Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
1
Principal
Amount
Church
Loans
(
73.9%
)
a
Value
Alabama
(1.1%)
Church
Loan
#
200030770
$
410,519
4.000%,
12/1/2039
b
$
438,039
Total
438,039
Arizona
(2.0%)
Church
Loan
#
200030450
289,996
3.875%,
3/15/2032
b
289,300
Church
Loan
#
200030680
508,204
3.950%,
11/1/2034
b
537,570
Total
826,870
Arkansas
(3.6%)
Church
Loan
#
200031540
668,823
3.200%,
12/15/2029
b
702,416
Church
Loan
#
200031780
754,413
3.650%,
6/1/2041
b
763,053
Total
1,465,469
California
(10.7%)
Church
Loan
#
200030700
546,214
3.750%,
6/15/2045
b
539,646
Church
Loan
#
200030850
409,741
4.550%,
11/15/2033
b
451,782
Church
Loan
#
200031050
458,956
4.650%,
11/15/2038
b
508,452
Church
Loan
#
200031180
1,181,134
5.050%,
1/1/2044
b
1,181,284
Church
Loan
#
200031270
702,439
4.400%,
5/15/2045
b
681,959
Church
Loan
#
200031710
949,000
3.600%,
2/1/2041
b
918,259
Total
4,281,382
Colorado
(2.7%)
Church
Loan
#
200031580
477,999
4.350%,
7/15/2039
b
519,886
Church
Loan
#
200031750
576,477
2.850%,
1/15/2036
b
567,374
Total
1,087,260
District
Of
Columbia
(0.6%)
Church
Loan
#
200031460
212,443
4.750%,
6/1/2034
b
231,428
Total
231,428
Florida
(2.1%)
Church
Loan
#
200031470
443,069
4.950%,
7/15/2039
b
490,630
Church
Loan
#
200031670
383,565
3.700%,
1/15/2036
b
368,470
Total
859,100
Illinois
(3.6%)
Church
Loan
#
200031070
626,342
4.500%,
11/15/2043
b
690,743
Church
Loan
#
200031210
573,018
3.950%,
2/15/2040
b
608,547
Church
Loan
#
200031211
161,685
3.200%,
2/15/2035
b
167,787
Total
1,467,077
Principal
Amount
Church
Loans
(73.9%)
a
Value
Indiana
(1.6%)
Church
Loan
#
200031420
$
665,778
3.500%,
5/15/2040
b
$
661,296
Total
661,296
Kansas
(0.7%)
Church
Loan
#
200031590
297,826
3.800%,
8/15/2045
b
297,775
Total
297,775
Kentucky
(0.8%)
Church
Loan
#
200030120
307,243
4.600%,
8/1/2034
b
333,692
Total
333,692
Maryland
(2.5%)
Church
Loan
#
200030760
1,001,859
4.300%,
1/1/2044
b
1,002,307
Total
1,002,307
Massachusetts
(0.7%)
Church
Loan
#
200031490
267,023
4.300%,
6/1/2035
b
271,391
Total
271,391
Minnesota
(8.1%)
Church
Loan
#
200030790
603,113
3.800%,
11/15/2039
b
638,794
Church
Loan
#
200031020
107,878
3.800%,
1/1/2035
b
115,184
Church
Loan
#
200031120
217,170
4.570%,
11/15/2032
b
239,988
Church
Loan
#
200031121
219,020
4.440%,
11/15/2032
b
240,498
Church
Loan
#
200031122
218,411
4.180%,
11/15/2032
b
230,426
Church
Loan
#
200031290
212,943
5.000%,
1/15/2031
b
233,544
Church
Loan
#
200031300
193,266
3.800%,
3/1/2030
b
201,380
Church
Loan
#
200031520
266,861
3.400%,
7/1/2035
b
268,056
Church
Loan
#
200031560
354,732
4.150%,
8/15/2039
b
380,016
Church
Loan
#
200031770
678,833
3.450%,
6/15/2041
b
694,965
Total
3,242,851
Mississippi
(0.7%)
Church
Loan
#
200031400
248,039
4.900%,
3/15/2034
b
270,194
Total
270,194
Missouri
(1.3%)
Church
Loan
#
200031480
505,534
3.875%,
5/15/2040
b
504,338
Total
504,338
New
Jersey
(0.7%)
Church
Loan
#
200030590
257,439
4.550%,
10/15/2034
b
271,791
Total
271,791
Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
2
Principal
Amount
Church
Loans
(73.9%)
a
Value
New
York
(2.6%)
Church
Loan
#
200018200
$
64,052
4.950%,
6/15/2029
b
$
67,817
Church
Loan
#
200031200
567,556
3.300%,
9/15/2044
b
566,337
Church
Loan
#
200031350
369,815
4.850%,
5/15/2039
b
411,661
Total
1,045,815
North
Carolina
(0.7%)
Church
Loan
#
200031320
282,413
4.200%,
3/15/2040
b
288,313
Total
288,313
Ohio
(0.3%)
Church
Loan
#
200031030
110,014
5.300%,
11/15/2033
b
117,978
Total
117,978
Oregon
(1.0%)
Church
Loan
#
200031370
369,871
5.100%,
4/15/2039
b
412,617
Total
412,617
Pennsylvania
(0.3%)
Church
Loan
#
200031390
121,956
3.400%,
3/1/2030
b
126,699
Total
126,699
South
Dakota
(2.9%)
Church
Loan
#
200030780
555,090
2.990%,
4/1/2031
b
576,260
Church
Loan
#
200030920
574,895
3.125%,
1/1/2035
b
598,607
Total
1,174,867
Tennessee
(1.7%)
Church
Loan
#
200031360
358,260
4.750%,
3/15/2037
b
399,660
Church
Loan
#
200031610
295,318
4.500%,
12/1/2040
b
279,930
Total
679,590
Texas
(13.4%)
Church
Loan
#
200030080
370,102
4.550%,
7/1/2039
b
394,043
Church
Loan
#
200030110
645,729
4.350%,
9/15/2039
b
684,430
Church
Loan
#
200030830
411,001
4.125%,
11/1/2044
b
413,571
Church
Loan
#
200031140
409,427
5.250%,
12/15/2033
b
452,863
Church
Loan
#
200031170
670,348
3.550%,
2/1/2035
b
709,984
Church
Loan
#
200031330
197,971
4.950%,
3/15/2044
b
214,144
Church
Loan
#
200031331
198,210
5.125%,
3/15/2044
b
219,579
Church
Loan
#
200031380
324,506
4.000%,
10/1/2040
b
306,476
Church
Loan
#
200031600
306,137
3.700%,
11/1/2035
b
297,622
Principal
Amount
Church
Loans
(73.9%)
a
Value
Texas
(13.4%)
-
continued
Church
Loan
#
200031700
$
465,084
3.750%,
1/1/2036
b
$
447,360
Church
Loan
#
200031740
367,285
3.800%,
1/1/2031
b
361,621
Church
Loan
#
200031821
900,000
3.450%,
6/15/2041
b
909,843
Total
5,411,536
Virginia
(2.2%)
Church
Loan
#
200031090
374,341
3.400%,
1/15/2032
b
396,315
Church
Loan
#
200031110
270,608
3.400%,
1/15/2032
b
286,493
Church
Loan
#
200031650
189,672
2.550%,
12/15/2030
b
187,283
Total
870,091
Washington
(1.9%)
Church
Loan
#
200031800
747,500
3.750%,
6/1/2036
b
757,207
Total
757,207
Wisconsin
(3.4%)
Church
Loan
#
200030840
281,715
3.400%,
11/15/2038
b
299,100
Church
Loan
#
200030841
269,931
3.100%,
11/15/2038
b
281,417
Church
Loan
#
200030842
139,336
2.900%,
11/15/2038
b
142,405
Church
Loan
#
200031410
113,354
4.000%,
5/1/2030
b
116,292
Church
Loan
#
200031510
410,247
4.750%,
6/1/2039
b
457,694
Church
Loan
#
200031530
76,585
4.200%,
5/15/2026
b
79,896
Total
1,376,804
Total
Church
Loans
(cost
$28,765,334)
29,773,777
Principal
Amount
Long-Term
Fixed
Income
(
25.6%
)
Value
Mortgage-Backed
Securities
(25.6%)
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
775,000
2.000%,
7/1/2036
c
799,355
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
5,500,000
2.500%,
7/1/2050
c
5,688,632
3,800,000
2.000%,
7/1/2051
c
3,836,813
Total
10,324,800
Total
Long-Term
Fixed
Income
(cost
$10,351,105)
10,324,800
Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
3
The
following
table
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
for
Church
Loan
and
Income
Fund as
discussed
in
the
Notes
to
Schedule
of
Investments.
*
Includes
the
change
in
net
unrealized
appreciation/(depreciation)
on
level
3
securities
held
on
June
30,
2021 of
$141,620.
#
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.
Shares
Short-Term
Investments
(
6.4%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
257,395
0.140%
d
$
2,573,955
Total
Short-Term
Investments
(cost
$2,573,527)
2,573,955
Total
Investments
(cost
$41,689,966)
105.9%
$42,672,532
Other
Assets
and
Liabilities,
Net
(5.9%)
(2,384,508)
Total
Net
Assets
100.0%
$40,288,024
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
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
d
The
interest
rate
shown
reflects
the
seven
day
yield
as
of
the
end
of
the
period.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$1,166,592
Gross
unrealized
depreciation
(184,026)
Net
unrealized
appreciation
(depreciation)
$982,566
Cost
for
federal
income
tax
purposes
$41,689,966
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used
as
of
June
30,
2021,
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
$29,773,777
$–
$–
$29,773,777
Long-Term
Fixed
Income
Mortgage-Backed
Securities
10,324,800
–
10,324,800
–
Subtotal
Investments
in
Securities
$40,098,577
$–
$10,324,800
$29,773,777
Other
Investments *
Total
Affiliated
Short-Term
Investments
2,573,955
Subtotal
Other
Investments
$2,573,955
Total
Investments
at
Value
$42,672,532
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investments
in
Securities
Beginning
Value
3/31/2021
Realized
Gain/
(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)*
Purchases
Sales /
Paydowns
Transfers
Into
Level
3
#
Transfers
Out
of
Level
3
@
Ending
Value
6/30/2021
Church
Loans
27,245,843
-
141,620
3,095,693
(709,369)
-
-
29,773,777
Total
$27,245,843
$-
$141,620
$3,095,693
($709,369)
$-
$-
$29,773,777
Thrivent
Church
Loan
and
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
4
The
reporting
entity's
Church
Loan
level
3
securities’
fair
value
is
calculated
by
a
vendor
using
a
market
approach
with
a
discounted
cash
flow
model
based
on
the
established
policies
and
procedures
of
the
reporting
entity.
Inputs
used
in
valuation
include
the
principal
and
interest
schedules,
bond
equivalent
ratings,
loan
transaction
spreads
with
a
range
of
0.03%
to
2.66%
(weighted
average
of
1.10%),
U.S.
Treasury
yields,
and
corporate
credit
curve
yields
with
a
range
of
0.08%
to
3.28%
(weighted
average
of
1.62%).
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.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Church
Loan
and
Income
Fund,
is
as
follows:
Fund
Value
3/31/2021
Gross
Purchases
Gross
Sales
Value
6/30/2021
Shares
Held
at
6/30/2021
%
of
Net
Assets
6/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.140%
$2,652
$1,727
$1,805
$2,574
257
6.4%
Total
Affiliated
Short-Term
Investments
2,652
2,574
6.4
Total
Value
$2,652
$2,574
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
4/1/2021
-
6/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.140%
$–
$–
$–
$1
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$1
Total
$–
$–
$–
Notes
to
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
5
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—
The
Board
has
authorized
the
Fund's
Investment
Adviser,
Thrivent
Asset
Management,
LLC
("Thrivent
Asset
Mgt."
or
the
"Adviser"),
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
Board
has
delegated
responsibility
for
daily
valuation
of
the
Fund's
securities
to
the Adviser.
The
Adviser
has
formed
a Committee
that
is
responsible
for
overseeing
the
Fund's
valuation process
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices, and
other
securities
requiring
fair
valuation.
The
Committee
monitors significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Fund.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant the
use
of fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
are
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("GAAP"),
the
various
inputs
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.
Additional
information
for
the
Fund's
policy
regarding
valuation
of
investments
and
other
significant
accounting
policies
can
be
obtained
by
referring
to
the
Fund's
most
recent
annual
or
semiannual
shareholder
report.