United States
Securities and Exchange Commission
Washington, D.C. 20549
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)
John D. Jackson, Assistant Secretary
Thrivent Cash Management Trust
625 Fourth Avenue South
Minneapolis, Minnesota 55415
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period: October 31, 2020
Item 1. Report to Stockholders
[Insert shareholder report]
Item 2. Code of Ethics
As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
Registrant’s Board of Trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees
The aggregate fees billed by registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), 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 $18,600 for the year ended October 31, 2019 and $19,150 for the year ended October 31, 2020.
(b)
Audit-Related Fees
The aggregate fees PwC 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 October 31, 2019 and $0 for the year ended October 31, 2020. The aggregate fees PwC 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 $29,000 for the year ended October 31, 2019 and $0 for the year ended October 31, 2020. The 2019 payments were for Thrivent Municipal Bond Fund amortization review.
(c)
Tax Fees
The aggregate tax fees PwC billed to registrant for each of the last two fiscal years for tax compliance, tax advice and tax planning services were $6,425 for the year ended October 31, 2019 and $5,290 for the year ended October 31, 2020. These fees include payment for tax return compliance services, excise distribution review services, and other tax related matters. The aggregate tax fees PwC 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 October 31, 2019 and $0 for the year ended October 31, 2020.
(d)
All Other Fees
The aggregate fees PwC 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 October 31, 2019 and October 31, 2020. The aggregate fees PwC 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 $14,220 for the year ended October 31, 2019 and $3,600 for the year ended October 31, 2020. The 2019 and 2020 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. In addition, for fiscal year ended October 31, 2019 there were fees related to the merger of certain series of Thrivent Mutual Funds and/or certain series of Thrivent Series Fund, Inc. 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 PwC billed to registrant.
(f)
Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended October 31, 2020 were for work performed by persons other than full-time permanent employees of PwC.
(g)
The aggregate non-audit fees billed by PwC 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 October 31, 2019 and October 31, 2020 were $14,220 and $3,600 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 PwC’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.
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 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 have materially affected, or are 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: December 30, 2020 Thrivent Cash Management Trust
By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
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: December 30, 2020 By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
(principal executive officer)
Date: December 30, 2020 By: /s/ Gerard V. Vaillancourt
Gerard V. Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)
Annual
Report
October
31,
2020
Thrivent
Cash
Management
Trust
Table
of
Contents
Portfolio
Perspective
2
Shareholder
Expense
Example
3
Report
of
Independent
Registered
Public
Accounting
Firm
4
Schedule
of
Investments
5
Statement
of
Assets
and
Liabilities
7
Statement
of
Operations
8
Statement
of
Changes
in
Net
Assets
9
Notes
to
Financial
Statements
10
Financial
Highlights
16
Additional
Information
18
Board
of
Trustees
and
Officers
19
Thrivent
Cash
Management
Trust
2
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.
William
D.
Stouten, Portfolio
Manager
Thrivent
Cash
Management
Trust seeks
to
maximize
current
income
to
the
extent
consistent
with
the
preservation
of
capital
and
maintenance
of
liquidity.
Investment
in
Thrivent
Cash
Management
Trust
(the
"Trust")
involves
risks
including
money
market
fund,
government
securities,
LIBOR,
interest
rate,
credit,
redemption,
regulatory,
cybersecurity,
investment
adviser,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Thrivent
Cash
Management
Trust
(the
“Trust”)
seeks
to
maximize
current
income
to
the
extent
consistent
with
the
preservation
of
capital
and
maintenance
of
liquidity.
The
Trust
qualifies
as
a
government
money
market
fund
under
the
revised
money
market
rules
established
by
the
Securities
and
Exchange
Commission
(SEC)
that
went
into
effect
in
2016.
As
a
government
money
market
fund,
the
Trust
seeks
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.
For
the
12-month
period
ended
October
31,
2020,
the
Trust
earned
a
return
of
0.82%.
Net
assets
in
the
Trust
totaled
approximately
$633
million
as
of
the
end
of
the
reporting
period
and
consisted
of
collateral
from
securities-lending
activity.
The
Trust
invested
100%
of
its
net
assets
directly
in
U.S.
government
obligations
or
U.S.
government-supported
securities
to
comply
with
the
revised
guidelines
for
government
money
market
funds.
Within
the
portfolio,
we
continued
to
invest
heavily
in
variable-rate
demand
notes
(VRDNs),
which
represented
more
than
30%
of
net
assets
at
the
Trust’s
fiscal
year-end.
Although
VRDNs
may
have
a
longer
final
maturity,
the
ones
held
in
the
Trust
can
be
put
back
to
the
issuer
within
seven
days
at
par.
In
addition,
their
coupons
reset
weekly,
which
makes
them
a
useful
tool
in
reducing
the
Trust’s
interest-rate
sensitivity.
At
period
end,
the
Trust’s
30-day
net
yield
was
0.07%,
its
WAL
was
32
days,
while
its
WAM
remained
extremely
short
at
12
days.
We
believe
maintaining
a
short
WAM
is
appropriate
due
to
the
volatility
of
securities-lending
collateral.
This
positioning
will
help
us
lessen
the
price
sensitivity
of
the
portfolio
to
changes
in
interest
rates.
Our
primary
focus
in
managing
the
Trust
continues
to
center
on
maintaining
safety,
liquidity
and
a
$1.00
share
price.
Portfolio
Composition
(%
of
Portfolio)
U.S.
Government
Agency
Debt
45.5%
U.S.
Treasury
Debt
34.8%
Investment
Company
15.8%
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
3.9%
Total
100.0%
Thrivent
Cash
Management
Trust
As
of
October
31,
2020
*
7-Day
Yield
0.08%
7-Day
Yield
Gross
of
Waivers
0.06%
7-Day
Effective
Yield
0.08%
7-Day
Effective
Yield
Gross
of
Waivers
0.06%
Average
Annual
Total
Returns
**
For
the
Period
Ended
October
31,
2020
1-Year
5-Year
10-Year
Total
Return
0.82%
1.18%
0.64%
*
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
con-
sidered
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
800-847-4836.
3
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
May
1,
2020
through
October
31,
2020.
Actual
Expenses
In
the
table
below,
the
first
line
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
"Expenses
Paid
during
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
line
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
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
5/1/2020
Ending
Account
Value
10/31/2020
Expenses
Paid
During
Period 5/1/2020
-
10/31/2020
*
Annualized
Expense
Ratio
Thrivent
Cash
Management
Trust
Actual
$1,000
$1,001
$0.25
0.05%
Hypothetical**
$1,000
$1,025
$0.25
0.05%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Report
of
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP,
45
South
Seventh
Street,
Suite
3400,
Minneapolis,
MN
55402
T:
(612)
596
6000,
F:
(612)
373
7160,
www.pwc.com/us
4
To
the
Board
of
Trustees
of
Thrivent
Cash
Management
Trust
and
Shareholders
of
Thrivent
Cash
Management
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Thrivent
Cash
Management
Trust
(the
"Fund")
as
of
October
31,
2020,
the
related
statement
of
operations
for
the
year
ended
October
31,
2020,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2020,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2020
(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
October
31,
2020,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2020
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2020
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
audit.
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
audit
of
these
financial
statements
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
audit
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
audit
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2020
by
correspondence
with
the
custodian,
transfer
agent
and
brokers.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
December
18,
2020
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Thrivent
Financial
for
Lutherans
investment
company
complex
since
1987.
Thrivent
Cash
Management
Trust
Schedule
of
Investments
as
of
October
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
5
Shares
Investment
Company
(
15.9%
)
Value
BlackRock
Liquidity
FedFund
$
99,195,000
0.044%
$
99,195,000
Dreyfus
Government
Cash
Management
Fund
1,326,000
0.021%
1,326,000
Goldman
Sachs
Financial
Square
Funds
-
Government
Fund
5,000
-0.002%
5,000
Total
100,526,000
Principal
Amount
U.S.
Government
Agency
Debt
(
45.7%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
2,000,000
0.156%
(SOFRRATE
+
0.070%),
11/10/2020
b
2,000,000
Federal
Farm
Credit
Bank
2,000,000
0.166%
(SOFRRATE
+
0.080%),
1/14/2021
b
2,000,000
5,000,000
0.192%
(LIBOR
1M
+
0.040%),
1/28/2021
b
5,001,862
5,000,000
0.138%
(LIBOR
1M
+
-0.010%),
6/2/2021
b
5,000,000
5,000,000
0.146%
(LIBOR
1M
FLAT),
7/16/2021
b
4,994,342
1,000,000
0.270%
(LIBOR
1M
+
0.130%),
10/8/2021
b
1,001,239
5,000,000
0.270%
(LIBOR
1M
+
0.130%),
11/5/2021
b
5,006,964
Federal
Home
Loan
Bank
4,660,000
0.115%
(SOFRRATE
+
0.030%),
12/30/2020
b
4,660,000
2,000,000
0.106%
(SOFRRATE
+
0.020%),
2/12/2021
b
2,000,000
2,575,000
0.121%
(LIBOR
1M
+
-0.030%),
4/20/2021
b
2,574,654
5,300,000
0.133%
(LIBOR
1M
+
-0.015%),
12/23/2021
b
5,299,841
Federal
Home
Loan
Mortgage
Corporation
7,000,000
0.127%
(SOFRRATE
+
0.040%),
12/4/2020
b
6,999,516
Federal
National
Mortgage
Association
3,000,000
0.316%
(SOFRRATE
+
0.230%),
5/6/2022
b
3,001,379
U.S.
International
Development
Finance
Corporation
5,000,000
0.140%
(T-BILL
3M
FLAT),
11/6/2020
b
5,000,000
55,812,375
0.140%
(T-BILL
3M
FLAT),
11/6/2020
b
55,812,375
13,675,213
0.140%
(T-BILL
3M
FLAT),
11/6/2020
b
13,675,214
5,240,000
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
5,240,000
5,973,800
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
5,973,800
5,973,800
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
5,973,800
4,267,000
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
4,267,000
4,267,000
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
4,267,000
35,398,058
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
35,398,058
Principal
Amount
U.S.
Government
Agency
Debt
(45.7%)
a
Value
$
9,140,000
0.150%
(T-BILL
3M
+
0.070%),
11/6/2020
b
$
9,140,000
9,780,000
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
9,780,000
23,124,000
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
23,124,000
5,534,440
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
5,534,440
6,478,524
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
6,478,524
43,030,250
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
43,030,250
3,600,000
0.150%
(T-BILL
3M
FLAT),
11/6/2020
b
3,600,000
4,200,000
1.940% ,
11/15/2020
4,278,684
Total
290,112,942
Principal
Amount
U.S.
Treasury
Debt
(
35.3%
)
a
Value
U.S.
Treasury
Bills
57,000,000
0.073% ,
11/3/2020
56,999,751
5,000,000
0.097% ,
11/5/2020
4,999,946
25,000,000
0.073% ,
11/12/2020
24,999,442
25,000,000
0.085% ,
11/17/2020
24,999,056
20,000,000
0.081% ,
11/19/2020
19,999,188
25,000,000
0.081% ,
11/27/2020
24,998,538
3,705,000
0.080% ,
12/8/2020
3,704,697
5,000,000
0.093% ,
12/22/2020
4,999,341
10,000,000
0.103% ,
1/14/2021
9,997,893
22,950,000
0.098% ,
1/28/2021
22,944,513
5,000,000
0.095% ,
2/4/2021
c
4,998,799
U.S.
Treasury
Notes
12,390,000
0.215%
(USBMMY
3M
+
0.115%),
1/31/2021
b
12,384,928
6,130,000
0.239%
(USBMMY
3M
+
0.139%),
4/30/2021
b
6,129,828
Total
222,155,920
Principal
Amount
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
(
3.9%
)
a
Value
RBC
Dominion
Securities,
Inc.
25,000,000
0.050% ,
11/2/2020
d
25,000,000
Total
25,000,000
Total
Investments
(at
amortized
cost)
100.8%
$637,794,862
Other
Assets
and
Liabilities,
Net
(0.8)%
(5,001,974)
Total
Net
Assets
100.0%
$632,792,888
Thrivent
Cash
Management
Trust
Schedule
of
Investments
as
of
October
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
6
a
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
October
31,
2020.
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.
c
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
d
Repurchase
agreement
dated
October
31,
2020,
$25,000,104
maturing
November
2,
2020,
collateralized
by
$25,500,125
United
States
Department
of
The
Treasury,
0.05%
due
November
2,
2020.
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
SOFRRATE
-
Secured
Overnight
Financing
Rate
T-BILL
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
USBMMY
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
Money
Market
Yield
Cost
for
federal
income
tax
purposes
$637,794,862
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2020,
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
100,526,000
100,526,000
–
–
U.S.
Government
Agency
Debt
290,112,942
–
290,112,942
–
U.S.
Treasury
Debt
222,155,920
–
222,155,920
–
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
25,000,000
–
25,000,000
–
Total
Investments
at
Amortized
Cost
$637,794,862
$100,526,000
$537,268,862
$–
Thrivent
Cash
Management
Trust
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
7
As
of
October
31,
2020
Cash
Management
Trust
Assets
Investments
in
unaffiliated
securities
at
cost
$637,794,862
Investments
in
unaffiliated
securities
at
value
637,794,862
*
Dividends
and
interest
receivable
50,472
Prepaid
expenses
2,378
Prepaid
trustee
fees
989
Receivable
for:
Expense
reimbursements
12,080
Total
Assets
637,860,781
Liabilities
Distributions
payable
35,540
Accrued
expenses
7,266
Cash
overdraft
2,099
Payable
for:
Investments
purchased
on
a
delayed-delivery
basis
4,998,799
Investment
advisory
fees
24,189
Contingent
liabilities^
—
Total
Liabilities
5,067,893
Net
Assets
Capital
stock
(beneficial
interest)
632,755,266
Distributable
earnings/(accumulated
loss)
37,622
Total
Net
Assets
$632,792,888
Shares
of
beneficial
interest
outstanding
632,755,266
Net
asset
value
per
share
$1.00
*
Securities
held
by
the
Trust
are
valued
on
the
basis
of
amortized
cost,
which
approximates
market
value.
^
Contingent
liabilities
accrual. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Cash
Management
Trust
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
For
the
year
ended
October
31,
2020
Cash
Management
Trust
Investment
Income
Dividends
$426,651
Interest
3,588,431
Total
Investment
Income
4,015,082
Expenses
Adviser
fees
252,250
Administrative
service
fees
90,000
Audit
and
legal
fees
35,182
Custody
fees
9,015
Insurance
expenses
5,759
Printing
and
postage
expenses
6,563
Transfer
agent
fees
21,667
Trustees
'
fees
7,006
Pricing
service
fees
3,278
Other
expenses
6,218
Total
Expenses
Before
Reimbursement
436,938
Less:
Reimbursement
from
adviser
(156,659)
Total
Net
Expenses
280,279
Net
Investment
Income/(Loss)
3,734,803
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
35,781
Net
Realized
and
Unrealized
Gains/(Losses)
35,781
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$3,770,584
Thrivent
Cash
Management
Trust
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
9
Cash
Management
Trust
For
the
periods
ended
10/31/2020
10/31/2019
Operations
Net
investment
income/(loss)
$3,734,803
$11,410,268
Net
realized
gains/(losses)
35,781
20,573
Net
Change
in
Net
Assets
Resulting
From
Operations
3,770,584
11,430,841
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(3,738,142)
(11,410,268)
Total
Distributions
to
Shareholders
(3,738,142)
(11,410,268)
Capital
Stock
Transactions
Sold
8,119,127,529
5,543,611,068
Redeemed
(7,911,200,356)
(5,658,070,552)
Total
Capital
Stock
Transactions
207,927,173
(114,459,484)
Net
Increase/(Decrease)
in
Net
Assets
207,959,615
(114,438,911)
Net
Assets,
Beginning
of
Period
424,833,273
539,272,184
Net
Assets,
End
of
Period
$632,792,888
$424,833,273
Capital
Stock
Share
Transactions
Sold
8,119,127,529
5,543,611,068
Redeemed
(7,911,200,356)
(5,658,070,552)
Total
Capital
Stock
Share
Transactions
207,927,173
(114,459,484)
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
October
31,
2020
10
(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.
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
Standards
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
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.
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,
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
Trust
include
U.S.
Federal,
Minnesota,
Wisconsin,
and
Massachusetts
as
well
as
certain
foreign
countries.
As
of
October
31,
2020,
open
U.S.
Federal,
Minnesota,
Wisconsin
and
Massachusetts
tax
years
include
the
tax
years
ended
October
31,
2017
through
2020.
Additionally,
as
of
October
31,
2020,
the
tax
year
ended
October
31,
2016
is
open
for
Wisconsin.
The
Trust
has
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
October
31,
2020, 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.
Expenses
and
Income
—
Estimated
expenses
are
accrued
daily. The
Trust
is
charged
for
those
expenses
that
are
directly
attributable
to
it.
Expenses
that
are
not
directly
attributable
to
the
Trust
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,
original
issue
discount
and
amortization
of
premium.
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.
Distributions
to
Shareholders
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend.
Dividends
from
the
Trust
are
declared
daily
and
distributed
monthly. Distributions
from
net
long-term
capital
gains,
if
any,
will
be
made
at
least
annually.
Repurchase
Agreements
—
The
Trust
may
engage
in
repurchase
agreement
transactions
in
pursuit
of
its
investment
objective.
A
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
October
31,
2020
11
repurchase
agreement
consists
of
a
purchase
and
a
simultaneous
agreement
to
resell
an
investment
for
later
delivery
at
an
agreed
upon
price
and
rate
of
interest.
The
Trust
uses
a
third-party
custodian
to
maintain
the
collateral.
If
the
original
seller
of
a
security
subject
to
a
repurchase
agreement
fails
to
repurchase
the
security
at
the
agreed
upon
time,
the
Trust
could
incur
a
loss
due
to
a
drop
in
the
value
of
the
security
during
the
time
it
takes
the
Trust
to
either
sell
the
security
or
take
action
to
enforce
the
original
seller’s
agreement
to
repurchase
the
security.
Also,
if
a
defaulting
original
seller
filed
for
bankruptcy
or
became
insolvent,
disposition
of
such
security
might
be
delayed
by
pending
legal
action.
The
Trust
may
only
enter
into
repurchase
agreements
with
banks
and
other
recognized
financial
institutions
such
as
broker/dealers
that
are
found
by
the
Adviser
to
be
creditworthy.
During
the year
ended
October
31,
2020,
the
Trust did
participate
in
this
type
of
investment.
For
financial
reporting
purposes,
the Trust
does
not
offset
assets
and
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
The
amounts
presented
in
the table
below
are
offset
first
by
financial instruments
that
have
the
right
to
offset
under
master
netting or
similar arrangements,
then
any
remaining
amount
is
reduced
by
cash
and
non-cash
collateral
received.
The
actual
amounts
of
collateral
may
be
greater
than
the
amounts
presented
in
the
table.
Loss Contingencies
—
In
the
event
of
adversary
action
proceedings
where the
Trust
is
a
defendant, a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated.
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.
Recent
Accounting
Pronouncements
—
Reference
Rate
Reform
In
March
2020,
the
Financial
Accounting
Standards
Board
(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
away
from
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
reference
rates
expected
to
be
discontinued.
The
ASU
No.
2020-04
was
effective
immediately
upon
release
of
the
standard
on
March
12,
2020
and
can
be
applied
prospectively through
to December
31,
2022.
At
this
time,
management
is
evaluating
implications
of
these
changes
on
the
financial
statements.
Other
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
or
losses
on
sales
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
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.
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
to
Thrivent Financial.
These
fees
are
accrued
daily
and
paid
monthly.
For
the year
ended
October
31,
2020,
Thrivent
Financial
received
aggregate
fees
for
administrative
and
accounting
personnel
and
services
of $90,000
from
the
Trust.
The
Trust
has
entered
into
an
agreement
with
Thrivent
Financial
Investor
Services
Inc.
("Thrivent
Investor
Services")
to
provide
transfer
agency
services
necessary
to
the
Trust. These
fees
are
accrued
daily
and
paid
monthly.
For
the
year
ended October
31,
2020,
Thrivent Investor
Services
received
$21,667 for transfer
agent
services
from
the
Trust.
The
following
table
presents
the
gross
and
net
information
about
assets
subject
to
master
netting
arrangements,
as
presented
in
the
Statement
of
Assets
and
Liabilities:
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Recognized
Assets
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Assets
Financial
Instruments
Cash
Collateral
Received
Non-Cash
Collateral
Received
Net
Amount
Cash
Management
Trust
Repurchase
Agreements
25,000,000
–
25,000,000
25,000,000
–
–
–
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
October
31,
2020
12
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. Each
participant's 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.
Those
trustees
not participating
in
the
above
plan
received
$7,006 in
fees
from
the
Trust
during
the year
ended
October
31,
2020.
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
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Investor
Services
and
Thrivent
Distributors,
LLC.;
however
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Acquired
Fund
Fees
and 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
During
the
year
ended
October
31,
2020
and
the
year
ended
October
31,
2019
the
Trust
distributed
$3,738,142
and
$11,410,243
from
ordinary
income,
respectively.
During
the
year
ended
October
31,
2019,
the
Trust
distributed
$25
from
long-term
gains.
At
October
31,
2020,
undistributed
ordinary
income
for
tax
purposes
was
$32,667
and
undistributed
long-term
gains
was
$4,955.
(5)
RELATED
PARTY
TRANSACTIONS
As
of
October
31,
2020, related
parties
held
100%
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.
(7)
SIGNIFICANT
RISKS
The
following
risks
are
presented
in
alphabetical
order.
Credit
Risk
—
Credit
risk
is
the
risk
that
an
issuer
of
a
debt
security
to
which
the
Portfolio
is
exposed
may
no
longer
be
able
or
willing
to
pay
its
debt.
As
a
result
of
such
an
event,
the
debt
security
may
decline
in
price
and
affect
the
value
of
the
Portfolio.
Cybersecurity
Risk
—
The
Portfolio
and
its
service
providers
may
be
susceptible
to
operational,
information
security,
and
related
risks.
In
general,
cyber
incidents
can
result
from
deliberate
attacks
or
unintentional
events.
Cyber-attacks
include,
but
are
not
limited
to,
gaining
unauthorized
access
to
digital
systems
to
misappropriate
assets
or
sensitive
information,
corrupt
data,
or
otherwise
disrupt
operations.
Cyber
incidents
affecting
the
Adviser
or
other
service
providers
(including,
but
not
limited
to,
fund
accountants,
custodians,
and
transfer
agents)
have
the
ability
to
disrupt
and
impact
business
operations,
potentially
resulting
in
financial
losses,
by
interfering
with
the
Portfolio’s
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Portfolio’s
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Portfolio
or
the
Adviser
to
regulatory
fines
and
penalties,
and
creating
additional
compliance
costs.
Similar
types
of
cyber
security
risks
are
also
present
for
issuers
or
securities
in
which
the
Portfolio
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Portfolio’s
investments
in
such
companies
to
lose
value.
While
the
Portfolio’s
service
providers
have
established
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Portfolio
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Portfolio
or
its
shareholders.
Although
the
Portfolio
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operation
risks
that
may
affect
the
Portfolio
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
the
Portfolio’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
the
Portfolio
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Government
Securities
Risk
—
The
Portfolio
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
October
31,
2020
13
related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
Government
securities
may
be
affected
by
changes
in
the
credit
rating
of
the
U.S.
government.
Health
Crisis
Risk
—
The
global
pandemic
outbreak
of
the
novel
coronavirus
known
as
COVID-19
has
resulted
in
substantial
market
volatility
and
global
business
disruption.
The
duration
and
full
effects
of
the
outbreak
are
uncertain
and
may
result
in
trading
suspensions
and
market
closures,
limit
liquidity
and
the
ability
of
the
Portfolio
to
process
shareholder
redemptions,
and
negatively
impact
Portfolio
performance.
The
COVID-19
outbreak
and
future
pandemics
could
affect
the
global
economy
in
ways
that
cannot
be
foreseen
and
may
exacerbate
other
types
of
risks,
negatively
impacting
the
value
of
the
Portfolio.
Interest
Rate
Risk
—
A
weak
economy,
strong
equity
markets,
or
changes
by
the
Federal
Reserve
to
its
monetary
policies
may
cause
short-term
interest
rates
to
increase
and
affect
the
Portfolio’s
ability
to
maintain
a
stable
share
price.
Investment
Adviser
Risk
—
The
Portfolio
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
Portfolio
invests.
This
assessment
of
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Portfolio’s
investment
objective.
LIBOR
Risk
—
The
Portfolio
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
(London
Interbank
Offered
Rate)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
LIBOR
is
an
average
interest
rate
that
banks
charge
one
another
for
the
use
of
short-term
money.
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,
and
it
is
expected
that
LIBOR
will
cease
to
be
published
after
that
time.
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
Portfolio
or
its
investments
are
not
known.
Actions
by
regulators
have
resulted
in
the
establishment
of
alternative
reference
rates
to
LIBOR
in
most
major
currencies.
The
U.S.
Federal
Reserve,
based
on
the
recommendations
of
the
New
York
Federal
Reserve’s
Alternative
Reference
Rate
Committee
(comprised
of
major
derivative
market
participants
and
their
regulators),
has
begun
publishing
a
Secured
Overnight
Financing
Rate
(SOFR),
that
is
intended
to
replace
U.S.
dollar
LIBOR.
Proposals
for
alternative
reference
rates
for
other
currencies
have
also
been
announced
or
have
already
begun
publication.
Neither
the
effect
of
the
LIBOR
transition
process
nor
its
ultimate
success
can
yet
be
known.
Markets
are
slowly
developing
in
response
to
these
new
rates.
Questions
around
liquidity
impacted
by
these
rates,
and
how
to
appropriately
adjust
these
rates
at
the
time
of
transition,
remain
a
concern
for
the
Portfolio.
The
transition
process
might
lead
to
increased
volatility
and
illiquidity
in
markets
that
currently
rely
on
LIBOR
to
determine
interest
rates.
It
could
also
lead
to
a
reduction
in
the
value
of
some
LIBOR-based
investments
and
reduce
the
effectiveness
of
new
hedges
placed
against
existing
LIBOR-based
instruments.
Any
such
effects
of
the
transition
away
from
LIBOR,
as
well
as
other
unforeseen
effects,
could
result
in
losses
to
the
Portfolio.
Since
the
usefulness
of
LIBOR
as
a
benchmark
could
deteriorate
during
the
transition
period,
these
effects
could
occur
prior
to
the
end
of
2021.
The
effect
of
any
changes
to,
or
discontinuation
of,
LIBOR
on
the
Portfolio
will
vary
depending,
among
other
things,
on
(1)
existing
fallback
or
termination
provisions
in
individual
contracts
and
(2)
whether,
how,
and
when
industry
participants
develop
and
adopt
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products
and
instruments.
Accordingly,
it
is
difficult
to
predict
the
full
impact
of
the
transition
away
from
LIBOR
on
the
Portfolio
until
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products,
instruments
and
contracts
are
commercially
accepted.
Money
Market
Fund
Risk
—
You
could
lose
money
by
investing
in
the
Portfolio.
Although
the
Portfolio
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so.
An
investment
in
the
Portfolio
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Portfolio’s
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Portfolio,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Portfolio
at
any
time.
Redemption
Risk
—
The
Portfolio
may
need
to
sell
portfolio
securities
to
meet
redemption
requests.
The
Portfolio
could
experience
a
loss
when
selling
portfolio
securities
to
meet
redemption
requests
if
there
is
(i)
significant
redemption
activity
by
shareholders,
including,
for
example,
when
a
single
investor
or
few
large
investors
make
a
significant
redemption
of
Portfolio
shares,
(ii)
a
disruption
in
the
normal
operation
of
the
markets
in
which
the
Portfolio
buys
and
sells
portfolio
securities
or
(iii)
the
inability
of
the
Portfolio
to
sell
portfolio
securities
because
such
securities
are
illiquid.
In
such
events,
the
Portfolio
could
be
forced
to
sell
securities
at
unfavorable
prices
in
an
effort
to
generate
sufficient
cash
to
pay
redeeming
shareholders.
Although
the
Portfolio
does
not
have
the
ability
to
impose
liquidity
fees
or
temporarily
suspend
redemptions,
the
Portfolio
may
delay
the
payment
of
redemption
proceeds
or
suspend
redemptions
during
its
liquidation
when
permitted
by
applicable
regulations.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Portfolio.
Securities
and
futures
markets
are
subject
to
comprehensive
statutes,
regulations,
and
margin
requirements
enforced
by
the
SEC,
other
regulators
and
self-regulatory
organizations,
and
exchanges
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
October
31,
2020
14
regulatory
environment
for
the
Portfolio
is
evolving,
and
changes
in
the
regulation
of
investment
funds,
managers,
and
their
trading
activities
and
capital
markets,
or
a
regulator’s
disagreement
with
the
Portfolio’s
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of
a
Portfolio
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Portfolio.
Thrivent
Cash
Management
Trust
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
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
Year
Ended
10/31/2020
$
1.00
$
0.01
$
0.00
$
0.01
$
(0.01)
$
–
Year
Ended
10/31/2019
1.00
0.02
0.00
0.02
(0.02)
–
Year
Ended
10/31/2018
1.00
0.02
0.00
0.02
(0.02)
–
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
–
(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
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
Thrivent
Cash
Management
Trust
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
17
Ratios/Supplemental
Data
Ratio
to
Average
Net
Assets**
Ratio
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/
(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.01)
$
1.00
0.82%
$
632.8
0.05%
0.67%
0.08%
0.64%
N/A
(0.02)
1.00
2.30%
424.8
0.05%
2.28%
0.09%
2.25%
N/A
(0.02)
1.00
1.70%
539.3
0.05%
1.66%
0.08%
1.63%
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
18
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.
The
Trust
files
a
report
of
how
it
voted
proxies
relating
to
portfolio
securities
on
Form
N-PX
with
the
SEC.
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
29
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
29
at
SEC.gov.
QUARTERLY
SCHEDULE
OF
PORTFOLIO
HOLDINGS
Through
April
2019,
the
Trust
filed
its
Schedule
of
Investments
on
Form
N-Q
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year.
Beginning
April
2019,
the
Trust
will
no
longer
file
Form
N-Q
but
will
continue
filing
Form
N-MFP
with
the
SEC.
Form
N-MFP
is
filed
monthly
and
includes
a
discloser
of
portfolio
holdings.
The
Trust’s
most
recent
Schedule
of
Investments
may
be
requested
by
calling
800-
847-4836
or
at
SEC.gov.
You
also
may
review
and
copy
the
Forms
N-MFP
and
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.
19
Board
of
Trustees
and
Officers
The
following
table
provides
information
about
the
Trustees
and
Officers
of
the
Trust.
The
Board
is
responsible
for
the
management
and
supervision
of
the
Trust’s
business
affairs
and
for
exercising
all
powers
except
those
reserved
to
the
shareholders.
Each
Trustee
oversees
the
Trust
and
also
serves
as:
Trustee
of
Thrivent
Mutual
Funds,
a
registered
investment
company
consisting
of
25
funds
that
offer
Class
A
and
Class
S
shares.
Director
of
Thrivent
Series
Fund,
Inc.,
a
registered
investment
company
consisting
of
32
funds
that
serve
as
underlying
funds
for
variable
contracts
issued
by
Thrivent
Financial
and
separate
accounts
of
insurance
companies
not
affiliated
with
Thrivent
Financial.
Trustee
of
Thrivent
Core
Funds,
a
registered
investment
company
consisting
of
five
funds
that
are
established
solely
for
investment
by
Thrivent
entities.
David
Royal
also
serves
as
Trustee
of
Thrivent
Church
Loan
and
Income
Fund,
a
closed-end
registered
investment
company
for
which
the
Adviser
serves
as
investment
adviser.
None
of
the
other
Trustees
serves
on
the
board
of
the
Thrivent
Church
Loan
and
Income
Fund.
The
Trust,
Thrivent
Series
Fund,
Inc.,
Thrivent
Mutual
Funds,
Thrivent
Core
Funds,
and
Thrivent
Church
Loan
and
Income
Fund
are
referred
to
herein
as
the
“Fund
Complex.”
The
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge,
by
calling
800-847-4836.
Interested
Trustees
(1)(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
David
S.
Royal
(1971)
2015
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
VP,
President,
Mutual
Funds,
Thrivent
Financial
from 2015
to
2017;
Vice
President
and
Deputy
General
Counsel,
Thrivent
Financial
from
2006
to
2015.
Currently,
Director
of
Thrivent
Trust
Company
and
Advisory
Board
Member
of
Twin
Bridge
Capital
Partners;
Director
of
Children's
Cancer
Research
Fund
until
2019;
Director
of
Fairview
Hospital
Foundation
until
2017.
Russell
W.
Swansen
(1957)
2009
Retired;
Senior
Vice
President
and
Chief
Investment
Officer,
Thrivent
Financial
from
2003
to
2017.
Currently,
Advisory
Board
member
of
Twin
Bridge
Capital
Partners,
a
registered
investment
advisory
firm,
since
2005;
Director
of
Children’s
Cancer
Research
Fund
until
2017.
Independent
Trustees
(2)(3)(4)(5)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Janice
B.
Case
(1952)
2011
Retired.
Independent
Trustee
of
North
American
Electric
Reliability
Corporation
(the
electric
reliability
organization
("ERO")
for
North
America)
since
2008.
Robert
J.
Chersi
(1961)
2017
Founder
of
Chersi
Services
LLC
(consulting
firm)
since
2014.Director
and
member
of
the
Audit
and
Risk
Oversight
Committees
of
E*TRADE
Financial
Corporation
and
Director
of
E*TRADE
Bank
from
2019
to
2020;
Lead
Independent
Director
since
2019
and
Director
and
Audit
Committee
Chair
at
BrightSphere
Investment
Group
plc
since
2016.
Marc
S.
Joseph
(1960)
2011
Managing
Director
of
Granite
Ridge
LLP
(consulting
and
advisory
firm)
since
2009;
Managing
Director
of
Triangle
Crest
(private
investing
and
consulting
firm)
since
2004.
Paul
R.
Laubscher
(1956)
2009
Portfolio
Manager
for
U.S.
private
real
estate
and
private
equity
portfolios
of
IBM
Retirement
Funds.
James
A.
Nussle
(1960)
2011
President
and
Chief
Executive
Officer
of
Credit
Union
National
Association
since
September
2014;
Director
of
Portfolio
Recovery
Associates
(PRAA)
since
2010;
CEO
of
The
Nussle
Group
LLC
(consulting
firm)
since
2009.
Advisory
Board
member
of
AVISTA
Capital
Partners
(private
equity
firm)
from
2010
to
2015.
20
Board
of
Trustees
and
Officers
Independent
Trustees
(2)(3)(4)(5)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Verne
O.
Sedlacek
(1954)
2017
Chief
Executive
Officer
of
E&F
Advisors
LLC
(consulting)
since
2015;
President
&
Chief
Executive
Officer
of
the
Commonfund
from
2003
to
2015.
Chairman
of
the
Board
of
Directors
of
AGB
Institutional
Strategies
from
2016
to
2019.
Constance
L.
Souders
(1950)
2007
Retired.
21
Board
of
Trustees
and
Officers
Executive
Officers
(2)(4)
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
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
VP,
President,
Mutual
Funds,
Thrivent
Financial
from
2015
to
2017;
Vice
President
and
Deputy
General
Counsel,
Thrivent
Financial
from
2006
to
2015.
Gerard
V.
Vaillancourt
(1967)
Treasurer
and
Principal
Accounting
Officer
Vice
President
and
Mutual
Funds
Chief
Financial
Officer,
Thrivent
Financial
since
2017;
Vice
President,
Mutual
Fund
Accounting,
Thrivent
Financial
from
2006
to
2017.
Michael
W.
Kremenak
(1978)
Secretary
and
Chief
Legal
Officer
Vice
President,
Thrivent
Financial
since
2015;
Senior
Counsel,
Thrivent
Financial
from
2013
to
2015.
Edward
S.
Dryden
(1965)
Chief
Compliance
Officer
Vice
President,
Chief
Compliance
Officer
-
Thrivent
Funds,
Thrivent
Financial
since
2018;
Director,
Chief
Compliance
Officer
-
Thrivent
Funds,
Thrivent
Financial
from
2010
to
2018.
Kathleen
M.
Koelling
(1977)
Privacy
Officer
(6)
Vice
President,
Deputy
General
Counsel,
Thrivent
Financial
since
2018;
Vice
President,
Managing
Counsel,
Thrivent
Financial
from
2016
to
2018;
Privacy
Officer,
Thrivent
Financial
since
2011;
Anti-Money
Laundering
Officer,
Thrivent
Financial
from
2011
to
2019;
Senior
Counsel,
Thrivent
Financial
from
2002
to
2016.
Sharon
K.
Minta
(1973)
Anti-Money
Laundering
Officer
(6)
Director,
Compliance,
Anti-Money
Laundering
Officer
and
Manager
of
Identity
Theft
and
Customer
Fraud/Special
Investigations
Unit,
Thrivent
Financial
since
2019;
Compliance
Manager,
Anti-Money
Laundering,
Customer
Fraud/Special
Investigations
Unit
and
Identity
Theft
programs,
Thrivent
Financial
from
2014
to
2019.
Troy
A.
Beaver
(1967)
Vice
President
Vice
President,
Mutual
Funds
Marketing
&
Distribution,
Thrivent
Financial
since
2015;
Vice
President,
Marketing,
American
Century
Investments
from
2006
to
2015.
Monica
L.
Kleve
(1969)
Vice
President
Vice
President,
Investment
Operations,
Thrivent
Financial
since
2019;
Director,
Investments
Systems
and
Solutions,
Thrivent
Financial
from
2002
to
2019.
Kathryn
A.
Stelter
(1962)
Vice
President
Vice
President,
Mutual
Funds
Chief
Operations
Officer,
Thrivent
Financial
since
2017;
Director,
Mutual
Fund
Operations,
Thrivent
Financial
from
2014
to
2017.
Jill
M.
Forte
(1974)
Assistant
Secretary
Senior
Counsel,
Thrivent
Financial
since
2017;
Counsel,
Thrivent
Financial
from
2015
to
2017;
Associate
Counsel,
Ameriprise
Financial,
Inc.
from
2013
to
2015.
John
D.
Jackson
(1977)
Assistant
Secretary
Senior
Counsel,
Thrivent
Financial
since
2017;
Associate
General
Counsel,
RBC
Global
Asset
Management
(US)
Inc.
from
2011
to
2017.
Sarah
L.
Bergstrom
(1977)
Assistant
Treasurer
Head
of
Mutual
Fund
Accounting,
Thrivent
Financial
since
2017;
Director,
Fund
Accounting
Administration,
Thrivent
Financial
from
2007
to
2017.
(1)
“Interested
person”
of
the
Trust
as
defined
in
the
1940
Act
by
virtue
of
a
position
with
Thrivent
Financial.
Mr.
Royal
is
considered
an
interested
person
because
of
his
principal
occupation
with
Thrivent
Financial.
Mr.
Swansen
is
considered
an
interested
person
because
of
his
past
occupation
with
Thrivent
Financial.
(2)
Each
Trustee
generally
serves
an
indefinite
term
until
her
or
his
successor
is
duly
elected
and
qualified.
Officers
serve
at
the
discretion
of
the
Board
until
their
successors
are
duly
appointed
and
qualified.
(3)
Each
Trustee,
other
than
Mr.
Royal,
oversees
63
portfolios.
Mr.
Royal
oversees
64
portfolios.
(4)
The
address
for
each
Trustee
and
Officer
unless
otherwise
noted
is
901
Marquette
Avenue,
Suite
2500,
Minneapolis,
MN
55402-3211.
(5)
The
Trustees,
other
than
Mr.
Royal
and
Mr.
Swansen
,
are
not
“interested
persons”
of
the
Trust
and
are
referred
to
as
“Independent
Trustees.”
(6)
The
address
for
this
Officer
is
4321
North
Ballard
Road,
Appleton,
WI
54913.
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.