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Thrivent Interval Funds

Thrivent Church Loan and Income Fund
XCLIX | Class S

Average Annualized Returns

as of 05/31/2022
1.00% Net annual fund operating expenses
3.39% Total annual fund operating expenses
See data by:

Offered through financial professionals

Thrivent Church Loan and Income Fund is a unique offering from Thrivent that is available exclusively through financial professionals. Thrivent is a membership-owned fraternal organization as well as a holistic financial services organization, providing financial advice, investments, insurance, banking and generosity programs to help people make the most of all they’ve been given.

Investing for impact

The Fund makes a positive impact with churches and other Christian organizations by providing financing that can be used to improve facilities, expand outreach and solidify the common bond throughout the Christian community.1

Making a difference

Read about impacts made across the country within the Christian community during 2020 in the Annual Impact Report.

Inception date: September 28, 2018

Fund highlights

Inception date


Net asset value


Daily NAV change


(as of N/A)

Year to date return


1 year return


(as of 05/31/2022)

Net annual fund operating expenses


Sales charge


Investing for impact. Thrivent Church Loan and Income Fund.


September 18, 2020

Learn more about the Thrivent Church Loan and Income Fund and how it is helping investors to reflect their faith and values through investment choices.

Fund Overview


This Fund seeks to produce income by investing in church loans and other debt securities. These church loans are privately issued mortgages to churches and other U.S. non-profit organizations with a stated Christian mission. The Fund will also invest in mortgage-backed securities and may also invest in other types of securities, including derivatives. Churches borrow to fund growth in their congregations and their ministries. Church loans in the Fund are directly originated and underwritten by Thrivent, which has been an active church lender for over 100 years. As an interval fund, to the extent consistent with the applicable liquidity requirements for interval funds, The Fund may invest without limit in illiquid securities, such as church loans.

Investment strategy

The Fund will invest a majority of its assets in church loans and the remainder in other debt securities, such as mortgage-backed securities and cash. The church loan segment of the Fund aims to provide impact and income, while the mortgage-backed segment seeks to provide income and liquidity for the quarterly redemption process. The portfolio management team works with Thrivent’s Church Finance group to source and structure the church loans. They use various research techniques, both quantitative and qualitative, to assess a borrower’s ability to repay the loan. The portfolio is constructed through a bottom-up process and is not managed with a target duration or yield. However, fund management will pay attention to these and other factors in building and managing the portfolio.


The Fund invests primarily in church loans and mortgage-backed securities. The value of the Fund is influenced by factors impacting the overall market, debt securities and specific issuers . The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. The Fund is a non-diversified closed-end interval fund with a quarterly repurchase option. An investment in the Fund’s shares should be considered a long-term investment with risks, including concentration risk, limited liquidity and the risk of a loss of some or all of the amount invested.

The church loans invested in by the Fund are mortgages taken out by U.S. non-profit organizations with a stated Christian mission. They are typically not listed on any national securities exchange and no active trading market exists for them. These church loans are primarily backed by real estate and are vulnerable to factors that affect the real estate market. Certain factors specific to churches may impact a borrower’s finances and its ability to make payments. Churches rely on voluntary contributions from their congregations for their primary source of income, which may be 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, which could have a negative impact on the ability of a church to repay a loan. Loans are subject to a number of risks including credit risk, default risk, refinance risk and modification risk.  Credit risk is the risk that an issuer of a debt security may not pay its debt. Default risk is the risk that a borrower will not be able to make principal and interest payments in which case the value of the Fund may be negatively affected. The value of mortgage-backed securities will be influenced by the factors affecting the housing market. A global pandemic such as COVID-19 may result in substantial market volatility and business disruption and may negatively impact church borrowers and the Fund’s ability to process shareholder repurchases. Bond prices may decline during periods of rising interest rates. The Fund has received an exemptive order allowing co-investment with other Thrivent accounts, which may give rise to actual or perceived conflicts of interest and subject the Fund to the risk of regulatory changes and actions. These and other risks are described in the Fund’s prospectus.

Portfolio management team

Fred Johnson, CPA (inactive)
Church Loans

Fred joined Thrivent Financial in 1987 and has served as a portfolio manager for Thrivent Church Loan and Income Fund since 2018. He has served as the senior portfolio manager of Thrivent’s church loan portfolio and director of the Church and Institution Financing department since 2004. Prior to this Fred held leadership roles in Thrivent’s transfer agent, broker dealer, and investment operations departments.

Meg Spangler
Church Loans

Meg joined Thrivent Financial in 1999 and has served as an associate portfolio manager for Thrivent Church Loan and Income Fund since 2018. She is the associate portfolio manager for Thrivent’s church loan portfolio and has been in that role since 2004.  Meg currently also serves as the director of the Commercial Loan Servicing area. Prior to 2004, Meg held leadership roles in the investment operations department.

Greg Anderson, CFA
Securitized Assets

Greg joined Thrivent Financial in 1997 and has served as a portfolio manager for Thrivent Church Loan and Income Fund since 2018. He is the vice president of fixed income overseeing Thrivent’s General Account investment strategies. He has served as a senior portfolio manager for various General Account and mutual fund fixed income portfolios since 2000. Prior to this, Greg held a variety of positions including corporate bond investment analyst.

Buying and selling shares

The Fund is a closed-end interval fund that allows investors to purchase shares daily and sell them quarterly on a predetermined date.

  • Subscriptions: Daily
  • Redemption/Repurchase Frequency: Quarterly
  • Redemption/Repurchase Fee: None3
  • Redemption/Repurchases Offered: March, June, September, December

Minimum Investment:

  • Initial (non-retirement): $2,000
  • Initial (IRA, tax-deferred): $1,000
  • Subsequent: $50

Net Expense Ratio: 1.00%2

The Fund is a closed-end “interval fund.”  Limited liquidity is provided to shareholders only through the fund’s quarterly offers to repurchase between 5% to 25% of its outstanding shares at net asset value (subject to applicable laws and approval of the Board of Trustees).  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 you will be able to redeem your shares when or in the amount that you desire. There is no secondary market for the fund’s shares and none is expected to develop.  Investors should consider shares of the fund to be an illiquid investment.

2020 Capital gains

Thrivent Church Loan and Income Fund paid a capital gain distribution in December 2020. Please contact your tax advisor to review the impact of the capital gains on your situation and discuss possible strategies. Thrivent Financial and its representatives and employees cannot provide tax or accounting advice.

Capital Gain Distribution

Thrivent Church Loan and Income Fund

  • Record date: 12/8/2020
  • Payment date: 12/9/2020
  • Short-term per share: 0.06482
  • Long-term per share: 0.00191
  • Total per share: 0.06673


Dividends from U.S. Government Obligations for 2020

For state income tax purposes, several states allow “pass-through” treatment of interval fund dividends derived from interest on U.S. government obligations. To calculate the number of dividends qualifying for pass-through treatment, multiply the amount in Box 1a of your Form 1099-DIV by the percentages that apply to your state.

The types of government securities that qualify for such treatment vary by state. Please consult with a tax advisor to determine which, if any, of the obligations listed in the following table may be exempt from your state income tax.

At Thrivent, we recommend you consult your tax advisor to make sure you’re getting the most out of your investments. Thrivent and their representatives cannot provide legal or tax advice.

Type of Government Obligation

U.S. Treasury Bonds: 0.16%

U.S. Government Agencies Total: 5.14%

  • Federal Agricultural Mortgage Corporation  0.07%
  • Federal Deposit Insurance Corporation  0.00%
  • Federal Farm Credit Bank  0.07%
  • Federal Home Loan Bank  0.36%
  • Federal Home Loan Mortgage Corporation  0.08%
  • Federal National Mortgage Association  4.56%
  • Financing Corporation  0.00%
  • Government National Mortgage Association  0.00%
  • Overseas Private Investment Corporation  0.00%
  • Resolution Funding Corporation  0.00%
  • Student Loan Marketing Association  0.00%
  • Tennessee Valley Authority  0.00%
  • Small Business Administration 0.00%
  • Small Business Investment Companies  0.00%
  • Housing and Urban Development  0.00%

Fund documents


Prospectus & Fund Documents

Statement of Additional Information

Annual Report

Semi-Annual Report

Learn more about the Fund's potential impact.

Hear about the impact made within the Christian community by Thrivent and its Church Financing Group.4

Did you know? Thrivent made its first church loan in 1905 to Zion Lutheran Church in Rhinelander, Wisconsin, to help them rebuild after a fire.

1 Thrivent Church Loan and Income Fund portfolio management team works with Thrivent Church Finance group to source and structure the loans in the portfolio.

2 Thrivent Church Loan and Income Fund's gross expense ratio is 5.40%. The adviser has contractually agreed through at least July 31, 2021 to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund's Prospectus.

3 The Fund does not currently charge a repurchase fee. However, the Fund may introduce a repurchase fee in the future of up to 2% on shares accepted for repurchase, subject to approval of the Fund Board.

4 The information about the Thrivent Church Financing Group is provided for informational purposes only and may not be illustrative of church loans included in the Fund's portfolio.


Interval Funds

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Investing involves risks, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the fund, and other information, which investors should read and consider carefully before investing. Prospectuses are available at or by calling 800-847-4836.

No communication or content on this website, including investment analysis tools and information about Thrivent Church Loan and Income Fund, is intended to provide investment advice or recommendations of any kind nor is it a solicitation to buy or an offer to sell any security and may not be relied upon as such. The information provided is also not intended as a source for tax, legal or accounting advice. Please consult with a legal and/or tax professional for specific information regarding your individual situation. Thrivent Distributors, LLC has undertaken no review of the individual circumstances of any investor and makes no representations with respect to the suitability of any investment for a particular investor.

The distributor for the Thrivent Church Loan and Income Fund is Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA/SIPC. Any purchase, sale or redemption of the Thrivent Church Loan and Income Fund will be executed through the transfer agent, Thrivent Financial Investor Services Inc., Asset management services provided by Thrivent Asset Management, LLC, an SEC-registered investment adviser. Thrivent Distributors, LLC, Thrivent Financial Investor Services Inc, and Thrivent Asset Management, LLC are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.