Thrivent Cash Management Trust N-CSR Certified annual shareholder report (management investment company)

United States
Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-21622

Thrivent Cash Management Trust

(Exact name of registrant as specified in charter)

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:  October 31, 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 (the “Act”), as amended, is provided.

(b)        Not applicable.

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 $20,290 for the year ended October 31, 2022 and $21,500 for the year ended October 31, 2023. 

(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, 2022 and $0 for the year ended October 31, 2023.  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 $0 for the year ended October 31, 2022 and $0 for the year ended October 31, 2023.

(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 $5,130 for the year ended October 31, 2022 and $5,440 for the year ended October 31, 2023.  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, 2022 and $0 for the year ended October 31, 2023.

(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, 2022 and October 31, 2023.  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 $4,150 for the year ended October 31, 2022 and $0 for the year ended October 31, 2023.  The 2022 payments were for access to a PwC-sponsored online library and disclosure checklist that provides interpretive guidance regarding U.S. and foreign accounting standards.  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, 2023 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, 2022 and October 31, 2023 were $4,150 and $0 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.

(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 28, 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: December 28, 2023

                      

By:   /s/ Michael W. Kremenak               

                                                                                            Michael W. Kremenak

                                                                                            President

                                                                                (principal executive officer)

Date: December 28, 2023

                      

By:   /s/ Sarah L. Bergstrom                  

                                         

        Sarah L. Bergstrom

                                                                                            Treasurer and Principal Accounting Officer

                                                                                (principal financial officer)

Annual

Report

October

31,

2023

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

14

Additional

Information

16

Board

of

Trustees

and

Officers

17

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,

interest

rate, credit,

cybersecurity,

investment

adviser,

market,

other

funds,

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.

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,

2023,

the

Trust

earned

a

return

of

4.95%.

Net

assets

in

the

Trust

totaled

approximately

$361

million

at

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

Trust’s

portfolio,

we

continued

to

invest

heavily

in

floating-rate

notes,

which

represented

more

than

37%

of

net

assets.

We

also

invested

more

than

23%

of

net

assets

in

variable-rate

demand

notes

(VRDNs)

with

weekly

coupon

resets,

which

makes

them

a

useful

tool

in

reducing

the

Trust’s

interest-rate

sensitivity.

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.

At

period

end,

the

Trust’s

WAL

was

54

days,

and

its

WAM

remained

extremely

short

at

6

days.

We

believe

maintaining

a

very

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

49.4%

U.S.

Treasury

Debt

35.9%

Investment

Company

14.7%

Total

100.0%

Thrivent

Cash

Management

Trust

As

of

October

31,

2023

*

7-Day

Yield

5.37%

7-Day

Yield

Gross

of

Waivers

5.40%

7-Day

Effective

Yield

5.52%

7-Day

Effective

Yield

Gross

of

Waivers

5.55%

Average

Annual

Total

Returns

**

For

the

Period

Ended

October

31,

2023

1-Year

5-Year

10-Year

Total

Return

4.95%

1.81%

1.20%

*

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

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,

2023

through

October

31,

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

5/1/2023

Ending

Account

Value

10/31/2023

Expenses

Paid

During

Period  5/1/2023

-

10/31/2023

*

Annualized

Expense

Ratio

Thrivent

Cash

Management

Trust

Actual

$1,000

$1,027

$0.26

0.05%

Hypothetical

**

$1,000

$1,025

$0.26

0.05%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

186/365

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

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,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(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,

2023,

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,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

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

audits.

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

audits

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

audits

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

audits

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,

2023

by

correspondence

with

the

custodian

and

transfer

agents.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Minneapolis,

Minnesota

December

18,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Thrivent

Financial

investment

company

complex

since

1987.

PricewaterhouseCoopers

LLP,

45

South

Seventh

Street,

Suite

3400,

Minneapolis,

MN

55402

T:

(612)

596

6000,

www.pwc.com/us

Report

of

Independent

Registered

Public

Accounting

Firm

Thrivent

Cash

Management

Trust

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

5

Shares

Investment

Company

(

14.7%

)

Value

BlackRock

Liquidity

FedFund

5,000

5.242% 

$

5,000

Dreyfus

Government

Cash

Management

Fund

5,000

5.234% 

5,000

Goldman

Sachs

Financial

Square

Funds

-

Government

Fund

52,965,000

5.255% 

52,965,000

Total

52,975,000

Principal

Amount

U.S.

Government

Agency

Debt

(

49.4%

)

a

Value

Federal

Farm

Credit

Bank

$

5,000,000

5.360%

(FEDL

1M

+

0.030%),

12/8/2023

b

4,998,989

20,000,000

5.350%

(FEDL

1M

+

0.020%),

3/25/2024

b

19,998,063

5,000,000

5.390%

(FEDL

1M

+

0.060%),

6/24/2024

b

5,000,000

Federal

Home

Loan

Bank

4,000,000

5.290% ,

11/2/2023

3,999,412

5,000,000

5.330%

(SOFRRATE

+

0.020%),

11/21/2023

b

5,000,000

5,000,000

5.335%

(SOFRRATE

+

0.025%),

12/22/2023

b

5,000,000

5,000,000

5.340%

(SOFRRATE

+

0.030%),

12/29/2023

b

5,000,000

10,000,000

5.340%

(SOFRRATE

+

0.030%),

1/5/2024

b

10,000,000

5,000,000

5.355%

(SOFRRATE

+

0.045%),

3/26/2024

b

5,000,000

5,000,000

5.360%

(SOFRRATE

+

0.050%),

4/26/2024

b

5,000,000

5,000,000

5.375%

(SOFRRATE

+

0.065%),

5/24/2024

b

5,000,000

U.S.

International

Development

Finance

Corporation

3,144,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,144,000

5,274,074

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

5,274,074

26,692,875

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

26,692,875

15,853,250

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

15,853,250

6,093,333

5.570%

(T-BILL

3M

+

0.070%),

11/7/2023

b

6,093,333

13,041,392

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

13,041,392

3,389,500

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,389,500

3,389,500

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,389,500

4,745,300

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

4,745,300

4,745,300

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

4,745,300

4,642,857

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

4,642,857

1,210,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

1,210,000

9,829,059

5.580%

(T-BILL

3M

FLAT),

11/7/2023

b

9,829,059

2,500,000

5.080% ,

11/15/2023

2,623,448

Total

178,670,352

Principal

Amount

U.S.

Treasury

Debt

(

36.0%

)

a

Value

U.S.

Treasury

Bills

$

50,000,000

5.295% ,

11/7/2023

$

49,955,872

25,000,000

5.265% ,

11/9/2023

24,970,750

10,000,000

5.301% ,

11/14/2023

9,980,856

25,000,000

5.288% ,

11/21/2023

24,926,556

U.S.

Treasury

Notes

5,000,000

5.419%

(USBMMY

3M

+

0.037%),

7/31/2024

b

4,995,168

5,000,000

5.522%

(USBMMY

3M

+

0.140%),

10/31/2024

b

4,998,010

5,000,000

5.582%

(USBMMY

3M

+

0.200%),

1/31/2025

b

4,998,504

5,000,000

5.552%

(USBMMY

3M

+

0.170%),

10/31/2025

b

4,998,998

Total

129,824,714

Total

Investments

(at

amortized

cost)

100.1%

$361,470,066

Other

Assets

and

Liabilities,

Net

(0.1)%

(492,279)

Total

Net

Assets

100.0%

$360,977,787

a

The

interest

rate

shown

reflects

the

yield.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

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.  

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

$361,470,066

Thrivent

Cash

Management

Trust

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

6

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

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

52,975,000

52,975,000

–

–

U.S.

Government

Agency

Debt

178,670,352

–

178,670,352

–

U.S.

Treasury

Debt

129,824,714

–

129,824,714

–

Total

Investments

at

Amortized

Cost

$361,470,066

$52,975,000

$308,495,066

$–

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,

2023

Cash

Management

Trust

Assets

Investments

in

unaffiliated

securities

at

cost

$361,470,066

Investments

in

affiliated

securities

at

cost

$—

Investments

in

unaffiliated

securities

at

value

361,470,066

*

Cash

29,109

Dividends

and

interest

receivable

1,257,202

Prepaid

expenses

2,652

Prepaid

trustee

fees

1,319

Receivable

for:

Expense

reimbursements

12,049

Total

Assets

362,772,397

Liabilities

Distributions

payable

1,768,598

Accrued

expenses

10,812

Payable

for:

Investment

advisory

fees

15,200

Contingent

liabilities^

—

Total

Liabilities

1,794,610

Net

Assets

Capital

stock

(beneficial

interest)

360,965,505

Distributable

earnings/(accumulated

loss)

12,282

Total

Net

Assets

$360,977,787

Shares

of

beneficial

interest

outstanding

360,965,506

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,

2023

Cash

Management

Trust

Investment

Income

Dividends

$3,794,199

Interest

14,821,237

Total

Investment

Income

18,615,436

Expenses

Adviser

fees

171,787

Administrative

service

fees

90,000

Audit

and

legal

fees

39,202

Custody

fees

7,613

Insurance

expenses

5,613

Transfer

agent

fees

5,000

Trustees'

fees

9,479

Pricing

service

fees

3,397

Other

expenses

13,149

Total

Expenses

Before

Reimbursement

345,240

Less:

Reimbursement

from

adviser

(154,366)

Total

Net

Expenses

190,874

Net

Investment

Income/(Loss)

18,424,562

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

8,237

Net

Realized

and

Unrealized

Gains/(Losses)

8,237

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$18,432,799

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

10/31/2023

10/31/2022

Operations

Net

investment

income/(loss)

$18,424,562

$4,456,820

Net

realized

gains/(losses)

8,237

2,209

Net

Change

in

Net

Assets

Resulting

From

Operations

18,432,799

4,459,029

Distributions

to

Shareholders

From

net

investment

income/net

realized

gains

(18,424,562)

(4,739,084)

Total

Distributions

to

Shareholders

(18,424,562)

(4,739,084)

Capital

Stock

Transactions

Sold

7,268,716,515

10,996,270,072

Redeemed

(7,373,856,212)

(11,083,831,476)

Total

Capital

Stock

Transactions

(105,139,697)

(87,561,404)

Net

Increase/(Decrease)

in

Net

Assets

(105,131,460)

(87,841,459)

Net

Assets,

Beginning

of

Period

466,109,247

553,950,706

Net

Assets,

End

of

Period

$360,977,787

$466,109,247

Capital

Stock

Share

Transactions

Sold

7,268,716,516

10,996,270,072

Redeemed

(7,373,856,212)

(11,083,831,476)

Total

Capital

Stock

Share

Transactions

(105,139,696)

(87,561,404)

Thrivent

Cash

Management

Trust

Notes

to

Financial

Statements

October

31,

2023

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

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

October

31,

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

October

31,

2023

11

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 year

ended

October

31,

2023,

the

Trust participated

in

this

type

of

investment.  

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 year

ended

October

31,

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.

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,

2023,

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,

2023,

Thrivent Investor

Services

received

$5,000 for transfer

agent

services

from

the

Trust. 

Each

Trustee

who

is

not

affiliated

with

the

Adviser

receives

an

annual

fee

from

the

Trust

for

services

as

a

Trustee

and

is

eligible

to

participate

in

a

deferred

compensation

plan

with

respect

to

these

fees.

Participants

in

the

plan

may

designate

their

deferred

Trustee’s

fees

as

if

invested

in

a

series

of

the

Thrivent

Mutual

Funds,

except

for

Thrivent

Money

Market 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

$9,536 in

fees

from

the

Trust

during

the year

ended

October

31,

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

During

the

year

ended

October

31,

2023

and

the

year

ended

October

31,

2022

the

Trust

distributed

$18,424,562

and

$4,727,447

from

ordinary

income,

respectively. 

During

the

year

ended

October

31,

2022,

the

Trust

distributed

$11,637

from

long-term

gains.  

Thrivent

Cash

Management

Trust

Notes

to

Financial

Statements

October

31,

2023

12

(5)

RELATED

PARTY

TRANSACTIONS

As

of

October

31,

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

cybersecurity

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.

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.

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

Thrivent

Cash

Management

Trust

Notes

to

Financial

Statements

October

31,

2023

13

decline

because

of

factors

that

affect

a

particular

industry

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

regulatory

events,

economic

downturn,

government

shutdowns,

the

spread

of

infectious

illness

such

as

the

outbreak

of

COVID-19,

public

health

crises,

war,

terrorism,

social

unrest,

recessions,

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

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

An

investment

in

the

Trust

is

not

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Trust’s

sponsor

is

not

required

to

reimburse

the

Trust

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Trust

at

any

time,

including

during

periods

of

market

stress.

While

the

Board

of

Trustees

may

implement

procedures

to

impose

a

discretionary

liquidity

fee

upon

the

sale

of

your

shares

in

the

future,

the

Board

has

not

elected

to

do

so

at

this

time.

Should

the

Board

elect

to

do

so,

such

change

would

only

become

effective

after

shareholders

were

provided

with

specific

advance

notice

of

the

change

in

the

Trust's

policy

and

provided

with

the

opportunity

to

redeem

their

shares

in

accordance

with

Rule

2a-7

before

the

policy

change

became

effective.

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.

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

Year

Ended

10/31/2023

$

1.00

$

0.05

$

0.00

$

0.05

$

(0.05)

$

–

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

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)

–

(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

$

(0.05)

$

1.00

4.95%

$

361.0

0.05%

4.83%

0.09%

4.79%

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

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.

17

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

series,

which

offers

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

for

Lutherans

(“Thrivent”)

and

separate

accounts

of

insurance

companies

not

affiliated

with

Thrivent.

Trustee

of

Thrivent

Core

Funds,

a

registered

investment

company

consisting

of

seven

funds

that

are

established

solely

for

investment

by

Thrivent

entities.

Trustee

of

Thrivent

ETF

Trust,

a

registered

investment

company

consisting

of

one

fund

that

is

an

exchange-traded

fund.

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

Michael

W.

Kremenak

(1978)

2021

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.

Trustee

of

Thrivent

Church

Loan

and

Income

Fund

from

2020

to

2023.

David

S.

Royal

(1971)

2015

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

from

2015

to

2023.

Director

of

Thrivent

Trust

Company

and

Advisory

Board

Member

of

Twin

Bridge

Capital

Partners;

Trustee

of

Thrivent

Church

Loan

and

Income

Fund

from

2020

to

2023.

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

Director

and

member

of

the

Audit

Committee

and

Governance

and

Nominating

Committee

at

MN8

Energy

LLC

and

MN8

Energy,

Inc.

since

2023;

Independent

Trustee

of

North

American

Electric

Reliability

Corporation

from

2008

to

2020.

Robert

J.

Chersi

(1961)

2017

Founder

of

Chersi

Services

LLC

(consulting

firm)

since

2014.

Lead

Independent

Director

since

2019

and

Director

and

Audit

Committee

Chair

at

BrightSphere

Investment

Group

plc

since

2016;

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.

Arleas

Upton

Kea

(1957)

2022

Deputy

to

the

Chairman

for

External

Affairs,

FDIC

in

2021;

Chief

Operating

Officer

and

Deputy

to

the

Chairman,

FDIC

from

2018

to

2021;

Director,

Administration,

FDIC

from

1999

to

2018.

Board

of

Directors,

Combined

Federal

Campaign

of

the

National

Capital

Area

since

2021;

Board

of

Directors,

University

of

Texas

Alumni

Association

since

2021;

Board

of

Directors,

University

of

Texas

Law

School

Foundation

since

2021.

Paul

R.

Laubscher

(1956)

2009

Portfolio

Manager

for

U.S.

private

real

estate

and

equity

and

global

public

equity

portfolios,

hedge

funds

and

currency

of

IBM

Retirement

Funds

from

1997

to

2022.

Robert

J.

Manilla

(1962)

2022

Vice

President

and

Chief

Investment

Officer,

The

Kresge

Foundation

since

2007.

Board

Member

of

Bedrock

Manufacturing

Company

since

2014;

Board

Member

of

Sustainable

Insight

Capital

Management

LLC

from

2013

to

2022;

Board

Member

of

Venture

Michigan

Fund

from

2016

to

2020;

Board

Member

of

McGowan

Charitable

fund

from

2012

to

2019.

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.

18

Board

of

Trustees

and

Officers

James

W.

Runcie

(1963)

2022

Co-Founder

and

CEO

of

Partnership

for

Education

Advancement

since

2017.

Board

Member

of

Follett

Higher

Education

since

2022;

Board

Member

of

ECMC

Group

since

2021;

Director

and

Audit

Committee

Chair

of

Class

Acceleration

Corporation

from

2021

to

2022.

Constance

L.

Souders

(1950)

2007

Retired.

19

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

Michael

W.

Kremenak

(1978)

Trustee

and

President

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.

David

S.

Royal

(1971)

Trustee

and

Chief

Investment

Officer

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

from

2015

to

2023.

Sarah

L.

Bergstrom

(1977)

Treasurer

and

Principal

Accounting

Officer

Vice

President,

Chief

Accounting

Officer/Treasurer

-

Mutual

Funds,

Thrivent

since

2022;

Head

of

Mutual

Fund

Accounting,

Thrivent

from

2017

to

2022.

Edward

S.

Dryden

(1965)

Chief

Compliance

Officer

Vice

President,

Chief

Compliance

Officer

–

Thrivent

Funds,

Thrivent

since

2018;

Director,

Chief

Compliance

Officer

–

Thrivent

Funds,

Thrivent

from

2010

to

2018.

John

D.

Jackson

(1977)

Secretary

and

Chief

Legal

Officer

Senior

Counsel,

Thrivent

since

2017.

Kathleen

M.

Koelling

(1977)

Privacy

Officer

(6)

Vice

President,

Deputy

General

Counsel,

Thrivent

since

2018;

Privacy

Officer,

Thrivent

since

2011;

Anti-Money

Laundering

Officer,

Thrivent

from

2011

to

2019;

Vice

President,

Managing

Counsel,

Thrivent

from

2016

to

2018.

Sharon

K.

Minta

(1973)

Anti-Money

Laundering

Officer

(6)

Director,

Compliance

and

Anti-Money

Laundering

Officer

of

the

Financial

Crimes

Unit,

Thrivent

since

2019;

Compliance

Manager

of

the

Financial

Crimes

Unit,

Thrivent

from

2014

to

2019.

Troy

A.

Beaver

(1967)

Vice

President

Vice

President,

Mutual

Funds

Marketing

&

Distribution,

Thrivent

since

2015.

Andrew

R.

Kellogg

(1972)

Vice

President

(7)

Director

of

Strategic

Partnerships,

Thrivent

since

2021;

Director,

Client

Relations,

SS&C/DST

Systems,

Inc.

from

2016

to

2021.

Jill

M.

Forte

(1974)

Assistant

Secretary

Senior

Counsel,

Thrivent

since

2017.

Richard

L.

Ramczyk

(1976)

Assistant

Treasurer

(6)

Director,

Fund

Accounting

and

Valuation,

Thrivent

since

2022;

Manager,

Mutual

Fund

Accounting

Operations,

Thrivent

from

2011

to

2022.

Taishiro

A.

Tezuka

(1985)

Assistant

Treasurer

Director,

Fund

Administration,

Thrivent

since

2023;

Director,

Asset

Wealth

Management,

PricewaterhouseCoopers

LLP

from

2020

to

2022;

Senior

Manager,

Asset

Wealth

Management,

PricewaterhouseCoopers

LLP

from

2019

to

2020;

Manager,

Asset

Wealth

Management,

PricewaterhouseCoopers

LLP

from

2016

to

2019.

(1)

“Interested

person”

of

the

Trust

as

defined

in

the

1940

Act

by

virtue

of

a

position

with

Thrivent.

Mr.

Kremenak

and

Mr.

Royal

are

considered

interested

persons

because

of

their

principal

occupations

with

Thrivent.  

(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

oversees

66

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.

Kremenak

and

Mr.

Royal,

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.

(7)

The

address

for

this

Officer

is

600

Portland

Avenue

S.,

Suite

100,

Minneapolis,

MN

55415-4402.

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.