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: 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.