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)
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Address of principal executive offices) (Zip code)
John D. Jackson, Secretary and Chief Legal Officer
Thrivent Cash Management Trust
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period: April 28, 2023
Item 1. Report to Stockholders
(a)
A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended, is provided.
(b)
Not applicable.
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 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: Not applicable.
(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
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: June 27, 2023
Thrivent Cash Management Trust
By: /s/ Michael W. Kremenak
Michael W. Kremenak
President
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: June 27, 2023
By: /s/ Michael W. Kremenak
Michael W. Kremenak
President
(principal executive officer)
Date: June 27, 2023
By: /s/ Sarah L. Bergstrom
Sarah L. Bergstrom
Treasurer and Principal Accounting Officer
(principal financial officer)
Semiannual
Report
April
28,
2023
Thrivent
Cash
Management
Trust
Table
of
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
14
Additional
Information
16
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,
cybersecurity,
investment
adviser,
market,
other
funds,
redemption,
regulatory,
and
repurchase
agreement risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
U.S.
Government
Agency
Debt
64.9%
U.S.
Treasury
Debt
19.4%
Investment
Company
8.9%
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
6.8%
Total
100.0%
Thrivent
Cash
Management
Trust
As
of
April
28,
2023
*
7-Day
Yield
4.94%
7-Day
Yield
Gross
of
Waivers
4.91%
7-Day
Effective
Yield
5.06%
7-Day
Effective
Yield
Gross
of
Waivers
5.03%
Average
Annual
Total
Returns
**
For
the
Period
Ended
April
28,
2023
1-Year
5-Year
10-Year
Total
Return
3.17%
1.47%
0.93%
*
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
voluntarily
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.
The
yield
quotation
more
closely
reflects
the
current
earnings
of
Thrivent
Cash
Management
Trust
than
the
total
return
quotation.
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
the
prospectus
carefully
before
investing.
To
obtain
a
prospectus,
call
1-800-847-4836.
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
November
1,
2022
through
April
28,
2023.
Actual
Expenses
In
the
table
below,
the
first
line
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
"Expenses
Paid
during
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
line
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
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
11/1/2022
Ending
Account
Value
4/28/2023
Expenses
Paid
During
Period 11/1/2022
-
4/28/2023
*
Annualized
Expense
Ratio
Thrivent
Cash
Management
Trust
Actual
$1,000
$1,022
$0.25
0.05%
Hypothetical
**
$1,000
$1,024
$0.25
0.05%
*
Expenses
are
equal
to
the
Portfolio's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
179/365
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Thrivent
Cash
Management
Trust
Schedule
of
Investments
as
of
April
28,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
4
Shares
Investment
Company
(
8.9%
)
Value
BlackRock
Liquidity
FedFund
$
5,000
4.745%
$
5,000
Dreyfus
Government
Cash
Management
Fund
5,000
4.757%
5,000
Goldman
Sachs
Financial
Square
Funds
-
Government
Fund
32,895,000
4.761%
32,895,000
Total
32,905,000
Principal
Amount
U.S.
Government
Agency
Debt
(
65.0%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
5,100,000
5.180%
(FEDL
1M
+
0.350%),
6/29/2023
b
5,102,650
Federal
Farm
Credit
Bank
1,550,000
4.840%
(SOFRRATE
+
0.030%),
8/28/2023
b
1,550,000
5,000,000
4.860%
(FEDL
1M
+
0.030%),
12/8/2023
b
4,998,989
6,200,000
4.880%
(SOFRRATE
+
0.070%),
12/14/2023
b
6,200,000
20,000,000
4.850%
(FEDL
1M
+
0.020%),
3/25/2024
b
19,998,063
5,000,000
4.890%
(FEDL
1M
+
0.060%),
6/24/2024
b
5,000,000
Federal
Home
Loan
Bank
5,000,000
4.570% ,
5/15/2023
4,989,389
10,000,000
4.640% ,
5/16/2023
9,977,192
5,000,000
4.660% ,
5/24/2023
4,983,455
5,000,000
4.835%
(SOFRRATE
+
0.025%),
6/15/2023
b
5,000,000
500,000
4.980% ,
6/27/2023
495,944
5,000,000
4.860%
(SOFRRATE
+
0.050%),
7/6/2023
b
5,000,251
15,000,000
4.915%
(SOFRRATE
+
0.105%),
7/21/2023
b
15,000,000
5,000,000
4.870%
(SOFRRATE
+
0.060%),
7/27/2023
b
5,000,000
677,000
5.000% ,
8/2/2023
668,210
5,000,000
4.840%
(SOFRRATE
+
0.030%),
8/3/2023
b
5,000,000
5,000,000
4.930%
(SOFRRATE
+
0.120%),
9/6/2023
b
5,000,000
5,000,000
4.900%
(SOFRRATE
+
0.090%),
9/14/2023
b
5,000,000
10,000,000
4.905%
(SOFRRATE
+
0.095%),
10/6/2023
b
10,000,000
U.S.
International
Development
Finance
Corporation
3,668,000
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
3,668,000
5,527,717
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
5,527,717
10,470,085
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
10,470,084
31,546,125
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
31,546,125
20,382,750
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
20,382,750
6,601,111
5.100%
(T-BILL
3M
+
0.070%),
5/5/2023
b
6,601,111
16,767,503
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
16,767,503
Principal
Amount
U.S.
Government
Agency
Debt
(65.0%)
a
Value
$
3,520,500
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
$
3,520,500
3,520,500
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
3,520,500
4,928,700
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
4,928,700
4,928,700
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
4,928,700
5,000,000
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
5,000,000
1,430,000
5.100%
(T-BILL
3M
FLAT),
5/5/2023
b
1,430,000
2,500,000
5.080% ,
11/15/2023
2,556,551
Total
239,812,384
Principal
Amount
U.S.
Treasury
Debt
(
19.3%
)
a
Value
U.S.
Treasury
Bills
5,000,000
4.510% ,
5/23/2023
4,984,593
2,000,000
4.860% ,
6/27/2023
1,984,136
10,000,000
5.000% ,
7/20/2023
9,886,111
10,000,000
4.850% ,
7/25/2023
9,884,350
U.S.
Treasury
Notes
25,000,000
5.160%
(USBMMY
3M
+
0.029%),
7/31/2023
b
24,993,593
5,000,000
5.166%
(USBMMY
3M
+
0.035%),
10/31/2023
b
4,998,971
5,000,000
5.168%
(USBMMY
3M
+
0.037%),
7/31/2024
b
4,995,168
5,000,000
5.271%
(USBMMY
3M
+
0.140%),
10/31/2024
b
4,998,010
5,000,000
5.331%
(USBMMY
3M
+
0.200%),
1/31/2025
b
4,998,504
Total
71,723,436
Principal
Amount
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
(
6.8%
)
a
Value
RBC
Dominion
Securities
25,000,000
4.750% ,
5/1/2023
c
25,000,000
Total
25,000,000
Total
Investments
(cost
$369,440,820)
100.0%
$369,440,820
Other
Assets
and
Liabilities,
Net
<0.1%
128,971
Total
Net
Assets
100.0%
$369,569,791
a
The
interest
rate
shown
reflects
the
yield.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
28,
2023.
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
Repurchase
agreement
dated
April
28,
2023,
$25,009,896
maturing
May
1,
2023,
collateralized
by
$25,510,097
U.S.
Government
or
related
agency
securities,
0.13%-4.25%,
due
March
31,
2025
-
February
15,
2051.
Thrivent
Cash
Management
Trust
Schedule
of
Investments
as
of
April
28,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
5
Reference
Rate
Index:
FEDL
1M
-
Federal
Funds
1
Month
Rate
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
$369,440,820
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
28,
2023,
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
32,905,000
32,905,000
–
–
U.S.
Government
Agency
Debt
239,812,384
–
239,812,384
–
U.S.
Treasury
Debt
71,723,436
–
71,723,436
–
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
$369,440,820
$32,905,000
$336,535,820
$–
Thrivent
Cash
Management
Trust
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
As
of
April
28,
2023
(unaudited)
Cash
Management
Trust
Assets
Investments
in
unaffiliated
securities
at
cost
$369,440,820
Investments
in
unaffiliated
securities
at
value
369,440,820
*
Cash
6,112
Dividends
and
interest
receivable
1,744,980
Prepaid
expenses
528
Prepaid
trustee
fees
1,244
Receivable
for:
Expense
reimbursements
12,031
Total
Assets
371,205,715
Liabilities
Distributions
payable
1,599,845
Accrued
expenses
20,366
Payable
for:
Investment
advisory
fees
15,713
Contingent
liabilities^
—
Total
Liabilities
1,635,924
Net
Assets
Capital
stock
(beneficial
interest)
369,560,635
Distributable
earnings/(accumulated
loss)
9,156
Total
Net
Assets
$369,569,791
Shares
of
beneficial
interest
outstanding
369,560,635
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.
7
For
the
six
months
ended
April
28,
2023
(unaudited)
Cash
Management
Trust
Investment
Income
Dividends
$1,794,717
Interest
6,863,208
Total
Investment
Income
8,657,925
Expenses
Adviser
fees
87,221
Administrative
service
fees
45,000
Audit
and
legal
fees
19,945
Custody
fees
3,014
Insurance
expenses
3,191
Transfer
agent
fees
2,500
Trustee
s'
fees
4,689
Pricing
service
fees
1,624
Other
expenses
5,348
Total
Expenses
Before
Reimbursement
172,532
Less:
Reimbursement
from
adviser
(75,613)
Total
Net
Expenses
96,919
Net
Investment
Income/(Loss)
8,561,006
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
5,111
Net
Realized
and
Unrealized
Gains/(Losses)
5,111
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$8,566,117
Thrivent
Cash
Management
Trust
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Cash
Management
Trust
For
the
periods
ended
4/28/2023
(unaudited)
10/31/2022
Operations
Net
investment
income/(loss)
$8,561,006
$4,456,820
Net
realized
gains/(losses)
5,111
2,209
Net
Change
in
Net
Assets
Resulting
From
Operations
8,566,117
4,459,029
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(8,561,006)
(4,739,084)
Total
Distributions
to
Shareholders
(8,561,006)
(4,739,084)
Capital
Stock
Transactions
Sold
4,026,457,264
10,996,270,072
Redeemed
(4,123,001,831)
(11,083,831,476)
Total
Capital
Stock
Transactions
(96,544,567)
(87,561,404)
Net
Increase/(Decrease)
in
Net
Assets
(96,539,456)
(87,841,459)
Net
Assets,
Beginning
of
Period
466,109,247
553,950,706
Net
Assets,
End
of
Period
$369,569,791
$466,109,247
Capital
Stock
Share
Transactions
Sold
4,026,457,264
10,996,270,072
Redeemed
(4,123,001,831)
(11,083,831,476)
Total
Capital
Stock
Share
Transactions
(96,544,567)
(87,561,404)
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
April
28,
2023
(unaudited)
9
(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
authorized
to
issue
an
unlimited
number
of
shares
of
beneficial
interest
with
a
par
value
(if
any)
as
the
Trustees
may
determine
from
time
to
time.
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,
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The
Trust's
federal
income
tax
returns
are
subject
to
examination
for
a
period
of
three
years
after
the
filing
of
the
return
for
the
tax
period.
State
returns
may
be
subject
to
examination
for
an
additional
year
depending
on
the
jurisdiction.
The
Trust
has
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
April
28,
2023, 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.
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
April
28,
2023
(unaudited)
10
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
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 six
months
ended
April
28,
2023,
the
Trust participated
in
this
type
of
investment.
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in the
Statement
of
Assets
and
Liabilities:
Contingent
Liabilities
—
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.
For
the six
months
ended
April
28,
2023,
no
contingent
liabilities
were
reported.
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
FASB
issued
Accounting
Standards
Update
("ASU")
No.
2020-04
Reference
Rate
Reform,
which
provides
optional
guidance
to
ease
the
potential
accounting
burden
associated
with
transitioning from
the
London
Interbank
Offered
Rate
("LIBOR")
and
other
reference
rates
expected
to
be
discontinued.
In
December
2022,
the
FASB
issued ASU
No.
2022-06
as
an
update
to
this
standard
which
was
effective
immediately
upon
release and
can
be
applied
prospectively through December
31,
2024.
At
this
time,
management
is
evaluating
implications
of
these
changes
on
financial
statement
disclosures.
Management
is
also
currently
actively
working
with
other
financial
institutions
and
counterparties
to
modify
contracts
as
required
by
applicable
regulation
and
within
the
regulatory
deadline.
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 six
months
ended
April
28,
2023,
Thrivent
Financial
received
aggregate
fees
for
administrative
and
accounting
personnel
and
services
of $45,000
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
six
months
ended April
28,
2023,
Thrivent Investor
Services
received
$2,500 for transfer
agent
services
from
the
Trust.
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
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
April
28,
2023
(unaudited)
11
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,
if
any, is
unsecured.
Those
trustees
not participating
in
the
above
plan
received
$4,670 in
fees
from
the
Trust
during
the six
months
ended
April
28,
2023.
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
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
28,
2023,
the
tax
basis
balance
has
not
yet
been
determined.
(5)
RELATED
PARTY
TRANSACTIONS
As
of
April
28,
2023, 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
Trust
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
Trust.
Cybersecurity
Risk
—
The
Trust
and
its
service
providers
may
be
susceptible
to
operational,
information
security,
privacy,
fraud,
business
disruption,
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
Trust’s
ability
to
calculate
its
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Trust’s
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Trust
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
Trust
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Trust’s
investments
in
such
companies
to
lose
value.
While
the
Trust’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
Trust
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Trust
or
its
shareholders.
Although
the
Trust
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operational
risks
that
may
affect
the
Trust
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
Trust’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
the
Trust
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Government
Securities
Risk
—
The
Trust
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.
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
April
28,
2023
(unaudited)
12
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-
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,
which
may
be
negatively
impacted
by
rising
levels
of
indebtedness.
It
is
possible
that
issuers
of
U.S.
Government
securities
will
not
have
the
funds
to
meet
their
payment
obligations
in
the
future.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
in
general
economic
conditions,
inflation,
and
monetary
policies,
such
as
certain
types
of
interest
rate
changes
by
the
Federal
Reserve
could
affect
interest
rates
and
the
value
of
some
securities.
During
periods
of
low
interest
rates
or
when
inflation
rates
are
high
or
rising,
the
Trust
may
be
subject
to
a
greater
risk
of
rising
interest
rates.
A
weak
economy,
strong
equity
markets,
or
changes
by
the
Federal
Reserve
in
its
monetary
policies
may
cause
short-term
interest
rates
to
increase
and
affect
the
Trust’s
ability
to
maintain
a
stable
share
price.
Investment
Adviser
Risk
—
The
Trust
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
Trust
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
Trust’s
investment
objective.
LIBOR
Risk
—
The
Trust
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
(London
Interbank
Offered
Rate)
to
determine
payment
obligations,
financing
terms
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.
As
a
result,
market
participants
have
begun
transitioning
away
from
LIBOR,
but
certain
obstacles
remain
with
regard
to
converting
certain
securities
and
transactions
to
a
new
benchmark
or
benchmarks.
Although
many
LIBOR
rates
were
phased
out
at
the
end
of
2021
as
originally
intended,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
until
June
2023
in
order
to
assist
with
the
transition.
On
December
16,
2022,
the
Federal
Reserve
Board
adopted
a
rule
that
would
replace
LIBOR
in
certain
financial
contracts
using
benchmark
rates
based
on
the
Secured
Overnight
Financing
Rate
(“SOFR”)
after
June
30,
2023.
Various
financial
industry
groups
have
been
planning
for
the
transition
away
from
LIBOR,
but
there
remains
uncertainty
regarding
potential
effects
of
the
transition
away
from
LIBOR
on
the
Trust
or
its
investments.
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
SOFR,
which
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
Trust.
Any
additional
regulatory
or
market
changes
that
occur
as
a
result
of
the
transition
away
from
LIBOR
and
the
adoption
of
alternative
reference
rates
may
have
an
adverse
impact
on
the
value
of
the
Fund's
investments,
performance
or
financial
condition,
and
might
lead
to
increased
volatility
and
illiquidity
in
markets
that
currently
rely
on
LIBOR
to
determine
interest
rates.
The
transition
process
could
also
lead
to
a
reduction
in
the
value
of
some
LIBOR-based
investments.
Any
such
effects
of
the
transition
away
from
LIBOR,
as
well
as
other
unforeseen
effects,
could
result
in
losses
to
the
Trust.
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
the
discontinuation
of
LIBOR
on
the
Trust
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
Trust
until
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products,
instruments
and
contracts
are
commercially
accepted.
Market Risk
—
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
the
Trust’s
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Trust’s
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
the
spread
of
infectious
illness
such
as
the
outbreak
of
COVID-19,
public
health
crises,
war,
terrorism,
natural
disasters
or
similar
events.
Money
Market
Fund
Risk
—
You
could
lose
money
by
investing
in
the
Trust.
Although
the
Trust
seeks
to
preserve
the
value
of
your
Thrivent
Cash
Management
Trust
Notes
to
Financial
Statements
April
28,
2023
(unaudited)
13
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so.
An
investment
in
the
Trust
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Trust’s
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Trust,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Trust
at
any
time.
Other
Funds Risk
—
Because
the
Trust
invests
in
other
funds,
the
performance
of
the
Trust
is
dependent,
in
part,
upon
the
performance
of
other
funds
in
which
the
Trust
may
invest.
As
a
result,
the
Trust
is
subject
to
the
same
risks
as
those
faced
by
the
other
funds.
In
addition,
other
funds
may
be
subject
to
additional
fees
and
expenses
that
will
be
borne
by
the
Trust.
Redemption
Risk
—
The
Trust
may
need
to
sell
portfolio
securities
to
meet
redemption
requests.
The
Trust
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
Trust
shares,
(ii)
a
disruption
in
the
normal
operation
of
the
markets
in
which
the
Trust
buys
and
sells
portfolio
securities
or
(iii)
the
inability
of
the
Trust
to
sell
portfolio
securities
because
such
securities
are
illiquid.
In
such
events,
the
Trust
could
be
forced
to
sell
securities
at
unfavorable
prices
in
an
effort
to
generate
sufficient
cash
to
pay
redeeming
shareholders.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Trust.
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,
which
are
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Trust
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
Trust’s
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of
a
Trust
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Trust.
Repurchase
Agreement Risk
—
A
repurchase
agreement,
or
repo,
is
a
form
of
short-term
borrowing
that
allows
a
dealer
to
sell
securities
to
an
investor,
such
as
the
Trust,
and
buy
them
back
(usually
the
next
day)
at
a
slightly
higher
price.
If
the
seller
of
a
repurchase
agreement
defaults
or
is
otherwise
unable
to
fulfill
its
obligations,
the
Trust
may
incur
losses
as
a
result
of
selling
the
underlying
securities,
enforcing
its
rights,
or
a
decline
in
the
value
of
collateral.
Thrivent
Cash
Management
Trust
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Per
Share
Outstanding
Throughout
Each
Period
*
Income
From
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
CASH
MANAGEMENT
TRUST
Period
Ended
4/28/2023
(unaudited)
$
1.00
$
0.02
$
0.00
$
0.02
$
(0.02)
$
–
Year
Ended
10/31/2022
1.00
0.01
0.00
0.01
(0.01)
0.00
Year
Ended
10/31/2021
1.00
0.00
0.00
0.00
0.00
0.00
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)
–
(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.
15
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
$
(0.02)
$
1.00
2.21%
$
369.6
0.05%
4.42%
0.09%
4.38%
N/A
(0.01)
1.00
1.02%
466.1
0.05%
0.81%
0.08%
0.79%
N/A
0.00
1.00
0.03%
554.0
0.05%
0.02%
0.08%
0.00%
N/A
(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
16
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
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.
Board
Approval
of
Advisory
Agreement
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
agreement
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
such
an
agreement,
after
an
initial
term
of
up
to
two
years,
be
annually
reviewed
and
approved
by
the
board.
Any
such
agreement
must
be
approved
by
a
vote
of
a
majority
of
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
(as
defined
in
the
1940
Act)
of
a
party
to
the
agreement
at
a
meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
15-16,
2022
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”)
of
the
Thrivent
Cash
Management
Trust
(the
“Trust”),
including
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
as
defined
in
the
1940
Act
(the
“Independent
Trustees”),
considered
and
voted
unanimously
to
renew
the
existing
advisory
agreement
(the
“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:
1.
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Adviser;
2.
The
performance
of
the
Trust;
3.
The
advisory
fee
and
net
operating
expense
ratio
of
the
Trust
compared
to
a
peer
group;
4.
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
5.
The
extent
to
which
economies
of
scale
may
be
realized
as
the
Trust
grows;
6.
Whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
the
Trust’s
shareholders;
7.
Other
benefits
realized
by
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Trust;
and
8.
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
17
to
November
16,
2022
to
consider
information
relevant
to
the
annual
contract
renewal
process
furnished
by
the
Adviser
in
advance
of
the
meetings.
The
Board
had
the
opportunity
to
ask
questions
and
request
further
information
in
connection
with
its
consideration.
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
estimates
of
the
cost
of
services
and
profit
realized
by
the
Adviser
and
its
affiliates
that
provide
services
to
the
Trust.
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
17
Additional
Information
(unaudited)
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
annual
contract
renewal
process,
the
Board
also
considered
information
obtained
from
management
throughout
the
course
of
the
year.
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
the
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.
The
Board
also
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
portfolio
manager
of
the
Trust.
The
Board
received
reports
and
presentations
at
each
of
its
quarterly
meetings
from
the
Adviser’s
senior
investment
team
about
the
Trust.
These
reports
and
presentations
gave
the
Board
or
one
of
its
committees
the
opportunity
to
evaluate
the
abilities
of
the
portfolio
manager
and
other
investment
professionals
and
quality
of
services
they
provide
to
the
Trust.
The
Independent
Trustees
also
met,
including
in
executive
session,
with
and
received
periodic
reports
from
the
Trust’s
Chief
Compliance
Officer,
the
Trust’s
independent
accounting
firm,
and
representatives
from
the
internal
audit
department
of
the
Adviser
(Business
Risk
Management).
The
Board
noted
that
the
Chief
Compliance
Officer
met
regularly
between
quarterly
meetings
with
the
Chair
of
the
Ethics
and
Compliance
Committee
and
the
Chairs
of
other
Committees
communicated
with
Adviser
representatives
between
quarterly
meetings.
The
Board
considered
the
adequacy
of
the
Adviser’s
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
Agreement.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
continued
investments
in
technology
and
personnel,
including
hiring
additional
personnel
in
the
research,
analysis
and
trading
areas.
The
Adviser
discussed
with
the
Board
steps
taken
to
continue
to
strengthen
its
compliance
program
and
investment
team.
The
Adviser
discussed
with
the
Board
the
operations
of
the
Adviser
and
other
service
providers
to
the
Trust
during
the
hybrid
working
environment
and
responses
to
volatile
market
conditions.
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,
a
member
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
the
economic
and
market
environment
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
investment
and
reinvestment
of
cash
collateral
on
behalf
of
lenders
participating
in
the
Trust’s
securities
lending
program.
While
the
Board
considered
safety
of
principal
to
be
the
primary
goal,
the
Board
reviewed
information
prepared
by
MPI
comparing
the
Trust’s
performance
to
its
Morningstar
peer
group,
the
Morningstar
Money
Market
(Taxable)
Fund
Category.
The
Board
noted
that
the
Trust’s
one-,
three-,
five-
and
ten-year
performance
was
higher
than
its
peer
group
median.
Advisory
Fees
and
Fund
Expenses
The
Board
reviewed
information
prepared
by
MPI
comparing
the
Trust’s
advisory
fee
with
the
advisory
fees
of
a
peer
group
selected
by
MPI
based
on
similar
investment
objective
and
size.
The
Board
noted
that
the
Trust’s
advisory
fee
as
compared
to
the
Trust’s
peer
group
was
below
the
median.
18
Additional
Information
(unaudited)
The
Board
also
reviewed
information
prepared
by
MPI
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
median
of
its
peer
group.
The
Board
reviewed
information
comparing
the
Trust’s
advisory
fee
and
overall
expense
ratio
with
the
fee
and
expense
information
for
the
relevant
Morningstar
peer
universe.
On
the
basis
of
its
review,
the
Board
concluded
that
the
advisory
fee
charged
under
the
Advisory
Agreement
was
reasonable.
Cost
of
Services
and
Profitability
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
fund-by-fund
basis.
The
Board
considered
the
expense
reimbursements
that
were
in
effect.
The
Board
considered
the
level
of
the
Adviser’s
profits
with
respect
to
all
the
Thrivent
funds,
including
the
Trust.
Based
on
the
data
prepared
by
MPI
and
the
expense
and
profit
information
provided
by
the
Adviser,
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.
The
Board
also
noted
that
the
net
asset
level
of
the
Trust
varies
depending
on
the
securities
lending
activity
of
the
other
Thrivent
funds.
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.
Supplemental
Proxy
Information
A
special
meeting
of
shareholders
of
the
Trust
was
held
on
July
20,
2022
(the
“Special
Meeting”).
The
Special
Meeting
was
held
to
elect
individuals
to
serve
on
the
Trust’s
Board
of
Trustees.
Shareholders
elected
the
following
ten
(10) Trustees
at
the
Special
Meeting:
Janice
B.
Case
Robert
J.
Chersi
Arleas
Upton
Kea
Michael
W.
Kremenak
Paul
R.
Laubscher
Robert
J.
Manilla
James
A.
Nussle
David
S.
Royal
James
W.
Runcie
Constance
L.
Souders
19
Additional
Information
(unaudited)
The
results
of
the
shareholders’
election
of
Trustees
were
as
follows:
Shares
Outstanding
(as
of
Record
Date):
495,936,578.02
Total
Shares
Voted:
495,936,578.020
Percentage
of
Shares
Voted:
100.00%
Trustee
Vote
Total
Shares
Voted
Percentage of
Shares
Voted
Percentage
of
Shares
Outstanding
Janice
B.
Case
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
Robert
J.
Chersi
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
Arleas
Upton
Kea
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
Michael
W.
Kremenak
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
Paul
R.
Laubscher
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
Robert
J.
Manilla
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
James
A.
Nussle
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
David
S.
Royal
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
James
W.
Runcie
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
Constance
L.
Souders
For:
495,936,578.020
100.00%
100.00%
Withheld:
0.000
0.00%
0.00%
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.