Thrivent Cash Management Trust NCSRS Certified semi-annual shareholder report (management investment company)

Thrivent Cash Management Trust N-CSRSCertified semi-annual shareholder report (management investment company)

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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: 811-21622

Thrivent Cash Management Trust

(Exact name of registrant as specified in charter)

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Address of principal executive offices) (Zip code)

Michael W. Kremenak, Secretary and Chief Legal Officer

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-4198

Date of fiscal year end: October 31

Date of reporting period: April 30, 2018

Item 1.

Report to Stockholders

SEMIANNUAL REPORT

APRIL 30, 2018

THRIVENT CASH MANAGEMENT TRUST

TABLEOF CONTENTS



Portfolio Perspective			2

Shareholder Expense Example			3

Schedule of Investments			4

Statement of Assets and Liabilities			6

Statement of Operations			7

Statement of Changes in Net Assets			8

Notes to Financial Statements			9

Financial Highlights			12

Additional Information			14

THRIVENT CASH MANAGEMENT TRUST

William D. Stouten, Portfolio Manager

Thrivent Cash Management Trust (the “Trust”) seeks to maximize current income to the extent consistent with the preservation of capital and liquidity. The Trust qualifies as a government money market fund under the rules established by the Securities and Exchange Commission (SEC). As a government money market fund, the Trust continues to offer a stable $1.00 share price and is not required to impose redemption gates or liquidity fees. However, it must invest at least 99.5% of its total assets in government securities, cash and repurchase agreements collateralized by government securities. The Trust is also required to maintain a weighted average maturity (WAM) of not more than 60 days and a weighted average life (WAL) of not more than 120 days.


Portfolio Composition (% of Portfolio)
U.S. Government Agency Debt	74.9	%
U.S. Treasury Debt	17.7	%
Investment Company	7.4	%

Total	100.0	%

Thrivent Cash Management Trust

As of April 30, 2018*


7-Day Yield	1.77	%
7-Day Yield Gross of Waivers	1.75	%
7-Day Effective Yield	1.78	%
7-Day Effective Yield Gross of Waivers	1.76	%

Average Annual Total Returns^**


For the Period Ended April 30, 2018	1- Year			5- Year			10- Year
Total Return		1.20	%		0.39	%		0.46	%

Seven-day yields of the Thrivent Cash Management Trust refer to the income generated by an investment in the Trust over a specified seven-day period. Effective yields reflect the reinvestment of income. A yield gross of waivers represents what the yield would have been if the investment adviser were not waiving or reimbursing certain expenses. Yields are subject to daily fluctuation and should not be considered an indication of future results.

**	Annualized total returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, and the effects of compounding. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Past performance is not an indication of future results. Current performance may be lower or higher than the performance data quoted. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the Trust. Investors should read and consider carefully before investing. To obtain a prospectus, call 1-800-THRIVENT.

An investment in the Trust is not insured or guaranteed by the FDIC or any other government agency. Although the Trust seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Trust.

SHAREHOLDER EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Trust, you incur ongoing costs, including management fees and other Trust expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Trust 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 November 1, 2017 through April 30, 2018.

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 Trust’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Trust’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 the Trust 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 11/1/2017		Ending Account Value 4/30/2018		Expenses Paid During Period 11/1/2017 - 4/30/2018^*		Annualized Expense Ratio
Thrivent Cash Management Trust
Actual	$	1,000	$	1,007	$	0.25		0.05	%
Hypothetical^**	$	1,000	$	1,025	$	0.25		0.05	%

*	Expenses are equal to the Trust’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

**	Assuming 5% annualized total return before expenses.

THRIVENT CASH MANAGEMENT TRUST

Schedule of Investments as of April 30, 2018

(unaudited)


Shares	Investment Company (7.4%)	Value
	BlackRock Liquidity FedFund
$20,450,000	1.590%	$20,450,000
	Dreyfus Government Cash Management Fund
17,375,000	1.600%	17,375,000

	Total	37,825,000



Principal Amount	U.S. Government Agency Debt (74.9%)^a	Value
	Federal Agricultural Mortgage Corporation
3,880,000	1.690% (FEDL 1M + -0.010%), 7/3/2018^b	3,880,000
5,000,000	1.807% (LIBOR 1M + -0.080%), 12/3/2018^b	5,000,735
4,510,000	1.817% (LIBOR 1M + -0.070%), 3/1/2019^b	4,510,000
	Federal Farm Credit Bank
200,000	1.520%, 6/5/2018	199,704
5,000,000	1.889% (USBMMY 3M + 0.050%), 12/5/2018^b	4,999,850
5,000,000	1.919% (USBMMY 3M + 0.080%), 3/25/2019^b	4,999,780
1,890,000	1.710% (FEDL 1M + 0.010%), 4/24/2019^b	1,889,816
5,000,000	1.675% (FEDL 1M + -0.025%), 4/25/2019^b	4,999,753
6,940,000	1.939% (USBMMY 3M + 0.100%), 7/3/2019^b	6,939,592
	Federal Home Loan Bank
5,000,000	1.650%, 5/9/2018	4,998,167
4,250,000	1.640%, 5/11/2018	4,248,064
2,400,000	1.690%, 5/15/2018	2,398,423
8,696,000	1.675%, 5/16/2018	8,689,932
1,000,000	1.705%, 5/18/2018	999,195
4,070,000	1.690%, 5/23/2018	4,065,797
293,000	1.700%, 5/30/2018	292,599
430,000	1.700%, 6/4/2018	429,310
4,930,000	1.728%, 6/13/2018	4,919,825
4,390,000	1.770%, 6/15/2018	4,380,287
4,330,000	1.720%, 6/18/2018	4,320,070
3,400,000	1.790%, 6/19/2018	3,391,716
7,040,000	1.740%, 6/21/2018	7,022,646
2,000,000	1.740%, 7/18/2018	1,992,460
3,880,000	1.798% (LIBOR 1M + -0.100%), 12/21/2018^b	3,880,000
	Overseas Private Investment Corporation
3,640,000	1.800% (T-BILL 3M FLAT), 5/7/2018^b	3,640,000
4,210,526	1.800% (T-BILL 3M FLAT), 5/7/2018^b	4,210,526
8,500,000	1.800% (T-BILL 3M FLAT), 5/7/2018^b	8,500,000
2,965,000	1.800% (T-BILL 3M FLAT), 5/7/2018^b	2,965,000
4,850,000	1.800% (T-BILL 3M FLAT), 5/7/2018^b	4,850,000
3,941,250	1.800% (T-BILL 3M FLAT), 5/7/2018^b	3,941,250
10,444,313	1.800% (T-BILL 3M FLAT), 5/7/2018^b	10,444,313
4,000,000	1.800% (T-BILL 3M FLAT), 5/7/2018^b	4,000,000
4,615,000	1.890% (T-BILL 3M FLAT), 5/7/2018^b	4,615,000


Principal Amount	U.S. Government Agency Debt (74.9%)^a	Value
$54,028,612	1.890% (T-BILL 3M FLAT), 5/7/2018^b	$	54,028,612
9,140,000	1.890% (T-BILL 3M + 0.070%), 5/7/2018^b		9,140,000
6,461,000	1.890% (T-BILL 3M FLAT), 5/7/2018^b		6,461,000
6,461,000	1.890% (T-BILL 3M FLAT), 5/7/2018^b		6,461,000
4,615,000	1.890% (T-BILL 3M FLAT), 5/7/2018^b		4,615,000
80,078,625	1.890% (T-BILL 3M FLAT), 5/7/2018^b		80,078,625
11,477,000	1.890% (T-BILL 3M FLAT), 5/7/2018^b		11,477,000
10,000,000	1.890% (T-BILL 3M FLAT), 5/7/2018^b		10,000,000
43,930,000	1.890% (T-BILL 3M FLAT), 5/7/2018^b		43,930,000
5,610,000	1.900% (T-BILL 3M FLAT), 5/7/2018^b		5,610,000
10,000,000	1.900% (T-BILL 3M FLAT), 5/7/2018^b		10,000,000
1,830,000	1.770% , 11/20/2018		1,844,300

	Total		384,259,347


Principal Amount	U.S. Treasury Debt (17.7%)^a	Value
	U.S. Treasury Bills
20,000,000	1.600%, 5/3/2018		19,998,222
15,000,000	1.627%, 5/17/2018		14,989,151
14,390,000	1.726%, 6/21/2018		14,354,812
8,680,000	1.742%, 6/28/2018		8,655,641
9,330,000	1.749%, 7/5/2018		9,300,533
5,000,000	1.752%, 7/12/2018		4,982,639
5,000,000	1.832%, 8/9/2018		4,974,825
	U.S. Treasury Notes
10,000,000	2.013% (USBMMY 3M + 0.174%), 7/31/2018^b		10,000,187
3,640,000	1.979% (USBMMY 3M + 0.140%), 1/31/2019^b		3,640,522

	Total		90,896,532

	Total Investments (at amortized cost) 100.0%	$	512,980,879

	Other Assets and Liabilities, Net (<0.1%)		(253,778	)

	Total Net Assets 100.0%	$	512,727,101

a	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Denotes variable rate securities. The rate shown is as of April 30, 2018. The rates of certain variable rate securities are based on a published reference rate and spread; these may vary by security and the reference rate and spread are indicated in their description. The rates of other variable rate securities are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

Cost for federal income tax purposes $512,980,879

The accompanying Notes to Financial Statements are an integral part of this schedule.


		4

THRIVENT CASH MANAGEMENT TRUST

Schedule of Investments as of April 30, 2018

(unaudited)


Reference Rate Index:
FEDL 1M	-	Federal Funds 1 Month Rate
LIBOR 1M	-	ICE Libor USD Rate 1 Month
T-BILL 3M	-	U. S. Treasury Bill Rate 3 Month
USBMMY 3M	-	U. S. Treasury Bill Rate 3 Month Money Market Yield

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 30, 2018, in valuing Cash Management Trust’s assets carried at fair value or amortized cost, which approximates fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Investment Company

37,825,000

–

U.S. Government Agency Debt

384,259,347

–

384,259,347

–

U.S. Treasury Debt

90,896,532

–

90,896,532

–

Total Investments at Amortized Cost

512,980,879

37,825,000

475,155,879

–

There were no significant transfers between Levels during the period ended April 30, 2018. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

THRIVENT CASH MANAGEMENT TRUST

Statement of Assets and Liabilities


*As of April 30, 2018 (unaudited)*	Cash Management Trust
Assets
Investments at cost	$	512,980,879
Investments in unaffiliated securities at value (#)		512,980,879	^*
Cash		10,174
Dividends and interest receivable		513,818
Prepaid expenses		5,180
Prepaid trustee fees		1,053
Receivable for:
Expense reimbursements		13,922
Total Assets		513,525,026
Liabilities
Distributions payable		737,794
Accrued expenses		28,621
Payable for:
Investment advisory fees		21,510
Administrative service fees		7,500
Transfer agent fees		2,500
Commitments and contingent liabilities^		–
Total Liabilities		797,925
Net Assets
Capital stock (beneficial interest)		512,732,725
Accumulated undistributed net investment income/(loss)		1,847
Accumulated undistributed net realized gain/(loss)		(7,471	)
Total Net Assets	$	512,727,101
Shares of beneficial interest outstanding		512,732,725
Net asset value per share	$	1.00
(#) Includes securities on loan of	$	–

*	Securities held by the Trust are valued on the basis of amortized cost, which approximates market value.

^	Commitments and contingent liability accrual. Additional information can be found in the accompanying Notes to Financial Statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

THRIVENT CASH MANAGEMENT TRUST

Statement of Operations


*For the six months ended April* *30, 2018 (unaudited)*	Cash Management Trust
Investment Income
Dividends	$	380,743
Interest		3,892,413
Total Investment Income		4,273,156

Expenses
Adviser fees		132,735
Administrative service fees		45,000
Audit and legal fees		17,628
Custody fees		12,803
Insurance expenses		3,147
Printing and postage expenses		3,270
Transfer agent fees		15,000
Trustees’ fees		3,743
Other expenses		5,529
Total Expenses Before Reimbursement		238,855

Less:
Reimbursement from adviser		(91,372	)
Total Net Expenses		147,483
Net Investment Income/(Loss)		4,125,673
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		(6,967	)
Net increase from payments by affiliates		2,238	*
Net Realized and Unrealized Gains/(Losses)		(4,729	)

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,120,944

*	Net increase from payment from affiliate. Additional information can be found in the accompanying Notes to Financial Statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

THRIVENT CASH MANAGEMENT TRUST

Statement of Changes in Net Assets


	Cash Management Trust
*For the periods ended*	4/30/2018 (unaudited)			10/31/2017
Operations
Net investment income/(loss)	$	4,125,673		$	5,003,840
Net realized gains/(losses)		(4,729	)		(2,718	)
Net Change in Net Assets Resulting From Operations		4,120,944			5,001,122
Distributions to Shareholders
From net investment income		(4,125,673	)		(5,003,840	)
From net realized gains		–			(51,232	)
Total Distributions to Shareholders		(4,125,673	)		(5,055,072	)

Capital Stock Transactions
Sold		3,248,709,848			5,939,336,359
Redeemed		(3,478,584,565	)		(5,854,266,270	)
Total Capital Stock Transactions		(229,874,717	)		85,070,089

Net Increase/(Decrease) in Net Assets		(229,879,446	)		85,016,139
Net Assets, Beginning of Period		742,606,547			657,590,408
Net Assets, End of Period	$	512,727,101		$	742,606,547
Accumulated Undistributed Net Investment Income/(Loss)	$	1,847		$	1,847

Capital Stock Share Transactions
Sold		3,248,709,848			5,939,336,359
Redeemed		(3,478,584,565	)		(5,854,266,270	)

Total Capital Stock Share Transactions		(229,874,717	)		85,070,089

The accompanying Notes to Financial Statements are an integral part of this statement.

THRIVENT CASH MANAGEMENT TRUST

NOTESTO FINANCIAL STATEMENTS

April 30, 2018

(unaudited)

(1) ORGANIZATION

Thrivent Cash Management Trust (the “Trust”) was organized as a Massachusetts Business Trust on August 4, 2004 and is registered as an open-end management investment company under the Investment Company Act of 1940. The trust is established solely for investment by other Thrivent entities. The Trust serves as an investment vehicle for cash collateral posted in exchange for loaned securities of mutual funds sponsored by Thrivent Financial for Lutherans, the Trust’s investment adviser (“Thrivent Financial” or the “Adviser”), and its affiliates. Effective December 16, 2017, the Trust terminated its Securities Lending Agreement with Deutsche Bank AG. The Trust has entered into a Securities Lending Agreement with Goldman Sachs Bank USA doing business as Goldman Sachs Agency Lending (“GSAL”). GSAL serves as the lending agent to this securities lending program.

The Trust is an investment company which follows the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 – Financial Services – Investment Companies.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that provide general damage clauses. The Trust’s maximum exposure under these contracts is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects the risk of loss to be remote.

(2) SIGNIFICANT ACCOUNTING POLICIES

(A) Valuation of Investments – Securities are valued on the basis of amortized cost (which approximates market value), whereby a portfolio security is valued at its cost initially, and thereafter valued to reflect a constant amortization to maturity of any discount or premium. Investments in open-ended mutual funds are valued at their net asset value at the close of each business day. The Adviser follows procedures designed to help maintain a constant net asset value of $1.00 per share.

In accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the various inputs used to determine the fair value of the Trust’s investments are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities, typically categorized in this level are U.S. equity securities, futures and options. Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically categorized 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.

(B) Federal Income Taxes – No provision has been made for income taxes because The Trust’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 Trust to distribute an amount sufficient to avoid imposition of any federal excise tax. The Trust, accordingly, anticipates paying no federal taxes and no federal tax provision was recorded.

GAAP requires management of the Trust (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, 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 Trust include U.S. Federal, Minnesota, Wisconsin, and Massachusetts as well as certain foreign countries. As of April 30, 2018, open U.S. Federal, Minnesota, Wisconsin and Massachusetts tax years include the tax years ended October 31, 2014 through 2017. Additionally, as of April 30, 2018, the tax year ended October 31, 2013 is open for Wisconsin. The Trust has no examinations in progress and none are expected at this time.

As of April 30, 2018, the Adviser has reviewed all open tax years and major jurisdictions and concluded that there is no effect to the Trust’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 Trust 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.

(C) Expenses and Income – Estimated expenses are accrued daily. Interest income is accrued daily on all debt securities, as is accretion of market discount and original issue discount and amortization of premium.

(D) Distributions to Shareholders – Net investment income is distributed to each shareholder as a dividend. Dividends

THRIVENT CASH MANAGEMENT TRUST

NOTESTO FINANCIAL STATEMENTS

April 30, 2018

(unaudited)

from the Trust are declared daily and distributed monthly. Net realized gains from securities transactions, if any, are distributed at least annually after the close of the fiscal year.

(E) Loan Commitments – The Trust may enter into loan commitments, which generally have interest rates which are reset daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. Loan commitments often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the remaining maturity may be considerably less than the stated maturity shown in the Schedule of Investments.

All or a portion of these loan commitments may be unfunded. The Trust is obligated to fund these commitments at the borrower’s discretion. Therefore, the Trust must have funds sufficient to cover its contractual obligation. These unfunded loan commitments, which are marked to market daily, are presented in the Schedule of Investments.

(F) Accounting Estimates – The preparation of financial statements in conformity with GAAP 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 these estimates.

(G) Recent Accounting Pronouncements –

Premium Amortization on Purchased Callable Debt Securities

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08 Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 updates the accounting standards to shorten the amortization period for certain purchased callable debt securities, held at a premium, to be amortized to the earliest call date. The update applies to securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of this guidance and the impact it will have to financial statement amounts and footnote disclosures.

(H) Other – For financial statement purposes, investment security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discount and premium are amortized over the life of the respective

securities on the interest method. Realized gains or losses on sales are determined on a specific cost identification basis. Dividend income is recorded on the ex-dividend date.

(3) FEES AND COMPENSATION PAID TO AFFILIATES

(A) Investment Advisory Fees – The Trust pays Thrivent Financial a fee for its advisory services. The annual rate of fees under the Investment Advisory Agreement is calculated at 0.045% of the average daily net assets of the Trust.

The Adviser has agreed to voluntarily reimburse the Trust for all expenses in excess of 0.05% of average daily net assets. This voluntary expense reimbursement may be discontinued by the Adviser at any time.

(B) Other Fees – The Trust has entered into an administration and accounting services agreement with Thrivent Financial pursuant to which Thrivent Financial provides certain administrative and accounting personnel and services. The Trust pays an annual fixed fee plus percentage of net assets to Thrivent Asset Mgt. These fees are accrued daily and paid monthly. For the six months ended April 30, 2018, Thrivent Financial received aggregate fees for administrative and accounting personnel and services of $45,000 from the Trust.

Each Trustee who is not affiliated with the Adviser receives an annual fee from the Trust for services as a Trustee and is eligible to participate in a deferred compensation plan with respect to these fees. Participants in the plan may designate their deferred Trustee’s fees as if invested in a series of the Thrivent Mutual Funds, except for Money Market Fund as it is not eligible for the deferral plan. The value of each participant’s deferred compensation account will increase or decrease as if it were invested in shares of a particular series of Thrivent Mutual Funds. Their fees as well as the change in value are included in Trustee fees in the Statement of Operations. The deferred fees remain in the appropriate series of Thrivent Mutual Funds until distribution in accordance with the plan. The Payable for trustee deferred compensation, located in the Statement of Assets and Liabilities, is unsecured. No trustees participated in the above plan during the year ended April 30, 2018.

Those trustees not participating in the above plan received $3,728 in fees from the Trust during the year ended six months ended April 30, 2018. In addition, the Trust reimbursed unaffiliated Trustees for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

Certain officers and non-independent Trustees of the Trust are employed at Thrivent Financial and receive no compensation from the Trust. Affiliated employees and board consultants are reimbursed for reasonable expenses incurred in relation to board meeting attendance.

THRIVENT CASH MANAGEMENT TRUST

NOTESTO FINANCIAL STATEMENTS

April 30, 2018

(unaudited)

(C) Indirect Expenses – The Trust may invest in other mutual funds. Fees and expenses of those underlying funds are not included in the Trust’s expense ratio. The Trust indirectly bears its proportionate share of the annualized weighted average expense ratio for the underlying funds in which it invests.

(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. To the extent that these differences are permanent in nature, GAAP requires such amounts to be reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications. At fiscal year-end, the character and the amount of distributions, on a tax basis and components of distributable earnings, are finalized. Therefore, as of April 30, 2018, the tax basis balance has not yet been determined.

At October 31, 2017, the Trust has accumulated net realized capital loss carryovers as follows:


Trust	Capital Loss Carryover		Expiration
Cash Management Trust	$	2,742		Unlimited

(5) RELATED PARTY TRANSACTIONS

As of April 30, 2018, three related parties held 88.2% of the outstanding shares of the Trust. Subscription and redemption activity by concentrated accounts may have a significant effect on the operation of the Trust. In the case of a large redemption, the Trust may be forced to sell investments at inopportune times, resulting in additional losses for the Trust and a portfolio with a higher percentage of less liquid or illiquid securities.

(6) SUBSEQUENT EVENTS

Management of the Trust has evaluated the impact of subsequent events through the date the financial statements were issued, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

THRIVENT CASH MANAGEMENT TRUST

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD *


			Income From Investment Operations						Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income			Net Realized Gain on Investments
CASH MANAGEMENT TRUST
Period Ended 4/30/2018 (unaudited)	$	1.00	$	0.01	$	0.00	$	0.01	$	(0.01	)	$	–
Year Ended 10/31/2017		1.00		0.01		0.00		0.01		(0.01	)		0.00
Year Ended 10/31/2016		1.00		0.00		0.00		–		0.00			–
Year Ended 10/31/2015		1.00		0.00		0.00		–		0.00			–
Year Ended 10/31/2014		1.00		0.00		0.00		–		0.00			–
Year Ended 10/31/2013		1.00		0.00		0.00		–		0.00			–

(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of portfolio shares.

(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

*	All per share amounts have been rounded to the nearest cent.

**	Computed on an annualized basis for periods less than one year

The accompanying Notes to Financial Statements are an integral part of this statement.

THRIVENT CASH MANAGEMENT TRUST

FINANCIAL HIGHLIGHTS—CONTINUED

RATIOS/SUPPLEMENTAL DATA


								Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions	Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$ (0.01)	$	1.00		0.70	%	$	512.7		0.05	%		1.40	%		0.08	%		1.37	%		N/A
(0.01)		1.00		0.80	%		742.6		0.05	%		0.80	%		0.08	%		0.77	%		N/A
0.00		1.00		0.31	%		657.6		0.05	%		0.27	%		0.06	%		0.26	%		N/A
0.00		1.00		0.07	%		2,255.8		0.05	%		0.07	%		0.06	%		0.06	%		N/A
0.00		1.00		0.05	%		1,736.6		0.05	%		0.05	%		0.06	%		0.04	%		N/A
0.00		1.00		0.09	%		1,793.6		0.05	%		0.09	%		0.06	%		0.09	%		N/A

The accompanying Notes to Financial Statements are an integral part of this statement.

ADDITIONAL INFORMATION

(unaudited)

PROXY VOTING

The policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities are attached to the Trust’s Statement of Additional Information. You may request a free copy of the Statement of Additional Information or the report of how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 by calling 800-847-4836. You also may review the Statement of Additional Information or the report of how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 at sec.gov.

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

The Trust files its Schedule of Portfolio Holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. You may request a free copy of the Trust’s Forms N-Q by calling 800-847-4836. The Trust’s Forms N-Q also are available at sec.gov. You also may review and copy the Forms N-Q for the Trust at the SEC’s Public Reference Room in Washington, DC. You may get information about the operation of the Public Reference Room by calling 800-SEC-0330.

BOARD APPROVAL OF ADVISORY AGREEMENT

Both the Investment Company Act of 1940 (the “Investment Company Act”) and the terms of the Advisory Agreement of the Thrivent Cash Management Trust (the “Trust”) require that the agreement be approved annually by the Board of Trustees (the “Board”), including a majority of the Trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act (the “Independent Trustees”).

At its meeting on November 14-15, 2017, the Board, including the Independent Trustees, voted unanimously to renew the existing Advisory Agreement, as amended, between the Trust and Thrivent Financial for Lutherans (the “Adviser”). In connection with its evaluation of the agreement with the Adviser, the Board reviewed a broad range of information requested for this purpose and considered a variety of factors, including the following:

The nature, extent, and quality of the services provided by the Adviser;

The performance of the Trust;

The advisory fee and net operating expense ratio of the Trust compared to a peer group;

The cost of services provided and profit realized by the Adviser;

The extent to which economies of scale may be realized as the Trust grows;

Whether fee levels reflect these economies of scale for the benefit of the Trust shareholders;

Other benefits realized by the Adviser and its affiliates from their relationship with the Trust; and

Any other factors that the Board deemed relevant to its consideration.

The Contracts Committee of the Board (consisting of all of the Independent Trustees) met on five occasions from May 23 to November 14, 2017 to consider information relevant to the renewal process. The Independent Trustees also retained the services of Management Practice Inc. (“MPI”) as an independent consultant to assist in the compilation, organization, and evaluation of relevant information. This information included statistical comparisons of the advisory fees, other fees and net operating expenses of the Trust in comparison to a peer group of comparable funds; information with respect to services provided to the Trust and fees charged, including the effective advisory fee that takes into account fee waivers by the Adviser; asset and flow trends for the Trust; the Trust’s performance; and information regarding the types of services furnished to the Trust.

ADDITIONAL INFORMATION

(unaudited)

The Board received information from the Adviser regarding the personnel providing services to the Trust, including investment management, compliance and administrative personnel. The Board also received reports from the Adviser with respect to the securities lending balances of the Trust and the revenue of the securities lending program, which in part is based on the performance of the Trust. In addition to its review of the information presented to the Board during the contract renewal process and throughout the year, the Board considered knowledge gained from discussions with management. The Board also reviewed information from MPI, including a tailored analysis and independent assessment of information relating to the Trust.

The Independent Trustees were represented by independent counsel throughout the review process and during executive sessions without management present to consider reapproval of the Advisory Agreement. As noted above, the Independent Trustees were assisted throughout the process by an independent consultant, MPI. Each Independent Trustee relied on his or her own business judgment in determining the weight to be given to each factor considered in evaluating the materials that were presented to them. The Contracts Committee’s and Board’s review and conclusions were based on a comprehensive consideration of all information presented to them and were not the result of any single controlling factor. In addition, each Trustee may have weighed individual factors differently. The key factors considered and the conclusions reached are described below.

Nature, Extent and Quality of Services

At each of the Board’s regular quarterly meetings, management presented information describing the services furnished to the Trust by the Adviser, transfer agent and administrator. During these meetings, management reported on the investment management, securities lending activity, and compliance services provided to the Trust. During the renewal process, the Board considered the specific services provided by the Adviser. The Board also considered information relating to the investment experience and qualifications of the portfolio manager of the Trust.

The Board received reports at each of its quarterly meetings from one of the Adviser’s Head of Fixed Income Funds or Senior Portfolio Management – Fixed Income, as supplemented by the Adviser’s Chief Investment Officer, who was also present at all of the meetings. At each quarterly meeting, the Head of Fixed Income Funds or Senior Portfolio Management – Fixed Income presented information about the Trust. These reports and presentations gave the Board the opportunity to evaluate the portfolio manager’s abilities and the quality of services he provides to the Trust. The Adviser and the Trust’s Chief Compliance Officer presented information to the Board describing the portfolio compliance functions performed by the Adviser. The Independent Trustees also met in-person, including in executive session, with and received quarterly reports from the Trust’s Chief Compliance Officer. The Board noted that the CCO met regularly between quarterly meetings with the Chair of the Ethics and Compliance Committee.

The Board considered the adequacy of the Adviser’s resources used to provide services to the Trust. The Adviser reviewed with the Board the Adviser’s process for overseeing the portfolio manager. In addition, the Adviser noted that its investments in technology and personnel have benefitted the Trust and other Thrivent funds and discussed continued investments in these resources. The Adviser also discussed how it has continued to strengthen its compliance program. The Board viewed these actions as a positive factor in reapproving the existing Advisory Agreement, as they demonstrated the Adviser’s commitment to provide the Trust with quality service.

The Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Trust by the Adviser supported renewal of the Advisory Agreement.

Performance of the Trust

The Board considered whether the Trust has operated in accordance with its investment objectives, which include maximizing current income consistent with preservation of capital and liquidity. In this regard, the Board reviewed stress test reports and considered the Adviser’s opinion that, in its view, the Trust could withstand events that were reasonably likely to occur within the next twelve-month period. At quarterly meetings, the Head of Fixed Income Funds or Senior Portfolio Management – Fixed Income reviewed with the Board the economic and market environment and risk management in connection with management of the Trust and other Thrivent fixed income funds.

The Board reviewed quarterly net revenues generated by securities lending activities for the benefit of other Thrivent funds, a portion of which is attributed to the performance of the Trust. The Board noted that the Trust is designed primarily for the

ADDITIONAL INFORMATION

(unaudited)

investment and reinvestment of cash collateral on behalf of lenders participating in the Trust’s securities lending program. With respect to performance, the Board considered safety of principal to be the primary goal, and it did not consider specific yield information separate from the securities lending revenue.

Advisory Fees and Fund Expenses

The Board reviewed information prepared by MPI comparing the Trust’s advisory fee with the advisory fees of its peer group of funds. The Board noted that the Trust’s advisory fee as compared to the Trust’s peer group was below the average. On the basis of its review, the Board concluded that the advisory fee charged to the Trust for investment management services was reasonable.

The Board also reviewed information prepared by the Adviser comparing the Trust’s net expense ratio with the expense ratio of its peer group of funds. The Board noted that the Trust’s net expense ratio was below the average of its peer group.

Cost of Services and Profitability

The Board considered the profitability of the Adviser both overall and on a fund-by-fund basis. The Board also considered that the Adviser agreed to voluntarily reimburse the Trust for all expenses in excess of 0.05% of average daily net assets. The Board considered the level of the Adviser’s profits with respect to all the Thrivent funds, including the Trust. The Board concluded that the Adviser’s profitability was not excessive in light of the nature, extent and quality of services provided to the Trust.

Economies of Scale

The Board considered information regarding the extent to which economies of scale may be realized as the Trust’s assets increase and whether the fee levels reflect these economies of scale for the benefit of shareholders. The Adviser explained its general goal with respect to the employment of fee waivers, expense reimbursements, and breakpoints. The Board also considered management’s view that it is difficult to generalize as to whether, or to what extent, economies in the advisory function may be realized as the Trust’s assets increase. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee waivers or reimbursements by the Adviser and/or a lower overall fee. The Board considered the advisory fee charged to the Trust and determined that the fee was acceptable even though the Adviser did not offer breakpoints or contractual waivers, in part because of its agreement to voluntarily reimburse the Trust for all expenses in excess of 0.05% of average daily net assets.

Other Benefits to the Adviser and its Affiliates

The Board considered information regarding potential “fall-out” or ancillary benefits that the Adviser and its affiliates may receive as a result of their relationship with the Trust, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an enhanced reputation as an investment adviser which may help in attracting other clients and investment personnel, and the engagement of affiliates as service providers to the Trust. The Board noted that such benefits were difficult to quantify but were consistent with benefits received by other mutual fund advisers.

Based on the factors discussed above, the Contracts Committee unanimously recommended approval of the Advisory Agreement, and the Board, including all of the Independent Trustees voting separately, approved the Advisory Agreement.

This report is submitted for the information of shareholders of

Thrivent Cash Management Trust. It is not authorized

for distribution to prospective investors unless preceded or

accompanied by the current prospectus for Thrivent Cash

Management Trust, which contains more complete

information about the Trust, including investment objectives,

risks, charges and expenses.

Item 2.

Code of Ethics

Not applicable to semiannual report

Item 3.

Audit Committee Financial Expert

Not applicable to semiannual report

Item 4.

Principal Accountant Fees and Services

Not applicable to semiannual report

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

Not applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

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.

Item 11.

Controls and Procedures

(a)(i) Registrant’s President and Treasurer 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.

(a)(ii) Registrant’s President and Treasurer are aware of no change 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 registrant’s most recent fiscal quarter 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

Item13.

Exhibits

Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are 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.

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: June 28, 2018	By:	/s/ David S. Royal
		David S. Royal
		President

Date: June 28, 2018	By:	/s/ Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer

Date: June 28, 2018

THRIVENT CASH MANAGEMENT TRUST

/s/ David S. Royal

David S. Royal