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 55402-3211

(Address of principal executive offices) (Zip code)

John D. Jackson

Secretary and Chief Legal Officer

Thrivent Church Loan and Income Fund

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(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, 2023

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 $95,000 for the year ended March 31, 2022 and $95,000 for the year ended March 31, 2023. 

(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, 2022 and $0 for the year ended March 31, 2023.  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, 2022 and $0 for the year ended March 31, 2023. 

(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 $8,000 for the year ended March 31, 2022 and $8,000 for the year ended March 31, 2023.  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, 2022 and $0 for the year ended March 31, 2023.

(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, 2022 and March 31, 2023.  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, 2022 and $0 for the year ended March 31, 2023.  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, 2023 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, 2022 and March 31, 2023 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 26, 2023.

Frederick P. Johnson has served as Portfolio Manager of the Fund since 2018. Mr. Johnson also serves as Senior Portfolio Manager of Thrivent’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 since 1987, 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 Fund since 2018. Ms. Spangler has also served as Associate Portfolio Manager for Thrivent’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 Fund since 2018. Mr. Anderson is the Vice President of Fixed Income Securities for Thrivent and recently served as Senior Portfolio Manager of Thrivent’s mortgage-backed securities (MBS) portfolio. Mr. Anderson joined Thrivent 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, 2023.

	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	# of Accounts Managed	Assets Managed	# of Accounts Managed	Assets Managed	# of Accounts Managed	Assets Managed
Frederick P. Johnson	0	$0	0	$0	1	$840,406,805
Meg G. Spangler	0	$0	0	$0	1	$840,406,805
Gregory R. Anderson	0	$0	0	$189,486,706	2	$4,168,112,705

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.

(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, 2023.

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. 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)

In addition, some portfolio managers are also eligible to participate in one or more of the following:

Long-Term Incentive Plan.

Thrivent’s long-term incentive plan provides for an additional variable payment based on the extent to which Thrivent met corporate goals during the previous three-year period. 

Deferred Compensation Plan.

Thrivent’s deferred compensation plan allows for the deferral of salary and bonus into certain affiliated and unaffiliated mutual funds up to an annual dollar limit.

Key Employee Restoration Plan.

Thrivent’s key employee restoration plan allows for the company to make a contribution to the plan on behalf of each participant.

(a)(4)

     

The following table provides information as of March 31, 2023 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	None
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 26, 2023

                           

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 26, 2023

                           

By:   /s/ David S. Royal

                  

                                                                                               David S. Royal

                                                                                            Trustee and President

                                                                                            (principal executive officer)

Date: May 26, 2023

                           

By:   /s/ Sarah L. Bergstrom

               

                                                                                               Sarah L. Bergstrom

                                                                                            Treasurer and Principal Accounting Officer

                                                                                            (principal financial officer)

Thrivent

Church

Loan

and

Income

Fund

Annual

Report

Interval

Funds

March

31,

2023

Table

of

Contents

Portfolio

Perspective

3

Shareholder

Expense

Example

5

Report

of

Independent

Registered

Public

Accounting

Firm

6

Schedule

of

Investments

7

Statement

of

Assets

and

Liabilities

12

Statement

of

Operations

13

Statements

of

Changes

in

Net

Assets

14

Statement

of

Cash

Flows

15

Notes

to

Financial

Statements

16

Financial

Highlights

27

Additional

Information

29

Board

of

Trustees

and

Officers

30

Thrivent

Church

Loan

and

Income

Fund

3

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Frederick

P.

Johnson,

CPA

(Inactive),

Meg

G.

Spangler,

Gregory

R.

Anderson,

CFA,

Portfolio

Co-Managers

Thrivent

Church

Loan

and

Income

Fund

seeks

to

produce

income

by

investing

in

church

loans

and

other

debt

securities.

The

Fund's

investment

objective

is

"non-fundamental,"

which

means

that

it

may

be

changed

by

the

Board

without

Shareholder

approval.

How

did

the

Fund

perform

during

the

12-month

period

ended March

31,

2023?

Performance

can

be

summarized

by

the

Christian

community

impact,

Fund

yield

(30-day

SEC

yield),

and

Fund

total

return.

The

112

churches

that

received

loans

from

the

Fund

since

its

inception

in

September

2018

continued

to

make

significant

impact

in

their

communities

by

distributing

food,

clothing,

counseling

services,

and

the

Gospel

message

to

those

in

need.

Over

the

past

year,

the

Fund

invested

$5.6

million

across

seven

new

loans

to

churches

that

represent

nearly

11,000

worshippers.

These

loans

saved

the

churches

an

average

of

1.13%

on

mortgages

that

were

refinanced

so

that

funds

could

be

redirected

to

more

ministry

and

community

impact.

The

loans

also

helped

finance

ministry

expansion

through

the

addition

of

20,000

square

feet

of

worship

space.

The

Fund’s

30-day

SEC

yield

averaged

4.02%

over

the

past

year.

At

the

end

of

the

period

on

March

31,

2023,

the

Fund’s

30-day

SEC

yield

was

4.97%

(0.04%

before

fee

waivers

were

applied

to

the

Fund).

Management

is

mindful

of

the

Fund’s

duration

(i.e.,

interest-rate

risk)

and

its

impact

on

total

return;

however,

the

Fund

is

not

managed

specifically

against

a

benchmark.

The

Bloomberg

U.S.

Aggregate

Bond

Index

(the

Index),

a

broad-based

index

for

the

overall

bond

market,

is

used

as

a

proxy

for

the

Fund

for

comparative

purposes

only.

The

Fund

returned

-2.66%

for

the

year,

which

was

above

the

Index

return

of

-4.78%.

What

factors

affected

the

Fund's

performance?

Performance

of

the

church

loans

in

the

Fund’s

portfolio

continued

to

be

strong

with

no

delinquent

loans

during

the

period.

Throughout

the

year,

Fund

management

was

able

to

add

high-quality

and

higher-yielding

loans

as

interest

rates

continued

to

increase.

The

Fund’s

portfolio

remained

well-diversified

across

geographies

and

denominations,

which

also

reduced

portfolio

risk

levels.

As

of

March

31,

2023,

the

Fund’s

portfolio

consisted

of

78

loans

across

27

states

and

11

denominations.

The

Federal

Reserve

Board

continued

to

focus

on

reducing

inflation

by

increasing

the

federal

funds

rate.

This

rising

interest

rate

environment

negatively

impacted

the

value

of

the

fixed-rate

church

loans

in

the

portfolio.

While

the

Fund’s

absolute

return

was

negative

for

the

year,

it

outperformed

the

Index

by

more

than

2%.

This

outperformance

was

mainly

driven

by

the

lower

duration

of

the

Fund

compared

to

the

Index,

which

lessened

its

sensitivity

to

rising

rates.

4

Portfolio

Composition

(%

of

Portfolio)

Church

Loans

83.6%

Short-Term

Investments

16.4%

Total

100.0%

Quoted

Portfolio

Composition

is

subject

to

change.

Average

Annual

Total

Returns

1

As

of

March

31,

2023

From

Inception

Class

S

1-Year

9/28/2018

Net

Asset

Value

-2.66%

1.43%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

ThriventFunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index

that

measures

the

performance

of

U.S.

investment

grade

bonds.

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

5

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,

2022

through

March

31,

2023.

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

10/1/2022

Ending

Account

Value

3/31/2023

Expenses

Paid

During

Period

10/1/2022-

3/31/2023

*

Annualized

Expense

Ratio

Thrivent

Church

Loan

and

Income

Fund

Actual

Class

S

$1,000

$1,060

$5.14

1.00%

Hypothetical

**

Class

S

$1,000

$1,020

$5.04

1.00%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

Report

of

Independent

Registered

Public

Accounting

Firm

6

C

O

H

E

N

&

C

O

M

P

A

N

Y

,

L

T

D.

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,

2023,

the

related

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

then

ended

and

the

period

from

September

28,

2018

(commencement

of

operations)

to

March

31,

2019

(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,

2023,

the

results

of

its

operations

and

its

cash

flows

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

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,

2023,

by

correspondence

with

the

custodian,

counterparties,

and

brokers;

when

replies

were

not

received

from

counterparties

or

brokers,

we

performed

other

auditing

procedures.

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

17,

2023

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

7

Principal

Amount

Church

Loans

(

83.0%

)

a

Value

Alabama

(0.9%)

Church

Loan

#

200030770

$

353,814

4.000%,

12/1/2039

b

$

306,193

Total

306,193

Arizona

(1.2%)

Church

Loan

#

200030680

453,184

3.950%,

11/1/2034

b

405,211

Total

405,211

Arkansas

(2.7%)

Church

Loan

#

200031540

549,587

3.200%,

12/15/2029

b

512,736

Church

Loan

#

200031780

500,211

3.650%,

6/1/2041

b

423,925

Total

936,661

California

(24.3%)

Church

Loan

#

200030700

520,812

3.750%,

6/15/2045

b

423,635

Church

Loan

#

200030850

351,555

4.550%,

11/15/2033

b

343,056

Church

Loan

#

200031050

427,741

4.650%,

11/15/2038

b

421,967

Church

Loan

#

200031180

739,480

3.450%,

1/1/2044

b

646,968

Church

Loan

#

200031270

497,261

4.400%,

5/15/2045

b

394,848

Church

Loan

#

200031710

889,039

3.600%,

2/1/2041

b

742,458

Church

Loan

#

200031790

729,077

3.600%,

3/15/2037

b

635,483

Church

Loan

#

200031920

417,230

3.375%,

10/15/2036

b

349,525

Church

Loan

#

200032090

636,167

3.700%,

1/1/2042

b

512,803

Church

Loan

#

200032200

766,976

4.550%,

5/1/2042

b

708,132

Church

Loan

#

200032290

762,925

4.300%,

6/15/2037

b

738,560

Church

Loan

#

200032301

600,811

5.050%,

8/1/2047

b

570,053

Church

Loan

#

200032380

930,514

5.950%,

11/1/2047

b

979,767

Church

Loan

#

200032450

897,533

6.350%,

1/15/2048

b

903,834

Total

8,371,089

Colorado

(2.3%)

Church

Loan

#

200031580

446,362

4.350%,

7/15/2039

b

417,383

Church

Loan

#

200031750

451,917

2.850%,

1/15/2036

b

397,455

Total

814,838

Florida

(3.4%)

Church

Loan

#

200031470

368,263

4.950%,

7/15/2039

b

333,329

Principal

Amount

Church

Loans

(83.0%)

a

Value

Florida

(3.4%)

-

continued

Church

Loan

#

200031670

$

223,729

3.700%,

1/15/2036

b

$

192,673

Church

Loan

#

200031960

728,422

3.800%,

11/15/2036

b

608,749

Total

1,134,751

Illinois

(5.8%)

Church

Loan

#

200031070

573,780

4.500%,

11/15/2043

b

558,800

Church

Loan

#

200031210

535,382

3.950%,

2/15/2040

b

451,033

Church

Loan

#

200031211

54,304

3.200%,

2/15/2035

b

52,013

Church

Loan

#

200031900

378,503

3.950%,

9/15/2041

b

299,651

Church

Loan

#

200032350

688,500

4.850%,

9/1/2037

b,c

662,580

Total

2,024,077

Indiana

(2.3%)

Church

Loan

#

200031420

588,048

3.500%,

5/15/2040

b

486,429

Church

Loan

#

200031950

365,760

3.950%,

11/1/2036

b

308,631

Total

795,060

Kansas

(0.4%)

Church

Loan

#

200031590

146,666

3.800%,

8/15/2045

b

135,779

Total

135,779

Kentucky

(0.7%)

Church

Loan

#

200030120

272,517

4.600%,

8/1/2034

b

246,670

Total

246,670

Maryland

(2.3%)

Church

Loan

#

200030760

954,092

4.300%,

1/1/2044

b

773,843

Total

773,843

Massachusetts

(0.6%)

Church

Loan

#

200031490

240,034

4.300%,

6/1/2035

b

208,880

Total

208,880

Michigan

(1.4%)

Church

Loan

#

200032050

580,054

3.850%,

1/1/2037

b

490,300

Total

490,300

Minnesota

(7.0%)

Church

Loan

#

200030790

562,161

3.800%,

11/15/2039

b

529,263

Church

Loan

#

200031020

87,717

3.800%,

1/1/2035

b

80,764

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

8

Principal

Amount

Church

Loans

(83.0%)

a

Value

Minnesota

(7.0%)

-

continued

Church

Loan

#

200031120

$

190,759

4.570%,

11/15/2032

b

$

187,913

Church

Loan

#

200031121

192,198

4.440%,

11/15/2032

b

189,410

Church

Loan

#

200031122

191,287

4.180%,

11/15/2032

b

190,046

Church

Loan

#

200031290

168,966

5.000%,

1/15/2031

b

167,026

Church

Loan

#

200031300

100,162

3.800%,

3/1/2030

b

94,787

Church

Loan

#

200031560

77,352

4.150%,

8/15/2039

b

74,936

Church

Loan

#

200031770

480,765

3.450%,

6/15/2041

b

393,961

Church

Loan

#

200031910

722,813

3.400%,

10/1/2046

b

595,114

Total

2,503,220

Mississippi

(0.6%)

Church

Loan

#

200031400

222,928

4.900%,

3/15/2034

b

215,081

Total

215,081

Missouri

(1.1%)

Church

Loan

#

200031480

450,795

3.875%,

5/15/2040

b

375,185

Total

375,185

New

Jersey

(1.6%)

Church

Loan

#

200031890

683,057

3.700%,

10/1/2041

b

570,685

Total

570,685

New

York

(2.3%)

Church

Loan

#

200018200

52,104

4.950%,

6/15/2029

b

49,456

Church

Loan

#

200031200

450,672

3.300%,

9/15/2044

b

436,247

Church

Loan

#

200031350

346,127

4.850%,

5/15/2039

b

317,297

Total

803,000

North

Carolina

(0.6%)

Church

Loan

#

200031320

264,393

4.200%,

3/15/2040

b

220,046

Total

220,046

Oregon

(0.8%)

Church

Loan

#

200031370

334,842

4.500%,

4/15/2039

b

291,370

Total

291,370

Pennsylvania

(0.2%)

Church

Loan

#

200031390

92,184

3.400%,

3/1/2030

b

85,163

Total

85,163

Principal

Amount

Church

Loans

(83.0%)

a

Value

South

Dakota

(2.7%)

Church

Loan

#

200030780

$

461,666

2.990%,

4/1/2031

b

$

445,091

Church

Loan

#

200030920

513,147

3.125%,

1/1/2035

b

493,824

Total

938,915

Tennessee

(1.3%)

Church

Loan

#

200031360

260,949

4.750%,

3/15/2037

b

249,718

Church

Loan

#

200031610

278,076

4.500%,

12/1/2040

b

220,302

Total

470,020

Texas

(9.5%)

Church

Loan

#

200030080

347,005

4.550%,

7/1/2039

b

332,255

Church

Loan

#

200030830

392,061

4.125%,

11/1/2044

b

383,226

Church

Loan

#

200031140

345,446

4.500%,

12/15/2033

b

317,352

Church

Loan

#

200031170

538,205

3.550%,

2/1/2035

b

490,042

Church

Loan

#

200031330

189,362

4.950%,

3/15/2044

b

184,719

Church

Loan

#

200031331

189,777

5.125%,

3/15/2044

b

183,525

Church

Loan

#

200031380

264,541

4.000%,

10/1/2040

b

210,039

Church

Loan

#

200031600

276,874

3.700%,

11/1/2035

b

231,432

Church

Loan

#

200031740

305,746

3.800%,

1/1/2031

b

269,350

Church

Loan

#

200031821

843,565

3.450%,

6/15/2041

b

712,572

Total

3,314,512

Virginia

(1.8%)

Church

Loan

#

200031090

321,338

3.400%,

1/15/2032

b

295,166

Church

Loan

#

200031110

232,292

3.400%,

1/15/2032

b

213,373

Church

Loan

#

200031650

139,462

2.550%,

12/15/2030

b

122,994

Total

631,533

Washington

(1.6%)

Church

Loan

#

200031800

680,310

3.750%,

6/1/2036

b

573,116

Total

573,116

Wisconsin

(3.6%)

Church

Loan

#

200030840

260,328

3.400%,

11/15/2038

b

236,171

Church

Loan

#

200030841

248,901

3.100%,

11/15/2038

b

240,030

Church

Loan

#

200030842

104,180

5.950%,

11/15/2038

b

104,388

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Church

Loans

(83.0%)

a

Value

Wisconsin

(3.6%)

-

continued

Church

Loan

#

200031410

$

86,694

4.000%,

5/1/2030

b

$

79,391

Church

Loan

#

200031510

361,715

4.750%,

6/1/2039

b

330,780

Church

Loan

#

200031840

291,134

3.300%,

8/1/2036

b

255,120

Total

1,245,880

Total

Church

Loans

(cost

$32,224,306)

28,881,078

Shares

or

Principal

Amount

Short-Term

Investments

(

16.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

5,655,000

4.350%,

4/3/2023

d

5,655,000

Total

Short-Term

Investments

(cost

$5,653,633)

5,655,000

Total

Investments

(cost

$37,877,939)

99.3%

$34,536,078

Other

Assets

and

Liabilities,

Net

0.7%

246,423

Total

Net

Assets

100.0%

$34,782,501

a

All

mortgagees

have

the

right

to

repay

the

loan

at

any

time.  The

Church

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

beginning

on

a

specified

date

for

an

agreed

upon

period.  The

outstanding

principal

amount

shown

is

the

outstanding

principal

balance

as

of

the

end

of

the

period.

d

The

interest

rate

shown

reflects

the

yield.

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

$57,129

Gross

unrealized

depreciation

(3,398,990)

Net

unrealized

appreciation

(depreciation)

($3,341,861)

Cost

for

federal

income

tax

purposes

$37,877,939

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

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

Financial

Statements.

*

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

-0.38%

to

3.20%

(weighted

average

of

1.02%),

U.S.

Treasury

yields,

and

corporate

credit

curve

yields

with

a

range

of

4.68%

to

5.77%

(weighted

average

of

5.12%). 

Loan

transaction

spreads

and

corporate

credit

yields were

weighted

by

the

relative

fair

value

of

the

associated 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,

2023,

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

$28,881,078

$–

$–

$28,881,078

Short-Term

Investments

5,655,000

–

5,655,000

–

Subtotal

Investments

in

Securities

$34,536,078

$–

$5,655,000

$28,881,078

Total

Investments

at

Value

$34,536,078

Investments

in

Securities 

Beginning 

Value

3/31/2022

Realized

Gain/

(Loss)

^

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales /

Paydowns

Transfers

Into

Level

3#

Transfers

Out

of

Level

3 

@

Ending

Value 

3/31/2023

 Church

Loans

$29,792,611  

 $-

($1,632,157) 

$4,851,080  

($4,130,456) 

$- 

$- 

$28,881,078  

Total 

$29,792,611

$- 

($1,632,157) 

$4,851,080  

($4,130,456) 

$-  

$-  

$28,881,078  

Thrivent

Church

Loan

and

Income

Fund

Schedule

of

Investments

as

of

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Church

Loan

and

Income

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.

 During

the

year

ended

March

31,

2023,

the

Fund

owned

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,

in

Church

Loan

and

Income

Fund,

is

as

follows:

Fund

Value

3/31/2022

Gross

Purchases

Gross

Sales

Value

3/31/2023

Shares

Held

at

3/31/2023

%

of

Net

Assets

3/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve

$2,334

$9,317

$11,651

$–

–

–%

Total

Affiliated

Short-Term

Investments

2,334

–

–

Total

Value

$2,334

$–

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

4/1/2022

-

3/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve

$0

$0

$–

$73

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$73

Total

$0

$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.

12

As

of

March

31,

2023

Church

Loan

and

Income

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$37,877,939

Investments

in

unaffiliated

securities

at

value

$34,536,078

Cash

9,135

Dividends

and

interest

receivable

93,919

Prepaid

expenses

14,151

Receivable

for:

Investments

sold

on

a

delayed-delivery

basis

7,016,631

Fund

shares

sold

257

Expense

reimbursements

162,760

Total

Assets

41,832,931

Liabilities

Distributions

payable

928

Accrued

expenses

88,918

Payable

for:

Investments

purchased

on

a

delayed-delivery

basis

6,889,541

Investment

advisory

fees

37,113

Administrative

fees

574

Transfer

agent

fees

1,501

Contingent

liabilities^

—

Deferred

loan

commitment

fees

31,229

Mortgage

dollar

roll

deferred

revenue

626

Total

Liabilities

7,050,430

Net

Assets

Capital

stock

(beneficial

interest)

39,736,142

Distributable

earnings/(accumulated

loss)

(4,953,641)

Total

Net

Assets

$34,782,501

Class

S

Share

Capital

$34,782,501

Shares

of

beneficial

interest

outstanding

(Class

S)

3,774,688

Net

asset

value

per

share

$9.21

^

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.

13

$

For

the

year

ended

March

31,

2023

Church

Loan

and

Income

Fund

Investment

Income

Taxable

interest

$1,503,909

Income

from

mortgage

dollar

rolls

139,051

Income

from

affiliated

investments

72,785

Total

Investment

Income

1,715,745

Expenses

Adviser

fees

411,977

Administrative

service

fees

76,367

Audit

and

legal

fees

369,290

Custody

fees

6,121

Insurance

expenses

54,501

Printing

and

postage

expenses

Class

S

13,376

SEC

and

state

registration

expenses

29,726

Transfer

agent

fees

Class

S

17,030

Trustees'

fees

171,667

Pricing

service

fees

187,280

Other

expenses

49,471

Total

Expenses

Before

Reimbursement

1,386,806

Less:

Reimbursement

from

adviser

(1,012,282)

Total

Net

Expenses

374,524

Net

Investment

Income/(Loss)

1,341,221

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(802,400)

Affiliated

investments

428

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(1,511,708)

Affiliated

investments

(428)

Net

Realized

and

Unrealized

Gains/(Losses)

(2,314,108)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(972,887)

Thrivent

Church

Loan

and

Income

Fund

Statements

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

14

Church

Loan

and

Income

Fund

For

the

years

ended

3/31/2023

3/31/2022

Operations

Net

investment

income/(loss)

$1,341,221

$1,026,675

Net

realized

gains/(losses)

(801,972)

(567,677)

Change

in

net

unrealized

appreciation/(depreciation)

(1,512,136)

(2,625,074)

Net

Change

in

Net

Assets

Resulting

From

Operations

(972,887)

(2,166,076)

Distributions

to

Shareholders

From

income/realized

gains

Class

S

(1,316,369)

(1,029,442)

Total

from

income/realized

gains

(1,316,369)

(1,029,442)

Total

Distributions

to

Shareholders

(1,316,369)

(1,029,442)

Capital

Stock

Transactions

Class

S  

Sold

9,552,653

5,778,345

Distributions

reinvested

1,283,497

1,012,846

Redeemed

(11,676,316)

(2,885,872)

Total

Class

S

Capital

Stock

Transactions

(840,166)

3,905,319

Capital

Stock

Transactions

(840,166)

3,905,319

Net

Increase/(Decrease)

in

Net

Assets

(3,129,422)

709,801

Net

Assets,

Beginning

of

Year

37,911,923

37,202,122

Net

Assets,

End

of

Year

$34,782,501

$37,911,923

Capital

Stock

Share

Transactions

Class

S

shares

Sold

1,039,781

546,059

Distributions

reinvested

139,911

96,725

Redeemed

(1,274,434)

(279,968)

Total

Class

S

share

transactions

(94,742)

362,816

Thrivent

Church

Loan

and

Income

Fund

Statement

of

Cash

Flows

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

15

For

the

year

ended

March

31,

2023

Church

Loan

and

Income

Fund

Cash

flows

from

operating

activities

Net

increase/(decrease)

in

net

assets

resulting

from

operations

$(972,887)

Adjustments

to

reconcile

net

change

in

net

assets

from

operations

to

net

cash

provided

by/(used

in)

operating

activities:

Purchases

of

long-term

investments

(113,241,104)

Purchases/sales

of

short-term

investments,

net

(3,156,412)

Proceeds

from

sale

of

long-term

investments

119,803,707

Change

in

net

unrealized

(appreciation)/depreciation

1,512,136

Net

realized

(gains)/losses

801,972

Net

accretion

of

bond

discounts

and

amortization

of

premiums

(162,882)

Net

change

in

payable

for

investments

purchased

on

a

delayed

delivery

basis

(5,490,850)

Net

change

in

receivable

for

investments

sold

on

a

delayed

delivery

basis

(2,836,396)

Net

change

in

dividends

and

interest

receivable

(10,134)

Net

change

in

prepaid

expenses

7,005

Net

change

in

accrued

expenses

65,680

Net

change

in

payable

for

investment

advisory

fees

861

Net

change

in

payable

for

administrative

fees

14

Net

change

in

payable

for

transfer

agent

fees

(67)

Net

change

in

receivable

for

expense

reimbursements

(86,720)

Net

change

in

deferred

loan

commitment

fees

(20,295)

Net

change

in

mortgage

dollar

roll

deferred

revenue

(13,863)

Net

cash

provided

by/(used

in)

operating

activities

$(3,800,235)

Cash

flows

provided

by/(used

in)

financing

activities:

Proceeds

from

shares

sold,

net

of

change

in

receivable

for

fund

shares

sold

9,552,396

Distributions

to

shareholders,

paid

in

cash,

net

of

change

in

distributions

payable

(33,028)

Cost

of

shares

redeemed,

net

of

change

in

payable

for

fund

shares

activity

(11,677,083)

Net

cash

provided

by/(used

in)

financing

activities

$(2,157,715)

Net

increase/(decrease)

in

cash

$(5,957,950)

Cash

(beginning

balance)

$5,967,085

Cash

(ending

balance)

$9,135

Supplemental

disclosures

Non-cash

financing

activities

-

distributions

reinvested

$1,283,497

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

16

(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. 

As

part

of

normal

operations

of

the

Fund,

these

quarterly

repurchase

offers

for

Shares are 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.

On

January

26,

2023,

the

Adviser

announced

via

a

prospectus

supplement

that

the

Fund

would

be

closed

to

new

investments

as

of

February

1,

2023.

In

addition,

management

would

recommend

that

the

Fund

be

wound

down

and

liquidated,

subject

to

approval

by

the

Board.

On

March

3,

2023,

the

Board

approved

a

Plan

of

Liquidation

and

Termination

(the

“Plan”)

pursuant

to

which

the

Fund

would

be

wound

down

and

liquidated

in

an

orderly

manner.

In

accordance

with

the

Plan,

the

Fund

shall

bear

all

the

expenses

incurred

in

connection

with

carrying

out

liquidation

and

termination

of

the

Fund.

In

accordance

with

the

Plan,

each

shareholder

of

record

received

a

distribution

equal

to

their

proportionate

share

of

the

net

assets

of

the

Fund. 

On

April

20,

2023,

the

remaining

assets

of

the

Fund,

including

the

portfolio

of

church

loans

valued

at

$28,862,450,

was

transferred

via

an

in-kind

redemption

to

Thrivent

Financial,

and

the

Fund

ceased

operations.

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 

—

The

Fund

records

its

investments

at

fair

value

using

market

quotations

when

they

are readily

available

pursuant

to

Rule

2a-5

under

the

1940

Act. 

The

Fund's

investments

are

recorded

at

fair

value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

The Board

has chosen

the

Fund's

Investment

Adviser,

Thrivent

Asset

Management,

LLC

("Thrivent

Asset

Mgt."

or

the

"Adviser"),

as

the

valuation

designee,

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board

and

is

in

accordance

with

fair

valuation

accounting

standards. 

The

Fund

has

adopted

fair

valuation

accounting

standards

which

establish

an

authoritative

definition

of

fair

value

and

set out

a

hierarchy

for

measuring

fair

value.

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

per

share

as

a

practical

expedient 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 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 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. 

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

17

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

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

and

certain

state

jurisdictions. The

Fund's

federal

income

tax

returns

are

subject

to

examination

for

a

period

of

three

years

after

the

filing

of

the

return

for

the

tax

period. State

returns

may

be

subject

to

examination

for

an

additional

year

depending

on

the

jurisdiction.

The

Fund

has

no

examinations

in

progress

and

none

are

expected

at

this

time.

As

of

March

31,

2023,

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

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

18

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

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

purchase

and

sale

transactions

may

increase

portfolio

turnover

rate. 

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. 

For

the year

ended

March

31,

2023,

the

Fund

had

no

reportable

contingent

liabilities. 

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. 

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

between

5% and

25% of

its

outstanding

Shares

at

NAV,

as

part

of

normal

operations

of

the

Fund. 

As

part

of

the Plan

approved

by

the

Board

and

discussed

in

note

(1),

the

repurchase

offer

was

increased

to

35%

for

the

March

16,

2023

offer

period.  During

the year

ended

March

31,

2023,

the

Fund had repurchase

offers

as

follows:  

For

the

offer

period

of

May

20,

2022

through

June

15,

2022:

For

the offer

period

of

August

22,

2022

through

September

15,

2022:

For

the

offer

period

of November

21,

2022

through

December

15,

2022: 

For

the

offer

period

of February

17,

2023

through March

15,

2023:  

Repurchase

Pricing

Date

Repurchase

Offer

Amount

%

of

Shares

Tendered

Number

of

Shares

Tendered

6/16/2022

20%

2.5%

101,282

Repurchase

Pricing

Date

Repurchase

Offer

Amount

%

of

Shares

Tendered

Number

of

Shares

Tendered

9/16/2022

20%

0.4%

17,299

Repurchase

Pricing

Date

Repurchase

Offer

Amount

%

of

Shares

Tendered

Number

of

Shares

Tendered

12/16/2022

20%

1.0%

39,058

Repurchase

Pricing

Date

Repurchase

Offer

Amount

%

of

Shares

Tendered

Number

of

Shares

Tendered

3/16/2023

35%

22.9%

1,116,795

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

19

Recent

Accounting

Pronouncements 

—

Reference

Rate

Reform

In

March

2020,

the

FASB

issued

Accounting

Standards

Update

("ASU")

No.

2020-04

Reference

Rate

Reform,

which

provides

optional

guidance

to

ease

the

potential

accounting

burden

associated

with

transitioning

from

the

London

Interbank

Offered

Rate

("LIBOR")

and

other

reference

rates

expected

to

be

discontinued.

In

December

2022,

the

FASB

issued ASU

No.

2022-06

as

an

update

to

this

standard

which

was

effective

immediately

upon

release and

can

be

applied

prospectively through December

31,

2024.

At

this

time,

management

is

evaluating

implications

of

these

changes

on

financial

statement

disclosures. 

Management

is

also

currently

actively

working

with

other

financial

institutions

and

counterparties

to

modify

contracts

as

required

by

applicable

regulation

and

within

the

regulatory

deadline.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Investment

Advisory

Fees 

—

The

Fund

has

entered

into

an

Investment

Management

Agreement

with

Thrivent

Asset

Mgt. ("TAM").

 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,

2023

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). 

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

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

loan

modifications.  

During

the year

ended

March

31,

2023,

and

the year

ended

March

31,

2022

the

Fund

distributed

$1,316,369

and

$1,021,685

from

ordinary

income,

respectively. 

During

the

year

ended

March

31,

2022, the

Fund distributed

$7,757

from

long-term

gains. 

At

March

31,

2023,

the

Fund

had

other

accumulated

losses

of

$(81,503).

At

March

31,

2023,

the

Fund

had

accumulated

net

realized

capital

loss

carryovers of

$1,530,010.

To

the

extent

that

the

Fund

realizes

future

net

capital

gains,

taxable

distributions

will

be

reduced

by

any

unused

capital

loss

carryovers

as

permitted

by

the

Internal

Revenue

Code. 

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

year

ended

March

31,

2023,

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:

In

thousands

Fund

Purchases

Sales/

Paydowns

Church

Loan

and

Income

Fund

$4,851

$4,130

In

thousands

Fund

Purchases

Sales/

Paydowns

Church

Loan

and

Income

Fund

$108,390

$115,673

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

20

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,

2023,

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,

2023,

related

parties

held 94.4%

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.  In

accordance

with

the

Plan

discussed

in

note

(1)

the

final

liquidating

distribution

was

made

on

April

20,

2023

and

all

remaining

outstanding

shares

were

canceled.  

(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

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

the

spread

of

infectious

illness,

public

health

threats,

war,

terrorism,

natural

disasters

or

similar

events.

As

of March

31,

2023,

the Fund

had

portfolio

concentration

of

83.0%

in Church

Loans.

(9)

SIGNIFICANT

RISKS

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.

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

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.

Valuation

Risk

—

The

lack

of

an

active

trading

market

for

Church

Loans,

restrictions

on

transfers

in

some

Church

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.

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.

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,

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

investments

and

real

property

generally.

These

factors

are

discussed

under

“Church

Loan

Related

Risks”

and

“Collateral

Risk;

Real

Estate

Risk”

above.

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

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

21

refinance

at

lower

interest

rates.

When

economic

conditions

make

it

more

likely

that

Borrowers

will

prepay

Church

Loans,

the

value

of

such

loans

may

fluctuate,

and

the

value

of

the

Shares

may

be

impacted.

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.

Refinance

Risk

—

Generally,

Borrowers

may

refinance

their

Church

Loans

at

any

time.

A

refinance

of

an

existing

Fund

Church

Loan

with

Thrivent

Financial

will

result

in

a

modification

of

the

loan

terms

and

the

loan

being

repriced

at

par.

A

refinance

with

another

lender

will

result

in

the

loan

being

paid

off

at

par.

In

both

situations,

a

loss

may

occur

on

the

Church

Loan

if

it

is

valued

at

a

price

above

par

at

the

time

of

the

refinance. 

Modification

Risk

—

During

periods

of

market

uncertainty

or

an

economic

downturn,

Borrowers

may

request

relief

from

the

terms

of

their

Church

Loans.

In

such

situations,

Thrivent

Financial,

as

lender,

will

generally

accommodate

such

requests

and

assist

the

Borrower

in

returning

to

financial

stability.

Certain

accommodations,

such

as

forbearance

measures,

changes

to

maturity,

and

changes

to

interest

rates

are

granted

in

the

sole

discretion

of

the

Adviser

and

subject

to

ratification

by

the

Fund’s

Board.

There

may

also

be

regulatory

requirements

that

limit

the

Fund’s

options

regarding

a

modification

request.

These

modification

measures

could

cause

principal

and/

or

interest

payments

from

Borrowers

to

decrease

temporarily

and

the

value

of

loans

held

by

the

Fund

to

decline.

While

modification

measures

may

be

taken

to

avoid

a

potential

default,

the

value

of

the

Fund

could

be

negatively

impacted. 

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.

Prior

to

the

funding

of

each

Church

Loan,

a

valuation

of

the

collateral

is

typically

obtained.

Collateral

valuation

is

assessed

at

the

time

of

origination

and

may

change

over

time.

Updates

to

the

valuation

of

the

collateral

are

obtained

when

a

specific

need

occurs.

Also,

collateral

valuation

tools

vary

based

upon

appraisal

company,

appraiser,

scope

of

the

appraisal,

and

may

include

the

use

of

alternative

valuation

tools

(e.g.,

tax

assessments,

etc.).

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.

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

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.

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

may

be

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

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

22

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.

Assignment

or

Participation

Risk

—

The

Fund

may

acquire

exposure

to

Church

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

directly

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.

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

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

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.

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. 

Variable

or

Floating

Interest

Rate

Risk

—

Church

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

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

Loans

will

have

interest

rate

resets,

and

may

result

in

decreases

in

interest

rates.

Decreases

in

interest

rates

will

typically

cause

interest

rates

on

the

Church

Loans

to

decrease,

thereby

reducing

income

to

the

Fund.

Closed-End,

Interval

Fund

Structure

Risk

—

The

Fund

is

a

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

fluctuate

in

price

and

affect

the

value

of

the

Fund.

A

credit

assessment

of

each

Church

Loan

is

completed

at

the

time

of

original

underwriting.

From

time

to

time,

as

additional

or

updated

information

regarding

the

Borrower

is

received,

credit

assessments

are

reviewed

and

can

be

adjusted

up

or

down.

Repurchase

Offers

Risk

—

As

described

under

“Periodic

Repurchase

Offers”

below,

the

Fund

is

a

closed-end

investment

company

structured

as

an

“interval

fund”

and

is

designed

for

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

23

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.

As

part

of

normal

operations,

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

such

repurchase

obligations.

The

Fund

does

not

currently

intend

to

borrow

to

finance

repurchases,

although

it

may

invest

in

dollar

rolls

as

discussed

in

“Periodic

Repurchase

Offers

–

Consequences

of

Repurchase

Offers.”

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.

Limited

Distribution

Risk

—

The

Fund

is

a

specialized

investment

offering

designed

to

suit

investors

willing

to

accept

limited

liquidity.

As

such,

establishing

and

maintaining

a

network

of

selling

broker-dealers

may

be

more

difficult

for

the

Fund

than

for

other,

more

standard,

investment

funds.

This

could

negatively

impact

the

Fund’s

ability

to

raise

assets

and

effectively

implement

its

investment

objective

and

strategy.

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. 

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

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. 

Market Risk

—Any

investment

is

subject

to

the

risk

that

the

financial

markets

as

a

whole

may

decline

in

value,

thereby

depressing

the

investment’s

price.

The

value

of

the

Fund’s

investments

may

also

decline

and,

in

some

instances,

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

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

the

spread

of

infectious

illness

such

as

the

outbreak

of

COVID-19,

public

health

crises,

war,

terrorism,

natural

disasters

or

similar

events.

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

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

24

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.

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.

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.

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.

Seed

Capital

Risk

—

In

order

to

maintain

liquidity,

in

particular

during

a

repurchase

offer

period,

the

Fund

may

rely

on

seed

investments

by

Thrivent

Financial.

It

is

possible

that

Thrivent

Financial

may

be

unable

to

provide

additional

seed

capital

or

may

decline

to

make

additional

investments

in

the

Fund,

which

could

limit

the

Fund’s

ability

to

invest

in

Church

Loans

and

maintain

liquidity

to

fund

Shareholder

repurchase

requests. 

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

the

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

insurance

general

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-investment

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.

LIBOR Risk

—

The

Fund

may

be

exposed

to

financial

instruments

that

are

tied

to

LIBOR

(London

Interbank

Offered

Rate)

to

determine

payment

obligations,

financing

terms

or

investment

value.

Such

financial

instruments

may

include

bank

loans,

derivatives,

floating

rate

securities,

certain

asset

backed

securities,

and

other

assets

or

liabilities

tied

to

LIBOR.

In

2017,

the

head

of

the

U.K.

Financial

Conduct

Authority

announced

a

desire

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

As

a

result,

market

participants

have

begun

transitioning

away

from

LIBOR,

but

certain

obstacles

remain

with

regard

to

converting

certain

securities

and

transactions

to

a

new

benchmark

or

benchmarks.

Although

many

LIBOR

rates

were

phased

out

at

the

end

of

2021

as

originally

intended,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

until

June

2023

in

order

to

assist

with

the

transition.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

the

Fund

or

its

investments

are

not

known.

Any

additional

regulatory

or

market

changes

that

occur

as

a

result

of

the

transition

away

from

LIBOR

and

the

adoption

of

alternative

reference

rates

may

have

an

adverse

impact

on

the

value

of

the

Thrivent

Church

Loan

and

Income

Fund

Notes

to

Financial

Statements

March

31,

2023

25

Fund’s

investments,

performance

or

financial

condition,

and

might

lead

to

increased

volatility

and

illiquidity

in

markets

that

currently

rely

on

LIBOR

to

determine

interest

rates.

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.

Hedging

and

Derivatives

Risk

—

Derivatives,

which

include

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.

Tax Risk 

—

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

includes,

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.

27

Per

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

text

Net

Realized

Gain

on

Investments

Church

Loan

and

Income

Fund

Class

S

Shares

Year

Ended

3/31/2023

$

9.80

$

0.33

$

(0.60)

$

(0.27)

$

(0.32)

$

–

Year

Ended

3/31/2022

10.61

0.27

(0.81)

(0.54)

(0.27)

(

0.00

)

Year

Ended

3/31/2021

10.61

0.29

0.05

0.34

(0.27)

(0.07)

Year

Ended

3/31/2020

10.25

0.33

0.39

0.72

(0.35)

(0.01)

Period

Ended

3/31/2019

(d)

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

in

the

Statement

of

Operations

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

(d)

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.

28

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

(c)

$

(0.32)

$

9.21

(2.66)%

$

34.8

1.00%

3.58%

3.70%

0.88%

312%

(0.27)

9.80

(5.22)%

37.9

1.00%

2.57%

3.14%

0.42%

343%

(0.34)

10.61

3.21%

37.2

1.00%

2.55%

3.39%

0.16%

294%

(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%

29

Additional

Information

(unaudited)

Proxy

Voting

The

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

are

attached

to

the

Fund’s

Statement

of

Additional

Information.

You

may

request

a

free

copy

of

the

Statement

of

Additional

Information

by

calling

800-847-

4836

or

access

it

at

thriventintervalfunds.com.

In

addition,

you

may

review

a

report

of

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

at

thriventintervalfunds.com

by

navigating

to

“Proxy

Voting”

in

the

“Resources”

section

or

at

SEC.gov

where

it

is

filed

on

form

N-PX.

30

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

55402-3211.

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

55402-3211,

calling

800-847-4836,

or

visiting

the

Fund’s

website

(thriventfunds.com/intervalfunds).

Interested

Trustees

(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

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

since

2015;

Vice

President,

Thrivent

from

2015

to

2017.

Director

of

Thrivent

Trust

Company;

Advisory

Board

Member

of

Twin

Bridge

Capital

Partners.

Michael

W.

Kremenak

(1978)

2020

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.  

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

Audit

Committee

Member

,

Pohlad

Holdings,

LLC

since

2019.  

Pastor

Brian

Fragodt

(1959)

2018

Senior

Pastor,

Trinity

Lutheran

Church,

Long

Lake,

MN

from

2012

to

2020.

Jerry

T.

Golden

(1953)

2018

Retired

Financial

Services

Partner,

Ernst

&

Young;

Audit

Committee

Member,

Pohlad

Holdings,

LLC

since

2020.

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;

Independent

Trustee

and

Audit

Committee

Chair,

1WS

Credit

Income

Fund

since

2018.

31

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,

President

and

Chief

Investment

Officer

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

from

2015

to

2020.  

Michael

W.

Kremenak

(1978)

Trustee

and

Senior

Vice

President

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.

Sarah

L.

Bergstrom

(1977)

Treasurer

and

Principal

Accounting

Officer

Vice

President,

Chief

Accounting

Officer/Treasurer

-

Mutual

Funds,

Thrivent

since

2022;

Head

of

Mutual

Fund

Accounting,

Thrivent

from

2017

to

2022.

Edward

S.

Dryden

(1965)

Chief

Compliance

Officer

Vice

President,

Chief

Compliance

Officer

—

Thrivent

Funds,

Thrivent

since

2018;

Director,

Chief

Compliance

Officer

—

Thrivent

Funds,

Thrivent

from

2010

to

2018.

John

D.

Jackson

(1977)

Secretary

and

Chief

Legal

Officer

Senior

Counsel,

Thrivent

since

2017.

Kathleen

M.

Koelling

(1977)

Privacy

Officer

(5)

Vice

President,

Deputy

General

Counsel,

Thrivent

since

2018;

Privacy

Officer,

Thrivent

since

2011;

Anti-Money

Laundering

Officer,

Thrivent

from

2011

to

2019;

Vice

President,

Managing

Counsel,

Thrivent

from

2016

to

2018.

Troy

A.

Beaver

(1967)

Vice

President

Vice

President,

Mutual

Funds

Marketing

&

Distribution,

Thrivent

since

2015.

Andrew

R.

Kellogg

(1972)

Vice

President

(6)

Director

of

Strategic

Partnerships,

Thrivent

since

2021;

Director,

Client

Relations,

SS&C/DST

Systems,

Inc.

from

2016

to

2021.

Jill

M.

Forte

(1974)

Assistant

Secretary

Senior

Counsel,

Thrivent

since

2017.  

Richard

L.

Ramczyk

(1976)

Assistant

Treasurer

(5)

Director,

Fund

Accounting

and

Valuation,

Thrivent

since

2022;

Manager,

Mutual

Fund

Accounting

Operations,

Thrivent

from

2011

to

2022.

(1)

“Interested

person”

of

the

Fund

as

defined

in

the

1940

Act

by

virtue

of

a

position

with

Thrivent.

Mr.

Royal

and

Mr.

Kremenak

are

considered

interested

persons

because

of

their

principal

occupations

with

Thrivent.

(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,

Thrivent

Core

Funds,

and

Thrivent

ETF

Trust.

Each

Trustee,

other

than

Mr.

Royal

and

Mr.

Kremenak,

oversees

1

portfolio

in

the

Fund

Complex.

Mr.

Royal

and

Mr.

Kremenak

oversee

67

portfolios.

(4)

The

Trustees,

other

than

Mr.

Royal

and

Mr.

Kremenak,

are

not

“interested

persons”

of

the

Fund

and

are

referred

to

as

“Independent

Trustees".

(5)

The

address

for

this

Officer

is

4321

North

Ballard

Road,

Appleton,

WI

54913.

(6)

The

address

for

this

Officer

is

600

Portland

Avenue

S.,

Suite

100,

Minneapolis,

MN

55415-4402.

PRSRT

STD

US

POSTAGE

PAID

Thrivent

Financial

4321

N.

Ballard

Rd.

Appleton,

WI

54919-0001

34788AR

R5-23

The

distributor

for

Thrivent

Church

Loan

and

Income

Fund

is

Thrivent

Distributors,

LLC,

a

registered

broker-dealer,

member

FINRA

/

SIPC

,

and

subsidiary

of

Thrivent,

the

marketing

name

for

Thrivent

Financial

for

Lutherans.

A

better

way

to

deliver

documents

Thrivent

Church

Loan

and

Income

Fund

annual

and

semi-annual

shareholder

reports

are

made

available

on

thriventfunds.com/intervalfunds,

and

we

will

notify

you

by

mail

each

time

a

report

is

posted.

You

may

also

manage

your

delivery

preferences

and

sign

up

for

email

notifications

of

reports

by

enrolling

at

thrivent.

com/gopaperless.

If

you

purchased

shares

through

Thrivent:

If

you

wish

to

receive

paper

copies

of

a

shareholder

report

for

Thrivent

Church

Loan

and

Income

Fund

in

the

future,

you

may

write

to

us

at

4321

North

Ballard

Road,

Appleton,

WI,

54919-0001.

We

will

begin

to

send

paper

copies

of

shareholder

reports

within

30

days

of

when

we

receive

your

request.

Reports

are

also

available

by

visiting

thriventfunds.com/intervalfunds.

If

you

purchased

shares

from

a

firm

other

than

Thrivent:

For

paperless

delivery

or

to

receive

paper

copies

of

a

shareholder

report

for

Thrivent

Church

Loan

and

Income

Fund

in

the

future,

contact

your

financial

professional.

Reports

are

also

available

by

visiting

thriventfunds.com/intervalfunds.