Director of the Thrivent Church Financing department since 2004. Mr. Johnson has been an employee of Thrivent Financial for 33 years, holding leadership roles in the mutual fund transfer agent/broker dealer from 1987 to 1994 and serving as Vice President of Investment Operations from 1995 to 2004.
Meg G. Spangler has served as the Associate Portfolio Manager of the Church Loan and Income Fund since 2018. Ms. Spangler  has also served as Associate Portfolio Manager for Thrivent Financial’s church loan portfolio  since 2004. She also recently served as Director of Thrivent’s Commercial Loan Servicing department, managing the ongoing servicing needs of over 2,500 loans. Ms. Spangler has actively worked with all aspects of church and commercial lending including underwriting,  loan closing,  and servicing.
Gregory R. Anderson  has served as Portfolio Manager of the Church Loan and Income Fund since 2018.  Mr. Anderson is the Vice President of Fixed Income Securities for Thrivent Financial and recently served as  Senior Portfolio Manager of Thrivent Financial’s mortgage-backed securities (MBS) portfolio. He is also co-portfolio manager of certain Thrivent fixed income mutual funds. Mr. Anderson joined Thrivent Financial in 1997 and has held a variety of positions, including corporate bond investment analyst and securitized assets portfolio manager.
 
(a)(2)   The following table provides information relating to other accounts managed by the Portfolio Managers as of March 31, 2020. None of the Portfolio Managers of the registrant manage assets in pooled investment vehicles other than the registered investment companies noted below.

 
 
Other Registered
Investment Companies
 
 
Other Accounts
 
 
Portfolio Manager
# of
Accounts
Managed
 
Assets
Managed
 
# of
Accounts
Managed
 
Assets
Managed
Frederick P. Johnson
0
$0
 
1
$1,196,970,569
Meg G. Spangler
0
$0
 
1
$922,154,640
Gregory R. Anderson
10
$4,899,288,958
 
3
$7,680,524,390
 
Portfolio managers at the investment adviser (“Thrivent Asset Mgt.”) of the registrant typically manage multiple accounts. These accounts may include, among others, mutual funds, proprietary accounts and separate accounts (assets managed on behalf of pension funds, foundations and other investment accounts). The management of multiple funds and accounts may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees.
In addition, the side-by-side management of these funds and accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. Thrivent Asset Mgt. seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. To this end, Thrivent Asset Mgt. has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management. The information regarding potential conflicts of interest was provided by Thrivent Asset Mgt. and is current as of May 29, 2020.
 
(a)(3)   The following is a description provided by Thrivent Asset Mgt. regarding the structure of and criteria for determining the compensation of the Portfolio Managers as of March 31, 2020.
Each Portfolio Manager of Thrivent Asset Mgt. is compensated by an annual base salary and an annual bonus, in addition to the various benefits that are available to all employees of Thrivent Financial. The annual base salary for each portfolio manager is a fixed amount that is determined annually according to the level of responsibility and performance. The annual bonus provides for a variable payment that is attributable to loan origination volume and yield targets as well as loan quality measures (e.g., delinquency, loan losses). Some Portfolio Managers also participate in Thrivent Financial’s long-term incentive plan, which provides for an additional variable payment based on the extent to which Thrivent Financial met corporate goals during the previous three-year period.
 
(a)(4)   The following table provides information as of March 31, 2020 on the dollar range of beneficial ownership by each Portfolio Manager in the registrant.
 
Portfolio Manager
 
Dollar Range of Beneficial Ownership in the Registrant
Frederick P. Johnson
 
$10,001-$50,000
Meg G. Spangler
 
None
Gregory R. Anderson
 
None
 
(b)  Not applicable.
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
            Purchasers.
 
Not applicable.
 
Item 10. Submission of Matters to a Vote of Security Holders
 
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to this Item.
 
Item 11. Controls and Procedures
 
(a) Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
 
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting. 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
 
             Not applicable.
 
Item 13. Exhibits
 
(
a)(1)  
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: See EX-99.CODE attached hereto.
 
(a)(2)  
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
 
(a)(3)   Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
 
(a)(4)   Change in the registrant’s independent public accountant: Not applicable
 
(b)
               
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT attached hereto.
 
 
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date: May 29, 2020                                                      THRIVENT CHURCH LOAN AND INCOME
                                                                                    FUND
 
                                                                                       By:   /s/ David S. Royal                       
                                                                                                David S. Royal
                                                                                            Trustee and President
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
Date: May 29, 2020                                                      By:   /s/ David S. Royal                       
                                                                                                David S. Royal
                                                                                            Trustee and President
                                                                                            (principal executive officer)
 
 
Date: May 29, 2020                                                      By:   /s/ Gerard V. Vaillancourt            
                                                                                                Gerard V. Vaillancourt
                                                                                            Treasurer and Principal Accounting Officer
                                                                                            (principal financial officer)
 
MARCH
31,
2020
THRIVENT
CHURCH
LOAN
AND
INCOME
FUND
ANNUAL
REPORT
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
U.S.
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
will
no
longer
be
sent
by
mail,
unless
you
specifically
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Funds’
website
(
ThriventFunds.com
),
and
you
will
be
notified
by
mail
each
time
a
report
is
posted
and
provided
with
a
website
address
to
access
the
report.
If
you
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
do
not
need
to
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
a
Fund
electronically
by
contacting
your
financial
intermediary
(such
as
a
broker
dealer
or
bank)
where
you
purchased
shares
or,
if
you
purchased
shares
through
Thrivent
Financial,
by
enrolling
at
Thrivent.com/
gopaperless
or,
if
you
purchased
directly
online,
by
enrolling
at
ThriventFunds.com
.
You
may
elect
to
receive
all
future
shareholder
reports
in
paper
free
of
charge.
If
you
invest
directly
with
a
Fund,
you
can
call
800-847-
4836
to
let
us
know
you
wish
to
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
shareholder
re-
ports
in
paper
will
apply
to
all
funds
held
in
your
account.
If
you
invest
through
a
financial
intermediary,
you
can
contact
your
financial
intermediary
to
request
that
you
continue
to
receive
paper
copies
of
your
shareholder
reports.
Table
of
Contents
Letter
from
the
President
2
Shareholder
Expense
Example
3
Report
of
Independent
Registered
Public
Accounting
Firm
4
Schedule
of
Investments
5
Statement
of
Assets
and
Liabilities
9
Statement
of
Operations
10
Statement
of
Changes
in
Net
Assets
11
Statement
of
Cash
Flows
12
Notes
to
Financial
Statements
13
Financial
Highlights
25
Board
of
Trustees
and
Officers
27
2
Dear
Shareholder:
2
I
hope
you
are
staying
healthy
during
this
very
difficult
period
in
our
history,
as
the
effects
of
the
COVID-19
pandemic
have
had
a
dramatic
impact
not
only
here
in
the
U.S.
but
around
the
world.
We
pray
for
your
continued
health
and
well-being
in
the
months
ahead.
Since
launching
the
Thrivent
Church
Loan
and
Income
Fund
(XCLIX)
in
September
2018,
the
fund
has
had
a
major
positive
impact
on
many
churches
and
Christian
organizations
across
the
country.
In
all,
we
have
provided
vital
funding
to
more
than
40
churches
and
Christian
organizations,
and
we
continue
to
expand
the
reach
of
the
Fund
by
exploring
relationships
with
other
groups
that
are
in
need
of
funding
to
pursue
their
Christian
mission.
Through
March
2020,
we
had
provided
more
than
$20
million
in
funding
to
these
organizations
to
help
improve
their
facilities
and
expand
their
outreach.
The
loans
in
the
Fund’s
portfolio
have
gone
toward
a
variety
of
worthy
missions,
including
the
purchase
of
new
buildings,
improvements
on
church
campuses,
construction
of
Bible
schools,
and
the
training
of
new
leaders
to
share
the
Gospel.
The
loans
also
help
Christian
organizations
influence
their
communities
and
expand
outreach
to
elders
in
residential
care,
to
people
experiencing
homelessness
and
hunger,
and
to
Christians
who
may
not
have
a
church
home.
Through
the
Fund,
investors
are
making
an
important
impact
in
many
lives.
Church
loans
in
the
Fund
are
directly
originated
and
underwritten
by
Thrivent,
which
has
been
an
active
church
lender
for
more
than
100
years.
As
a
shareholder,
you
may
recognize
that
in
the
current
environment,
the
work
of
churches
and
other
Christian
organizations
has
become
more
important
than
ever.
In
Timonium,
Maryland,
Pastor
Shea
Strickland
of
Grace
Fellowship
(which
has
received
a
loan
through
the
Thrivent
Church
Loan
and
Income
Fund),
shared
this
story
on
how
his
church
has
been
reaching
members
and
helping
people
in
the
community
during
the
pandemic
even
though
they
must
conduct
church
services
remotely
online:
“Through
technology
we
were
able
to
get
the
word
out
to
our
members
to
not
only
watch
online,
but
to
tell
a
friend
to
watch
who
may
be
isolated,
struggling
or
searching
for
hope.  On
a
typical
Sunday
we
have
3,000
come
to
our
church
building
and
an
additional
300
streaming
online
for
worship,
and
we
had
more
than
8,000
who
streamed
the
service.
“We
are
praying
boldly
that
God’s
leading
us
to
reach
20,000
across
Maryland
and
beyond,
many
of
whom
are
not
current
church
goers
or
believers
in
Christ.”
“Not
only
did
we
share
the
message
of
hope
in
knowing
and
following
Jesus,
but
we
promoted
our
effective
online,
electronic
giving
with
a
special
emphasis
on
putting
more
into
our
community
Grace
Care
outreach
programs
that
focus
on
filling
in
the
gaps,
helping
those
at
risk,
people
affected
by
disabilities,
and
children
in
need
by
delivering
food
and
paper
products,
and
supporting
those
who
have
lost
their
jobs
–
whether
they
be
members
of
the
church
or
members
of
our
Timonium
community.
“God
is
on
the
move
and
we
are
multiplying
the
hope
that
Christ
brings
in
different
ways
than
originally
imagined.  Please
thank
your
Church
Loan
team
for
all
that
they
are
doing
to
help
churches
across
the
country
weather
this
storm.
There
are
going
to
be
some
tough
days
ahead,
but
I
believe
that
we
are
all
going
to
be
better
for
it
and
more
people
will
have
had
the
chance
to
hear
the
Gospel
message.”
We
are
heartened
to
see
what
our
friends
in
the
Christian
faith
are
doing
to
share
the
Gospel
and
help
those
in
their
community
during
these
difficult
times.
We
hope
you
and
your
loved
ones
will
stay
safe,
stay
healthy
and
stay
happy
during
the
challenging
days
and
months
ahead.
Sincerely,
David
S.
Royal
President
and
Chief
Investment
Officer
Thrivent Church
Loan
and
Income
Fund
Investing
involves
risk.
Before
investing,
consider
the
Fund's
investment
objectives,
risks,
charges
and
expenses.
Go
to
ThriventlntervalFunds.com
for
a
prospectus
containing
this
information
and
read
it
carefully.
The
Church
Loan
and
Income
Fund
invests
primarily
in
church
loans
and
mortgage-backed
securities.
Church
loans
are
mortgages
taken
out
by
non-profit
organizations
with
a
Christian
mission,
or
bonds
issued
by
these
organizations.
They
are
typically
not
listed
on
any
national
securities
exchange
and
no
active
trading
market
exists
for
them,
so
are
considered
illiquid.
These
and
other
risks
are
described
in
the
Fund's
prospectus.
The
Fund
is
a
closed-end
"interval
fund."
Limited
liquidity
is
provided
to
shareholders
only
through
the
Fund's
quarterly
offers
to
repurchase
between
5%
to
25%
of
its
outstanding
shares
at
net
asset
value
(subject
to
applicable
laws
and
approval
of
the
Board
of
Trustees).
There
is
no
secondary
market
for
the
Fund's
shares
and
none
is
expected
to
develop.
Investors
should
consider
shares
of
the
Fund
to
be
an
illiquid
investment.
This
organization's
experience
may
not
be
the
same
as
other
organizations
and
does
not
indicate
future
performance
or
success. 
3
Shareholder
Expense
Example
(unaudited)
As
a
shareholder
of
the
Fund,
you
incur
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
October
1,
2019
through
March
31,
2020.
Actual
Expenses
In
the
table
below,
the
first
line
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
"Expenses
Paid
during
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
line
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund's
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund's
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
this
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
example
that
appears
in
the
shareholder
reports
of
the
other
funds.
Beginning
Account
Value
10/1/2019
Ending
Account
Value
3/31/2020
Expenses
Paid
During
Period
10/1/2019-
3/31/2020
*
Annualized
Expense
Ratio
Thrivent
Church
Loan
and
Income
Fund
Actual
Class
S
$1,000
$1,015
$6.14
1.22%
Hypothetical
**
Class
S
$1,000
$1,019
$6.15
1.22%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Report
of
Independent
Registered
Public
Accounting
Firm
4
C
O
H
E
N
&
C
O
M
P
A
N
Y
,
L
T
800.229.1099
|
866.818.4538
fax
|
cohencpa.com
Registered
with
the
Public
Company
Accounting
Oversight
Board
To
the
Shareholders
and
Board
of
Trustees
of
Thrivent
Church
Loan
and
Income
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Thrivent
Church
Loan
and
Income
Fund
(the
“Fund”)
as
of
March
31,
2020,
the
related
statements
of
operations
and
cash
flows
for
the
year
then
ended
and
the
statements
of
changes
in
net
assets
and
the
financial
highlights
for
each
of
the
two
periods
in
the
period
then
ended,
including
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
March
31,
2020,
the
results
of
its
operations
and
its
cash
flows
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
periods
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
two
periods
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2020,
by
correspondence
with
the
custodian,
counterparties,
and
brokers.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
Fund’s
auditor
since
2018.
COHEN
&
COMPANY,
LTD.
Cleveland,
Ohio
May
20,
2020
Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
5
Principal
Amount
Church
Loans
(
76.5%
)
a
Value
Alabama
(1.9%)
Church
Loan
#
200030770
$
505,321
4.000%,
12/1/2039
b
$
521,174
Total
521,174
Arizona
(2.1%)
Church
Loan
#
200030680
551,620
3.950%,
11/1/2034
b
562,539
Total
562,539
Arkansas
(2.7%)
Church
Loan
#
200031540
734,023
3.200%,
12/15/2029
b
739,858
Total
739,858
California
(8.4%)
Church
Loan
#
200030850
448,696
4.550%,
11/15/2033
b
476,194
Church
Loan
#
200031050
479,750
4.650%,
11/15/2038
b
509,427
Church
Loan
#
200031180
1,215,140
5.050%,
1/1/2044
b
1,296,281
Total
2,281,902
Colorado
(1.9%)
Church
Loan
#
200031580
499,170
4.350%,
7/15/2039
b
515,958
Total
515,958
District
Of
Columbia
(0.9%)
Church
Loan
#
200031460
226,791
4.750%,
6/1/2034
b
236,097
Total
236,097
Florida
(1.9%)
Church
Loan
#
200031470
486,959
4.950%,
7/15/2039
b
510,158
Total
510,158
Illinois
(5.4%)
Church
Loan
#
200031070
661,212
4.500%,
11/15/2043
b
706,233
Church
Loan
#
200031210
598,355
3.950%,
2/15/2040
b
611,656
Church
Loan
#
200031211
173,246
3.200%,
2/15/2035
b
173,288
Total
1,491,177
Kentucky
(1.2%)
Church
Loan
#
200030120
330,393
4.600%,
8/1/2034
b
341,308
Total
341,308
Maryland
(4.1%)
Church
Loan
#
200030760
1,017,000
5.500%,
1/1/2044
b
1,107,902
Total
1,107,902
Principal
Amount
Church
Loans
(
76.5%
)
a
Value
Minnesota
(9.5%)
Church
Loan
#
200030790
$
735,000
3.800%,
11/15/2039
b
$
744,064
Church
Loan
#
200031020
143,994
3.800%,
1/1/2035
b
147,315
Church
Loan
#
200031120
234,785
4.570%,
11/15/2032
b
249,070
Church
Loan
#
200031121
236,944
4.440%,
11/15/2032
b
250,279
Church
Loan
#
200031122
236,608
4.180%,
11/15/2032
b
244,769
Church
Loan
#
200031290
237,776
5.000%,
1/15/2031
b
250,207
Church
Loan
#
200031300
285,600
3.800%,
3/1/2030
b
285,421
Church
Loan
#
200031560
476,660
4.150%,
8/15/2039
b
475,256
Total
2,646,381
Mississippi
(1.0%)
Church
Loan
#
200031400
261,452
4.900%,
3/15/2034
b
272,943
Total
272,943
New
Jersey
(1.0%)
Church
Loan
#
200030590
274,519
4.550%,
10/15/2034
b
280,169
Total
280,169
New
York
(4.7%)
Church
Loan
#
200018200
71,975
4.950%,
6/15/2029
b
73,531
Church
Loan
#
200031200
780,000
4.550%,
9/15/2044
b
785,745
Church
Loan
#
200031350
385,527
4.850%,
5/15/2039
b
407,087
Total
1,266,363
North
Carolina
(1.1%)
Church
Loan
#
200031320
294,625
4.200%,
3/15/2040
b
298,246
Total
298,246
Ohio
(1.5%)
Church
Loan
#
200031030
394,929
5.300%,
11/15/2033
b
419,847
Total
419,847
Oregon
(1.5%)
Church
Loan
#
200031370
385,296
5.100%,
4/15/2039
b
410,208
Total
410,208
Pennsylvania
(0.6%)
Church
Loan
#
200031390
153,000
3.400%,
3/1/2030
b
153,295
Total
153,295
Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
6
Principal
Amount
Church
Loans
(
76.5%
)
a
Value
South
Dakota
(4.6%)
Church
Loan
#
200030780
$
614,728
2.990%,
4/1/2031
b
$
619,185
Church
Loan
#
200030920
616,982
3.125%,
1/1/2035
b
622,378
Total
1,241,563
Tennessee
(1.8%)
Church
Loan
#
200031360
451,307
4.750%,
3/15/2037
b
479,296
Total
479,296
Texas
(11.4%)
Church
Loan
#
200030080
379,452
4.550%,
7/1/2039
b,c
387,869
Church
Loan
#
200030110
669,602
4.350%,
9/15/2039
b,c
688,466
Church
Loan
#
200030830
423,718
4.125%,
11/1/2044
b
424,186
Church
Loan
#
200031140
439,662
5.250%,
12/15/2033
b
468,052
Church
Loan
#
200031170
716,965
3.550%,
2/1/2035
b
726,190
Church
Loan
#
200031330
203,680
4.950%,
3/15/2044
b
212,121
Church
Loan
#
200031331
203,788
5.125%,
3/15/2044
b
215,302
Total
3,122,186
Virginia
(2.6%)
Church
Loan
#
200031090
410,317
3.400%,
1/15/2032
b
417,153
Church
Loan
#
200031110
296,615
3.400%,
1/15/2032
b
301,557
Total
718,710
Wisconsin
(4.7%)
Church
Loan
#
200030840
296,232
3.400%,
11/15/2038
b
300,880
Church
Loan
#
200030841
284,269
3.100%,
11/15/2038
b
285,345
Church
Loan
#
200030842
177,620
2.900%,
11/15/2038
b
177,795
Church
Loan
#
200031510
424,061
4.750%,
6/1/2039
b,c
446,701
Church
Loan
#
200031530
98,204
4.200%,
5/15/2026
b
100,019
Total
1,310,740
Total
Church
Loans
(cost
$20,223,567)
20,928,020
Principal
Amount
Long-Term
Fixed
Income
(
22.5%
)
Value
Mortgage-Backed
Securities
(22.5%)
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
$
6,000,000
2.000%, 
5/1/2035
d
$
6,157,500
Total
6,157,500
Total
Long-Term
Fixed
Income
(cost
$6,090,000)
6,157,500
Shares
or
Principal
Amount
Short-Term
Investments
(
23.0%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
4,030,000
0.070%,
4/22/2020
e
4,029,836
Thrivent
Core
Short-Term
Reserve
Fund
227,964
1.570%
f
2,275,084
Total
Short-Term
Investments
(cost
$6,309,239)
6,304,920
Total
Investments
(cost
$32,622,806)
122.0%
$33,390,440
Other
Assets
and
Liabilities,
Net
(22.0%)
(6,017,799)
Total
Net
Assets
100.0%
$27,372,641
a
All
Mortgagees
have
the
right
to
repay
the
loan
at
any
time.  The
Loans
are
generally
considered
to
be
illiquid
due
to
the
limited,
if
any,
secondary
market.
b
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
c
Denotes
an
interest
only
loan.  Interest
only
loans
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
loan
position
for
an
agreed
upon
three
month
period
beginning
with
the
April
2020
payment.  The
outstanding
principal
amount
shown
is
the
outstanding
principal
balance
as
of
the
end
of
the
period.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
e
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
f
The
interest
rate
shown
reflects
the
seven
day
yield
as
of
the
end
of
the
period.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$773,497
Gross
unrealized
depreciation
(5,902)
Net
unrealized
appreciation
(depreciation)
$767,595
Cost
for
federal
income
tax
purposes
$32,622,845
Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
7
The
following
table
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
for
Church
Loan
and
Income
Fund as
discussed
in
the
Notes
to
Schedule
of
Investments.
*
Includes
the
change
in
net
unrealized
appreciation/(depreciation)
on
level
3
securities
held
on
March
31,
2020 of
$411,534. 
Located
on
the
Statement
of
Operations,
Change
in
net
unrealized
appreciation/(depreciation)
on
investments..
   ^
Located
on
the
Statement
of
Operations,
Net
realized
gains/(losses)
on
investments.
   #
Transferred
from
Level
2
to
Level
3
because
of
a
lack
of
observable
market
data,
resulting
from
a
decrease
in
market
activity
for
the
securities.
   @
Transferred
from
level
3
to
Level
2
because
observable
market
data
became
available
for
the
securities.
The
reporting
entity's
Church
Loan
level
3
securities'
fair
value
is
calculated
by
a
vendor
using
a
market
approach
with
a
discounted
cash
flow
model
based
on
the
established
policies
and
procedures
of
the
reporting
entity. 
Inputs
used
in
valuation
include
the
principal
and
interest
schedules,
bond
equivalent
ratings,
loan
transaction
spreads
with
a
range
of
0.03%
to
2.09%
(weighted
average
of
0.81%),
U.S.
Treasury
yields,
and
corporate
credit
curve
yields
with
a
range
of
1.86%
to
2.66%
(weighted
average
of
2.27%). 
Unobservable
inputs
were
weighted
by
the
rela-
tive
fair
value
of
the
instruments.
A
significant
increase
or
decrease
in
the
inputs
in
isolation
would
have
resulted
in
a
significantly
lower
or
higher
fair
value
measurement.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used
as
of
March
31,
2020,
in
valuing
Church
Loan
and
Income
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Church
Loans
$20,928,020
$–
$–
$20,928,020
Long-Term
Fixed
Income
Mortgage-Backed
Securities
6,157,500
–
6,157,500
–
Short-Term
Investments
4,029,836
–
4,029,836
–
Subtotal
Investments
in
Securities
$31,115,356
$–
$10,187,336
$20,928,020
Other
Investments  *
Total
Affiliated
Short-Term
Investments
2,275,084
Subtotal
Other
Investments
$2,275,084
Total
Investments
at
Value
$33,390,440
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investments
in
Securities 
Beginning Value
3/31/2019
Realized
Gain/
(Loss)
^
Change
in
Unrealized
Appreciation/
(Depreciation)
* 
Purchases 
Sales /
Paydowns
Transfers
Into
Level
3 
#
Transfers
Out
of
Level
3 
@
Ending
Value 
3/31/2020 
 Church
Loans
$7,695,572  
$-
$411,534  
$13,458,121  
$(637,207) 
$- 
$- 
$20,928,020  
Total 
$7,695,572 
$- 
$411,534 
$13,458,121  
($637,207) 
$-  
$-  
$20,928,020  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
 The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities. 
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Church
Loan
and
Income
Fund,
is
as
follows:
Fund
Value
3/31/2019
Gross
Purchases
Gross
Sales
Value
3/31/2020
Shares
Held
at
3/31/2020
%
of
Net
Assets
3/31/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.570%
$742
$4,729
$3,192
$2,275
228
8.3%
Total
Affiliated
Short-Term
Investments
742
2,275
8.3
Total
Value
$742
$2,275
Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
8
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
4/1/2019
-
3/31/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.570%
$0
$(4)
$0
$25
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$25
Total
$0
$(4)
$0
Thrivent
Church
Loan
and
Income
Fund
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
9
As
of
March
31,
2020
Church
Loan
and
Income
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$30,343,568
Investments
in
affiliated
securities
at
cost
$2,279,238
Investments
in
unaffiliated
securities
at
value
$31,115,356
Investments
in
affiliated
securities
at
value
2,275,084
Cash
1,967
Dividends
and
interest
receivable
67,195
Prepaid
expenses
11,970
Receivable
for:
Investments
sold
on
a
delayed
delivery
basis
15,792,594
Expense
reimbursements
72,754
Total
Assets
49,336,920
Liabilities
Distributions
payable
253
Accrued
expenses
35,447
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
21,864,949
Fund
shares
redeemed
109
Investment
advisory
fees
26,381
Administrative
fees
408
Transfer
agent
fees
937
Contingent
liabilities^
—
Loan
commitment
fee
deferred
revenue
24,568
Mortgage
dollar
roll
deferred
revenue
11,227
Total
Liabilities
21,964,279
Net
Assets
Capital
stock
(beneficial
interest)
26,632,582
Distributable
earnings/(accumulated
loss)
740,059
Total
Net
Assets
$27,372,641
Class
S
Share
Capital
$27,372,641
Shares
of
beneficial
interest
outstanding
(Class
S)
2,579,658
Net
asset
value
per
share
$10.61
^
Contingent
liabilities
accrual.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Church
Loan
and
Income
Fund
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
$
For
the
year
ended
March
31,
2020
Church
Loan
and
Income
Fund
Investment
Income
Taxable
interest
$
677,670
Income
from
mortgage
dollar
rolls
23,701
Income
from
affiliated
investments
24,955
Total
Investment
Income
726,326
Expenses
Adviser
fees
197,879
Administrative
service
fees
73,058
Amortization
of
offering
costs
31,062
Audit
and
legal
fees
258,665
Custody
fees
4,105
Insurance
expenses
40,558
Printing
and
postage
expenses
Class
S
12,411
SEC
and
state
registration
expenses
10,222
Transfer
agent
fees
Class
S
6,939
Trustees'
fees
137,500
Pricing
service
fees
117,823
Other
expenses
45,962
Total
Expenses
Before
Reimbursement
936,184
Less:
Reimbursement
from
adviser
(698,123)
Total
Net
Expenses
238,061
Net
Investment
Income/(Loss)
488,265
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
66,809
Affiliated
investments
(39)
Distributions
of
realized
capital
gains
from
affiliated
investments
11
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
466,774
Affiliated
investments
(4,155)
Net
Realized
and
Unrealized
Gains/(Losses)
529,400
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$1,017,665
Thrivent
Church
Loan
and
Income
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
11
Church
Loan
and
Income
Fund
For
the
periods
ended
3/31/2020
3/31/2019
(a)
Operations
Net
investment
income/(loss)
$488,265
$99,538
Net
realized
gains/(losses)
66,781
12,567
Change
in
net
unrealized
appreciation/(depreciation)
462,619
305,014
Net
Change
in
Net
Assets
Resulting
From
Operations
1,017,665
417,119
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(601,490)
(155,359)
Total
from
income/realized
gains
(601,490)
(155,359)
Total
Distributions
to
Shareholders
(601,490)
(155,359)
Capital
Stock
Transactions
Class
S  
Sold
15,659,184
10,363,434
(b)
Distributions
reinvested
599,424
153,330
Redeemed
(80,666)
–
Total
Class
S
Capital
Stock
Transactions
16,177,942
10,516,764
Capital
Stock
Transactions
16,177,942
10,516,764
Net
Increase/(Decrease)
in
Net
Assets
16,594,117
10,778,524
Net
Assets,
Beginning
of
Period
10,778,524
–
Net
Assets,
End
of
Period
$27,372,641
$10,778,524
Capital
Stock
Share
Transactions
Class
S
shares
Sold
1,478,790
1,036,602
Distributions
reinvested
56,675
15,244
Redeemed
(7,653)
–
Total
Class
S
shares
1,527,812
1,051,846
(a)
(b)
For
the
period
from
September
28,
2018
(inception)
through
March
31,
2019.
Sales
include
initial
$100,000
investment
from
September
10,
2018.
Thrivent
Church
Loan
and
Income
Fund
Statement
of
Cash
Flows
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
For
the
year
ended
March
31,
2020
Church
Loan
and
Income
Fund
Cash
flows
from
operating
activities
Net
increase/(decrease)
in
net
assets
resulting
from
operations
$1,017,665
Adjustments
to
reconcile
net
change
in
net
assets
from
operations
to
net
cash
provided
by/(used
in)
operating
activities:
Purchases
of
long-term
investments
(81,032,289)
Purchases/sales
of
short-term
investments,
net
(3,309,317)
Proceeds
from
sale
of
long-term
investments
65,188,605
Change
in
net
unrealized
appreciation/(depreciation)
(462,619)
Net
realized
gains/(losses)
(66,781)
Net
change
in
payable
for
investments
purchased
on
a
delayed
delivery
basis
17,786,502
Net
change
in
receivable
for
investments
sold
on
a
delayed
delivery
basis
(14,707,744)
Net
change
in
dividends
and
interest
receivable
(44,469)
Amortization
of
premiums
and
discounts
(38,244)
Net
change
in
prepaid
expenses
(11,574)
Net
change
in
deferred
offering
costs
31,062
Net
change
in
accrued
expenses
10,187
Net
change
in
investment
advisory
fees
16,695
Net
change
in
administrative
fees
(5,575)
Net
change
in
transfer
agent
fees
655
Net
change
in
expense
reimbursements
24,349
Net
change
in
loan
commitment
fee
deferred
revenue
16,527
Net
change
in
mortgage
dollar
roll
deferred
revenue
10,797
Net
cash
provided
by/(used
in)
operating
activities
$(16,593,233)
Cash
flows
provided
by/(used
in)
financing
activities:
Proceeds
from
shares
issued,
net
of
change
in
receivable
for
fund
shares
sold
15,659,184
Distributions
to
shareholders,
paid
in
cash,
net
of
change
in
distributions
payable
(3,820)
Cost
of
shares
redeemed,
net
of
change
in
payable
for
fund
shares
redeemed
(80,557)
Net
cash
provided
by/(used
in)
financing
activities
$15,574,807
Net
increase/(decrease)
in
cash
$(761)
Cash
(beginning
balance)
$2,728
Cash
(ending
balance)
$1,967
Supplemental
disclosures
Non-cash
financing
activities
-
distributions
reinvested
$599,424
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
(1) ORGANIZATION
Thrivent
Church
Loan
and
Income
Fund
(the
“Fund”)
was
organized
as
a
Delaware
statutory
trust
on
October
23,
2017
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
a
non-diversified,
closed-end
management
investment
company
that
continuously
offers
its
shares
of
beneficial
interest
(the
"Shares"). 
The
Fund
currently
offers
one
class
of
Shares:
Class
S. 
The
Fund
has
authorized
an
unlimited
amount
of
Shares
with
no
par
value,
at
net
asset
value
("NAV")
per
Share. 
The
Fund
seeks
to
produce
income. 
 The
Fund
operates
as
an
interval
fund
pursuant
to
which it
conducts
quarterly
repurchase
offers
for
Shares,
which
are
for
between
5%
and
25%
of
the
Fund's
outstanding
Shares
at
NAV,
subject
to
approval
of
the
Fund's
Board
of
Trustees
("Board"). 
It
is
possible
that
a
repurchase
offer
may
be
oversubscribed,
with
the
result
that
shareholders
may
only
be
able
to
have
a
portion
of
their
Shares
repurchased. 
There
is
no
assurance
that
a
shareholder
will
be
able
to
tender
their
Shares
at
the
time
or
amount
desired. 
Shares
are
not
otherwise
redeemable. 
Quarterly
repurchase
offers
will
occur
in
the
months
of
March,
June,
September
and
December.
The Shares
are
not
listed
and
the
Fund
does
not
currently
intend
to
list
its
Shares
for
trading
on
any
national
securities
exchange. 
There
is
currently
no
secondary
market
for
its
Shares,
and
the
Fund
does
not
expect
a
secondary
market
in
its
Shares
to
develop. 
Even
though
the
Fund
makes
quarterly
repurchase
offers
for
Shares,
investors
should
consider
Shares
of
the
Fund
to
be
a
less liquid
investment.
The
Fund is an
investment
company that
follows
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Codification
Topic
946
–
"Financial
Services
–
Investment
Companies".
Under
the Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
and
others
that
provide
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund.
However,
based
on
experience,
the
Fund
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments 
—
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing
price
of
the
national
market
system.  Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Fund’s
Board.
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/
dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations
obtained
from
dealers
that
make
markets
in
the
securities. Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
    All
church
loan
valuations
are
considered
fair
valuations
due
to
the
lack
of
observable
market
activity
or
independent
market
quotes. 
There
are
no
market
prices
available
for
church
loans. 
The Fund's
Investment
Adviser,
Thrivent
Asset
Management,
LLC
("Thrivent
Asset
Mgt." or the
"Adviser"), has
approved
two
methodologies
for
fair
valuing
church
loans:
a
Market
Approach
or
an
Income
Approach. 
The
Market
Approach
utilizes
a
process
that
takes
into
consideration
factors
including
principal
amount,
interest
rate,
term,
credit
quality
of
the
borrower,
prepayment
speeds, and
credit
spreads
based
on
market
transactions. 
The
Income
Approach
is
utilized
when
it
is
probable
that
the
church
loan
will
become
subject
to
foreclosure
and
takes
into
consideration
factors
including
the
estimated
value
of
property
securing
the
loan,
estimated
cost
of
disposition
of
the
property
and
estimated
time
to
dispose
of
the
property. 
The Board
may
use
a
third
party
vendor
to
execute
the
daily
valuation
methodology
or
the
Valuation
Committee
("Committee"),
further
described
below,
 may
make
a
fair
valuation
determination.
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Fund's
securities
to
the Adviser.
The
Adviser
has
formed
a Committee
that
is
responsible
for
overseeing
the
Fund's
valuation process
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets monthly
and
on
an
as-
needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices, and
other
securities
requiring
fair
valuation. 
The
Committee
monitors
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Fund.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant the
use
of fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
are
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("GAAP"),
the
various
inputs
13
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
14
used
to
determine
the
fair
value
of
the
Fund's
investments
are
summarized
in
three
broad
levels.  Level
1
includes
quoted
prices
in
active
markets
for
identical
securities,
typically
included
in
this
level
are
U.S.
equity
securities,
futures,
options
and
registered
investment
company
funds.  Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk,
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts.  Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments. 
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available
for
sale
are
not
categorized
within
the
fair
value
hierarchy.
Federal
Income Taxes 
—
No
provision
has
been
made
for
income
taxes
because
the
Fund’s
policy
is
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
and
distribute
substantially
all
investment
company
taxable
income
and
net
capital
gain
on
a
timely
basis.
It
is
also
the
intention
of
the
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Fund,
accordingly,
anticipates
paying
no
federal
taxes
and
no
federal
tax
provision
was
recorded.
The
Fund
may
utilize
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
Shares
as
part
of
the
dividends
paid
deduction.
GAAP
requires
management
of
the
Fund
(i.e.,
the
Adviser)
to
make
additional
tax
disclosures
with
respect
to
the
tax
effects
of
certain
income
tax
positions,
whether
those
positions
were
taken
on
previously
filed
tax
returns
or
are
expected
to
be
taken
on
future
returns.
These
positions
must
meet
a
“more
likely
than
not”
standard
that,
based
on
the
technical
merits
of
the
position,
it would
have
a
greater
than
50
percent
likelihood
of
being
sustained
upon
examination.
In
evaluating
whether
a
tax
position
has
met
the
more-likely-than-not
recognition
threshold,
the
Adviser
must
presume
that
the
position
will
be
examined
by
the
appropriate
taxing
authority
that
has
full
knowledge
of
all
relevant
information.
The
Adviser
analyzed
all
open
tax
years,
as
defined
by
the
statute
of
limitations,
for
all
major
jurisdictions.
Open
tax
years
are
those
that
are
open
for
examination
by
taxing
authorities.
Major
jurisdictions
for
the
Fund
include
U.S.
Federal,
Minnesota,
Wisconsin,
and
Delaware.
As
of March
31,
2020,
open
U.S.
Federal,
Minnesota,
Wisconsin
and
Delaware
tax
years
include
the
tax
periods
ended
March
31,
2019 and
March
31, 2020.
The
Fund
has
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
March
31,
2020,
the
Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to
the
Fund's
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The
Fund
recognized
interest
and
penalties,
if
any,
related
to
uncertain
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
year,
the
Fund
did
not
incur
any
interest
or
penalties.
The
Fund
is
also
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months.
Expenses
and
Income 
—
Estimated
expenses
are
accrued
daily.  The
Fund is
charged
for
those
expenses
that
are
directly
attributable
to
it.
Expenses
that
are
not
directly
attributable
to
the Fund
are
allocated
among
all
appropriate
affiliated
mutual
funds
in
proportion
to
their
respective
net
assets
or
number
of
shareholder
accounts,
or
other
reasonable
basis.
Interest
income
is recorded daily
on
all
debt
securities,
as
is
accretion
of
market
discount
and
original
issue
discount
and
amortization
of
premium
using
the
effective
yield
method. 
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. 
Non-cash
income,
if
any,
is
recorded
at
the
fair
market
value
of
the
securities
received. 
Realized
gains
and
losses
on
the
sale
of
securities
are
determined
using
cost
calculated
on
a
specific
identification
basis.
Distributions
to
Shareholders 
—
The
Fund
intends
to
distribute
most
or
all
of
its
net
earnings
and
realized
gains,
if
any,
in
the
form
of
dividends
from
net
investment
income
("dividends")
and
distributions
of
net
realized
capital
gains
("capital
gain
distributions,"
and
together
with
dividends,
"distributions").
The
Fund
intends
to
declare
dividends
daily
and
distribute
them
to
Shareholders
of
record
monthly.
Dividends and
interest
received
by
the
Fund are
derived
from
net
investment
income.
Capital
gain
distributions,
if
any,
usually
will
be
declared
and
paid
in
December
for
the
prior
twelve-month
period
ending October 31.
The
Fund
does
not
have
a
fixed
distribution
rate
nor
does
it
guarantee
that
it
will
pay
any
distributions
in
any
particular
period.
Mortgage
Dollar
Roll
Transactions 
— The
Fund
may enter
into
dollar
roll
transactions
on
securities
issued
or
to
be
issued
by
the
Government
National
Mortgage
Association,
Federal
National
Mortgage
Association
and
Federal
Home
Loan
Mortgage
Corporation,
in
which
the
Fund
sells
mortgage
securities
and
simultaneously
agrees
to
repurchase
similar
(same
type
and
coupon)
securities
at
a
later
date
at
an
agreed
upon
price.
The
Fund
must
maintain
liquid
securities
having
a
value
at
least
equal
to
the
repurchase
price
(including
accrued
interest)
for
such
dollar
rolls.
In
addition,
the
Fund is
required
to segregate
collateral
with the
Fund's
custodian (depending
on
market
movements)
on
their
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
15
mortgage
dollar
rolls. 
The
value
of
the
securities
that
the
Fund is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
During
the
period
between
the
sale
and
repurchase,
the
Fund
forgoes
principal
and
interest
paid
on
the
mortgage
securities
sold.
The
Fund is
compensated
from
negotiated
fees
paid
by
brokers
offered
as
an
inducement
to
the
Fund
to
"roll
over" its
purchase
commitments,
thus
enhancing
the
yield.
Mortgage
dollar
rolls
may
be
renewed
with
a
new
purchase
and
repurchase
price
and
a
cash
settlement
made
on
settlement
date
without
physical
delivery
of
the
securities
subject
to
the
contract.
The
fees
received
are
recognized
over
the
roll
period
and
are
included
in
Income
from
mortgage
dollar
rolls
in
the
Statement
of
Operations.
When-Issued
and
Delayed
Delivery
Transactions 
—
The Fund
may
purchase
or
sell
securities
on
a
when-issued
or
delayed
delivery
basis.
These
transactions
involve
a
commitment
by the
Fund
to
purchase
or
sell
securities
for
a
predetermined
price
or
yield,
with
payment
and
delivery
taking
place
beyond
the
customary
settlement
period.
When
delayed
delivery
purchases
are
outstanding, the
Fund
will
designate
liquid
assets
in
an
amount
sufficient
to
meet
the
purchase
price.
When
purchasing
a
security
on
a
delayed
delivery
basis, the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations,
and
takes
such
fluctuations
into
account
when
determining
its
net
asset
value.  The
Fund
may
dispose
of
a
delayed
delivery
transaction
after
it
is
entered
into,
and
may
sell
when-issued
securities
before
they
are
delivered,
which
may
result
in
a
capital
gain
or
loss.
When
the
Fund
has
sold
a
security
on
a
delayed
delivery
basis, the
Fund
does
not
participate
in
future
gains
and
losses
with
respect
to
the
security.
Accounting
Estimates 
—
The
financial
statements
are
prepared
in
conformity
with
GAAP,
which requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Loan
Commitment
Fees 
— The
Fund
may
receive
loan
commitment
fees
prior
to
loan
closing
and
before
the
loan
is
purchased
by
the
Fund.
Commitment
fees
are
fees
a
lender
charges
the
borrower
in
order
to
keep
a
specific
loan
amount
available
to
the
borrower.
Any
such
fees
received
by
the
Fund, net
of
applicable
loan
origination
expenses
paid
by
the
Fund will
be
accounted
for
as
an
adjustment
to
the
yield
of
the
corresponding loan
using
the
straight-line
method
over
the
life
of
the
loan.
Contingent
Liabilities
— In
the event
of
adversary
action
proceedings
where
the
Fund
is
a
defendant,
the
loss
contingency
will
not
be
accrued
as
a
liability until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated. 
Litigation 
—
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date. 
If
the
Fund
no
longer
owns
the
applicable
securities,
the
proceeds
are
recorded
as
realized
gains. 
Amortization
of
Offering
Costs 
— The
offering
costs
referenced
in
the
Statement
of
Operations
for the
Fund
are
costs
incurred
by
the
Fund
in
order
to
establish
it
for
sale,
including
legal fees
and
prospectus
and
registration
costs.  These
costs
are
amortized
over
a
period
of
12
months
from
inception.
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
16
Repurchase
Offers 
— The
Fund's
Shares
are
not
redeemable
each
business
day,
are
not
listed
for
trading
on
an
exchange,
and
no
secondary
market
currently
exists
for
Fund
Shares. 
As
an
interval
fund
and
as
described
in
the
Fund's
prospectus,
the
Fund
will make
quarterly
repurchase
offers
of
up
to
25% of
its
outstanding
Shares
at
NAV. 
During
the year
ended
March
31,
2020,
the
Fund had repurchase
offers
as
follows:  
For
the
offer
period
May
24,
2019
through
June
17,
2019:
For
the offer
period
of
August
22,
2019
through
September
13,
2019:
For
the
offer
period
of November
19,
2019
through
December
13,
2019: 
For
the
offer
period
of February
18,
2020
through March
13,
2020:  
Recent
Accounting
Pronouncements 
—
Fair
Value
Measurement
(Topic
820)
In
August
2018,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2018-13
Fair
Value
Measurement
(Topic
820),
which
eliminates,
adds
and
modifies
certain
disclosure
requirements
for
fair
value
measurements.
Under
the
guidance,
entities
are
no
longer
required
to
disclose
the
amount
of
and
reasons
for
transfers
between
Level
1
and
Level
2
of
the
fair
value
hierarchy,
but
public
companies
are
required
to
disclose
(1)
the
changes
in
unrealized
gains
and
losses
for
the
period
included
in
other
comprehensive
income
for
recurring
Level
3
fair
value
measurements
of
instruments
held
at
the
end
of
the
reporting
period
and
(2)
the
range
and
the
weighted
average
used
to
develop
significant
unobservable
inputs
for
Level
3
fair
value
measurements.
The
ASU
No.
2018-13
is
effective
for
annual
periods,
and
interim
periods
within
those
annual
periods,
beginning
on
or
after
December
15,
2019,
with
early
adoption
permitted.
As
such,
management
has
adopted
the
amendments
as
of
the
beginning
of
the
fiscal
period. 
Early
adoption
of
this
ASU
did
not
have
an
impact
on
the
Fund’s
financial
condition
or
results
of
operations
but
resulted
in
some
modified
financial
statement
disclosures.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Investment
Advisory
Fees 
—
The
Fund
has
entered
into
an
Investment
Management
Agreement
with
Thrivent
Asset
Mgt.
Under
the
Investment
Management
Agreement,
the
Fund
pays
an
annual
fee
of
1.10%
of
average
daily
net
assets
for
investment
advisory
services.
The
fees
are
accrued
daily
and
paid
monthly.
Expense
Reimbursements 
— The
Adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
of
the
Fund’s
Class
S
Shares
through
at
least
July
31,
2021
to
the
extent
that
the
total
annual
Fund
operating
expenses
exceed
1.00%
of
average
daily
net
assets
(excluding
taxes,
interest,
brokerage
commissions,
acquired
fund
fees
and
expenses,
securities
lending
fees,
expenses
associated
with
securities
sold
short,
litigation,
and
other
extraordinary
expenses). Effective
December
31,
2019,
the
total
annual
fund
operating
expense
waiver was
reduced
from
1.50%
to
1.00%. 
Expense
reimbursements
are
accrued
daily
and
paid
monthly.
Amounts
waived
by
the
Adviser
during
the
contractual
period
cannot
be
recouped
by
the
Adviser
in
subsequent
periods.
This
fee
waiver
may
not
be
terminated
before
the
indicated
termination
date
without
the
consent
of
the
Fund’s
Board,
including
a
majority
of
the
Trustees
who
are
not
“interested
persons”
of
the
Fund
as
defined
in
Section
2(a)(19)
of
the
1940
Act.
Other
Fees 
—
The
Fund
has
entered
into
an
agreement
with
Thrivent
Financial
Investor
Services
Inc.
("TFISI")
to
provide
transfer
agency
and
dividend
payment
services
necessary
to
the
Fund.
Under
the
Transfer
Agency
Agreement,
the
Fund
pays
TFISI
an
annual
fee
equal
to
three
basis
points
of
the
Fund’s
average
daily
net
assets,
plus
a
per
account
annual
maintenance
fee
of
$21.50
per
account.
The
fees
are
accrued
daily
and
paid
monthly.
The
Fund
has
entered
into
an
accounting
and
administrative
services
agreement
with
TAM pursuant
to
which
TAM
provides
certain
accounting
and
administrative
personnel
and
services
to
the
Fund.
The
Fund
pays
an
annual
fixed
fee
of
$70,000
plus
0.017%
of
average
daily
net
assets.
The
fees
are
accrued
daily
and
paid
monthly.  
The
Fund
enters
into
agreements
with
Thrivent
Financial
for
Lutherans
("TFL")
to
purchase
participation
interests
in
church
loans
underwritten
by
TFL. 
The
Fund
does
not
pay
TFL
a
transaction
or
origination
fee
for
such
service,
but
does
bear
Repurchase
Pricing
Date
Repurchase
Offer
Amount
%
of
Shares
Tendered
Number
of
Shares
Tendered
6/18/2019
20%
0.16%
1,972
Repurchase
Pricing
Date
Repurchase
Offer
Amount
%
of
Shares
Tendered
Number
of
Shares
Tendered
9/16/2019
20%
0.01%
103
Repurchase
Pricing
Date
Repurchase
Offer
Amount
%
of
Shares
Tendered
Number
of
Shares
Tendered
12/16/2019
20%
0.19%
4,004
Repurchase
Pricing
Date
Repurchase
Offer
Amount
%
of
Shares
Tendered
Number
of
Shares
Tendered
3/16/2020
20%
0.06%
1,574
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
17
a
pro
rata
share
of
the
certain
fees
and
expenses
associated
with
the
church
loans.
(4)
FEDERAL
INCOME
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
the
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
The
differences
between
book-basis
and
tax-basis
distributable
earnings
are
primarily
attributable
to
timing
differences
in
recognizing
organizational
costs
and
loan
commitment
fees.  At
the
end
of
the
fiscal
year,
reclassifications
between
net
asset
accounts
are
made
for
differences
that
are
permanent
in
nature. 
These
permanent
differences primarily
relate
to
the
tax
treatment
of offering
costs
and refinanced
loans.   
On
the
Statement
of
Assets
and
Liabilities,
as
a
result
of
permanent
book-to-tax
differences,
reclassification
adjustments
were
made
as
follows:
During
the year
ended
March
31,
2020,
and
the period
ended
March
31,
2019
the
Fund
distributed
$601,490
and
$155,359
from
ordinary
income,
respectively. 
At
March
31,
2020,
undistributed
ordinary
income
for
tax
purposes
was
$58,724
and
undistributed
long-term
gains
was
$2,946. 
The
Fund
had
other
accumulated
losses
of
$(89,206). 
(5)
SECURITY
TRANSACTIONS 
Purchases
and
Sales
of
Investment
Securities 
—
For
the
year
ended
March
31,
2020,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
sales
of
U.S.
Government
securities
were:
Investments
in
Restricted
Securities 
—
The
Fund
may
own
restricted
securities which
were
purchased
in
private
placement
transactions
without
registration
under
the
Securities
Act
of
1933.
Unless
such
securities
subsequently
become
registered,
they
generally
may
be
resold
only
in
privately
negotiated
transactions
with
a
limited
number
of
purchasers.
As
of
March
31,
2020,
the
Fund
did
not
hold
restricted
securities. 
The
Fund
has
no
right
to
require
registration
of
unregistered
securities. 
(6)
RELATED
PARTY
TRANSACTIONS
The
Fund’s
Adviser
and
Administrator,
TAM,
the
Fund’s
distributor,
Thrivent
Distributors,
LLC
and
the
Fund’s
transfer
agent,
TFISI
are
considered
related
parties
to
the
Fund.
Certain
officers
and
Trustees
of
the
Fund
are
officers
and
directors
of
TAM and
TFISI. 
As
of
March
31,
2020,
related
parties
held 83.51%
of
the
outstanding
Shares
of
the
Fund.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
the
Fund. 
In
the
case
of
a
large
redemption,
the
Fund
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Fund.
(7)
SUBSEQUENT
EVENTS
The
Adviser
of
the
Fund
has
evaluated
the
impact
of
subsequent
events
through
the
issuance
date
of
the
financial
statements,
and
has
determined
that
no
items
require
disclosure
in
or
adjustment
to
the
financial
statements
other
than
the
item
noted
below. 
Effective
May
1,
2020,
Church
Loan
#200030760
was
refinanced
with
a
new
fixed
rate
of
4.30%
from
the
original
rate
of
5.50%. 
The
value
of
the
holding
between
the
date
of
the
Statement
of
Assets
and
Liabilities
and
the
refinance
date
was
decreased
by
$90,902.47
or
approximately
33
basis
points
of
the
Fund's
net
assets
at
year
end.
The
change
in
value
of
the
loan
was
impacted
by
ongoing
market
activity
in
addition
to
the
interest
rate
change.
(8) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline. 
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry.
As
of March
31,
2020,
the Fund
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(9)
SIGNIFICANT
RISKS
New/Small
Fund
Risk
— 
The performance
of
a
new
or
smaller
fund,
such
as
the
Fund,
may
not
represent
how
the
fund
is
Portfolio
Distributable
earnings/
(accumulated
loss)
Capital
Stock
Church
Loan
and
Income
Fund
$31,062
$(31,062)
In
thousands
Fund
Purchases
Sales
Church
Loan
and
Income
Fund
$13,458
$637
In
thousands
Fund
Purchases
Sales
Church
Loan
and
Income
Fund
$67,574
$64,551
Fund
Sector
%
of
Total
Net
Assets
Church
Loan
and
Income
Fund
Church
Loans
76.5%
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
18
expected
to,
or
may,
perform
in
the
long
term
if
and
when
it
becomes
larger
and
has
fully
implemented
its
investment
strategies. 
New
and
smaller
funds
may
also
require
a
period
of
time
before
they
are
invested
in
securities
that
meet
their
investment
objectives
and
policies
and
achieve
a
representative
portfolio
composition. 
Fund
performance
may
be
lower
or
higher
during this
"ramp-up"
period,
and
may
also
be
more
volatile,
than
would
be
the
case
after
the
Fund
is
fully
invested.
Church
Loan
Related
Risks
— In
making
investments
in
church
loans,
the
Fund
will
depend
primarily
on
the
creditworthiness
of
the
borrower
for
payment
of
principal
and
interest.
Churches
rely
on
voluntary
contributions
from
their
congregations
for
their
primary
source
of
income.
Member
contributions
are
used
to
repay
church
loans.
The
membership
of
a
church,
the
attendance
of
its
members,
or
the
per
capita
contributions
of
its
members
may
not
remain
constant
or
may
decrease during
the
term
of
a church
loan.
A
decrease
in
a
church’s
income
could
result
in
its
inability
to
pay
its
obligation
under
a
church
loan. 
In
addition,
events
such
as
the
pandemic
spread
of
the
novel
coronavirus
known
as
COVID-19,
the
duration
and
effects
of
which
are
uncertain,
may
result
in
a
decrease
in
voluntary
contributions
from
church
congregations. A
church’s
senior
pastor
also
plays
an
important
role
in
the
management
and
continued
viability
of
a
church.
A
senior
pastor’s
absence,
personal
actions,
resignation
or
death
could
have
a
negative
impact
on
a
borrower’s
operations,
and
thus
its
continued
ability
to
generate
income
sufficient
to
service
its
obligations
under
a
church
loan.
National
church
body
decisions
can
impact
individual
church
membership.
Certain
independent
churches
have
little
to
no
financial
support
from
national
church
bodies;
likewise,
national
church
bodies
have
limited
resources
available
for
individual
church
support.
A
church’s
income
also
could
be
affected
by
increases
in
expenses
caused
by
increases
in
interest
rates
on
floating
rate
or
variable
rate
church
loans,
the
occurrence
of
any
uninsured
casualty
at
the
property,
any
need
to
address
environmental
contamination
at
the
property,
changes
in
governmental
rules,
regulations
and
fiscal
policies,
terrorism,
social
unrest
or
civil
disturbances.
Due
to
the
corporate
structure
of
borrowers,
which
can
include
volunteers
serving
in
key
executive
functions
such
as
Treasurer,
the
servicing
agent
administering
church
loans
may
use
broad
discretion
in
enforcing
the
terms
of
such
church
loans
especially
with
regard
to
timing
and
fees
charged.
Assignment
or
Participation
Risk
— The
Fund
may
acquire
exposure
to
church
mortgage
loans
through
loan
assignments
or
participations.
With
assignments,
the
purchaser
typically
succeeds
to
all
the
rights
and
obligations
of
the
assigning
institution
and
becomes
a
lender
under
the
loan
agreement. By
contrast,
participations
typically
result
in
contractual
relationships
only
with
the
institution
participating
out
the
interest,
not
with
the
Borrower. 
In
purchasing
participations,
the
Fund
generally
will
have
no
right
to
enforce
compliance
by
the
Borrower
with
the
terms
of
the
loan
agreement.
The
Fund
also
will
be
exposed
to
the
credit
risk
of
both
the
Borrower
and
the
institution
selling
the
participation.
Availability
of
Investment
Opportunities; Competition Risks
—
 Thrivent
Financial
and
the
Fund
compete
for
investment
opportunities
with
church
loan
financing
companies,
banks,
savings
and
loan
associations,
denominational
loan
funds
and
lenders,
credit
unions,
real
estate
investment
trusts,
insurance
companies
and
other
financial
institutions
to
service
this
market.
Many
of
these
entities
may
have
greater
marketing
resources,
extensive
networks
of
offices
and
locations,
or
larger
staffs
devoted
to
church
loan
financing.
In
addition,
regulatory
restrictions,
actual
or
potential
conflicts
of
interest
or
other
considerations
may
cause
the
Adviser
to
restrict
or
prohibit
participation
in
certain
investments.
Collateral
Risk;
Real
Estate
Risk 
— There
is
a
risk
that
the
value
of
any
collateral
securing
a
church
loan
in
which
the
Fund
has
an
interest
may
not
be
estimated
correctly
or
may
decline
and
that
the
collateral
may
not
be
sufficient
to
cover
the
amount
owed
on
the
loan.
Because
the
Fund’s
church
loans
are
primarily
backed
by
real
estate,
these
investments
are
vulnerable
to
factors
that
affect
the
real
estate
used
to
collateralize
the
church
loans
and
the
local
and
national
real
estate
markets.
Factors
affecting
the
value
of
real
estate
investments
include,
but
are
not
limited
to,
changes
in
local
or
national
economic
or
employment
conditions,
changes
in
interest
rates,
zoning
laws
or
property
taxes,
supply
and
demand,
environmental
problems,
losses
from
a
casualty
or
condemnation,
maintenance
problems,
operating
expenses,
population
changes,
and
social
and
economic
trends.
Property
tax
liens
would
also
affect
the
availability
of
cash
to
pay
other
creditors
in
the
event
of
a
sale
of
the
real
estate,
through
foreclosure
or
otherwise.
Furthermore,
in
the
case
of
certain
church
loans,
the
property
backing
the
investments
may
have
limited
suitability
for
other
purposes.
Concentration Risk
— Under
normal
circumstances,
the
Fund
will
concentrate
its
investments in
the
securities
and/or
other
instruments
of
U.S.
non-profit
organizations
that
have
a
stated
Christian
mission
including,
but
not
limited
to,
local
churches,
denominations
and
associations,
educational
institutions,
and
other
Christian
mission-related
organizations.
The
Fund
will
thus
be
exposed
to
negative
developments
affecting
church-related
institutions,
as
well
as
negative
developments
affecting
real
estate-related
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
19
investments
and
real
property
generally.
These
factors
are
discussed
under
“Church
Loan
Related
Risks”
and
“Collateral
Risk;
Real
Estate
Risk”
above.
Construction
Loan Risk
—  The
Fund
may
invest
in
church
loans
for
construction
projects.
Construction
projects
may
include:
new
development,
expansion,
remodeling
and/
or
renovation
and
repairs.
The
interest
rate
is
typically
set
on
these
construction
loans
at
the
time
of
the
loan
commitment,
and
funded
incrementally
over
time
as
the
project
is
completed.
The
Fund
will
have
an
obligation
to
make
additional
advances
as
the
project
is
completed.
The
Fund
generally
ensures
its
ability
to
satisfy
such
demands
by
segregating
sufficient
assets
in
high
quality
short
term
liquid
investments.
In
addition,
construction
loans
may
be
considered
higher
risk
during
the
construction
phase
(e.g.,
potential
mechanics
liens
or
other
collateral
impacts
may
occur
including
risk
of
non-completion).
Default Risk
— Default
in
the
payment
of
interest
or
principal
on
a
church
loan
or
an
increased
risk
of
default
may
result
in
a
reduction
in
income
to
the
Fund,
a
reduction
in
the
value
of
a
Church
Loan
and/or
a
decrease
in
the
Fund’s
NAV
per
Share. The
risk
of
default
increases
in
the
event
of
an
economic
downturn,
a
decline
in
the
value
of
real
estate,
or
a
substantial
increase
in
interest
rates
on
floating
or
variable
rate
church
loans.
In
the
event
of
any
default
under
a
Church
Loan,
the
Fund
will
bear
a
risk
of
loss
of
principal
to
the
extent
of
any
deficiency
between
the
value
of
any
collateral
that
is
liquidated
and
the
principal
and
accrued
and
unpaid
interest
of
the
church
loan.
Efforts
to
return
a
non-performing
church
loan
to
performing
status
can
be
lengthy
and
may
negatively
affect
the
Fund’s
anticipated
return.
In
the
event
a
Borrower
defaults,
the
Fund’s
access
to
the
collateral
may
be
limited
or
delayed
by
bankruptcy
or
other
insolvency
laws.
Environmental
Liability
Risk
— If
there
are
previously
unidentified
environmental
problems
associated
with
the
real
estate
securing
any
of
the
Fund’s
church
loans,
the
associated
remediation
or
removal
requirements
imposed
by
federal,
state
and
local
laws
and
regulations
could
affect
the
Fund’s
ability
to
realize
value
on
the
collateral
or
the
Borrower’s
ability
to
repay
the
church
loan.
Under
federal,
state
and
local
laws
and
regulations,
a
secured
lender,
like
the
Fund,
may
be
liable,
under
certain
limited
circumstances,
for
the
costs
of
removal
or
remediation
of
certain
hazardous
or
toxic
substances
and
other
costs
(including
government
fines
and
injuries
to
persons
and
adjacent
property).
The
presence
of
hazardous
or
toxic
substances,
or
the
failure
to
promptly
remediate
such
substances,
may
adversely
affect
the
Fund’s
ability
to
resell
real
estate
collateral
after
foreclosure
or
could
cause
the
Fund
to
forego
foreclosure.
Illiquid
Securities Risk
— Church
loans
are
typically
not
listed
on
any
national
securities
exchange
or
automated
quotation
system
and
no
active
trading
market
exists
for
these
instruments.
Some
church
loans
also
contain
restrictions
on
transfers
and
there
is
a
lack
of
publicly
available
information
on
most
church
loans.
As
a
result,
church
loans
are
generally
considered
illiquid.
To
the
extent
consistent
with
the
applicable
liquidity
requirements
for
interval
funds
set
forth
in
Rule
23c-3
under
the
1940
Act,
the
Fund
may
invest
without
limit
in
illiquid
securities
and
at
any
given
time,
the
Fund’s
portfolio
may
be
substantially
illiquid.
The
market
for
illiquid
securities
is
more
volatile
than
the
market
for
liquid
securities.
To
the
extent
that
a
secondary
market
does
exist
for
church
loans,
the
market
may
be
subject
to
irregular
trading
activity,
wide
bid/ask
spreads
and
extended
trade
settlement
periods.
The
illiquid
market
for
church
loans
means
that
the
Fund
may
not
be
able
to
sell
its
holdings
at
a
time
when
it
may
otherwise
be
desirable
to
do
so
or
may
require
the
Fund
to
sell
at
prices
that
are
less
than
what
the
Fund
regards
as
their
fair
market
value,
which
would
adversely
affect
the
Fund’s
NAV
per
share.
In
addition,
due
to
the
illiquidity
of
the
church
loan
market,
and
the
intent
to
hold
church
loans
to
maturity,
the
Fund
may
be
limited
in
its
ability
to
turn
over
its
investments
in
church
loans
to
obtain
debt
securities
with
more
attractive
rates
of
return.
Church
loans
are
typically
valued
using
significant
unobservable
inputs.
Market
quotations
or
prices
are
likely
not
readily
available
or
may
be
determined
to
be
unreliable.
Value
will be
determined
in
good
faith
pursuant
to
fair
valuation
procedures
adopted
by
the
Board.
See
“Valuation
Risk”
below.
Certain
church
loans
may
trade
in
an
over-the-counter
market,
and
confirmation
and
settlement
may
take
significantly
longer
than
traditional
fixed-income
security
transactions
to
complete.
Transactions
in
church
loans
may
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
for
a
substantial
period
after
the
sale.
As
a
result,
those
proceeds
will
not
be
available
to
make
additional
investments. 
In
most
cases,
the
Fund
intends
to
hold
church
loans
to
maturity.
No
Public
Information;
Not
Rated Risk
—
There
is
generally
no
publicly
available
information
about
the
Borrowers
of
church
loans.
In
addition,
church
loans
are
not
rated
by
a
nationally
recognized
statistical
rating
organization
("NRSROs")
or
other
independent
parties.
The
Adviser
must
rely
on
the
Borrowers,
its
own
due
diligence
and/or
the
due
diligence
efforts
of
Thrivent
Financial,
its
affiliates,
or
unaffiliated
third
parties
to
obtain
the
information
that
the
Adviser
considers
when
investing
in
church
loans.
To
some
extent,
the
Adviser,
its
affiliates,
or
unaffiliated
third
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
20
parties
rely
upon
the
Borrower’s
staff
to
provide
full
and
accurate
disclosure
of
material
information
concerning
their
operations
and
financial
condition.
The
Adviser,
its
affiliates,
or
unaffiliated
third
parties
may
not
have
access
to
all
of
the
material
information
about
a
particular
Borrower’s
operations,
financial
condition
and
prospects,
or
a
Borrower’s
accounting
records
may
be
poorly
maintained
or
organized.
The
financial
condition
and
prospects
of
a
Borrower
may
also
change
rapidly.
In
such
instances,
the
Adviser
may
not
be
able
to
make
a
fully
informed
investment
decision
which
may
lead,
ultimately,
to
a
default
by
the
Borrower
and
a
loss
of
some
or
all
of
the
Fund’s
investment.
Prepayment Risk
— Generally
borrowers
may
prepay
the
principal
amount
of
their
church
loans
at
any
time,
although
prepayment
fees
or
penalties
may
apply.
In
periods
of
falling
interest
rates,
Borrowers
may
be
more
likely
to
prepay
their
church
loans
to
refinance
at
lower
interest
rates.
Prepayment
would
cause
the
actual
duration
of
a
church
loan
to
be
shorter
than
its
stated
maturity.
See
“Duration
and
Maturity
Risk”
below.
In
the
event
of
a
full
prepayment,
the
Fund
would
lose
the
income
that
would
have
been
earned
to
maturity
on
the
church
loan.
Further,
material
partial
principal
prepayments
of
Church
Loans
may
result
in
a
reamortization
of
the
remaining
principal
balance
over
the
current
maturity,
which
would
mean
the
Fund
would
receive
lower
payments
of
principal
and
interest
over
the
remaining
term
of
the
Church
Loan.
The
proceeds
received
by
the
Fund
from
prepayments
may
be
reinvested
in
church
loans
or
other
debt
securities
paying
lower
interest
rates.
Second
Lien Church
Loan
Risk
— Second
lien church
loans
are
junior
in
priority
to
church
loans
secured
with
a
first
lien.
For
this
reason,
they
present
a
greater
degree
of
investment
risk
than
first
lien
church
loans.
If
a
Borrower
defaults
on
a
debt
obligation
senior
to
the
Fund’s
church
loan,
or
in
the
event
of
a
Borrower
bankruptcy,
the
Fund’s
second
lien church
loan
will
be
satisfied
only
after
the
senior
debt.
In
the
event
of
an
investment
in
second
lien
church
loans, the
Fund
may
not
recover
some
or
all
of
its
investment.
Special Risks
— Special
risks
associated
with
exposures
to
church
loans
include
(i)
the
possible
invalidation
of
an
investment
transaction
as
a
fraudulent
conveyance
under
relevant
creditors’
rights
laws
and
(ii)
so-called
lender-liability
claims
by
the
Borrowers
of
the
obligations.
Successful
claims
with
respect
to
such
matters
may
reduce
the
cash
flow
and/
or
market
value
of
the
investment.
Church
loans
are
subject
to
the
risk
that
a
court,
pursuant
to
fraudulent
conveyance
or
other
similar
laws,
could
subordinate
these
instruments
to
presently
existing
or
future
indebtedness
of
the
Borrower
or
take
other
action
detrimental
to
holders
of
the
church
loan.
Such
court
action
could
under
certain
circumstances
include
invalidation
of
the
church
loan.
It
is
conceivable
that
under
emerging
legal
theories
of
lender
liability,
the
Fund
could
be
held
liable
as
co-lender.
Lender
liability
is
based
on
the
premise
that
an
institutional
lender
or
a
bondholder
has
violated
a
duty
of
good
faith,
commercial
reasonableness
and
fair
dealing
owed
to
the
borrower
or
issuer,
and
thus
could
apply
to
the
Fund’s
investments
in
church
loans
whether
or
not
the
Borrower
is
an
obligor
of
the
Fund.
Additionally,
to
the
extent
that
certain
church
mortgage
loans
are
not
considered
“securities,”
investors,
such
as
the
Fund,
may
not
be
entitled
to
rely
on
the
anti-fraud
provisions
of
the
federal
securities
laws.
Uninsured
Loss Risk
—
 The
church
loans
in
which
the
Fund
will
invest
generally
require
the
Borrower
to
adequately
insure
the
property
securing
the
loan
against
liability
and
casualty
loss.
However,
certain
types
of
losses,
generally
those
of
a
catastrophic
nature
such
as
earthquakes,
floods
or
storms,
and
losses
due
to
civil
disobedience,
are
either
uninsurable
or
are
not
economically
insurable.
If
a
property
is
destroyed
by
an
uninsured
loss,
the
Fund
could
suffer
loss
of
all
or
a
substantial
part
of
its
investment.
Valuation
Risk
—
The
lack
of
an
active
trading
market
for
church
loans,
restrictions
on
transfers
in
some
church
mortgage
loan
agreements
and
trust
indentures,
a
lack
of
publicly
available
information,
and
other
factors
may
result
in
inherent
uncertainty
in
the
valuation
process
for
church
loans,
and
the
estimated
fair
values
may
differ
materially
from
the
values
estimated
by
another
party
or
the
values
that
would
have
been
used
had
a
ready
market
for
the
church
loans
existed.
To
the
extent
the
Fund
invests
in
church
loans,
the
Fund’s
calculated
NAV
may
not
accurately
reflect
the
value
that
could
be
obtained
for
any
church
loan
upon
sale.
If
market
quotations
for
a
church
loan
are
not
readily
available
or
do
not
accurately
reflect
fair
value,
the
value
of
the
church
loan
will
be
determined
in
good
faith
pursuant
to
fair
valuation
procedures
adopted
by
the
Fund’s
Board.
The
Board
has
delegated
the
responsibility
to
estimate
the
fair
value
of
church
loans
to
the
Adviser.
The
fair
valuation
of
church
loans
by
the
Adviser
could
result
in
a
conflict
of
interest
as
the
Adviser’s
advisory
fee
is
based
on
the
value
of
the
Fund’s
net
assets.
Variable
or
Floating
Interest
Rate Risk
—
Church
mortgage
loans
may
have
interest
rates
that
float
above,
or
are
adjusted
periodically
based
on,
a
benchmark
that
reflects
current
interest
rates.
Substantial
increases
in
interest
rates
may
cause
an
increase
in
loan
defaults
as
Borrowers
may
lack
resources
to
meet
higher
debt
service
requirements.
Increasing
interest
rates
may
hinder
a
Borrower’s
ability
to
refinance
church
mortgage
loans
because
the
underlying
property
cannot
satisfy
the
debt
service
coverage
requirements
necessary
to
obtain
new
financing
or
because
the
value
of
the
property
has
decreased.
Additionally,
certain
church
mortgage
loans
will
have
interest
rate
reviews
and
interest
rate
resets,
and
may
result
in
decreases
in
interest
rates.
Decreases
in
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
21
interest
rates
will
typically
cause
interest
rates
on
the
church
mortgage
loans
to
decrease,
thereby
reducing
income
to
the
Fund.
Closed-End,
Interval
Fund
Structure Risk
— The
Fund
is
a
non-diversified,
closed-end
management
investment
company
structured
as
an
“interval
fund”
and
designed
for
long-term
investors.
The
Fund
is
not
intended
to
be
a
typical
traded
investment.
Unlike
many
closed-end
investment
companies,
the
Fund’s
Shares
are
not
listed
on
any
national
securities
exchange
and
are
not
publicly
traded.
There
is
no
secondary
market
for
the
Shares,
and
the
Fund
does
not
expect
a
secondary
market
will
develop.
An
investor
should
not
invest
in
the
Fund
if
the
investor
needs
a
liquid
investment.
Closed-end
funds
differ
from
open-end
management
investment
companies,
commonly
known
as
“mutual
funds,”
in
that
investors
in
a
closed-end
fund
do
not
have
the
right
to
redeem
their
shares
on
a
daily
basis
at
a
price
based
on
NAV
per
share.
The
Fund,
as
a
fundamental
policy,
will
make
quarterly
offers
to
repurchase
at
least
5%
and
up
to
25%
of
its
outstanding
Shares
at
NAV
per
share,
subject
to
approval
of
the
Board. The
number
of
Shares
tendered
in
connection
with
a
repurchase
offer
may
exceed
the
number
of
Shares
the
Fund
has
offered
to
repurchase,
in
which
case
not
all
of
your
Shares
tendered
in
that
offer
will
be
repurchased.
Hence,
you
may
not
be
able
to
sell
your
Shares
when
and/or
in
the
amount
that
you
desire.
Credit Risk
— Credit
risk
is
the
risk
that
an
issuer
of
a
debt
security
to
which
the
Fund’s
portfolio
is
exposed
may
no
longer
be
able
or
willing
to
pay
its
debt.
As
a
result
of
such
an
event,
the
debt
security
may
decline
in
price
and
affect
the
value
of
the
Fund.
Cybersecurity Risk
— Successful
cyber-attacks
against,
or
security
breakdowns
of,
the
Fund
or
any
affiliated
or
third-party
service
provider
may
adversely
affect
the
Fund
or
its
Shareholders.
While
the
Fund
and
its
service
providers
have
established
business
continuity
plans
and
systems
designed
to
prevent
cyber-attacks,
there
are
inherent
limitations
in
such
plans
and
systems
including
the
possibility
that
certain
risks
have
not
been
identified.
Similar
types
of
cybersecurity
risks
also
are
present
for
issuers
of
securities
in
which
the
Fund
invests,
which
could
result
in
material
adverse
consequences
for
such
issuers,
and
may
cause
the
Fund’s
investment
in
such
securities
to
lose
value.
Defensive
Investing
Risk
— In
response
to
market,
economic,
political
or
other
conditions,
the
Fund
may
invest
without
limitation
in
cash
or
investment-grade
debt
securities
for
temporary
defensive
purposes
that
are
not
part
of
the
Fund’s
principal
investment
strategies.
If
the
Fund
does
this,
different
factors
could
affect
the
Fund’s
performance
and
it
may
not
achieve
its
investment
objective.
Duration
and
Maturity
Risk
— The
prices
of
debt
securities
are
also
affected
by
their
durations
and
maturities.
Duration
is
a
measure
used
to
determine
the
sensitivity
of
a
security’s
price
to
changes
in
interest
rates.
The
longer
a
security’s
duration,
the
more
sensitive
it
will
be
to
changes
in
interest
rates.
For
example,
if
a
bond
has
a
duration
of
four
years,
a
1%
increase
in
interest
rates
could
be
expected
to
result
in
a
4%
decrease
in
the
value
of
the
bond.
A
debt
security’s
maturity
is
typically
determined
on
a
stated
final
maturity
basis,
although
there
are
some
exceptions
to
this
rule.
Debt
securities
with
longer
maturities
generally
are
more
susceptible
to
changes
in
value
as
a
result
of
changes
in
interest
rates.
The
Fund
may
invest
in
debt
securities
of
any
duration
or
maturity.
Funding
Future
Capital
Needs Risk
—
 The
net
proceeds
from
purchases
of
Shares
may
be
used
for
the
Fund’s
investment
opportunities,
operating
expenses
and
for
payment
of
various
fees
and
expenses
such
as
the
advisory
fee.
Any
working
capital
reserves
the
Fund
maintains
may
not
be
sufficient
for
investment
purposes.
If
this
is
the
case,
the
Fund’s
ability
to
acquire
investments
and
to
expand
the
Fund’s
operations
will
be
adversely
affected.
Hedging
and
Derivatives Risk
— Derivatives,
a
category
that
includes
options,
futures
and
swaps,
are
financial
instruments
whose
value
derives
from
another
security,
an
index,
an
interest
rate
or
a
currency.
The
Fund
may
use
derivatives,
including
futures
and
swaps,
for
hedging
its
exposure
to
interest
rate
risk.
While
hedging
can
guard
against
potential
risks,
using
derivatives
adds
to
the
Fund’s
expenses
and
can
eliminate
some
opportunities
for
gains.
There
is
also
a
risk
that
a
derivative
intended
as
a
hedge
may
not
perform
as
expected.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
interest
rate,
and
the
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations. 
Interest
Rate Risk
— Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
or
maturities
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
those
with
shorter
durations
or
maturities.
Changes
by
the
Federal
Reserve
to
monetary
policies
could
affect
interest
rates
and
the
value
of
some
securities.
Debt
securities
in
which
the
Fund
may
invest
will
have
varying
maturities,
which
may
be
as
long
as
30
years.
If
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
22
interest
rates
rise
generally,
rates
of
return
on
debt
securities
held
by
the
Fund
may
become
less
attractive
and
the
value
of
debt
securities
held
by
the
Fund
and
the
Fund’s
Shares,
may
decline.
This
risk
tends
to
increase
the
longer
the
term
of
the
debt
security.
Investment
Adviser Risk
— The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
This
assessment
of
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
Limited
Distribution Risk
— If
the
Distributor
fails
to
market
the
Fund
and
establish
and
maintain
a
network
of
selected
broker-dealers
to
sell
the
Shares,
the
Fund
may
not
be
able
to
raise
adequate
proceeds
through
the
Fund’s
continuous
public
offering
to
implement
the
Fund’s
investment
objective
and
strategies.
Liquidity
Risk
— If
there
is
decreased
liquidity
in
the
markets,
the
Adviser
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Mortgage-Backed
Securities Risk
— The
Fund
may
invest
in
mortgage-backed
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
securities
issued
by
the
Government
National
Mortgage
Association
(“Ginnie
Mae”),
the
Federal
National
Mortgage
Association
(“Fannie
Mae”),
or
the
Federal
Home
Loan
Mortgage
Corporation
(“Freddie
Mac”)).
U.S.
government
mortgage-backed
securities
are
subject
to
market
risk,
interest
rate
risk
and
credit
risk.
Mortgage-backed
securities,
such
as
those
issued
or
guaranteed
by
Ginnie
Mae
or
the
U.S.
Treasury,
that
are
backed
by
the
full
faith
and
credit
of
the
United
States
are
guaranteed
only
as
to
the
timely
payment
of
interest
and
principal
when
held
to
maturity
and
the
market
prices
for
such
securities
will
fluctuate.
Notwithstanding
that
these
securities
are
backed
by
the
full
faith
and
credit
of
the
United
States,
circumstances
could
arise
that
would
prevent
the
payment
of
interest
or
principal.
This
would
result
in
losses
to
the
Fund.
Securities
issued
or
guaranteed
by
U.S.
government-related
organizations,
such
as
Fannie
Mae
and
Freddie
Mac,
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government
and
no
assurance
can
be
given
that
the
U.S.
government
will
provide
financial
support.
Therefore,
U.S.
government-related
organizations
may
not
have
the
funds
to
meet
their
payment
obligations
in
the
future.
Mortgage-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
mortgage-backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Mortgage-backed
securities
are
also
subject
to
the
risk
of
delinquencies
on
mortgage
loans
underlying
such
securities.
An
unexpectedly
high
rate
of
defaults
on
the
mortgages
held
by
a
mortgage
pool
may
adversely
affect
the
value
of
a
mortgage-backed
security
and
could
result
in
losses
to
the
Fund.
The
Fund
may
enter
into
dollar
rolls
on
mortgage-backed
securities
to
maintain
liquid
assets
in
connection
with
its
repurchase
offers
or
to
meet
repurchase
requests.
Dollar
rolls
on
mortgage-backed
securities
involve
the
risk
that
the
market
value
of
the
securities
subject
to
the
Fund’s
forward
purchase
commitment
may
decline
below,
or
the
market
value
of
the
mortgage-backed
securities
subject
to
the
Fund’s
forward
sale
commitment
may
increase
above,
the
exercise
price
of
the
forward
commitment.
Non-Diversification Risk
—
Since
the
Fund
is
non-diversified,
it
may
invest
a
high
percentage
of
its
assets
in
a
limited
number
of
issuers.
When
the
Fund
invests
in
a
relatively
small
number
of
issuers
it
may
be
more
susceptible
to
risks
associated
with
a
single
economic,
political
or
regulatory
occurrence
than
a
more
diversified
portfolio
might
be.
Since
the
Fund
is
non-diversified,
its
NAV
per
share
and
total
return
may
also
fluctuate
more
or
be
subject
to
declines
in
weaker
markets
than
a
diversified
fund.
Reinvestment
Risk
— Income
from
the
Fund’s
portfolio
will
decline
if
and
when
the
Fund
invests
the
proceeds
from
matured,
traded
or
called
debt
obligations
at
market
interest
rates
that
are
below
the
portfolio’s
current
earnings
rate.
Repurchase
Offers Risk
—
The
Fund
is
a
closed-end
investment
company
structured
as
an
“interval
fund”
and
is
designed
for
long-term
investors.
There
is
no
secondary
market
for
the
Shares
and
the
Fund
expects
that
no
secondary
market
will
develop.
In
order
to
provide
liquidity
to
Shareholders,
the
Fund,
subject
to
applicable
law,
conducts
quarterly
repurchase
offers
of
its
outstanding
Shares
at
NAV
per
share,
subject
to
approval
of
the
Board.
In
all
cases,
such
repurchase
offers
will
be
for
at
least
5%
and
not
more
than
25%
of
its
outstanding
Shares,
at
NAV
per
share,
pursuant
to
Rule
23c-3
under
the
1940
Act.
Repurchases
generally
will
be
funded
from
available
cash
or
sales
of
portfolio
securities.
However,
if
at
any
time
cash
and
other
liquid
assets
held
by
the
Fund
are
not
sufficient
to
meet
the
Fund's
repurchase
obligations,
the
Fund
may,
if
necessary,
sell
investments.  The
sale
of
securities
to
fund
repurchases
could
reduce
the
market
price
of
those
securities,
which
in
turn
would
reduce
the
Fund’s
NAV
per
share.
The
Fund
is
also
permitted
to
borrow
up
to
the
maximum
extent
permitted
under
the
1940
Act
to
meet
Thrivent
Church
Loan
and
Income
Fund
Notes
to
Financial
Statements
March
31,
2020
23
such
repurchase
obligations.
The
Fund
does
not
currently
intend
to
borrow
to
finance
repurchases,
although
it
may
invest
in
dollar
rolls.
Moreover,
a
reduction
in
the
size
of
the
Fund
through
repurchases
may
result
in
untimely
sales
of
portfolio
securities,
may
increase
the
Fund’s
portfolio
turnover,
and
may
limit
the
ability
of
the
Fund
to
participate
in
new
investment
opportunities
or
to
achieve
its
investment
objective.
If
a
repurchase
offer
is
oversubscribed,
the
Fund
will
repurchase
the
Shares
tendered
on
a
pro
rata
basis,
and
Shareholders
will
have
to
wait
until
the
next
repurchase
offer
to
make
another
repurchase
request.
As
a
result,
Shareholders
may
be
unable
to
liquidate
all
or
a
given
percentage
of
their
investment
in
the
Fund
during
a
particular
repurchase
offer.
A
Shareholder
may
be
subject
to
market
and
other
risks,
and
the
NAV
per
share
of
Shares
tendered
in
a
repurchase
offer
may
decline
between
the
Repurchase
Request
Deadline
and
the
date
on
which
the
NAV
per
share
for
tendered
Shares
is
determined.
In
addition,
to
the
extent
the
Fund
sells
portfolio
holdings
in
order
to
fund
repurchase
requests,
the
repurchase
of
Shares
by
the
Fund
will
be
a
taxable
event
for
the
Shareholders
of
repurchased
Shares,
and
potentially
even
for
Shareholders
that
do
not
participate
in
the
repurchase
offer.
Regulatory
Changes
and
Regulatory
Actions
Risk 
—
Legal,
tax
and
regulatory
changes
could
occur
and
may
adversely
affect
the
Fund
and
its
ability
to
pursue
its
investment
strategies
and/or
increase
costs
of
implementing
such
strategies. 
Any
adverse
regulatory
action
could
impact
the
prices
of
the
securities
the
Fund
owns. 
Related
Restrictions on
Entering
into
Affiliated
Transactions  Risk
—
The
Fund
is
permitted
to
co-invest
with
Affiliated
Accounts
in
church
loan
transactions
subject
to
the
conditions
of
the
Co-Investment
Order,
applicable
regulatory
limitations,
the
allocation
policies
of
the
Adviser
and
its
affiliates,
as
applicable,
and
approval
of
the
Trustees
as
required
in
the
Co-Investment
Order.
Currently,
the
only
Affiliated
Account
is
Thrivent
Financial’s
proprietary
account.
The
Fund
can
offer
no
assurance,
however,
that
it
will
be
able
to
obtain
such
approvals
or
develop
or
access
opportunities
that
comply
with
such
limitations.
The
Fund’s
co-investments
transactions
may
give
rise
to
conflicts
of
interest
or
perceived
conflicts
of
interest
between
the
Fund
and
Thrivent
Financial.
See
“Management
of
the
Fund
–
Conflicts
of
Interest”
for
more
information.
Notwithstanding
certain
co-investment
transactions
permitted
under
the
Co-Investment
Order
referenced
above,
entering
into
certain
transactions
that
are
deemed
“joint”
transactions
(for
purposes
of
the
1940
Act
and
relevant
guidance
from
the
SEC)
may
potentially
lead
to
impermissible
joint
transactions
within
the
meaning
of
the
1940
Act
in
the
future.
To
avoid
the
potential
of
future
joint
transactions,
the
Adviser
may
seek
to
avoid
allocating
an
investment
opportunity
to
the
Fund
that
it
would
otherwise
allocate,
subject
to
the
Adviser’s
and
its
affiliates’
then-current
allocation
policies
and
any
applicable
exemptive
orders
(including
the
Co-
Investment
Order),
and
to
the
Adviser’s
obligations
to
allocate
opportunities
in
a
fair
and
equitable
manner.
Tax Risk
and
RIC-Related
Risks
of
Investments
Generating
Non-Cash
Taxable
Income 
—
The
Fund
has
elected
to
be
a
“regulated
investment
company”
under
the
Internal
Revenue
Code
of
1986,
as
amended
(“Code”)
(“RIC”)
and
intends
to
qualify
each
taxable
year
to
be
treated
as
such.
In
order
to
qualify
for
such
treatment,
the
Fund
must
meet
certain
asset
diversification
tests,
derive
at
least
90%
of
its
gross
income
for
its
taxable
year
from
certain
types
of
“qualifying
income,”
and
distribute
to
its
Shareholders
at
least
the
sum
of
90%
of
its
“investment
company
taxable
income,”
as
that
term
is
defined
in
the
Code
(which
include,
among
other
things,
dividends,
interest
and
the
excess
of
any
net
short-term
capital
gains
over
net
long-term
capital
losses,
as
reduced
by
certain
deductible
expenses)
and
90%
of
its
net
exempt
interest
income,
if
any.
The
Fund's
investment
strategy
will
potentially
be
limited
by
its
intention
to
annually
qualify
for
treatment
as
a
RIC.
An
adverse
determination
or
future
guidance
by
the
IRS
might
affect
the
Fund’s
ability
to
qualify
for
such
treatment
and
result
in
adverse
tax
consequences
for
the
Fund
and
Shareholders.
Thrivent
Church
Loan
and
Income
Fund
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
25
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
CHURCH
LOAN
AND
INCOME
FUND
Class
S
Shares
Year
Ended
3/31/2020
$
10.25
$
0.33
$
0.39
$
0.72
$
(0.35)
$
(0.01)
Year
Ended
3/31/2019
(c)
10.00
0.14
0.31
0.45
(0.20)
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Since
fund
inception,
September
28,
2018.
*
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
**
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Thrivent
Church
Loan
and
Income
Fund
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
26
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.36)
$
10.61
7.11%
$
27.4
1.32%
2.71%
5.20%
(1.17)%
447%
(0.20)
10.25
4.53%
10.8
1.50%
2.82%
12.57%
(8.25)%
330%
27
Board
of
Trustees
and
Officers
The
Board
is
responsible
for
the
management
and
supervision
of
the
Fund’s
business
affairs
and
for
exercising
all
powers
except
those
reserved
to
the
shareholders.
The
following
table
provides
information
about
the
Trustees
and
officers
of
the
Fund.
Unless
otherwise
noted,
the
address
for
the
Trustees
and
officers
of
the
Fund
is
901
Marquette
Avenue,
Suite
2500,
Minneapolis,
Minnesota
55402-3265.
The
Fund’s
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge,
by
writing
to
Thrivent
Church
Loan
and
Income
Fund,
901
Marquette
Avenue,
Suite
2500,
Minneapolis,
Minnesota
55402-3265,
calling
800-847-4836,
or
visiting
the
Fund’s
website
(ThriventIntervalFunds.com).
Interested
Trustee
(1)(2)(3)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
S.
Royal
(1971)
2018
Senior
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
VP,
President
Mutual
Funds,
Thrivent
Financial
from
2015
to
2017;
Vice
President
and
Deputy
General
Counsel,
Thrivent
Financial
from
2006
to
2015.
Currently,
Director
of
Children's
Cancer
Research
Fund
and
Board
member
of
Twin
Bridge
Capital
Partners;
Director
of
Fairview
Hospital
Foundation
until
2017.
Independent
Trustees
(2)(3)(4)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Julie
K.
Braun
(1958)
2019
Partner
and
Chief
Operating
Officer
of
Castlelake
,
LP
from
2005
to
2016;
Director
and
Audit
Committee
Chair
at
Pohlad
Companies
since
2019;
Director
of
various
closely-held
investment
partnerships
and
LLCs
of
Castlelake
,
LP.
Pastor
Brian
Fragodt
(1959)
2018
Senior
Pastor,
Trinity
Lutheran
Church
since
2012,
Long
Lake,
MN.
Trustee,
Gustavus
Adolphus
College
from
2012
to
2015.
Jerry
T.
Golden
(1953)
2018
National
Seminar
Instructor,
Ernst
&
Young
Financial
Services
Program
from
2014
to
2015.
Independent
Trustee
of
Scout
Funds
from
2015
to
2017.
Cecilia
H.
Herbert
(1949)
2019
Trustee
of
Stanford
Health
Care
since
2016
and
Finance
Committee
Chair
since
2019;
Trustee
of
WNET,
a
New
York
public
media
company,
since
2011;
Member
of
the
Archdiocese
of
San
Francisco
Finance
Council
since
1994.
Independent
Director/Trustee
of
iShares
ETF
Funds
since
2005
and
Board
Chair
since
2015;
Independent
Trustee  and
Nominating
Committee
Chair
of
Forward
Funds
from
2009
to
2015;
Independent
Trustee
and
Nominating
Committee
Chair
of
Salient
MF
Trust
and
Salient
FF
Trust
from
2015
to
2018.
George
W.
Morriss
(1947)
2018
Adjunct
Professor,
Columbia
University
School
of
International
Policy
and
Affairs
from
2012
to
2018.
Independent
Director/Trustee
of
Neuberger
Berman
Mutual
Funds
since
2007,
Closed
End
Fund
Committee
Chair
since
2018,
and
Audit
Committee
Chair
from
2010
to
2017;
Independent
Trustee
and
Audit
Committee
Chair,
1WS
Credit
Income
Fund
since
2018;
Independent
Trustee
and
Audit
Committee
Chair
of
Steben
Select
Multi-Strategy
and
Steben
Alternative
Investment
Funds
from
2013
to
2017.
28
Board
of
Trustees
and
Officers
Executive
Officers
(2)
Name
(Year
of
Birth)
Position
Held
With
Trust
Principal
Occupation(s)
During
the
Past
Five
Years
David
S.
Royal
(1971)
Trustee
and
President
Senior
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
VP,
President,
Mutual
Funds,
Thrivent
Financial
from
2015
to
2017;
Vice
President
and
Deputy
General
Counsel,
Thrivent
Financial
from
2006
to
2015.
Gerard
V.
Vaillancourt
(1967)
Treasurer
and
Principal
Accounting
Officer
Vice
President
and
Mutual
Funds
Chief
Financial
Officer,
Thrivent
Financial
since
2017;
Vice
President,
Mutual
Fund
Accounting,
Thrivent
Financial
from
2006
to
2017.
Michael
W.
Kremenak
(1978)
Secretary
and
Chief
Legal
Officer
Vice
President,
Thrivent
Financial
since
2015;
Senior
Counsel,
Thrivent
Financial
from
2013
to
2015.
Edward
S.
Dryden
(1965)
Chief
Compliance
Officer
Vice
President,
Chief
Compliance
Officer
—
Thrivent
Funds,
Thrivent
Financial
since
2018;
Director,
Chief
Compliance
Officer
—
Thrivent
Funds,
Thrivent
Financial
from
2010
to
2018.
Kathleen
M.
Koelling
(1977)
Privacy
Officer
(5)
Vice
President,
Deputy
General
Counsel,
Thrivent
Financial
since
2018;
Vice
President,
Managing
Counsel,
Thrivent
Financial
from
2016
to
2018;
Privacy
Officer,
Thrivent
Financial
since
2011;
Anti-Money
Laundering
Officer,
Thrivent
Financial
from
2011
to
2019;
Senior
Counsel,
Thrivent
Financial
from
2002
to
2016.
Troy
A.
Beaver
(1967)
Vice
President
Vice
President,
Mutual
Funds
Marketing
&
Distribution,
Thrivent
Financial
since
2015;
Vice
President,
Marketing,
American
Century
Investments
from
2006
to
2015.
Monica
L
Kleve
(1969)
Vice
President
Vice
President,
Investment
Operations,
Thrivent
Financial
since
2019;
Director,
Investments
Systems
and
Solutions,
Thrivent
Financial
from
2002
to
2019.
Kathryn
A.
Stelter
(1962)
Vice
President
Vice
President,
Mutual
Funds
Chief
Operations
Officer,
Thrivent
Financial
since
2017;
Director,
Mutual
Fund
Operations,
Thrivent
Financial
from
2014
to
2017.
Jill
M.
Forte
(1974)
Assistant
Secretary
Senior
Counsel,
Thrivent
Financial
since
2017;
Counsel,
Thrivent
Financial
from
2015
to
2017;
Associate
Counsel,
Ameriprise
Financial,
Inc.
from
2013
to
2015.
John
D.
Jackson
(1977)
Assistant
Secretary
Senior
Counsel,
Thrivent
Financial
since
2017;
Associate
General
Counsel,
RBC
Global
Asset
Management
(US)
Inc.
from
2011
to
2017.
Sarah
L.
Bergstrom
(1977)
Assistant
Treasurer
Head
of
Mutual
Fund
Accounting,
Thrivent
Financial
since
2017;
Director,
Fund
Accounting
Administration,
Thrivent
Financial
from
2007
to
2017.
(1)
“Interested
person”
of
the
Fund
as
defined
in
the
1940
Act
by
virtue
of
a
position
with
Thrivent
Financial.
Mr.
Royal
is
considered
an
interested
person
because
of
his
principal
occupation
with
Thrivent
Financial.
(2)
Each
Trustee
generally
serves
an
indefinite
term
until
her
or
his
successor
is
duly
elected
and
qualified.
Officers
generally
serve
at
the
discretion
of
the
Board
until
their
successors
are
duly
appointed
and
qualified.
(3)
The
Fund
is
part
of
a
“Fund
Complex,”
which
is
comprised
of
the
Fund,
Thrivent
Mutual
Funds,
Thrivent
Series
Fund,
Inc.,
Thrivent
Cash
Management
Trust,
and
Thrivent
Core
Funds.
Each
Trustee,
other
than
Mr.
Royal,
oversees
1
portfolio
in
the
Fund
Complex.
Mr.
Royal
oversees
61
portfolios.
(4)
The
Trustees,
other
than
Mr.
Royal,
are
not
“interested
persons”
(as
defined
under
the
1940
Act)
of
the
Fund
and
are
referred
to
as
“Independent
Trustees".
(5)
The
address
for
this
Officer
is
4321
North
Ballard
Road,
Appleton,
WI.
23459SAR
R5-20
4321
North
Ballard
Road,
Appleton,
WI
54919-0001
Thrivent
Interval
Funds
is
the
marketing
name
for
Thrivent
Church
Loan
and
Income
Fund.
The
principal
underwriter
for
the
Thrivent
Church
Loan
and
Income
Fund
is
Thrivent
Distributors,
LLC,
a
registered
broker/dealer,
member
of
FINRA
and
SIPC,
and
a
subsidiary
of
Thrivent
Financial,
the
marketing
name
for
Thrivent
Financial
for
Lutherans.
We’re
listening
to
you!
In
response
to
concerns
regarding
multiple
mailings,
we
send
one
copy
of
a
shareholder
report
and
one
copy
of
a
prospectus
for
Thrivent
Interval
Funds
to
each
household.
This
process
is
known
as
householding.
This
consolidation
helps
reduce
printing
and
postage
costs,
thereby
saving
money.
If
you
purchased
shares
of
Thrivent
Interval
Funds
through
Thrivent
Financial:
If
you
wish
to
revoke
householding
in
the
future,
you
may
write
to
us
at
4321
North
Ballard
Road,
Appleton,
WI,
54919-0001,
or
call
us
at
800-847-4836
.
We
will
begin
to
mail
separate
regulatory
mailings
within
30
days
of
receiving
your
request.
If
you
wish
to
receive
an
additional
copy
of
this
shareholder
report,
or
a
prospectus
for
Thrivent
Church
Loan
and
Income
Fund,
call
us
at
800-847-4836
.
These
documents
are
also
available
by
visiting
ThriventIntervalFunds.com
.
If
you
purchased
shares
of
Thrivent
Interval
Funds
from
a
firm
other
than
Thrivent
Financial:
If
you
wish
to
revoke
householding
in
the
future,
or
to
receive
an
additional
copy
of
this
shareholder
report
or
a
prospectus
for
Thrivent
Church
Loan
and
Income
Fund,
please
contact
your
financial
professional.
This
shareholder
report
is
also
available
by
visiting
ThriventIntervalFunds.com
.