Thrivent Cash Management Trust N-CSRS Certified semi-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:  April 30, 2024

Item 1. Report to Stockholders

(a)

          

A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended, is provided.

(b)

          

Not applicable.

Item 2. Code of Ethics

Not applicable to semiannual report

Item 3. Audit Committee Financial Expert

Not applicable to semiannual report

Item 4. Principal Accountant Fees and Services

Not applicable to semiannual report

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a)

Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.

(b)

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures

(a)        Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)        There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting. 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable

Item 13. Exhibits

(a)(1)

     

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

(a)(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: June 27, 2024

                          

Thrivent Cash Management Trust

                       

By:   /s/ Michael W. Kremenak

             

                    

        Michael W. Kremenak

                                                                                            President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: June 27, 2024

                          

By:   /s/ Michael W. Kremenak

             

                    

        Michael W. Kremenak

                                                                                            President

                                                                                (principal executive officer)

Date: June 27, 2024

                          

By:   /s/ Sarah L. Bergstrom

         

                      

        Sarah L. Bergstrom

                                                                                            Treasurer and Principal Accounting Officer

                                                                                (principal financial officer)

Semiannual

Report

April

30,

2024

Thrivent

Cash

Management

Trust

Table

of

Contents

Portfolio

Perspective

2

Shareholder

Expense

Example

3

Schedule

of

Investments

4

Statement

of

Assets

and

Liabilities

6

Statement

of

Operations

7

Statement

of

Changes

in

Net

Assets

8

Notes

to

Financial

Statements

9

Financial

Highlights

14

Additional

Information

16

Thrivent

Cash

Management

Trust

2

An

investment

in

the

Trust

is

not

insured

or

guaranteed

by

the

FDIC

or

any

other

government

agency.

Although

the

Trust

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

is

possible

to

lose

money

by

investing

in

the

Trust.

William

D.

Stouten, Portfolio

Manager

Thrivent

Cash

Management

Trust seeks

to

maximize

current

income

to

the

extent

consistent

with

the

preservation

of

capital

and

maintenance

of

liquidity.

Investment

in

Thrivent

Cash

Management

Trust

(the

"Trust")

involves

risks

including

money

market

fund,

government

securities, 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.

Portfolio

Composition

(%

of

Portfolio)

U.S.

Government

Agency

Debt

47.4%

U.S.

Treasury

Debt

40.0%

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

6.7%

Investment

Company

5.9%

Total

100.0%

Thrivent

Cash

Management

Trust

As

of

April

30,

2024

*

7-Day

Yield

5.35%

7-Day

Yield

Gross

of

Waivers

5.37%

7-Day

Effective

Yield

5.49%

7-Day

Effective

Yield

Gross

of

Waivers

5.51%

Average

Annual

Total

Returns

**

For

the

Period

Ended

April

30,

2024

1-Year

5-Year

10-Year

Total

Return

5.44%

2.11%

1.46%

*

Seven-day

yields

of

the

Thrivent

Cash

Management

Trust

refer

to

the

income

generated

by

an

investment

in

the

Trust

over

a

specified

seven-day

period.

Effective

yields

reflect

the

reinvestment

of

income.

A

yield

gross

of

waivers

represents

what

the

yield

would

have

been

if

the

investment

adviser

were

not

voluntarily

waiving

or

reimbursing

certain

expenses.

Yields

are

subject

to

daily

fluctuation

and

should

not

be

considered

an

indication

of

future

results.

**

Annualized

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.  The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

The

yield

quotation

more

closely

reflects

the

current

earnings

of

Thrivent

Cash

Management

Trust

than

the

total

return

quotation.

Past

performance

is

not

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

Trust.

Investors

should

read

and

consider

the

prospectus

carefully

before

investing.

To

obtain

a

prospectus,

call

1-800-847-4836.

3

Shareholder

Expense

Example

(unaudited)

As

a

shareholder

of

the

Trust,

you

incur

ongoing

costs,

including

management

fees

and

other

Trust

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Trust

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

November

1,

2023

through

April

30,

2024.

Actual

Expenses

In

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

"Expenses

Paid

during

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes

In

the

table

below,

the

second

line

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Trust's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Trust's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Trust

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

example

that

appears

in

the

shareholder

reports

of

the

other

funds.

Beginning

Account

Value

11/1/2023

Ending

Account

Value

4/30/2024

Expenses

Paid

During

Period  11/1/2023

-

4/30/2024

*

Annualized

Expense

Ratio

Thrivent

Cash

Management

Trust

Actual

$1,000

$1,027

$0.25

0.05%

Hypothetical

**

$1,000

$1,025

$0.25

0.05%

*

Expenses

are

equal

to

the

Trust's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

Thrivent

Cash

Management

Trust

Schedule

of

Investments

as

of

April

30,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

4

Shares

Investment

Company

(

5

.9

%

)

Value

BlackRock

Liquidity

FedFund

$

5,000

5.184% 

$

5,000

Dreyfus

Government

Cash

Management

Fund

5,000

5.188% 

5,000

Goldman

Sachs

Financial

Square

Funds

-

Government

Fund

26,320,000

5.207% 

26,320,000

Total

26,330,000

Principal

Amount

U.S.

Government

Agency

Debt

(

47

.6

%

)

a

Value

Federal

Farm

Credit

Bank

5,000,000

5.390%

(FEDL

1M

+

0.060%),

6/24/2024

b

5,000,000

Federal

Home

Loan

Bank

88,111,000

5.270% ,

5/1/2024

88,111,000

5,000,000

5.385%

(SOFRRATE

+

0.065%),

5/24/2024

b

5,000,000

10,000,000

5.240% ,

6/12/2024

9,938,867

5,000,000

5.360%

(SOFRRATE

+

0.040%),

7/5/2024

b

5,000,000

5,000,000

5.330%

(SOFRRATE

+

0.010%),

11/4/2024

b

5,000,000

5,000,000

5.375%

(SOFRRATE

+

0.055%),

5/15/2025

b

5,000,000

Federal

Home

Loan

Mortgage

Corporation

3,562,000

5.260% ,

5/20/2024

3,552,112

U.S.

International

Development

Finance

Corporation

9,188,033

5.490%

(T-BILL

3M

FLAT),

5/7/2024

b

9,188,033

4,285,715

5.490%

(T-BILL

3M

FLAT),

5/7/2024

b

4,285,715

2,620,000

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

2,620,000

5,007,678

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

5,007,678

21,839,625

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

21,839,625

11,323,750

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

11,323,750

5,585,555

5.500%

(T-BILL

3M

+

0.070%),

5/7/2024

b

5,585,555

9,315,281

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

9,315,281

3,161,000

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

3,161,000

3,161,000

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

3,161,000

4,425,400

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

4,425,400

4,425,400

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

4,425,400

990,000

5.500%

(T-BILL

3M

FLAT),

5/7/2024

b

990,000

Total

211,930,416

Principal

Amount

U.S.

Treasury

Debt

(

40

.0

%

)

a

Value

U.S.

Treasury

Bills

5,000,000

5.282% ,

5/2/2024

4,999,266

15,000,000

5.274% ,

5/7/2024

14,986,815

10,000,000

5.282% ,

5/14/2024

9,980,926

Principal

Amount

U.S.

Treasury

Debt

(40.0%)

a

Value

$

10,000,000

5.273% ,

5/21/2024

$

9,970,708

5,000,000

5.258% ,

5/23/2024

4,983,935

5,000,000

5.257% ,

5/30/2024

4,978,826

5,000,000

5.277% ,

6/4/2024

4,975,081

30,000,000

5.269% ,

6/11/2024

29,819,984

25,000,000

5.239% ,

6/13/2024

24,843,552

15,000,000

5.277% ,

6/18/2024

14,894,470

10,000,000

5.243% ,

6/20/2024

9,927,188

5,000,000

5.250% ,

7/18/2024

4,943,125

5,000,000

5.251% ,

7/25/2024

4,938,015

5,000,000

5.235% ,

8/13/2024

4,924,383

5,000,000

5.235% ,

8/20/2024

4,919,294

5,000,000

5.238% ,

8/27/2024

4,914,163

U.S.

Treasury

Notes

5,000,000

5.363%

(USBMMY

3M

+

0.037%),

7/31/2024

b

4,995,168

5,000,000

5.466%

(USBMMY

3M

+

0.140%),

10/31/2024

b

4,998,010

5,000,000

5.526%

(USBMMY

3M

+

0.200%),

1/31/2025

b

4,998,504

5,000,000

5.496%

(USBMMY

3M

+

0.170%),

10/31/2025

b

4,998,999

Total

178,990,412

Principal

Amount

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

(

6

.7

%

)

a

Value

RBC

Dominion

Securities

30,000,000

5.290% ,

5/1/2024

c

30,000,000

Total

30,000,000

Total

Investments

(at

amortized

cost)

100.2%

$

447,250,828

Other

Assets

and

Liabilities,

Net

(0.2)%

(

1,006,656

)

Total

Net

Assets

100.0%

$

446,244,172

a

The

interest

rate

shown

reflects

the

yield.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

April

30,

2024.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Repurchase

agreement

dated

April

30,

2024,

$30,004,408

maturing

May

1,

2024,

collateralized

by

$30,604,577

U.S.

Government

or

related

agency

securities,

0.13%-4.75%,

due

September

30,

2025

-

November

15,

2053.

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

Thrivent

Cash

Management

Trust

Schedule

of

Investments

as

of

April

30,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

5

Cost

for

federal

income

tax

purposes

$

447,250,828

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2024,

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

26,330,000

26,330,000

–

–

U.S.

Government

Agency

Debt

211,930,416

–

211,930,416

–

U.S.

Treasury

Debt

178,990,412

–

178,990,412

–

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

30,000,000

–

30,000,000

–

Total

Investments

at

Amortized

Cost

$

447,250,828

$

26,330,000

$

420,920,828

$

–

Thrivent

Cash

Management

Trust

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

As

of

April

30,

2024

(unaudited)

Cash

Management

Trust

Assets

Investments

in

unaffiliated

securities

at

cost

$447,250,828

Investments

in

unaffiliated

securities

at

value

447,250,828

*

Cash

7,834

Dividends

and

interest

receivable

814,534

Prepaid

expenses

379

Prepaid

trustee

fees

1,319

Receivable

for:

Expense

reimbursements

251

Total

Assets

448,075,145

Liabilities

Distributions

payable

1,803,510

Accrued

expenses

25,041

Payable

for:

Investment

advisory

fees

2,422

Contingent

liabilities^

—

Total

Liabilities

1,830,973

Net

Assets

Capital

stock

(beneficial

interest)

446,189,343

Distributable

earnings/(accumulated

loss)

54,829

Total

Net

Assets

$446,244,172

Shares

of

beneficial

interest

outstanding

446,189,343

Net

asset

value

per

share

$1.00

*

Securities

held

by

the

Trust

are

valued

on

the

basis

of

amortized

cost,

which

approximates

market

value.

^

Contingent

liabilities

accrual.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

Thrivent

Cash

Management

Trust

Statement

of

Operations

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

7

For

the

six

months

ended

April

30,

2024

(unaudited)

Cash

Management

Trust

Investment

Income

Dividends

$1,943,902

Interest

9,266,872

Total

Investment

Income

11,210,774

Expenses

Adviser

fees

93,384

Administrative

service

fees

48,333

Audit

and

legal

fees

18,994

Custody

fees

6,742

Insurance

expenses

2,273

Transfer

agent

fees

2,500

Trustees'

fees

4,867

Pricing

service

fees

1,863

Other

expenses

2,305

Total

Expenses

Before

Reimbursement

181,261

Less:

Reimbursement

from

adviser

(77,503)

Total

Net

Expenses

103,758

Net

Investment

Income/(Loss)

11,107,016

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

1,755

Class

action

settlements

40,792(*)

Net

Realized

and

Unrealized

Gains/(Losses)

42,547

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$11,149,563

(*)

Class

action

settlement

proceeds

related

to

GSE

Bonds

Antitrust

Litigation.  

Thrivent

Cash

Management

Trust

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

Cash

Management

Trust

For

the

periods

ended

4/30/2024

(unaudited)

10/31/2023

Operations

Net

investment

income/(loss)

$11,107,016

$18,424,562

Net

realized

gains/(losses)

42,547

8,237

Net

Change

in

Net

Assets

Resulting

From

Operations

11,149,563

18,432,799

Distributions

to

Shareholders

From

net

investment

income/net

realized

gains

(11,107,016)

(18,424,562)

Total

Distributions

to

Shareholders

(11,107,016)

(18,424,562)

Capital

Stock

Transactions

Sold

3,094,001,761

7,268,716,515

Redeemed

(3,008,777,923)

(7,373,856,212)

Total

Capital

Stock

Transactions

85,223,838

(105,139,697)

Net

Increase/(Decrease)

in

Net

Assets

85,266,385

(105,131,460)

Net

Assets,

Beginning

of

Period

360,977,787

466,109,247

Net

Assets,

End

of

Period

$446,244,172

$360,977,787

Capital

Stock

Share

Transactions

Sold

3,094,001,761

7,268,716,516

Redeemed

(3,008,777,924)

(7,373,856,212)

Total

Capital

Stock

Share

Transactions

85,223,837

(105,139,696)

Thrivent

Cash

Management

Trust

Notes

to

Financial

Statements

April

30,

2024

(unaudited)

9

(1)

ORGANIZATION

Thrivent

Cash

Management

Trust

(the

"Trust")

was

organized

as

a

Massachusetts

Business

Trust

on

August

4,

2004

and

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940.

The

Trust

is

established

solely

for

investment

by

other

Thrivent

entities.

The

Trust

serves

as

an

investment

vehicle

for

cash

collateral

posted

in

exchange

for

loaned

securities

of

mutual

funds

sponsored

by

Thrivent

Financial

for

Lutherans,

the

Trust’s

investment

adviser

(“Thrivent

Financial”

or

the

“Adviser”),

and

its

affiliates. 

The

Trust

has

entered

into

a

Securities

Lending

Agreement

with

Goldman

Sachs

Bank

USA

doing

business

as

Goldman

Sachs

Agency

Lending

("GSAL").

GSAL

serves

as

the

lending

agent

to

this

securities

lending

program. 

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

beneficial

interest

with

a

par

value

(if

any)

as

the

Trustees

may

determine

from

time

to

time.

The

Trust

is

an

investment

company

which

follows

the

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

–

Financial

Services

–

Investment

Companies.

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust's

maximum

exposure

under

these

contracts

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

the

risk

of

loss

to

be

remote.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

Securities

are

valued

on

the

basis

of

amortized

cost

(which

approximates

market

value),

whereby

a

portfolio

security

is

valued

at

its

cost

initially,

and

thereafter

valued

to

reflect

a

constant

amortization

to

maturity

of

any

discount

or

premium.

Investments

in

open-ended

mutual

funds

are

valued

at

their

net

asset

value

at

the

close

of

each

business

day.

The

Adviser

follows

procedures

designed

to

help

maintain

a

constant

net

asset

value

of

$1.00

per

share.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Trust's

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities,

typically

categorized

in

this

level

are

U.S.

equity

securities,

futures

and

options.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk,

typically

categorized

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

Federal

Income

Taxes 

—

No

provision

has

been

made

for

income

taxes

because

The

Trust’s

policy

is

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

on

a

timely

basis.

It

is

also

the

intention

of

The

Trust

to

distribute

an

amount

sufficient

to

avoid

imposition

of

any

federal

excise

tax.

The

Trust,

accordingly,

anticipates

paying

no

federal

taxes

and

no

federal

tax

provision

was

recorded.

GAAP

requires

management

of

the

Trust

(i.e.,

the

Adviser) to

make

additional

tax

disclosures

with

respect

to

the

tax

effects

of

certain

income

tax

positions,

whether

those

positions

were

taken

on

previously

filed

tax

returns

or

are

expected

to

be

taken

on

future

returns.

These

positions

must

meet

a

“more

likely

than

not”

standard

that,

based

on

the

technical

merits

of

the

position,

it

would

have

a

greater

than

50

percent

likelihood

of

being

sustained

upon

examination.

In

evaluating

whether

a

tax

position

has

met

the

more-

likely-than-not

recognition

threshold, the

Adviser must

presume

that

the

position

will

be

examined

by

the

appropriate

taxing

authority

that

has

full

knowledge

of

all

relevant

information.

The

Adviser analyzed

all

open

tax

years,

as

defined

by

the

statute

of

limitations,

for

all

major

jurisdictions.

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities.

Major

jurisdictions

for

the

Trust

include

U.S.

Federal,

and

certain

state

jurisdictions

as

well

as

certain

foreign

countries.

The

Trust's

federal

income

tax

returns

are

subject

to

examination

for

a

period

of

three

years

after

the

filing

of

the

return

for

the

tax

period. 

State

returns

may

be

subject

to

examination

for

an

additional

year

depending

on

the

jurisdiction. 

The

Trust

has

no

examinations

in

progress

and

none

are

expected

at

this

time.

As

of

April

30,

2024, the Adviser

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

is

no

effect

to

the

Trust’s

tax

liability,

financial

position

or

results

of

operations.

There

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

income

tax

positions

taken

or

expected

to

be

taken

in

future

tax

returns.

The

Trust

is

also

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

12

months.

Expenses

and

Income 

—

Estimated

expenses

are

accrued

daily.  The

Trust

is

charged

for

those

expenses

that

are

directly

attributable

to

it.

Expenses

that

are

not

directly

attributable

to

the

Trust

are

allocated

among

all

appropriate

affiliated

mutual

funds

in

proportion

to

their

respective

net

assets

or

number

of

shareholder

accounts,

or

other

reasonable

basis.

Interest

income

is recorded daily

on

all

debt

securities,

as

is

accretion

of

market

discount,

original

issue

discount

and

amortization

of

premium. 

Thrivent

Cash

Management

Trust

Notes

to

Financial

Statements

April

30,

2024

(unaudited)

10

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. 

Non-cash

income,

if

any,

is

recorded

at

the

fair

market

value

of

the

securities

received.

Distributions

to

Shareholders 

—

Net

investment

income

is

distributed

to

each

shareholder

as

a

dividend.

Dividends

from

the

Trust

are

declared

daily

and

distributed

monthly. Distributions

from

net

long-term

capital

gains,

if

any,

will

be

made

at

least

annually. 

Repurchase

Agreements 

—

The

Trust

may

engage

in

repurchase

agreement

transactions

in

pursuit

of

its

investment

objective.

A

repurchase

agreement

consists

of

a

purchase

and

a

simultaneous

agreement

to

resell

an

investment

for

later

delivery

at

an

agreed

upon

price

and

rate

of

interest.

The

Trust

uses

a

third-party

custodian

to

maintain

the

collateral.

If

the

original

seller

of

a

security

subject

to

a

repurchase

agreement

fails

to

repurchase

the

security

at

the

agreed

upon

time,

the

Trust

could

incur

a

loss

due

to

a

drop

in

the

value

of

the

security

during

the

time

it

takes

the

Trust

to

either

sell

the

security

or

take

action

to

enforce

the

original

seller’s

agreement

to

repurchase

the

security.

Also,

if

a

defaulting

original

seller

filed

for

bankruptcy

or

became

insolvent,

disposition

of

such

security

might

be

delayed

by

pending

legal

action.

The

Trust

may

only

enter

into

repurchase

agreements

with

banks

and

other

recognized

financial

institutions

such

as

broker/dealers

that

are

found

by

the

Adviser

to

be

creditworthy.

During

the six

months

ended

April

30,

2024,

the

Trust participated

in

this

type

of

investment.  

The

following

table

presents

the

gross

and

net

information

about

liabilities

subject

to

master

netting

arrangements,

as

presented

in the

Statement

of

Assets

and

Liabilities:

Contingent

Liabilities

— 

In

the

event

of

adversary

action

proceedings

where the

Trust

is

a

defendant, a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated. 

For

the six

months ended

April

30,

2024,

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 six

months

ended

April

30,

2024,

Thrivent

Financial

received

aggregate

fees

for

administrative

and

accounting

personnel

and

services

of $48,333

from

the

Trust.

The

Trust

has

entered

into

an

agreement

with

Thrivent

Financial

Investor

Services

Inc.

("Thrivent

Investor

Services")

to

provide

transfer

agency

services

necessary

to

the

Trust.  These

fees

are

accrued

daily

and

paid

monthly.

For

the

six

months

ended April

30,

2024,

Thrivent Investor

Services

received

$2,500 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.  

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Fund

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

Net

Amounts

of

Recognized

Assets

Financial

Instruments

Cash

Collateral

Received

Non-Cash

Collateral

Received

Net

Amount

Cash

Management

Trust

Repurchase

Agreements

30,000,000

–

30,000,000

30,000,000

–

–

–

Thrivent

Cash

Management

Trust

Notes

to

Financial

Statements

April

30,

2024

(unaudited)

11

Those

trustees

not participating

in

the

above

plan

received

$4,867 in

fees

from

the

Trust

during

the six

months

ended

April

30,

2024.

In

addition,

the

Trust

reimbursed

unaffiliated

Trustees

for

reasonable

expenses

incurred

in

relation

to

attendance

at

the

meetings

and

industry

conferences.

Certain

officers

and

non-independent

Trustees

of

the

Trust

are

officers

and

directors

of

Thrivent

Asset

Mgt.,

Thrivent

Investor

Services

and

Thrivent

Distributors,

LLC.;

however

they

receive

no

compensation

from

the

Trust.

Affiliated

employees

and

board

consultants

are

reimbursed

for

reasonable

expenses

incurred

in

relation

to

board

meeting

attendance.

Acquired

Fund

Fees

and Expenses 

—

The

Trust

may

invest

in

other

mutual

funds.

Fees

and

expenses

of

those

underlying

funds

are

not

included

in

the

Trust’s

expense

ratio.

The

Trust

indirectly

bears

its

proportionate

share

of

the

annualized

weighted

average

expense

ratio

for

the

underlying

funds

in

which

it

invests.

(4)

FEDERAL

INCOME

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

the

applicable

federal

income

tax

regulations,

which may

differ

from

GAAP. 

To

the

extent

that

these

differences

are

permanent

in

nature,

GAAP

requires

such

amounts

to

be

reclassified

within

the

capital

accounts

based

on

their

federal

tax-basis

treatment;

temporary

differences do

not

require

reclassifications. 

At

fiscal

year-end,

the

character

and

the

amount

of

distributions,

on

a

tax

basis

and

components

of

distributable

earnings,

are

finalized. 

Therefore,

as

of

April

30,

2024,

the

tax

basis

balance

has

not

yet

been

determined. 

(5)

RELATED

PARTY

TRANSACTIONS

As

of

April

30,

2024, 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

Thrivent

Cash

Management

Trust

Notes

to

Financial

Statements

April

30,

2024

(unaudited)

12

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

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

Period

Ended

4/30/2024

(unaudited)

$

1.00

$

0.03

$

0.00

$

0.03

$

(0.03)

$

–

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

$

(0.03)

$

1.00

2.69%

$

446.2

0.05%

5.35%

0.09%

5.32%

N/A

(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.

Board

Approval

of

Advisory

Agreement

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

a

fund’s

investment

advisory

agreement

be

approved

initially

by

the

fund’s

board

of

trustees.

Section

15(c)

also

requires

that

the

continuation

of

the

agreement,

after

an

initial

term

of

up

to

two

years,

be

annually

reviewed

and

approved

by

the

board.

Any

such

agreement

must

be

approved

by

a

vote

of

a

majority

of

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

(as

defined

in

the

1940

Act)

of

a

party

to

the

agreement

at

a

meeting

of

the

board

called

for

the

purpose

of

voting

on

such

approval.

At

its

meeting

on

November

14-15,

2023

(the

“Meeting”),

the

Board

of

Trustees

(the

“Board”)

of

the

Thrivent

Cash

Management

Trust

(the

“Trust”),

including

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

as

defined

in

the

1940

Act

(the

“Independent

Trustees”),

considered

and

voted

unanimously

to

renew

the

existing

advisory

agreement

(the

“Advisory

Agreement”),

as

amended,

between

the

Trust

and

Thrivent

Financial

for

Lutherans

(the

“Adviser”).

In

connection

with

its

evaluation

of

the

agreement

with

the

Adviser,

the

Board

reviewed

a

broad

range

of

information

requested

for

this

purpose

and

considered

a

variety

of

factors,

including

the

following:

1.

The

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser;

2.

The

performance

of

the

Trust;

3.

The

advisory

fee

and

net

operating

expense

ratio

of

the

Trust

compared

to

a

peer

group;

4.

The

cost

of

services

provided

and

profit

realized

by

the

Adviser;

5.

The

extent

to

which

economies

of

scale

may

be

realized

as

the

Trust

grows;

6.

Whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

the

Trust’s

shareholders;

7.

Other

benefits

realized

by

the

Adviser

and

its

affiliates

from

their

relationship

with

the

Trust;

and

8.

Any

other

factors

that

the

Board

deemed

relevant

to

its

consideration.

The

Contracts

Committee

of

the

Board

(consisting

of

all

of

the

Independent

Trustees)

met

on

five

occasions

from

May

16

to

November

14,

2023

to

consider

information

relevant

to

the

annual

contract

renewal

process

furnished

by

the

Adviser

in

advance

of

the

meetings.

The

Board

had

the

opportunity

to

ask

questions

and

request

further

information

in

connection

with

its

consideration.

The

Independent

Trustees

also

retained

the

services

of

Management

Practice

Inc.

(“MPI”)

as

an

independent

consultant

to

assist

in

the

compilation,

organization,

and

evaluation

of

relevant

information.

This

information

included

statistical

comparisons

of

the

advisory

fees,

other

fees

and

net

operating

expenses

of

the

Trust

in

comparison

to

a

peer

group

of

comparable

funds;

information

with

respect

to

services

provided

to

the

Trust

and

fees

charged,

including

the

effective

advisory

fee

that

takes

into

account

fee

waivers

by

the

Adviser;

asset

and

flow

trends

for

the

Trust;

the

Trust’s

performance;

and

estimates

of

the

cost

of

services

and

profit

realized

by

the

Adviser

and

its

affiliates

that

provide

services

to

the

Trust.

The

Board

received

information

from

the

Adviser

regarding

the

personnel

providing

services

to

the

Trust,

including

investment

management,

compliance

and

administrative

personnel.

The

Board

also

received

reports

from

the

Adviser

with

respect

to

the

securities

17

Additional

Information

(unaudited)

lending

balances

of

the

Trust

and

the

revenue

of

the

securities

lending

program,

which

in

part

is

based

on

the

performance

of

the

Trust.

In

addition

to

its

review

of

the

information

presented

to

the

Board

during

the

annual

contract

renewal

process,

the

Board

considered

information

obtained

from

management

throughout

the

course

of

the

year.

The

Board

also

reviewed

information

from

MPI,

including

a

tailored

analysis

and

independent

assessment

of

information

relating

to

the

Trust.

The

Independent

Trustees

were

represented

by

independent

counsel

throughout

the

review

process

and

during

executive

sessions

without

management

present

to

consider

the

reapproval

of

the

Advisory

Agreement.

As

noted

above,

the

Independent

Trustees

were

assisted

throughout

the

process

by

an

independent

consultant,

MPI.

Each

Independent

Trustee

relied

on

his

or

her

own

business

judgment

in

determining

the

weight

to

be

given

to

each

factor

considered

in

evaluating

the

materials

that

were

presented

to

them.

The

Contracts

Committee’s

and

Board’s

review

and

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

presented

to

them

and

were

not

the

result

of

any

single

controlling

factor.

In

addition,

each

Trustee

may

have

weighed

individual

factors

differently.

The

key

factors

considered

and

the

conclusions

reached

are

described

below.

Nature,

Extent

and

Quality

of

Services

At

each

of

the

Board’s

regular

quarterly

meetings,

management

presented

information

describing

the

services

furnished

to

the

Trust

by

the

Adviser,

transfer

agent

and

administrator.

During

these

meetings,

management

reported

on

the

investment

management,

securities

lending

activity,

and

compliance

services

provided

to

the

Trust.

The

Board

also

considered

information

relating

to

the

investment

experience

and

qualifications

of

the

portfolio

manager

of

the

Trust.

The

Board

received

reports

and

presentations

at

each

of

its

quarterly

meetings

from

the

Adviser’s

senior

investment

team

about

the

Trust.

These

reports

and

presentations

gave

the

Board

or

one

of

its

Committees

the

opportunity

to

evaluate

the

abilities

of

the

portfolio

manager

and

other

investment

professionals

and

the

quality

of

services

they

provide

to

the

Trust.

The

Independent

Trustees

also

met,

including

in

executive

session,

with

and

received

periodic

reports

from

the

Trust’s

Chief

Compliance

Officer,

the

Trust’s

independent

accounting

firm,

and

representatives

from

the

internal

audit

department

of

the

Adviser

(Business

Risk

Management). 

The

Board

noted

that

the

Chief

Compliance

Officer

met

regularly

between

quarterly

meetings

with

the

Chair

of

the

Ethics

and

Compliance

Committee

and

the

Chairs

of

other

Committees

communicated

with

Adviser

representatives

between

quarterly

meetings.

The

Board

considered

the

adequacy

of

the

Adviser’s

resources

used

to

provide

services

to

the

Trust

pursuant

to

the

Advisory

Agreement.

The

Adviser

reviewed

with

the

Board

the

Adviser’s

continued

investments

in

technology

and

personnel.

The

Adviser

discussed

with

the

Board

steps

taken

to

continue

to

strengthen

its

compliance

program

and

investment

team.

The

Adviser

discussed

with

the

Board

the

operations

of

the

Adviser

and

other

service

providers

to

the

Trust

with

the

hybrid

working

environment

and

responses

to

volatile

market

conditions.

The

Board

viewed

these

actions

as

a

positive

factor

in

reapproving

the

existing

Advisory

Agreement,

as

they

demonstrated

the

Adviser’s

commitment

to

provide

the

Trust

with

quality

service.

The

Board

concluded

that,

within

the

context

of

its

full

deliberations,

the

nature,

extent

and

quality

of

the

investment

advisory

services

provided

to

the

Trust

by

the

Adviser

supported

renewal

of

the

Advisory

Agreement.

Performance

of

the

Trust

The

Board

considered

whether

the

Trust

has

operated

in

accordance

with

its

investment

objectives,

which

include

maximizing

current

income

consistent

with

preservation

of

capital

and

liquidity.

In

this

regard,

the

Board

reviewed

stress

test

reports

and

considered

the

Adviser’s

opinion

that,

in

its

view,

the

Trust

could

withstand

events

that

were

reasonably

likely

to

occur

within

the

next

twelve-month

period.

At

quarterly

meetings,

a

member

the

Adviser’s

senior

investment

team

reviewed

with

the

Board

the

economic

and

market

environment

in

connection

with

management

of

the

Trust

and

other

Thrivent

fixed

income

funds.

The

Board

reviewed

quarterly

net

revenues

generated

by

securities

lending

activities

for

the

benefit

of

other

Thrivent

funds,

a

portion

of

which

is

attributed

to

the

performance

of

the

Trust.

The

Board

noted

that

the

Trust

is

designed

primarily

for

the

investment

and

reinvestment

of

cash

collateral

on

behalf

of

lenders

participating

in

the

Trust’s

securities

lending

program.

While

the

Board

considered

safety

of

principal

to

be

the

primary

goal,

the

Board

reviewed

information

prepared

by

MPI

comparing

the

Trust’s

performance

to

its

Morningstar

peer

group,

the

Morningstar

Money

Market

(Taxable)

Fund

Category.

The

Board

noted

that

the

Trust’s

one-,

three-,

five-

and

ten-year

performance

was

higher

than

its

peer

group

median.

Advisory

Fees

and

Fund

Expenses

The

Board

reviewed

information

prepared

by

MPI

comparing

the

Trust’s

advisory

fee

with

the

advisory

fees

of

a

peer

group

selected

by

MPI

based

on

similar

investment

objective

and

size.

The

Board

noted

that

the

Trust’s

advisory

fee

as

compared

to

the

Trust’s

peer

group

was

below

the

median.

18

Additional

Information

(unaudited)

The

Board

also

reviewed

information

prepared

by

MPI

comparing

the

Trust’s

net

expense

ratio

with

the

expense

ratio

of

its

peer

group

of

funds.

The

Board

noted

that

the

Trust’s

net

expense

ratio

was

below

the

median

of

its

peer

group.

The

Board

reviewed

information

comparing

the

Trust’s

advisory

fee

and

overall

expense

ratio

with

the

fee

and

expense

information

for

the

relevant

Morningstar

peer

universe.

On

the

basis

of

its

review,

the

Board

concluded

that

the

advisory

fee

charged

under

the

Advisory

Agreement

was

reasonable.

Cost

of

Services

and

Profitability

The

Board

considered

the

profitability

of

the

Adviser

both

overall

and

on

a

fund-by-fund

basis.

The

Board

considered

the

expense

reimbursements

that

were

in

effect.

The

Board

considered

the

level

of

the

Adviser’s

profits

with

respect

to

all

the

Thrivent

funds,

including

the

Trust.

Based

on

the

data

prepared

by

MPI

and

the

expense

and

profit

information

provided

by

the

Adviser,

the

Board

concluded

that

the

Adviser’s

profitability

was

not

excessive

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Trust.

Economies

of

Scale

The

Board

considered

information

regarding

the

extent

to

which

economies

of

scale

may

be

realized

as

the

Trust’s

assets

increase

and

whether

the

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

shareholders.

The

Adviser

explained

its

general

goal

with

respect

to

the

employment

of

fee

waivers,

expense

reimbursements,

and

breakpoints.

The

Board

also

considered

management’s

view

that

it

is

difficult

to

generalize

as

to

whether,

or

to

what

extent,

economies

in

the

advisory

function

may

be

realized

as

the

Trust’s

assets

increase.

The

Board

noted

that

expected

economies

of

scale,

where

they

exist,

may

be

shared

through

the

use

of

fee

waivers

or

reimbursements

by

the

Adviser

and/or

a

lower

overall

fee.

The

Board

considered

the

advisory

fee

charged

to

the

Trust

and

determined

that

the

fee

was

acceptable

even

though

the

Adviser

did

not

offer

breakpoints

or

contractual

waivers,

in

part

because

of

its

agreement

to

voluntarily

reimburse

the

Trust

for

all

expenses

in

excess

of

0.05%

of

average

daily

net

assets.

The

Board

also

noted

that

the

net

asset

level

of

the

Trust

varies

depending

on

the

securities

lending

activity

of

the

other

Thrivent

funds.

Other

Benefits

to

the

Adviser

and

its

Affiliates

The

Board

considered

information

regarding

potential

“fall-out”

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Trust,

both

tangible

and

intangible,

such

as

their

ability

to

leverage

investment

professionals

who

manage

other

portfolios,

an

enhanced

reputation

as

an

investment

adviser

which

may

help

in

attracting

other

clients

and

investment

personnel,

and

the

engagement

of

affiliates

as

service

providers

to

the

Trust.

The

Board

noted

that

such

benefits

were

difficult

to

quantify

but

were

consistent

with

benefits

received

by

other

mutual

fund

advisers.

Based

on

the

factors

discussed

above,

the

Contracts

Committee

unanimously

recommended

approval

of

the

Advisory

Agreement,

and

the

Board,

including

all

of

the

Independent

Trustees

voting

separately,

approved

the

Advisory

Agreement.

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.