Thrivent Mutual Funds

Thrivent Aggressive

Allocation Fund

Russell W. Swansen (left), David C. Francis, CFA (right) and Mark L. Simenstad,

CFA (far right), Portfolio Co-Managers

The Fund seeks long-term capital growth.

The Fund’s performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or below the securities markets generally over short or extended periods. Another risk of investing in the Fund is that its performance is dependent upon the performance of the underlying asset classes in which it invests. As a result, the Fund is subject to the same risks as those faced by the underlying asset classes. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

N-CSRS 1 dncsrs.htm THRIVENT MUTUAL FUNDS Thrivent Mutual Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-05075

Thrivent Mutual Funds

(Exact name of registrant as specified in charter)

625 Fourth Avenue South

Minneapolis, Minnesota

55415

(Address of principal executive offices)

(Zip code)

John L. Sullivan, Assistant Secretary

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-5704

Date of fiscal year end: October 31

Date of reporting period: April 29, 2011

Item 1. Report to Stockholders

LOGO

Table of Contents


Letter from the President			2

Portfolio Perspectives

Thrivent Aggressive Allocation Fund			4
Thrivent Moderately Aggressive Allocation Fund			6
Thrivent Moderate Allocation Fund			8
Thrivent Moderately Conservative Allocation Fund			10
Thrivent Partner Small Cap Growth Fund			12
Thrivent Partner Small Cap Value Fund			14
Thrivent Small Cap Stock Fund			16
Thrivent Mid Cap Growth Fund			18
Thrivent Partner Mid Cap Value Fund			20
Thrivent Mid Cap Stock Fund			22
Thrivent Partner Worldwide Allocation Fund			24
Thrivent Partner International Stock Fund			26
Thrivent Large Cap Growth Fund			28
Thrivent Large Cap Value Fund			30
Thrivent Large Cap Stock Fund			32
Thrivent Balanced Fund			34
Thrivent High Yield Fund			36
Thrivent Municipal Bond Fund			38
Thrivent Income Fund			40
Thrivent Core Bond Fund			42
Thrivent Government Bond Fund			44
Thrivent Limited Maturity Bond Fund			46
Thrivent Money Market Fund			48

Shareholder Expense Example			50

Schedules of Investments

Thrivent Aggressive Allocation Fund			54
Thrivent Moderately Aggressive Allocation Fund			64
Thrivent Moderate Allocation Fund			76
Thrivent Moderately Conservative Allocation Fund			87
Thrivent Partner Small Cap Growth Fund			97
Thrivent Partner Small Cap Value Fund			101
Thrivent Small Cap Stock Fund			105
Thrivent Mid Cap Growth Fund			109
Thrivent Partner Mid Cap Value Fund			112
Thrivent Mid Cap Stock Fund			115
Thrivent Partner Worldwide Allocation Fund			117
Thrivent Partner International Stock Fund			131
Thrivent Large Cap Growth Fund			137
Thrivent Large Cap Value Fund			141
Thrivent Large Cap Stock Fund			143
Thrivent Balanced Fund			147
Thrivent High Yield Fund			157
Thrivent Municipal Bond Fund			165
Thrivent Income Fund			182
Thrivent Core Bond Fund			196
Thrivent Government Bond Fund			205
Thrivent Limited Maturity Bond Fund			209
Thrivent Money Market Fund			220

Statement of Assets and Liabilities			224

Statement of Operations			230

Statement of Changes in Net Assets			236

Notes to Financial Statements			244

Financial Highlights			256

Additional Information			272

Supplements to the Prospectus			275


		Dear shareholder:

During the six-month period ended April 29, 2011, investors in most areas of the market were rewarded as the U.S. economy continued to strengthen and the stock market surged ahead. In this letter, I will provide a review of the period, as well as some thoughts on what we believe will be the key topics for the remainder of 2011 and beyond.

A brief review of the economy

The U.S. economy continued on its path of positive, albeit slowing, growth during the six-month reporting period. Gross domestic product (GDP) slid in the first quarter of 2011 to an annual rate of 1.8%, according to preliminary figures released by the federal government.¹ This lower growth rate, which represented a significant slowdown from the 3.1% GDP reading in the fourth quarter, was mainly the result of reduced government spending and a reduction in net exports.

The U.S. employment picture continued its slow improvement during the period. The economy added 244,000 jobs in April according to the monthly U.S. nonfarm payrolls report.²

While we saw an uptick, inflation continued to stay in check for the most part. The most recent Consumer Price Index (CPI) report for the 12 months ended April 29, 2011, showed a 3.2% year-over-year increase, which is its biggest jump since October 2008.³ Most of that increase, however, was due to surging gas and food prices. While these rising prices are weighing negatively on consumer sentiment, the Federal Reserve is more concerned with core CPI when setting its monetary policy. Core CPI is considered by many to be a better long-term measure of inflation because it does not include volatile food and energy prices. For the year ended April 29, core CPI rose only 1.3% from a year ago, which remains well-contained.

The Federal Reserve’s Open Market Committee (FOMC) met four times during the period and seemed to shift to a slightly more optimistic view at the final meeting, indicating the economy is on “firmer footing” and labor markets are “gradually improving.” However, the committee reiterated conditions would still likely warrant exceptionally low interest rates for an extended period. With unemployment still relatively high and core inflation remaining subdued, we believe the Fed will likely keep the federal funds target interest rate at the zero to 0.25% level for at least the remainder of 2011. The FOMC also reiterated its intent to end the second phase of its quantitative easing, also known as QE2, in June.

A brief review of the markets

Equities continued to advance strongly during the six-month period as market returns were once again well into double-digit territory. The market’s ongoing advance was supported by corporate earnings that continued to surprise on the upside, easy monetary policy, and investors’ ongoing appetite for riskier assets. Stocks posted strong gains in the last few months of 2010 and first few months of 2011, before falling back briefly in March. Over a short period of time, several global events rattled confidence, including the catastrophe in Japan, unrest in the Middle East, higher oil prices and the ongoing sovereign debt crisis in Europe. In the end, however, investors were able to shrug off the turmoil leading the markets to new near-term highs.

Continuing a trend from the past two years, higher-risk asset classes outperformed during the reporting period. Smaller-sized companies turned in stellar results, recording a 23.73% total return as measured by the Russell 2000^® Index. Large-cap stocks also made sizeable gains, posting a 16.36% total return as measured by the S&P 500 Index. No clear-cut winner emerged between growth and value stocks during the period as evidenced by the Russell 1000^® Growth Index’s return of 16.96% and the Russell 1000^® Value Index’s return of 17.29%.

For the most part, overseas equities fell short of their U.S. counterparts, due in large part to the issues mentioned earlier. The most common benchmark for large, high-quality international company stocks—the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index—posted a 12.95% total return. Emerging markets as a whole underperformed more developed markets for much of the period as increasing inflationary concerns led to monetary policy tightening in many countries. While emerging market performance began to make a strong comeback in March, it still fell short of developed nations with a 9.84% return for the period as measured by the MSCI Emerging Markets Index.

In the fixed-income markets, rising interest rates caused Treasuries to sell off with longer-maturity bonds being hardest hit. Thirty-year Treasuries ended up in negative territory for the six-month time frame with a return of -4.88%. High-yield corporate bonds, investment-grade corporate bonds and mortgage-backed securities outpaced Treasuries and produced solid results. For example, the Barclays Capital U.S. Corporate High Yield Bond Index returned 6.15% as the high-yield sector continued to benefit from the liquidity being pumped into the economy, strong corporate earnings and ongoing investor demand for higher yields. Rising energy and food costs ignited inflation fears in the market, causing Treasury Inflation Protected Securities (TIPS) to outperform nominal Treasuries. The Barclays Capital TIPS Index returned 1.28% during the period.

Outlook

Our outlook for the year ahead is somewhat mixed as the pace of economic growth around the globe slows. On the positive side, we believe U.S. corporate profitability will continue to be stronger than expected. The financial health of companies continues to strengthen as they improve earnings and decrease debt burdens. Corporate earnings have been a major driver of strong stock market results over the past two years. We are also encouraged by the ongoing rapid growth in manufacturing, which should continue to fuel the U.S. economy. The Institute for Supply Management recently reported that the manufacturing sector expanded in April for the 21st consecutive month.⁴ Additionally, we believe that inflation will not pose a significant problem domestically, at least in the near term.

On the other hand, a number of uncertainties have the potential to create headwinds for the economy and markets for the remainder of the year. While job growth has improved recently, we believe we still have a long way to go, with many workers either underemployed or unemployed. While we are forecasting economic growth in the 2.5% to 3.5% range in 2011, growth may not be strong enough to see significant improvements in the labor markets. Additionally, considerable strong fiscal headwinds could lie ahead if different levels of government begin to take action in the form of budget cuts or higher taxes. The U.S. cannot likely sustain the level of debt per unit of GDP that we currently have.

In Conclusion

Because higher-risk assets have surged substantially for the past nine months, it has become considerably more difficult to recognize obvious investment opportunities. While the economy remains relatively strong, valuations in many key asset classes are not as attractive as they were a year or two ago.

As always, it is important to remember that stock market investments should be viewed with a longer time horizon. Most investors need a meaningful allocation to stocks in order to generate the kind of growth required to not outlive their savings. But you must be comfortable with the amount of risk in your portfolio to avoid selling during a downturn. We believe that it is critically important to not make short-term decisions with long-term money.

As I have said in the past, the prevailing low level of interest rates is helping to spur economic growth because it is cheaper to borrow money, fund business plans and service debt. On the flip side, however, more conservative investors and savers are getting little in exchange for placing money in bank accounts, money market funds and fixed-rate products. This prevailing low-yield environment will likely continue for at least another year or so.

If you are concerned about the yields on your short-term investments, about events in the markets or about the value of your nest egg, you should give your Thrivent Financial representative a call. Together, you can devise a customized strategy that addresses your financial goals while matching your tolerance for risk. At Thrivent Financial, we have a wide array of products and tools available to help our investors.

As always, we greatly value the trust you place with us.

Sincerely,

LOGO

Russell W. Swansen

President and Chief Investment Officer

Thrivent Mutual Funds

¹ U.S. Bureau of Economic Analysis, “Gross Domestic Product, 1st quarter 2011” (advance estimate April 28, 2011)

² U.S. Bureau of Labor Statistics, “The Employment Situation—April 2011” (May 6, 2011)

³ U.S. Bureau of Labor Statistics, “Consumer Price Index—April 2011” (May 13, 2011)

⁴ Institute for Supply Management, “April 2011 Manufacturing ISM Report On Business^®” (May 2, 2011)

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Aggressive Allocation Fund earned a return of 16.49%, compared with the median return of its peer group, the Lipper Multi-Cap Core category, of 17.20%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.36% and 0.02%, respectively.

What factors affected the Fund’s performance?

Performance was in-line with its equity index benchmark, even though we had an average of 8% of the Fund in fixed-income securities. Fixed-income holdings, while performing well versus their respective fixed-income benchmarks, did not keep pace with the strong advance in equities. The Fund’s allocation to mid- and small-cap securities aided results as these segments of the market significantly outpaced large-capitalization U.S. stocks. U.S. equities also performed better than large- capitalization foreign stocks and emerging markets allocations. The Fund does have some exposure to foreign markets, which limited the Fund’s advance versus the U.S. equity benchmark. Also offsetting some of our advantage was subpar stock selection results in both the large-cap growth and mid-cap growth allocations in the Fund. Mid-cap growth outperformed large-cap indexes, but our holdings did not keep pace with the mid-cap growth benchmark. Mid- and small- capitalization core and value holdings performed well to in-line versus their respective benchmarks, and large-cap value and core allocations were generally in-line with their respective indexes.

What is your outlook?

The equity markets have advanced significantly off the lows seen in March of 2009, but at the same time, corporate earnings have recovered just as strongly. Relative to their own history, large-cap U.S. stocks appear to be reasonably valued on current earnings expectations. Relative to bonds, equities appear to offer better value, but with the geopolitical uncertainty in the world, high oil and commodity prices, and accelerating inflation in many economies, we feel it prudent to maintain allocations of equities and fixed income at our long-range strategic targets.

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Partner International Stock Fund	10.6	%
Thrivent Partner Small Cap Growth Fund	8.8	%
Thrivent Large Cap Growth Fund	6.4	%
Thrivent Mid Cap Growth Fund	6.0	%
Thrivent Partner Worldwide Allocation Fund	5.7	%
Thrivent Large Cap Value Fund	5.4	%
Thrivent Mid Cap Stock Fund	5.4	%
Thrivent Large Cap Stock Fund	5.1	%
Thrivent Partner Mid Cap Value Fund	3.5	%
Thrivent Small Cap Stock Fund	2.9	%

These securities represent 59.8% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Portfolio Composition illustrates market exposure of all asset classes, including derivatives.

The list of Top 10 Holdings excludes short-term investments.

Quoted Portfolio Composition and Top 10 Holdings are subject to change.

the same bias, as large-capitalization companies appear to be more attractively valued, and emerging markets, while offering attractive growth, are facing inflation challenges that will likely require policy actions, which may not be conducive to continued strong local equity market gains.

In fixed income, we believe the bias in interest rates will be up, particularly in shorter maturities, as U.S. monetary policy makers are likely to end their program of aggressive liquidity creation.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

TAAAX

TAAIX

Transfer Agent ID

038

468

Net Assets

$519,270,911

$85,967,262

NAV

$12.00

$12.07

NAV - High†

4/29/2011 - $12.00

4/29/2011 - $12.07

NAV - Low†

11/16/2010 - $10.32

11/16/2010 - $10.40

Number of Holdings: 399

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	From Inception 6/30/2005
without sales charge	18.90%	3.46%	6.01%
with sales charge	12.36%	2.29%	4.99%

Institutional Class³	1-Year	5 Years	From Inception 6/30/2005
Net Asset Value	19.37%	3.82%	6.40%

LOGO

Past performance is not an indication of future results. Average annual 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 prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.thrivent.com. At various times, the Fund’s adviser waived its management fee and/or reimbursed Fund expenses. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 800-THRIVENT or visit www.thrivent.com for performance results current to the most recent month-end.

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Consumer Price Index, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in those Indexes, any charges you would pay would reduce your total return as well.

**	The Barclays Capital U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

The S&P 500 Index is an index that represents the average performance of a group of 500 widely held, publicly traded stocks. “S&P 500^®” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Thrivent Financial for Lutherans. The product is not sponsored, endorsed or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Moderately Aggressive Allocation Fund earned a return of 13.15%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Growth category, of 11.30%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.36% and 0.02%, respectively.

What factors affected the Fund’s performance?

Performance was better than the median of the Fund’s category and closer to the equity benchmark as we maintained our equity exposure at approximately 78% of Fund assets for the period. The Fund’s fixed-income holdings, while performing well versus their respective fixed-income benchmarks, did not keep pace with the strong advance in equities. The Fund’s allocation to mid- and small-cap securities aided results as these segments of the market significantly outpaced large-capitalization U.S. stocks. U.S. equities also performed better than large-capitalization foreign stocks and emerging markets allocations. The Fund does have some exposure to foreign markets, which limited the Fund’s advance versus the U.S. equity benchmark. Also offsetting some of our advantage was subpar stock selection results in both the large-cap growth and mid-cap growth allocations in the Fund. Mid-cap growth outperformed large-cap indexes, but our holdings did not keep pace with the mid-cap growth benchmark. Mid- and small- capitalization core and value holdings performed well to in-line versus their respective benchmarks, and large-cap value and core allocations were generally in-line with their respective indexes.

What is your outlook?

The equity markets have advanced significantly off the lows seen in March of 2009, but at the same time corporate earnings have recovered just as strongly. Relative to their own history, large-cap U.S. stocks appear to be reasonably valued on current earnings expectations. Relative to bonds, equities appear to offer better value, but with the geopolitical uncertainty in the world, high oil and commodity prices, and accelerating inflation in many economies, we feel it prudent to maintain allocations of equities and fixed income at our long range strategic targets.

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Large Cap Value Fund	7.9	%
Thrivent Partner International Stock Fund	7.9	%
Thrivent Income Fund	6.9	%
Thrivent Large Cap Growth Fund	6.1	%
Thrivent Partner Worldwide Allocation Fund	6.0	%
Thrivent Large Cap Stock Fund	5.7	%
Thrivent Mid Cap Stock Fund	5.3	%
Thrivent High Yield Fund	3.7	%
Thrivent Limited Maturity Bond Fund	3.6	%
Thrivent Partner Mid Cap Value Fund	3.5	%

These securities represent 56.6% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Portfolio Composition illustrates market exposure of all asset classes, including derivatives.

The list of Top 10 Holdings excludes short-term investments.

Quoted Portfolio Composition and Top 10 Holdings are subject to change.

In fixed income, we believe the bias in interest rates will be up, particularly in shorter maturities, as U.S. monetary policy makers are likely to end their program of aggressive liquidity creation.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

TMAAX

TMAFX

Transfer Agent ID

037

467

Net Assets

$1,270,546,340

$93,340,497

NAV

$11.89

$11.96

NAV - High†

4/29/2011 - $11.89

4/29/2011 - $11.96

NAV - Low†

11/16/2010 - $10.59

11/16/2010 - $10.66

Number of Holdings: 429

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	From Inception 6/30/2005
without sales charge	16.43%	3.89%	5.89%
with sales charge	10.05%	2.73%	4.87%

Institutional Class³	1-Year	5 Years	From Inception 6/30/2005
Net Asset Value	16.90%	4.24%	6.26%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

**	The Barclays Capital U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.


		Thrivent Moderate Allocation Fund Russell W. Swansen (left), David C. Francis, CFA (right) and Mark L. Simenstad, CFA (far right), Portfolio Co-Managers The Fund seeks long-term capital growth while providing reasonable stability of principal.

The Fund’s performance depends upon how its assets are allocated across broad asset categories and applicable sub-classes within such categories. Some broad asset categories and sub-classes may perform below expectations or below the securities markets generally over short or extended periods. Another risk of investing in the Fund is that its performance is dependent upon the performance of the underlying asset classes in which it invests. As a result, the Fund is subject to the same risks as those faced by the underlying asset classes. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Moderate Allocation Fund earned a return of 10.34%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Moderate category, of 9.52%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.36% and 0.02%, respectively.

What factors affected the Fund’s performance?

Performance was better than the median of the Fund’s category and closer to the Fund’s equity benchmark as we maintained our equity exposure at approximately 58% of Fund assets for the period. The Fund’s fixed-income holdings, while performing well versus their respective fixed-income benchmarks, did not keep pace with the strong advance in equities. The Fund’s allocation to mid- and small-cap securities aided results as these segments of the market significantly outpaced large-capitalization U.S. stocks. U.S. equities also performed better than large-capitalization foreign stocks and emerging markets allocations. The Fund does have some exposure to foreign markets, which limited the Fund’s advance versus the U.S. equity benchmark. Also offsetting some of our advantage was subpar stock selection results in both the large-cap growth and mid- cap growth allocations in the Fund. Mid-cap growth outperformed large-cap indexes, but our holdings did not keep pace with the mid-cap growth benchmark. Mid- and small-capitalization core and value holdings performed well to in-line versus their respective benchmarks, and large-cap value and core allocations were generally in-line with their respective indexes.

What is your outlook?

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Income Fund	13.6	%
Thrivent Limited Maturity Bond Fund	13.7	%
Thrivent Large Cap Value Fund	7.3	%
Thrivent Partner Worldwide Allocation Fund	5.6	%
Thrivent Partner International Stock Fund	5.5	%
Thrivent Large Cap Growth Fund	4.9	%
Thrivent High Yield Fund	3.7	%
Thrivent Mid Cap Stock Fund	3.5	%
Thrivent Real Estate Securities Fund	3.1	%
Thrivent Large Cap Stock Fund	3.1	%

These securities represent 64.0% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Portfolio Composition illustrates market exposure of all asset classes, including derivatives.

The list of Top 10 Holdings excludes short-term investments.

Quoted Portfolio Composition and Top 10 Holdings are subject to change.

Within the equity allocations, we have shifted assets from mid- and small-capitalization sectors to large- capitalization companies, as the latter segment appears to offer greater relative value. Internationally, we are seeing the same bias, as large-capitalization companies appear to be more attractively valued, and emerging markets, while offering attractive growth, are facing inflation challenges that will likely require policy actions, which may not be conducive to continued strong local equity market gains.

In fixed income, we believe the bias in interest rates will be up, particularly in shorter maturities, as U.S. monetary policy makers are likely to end their program of aggressive liquidity creation.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

THMAX

TMAIX

Transfer Agent ID

036

466

Net Assets

$1,276,581,304

$61,843,792

NAV

$11.64

$11.66

NAV - High†

4/29/2011 - $11.64

4/29/2011 - $11.66

NAV - Low†

11/16/2010 - $10.61

11/16/2010 - $10.63

Number of Holdings: 428

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	From Inception 6/30/2005
without sales charge	14.09%	4.46%	5.92%
with sales charge	7.78%	3.29%	4.90%

Institutional Class³	1-Year	5 Years	From Inception 6/30/2005
Net Asset Value	14.43%	4.79%	6.25%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

**	The Barclays Capital U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Moderately Conservative Allocation Fund earned a return of 7.14%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Conservative category, of 5.80%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.36% and 0.02%, respectively.

What factors affected the Fund’s performance?

Performance was better than the median of the Fund’s category and approximately at the midpoint of the Fund’s equity and fixed-income benchmarks. We maintained our equity exposure at approximately 39% of Fund assets for the period. The Fund’s fixed-income holdings, while performing well versus their respective fixed-income benchmarks, did not keep pace with the strong advance in equities. The Fund’s allocation to mid- and small-cap securities aided results, as these segments of the market significantly outpaced large-capitalization U.S. stocks. U.S. equities also performed better than large-capitalization foreign stocks and emerging markets allocations. The Fund does have some exposure to foreign markets, which limited the Fund’s advance versus the U.S. equity benchmark. Also offsetting some of our advantage was subpar stock selection results in both the large-cap growth and mid-cap growth allocations in the Fund. Mid-cap growth outperformed large-cap indexes, but our holdings did not keep pace with the mid-cap growth benchmark. Mid- and small-capitalization core and value holdings performed well to in-line versus their respective benchmarks, and large-cap value and core allocations were generally in-line with their respective indexes.

What is your outlook?

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Limited Maturity Bond Fund	28.8	%
Thrivent Income Fund	12.8	%
Thrivent Large Cap Value Fund	5.9	%
Thrivent Partner Worldwide Allocation Fund	4.2	%
Thrivent High Yield Fund	3.8	%
Thrivent Partner International Stock Fund	3.0	%
Thrivent Partner Mid Cap Value Fund	2.4	%
Thrivent Large Cap Growth Fund	2.4	%
Thrivent Government Bond Fund	1.9	%
Thrivent Real Estate Securities Fund	1.9	%

These securities represent 67.1% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Portfolio Composition illustrates market exposure of all asset classes, including derivatives.

The list of Top 10 Holdings excludes short-term investments.

Quoted Portfolio Composition and Top 10 Holdings are subject to change.

Within the equity allocations, we have shifted assets from mid- and small-capitalization sectors to large-capitalization companies, as the latter offers better valuations. Internationally, we are seeing the same bias, as large-capitalization companies appear to be more attractively valued, and emerging markets are facing inflation challenges.

In fixed income, we believe the bias in interest rates will be up, particularly in shorter maturities, as U.S. monetary policy makers are likely to end their program of aggressive liquidity creation.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

TCAAX

TCAIX

Transfer Agent ID

035

465

Net Assets

$566,265,390

$22,272,432

NAV

$11.35

$11.37

NAV - High†

4/29/2011 - $11.35

4/29/2011 - $11.37

NAV - Low†

11/16/2010 - $10.67

11/16/2010 - $10.70

Number of Holdings: 326

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	From Inception 6/30/2005
without sales charge	10.99%	4.68%	5.54%
with sales charge	4.88%	3.51%	4.52%

Institutional Class³	1-Year	5 Years	From Inception 6/30/2005
Net Asset Value	11.14%	4.93%	5.82%

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2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

**	The Barclays Capital U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

Thrivent Partner Small Cap Growth Fund

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Subadvised by Turner Investment Partners, Inc.

The Fund seeks long-term growth of capital.

The Fund is exposed to the risks of investing in equity securities of smaller companies, which may include, but are not limited to, lower trading volumes and less liquidity than larger, more established companies. Small company stock prices are generally more volatile than large company stock prices. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Partner Small Cap Growth Fund, earned a return of 30.43% compared to the median return of its peer group, the Lipper Small Cap Growth Funds of 27.36%. The Fund’s market benchmark, the Russell 2000^® Growth Index, earned a return of 27.07%.

What factors affected the Fund’s performance?

With the exception of the utilities sector, every portfolio sector posted significant gains, led by energy and health care. On a relative basis, seven of the Fund’s nine sectors beat their corresponding index sectors. Holdings in the health care sector contributed the most to relative performance, while the financial services sector detracted the most.

Good stock selection within the health care sector—more specifically, within clinical stage pharmaceutical companies—helped boost results. Amarin Corp. traded higher as it reported positive results from its ANCHOR trial for the company’s lead product candidate, AMR101, for the treatment of high triglycerides. The performance of Pharmasset jumped as the company announced positive trial data for its combination and stand-alone therapies for its Hepatitis C experimental drug. If approved, it would be the first oral drug therapy for the treatment of Hepatitis C on the market.

In the financials sector, Greenhill & Co. was the largest detractor to performance. The merger advisory firm traded lower, weighed down by lower advisory revenues and higher expenses, indicating a slowdown in the company’s global business activity. The performance of trading firm Knight Capital Group also impaired results. Knight Capital is vulnerable to weaker equity volumes and lower volatility and could potentially be impacted by increased SEC regulation as a result of the flash crash that occurred in May 2010. We sold the position in the Fund.

What is your outlook?

In our opinion, the equity market should continue to perform well throughout the remainder of the year for several reasons. First, despite the well-documented macro issues, it is our view that the global economy will grow more than 4% this year, which is higher than its average in the past two decades. Second, companies continue to post solid earnings growth, and we would expect this

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Top 10 Holdings

(% of Net Assets)


Ariba, Inc.	1.4	%
Genesee & Wyoming, Inc.	1.2	%
TIBCO Software, Inc.	1.2	%
Acme Packet, Inc.	1.2	%
Netlogic Microsystems, Inc.	1.1	%
AMERIGROUP Corporation	1.1	%
Solutia, Inc.	1.1	%
Cooper Companies, Inc.	1.1	%
Key Energy Services, Inc.	1.1	%
Healthsouth Corporation	1.0	%

These securities represent 11.5% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

trend to continue as consumers slowly gets stronger. Third, corporate balance sheets are flush with cash, and companies are beginning to deploy this cash by way of stock buybacks and acquisitions. Lastly, corporate capital spending should expand in both 2011 and 2012, outpacing economic growth.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

TPSAX

TPGIX

Transfer Agent ID

063

463

Net Assets

$23,662,444

$125,495,372

NAV

$14.10

$14.40

NAV - High†

4/29/2011 - $14.10

4/29/2011 - $14.40

NAV - Low†

11/1/2010 - $10.75

11/1/2010 - $10.95

Number of Holdings: 212

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	From Inception 6/30/2005
without sales charge	31.28%	3.77%	6.91%
with sales charge	24.01%	2.61%	5.88%

Institutional Class³	1-Year	5 Years	From Inception 6/30/2005
Net Asset Value	31.99%	4.21%	7.32%

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2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Consumer Price Index and the Russell 2000^® Growth Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Russell 2000^® Growth Index is an index comprised of companies with a greater-than-average growth orientation. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

Thrivent Partner Small Cap Value Fund

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Subadvised by T. Rowe Price Associates, Inc.

The Fund seeks long-term capital appreciation.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Partner Small Cap Value Fund earned a return of 20.67%, compared to the median return of its peer group, the Small Cap Value Funds of 21.44%. The Fund’s market benchmark, the Russell 2000^® Value Index, earned a return of 20.31%.

What factors affected the Fund’s performance?

Business services and industrials were major contributors to Fund performance, due to stock holdings that included Beacon Roofing and Norton, a roofing materials distributor. Beacon Roofing inspired investor confidence despite the weakness of the housing sector. Norton benefited from its differentiated business model and strong sales and service, which helped the company penetrate developed and emerging markets. Significant underweighting in the financials sector helped as well, as it was among the worst-performing index sectors. Stock choices in consumer discretionary also boosted relative results. Our position in Aaron’s proved particularly beneficial, as the furniture rental firm reported strong quarterly earnings and a robust 2011 outlook.

Materials was a notable detractor, due to stock selection.

Our positioning in the paper and forest products industry hurt, with Clearwater Paper and Wausau Paper suffering from the industrywide trend of higher input costs. Our holdings in health care also underperformed—most notably, Lexicon Pharmaceuticals. This firm received a major boost to share prices after a successful clinical trial, but the price then fell late in the period after announcing disappointing earnings. Our underweighting in energy dragged on relative results as well, as energy was the leading benchmark sector. Our position in Penn Virginia also hurt, as the firm failed to keep pace with its high-performing peers.

What is your outlook?

We continue to see improvement in the underlying drivers of the U.S. economy, including employment, consumption and business investment. Despite the sovereign debt problems in Europe, the natural disaster in Japan and political turmoil in North Africa and the Middle East, the global economy is growing as well. Our primary worry going forward is inflation, particularly as ongoing budget disputes increase the likelihood that the U.S. will attempt to devalue its debt through inflationary means.

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Top 10 Holdings

(% of Net Assets)


Aaron’s, Inc.	2.2	%
Genesee & Wyoming, Inc.	1.8	%
Kirby Corporation	1.7	%
ProAssurance Corporation	1.7	%
AptarGroup, Inc.	1.5	%
Owens & Minor, Inc.	1.3	%
Progress Software Corporation	1.3	%
Clearwater Paper Corporation	1.3	%
Cleco Corporation	1.2	%
CBL & Associates Properties, Inc.	1.2	%

These securities represent 15.2% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

Equity valuations appear reasonable overall and, in our view, are still compelling when compared to bonds. We’ve seen excessive valuations within the small-cap universe, but those appear to be concentrated among growth stocks, which have outperformed value for several years. Small-cap stocks, however, are not cheap relative to large-cap stocks, and the possibility of merger-and-acquisition activity is often already priced into share valuations. Our view is that investors should maintain a small-cap allocation without emphasizing this asset class.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AALVX

TPSIX

Transfer Agent ID

032

099

Net Assets

$83,031,843

$168,718,167

NAV

$16.46

$17.24

NAV - High†

4/29/2011 - $16.46

4/29/2011 - $17.24

NAV - Low†

11/1/2010 - $13.65

11/1/2010 - $14.31

Number of Holdings: 166

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year			5 Years			From Inception 7/17/2001
without sales charge		15.13	%		5.40	%		10.00	%
with sales charge		8.78	%		4.21	%		9.37	%

Institutional Class³	1-Year			5 Years			From Inception 7/17/2001
Net Asset Value		15.80	%		6.08	%		10.78	%

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²	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

³	Institutional Class shares have no sales load and are for institutional shareholders only.

^(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Russell 2000^® Value Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Russell 2000^® Value Index measures the performance of small cap value stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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Thrivent Small Cap Stock Fund

Darren M. Bagwell, CFA, Portfolio Manager

The Fund seeks long-term capital growth.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Small Cap Stock Fund earned a return of 25.54%, compared with the median return of its peer group, the Lipper Small Cap Core Funds category, of 22.89%. The Fund’s market benchmark, the Russell 2000^® Index, earned a return of 23.73%.

What factors affected the Fund’s performance?

Within the technology sector, our emphasis on software companies focused on data management, and the related analytic support continued to pay off, with particular performance contributions from TIBCO and Informatica. Atmel, a semiconductor holding with an emphasis on touch-panel technologies, proved to be a timely investment as the success of the iPad spurred meaningful competitive product introductions by Atmel’s customers. Finally, holding GSI Commerce proved to be as strategically placed in the Internet commerce tool industry as we believed, as eBay announced its plans to purchase the company at a premium.

In the financial sector, our emphasis on higher-quality regional banks in stronger geographic regions benefited from better demonstrated earnings trends and incrementally more interest in an oversold group. Texas Capital and SVB Financial were noteworthy in this regard. Ocwen, a mortgage servicer, is a special situation where we have long seen value, and the perception of greater stability in residential real estate markets has helped to unlock that value in recent quarters.

Finally, in the consumer sector, we correctly anticipated the accelerating developing market results of Herbalife, a direct marketer of nutritional and health products, as well as the operational inflection points of furnishing and footwear retailing turnaround stories, Pier 1 Imports and Foot Locker, respectively.

We had our weakest security selection results in the energy and health care sectors, which was disappointing given these were two of the strongest generators of over-market performance in the period. Our investments in each sector simply did not execute, and this manifested itself in disappointing earnings results.

What is your outlook?

We believe domestic economic growth will disappoint due to persistently weak employment and housing markets, but corporate profitability will continue to provide positive surprises due to demand from developing and emerging markets and sustained productivity gains.

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Top 10 Holdings

(% of Net Assets)


Manitowoc Company, Inc.	2.3	%
Pier 1 Imports, Inc.	2.2	%
Plexus Corporation	2.0	%
Oil States International, Inc.	2.0	%
Foot Locker, Inc.	2.0	%
Align Technology, Inc.	2.0	%
Universal Health Services, Inc.	1.9	%
PSS World Medical, Inc.	1.8	%
Plantronics, Inc.	1.8	%
Brocade Communications	1.8	%

These securities represent 19.8% of the total netassets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

We look for a benign inflation environment notwithstanding continued commodity volatility and do not expect the Fed to raise rates until 2012 at the earliest. We also expect the controlled descent in the value of the dollar to continue, and believe this is a backdrop for moderate broad-market gains. We favor late-cycle positioning and see still see particular value in the health care and financial sectors. We believe that the largest sources of risk to our relatively optimistic outlook are the possibility of a default or debt restructuring in Europe, a global growth slowdown caused by overly aggressive Chinese monetary tightening, or a lack of progress by Congress in addressing the U.S. fiscal deficit.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AASMX

TSCSX

Transfer Agent ID

024

094

Net Assets

$283,176,461

$71,706,319

NAV

$15.78

$17.62

NAV - High†

4/29/2011 - $15.78

4/29/2011 - $17.62

NAV - Low†

11/1/2010 - $12.56

11/1/2010 - $13.99

Number of Holdings: 87

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	26.14%	1.50%	6.56%
with sales charge	19.18%	0.36%	5.96%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	26.95%	2.16%	7.24%

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Past performance is not an indication of future results. Average annual 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 prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.thrivent.com. At various times, the Fund’s adviser waived its management fee and/or reimbursed Fund expenses. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 800-THRIVENT or visit www.thrivent.com for performance results current to the most recent month-end.

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Russell 2000^® Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Russell 2000^® Index measures the performance of small cap stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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Thrivent Mid Cap Growth Fund

Andrea J. Thomas, CFA, Portfolio Manager

The Fund seeks long-term growth of capital.

Mid-cap stocks offer the potential for long-term gains but can be subject to short-term price movements. Mid-sized company stock prices are generally more volatile than large company stock prices. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Mid Cap Growth Fund earned a return of 17.93%, compared with the median return of its peer group, the Mid Cap Growth Funds category, of 22.63%. The Portfolio’s market benchmark, the Russell Midcap^® Growth Index, earned a return of 22.62%.

What factors affected the Fund’s performance?

The continuation of the accommodative Fed policy contributed to investors seeking out risk assets, especially stocks. While the return of the Fund was positive, the Fund lagged behind its competitors and the benchmark over the period as we increased our defensive positioning in anticipation of the end of the Fed’s quantitative easing policy. We did not own enough high-multiple consumer names over the period. This hurt us, as investors rushed into these names and were willing to pay premiums for select growth names. Our late-cycle industrial names lagged as investors opted for high-beta, high-growth names. Our energy names did well over the period, as did our technology stock picks.

What is your outlook?

We think the appeal of high-multiple, high-risk stocks will wane as we approach the back half of 2011. In our view, one consequence of the Fed’s monetary policy has been an increase in commodity prices around the world as paper dollars are converted into real assets. Recent economic data points suggest a possible slowdown in GDP growth in the back half of 2011. This appears to be the result of higher commodity prices impacting margins. To date, we have not seen the jobs picture improve in any material way, which also is a drag on GDP growth.

We believe that the Fed’s second round of quantitative easing has provided a lot of support to equity valuations, and with this program winding down, the market may hit a speed bump. We also believe higher commodity prices will begin to take a toll on margins and, hence, earnings-per-share (EPS) growth. In this environment, we remain overweighted in energy and materials companies, which should benefit from commodity inflation. We are cautious about the effect of commodity inflation on input costs for many companies, which will impact margins and, hence, earnings. We remain extremely cautious about high multiple consumer discretionary stocks, as they may bear the brunt of the margin compression. We are also underweighted in high-multiple technology stocks as we believe they are priced to perfection. A slowdown in GDP growth should lead to EPS multiple compression in these companies. We are overweighted in more defensive sectors, such as consumer staples and health care, which generally have more stable EPS profiles.

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Top 10 Holdings

(% of Net Assets)


Polycom, Inc.	2.1	%
Alpha Natural Resources, Inc.	1.8	%
CF Industries Holdings, Inc.	1.7	%
Petrohawk Energy Corporation	1.6	%
Celanese Corporation	1.6	%
BE Aerospace, Inc.	1.6	%
Expeditors International of Washington, Inc.	1.6	%
Dollar Tree, Inc.	1.5	%
Precision Castparts Corporation	1.5	%
F5 Networks, Inc.	1.5	%

These securities represent 16.5% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

LBMGX

LBMIX

Transfer Agent ID

058

458

Net Assets

$276,502,592

$169,238,676

NAV

$19.60

$21.91

NAV - High†

4/29/2011 - $19.60

4/29/2011 - $21.91

NAV - Low†

11/1/2010 - $16.62

11/1/2010 - $18.53

Number of Holdings: 108

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	24.52%	7.41%	5.65%
with sales charge	17.65%	6.20%	5.05%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	25.27%	8.20%	6.50%

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2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Russell Midcap^® Growth Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Russell Midcap^® Growth Index measures the performance of mid-cap growth stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses, or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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Thrivent Partner Mid Cap

Value Fund

Subadvised by Goldman Sachs Asset Management, L.P.

The Fund seeks to achieve long-term capital appreciation.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Partner Mid Cap Value Fund, earned a return of 18.27%, compared with the median return of its peer group, the Mid Cap Value Funds of 19.40%. The Fund’s market benchmark, the Russell Midcap^® Value Index, earned a return of 18.95%.

What factors affected the Fund’s performance?

Our stock selection was strong in the information technology sector, driven by our holding of Polycom, Inc. The company generated better-than-expected results and benefited from growth in its core videoconferencing market. In addition, Polycom has branched out into new channels to sell its products, and formed new partnerships to increase the attractiveness of its offerings.

Stock selection was also strong in the materials sector, driven largely by our holding in Huntsman Corp. The company benefited from stronger-than-expected profitability in its pigments segment, driven by price increases. This has helped lead to margin growth, and we continue to believe that further margin expansion is possible. Huntsman remains one of our higher conviction names in the materials sector.

Energy was the biggest detractor due to a combination of our underweighted position in refining and drilling companies, as well as challenged stock selection. Our underweighted position in Pioneer Natural Resources Co. throughout most of the period caused the stock to be a main detractor. We believe management has positioned the company well by refocusing their operations on its domestic land assets, while selling international assets. In the utilities sector, our holding in Xcel Energy negatively impacted performance.

What is your outlook?

We remain constructive on the U.S. equity market for the rest of the year. Despite foreign disruptions and other headwinds, in our view, the U.S. equity market continues to experience strong positive returns. We believe that valuations are compelling, and companies are exhibiting strong fundamentals, with high cash levels and improving corporate profits and balance sheets. We expect management teams to focus on returning value to shareholders through mergers and acquisitions, buybacks, dividends and deleveraging of balance sheets.

Additionally, we continue to believe that we are entering a more fertile environment for stock picking. We feel that

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Top 10 Holdings

(% of Net Assets)


Newfield Exploration Company	2.2	%
Principal Financial Group, Inc.	2.0	%
J.M. Smucker Company	1.8	%
Lear Corporation	1.7	%
Xcel Energy, Inc.	1.6	%
Everest Re Group, Ltd.	1.6	%
Sprint Nextel Corporation	1.6	%
SLM Corporation	1.6	%
PPL Corporation	1.5	%
Boston Scientific Corporation	1.5	%

These securities represent 17.1% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

the market is shifting its focus to company specifics, now that volatility levels have normalized and stock correlations are declining. We expect greater stock-level differentiation going forward, especially between high- and low-quality stocks trading at comparable valuations.

Whereas margin expansion drove earnings last year, we believe stock performance should be led by those companies that can improve revenues and free cash flow.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

TPMAX

TPMIX

Transfer Agent ID

086

486

Net Assets

$20,359,520

$114,239,674

NAV

$13.19

$13.22

NAV - High†

4/29/2011 - $13.19

4/29/2011 - $13.22

NAV - Low†

11/16/2010 - $11.12

11/16/2010 - $11.16

Number of Holdings: 115

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	From Inception 6/30/2005
without sales charge	19.77%	5.25%	6.74%
with sales charge	13.21%	4.06%	5.71%

Institutional Class³	1-Year	5 Years	From Inception 6/30/2005
Net Asset Value	20.17%	5.57%	7.07%

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²	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

³	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Consumer Price Index and the Russell Midcap^® Value Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Russell Midcap^® Value Index is an index comprised of mid-cap companies with lower than average price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

LOGO

Thrivent Mid Cap Stock Fund

Brian J. Flanagan, CFA, Portfolio Manager

The Fund seeks long-term capital growth.

How did the Fund perform during the 6-month period ending April 29, 2011?

Thrivent Mid Cap Stock Fund earned a return of 23.57%, compared with the median return of its peer group, the Mid Cap Core Fund category, of 21.44%. The Fund’s market benchmark, the Russell Midcap^® Index, earned a return of 20.67%.

What factors affected the Fund’s performance?

The Fund’s outperformance versus its benchmark was driven by the information technology and industrial sectors. Information technology services, semiconductor equipment and software all contributed significantly to technology sector outperformance. Within technology services, VeriFone Systems benefited from an expanding recurring revenue stream to improve margins and earnings. An improving marketing and credit backdrop were advantageous to the Alliance Data Systems Corporation business model. Teradyne had the combined tailwinds of an improving industry backdrop and a better business model to outperform a strong semiconductor equipment market. Finally, business intelligence requirements for the ever-expanding mountains of collected data drove TIBCO to new highs. Manitowoc lifted (pun intended) the industrial sector as an improving crane order outlook began in the second half of 2010. The combination of improving utilizations, an aging fleet and large-scale energy projects caused rental firms to order new cranes and should provide Manitowoc with better revenues and margins in the future. The financial sector was the only significant drag on overall performance. Northern Trust Corporation led the decline as the low-interest-rate environment continued to weigh on the company’s operations.

What is your outlook?

Driven by elevated emerging market inflation and rising interest rates, supply disruptions caused by the earthquake in Japan , continued peripheral European country austerity measures, increasing fiscal discipline in the U. S. and valuations no longer considered cheap, our market outlook is decidedly more cautious today than it has been over the last two-and-one-half years. Opportunities still exist, however, and the Fund is overweighted in the health care, technology and energy sectors. Health care should benefit from a slowly

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Top 10 Holdings

(% of Net Assets)


Manitowoc Company, Inc.	2.7	%
Teradyne, Inc.	2.2	%
Shaw Group, Inc.	2.2	%
National Oilwell Varco, Inc.	2.1	%
TIBCO Software, Inc.	2.1	%
HCC Insurance Holdings, Inc.	2.0	%
Northern Trust Corporation	2.0	%
Alliance Data Systems Corporation	1.9	%
Autoliv, Inc.	1.9	%
W.R. Berkley Corporation	1.9	%

These securities represent 21.0% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

improving employment backdrop, combined with defensive characteristics that make it attractive if the global economy growth rate slows. The technology sector continues to benefit from underinvestment over the past decade, combined with high and increasing cash balances that are improving the merger-and-acquisition environment. Finally, while the energy sector is vulnerable to slowing global growth, the lack of spare oil capacity and declining oil inventories

suggest spending needs to increase to provide more reserves to an ever-increasing customer base. The Fund’s largest underweighting is in consumer discretionary, driven by profit margin pressure. Retailers are seeing their costs significantly increase and are unable to raise prices sufficiently to protect their margins. Overall, the Fund is more conservatively positioned than the recent past.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AASCX

TMSIX

Transfer Agent ID

021

051

Net Assets

$666,566,584

$257,170,324

NAV

$16.67

$17.94

NAV - High†

4/29/2011 - $16.67

4/29/2011 - $17.94

NAV - Low†

11/1/2010 - $13.51

11/1/2010 - $14.55

Number of Holdings: 74

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	26.77%	4.62%	6.04%
with sales charge	19.76%	3.44%	5.44%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	27.34%	5.16%	6.61%

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2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Russell Midcap^® Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

The Russell Midcap^® Index is an index that measures the performance of the smallest 800 securities in the Russell 1000^® Index, as ranked by total market capitalization. It is not possible to invest directly in these Indexes. The performance of these Indexes does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.


		Thrivent Partner Worldwide Allocation Fund
		Subadvised by Mercator Asset Management, LP, Principal Global Investors, LLC, Aberdeen Asset Management Investment Services Limited, Victory Capital Management Inc. and Goldman Sachs Asset Management, L.P.
		The Fund seeks long-term capital growth.
		Foreign investments, as compared to domestic ones, involve additional risks, including currency fluctuations, different accounting standards, and greater political, economic and market instability. These risks are magnified when the portfolio invests in emerging markets, which may be of relatively small size and less liquid than domestic markets. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Partner Worldwide Allocation Fund earned a return of 10.34%, compared with the median return of its peer group, the Lipper International Multi-Cap Core Funds category, of 11.96%. The Fund’s market benchmark, the Morgan Stanley Capital International (MSCI) All Country World Index ex-USA, earned a return of 12.65%.

What factors affected the Fund’s performance?

The Fund invests in five discreet strategies in non-U.S. markets: large-cap value, large-cap growth, small- and mid-cap Europe Australasia and Far East (EAFE), emerging markets equities, and emerging market debt. Over the period, both the large-cap growth and large-cap value components performed in-line with their respective benchmarks, and those components also were in-line with the Fund’s overall benchmark index.

In both the emerging market debt and equity components of the Fund, segment returns were below those of the Fund’s overall benchmark, and the respective components did not keep pace with their individual sub- benchmarks, limiting the Fund’s result against the broad index. The small- and mid-cap segment did perform better than the Fund’s total benchmark but lagged the small- and mid-cap benchmark index. The Fund’s allocation to debt securities limited results versus an all- equity benchmark in the recent period as returns to debt securities were well below those of the equity segments of the markets.

What is your outlook?

Correlations among stocks have steadily trended lower in most market segments, creating, in our view, a better environment for stock selection and differentiation within sectors and regions. Related to this, we believe that equities, commodities and other “risk assets” will continue to benefit from disenchantment with low interest rates and growing discomfort with bonds as a safe haven. Despite the recent outperformance of equities, cash flow yields on stocks remain at historically high levels in comparison to bonds.

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Top 10 Countries

(% of Net Assets)


Japan	14.0	%
United Kingdom	12.3	%
Switzerland	7.6	%
France	5.6	%
Germany	5.4	%
Australia	3.9	%
Canada	3.6	%
Hong Kong	3.3	%
Brazil	3.3	%
South Korea	2.2	%

Investments in securities in these countries represent 61.2% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Countries are subject to change.

The lists of Major Market Sectors and Top 10 Countries exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

While the concern for rising interest rates remains, we believe that central banks will be able to lessen inflation concerns without aggressive action. In this environment, equities should remain supported. The Japanese earthquake could be a catalyst to jump start that economy as rebuilding efforts gain momentum. Lastly, an increase in corporate merger-and-acquisition activity and share buybacks is being driven, in our view, by strong corporate balance sheets, low financing rates and greater confidence in the macro environment. We would expect most of these trends to remain in place, providing further support for the equity market.

Fixed-income yields have likely declined to their lows for the cycle. Emerging economies are being impacted by higher inflation pressure, as many of their economies are more highly exposed to the recent volatility in commodity prices. As a result, policy makers are taking steps to moderate inflation, which often involves upward pressure on interest rates. We are retaining our exposure to fixed-income securities for diversification and risk mitigation relative to equities.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

TWAAX

TWAIX

Transfer Agent ID

034

087

Net Assets

$43,795,899

$266,803,458

NAV

$9.60

$9.63

NAV - High†

4/29/2011 - $9.60

4/29/2011 - $9.63

NAV - Low†

11/30/2010 - $8.44

11/30/2010 - $8.47

Number of Holdings: 478

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	From Inception 2/29/2008
without sales charge	20.02%	0.05%
with sales charge	13.43%	-1.72%

Institutional Class³	1-Year	From Inception 2/29/2008
Net Asset Value	20.38%	0.39%

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²	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

³	Institutional Class shares have no sales load and are for institutional shareholders only.

^(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the MSCI All Country World Index ex-USA and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

***

The MSCI All Country World Index ex-USA is an unmanaged market capitalization-weighted index that is designed to represent the performance of developed and emerging stock markets throughout the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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Thrivent Partner International

Stock Fund

Subadvised by Mercator Asset Management, LP and Principal Global Investors, LLC

The Fund seeks long-term capital growth.

Foreign investments involve additional risks including currency fluctuations and greater political, economic and market instability and different accounting standards, as compared with domestic investments. These risks are magnified when the portfolio invests in emerging markets, which may be of relatively small size and less liquid than domestic markets. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Partner International Stock Fund earned a return of 12.64%, compared with the median return of its peer group, the Lipper International Large Cap Core Funds category, of 12.63%. The Fund’s market benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index, earned a return of 12.95%.

What factors affected the Fund’s performance?

In the value segment of the Fund, energy, consumer discretionary and utilities stocks were the best performers, while health care and industrials suffered. Similarly, stocks in France, Italy, Norway and Thailand performed well, while those in the U.K. and Germany lagged. Not surprisingly, the worst performers were in Japan. Swiss stocks, which have long benefited the portfolio as a safe haven, also underperformed as investors shifted into markets with greater recovery potential, particularly in southern Europe.

In the growth segment, a majority of the segment’s good performance during the period was driven by stock selection within the financials, information technology and energy sectors, and more specifically in the commercial banking, energy equipment and services, and semiconductor and semiconductor equipment industries. Alternatively, stock selection was least effective in the industrials, materials and utilities sectors, and more specifically, in the metals and mining, auto components and machinery industries. From a country perspective, stock selection was most effective in the U.K., Canada and Japan, and least effective in Switzerland and Italy.

What is your outlook?

While the concern for rising interest rates remains, we believe that central banks will be able to lessen inflation concerns without aggressive action. In this environment,

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Top 10 Countries

(% of Net Assets)


Japan	18.4	%
United Kingdom	17.6	%
Switzerland	11.0	%
France	7.2	%
Germany	6.2	%
Canada	6.1	%
Australia	5.1	%
Italy	3.2	%
Hong Kong	2.7	%
Spain	2.6	%

Investments in securities in these countries represent 80.1% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Countries are subject to change.

The lists of Major Market Sectors and Top 10 Countries exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

equities should remain supported. The Japanese earthquake could be a catalyst to jump start that economy, as rebuilding efforts gain momentum. Lastly, an increase in corporate merger-and-acquisition activity and share buybacks is being driven, in our view, by strong corporate balance sheets, low financing rates and greater confidence in the macro environment. We would expect most of these trends to remain in place, providing further support for the equity market.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AAITX

TISFX

Transfer Agent ID

023

093

Net Assets

$181,244,359

$300,955,656

NAV

$10.72

$10.91

NAV - High†

4/29/2011 - $10.72

4/29/2011 - $10.91

NAV - Low†

11/30/2010 - $9.22

11/30/2010 - $9.43

Number of Holdings: 218

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	20.12%	0.04%	2.67%
with sales charge	13.47%	-1.08%	2.10%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	20.80%	0.70%	3.47%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the MSCI EAFE Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The MSCI EAFE Index measures the performance of stocks in developed countries outside of North America. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

LOGO

Thrivent Large Cap Growth Fund

Scott A. Vergin, CFA, Portfolio Manager

The Fund seeks long-term capital appreciation.

Large-cap stocks are subject to the basic market risk that a particular security, or securities in general, may decrease in value over short or even extended time periods. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Large Cap Growth Fund earned a return of 13.12%, compared with the median return of its peer group, the Large Cap Growth Funds category, of 15.25%. The Fund’s market benchmark, the Russell 1000^® Growth Index, earned a return of 16.96%.

What factors affected the Fund’s performance?

The Fund underperformed the benchmark primarily due to adverse stock selection in four sectors: technology, health care, financials and consumer discretionary. Within technology, our semiconductor stocks, Broadcom and Marvell, severely underperformed others in the group. Google and Visa were the other poor technology performers. The health care sector was hurt by our holdings in Celgene, Teva Pharmaceutical and Hospira, despite strong performance from health care services stocks, like Aetna and McKesson. Goldman Sachs and Itau Unibanco detracted from performance in the financial sector.

Our best stock selection came in the energy and industrial sectors. In energy, our holdings of Occidental Petroleum, Baker Hughes and Peabody Energy were all stellar performers, but our underweighting in the energy sector relative to the benchmark hurt the sector allocation performance. The same phenomena occurred in the industrial sector as Caterpillar, Cummins and Bucyrus (which is slated to be purchased by Caterpillar) were all up strongly, but sector allocation was negative, as we didn’t own enough in this sector. Sector allocation also suffered because we were overweighted in the sectors in which stock selection was the poorest.

What is your outlook?

We believe the stock market has shown remarkable strength given the number of macroeconomic uncertainties. The driving force behind the market has been the growth of corporate earnings as a result of the recovering economy, both in the U.S. and abroad. The question now facing the market is whether corporate earnings growth can remain robust with the end of easing by the Federal Reserve, disruptions from the Japanese earthquake, and continued debt problems in the European community. We will focus on companies that can continue to show strong earnings growth in any economic scenario.

Our sector allocation is fairly neutral, reflecting our belief

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Top 10 Holdings

(% of Net Assets)


Apple, Inc.	6.6	%
Google, Inc.	4.0	%
Oracle Corporation	3.6	%
QUALCOMM, Inc.	2.6	%
Amazon.com, Inc.	2.3	%
EMC Corporation	2.1	%
Schlumberger, Ltd.	2.0	%
VMware, Inc.	1.9	%
Ford Motor Company	1.9	%
Thermo Fisher Scientific, Inc.	1.7	%

These securities represent 28.7% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

that the stock market will show more volatility and that sustained upside will be harder to achieve. We like stock-specific ideas. For example, in health care, we are overweighted in certain issuers, which we believe should benefit from the surge in generic products. In technology, we like companies that are product innovators and companies that are on the verge of a new product cycle. We still like certain agriculture stocks as we believe the ag cycle will be longer lasting.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AAAGX

THLCX

Transfer Agent ID

027

060

Net Assets

$133,884,382

$223,424,995

NAV

$5.43

$5.81

NAV - High†

4/29/2011 - $5.43

4/29/2011 - $5.81

NAV - Low†

11/16/2010 - $4.76

11/16/2010 - $5.09

Number of Holdings: 108

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	12.19%	2.19%	0.41%
with sales charge	6.05%	1.03%	-0.15%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	12.60%	2.60%	1.14%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Consumer Price Index and the Russell 1000^® Growth Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

***	The Russell 1000^® Growth Index measures the performance of large cap growth stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

LOGO

Thrivent Large Cap Value Fund

Matthew D. Finn, CFA, Portfolio Manager

The Fund seeks to achieve long-term growth of capital.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Large Cap Value Fund earned a return of 17.41%, compared with the median return of its peer group, the Large Cap Value Funds category, of 16.59%. The Fund’s benchmark, the Russell 1000^® Value Index, earned a return of 17.29%.

What factors affected the Fund’s performance?

The sector weightings versus the benchmark helped the performance of the fund. Specifically, overweighting in the best-performing sectors (energy, materials and industrials) and underweighting in the worst-performing sectors (utilities and consumer staples) aided relative performance. The overweighting in the technology sector hurt relative performance.

Overall stock selection was mixed versus the benchmark. Stock selection in the health care, consumer staples and telecommunications sectors helped relative performance, while those in financials and technology hurt. In the health care sector, emphasis on the health care equipment and services industry group proved to be beneficial. Positions in Covidian medical devices and supplies, C.R.

Bard medical devices, and Zimmer Holdings orthopedic and dental implants, all appreciated substantially during the period. These companies screened as attractively valued, and fundamental research suggested investors underappreciated the strength of the companies. In addition, the large position in United Healthcare health insurance contributed meaningfully to performance. The position was initiated during 2009, when concerns surrounding the federal government’s passage of the health care resolution pressured health care stocks downward in general and health insurance stock in particular. Since then, the shares’ value have appreciated nicely, and the position has been reduced based upon valuation.

In consumer staples, the position of Walgreens drug stores drove performance, and the outlook remains favorable. In financials, the position in Comerica Bank hurt performance and has been sold, as the upside potential now appears to be less than alternatives.

What is your outlook?

The industrial and technology sectors remain the largest overweighted sectors, as these have been the areas that, in

LOGO

Top 10 Holdings

(% of Net Assets)


Chevron Corporation	3.2	%
J.P. Morgan Chase & Company	3.0	%
E.I. du Pont de Nemours and Company	2.8	%
ConocoPhillips	2.8	%
Walgreen Company	2.6	%
Apache Corporation	2.4	%
Walt Disney Company	2.3	%
Verizon Communications, Inc.	2.2	%
Baker Hughes, Inc.	2.2	%
Pfizer, Inc.	2.1	%

These securities represent 25.6% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

our view, offer both attractive valuations and potential for improved operating performance. The largest underweighted sectors in the portfolio at the end of the period remain financials and utilities. We continue to look for quality companies at attractive valuations that have good potential for improved operating performance beyond consensus expectations.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AAUTX

TLVIX

Transfer Agent ID

022

092

Net Assets

$196,394,408

$395,741,597

NAV

$14.68

$14.76

NAV - High†

4/29/2011 - $14.68

4/29/2011 - $14.76

NAV - Low†

11/1/2010 - $12.61

11/1/2010 - $12.70

Number of Holdings: 81

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	13.45%	1.72%	2.82%
with sales charge	7.21%	0.58%	2.23%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	14.07%	2.29%	3.48%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Russell 1000^® Value Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Russell 1000^® Value Index measures the performance of large cap value stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Large Cap Stock Fund earned a return of 14.94%, compared with the median return of its peer group, the Lipper Large Cap Core Funds category, of 15.67%. The Fund’s market benchmark, the S&P 500 Index, earned a return of 16.36%.

What factors affected the Fund’s performance?

A modest cash allocation in the period had some impact on returns earned in the period. The Fund maintains a modest cash position for liquidity and transactions purposes, while the S&P 500 Index data above essentially represents the return to a basket of securities.

Holdings in the financial services and technology sectors were also limiting factors. Stock selection in financials did not keep pace with the advance in the sector, and the sector did not keep pace with the broader market. Performance in the Fund’s technology holdings was inline with the sector but, again, the sector did not keep pace with broad market returns.

The Fund’s holdings in the industrial and consumer discretionary sectors did outpace those of sectors within the benchmark as well as the market average. The better returns in the Fund’s industrial and consumer discretionary positions just about offset the underperformance in the Fund’s financial services and technology positions. The Fund’s health care positions also performed well.

Energy shares performed quite well over the period, significantly outpacing the return to the broad market. Our holdings outperformed the group, but we had a modest underweighting in the category, resulting in the two variables offsetting each other.

What is your outlook?

Geopolitical shocks disrupted the markets over the period, but it appears, at this point, the fundamental momentum of the economy is improving. Higher commodity prices are having an impact on corporate margins and also consumer demand, particularly in the case of gasoline prices for consumers. Further advances in some of these prices may result in a more cautious outlook. At this point, policy makers are continuing to provide excess

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Top 10 Holdings

(% of Net Assets)


Apple, Inc.	3.5	%
J.P. Morgan Chase & Company	3.2	%
Apache Corporation	2.5	%
Google, Inc.	2.4	%
Emerson Electric Company	2.3	%
Oracle Corporation	2.2	%
Baker Hughes, Inc.	2.1	%
Chevron Corporation	1.7	%
Boeing Company	1.7	%
NII Holdings, Inc.	1.6	%

These securities represent 23.2% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

liquidity to the system. At some point in 2011, that policy is likely to change. Markets are discounting an end to quantitative easing in the summer. At this time, actually reversing some of the excess liquidity that has been created since the recovery began is not in market expectations for 2011.

Should inflation not remain benign, a more activist approach would be necessary on the part of policy makers and likely result in an adjustment in equity prices. While not our current expectation, the risk of such an outcome is not insignificant.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AALGX

IILGX

Transfer Agent ID

017

090

Net Assets

$1,666,943,898

$199,871,467

NAV

$23.91

$24.05

NAV - High†

4/29/2011 - $23.91

4/29/2011 - $24.05

NAV - Low†

11/16/2010 - $20.80

11/16/2010 - $20.98

Number of Holdings: 112

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	12.04%	1.33%	0.75%
with sales charge	5.86%	0.19%	0.19%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	12.58%	1.83%	1.23%

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2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the S&P 500 Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

How did the Fund perform during the six-month period ended April 29, 2011?

Thrivent Balanced Fund posted a total return of 13.78%, compared with a median return of 11.30% for its Lipper Mixed-Asset Target Allocation Growth peer group. The Fund’s market benchmarks, the S&P Supercomposite 1500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 17.23% and 0.02%, respectively.

What factors affected the Fund’s performance?

During the period, we maintained the Fund’s ongoing investment allocation of approximately two-thirds in equities with the remainder in fixed-income securities. In the equity portion of the portfolio, investments in technology-related sectors—particularly the semiconductor and telecommunications equipment industries—were once again the dominant sources of relative outperformance. Stock selection in the biotechnology segment of health care also benefited results.

In the fixed-income portfolio, a large part of our relative outperformance was due to a continued recovery in the prices of the floating-rate debt holdings that back our mortgage securities. After being under significant price pressure during the financial crisis, floating-rate debt securities have since rebounded. Once they are fully paid off, we do not plan to reinstitute this “dollar-roll” program. We also benefited from an overweighting in Treasury Inflation Protected Securities (TIPS), as rising commodity prices sparked inflation concerns during the period. Additionally, our emphasis in the financial services industry and underweighting in agency securities aided results.

What is your outlook?

We expect modest U.S. economic growth to continue for the balance of 2011. While job growth is improving, it will likely take a long time to bring employment up to satisfactory levels. Inflation pressures have modestly increased recently, but we are not overly concerned with the levels at this point. We expect the Federal Reserve will stay on hold for the remainder of the year, keeping short-term interest rates at very low levels.

While we don’t believe U.S. economic growth will be stellar, we do anticipate that corporate profitability will continue to surprise on the upside. In our opinion, large-

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Top 10 Holdings

(% of Net Assets)


U.S. Treasury Notes	2.6	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	2.5	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.9	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.5	%
Baker Hughes, Inc.	1.4	%
Biogen Idec, Inc.	1.4	%
Schlumberger, Ltd.	1.3	%
Diageo plc	1.3	%
Altria Group, Inc.	1.3	%
Apache Corporation	1.3	%

These securities represent 16.5% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Portfolio Composition and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

cap stocks are currently more attractive than smaller-cap stocks based on their relative valuations, dividend yields and ability to benefit from stronger growth in emerging markets. In the equity portfolio, we intend to maintain sector weightings close to the benchmark’s weightings, allowing stock selection to drive performance.

In the fixed-income markets, we believe that the majority of the rebound in risk assets such as corporate bonds and mortgage-backed securities is behind us, but that they still offer a return advantage versus low-yielding Treasuries. We intend to lower the fixed-income portfolio’s financial sector overweighting, a move that we believe should decrease this portion of the portfolio’s risk exposure. As always, we will monitor the economy and markets closely while maintaining a prudent balance of income and long-term capital growth potential.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AABFX

IBBFX

Transfer Agent ID

026

056

Net Assets

$160,150,113

$60,090,215

NAV

$13.21

$13.19

NAV - High†

4/29/2011 - $13.21

4/29/2011 - $13.19

NAV - Low†

11/16/2010 - $11.66

11/16/2010 - $11.64

Number of Holdings: 286

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	15.95%	4.80%	4.01%
with sales charge	9.59%	3.62%	3.42%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	16.55%	5.32%	4.50%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Barclays Capital U.S. Aggregate Bond Index, the S&P Supercomposite 1500 Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in these Indexes, any charges you would pay would reduce your total return as well.

**	The Barclays Capital U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The S&P Supercomposite 1500 Index measures the performance of a group of 1500 publicly traded stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

LOGO

Thrivent High Yield Fund

Paul J. Ocenasek, CFA, Portfolio Manager

The Fund seeks high current income and, secondarily, growth of capital.

The Fund typically invests a majority of its assets in high-yield bonds (commonly referred to as junk bonds). Although high-yield bonds can have a higher current yield than investment-grade bonds, high-yield bonds are also subject to greater price fluctuations and increased risk of loss of principal than investment-grade bonds. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ended April 29, 2011?

Thrivent High Yield Fund returned 6.08%, compared with a median return of 6.04%, for its Lipper High Current Yield Funds peer group. Our market benchmark, the Barclays Capital U.S. Corporate High Yield Bond Index, returned 6.15%.

What factors affected the Fund’s performance?

The high-yield market continued to rally throughout the entire six-month period, driven by the liquidity the Federal Reserve continued to pump into the economy. The yield premium, or “spread,” high-yield bonds offered over that of Treasury securities fell from 5.75% at the beginning of the period to 4.60% by the end, indicating, in our belief, investors’ growing confidence in an improving U.S. economy. The high-yield market also benefited from the continued decline in default rates to around 2.3%, down from roughly 9% a year ago.

The Fund performed in-line with its Lipper peer group and benchmark index during the period, benefiting from our credit selection and industry allocations. In particular, its relative performance was aided by our overweighting and security selection in the metals and mining, gaming and energy industries. The Fund also benefited from our fully invested position, with only about 1% of its assets in cash, which provided little to no yield.

The Fund’s more conservative ratings profile offset its areas of strength as riskier bonds generally outperformed during the period. CCC-rated bonds are typically the riskiest securities we will purchase in the Fund, and we were underweighted in that segment compared to the Lipper peer group by about 2%. Returns for CCC-rated bonds averaged 9.5% for the six-month period, while B-rated and BB-rated bonds averaged 6.0% and 4.3%, respectively.

What is your outlook?

We continue to be optimistic about the prospects for the high-yield bond market in the months ahead. The financial health of issuing companies is still improving as earnings reports continue to be strong and companies decrease their debt burdens. Also, defaults among high-yield bond issuers continue to decline rapidly with rating agency Moody’s projecting the year-end default rate to be at 1.5%, compared with the historical average of 4.5%. In addition, money continues to flow into high-yield funds as investors seek out higher yields in the low interest rate environment.

If rates do indeed begin to rise, we anticipate prices of high-yield securities to hold up better than other fixed-income securities.

We expect economic growth to continue, albeit at a slower pace, and spreads to tighten modestly for the

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Top 10 Holdings

(% of Net Assets)


Intelsat Luxembourg SA	1.3	%
Texas Competitive Electric Holdings, LLC, Term Loan	1.0	%
CIT Group, Inc.	0.9	%
Ford Motor Credit Company, LLC	0.8	%
Gaylord Entertainment Company	0.8	%
Intelsat Bermuda, Ltd.	0.8	%
NRG Energy, Inc.	0.8	%
NOVA Chemicals Corporation	0.8	%
Warner Chilcott Company, LLC	0.8	%
Icahn Enterprises, LP	0.8	%

These securities represent 8.8% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Moody’s Bond Quality Ratings Distributions and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

balance of the year. Therefore, we intend to keep the Fund fully invested, but with an underweighted position in the CCC-rated sector, as we believe most of the segment’s outperformance has been realized. We will await a sell-off opportunity to add risk to the portfolio.

We have begun to pull back the Fund’s exposure to consumer cyclical industries due to concerns about higher oil and gas prices, the relatively high level of unemployment, and slowing economic growth. We’re looking to increase exposure to more defensive industries such as media and cable, health care and telecommunications.

For the remainder of the year, we believe that high-yield bond investors can expect solid coupon-based returns with more modest capital appreciation. The capital appreciation potential of these bonds is likely to become more limited because many are call-constrained, meaning they can be called by their issuers in order to refinance debt at a lower coupon.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

LBHYX

LBHIX

Transfer Agent ID

073

473

Net Assets

$462,590,093

$259,379,010

NAV

$4.97

NAV - High†

4/29/2011 - $4.97

NAV - Low†

11/30/2010 - $4.77

Number of Holdings: 252

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	13.80%	7.94%	6.98%
with sales charge	8.72%	6.94%	6.50%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	14.24%	8.39%	7.40%

LOGO

²	Class A performance with sales charge reflects the maximum sales charge of 4.5%.

³	Institutional Class shares have no sales load and are for institutional shareholders only.

^(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 4.5% sales charge, while the Barclays Capital U.S. Corporate High Yield Bond Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Barclays Capital U.S. Corporate High Yield Bond Index is an index which measures the performance of fixed-rate non-investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

LOGO

Thrivent Municipal Bond Fund

Janet I. Grangaard, CFA, Portfolio Manager

The Fund seeks a high level of current income exempt from federal income taxes, consistent with capital preservation.*
The Fund is subject to interest rate risk, credit risk related to an underlying issuer’s financial position and volatility risk,
which may result in overall price fluctuations over short or even extended time periods. These and other risks are
described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this
particular fund’s portfolio management team.

How did the Fund perform during the six-month period ending April 29, 2011?

Thrivent Municipal Bond Fund returned -2.21%, compared with a median return of -2.99% for its peer group, as represented by the Lipper General Municipal Funds category. The Fund’s market benchmark, the Barclays Capital Municipal Bond Index, returned -1.68%.

What factors affected the Fund’s performance?

Municipal bond prices fell to two-year lows in January, but recovered significantly by the end of the period. During the last two months of 2010, the market was affected by excess supply and large outflows from municipal bond funds. Investors’ concerns about potential defaults were exacerbated by intense negative media coverage about the fiscal struggles of states and municipalities. In the final four months of the period, outflows continued, but the supply situation reversed, with newly issued bonds at their lowest level in the past 10 years.

The Fund outperformed its Lipper peer group, primarily due to our comparatively more conservative stance. Lower-quality municipal bonds were hurt by the market sell off during the period. Limiting exposure to the riskier, more volatile areas of the market is an important aspect of our ongoing philosophy of pursuing consistent, competitive performance. While we do watch for opportunities in lower-rated securities, we are very selective and will not consider many because they do not meet our standards.

The Fund also benefited from owning more bonds in the middle of the yield curve, as maturities shorter than 15 years significantly outperformed longer maturities. Additionally, some of our longer maturity, but very high-quality, bonds performed well as crossover buyers—those who do not normally purchase municipal bonds—sought out bargains. The Fund’s best-performing sectors included water and sewer, pre-refunded industrial development and corporate-backed bonds. Our positions in higher credit quality (AAA- and AA-rated) bonds also aided performance.

What is your outlook?

We expect the economic recovery to continue. Although an improving economy and improving tax receipts are good for municipal bonds, revenues are still not where

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Top 10 States

(% of Net Assets)


California	12.5	%
Texas	11.6	%
Illinois	9.0	%
Colorado	5.3	%
New York	5.3	%
Washington	5.0	%
Florida	4.6	%
Massachusetts	3.5	%
Louisiana	3.2	%
Pennsylvania	2.9	%

Investments in securities in these States represent 62.9% of the total net assets of the Fund.

*Investors may be subject to state taxes and federal alternative minimum tax.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Moody’s Bond Quality Ratings Distributions and Top 10 States are subject to change.

The lists of Major Market Sectors and Top 10 States exclude short-term investments.

they were in 2008, and expenditures continue to increase. Budget deficits are still forecast for municipalities and states over the next fiscal year. They could impact credit ratings and trading values if issues are left unaddressed. Although stimulus programs are ending, the Federal Reserve is maintaining historically low interest rates, which, eventually, could spark higher inflation.

The good news is politicians are aware of the fiscal challenges and are actively taking steps to change their fiscal outlooks. Changes in government policy could have a significant influence on municipal bond supply, demand and credit quality.

Also, we believe that the market will continue to experience a low level of new issue supply, although the pace will likely pick up from the extreme lows earlier this year. If demand stays robust, and crossover buyers stay in the market, these factors should support municipal bond prices.

We will continue to closely monitor all current events and policy developments and factor them into our security selection process.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AAMBX

TMBIX

Transfer Agent ID

015

088

Net Assets

$1,288,057,055

$88,636,755

NAV

$10.91

NAV - High†

11/1/2010 - $11.42

NAV - Low†

1/14/2011 - $10.57

Number of Holdings: 438

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	1.32%	3.94%	4.42%
with sales charge	-3.24%	2.98%	3.95%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	1.58%	4.23%	4.70%

LOGO

²	Class A performance with sales charge reflects the maximum sales charge of 4.5%.

³	Institutional Class shares have no sales load and are for institutional shareholders only.

^(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 4.5% sales charge, while the Barclays Capital Municipal Bond Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Barclays Capital Municipal Bond Index is a market-value-weighted index of investment-grade municipal bonds with maturities of one year or more. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

LOGO

Thrivent Income Fund

Stephen D. Lowe, CFA, Portfolio Manager

The Fund seeks high current income while preserving principal and, secondarily, long-term growth of capital.

The Fund is subject to interest rate risk, credit risk related to an underlying company’s financial position and volatility risk, which may result in overall price fluctuations over short or even extended time periods. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ended April 29, 2011?

Thrivent Income Fund returned 2.38%, compared with a median return of 1.72% for its Lipper Corporate Debt BBB-Rated Funds peer group. The Fund’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index, posted a return of 0.02%.

What factors affected the Fund’s performance?

Spreads tightened significantly at the end of 2010 and the first part of 2011 as investors grew more confident about both the economic recovery and the ownership of higher-risk assets. At the same time, Treasuries sold off and turned in negative returns overall for the period. As a result, spread-sector bonds, particularly high-yield and investment-grade corporate bonds, significantly outperformed Treasuries over the six months.

The Fund outpaced both its Lipper peer group and benchmark index primarily because of the Fund’s overweighted positions in investment-grade and high-yield corporate bonds. These segments made up approximately 60% and 20% of the Fund’s portfolio, respectively. Within investment grade, the Fund benefited from an emphasis on lower-quality (BBB-rated) securities as well as an overweighted position in, and security selection within, the financial sector. This sector tends to yield more than the investment-grade market as a whole.

Additionally, the Fund’s overweighted position in securitized assets such as commercial mortgage-backed securities and nonagency residential mortgages contributed positively to performance. The Fund also benefited from the continued price rebound of the floating-rate debt securities used to support the forward purchase of mortgage securities.

The Fund’s underweighted position in Treasury securities also aided relative performance, especially in the first part of the period.

What is your outlook?

We expect the U.S. economy to continue to grow, but at a more moderate pace as the year progresses. We are likely going to start running into strong fiscal headwinds as budgets get cut all the way from the federal down to the local levels. U.S. job growth will likely be slow to improve until we see more sustained strength in the recovery. Inflation has increased, and we are closely monitoring trends. But given remaining slack in the economy, we are not overly concerned with the inflation levels we are seeing at this point. In light of these events, we anticipate

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent High Yield Fund	1.7	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.4	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9	%
Citigroup Commercial Mortgage Trust	0.9	%
J.P. Morgan Chase Commercial Mortgage Securities Corporation	0.9	%
U.S. Treasury Notes, TIPS	0.7	%
U.S. Treasury Notes	0.7	%
Wachovia Bank Commercial Mortgage Trust	0.6	%
U.S. Treasury Notes	0.6	%
CenterPoint Energy Resources Corporation	0.5	%

These securities represent 8.9% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Moody’s Bond Quality Ratings Distributions and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

the Federal Reserve will remain on hold throughout the rest of 2011, keeping short-term interest rates at low levels.

As the year progresses, we believe the corporate bond market will generally grind forward, but perhaps with increased volatility. We intend to maintain the Fund’s overweighted position in the corporate segment as companies continue to produce robust earnings. However, we plan to use a slightly more cautious approach by lessening our overweightings in both the high-yield and investment-grade segments.

Although we still like the securitized area (commercial mortgage-backed securities and nonagency securities), investors should not expect that segment to produce the same level of returns that we have seen over the past few years.

We intend to maintain the Fund’s current level of exposure to government securities. As always, we will keep our eye on developments in the economy and financial markets and look for opportunities to add value for shareholders.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

LUBIX

LBIIX

Transfer Agent ID

055

455

Net Assets

$400,283,697

$388,907,119

NAV

$8.81

$8.80

NAV - High†

11/4/2010 - $8.85

11/4/2010 - $8.84

NAV - Low†

12/15/2010 - $8.54

Number of Holdings: 488

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	8.72%	6.15%	5.32%
with sales charge	3.82%	5.17%	4.83%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	9.16%	6.57%	5.72%

LOGO

²	Class A performance with sales charge reflects the maximum sales charge of 4.5%.

³	Institutional Class shares have no sales load and are for institutional shareholders only.

^(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 4.5% sales charge, while the Barclays Capital U.S. Aggregate Bond Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Barclays Capital U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.


		Thrivent Core Bond Fund
		Michael G. Landreville, CFA (left) and Gregory R. Anderson, CFA, CPA (right), Portfolio Co-Managers
		The Fund seeks a high level of current income consistent with capital preservation. The Fund is subject to interest rate risk, credit risk related to an underlying company’s financial position and volatility risk, which may result in overall price fluctuations over short or even extended time periods. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ended April 29, 2011?

Thrivent Core Bond Fund returned 1.85%, compared with a median return of 0.70%, for its Lipper Intermediate Investment Grade Debt Funds peer group. The Fund’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index, posted a return of 0.02%.

What factors affected the Fund’s performance?

Spreads tightened significantly at the end of 2010 and the first part of 2011 as investors grew more confident about both the economic recovery and the ownership of higher-risk assets. At the same time, as interest rates increased significantly, Treasuries sold off and turned in negative returns for the six-month period. As a result, spread-sector bonds, particularly corporate bonds and commercial mortgage-backed securities, significantly outperformed Treasuries during the period.

A large part of the Fund’s relative outperformance was due to a continued recovery in the prices of the floating-rate debt holdings that back our mortgage securities. These floating-rate debt securities were under significant price pressure during the financial crisis; however, they have since rebounded. Once they are fully paid off, we do not plan to reinstitute this “dollar-roll” program.

Several other factors also contributed to the Fund’s outperformance versus the Lipper peer group and benchmark index. The Fund benefited from its overweighted position in strongly performing corporate bonds. In particular, our emphasis on the financial services industry helped as this was one of the strongest performing areas within the corporate sector. Additionally, the Fund’s underweighting in Treasury securities aided relative performance as these securities had negative returns as a whole. The Fund was also rewarded for its overweighting in Treasury Inflation Protected Securities (TIPS), which produced solid results as rising commodity prices sparked inflation concerns during the period.

What is your outlook?

We expect economic growth to continue, albeit at a slower pace later in the year. Job growth is improving, but it will still take a long time to bring overall employment up to satisfactory levels. Inflation pressures have modestly increased recently, but we are not overly concerned with the levels we are seeing at this point. With these factors in mind, we expect the Federal Reserve will stay on hold for the remainder of the year, keeping short-term interest rates at very low levels. While the Fed’s QE2 program, a monetary policy designed to stimulate the economy, is

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Top 10 Holdings

(% of Net Assets)


Federal National Mortgage Association Conventional 30-Yr. Pass Through	7.2	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	6.7	%
Thrivent High Yield Fund	4.5	%
U.S. Treasury Notes	4.1	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.8	%
U.S. Treasury Notes	3.8	%
U.S. Treasury Notes, TIPS	2.2	%
U.S. Treasury Notes, TIPS	2.1	%
U.S. Treasury Notes, TIPS	2.1	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.9	%

These securities represent 38.4% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Moody’s Bond Quality Ratings Distributions and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

ending in June, we believe another quantitative easing program is a possibility if the economy slows significantly later in the year.

Although the majority of the rebound in risk assets such as corporate bonds and mortgage-backed securities is likely behind us, we still believe these securities offer a return advantage versus low-yielding Treasuries as long as economic growth remains positive and inflation is contained. However, these risk assets may experience increased volatility if we see a slowdown in the economy or an increase in global uncertainty.

Therefore, we intend to gradually decrease the Fund’s overweighting in risk assets to bring it more in-line with the peer group. At the same time, we will likely increase the Fund’s position in government securities to lower its overall level of risk.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AAINX

IIINX

Transfer Agent ID

016

089

Net Assets

$236,783,652

$55,455,136

NAV

$10.10

NAV - High†

11/4/2010 - $10.16

11/4/2010 - $10.17

NAV - Low†

12/15/2010 - $9.85

Number of Holdings: 222

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
without sales charge	7.81%	5.33%	4.94%
with sales charge	2.94%	4.36%	4.46%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	8.15%	5.71%	5.34%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 4.5%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

**	The Barclays Capital U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

Thrivent Government Bond Fund

Michael G. Landreville, CFA, Portfolio Manager

The Fund seeks total return, consistent with preservation of capital.

The Fund is subject to interest rate risk, government securities risk and inflation-linked security risk. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ended April 29, 2011?

Thrivent Government Bond Fund returned -1.50%, compared with a median return of -0.83% for its Lipper General U.S. Government Funds peer group. The Fund’s market benchmarks, the Barclays Capital U.S. Agency Index and the Barclays Capital U.S. Treasury Index, posted returns of -0.31% and -1.52%, respectively.

What factors affected the Fund’s performance?

The Federal Reserve kept its target federal funds rate at zero to 0.25% during the period while embarking on its second round of quantitative easing (QE2). As the economic outlook continued to improve and inflation expectations increased, rates across the Treasury market rose significantly with longer-maturity Treasuries being impacted the most. The yield on 10-year Treasury notes rose by 0.69% to end at 3.29%.

Consequently, longer maturity Treasuries produced significantly lower returns over the period than shorter Treasuries. For example, 30-year Treasuries had a return of -4.88%, whereas three-year Treasuries advanced 0.32%. Agency bonds produced more modestly negative results of -0.31% as the segment’s shorter duration and slight spread tightening offset negative price returns. The mortgage-backed securities sector had a return of 0.95%.

The Fund is intentionally structured to be more defensive than its Lipper peer group. We expect that during periods of economic weakness and financial market uncertainty, the Fund will outperform its Lipper peer group. Conversely, during periods of robust economic growth and equity market strength, the Fund will likely underperform. This positioning allows the Fund to serve as a partial hedge against riskier financial assets. The majority of the Fund’s relative underperformance was the result of its duration, which was approximately one year longer than the average duration of its Lipper peer group. As stated earlier, longer duration bonds suffered more in the period of rising rates than shorter maturities.

A secondary factor in the Fund’s relative under performmance was its more defensive posture. The portfolio is overweighted in Treasuries and significantly underweighted in mortgage-backed securities versus the Lipper peer group. This underweighting was a drag on performance, as mortgage-backed securities outpaced other types of government bonds.

Offsetting some of the Fund’s underperformance was its 10% position in Treasury Inflation Protected Securities (TIPS), which produced a positive return during the period.

LOGO

Top 10 Holdings

(% of Net Assets)


U.S. Treasury Notes	11.0	%
U.S. Treasury Notes	8.5	%
U.S. Treasury Notes	5.4	%
Federal Home Loan Banks	5.1	%
Federal National Mortgage Association	4.2	%
Federal Home Loan Banks	3.8	%
Federal Home Loan Mortgage Corporation	3.7	%
Federal Home Loan Mortgage Corporation	3.1	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.1	%
U.S. Treasury Notes	3.0	%

These securities represent 50.9% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares and does not reflect a sales charge.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Moody’s Bond Quality Ratings Distributions and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

What is your outlook?

We expect the U.S. economy to continue to grow this year, but at a slower pace as the summer progresses. A sluggish recovery will likely keep unemployment from falling dramatically in the near term. While inflation pressures have modestly increased recently, we are not overly concerned with the levels we are seeing at this point. Therefore, we anticipate the Fed will remain on hold throughout the rest of 2011, keeping short-term interest rates at very low levels. Although the Fed is ending its QE2 program in June, we would not be surprised to see another quantitative easing program later in the year if the economy slows significantly.

Because the Fund is intended to serve as a conservative and defensive investment vehicle, it will not attempt to aggressively seize investment opportunities in different market segments. Its asset mix should remain largely unchanged on an ongoing basis.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

TBFAX

TBFIX

Transfer Agent ID

039

459

Net Assets

$4,845,158

$93,617,857

NAV

$10.22

NAV - High†

11/4/2010 - $10.62

NAV - Low†

2/8/2011 - $9.95

2/8/2011 - $9.96

Number of Holdings: 56

† For the period ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	From Inception 2/26/2010
without sales charge	4.88%	4.37%
with sales charge	2.82%	2.62%

Institutional Class³	1-Year	From Inception 2/26/2010
Net Asset Value	5.19%	4.68%

LOGO

2	Class A performance with sales charge reflects the maximum sales charge of 2%.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 2.0% sales charge, while the Barclays Capital U.S. Treasury Index, the Barclays Capital U.S. Agency Index and the Consumer Price Index do not reflect any such charges. If you were to purchase any of the above individual securities represented in the Index, any charges you would pay would reduce your total return as well.

**	The Barclays Capital U.S. Treasury Index is an index that measures the performance of the U.S. Treasury bond market. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Barclays Capital U.S. Agency Index is an index that measures the performance of the U.S. investment-grade fixed-income securities market. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.


		Thrivent Limited Maturity Bond Fund
		Michael G. Landreville, CFA (left) and Gregory R. Anderson, CFA, CPA (right), Portfolio Co-Managers
		The Fund seeks a high level of current income with stability of principal.
		The Fund is subject to interest rate risk, credit risk related to an underlying company’s financial position and volatility risk, which may result in overall price fluctuations over short or even extended time periods. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ended April 29, 2011?

Thrivent Limited Maturity Bond Fund returned 0.94%, compared with a median return of 0.63% for its Lipper Short Investment Grade Debt Funds peer group. The Fund’s market benchmark, the Barclays Capital Government/Credit 1-3 Year Bond Index, posted a return of 0.32%.

What factors affected the Fund’s performance?

The Federal Reserve kept its target federal funds rate at zero to 0.25% during the period while embarking on its second round of quantitative easing (QE2). As the economic outlook continued to improve and inflation expectations increased, yields across the Treasury market rose significantly with longer-maturity Treasuries being impacted the most. For example, the yield on the two-year Treasury note rose by 0.27% to end at 0.61%. Meanwhile, five-year Treasuries increased 0.80% to finish off the period at 1.97%.

The Fund outperformed its Lipper peer group and benchmark index mostly due to the Fund’s heavier weightings in high-quality corporate bonds and securitized-asset bonds (mortgage-backed securities and asset-backed securities). Bond prices in these sectors were less sensitive to the rise in interest rates as compared to Treasuries and other government securities during the period. (Corporate bonds and securitized assets had modest positive returns over the six months whereas Treasuries and government securities experienced negative results). The Fund’s overweighting in commercial mortgage-backed securities proved particularly rewarding as this sector generated a healthy relative return, outpacing the other sectors in the investment-grade bond market by a significant margin. In addition to the Fund’s sector overweightings, good security selection benefited its performance.

What is your outlook?

We expect the U.S. economy to continue to grow, but at a moderate pace as the year progresses. The slower recovery will likely keep unemployment from falling dramatically in the near term. The Federal Reserve is planning to end its QE2 program on June 30, which we expect will be a positive for the bond market. We anticipate the Fed will keep short-term interest rates at current low levels at least until 2012, which should help the yield curve to remain steep.

LOGO

Top 10 Holdings

(% of Net Assets)


U.S. Treasury Notes	4.7	%
U.S. Treasury Notes	2.0	%
U.S. Treasury Notes	1.5	%
U.S. Treasury Notes	1.4	%
Thrivent High Yield Fund	1.2	%
U.S. Treasury Notes, TIPS	1.2	%
U.S. Treasury Notes	1.2	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.1	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9	%
SLM Student Loan Trust	0.9	%

These securities represent 16.1% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Major Market Sectors, Moody’s Bond Quality Ratings Distributions and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

We continue to believe the majority of the rally in the corporate and securitized sectors is behind us. However, we also believe that they still offer good value versus low-yielding Treasuries and cash alternatives and will benefit from the continued improvement in the economy. Considering their recent outperformance, we intend to opportunistically reduce our positions while still maintaining a higher weighting in the segments relative to the benchmarks.

At the same time, we also intend to continue increasing our holdings of government securities—reducing our underweighted position—to lower the Fund’s overall level of risk. In addition, because short-maturity Treasury yields, which have some interest rate risk, are so low relative to floating-rate indexes, such as the three-month LIBOR, we intend to raise the Fund’s exposure to floating-rate securities where the coupon rate will likely adjust more quickly to rising rates.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

LBLAX

THLIX

Transfer Agent ID

076

476

Net Assets

$320,681,871

$573,200,100

NAV

$12.54

NAV - High†

11/4/2010 - $12.60

NAV - Low†

12/28/2010 - $12.44

Number of Holdings: 342

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
Net Asset Value	3.44%	3.91%	3.74%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	3.79%	4.26%	4.10%

LOGO

2	Class A shares have no sales load.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

(a)	Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

The Barclays Capital Government/Credit 1-3 Year Bond Index is an index that measures the performance of government and fixed-rate debt securities with maturities of 1-3 years. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

Thrivent Money Market Fund

William D. Stouten, Portfolio Manager

The Fund seeks a high level of current income, while maintaining liquidity and a constant net asset value of $1.00 per share.

The principal risk of investing in the Fund is current income risk—that is, the income the Fund receives may fall as a result of a decline in interest rates. This and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

How did the Fund perform during the six-month period ended April 29, 2011?

Thrivent Money Market Fund earned a return of 0.00%, compared with the median net return of its peer group, the Lipper Money Market Funds category, of 0.00%.

What factors affected the Fund’s performance?

Money market funds across the industry struggled to provide positive yields in light of the historically low federal funds rate and the meager supply of short-term securities. Also, money market funds as a whole continued to experience a large volume of outflows as investors exited the marketplace in search of higher yields. The yield on three-month Treasury bills, for example, started the period at 0.13% and ended at 0.04%.

The SEC’s new liquidity requirements for money market funds implemented during 2010 and the FDIC’s fee calculation changes, which took effect on April 1, 2011, also contributed, in our belief, to downward pressure on yields. The FDIC change lowered bank repurchase agreement (repo) volumes, which resulted in lower repo rates across the industry. In order to manage the Fund’s return for investors, we continued to waive certain Fund fees and expenses throughout the six-month period. With credit markets still experiencing volatility, we structured the Fund conservatively to maintain credit quality and liquidity. By the end of the period, we had positioned the Fund so that its portfolio had meaningful exposure to U.S. government-supported securities and higher-quality municipal securities.

Sovereign debt levels continued to be an issue for a number of European countries. A recent report by Fitch indicated a significant percentage of U.S. money market fund assets are invested in European bank securities. During the period, our Fund held significantly less in foreign securities than the peer group average because of our concerns about the sector.

What is your outlook?

Recent indicators suggest the economy is growing at a moderate pace while inflation remains subdued. Even though the economy is expected to slow down slightly in the coming months, the Federal Reserve has stated that it will end its second round of quantitative easing in which it purchased longer-term Treasury securities. Sometime in the third or fourth quarter, the Fed is likely to enter into

LOGO

An investment in the Thrivent Money Market Fund is not insured or guaranteed by the FDIC or any other government agency.

Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Quoted Fund performance is for Class A shares.

The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions.

Quoted Portfolio Composition is subject to change.

repurchase agreements directly with money market funds to remove some liquidity from the system. We believe these two events may bring some relief to short-term rates, pushing the federal funds rate closer to the top end of the current target range (zero to 0.25%). If the economy continues to improve, the Fed may raise rates sometime in the foreseeable future, depending on the inflation outlook.

Money market credit quality and liquidity should remain sound as the industry prepares for additional regulation and defends against market instability. The Federal Reserve and the SEC are continuing to collaborate with select financial firms about additional reforms for the money market fund industry. Thrivent Asset Management was one of only 10 firms in the industry invited to participate in the SEC’s “Money Market Funds and Systemic Risk Roundtable” on May 10, 2011. We will continue to work with regulators to help shape positive reforms for the industry.

The Fund’s yield will likely remain close to zero until the Fed begins to raise its target rate. We maintained a shorter weighted-average maturity (WAM) in the Fund than our peers during the period due to the tight spreads and flat yield curve. With a shorter WAM, we believe the Fund will be positioned well if interest rates rise. As is always the case, we will continue to manage the Fund with safety and liquidity as our primary concerns.

Portfolio Facts

As of April 29, 2011

Class A

Institutional Class

Ticker

AMMXX

AALXX

Transfer Agent ID

018

091

Net Assets

$626,872,510

$13,158,903

NAV

$1.00

Number of Holdings: 87

† For the six months ended April 29, 2011

Average Annual Total Returns¹

As of April 29, 2011


Class A²	1-Year	5 Years	10 Years
Net Asset Value	0.00%	2.21%	1.87%

Institutional Class³	1-Year	5 Years	10 Years
Net Asset Value	0.00%	2.36%	2.11%

Money Market Portfolio Yields^*

As of April 29, 2011


	Class A	Institutional Class
7-Day Yield	0.00%	0.00%
7-Day Yield Gross of Waivers	-0.46%	-0.20%

7-Day Effective Yield	0.00%	0.00%
7-Day Effective Yield Gross of Waivers	-0.46%	-0.20%

2	Class A shares have no sales load.

3	Institutional Class shares have no sales load and are for institutional shareholders only.

Seven-day yields of Thrivent Money Market Fund refer to the income generated by an investment in the Fund 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 Adviser were not waiving or reimbursing certain expenses associated with the Fund. Yields are subject to daily fluctuation and should not be considered an indication of future results.

Shareholder Expense Example

(unaudited)

As a shareholder of the Fund, you incur, depending on the fund and share class, two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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, 2010 through April 29, 2011.

Actual Expenses

In the table below, the first section, labeled “Actual,” provides information about actual account values and actual expenses. You may use the information in this section, 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 from the appropriate Class line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid. A small account fee of $12 may be charged to Class A shareholder accounts if the value falls below stated account minimums ($2,500 for Thrivent Limited Maturity Bond Fund, $1,500 for Thrivent Money Market Fund and $1,000 for all other Funds). This fee is not included in the table below. If it were and you were assessed such a fee, the expenses you paid during the period would have been higher and the ending account value would have been lower.

Hypothetical Example for Comparison Purposes

In the table below, the second section, labeled “Hypothetical,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’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 Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small account fee of $12 may be charged to Class A shareholder accounts if the value falls below stated account minimums ($2,500 for Thrivent Limited Maturity Bond Fund, $1,500 for Thrivent Money Market Fund and $1,000 for all other Funds). This fee is not included in the table below. If it were and you were assessed such a fee, the expenses you paid during the period would have been higher and the ending account value would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value 11/1/2010	Ending Account Value 4/29/2011		Expenses Paid during Period 11/1/2010 - 4/29/2011^*		Annualized Expense Ratio
Thrivent Aggressive Allocation Fund

Actual
Class A	$1,000		$1,165		$3.84		0.72%
Institutional Class	$1,000		$1,166		$1.98		0.37%

Hypothetical^**
Class A	$1,000		$1,021		$3.59		0.72%
Institutional Class	$1,000		$1,023		$1.85		0.37%
Thrivent Moderately Aggressive Allocation Fund

Actual
Class A	$1,000		$1,131		$3.36		0.64%
Institutional Class	$1,000		$1,134		$1.58		0.30%

Hypothetical^**
Class A	$1,000		$1,022		$3.19		0.64%
Institutional Class	$1,000		$1,023		$1.50		0.30%
Thrivent Moderate Allocation Fund

Actual
Class A	$1,000		$1,103		$3.16		0.61%
Institutional Class	$1,000		$1,105		$1.45		0.28%

Hypothetical^**
Class A	$1,000		$1,022		$3.04		0.61%
Institutional Class	$1,000		$1,024		$1.40		0.28%


	Beginning Account Value 11/1/2010	Ending Account Value 4/29/2011		Expenses Paid during Period 11/1/2010 - 4/29/2011^*	Annualized Expense Ratio
Thrivent Moderately Conservative Allocation Fund

Actual
Class A	$1,000		$1,071	$3.06	0.60%
Institutional Class	$1,000		$1,073	$1.69	0.33%

Hypothetical^**
Class A	$1,000		$1,022	$2.99	0.60%
Institutional Class	$1,000		$1,023	$1.65	0.33%
Thrivent Partner Small Cap Growth Fund

Actual
Class A	$1,000		$1,304	$8.52	1.50%
Institutional Class	$1,000		$1,308	$5.98	1.05%

Hypothetical^**
Class A	$1,000		$1,017	$7.46	1.50%
Institutional Class	$1,000		$1,020	$5.23	1.05%
Thrivent Partner Small Cap Value Fund

Actual
Class A	$1,000		$1,207	$7.62	1.40%
Institutional Class	$1,000		$1,210	$4.58	0.84%

Hypothetical^**
Class A	$1,000		$1,018	$6.97	1.40%
Institutional Class	$1,000		$1,021	$4.18	0.84%
Thrivent Small Cap Stock Fund

Actual
Class A	$1,000		$1,255	$7.67	1.38%
Institutional Class	$1,000		$1,259	$4.23	0.76%

Hypothetical^**
Class A	$1,000		$1,018	$6.87	1.38%
Institutional Class	$1,000		$1,021	$3.79	0.76%
Thrivent Mid Cap Growth Fund

Actual
Class A	$1,000		$1,179	$5.86	1.09%
Institutional Class	$1,000		$1,182	$2.74	0.51%

Hypothetical^**
Class A	$1,000		$1,020	$5.43	1.09%
Institutional Class	$1,000		$1,022	$2.54	0.51%
Thrivent Partner Mid Cap Value Fund

Actual
Class A	$1,000		$1,183	$6.73	1.25%
Institutional Class	$1,000		$1,185	$4.85	0.90%

Hypothetical^**
Class A	$1,000		$1,019	$6.22	1.25%
Institutional Class	$1,000		$1,020	$4.48	0.90%
Thrivent Mid Cap Stock Fund

Actual
Class A	$1,000		$1,236	$6.62	1.20%
Institutional Class	$1,000		$1,238	$3.92	0.71%

Hypothetical^**
Class A	$1,000		$1,019	$5.97	1.20%
Institutional Class	$1,000		$1,021	$3.54	0.71%
Thrivent Partner Worldwide Allocation Fund

Actual
Class A	$1,000		$1,103	$6.74	1.30%
Institutional Class	$1,000		$1,106	$5.19	1.00%

Hypothetical^**
Class A	$1,000		$1,018	$6.47	1.30%
Institutional Class	$1,000		$1,020	$4.98	1.00%


	Beginning Account Value 11/1/2010	Ending Account Value 4/29/2011		Expenses Paid during Period 11/1/2010 - 4/29/2011^*	Annualized Expense Ratio
Thrivent Partner International Stock Fund

Actual
Class A	$1,000		$1,126	$7.29	1.39%
Institutional Class	$1,000		$1,130	$3.73	0.71%

Hypothetical^**
Class A	$1,000		$1,018	$6.92	1.39%
Institutional Class	$1,000		$1,021	$3.54	0.71%
Thrivent Large Cap Growth Fund

Actual
Class A	$1,000		$1,131	$6.31	1.20%
Institutional Class	$1,000		$1,133	$4.36	0.83%

Hypothetical^**
Class A	$1,000		$1,019	$5.97	1.20%
Institutional Class	$1,000		$1,021	$4.14	0.83%
Thrivent Large Cap Value Fund

Actual
Class A	$1,000		$1,174	$5.68	1.06%
Institutional Class	$1,000		$1,178	$2.79	0.52%

Hypothetical^**
Class A	$1,000		$1,020	$5.28	1.06%
Institutional Class	$1,000		$1,022	$2.59	0.52%
Thrivent Large Cap Stock Fund

Actual
Class A	$1,000		$1,149	$5.88	1.11%
Institutional Class	$1,000		$1,152	$3.24	0.61%

Hypothetical^**
Class A	$1,000		$1,019	$5.53	1.11%
Institutional Class	$1,000		$1,022	$3.04	0.61%
Thrivent Balanced Fund

Actual
Class A	$1,000		$1,138	$5.96	1.13%
Institutional Class	$1,000		$1,141	$3.43	0.65%

Hypothetical^**
Class A	$1,000		$1,019	$5.63	1.13%
Institutional Class	$1,000		$1,022	$3.24	0.65%
Thrivent High Yield Fund

Actual
Class A	$1,000		$1,061	$4.32	0.85%
Institutional Class	$1,000		$1,063	$2.39	0.47%

Hypothetical^**
Class A	$1,000		$1,021	$4.23	0.85%
Institutional Class	$1,000		$1,023	$2.34	0.47%
Thrivent Municipal Bond Fund

Actual
Class A	$1,000		$978	$3.76	0.77%
Institutional Class	$1,000		$979	$2.44	0.50%

Hypothetical^**
Class A	$1,000		$1,021	$3.84	0.77%
Institutional Class	$1,000		$1,022	$2.49	0.50%
Thrivent Income Fund

Actual
Class A	$1,000		$1,024	$3.94	0.79%
Institutional Class	$1,000		$1,026	$1.95	0.39%

Hypothetical^**
Class A	$1,000		$1,021	$3.94	0.79%
Institutional Class	$1,000		$1,023	$1.95	0.39%


	Beginning Account Value 11/1/2010	Ending Account Value 4/29/2011		Expenses Paid during Period 11/1/2010 - 4/29/2011^*	Annualized Expense Ratio
Thrivent Core Bond Fund

Actual
Class A	$1,000		$1,018	$4.23	0.85%
Institutional Class	$1,000		$1,020	$2.59	0.52%

Hypothetical^**
Class A	$1,000		$1,021	$4.23	0.85%
Institutional Class	$1,000		$1,022	$2.59	0.52%
Thrivent Government Bond Fund

Actual
Class A	$1,000		$985	$4.55	0.94%
Institutional Class	$1,000		$987	$2.99	0.61%

Hypothetical^**
Class A	$1,000		$1,020	$4.63	0.94%
Institutional Class	$1,000		$1,022	$3.04	0.61%
Thrivent Limited Maturity Bond Fund

Actual
Class A	$1,000		$1,009	$3.07	0.62%
Institutional Class	$1,000		$1,011	$1.78	0.36%

Hypothetical^**
Class A	$1,000		$1,022	$3.09	0.62%
Institutional Class	$1,000		$1,023	$1.80	0.36%
Thrivent Money Market Fund

Actual
Class A	$1,000		$1,000	$1.48	0.30%
Institutional Class	$1,000		$1,000	$1.48	0.30%

Hypothetical^**
Class A	$1,000		$1,023	$1.50	0.30%
Institutional Class	$1,000		$1,023	$1.50	0.30%

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 180/365 to reflect the one-half year period.

**	Assuming 5% annualized total return before expenses.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Mutual Funds (67.2%)	Value
	Equity Mutual Funds (64.4%)
	977,141	Thrivent Real Estate Securities Fund		$10,572,664
	3,699,566	Thrivent Partner Small Cap Growth Fund^a		53,273,751
	752,160	Thrivent Partner Small Cap Value Fund		12,967,239
	1,004,432	Thrivent Small Cap Stock Fund^a		17,698,084
	1,656,139	Thrivent Mid Cap Growth Fund^a		36,285,999
	1,587,827	Thrivent Partner Mid Cap Value Fund		20,991,078
	1,827,872	Thrivent Mid Cap Stock Fund		32,792,029
	3,561,917	Thrivent Partner Worldwide Allocation Fund		34,301,265
	5,886,754	Thrivent Partner International Stock Fund		64,224,484
	6,646,413	Thrivent Large Cap Growth Fund^a		38,615,657
	2,232,910	Thrivent Large Cap Value Fund		32,957,748
	1,281,260	Thrivent Large Cap Stock Fund		30,814,298
	452,426	Thrivent Equity Income Plus Fund		4,510,689

		Total Equity Mutual Funds		390,004,985


	Fixed Income Mutual Funds (2.8%)
	1,067,948	Thrivent High Yield Fund		5,307,702
	1,107,183	Thrivent Government Bond Fund		11,315,406

		Total Fixed Income Mutual Funds		16,623,108



		Total Mutual Funds (cost $357,065,604)		406,628,093


Shares		Common Stock (25.9%)	Value
	Communications Services (<0.1%)
	5,300	Hellenic Telecommunications Organization SA		62,860
	1,300	Nippon Telegraph & Telephone Corporation		60,577
	4,100	Telekom Austria AG		63,374
	7,200	TeliaSonera AB		58,758

		Total Communications Services		245,569


	Consumer Discretionary (3.6%)
	2,100	Aisin Seiki Company, Ltd.		74,071
	5,900	Amazon.com, Inc.^a		1,159,350
	5,269	Autoliv, Inc.		422,205
	552	Carlsberg AS		65,498
	28,800	Carnival Corporation		1,096,416
	3,141	Charter Communications, Inc.^a		185,131
	3,800	Daihatsu Motor Company, Ltd.		61,384
	800	Daito Trust Construction Company, Ltd.		64,000
	16,750	Darden Restaurants, Inc.		786,747
	15,903	Discovery Communications, Inc.^a		703,867
	3,885	Dollar Tree, Inc.^a		223,387
	6,300	Fiat SPA		67,270
	42,676	Foot Locker, Inc.		918,387
	90,900	Ford Motor Company^a		1,406,223
	17,200	Isuzu Motors, Ltd.		73,766
	14,200	Kingfisher plc		65,239
	20,000	Link REIT		63,032
	6,530	Lowe’s Companies, Inc.		171,412
	7,047	Macy’s, Inc.		168,494
	28,112	McDonald’s Corporation		2,201,451
	900	Metro AG		66,048
	1,100	Netflix, Inc.^a		255,937
	8,050	Omnicom Group, Inc.		395,979
	3,183	Panera Bread Company^a		385,493
	12,500	Phillips-Van Heusen Corporation		880,125
	82,859	Pier 1 Imports, Inc.^a		1,009,223
	2,100	ProSiebenSat.1 Media AG		60,171
	1,100	Publicis Groupe SA		62,311
	4,700	Reed Elsevier NV		61,316
	17,776	Signet Jewelers, Ltd.^a		777,700
	7,710	Staples, Inc.		162,989
	8,000	Tabcorp Holdings, Ltd.		67,063
	3,790	Time Warner Cable, Inc.		296,113
	58,417	TJX Companies, Inc.		3,132,320
	2,100	Vivendi SA		65,841
	3,400	Volvo AB		66,817
	8,977	Walt Disney Company		386,909
	12,719	Warnaco Group, Inc.^a		818,595
	8,400	Williams-Sonoma, Inc.		364,644
	42,424	Yum! Brands, Inc.		2,275,623

		Total Consumer Discretionary		21,568,547


	Consumer Staples (1.5%)
	6,090	Altria Group, Inc.		163,456
	18,627	Anheuser-Busch InBev NV ADR		1,191,569
	3,700	Associated British Foods plc		62,311
	4,300	Autogrill SPA^a		61,642
	700	Casino Guichard Perrachon SA		73,650
	18,742	Corn Products International, Inc.		1,032,684
	2,030	Diageo plc ADR		165,181
	7,336	Diamond Foods, Inc.		481,242
	8,755	Flowers Foods, Inc.		267,553
	1,200	Heineken Holding NV		63,314
	8,499	Herbalife, Ltd.		763,040
	11,200	J Sainsbury plc		65,234
	3,700	Jeronimo Martins SGPS SA		60,681
	9,943	Kraft Foods, Inc.		333,886
	10,400	Marks and Spencer Group plc		67,568
	2,600	McDonald’s Holdings Company Japan, Ltd.		66,633
	1,600	MEIJI Holdings Company, Ltd.		68,336
	1,100	Nestle SA		68,275
	45,963	Philip Morris International, Inc.		3,191,671
	2,100	Suedzucker AG		64,735
	6,006	TreeHouse Foods, Inc.^a		364,384
	9,906	Walgreen Company		423,184

		Total Consumer Staples		9,100,229


	Energy (2.9%)
	3,457	Alpha Natural Resources, Inc.^a		201,094
	12,688	Apache Corporation		1,692,199
	19,645	Arch Coal, Inc.		673,823
	17,390	Baker Hughes, Inc.		1,346,160
	4,030	BP plc ADR		185,944
	3,800	Caltex Australia, Ltd.		59,223
	25,149	Chevron Corporation		2,752,307
	5,890	ConocoPhillips		464,898
	19,800	Cosmo Oil Company, Ltd.		65,358
	2,400	Eni SPA		64,252
	17,006	ENSCO International plc ADR		1,013,898
	32,676	Forest Oil Corporation^a		1,173,395

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (25.9%)	Value
	Energy (2.9%) - continued
	500	Idemitsu Kosan Company, Ltd.		$59,130
	62,801	International Coal Group, Inc.^a		692,695
	6,195	National Oilwell Varco, Inc.		475,095
	21,049	Occidental Petroleum Corporation		2,405,690
	11,152	Oil States International, Inc.^a		925,727
	1,300	OMV AG		59,263
	27,959	Patriot Coal Corporation^a		704,008
	1,700	Repsol YPF SA		60,684
	1,700	Royal Dutch Shell plc		66,135
	9,670	Schlumberger, Ltd.		867,882
	19,833	Swift Energy Company^a		777,255
	18,300	Weatherford International, Ltd.^a		394,914
	4,700	Whiting Petroleum Corporation^a		326,650

		Total Energy		17,507,679


	Financials (3.1%)
	6,554	Affiliated Managers Group, Inc.^a		714,910
	39,591	Aflac, Inc.		2,224,618
	400	Allianz AG		62,840
	2,645	Ameriprise Financial, Inc.		164,149
	3,000	Aon Corporation		156,510
	8,400	Aviva plc		62,862
	19,568	Bank of America Corporation		240,295
	4,350	BlackRock, Inc.		852,339
	800	BNP Paribas SA		63,239
	6,800	British Land Company plc		68,463
	3,300	Capital One Financial Corporation		180,609
	31,000	Citigroup, Inc.^a		142,290
	8,500	Criteria Caixacorp SA		62,695
	15,864	Duke Realty Corporation		241,926
	5,400	Endurance Specialty Holdings, Ltd.		239,436
	13,424	Equity One, Inc.		266,064
	1,200	Erste Group Bank AG		60,580
	12,928	Fifth Third Bancorp		171,555
	1,370	Goldman Sachs Group, Inc.		206,884
	1,100	Hannover Rueckversicherung AG		66,518
	13,841	HCC Insurance Holdings, Inc.		450,386
	18,318	Host Hotels & Resorts, Inc.		325,877
	1,599	IntercontinentalExchange, Inc.^a		192,440
	38,050	Itau Unibanco Holding SA ADR		903,687
	46,159	J.P. Morgan Chase & Company		2,106,235
	25,736	LaSalle Hotel Properties		724,211
	5,118	Lazard, Ltd.		209,838
	31,200	Legal & General Group plc		64,167
	4,300	London Stock Exchange Group plc		62,761
	4,700	M&T Bank Corporation		415,339
	3,450	MetLife, Inc.		161,426
	22,900	Nishi-Nippon City Bank, Ltd.		64,861
	8,600	Northern Trust Corporation		429,914
	65,216	Ocwen Financial Corporation^a		780,636
	4,300	Pohjola Bank plc		63,809
	316,846	Popular, Inc.^a		998,065
	7,496	Principal Financial Group, Inc.		252,990
	4,150	State Street Corporation		193,182
	14,351	SVB Financial Group^a		867,374
	27,154	Texas Capital Bancshares, Inc.^a		700,573
	12,350	Unum Group		327,028
	1,820	Vanguard REIT ETF		112,531
	13,237	W.R. Berkley Corporation		431,659
	10,180	Wells Fargo & Company		296,340
	42,672	Zions Bancorporation		1,043,330
	200	Zurich Financial Services AG^a		56,236

		Total Financials		18,483,677


	Health Care (3.1%)
	2,570	Abbott Laboratories		133,743
	2,900	Alexion Pharmaceuticals, Inc.^a		280,981
	37,295	Align Technology, Inc.^a		900,301
	4,550	Allergan, Inc.		361,998
	1,300	AstraZeneca plc		64,501
	2,950	Baxter International, Inc.		167,855
	5,466	C.R. Bard, Inc.		583,495
	4,655	Celgene Corporation^a		274,086
	16,772	Covance, Inc.^a		1,049,927
	8,005	Coventry Health Care, Inc.^a		258,321
	5,110	Covidien plc		284,576
	61,181	Eli Lilly and Company		2,264,309
	600	Fresenius SE & Company KGaA		63,010
	4,790	HCA Holdings, Inc.^a		157,112
	32,692	Health Net, Inc.^a		1,088,644
	38,198	Johnson & Johnson		2,510,372
	16,550	McKesson Corporation		1,373,815
	61,153	Mylan, Inc.^a		1,523,933
	16,487	Pfizer, Inc.		345,567
	29,080	PSS World Medical, Inc.^a		836,341
	3,900	Quest Diagnostics, Inc.		219,882
	21,136	Thermo Fisher Scientific, Inc.^a		1,267,949
	4,000	Thoratec Corporation^a		122,800
	10,708	United Therapeutics Corporation^a		717,008
	4,920	UnitedHealth Group, Inc.		242,212
	16,178	Universal Health Services, Inc.		886,231
	2,871	Varian Medical Systems, Inc.^a		201,544
	4,593	Vertex Pharmaceuticals, Inc.^a		252,707
	2,500	Waters Corporation^a		245,000
	6,011	Zimmer Holdings, Inc.^a		392,218

		Total Health Care		19,070,438


	Industrials (3.2%)
	7	A P Moller - Maersk AS		70,946
	4,300	Asahi Glass Company, Ltd.		54,594
	16,830	Boeing Company		1,342,697
	9,600	Caterpillar, Inc.		1,107,936
	8	Central Japan Railway Company		60,485
	5,256	Chicago Bridge and Iron Company		213,078
	400	Christian Dior SA		64,162
	3,177	CSX Corporation		249,998
	26,884	Deluxe Corporation		728,019
	1,000	Eiffage SA		69,120
	26,153	EMCOR Group, Inc.^a		809,958
	28,130	Emerson Electric Company		1,709,179
	4,196	Expeditors International of Washington, Inc.		227,717
	11,700	FirstGroup plc		63,573
	24,363	FTI Consulting, Inc.^a		972,084
	9,300	Fuji Heavy Industries, Ltd.		69,222
	16,964	General Electric Company		346,914
	13,000	Hitachi, Ltd.		70,560
	3,379	Honeywell International, Inc.		206,896
	1,910	Huntington Ingalls Industries, Inc.^a		76,400
	26,600	IHI Corporation		67,681
	35,551	Knight Transportation, Inc.		640,274
	26,500	Lockheed Martin Corporation		2,100,125

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (25.9%)	Value
	Industrials (3.2%) - continued
	74,657	Manitowoc Company, Inc.		$1,656,639
	3,700	Manpower, Inc.		245,125
	36,822	Oshkosh Corporation^a		1,165,785
	3,922	Parker Hannifin Corporation		369,923
	6,800	Republic Services, Inc.		215,016
	2,400	Rockwell Collins, Inc.		151,440
	12,600	SembCorp Marine, Ltd.		58,466
	33,321	Shaw Group, Inc.^a		1,296,187
	4,544	Siemens AG ADR		663,151
	33,200	Sojitz Corporation		64,067
	3,713	SPX Corporation		320,989
	4,600	Sumitomo Corporation		63,456
	14,838	Teledyne Technologies, Inc.^a		749,171
	6,320	Textron, Inc.		164,952
	6,000	Tyco International, Ltd.		292,440
	2,167	United Technologies Corporation		194,120
	2,910	WESCO International, Inc.^a		180,275

		Total Industrials		19,172,820


	Information Technology (5.9%)
	10,327	Akamai Technologies, Inc.^a		355,662
	4,600	Alliance Data Systems Corporation^a		437,000
	9,777	Apple, Inc.^a		3,404,645
	19,150	Broadcom Corporation^a		673,697
	133,137	Brocade Communications^a		832,106
	3,700	Cognizant Technology Solutions Corporation^a		306,730
	19,399	CommVault Systems, Inc.^a		764,127
	21,911	Compuware Corporation^a		248,252
	115,250	Corning, Inc.		2,413,335
	7,924	eBay, Inc.^a		272,586
	45,150	EMC Corporation^a		1,279,551
	5,668	F5 Networks, Inc.^a		574,508
	4,505	Google, Inc.^a		2,451,171
	28,184	GSI Commerce, Inc.^a		824,946
	14,850	Hewlett-Packard Company		599,494
	13,932	Informatica Corporation^a		780,331
	15,067	International Business Machines Corporation		2,570,129
	6,711	Juniper Networks, Inc.^a		257,233
	4,400	Lam Research Corporation^a		212,564
	90,664	Microsoft Corporation		2,359,077
	44,120	Monster Worldwide, Inc.^a		724,009
	16,982	Netlogic Microsystems, Inc.^a		732,434
	14,050	NXP Semiconductors NV^a		469,270
	55,000	Oracle Corporation		1,982,750
	22,575	Plantronics, Inc.		836,855
	25,362	Plexus Corporation^a		925,459
	25,400	QUALCOMM, Inc.		1,443,736
	31,471	Quest Software, Inc.^a		810,693
	3,877	Salesforce.com, Inc.^a		537,352
	6,507	TE Connectivity, Ltd.		233,276
	74,571	Teradyne, Inc.^a		1,200,593
	43,392	TIBCO Software, Inc.^a		1,301,326
	17,600	ValueClick, Inc.^a		294,800
	7,600	VeriFone Systems, Inc.^a		416,632
	5,700	Visa, Inc.		445,284
	13,050	VMware, Inc.^a		1,245,361
	23,880	Xerox Corporation		240,949
	15,102	Xilinx, Inc.		526,456

		Total Information Technology		35,984,379


	Materials (1.2%)
	4,947	Albemarle Corporation		349,011
	2,680	Allegheny Technologies, Inc.		192,960
	9,600	Asahi Kasei Corporation		66,358
	11,300	Balfour Beatty plc		61,998
	700	BASF SE		71,873
	1,500	BHP Billiton plc		63,417
	2,700	Boliden AB^a		60,899
	7,050	CF Industries Holdings, Inc.		997,928
	12,000	Daido Steel Company, Ltd.		68,592
	4,390	Dow Chemical Company		179,946
	8,300	E.I. du Pont de Nemours and Company		471,357
	18,100	Freeport-McMoRan Copper & Gold, Inc.		996,043
	1,200	Henkel AG & Company KGaA		68,122
	26,018	International Paper Company		803,436
	6,200	ITOCHU Corporation		64,586
	8,200	Marubeni Corporation		59,906
	10,100	Mitsubishi Chemical Holdings Corporation		68,391
	18,700	Mitsui Chemicals, Inc.		68,516
	19,300	Mitsui Mining and Smelting Company, Ltd.		69,096
	36,000	OZ Minerals, Ltd.		57,139
	1,927	Sigma-Aldrich Corporation		136,008
	7,518	Silgan Holdings, Inc.		344,775
	16,644	Steel Dynamics, Inc.		302,754
	4,900	Stora Enso Oyj		59,071
	12,400	Temple-Inland, Inc.		291,772
	2,700	UPM-Kymmene Oyj		55,376
	35,400	Vale SA SP ADR		1,182,360

		Total Materials		7,211,690


	Technology (<0.1%)
	147,000	PCCW, Ltd.		58,370

		Total Technology		58,370


	Telecommunications Services (0.5%)
	7,250	AT&T, Inc.		225,620
	19,800	BT Group plc		65,002
	3,900	Deutsche Telekom AG		64,448
	2,700	France Telecom SA		63,268
	3,500	Koninklijke (Royal) KPN NV		55,543
	900	Mobistar SA		66,767
	38,200	NII Holdings, Inc.^a		1,588,356
	35	NTT DoCoMo, Inc.		64,938
	100	Swisscom AG		45,898
	39,600	Telecom Italia SPA		59,535
	2,400	Telefonica SA		64,471
	9,604	Verizon Communications, Inc.		362,839
	21,200	Vodafone Group plc		61,281

		Total Telecommunications Services		2,787,966


	Utilities (0.9%)
	4,150	Alliant Energy Corporation		164,091
	11,430	American Electric Power Company, Inc.		416,967
	11,600	Centrica plc		62,294
	12,500	CMS Energy Corporation		247,500
	52,251	Exelon Corporation		2,202,380
	3,200	Gas Natural SDG SA		65,794
	3,100	Hokuriku Electric Power Company		62,873

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (25.9%)	Value
	Utilities (0.9%) - continued
	6,400	National Grid plc		$65,661
	17,113	NV Energy, Inc.		259,946
	3,600	Public Power Corporation SA		59,563
	2,600	Severn Trent plc		65,358
	18,040	Southwest Gas Corporation		717,451
	3,100	The Kansai Electric Power Company, Inc.		65,293
	29,528	UGI Corporation		983,282
	2,930	Xcel Energy, Inc.		71,287

		Total Utilities		5,509,740



		Total Common Stock (cost $133,134,738)		156,701,104


Principal Amount		Long-Term Fixed Income (2.1%)	Value
	Asset-Backed Securities (0.2%)
		J.P. Morgan Mortgage Acquisition Corporation
	1,000,000	5.461%, 10/25/2036		799,101
		Renaissance Home Equity Loan Trust
	650,000	6.011%, 5/25/2036		412,451

		Total Asset-Backed Securities		1,211,552


	Basic Materials (0.1%)
		ArcelorMittal
	100,000	7.000%, 10/15/2039		104,584
		Dow Chemical Company
	100,000	4.250%, 11/15/2020		97,927
		FMG Resources Property, Ltd.
	120,000	7.000%, 11/1/2015^b		126,600
		Georgia-Pacific, LLC
	110,000	8.000%, 1/15/2024		128,150
		Lyondell Chemical Company
	110,000	11.000%, 5/1/2018		124,300
		Novelis, Inc.
	130,000	8.375%, 12/15/2017		143,650

		Total Basic Materials		725,211


	Capital Goods (0.1%)
		Associated Materials, LLC
	120,000	9.125%, 11/1/2017^b		129,150
		Case New Holland, Inc.
	120,000	7.875%, 12/1/2017^b		134,100

		Total Capital Goods		263,250


	Collateralized Mortgage Obligations (0.1%)
		Sequoia Mortgage Trust
	199,957	5.374%, 9/20/2046		50,976
		WaMu Mortgage Pass Through Certificates
	149,659	5.848%, 9/25/2036		131,118
	222,831	5.976%, 10/25/2036		212,537

		Total Collateralized Mortgage Obligations		394,631


	Communications Services (0.2%)
		Cablevision Systems Corporation
	120,000	8.625%, 9/15/2017		134,400
		CBS Corporation
	50,000	7.875%, 7/30/2030		59,391
	50,000	5.900%, 10/15/2040		48,373
		CCO Holdings, LLC
	110,000	7.000%, 1/15/2019		115,225
		Cox Communications, Inc.
	100,000	6.950%, 6/1/2038^b		112,051
		Cricket Communications, Inc.
	110,000	7.750%, 10/15/2020		112,337
		Frontier Communications Corporation
	70,000	8.250%, 4/15/2017		75,863
		Intelsat Luxembourg SA
	60,000	11.500%, 2/4/2017^b		65,700
		NII Capital Corporation
	80,000	7.625%, 4/1/2021		84,600
		Virgin Media Finance plc
	110,000	9.500%, 8/15/2016		126,087
		Wind Acquisition Finance SA
	125,000	7.250%, 2/15/2018^b		132,188

		Total Communications Services		1,066,215


	Consumer Cyclical (0.1%)
		Goodyear Tire & Rubber Company
	80,000	8.250%, 8/15/2020		88,900
		Home Depot, Inc.
	100,000	5.875%, 12/16/2036		101,793
		Macy’s Retail Holdings, Inc.
	100,000	8.375%, 7/15/2015		116,750
		MGM Resorts International
	100,000	11.125%, 11/15/2017		116,250
		Rite Aid Corporation
	120,000	7.500%, 3/1/2017		122,250
		Starwood Hotels & Resorts Worldwide, Inc.
	130,000	6.750%, 5/15/2018		142,025
		West Corporation
	120,000	7.875%, 1/15/2019^b		123,600

		Total Consumer Cyclical		811,568


	Consumer Non-Cyclical (0.2%)
		Altria Group, Inc.
	100,000	9.950%, 11/10/2038		143,603
		Anheuser-Busch Companies, Inc.
	50,000	6.450%, 9/1/2037		57,404
		Anheuser-Busch InBev Worldwide, Inc.
	50,000	8.200%, 1/15/2039		69,441
		Community Health Systems, Inc.
	130,000	8.875%, 7/15/2015		132,925
		JBS USA, LLC/JBS USA Finance, Inc.
	100,000	11.625%, 5/1/2014		117,000
		Kraft Foods, Inc.
	50,000	5.375%, 2/10/2020		54,116
	50,000	7.000%, 8/11/2037		58,412
		Mylan, Inc.
	110,000	7.875%, 7/15/2020^b		121,550
		Reynolds Group Holdings, Ltd.
	120,000	6.875%, 2/15/2021^b		123,750
		UnitedHealth Group, Inc.
	50,000	6.875%, 2/15/2038		57,482

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (2.1%)	Value
	Consumer Non-Cyclical (0.2%) - continued
	$50,000	5.700%, 10/15/2040		$49,927

		Total Consumer Non-Cyclical		985,610


	Energy (0.1%)
		Denbury Resources, Inc.
	120,000	9.750%, 3/1/2016		135,300
		Linn Energy, LLC
	120,000	7.750%, 2/1/2021^b		128,550
		Pioneer Natural Resources Company
	60,000	7.500%, 1/15/2020		67,991
		Plains Exploration & Production Company
	130,000	7.625%, 6/1/2018		139,425
		SandRidge Energy, Inc.
	130,000	8.000%, 6/1/2018^b		137,475
		Weatherford International, Ltd.
	100,000	6.750%, 9/15/2040		106,959

		Total Energy		715,700


	Financials (0.1%)
		CIT Group, Inc.
	70,425	7.000%, 5/1/2017		70,997
		General Electric Capital Corporation
	100,000	6.750%, 3/15/2032		112,841
		HCP, Inc.
	100,000	6.750%, 2/1/2041		105,786
		Health Care REIT, Inc.
	40,000	6.500%, 3/15/2041		39,800
		Icahn Enterprises, LP
	70,000	8.000%, 1/15/2018		72,275
		Prudential Financial, Inc.
	100,000	6.200%, 11/15/2040		106,802
		XL Group plc
	100,000	6.250%, 5/15/2027		101,415

		Total Financials		609,916


	Technology (0.1%)
		Freescale Semiconductor, Inc.
	120,000	9.250%, 4/15/2018^b		133,200
		NXP BV/NXP Funding, LLC
	100,000	9.750%, 8/1/2018^b		115,750
		Seagate HDD Cayman
	100,000	7.750%, 12/15/2018^b		106,000

		Total Technology		354,950


	Transportation (<0.1%)
		Delta Air Lines, Inc.
	120,000	9.500%, 9/15/2014^b		128,700
		Hertz Corporation
	120,000	6.750%, 4/15/2019^b		122,400

		Total Transportation		251,100


	U.S. Government and Agencies (0.6%)
		U.S. Treasury Notes
	2,150,000	2.500%, 4/30/2015		2,232,977
	1,050,000	3.625%, 2/15/2021		1,078,547
	550,000	4.375%, 5/15/2040		546,563

		Total U.S. Government and Agencies		3,858,087


	U.S. Municipals (0.1%)
		California Various Purpose General Obligation Bonds
	100,000	6.000%, 3/1/2033		106,910
		Massachusetts Development Finance Agency Revenue Bonds (Harvard University)
	100,000	5.000%, 10/15/2040		103,034
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds
	100,000	5.375%, 6/15/2043		102,983
		New York City Transitional Finance Authority Revenue Bonds
	100,000	5.000%, 2/1/2035		100,914
		New York Dormitory Authority State University Revenue Bonds (Cornell University)
	100,000	5.000%, 7/1/2035		102,355
		North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Bonds (Wake Forest University)
	100,000	5.000%, 1/1/2038		100,753
		Salt River, Arizona Agricultural Improvement and Power District Electric System Revenue Bonds
	50,000	5.000%, 1/1/2039		50,408
		St. John the Baptist Parish, Louisiana Revenue Bonds (Marathon Oil Corporation)
	100,000	5.125%, 6/1/2037		91,731

		Total U.S. Municipals		759,088


	Utilities (0.1%)
		Energy Transfer Partners, LP
	28,000	6.625%, 10/15/2036		30,191
	50,000	7.500%, 7/1/2038		59,075
		Inergy, LP
	120,000	7.000%, 10/1/2018^b		126,600
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	130,000	6.500%, 8/15/2021		131,300
		NRG Energy, Inc.
	130,000	7.375%, 2/1/2016		134,875

		Total Utilities		482,041



		Total Long-Term Fixed Income (cost $11,892,170)		12,488,919


Shares		Preferred Stock (<0.1%)	Value
	Financials (<0.1%)
	100	Ally Financial, Inc., 7.000%^b,c		93,019

		Total Financials		93,019



		Total Preferred Stock (cost $94,825)		93,019

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Short-Term Investments (4.7%)^d	Value
		Barton Capital Corporation
	7,130,000	0.090%, 5/2/2011		$7,129,964
		BNP Paribas Finance, Inc.
	8,185,000	0.080%, 5/2/2011		8,184,964
		Federal Home Loan Mortgage Corporation Discount Notes
	5,000,000	0.025%, 5/9/2011		4,999,969
	5,000,000	0.030%, 5/27/2011		4,999,887
	1,650,000	0.159%, 8/29/2011^e		1,649,132
		U.S. Treasury Bills
	1,500,000	0.130%, 8/18/2011^e		1,499,408

		Total Short-Term Investments (at amortized cost)		28,463,324

		Total Investments (cost $530,650,661) 99.9%	$	604,374,459

		Other Assets and Liabilities, Net 0.1%		863,714

		Total Net Assets 100.0%	$	605,238,173

a	Non-income producing security.

Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of April 29, 2011, the value of these investments was $2,160,383 or 0.4% of total net assets.

c	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

d	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

e	At April 29, 2011, $3,148,540 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


ADR		- American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.


REIT		- Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.


ETF		- Exchange Traded Fund.


Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation		$79,013,738
Gross unrealized depreciation		(10,546,408	)

Net unrealized appreciation (depreciation)		$68,467,330
Cost for federal income tax purposes	$	535,907,129

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Aggressive Allocation Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Mutual Funds

Equity Mutual Funds

390,004,985

–

Fixed Income Mutual Funds

16,623,108

–

Common Stock

Communications Services

245,569

–

245,569

–

Consumer Discretionary

21,568,547

20,584,720

983,827

–

Consumer Staples

9,100,229

8,377,850

722,379

–

Energy

17,507,679

17,073,634

434,045

–

Financials

18,483,677

17,724,646

759,031

–

Health Care

19,070,438

18,942,927

127,511

–

Industrials

19,172,820

18,396,488

776,332

–

Information Technology

35,984,379

–

Materials

7,211,690

6,248,350

963,340

–

Technology

58,370

–

58,370

–

Telecommunications Services

2,787,966

2,176,815

611,151

–

Utilities

5,509,740

5,062,904

446,836

–

Long-Term Fixed Income

Asset-Backed Securities

1,211,552

–

1,211,552

–

Basic Materials

725,211

–

725,211

–

Capital Goods

263,250

–

263,250

–

Collateralized Mortgage Obligations

394,631

–

394,631

–

Communications Services

1,066,215

–

1,066,215

–

Consumer Cyclical

811,568

–

811,568

–

Consumer Non-Cyclical

985,610

–

985,610

–

Energy

715,700

–

715,700

–

Financials

609,916

–

609,916

–

Technology

354,950

–

354,950

–

Transportation

251,100

–

251,100

–

U.S. Government and Agencies

3,858,087

–

3,858,087

–

U.S. Municipals

759,088

–

759,088

–

Utilities

482,041

–

482,041

–

Preferred Stock

Financials

93,019

–

93,019

–

Short-Term Investments

28,463,324

–

28,463,324

–

Total

$604,374,459

$557,200,806

$47,173,653

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

3,386,436

–

Total Asset Derivatives

$3,386,436

$–

Liability Derivatives

Futures Contracts

4,240,822

–

Credit Default Swaps

26,655

–

26,655

–

Total Liability Derivatives

$4,267,477

$4,240,822

$26,655

$–


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(10)		June 2011		($2,179,501	)		($2,191,250	)		($11,749	)
5-Yr. U.S. Treasury Bond Futures		(50)		June 2011		(5,893,988	)		(5,923,437	)		(29,449	)
10-Yr. U.S. Treasury Bond Futures		(15)		June 2011		(1,804,642	)		(1,817,110	)		(12,468	)
Russell 2000 Index Mini-Futures		(375)		June 2011		(30,361,160	)		(32,396,250	)		(2,035,090	)
S&P 400 Index Mini-Futures		(373)		June 2011		(35,651,484	)		(37,803,550	)		(2,152,066	)
S&P 500 Index Futures		216		June 2011		70,037,364			73,423,800			3,386,436
Total Futures Contracts												($854,386	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 15, 5 Year, at 5.00%; Bank of America	Buy		12/20/2015		$750,000		$31,781		($34,462	)		($2,681	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.	Buy		12/20/2015		1,250,000		53,715		(57,437	)		(3,722	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.	Buy		12/20/2015		1,250,000		37,184		(57,436	)		(20,252	)
Total Credit Default Swaps									($149,335	)		($26,655	)

As the buyer of protection, Aggressive Allocation Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Aggressive Allocation Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Aggressive Allocation Fund could be required to make as the seller or receive as the buyer of protection.

The values for credit indexes (CDX or LCDX) serve as an indicator of the current status of the payment/performance risk and represent the liability or profit for the credit default swap contract had the contract been closed as of the reporting date. When protection has been sold, the value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		3,386,436
Total Equity Contracts			3,386,436
Total Asset Derivatives		$	3,386,436


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		53,666
Total Interest Rate Contracts			53,666

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		4,187,156
Total Equity Contracts			4,187,156

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		26,655
Total Credit Contracts			26,655
Total Liability Derivatives		$	4,267,477

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(317,073)

Total Equity Contracts			(317,073)

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(46,476)

Total Foreign Exchange Contracts			(46,476)

Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		34,926

Total Interest Rate Contracts			34,926

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(25,319)

Total Credit Contracts			(25,319)


Total			($353,942)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income

Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(53,666)

Total Interest Rate Contracts			(53,666)

Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(800,720)

Total Equity Contracts			(800,720)

Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(26,655)

Total Credit Contracts			(26,655)


Total			($881,041)

The following table presents Aggressive Allocation Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

32,407,559

5.8%

N/A

Interest Rate Contracts

2,576,169

0.5

N/A

Foreign Exchange Contracts

N/A

$123,984

<0.1%

N/A

Credit Contracts

N/A

1,249,066

0.2%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Aggressive Allocation Fund, is as follows:


Fund	Value October 31, 2010		Gross Purchases		Gross Sales		Shares Held at April 29, 2011		Value April 29, 2011		Income Earned November 1, 2010 - April 29, 2011
Real Estate Securities		$9,151,727		$126,846		$–		977,141		$10,572,664		$126,846
Partner Small Cap Growth		40,732,222		–		–		3,699,566		53,273,751		–
Partner Small Cap Value		13,523,290		121,830		3,000,000		752,160		12,967,239		121,830
Small Cap Stock		21,256,955		–		8,100,000		1,004,432		17,698,084		–
Mid Cap Growth		31,780,928		–		1,200,000		1,656,139		36,285,999		–
Partner Mid Cap Value		18,664,105		120,177		1,000,000		1,587,827		20,991,078		120,177
Mid Cap Stock		28,928,528		95,964		3,000,000		1,827,872		32,792,029		95,964
Partner Worldwide Allocation		25,319,502		6,234,457		–		3,561,917		34,301,265		434,457
Partner International Stock		59,639,238		1,195,570		3,000,000		5,886,754		64,224,484		1,195,570
Large Cap Growth		34,096,097		–		–		6,646,413		38,615,657		–
Large Cap Value		27,989,075		417,986		–		2,232,910		32,957,748		417,986
Large Cap Stock		26,748,157		235,778		–		1,281,260		30,814,298		235,778
Equity Income Plus		3,848,777		40,788		–		452,426		4,510,689		40,788
High Yield		5,337,083		630,619		782,629		1,067,948		5,307,702		204,381
Government Bond		11,081,911		1,073,793		479,282		1,107,183		11,315,406		118,586
Total Value and Income Earned		358,097,595								406,628,093		3,112,364

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Mutual Funds (72.3%)	Value
	Equity Mutual Funds (56.3%)
	3,982,592	Thrivent Real Estate Securities Fund		$43,091,642
	3,151,900	Thrivent Partner Small Cap Growth Fund^a		45,387,358
	1,643,111	Thrivent Partner Small Cap Value Fund		28,327,239
	1,344,712	Thrivent Small Cap Stock Fund^a		23,693,817
	1,758,617	Thrivent Mid Cap Growth Fund^a		38,531,289
	3,609,996	Thrivent Partner Mid Cap Value Fund		47,724,152
	4,016,385	Thrivent Mid Cap Stock Fund		72,053,940
	8,479,977	Thrivent Partner Worldwide Allocation Fund		81,662,178
	9,842,730	Thrivent Partner International Stock Fund		107,384,188
	14,261,498	Thrivent Large Cap Growth Fund^a		82,859,304
	7,297,379	Thrivent Large Cap Value Fund		107,709,313
	3,257,272	Thrivent Large Cap Stock Fund		78,337,381
	1,146,635	Thrivent Equity Income Plus Fund		11,431,950

		Total Equity Mutual Funds		768,193,751


	Fixed Income Mutual Funds (16.0%)
	10,081,007	Thrivent High Yield Fund		50,102,606
	10,639,412	Thrivent Income Fund		93,626,829
	2,441,883	Thrivent Government Bond Fund		24,956,042
	3,899,750	Thrivent Limited Maturity Bond Fund		48,902,862

		Total Fixed Income Mutual Funds		217,588,339



		Total Mutual Funds (cost $906,894,008)		985,782,090


Shares		Common Stock (19.5%)	Value
	Communications Services (<0.1%)
	8,900	Hellenic Telecommunications Organization SA		105,557
	2,400	Nippon Telegraph & Telephone Corporation		111,834
	6,900	Telekom Austria AG		106,654
	12,100	TeliaSonera AB		98,746

		Total Communications Services		422,791


	Consumer Discretionary (2.6%)
	3,500	Aisin Seiki Company, Ltd.		123,451
	7,800	Amazon.com, Inc.^a		1,532,700
	10,138	Autoliv, Inc.		812,358
	930	Carlsberg AS		110,349
	37,850	Carnival Corporation		1,440,950
	5,972	Charter Communications, Inc.^a		351,990
	7,700	Daihatsu Motor Company, Ltd.		124,383
	1,400	Daito Trust Construction Company, Ltd.		112,000
	22,050	Darden Restaurants, Inc.		1,035,688
	20,905	Discovery Communications, Inc.^a		925,255
	7,468	Dollar Tree, Inc.^a		429,410
	10,600	Fiat SPA		113,184
	60,888	Foot Locker, Inc.		1,310,310
	119,550	Ford Motor Company^a		1,849,439
	27,900	Isuzu Motors, Ltd.		119,656
	24,000	Kingfisher plc		110,263
	33,500	Link REIT		105,579
	19,000	Lowe’s Companies, Inc.		498,750
	20,522	Macy’s, Inc.		490,681
	51,239	McDonald’s Corporation		4,012,526
	1,400	Metro AG		102,741
	1,900	Netflix, Inc.^a		442,073
	17,370	Omnicom Group, Inc.		854,430
	6,365	Panera Bread Company^a		770,865
	16,450	Phillips-Van Heusen Corporation		1,158,245
	118,379	Pier 1 Imports, Inc.^a		1,441,856
	3,500	ProSiebenSat.1 Media AG		100,285
	1,900	Publicis Groupe SA		107,627
	7,900	Reed Elsevier NV		103,064
	25,404	Signet Jewelers, Ltd.^a		1,111,425
	22,420	Staples, Inc.		473,959
	13,400	Tabcorp Holdings, Ltd.		112,331
	11,010	Time Warner Cable, Inc.		860,211
	98,660	TJX Companies, Inc.		5,290,149
	3,500	Vivendi SA		109,734
	5,700	Volvo AB		112,017
	26,120	Walt Disney Company		1,125,772
	18,128	Warnaco Group, Inc.^a		1,166,718
	16,100	Williams-Sonoma, Inc.		698,901
	77,326	Yum! Brands, Inc.		4,147,767

		Total Consumer Discretionary		35,899,092


	Consumer Staples (1.2%)
	17,720	Altria Group, Inc.		475,605
	24,462	Anheuser-Busch InBev NV ADR		1,564,834
	6,300	Associated British Foods plc		106,097
	7,400	Autogrill SPA^a		106,081
	1,100	Casino Guichard Perrachon SA		115,735
	29,352	Corn Products International, Inc.		1,617,295
	5,910	Diageo plc ADR		480,897
	10,499	Diamond Foods, Inc.		688,734
	16,611	Flowers Foods, Inc.		507,632
	2,100	Heineken Holding NV		110,800
	12,195	Herbalife, Ltd.		1,094,867
	18,800	J Sainsbury plc		109,500
	6,300	Jeronimo Martins SGPS SA		103,322
	28,937	Kraft Foods, Inc.		971,705
	17,600	Marks and Spencer Group plc		114,346
	4,400	McDonald’s Holdings Company Japan, Ltd.		112,763
	2,700	MEIJI Holdings Company, Ltd.		115,317
	1,800	Nestle SA		111,723
	84,797	Philip Morris International, Inc.		5,888,304
	3,600	Suedzucker AG		110,975
	11,811	TreeHouse Foods, Inc.^a		716,573
	28,825	Walgreen Company		1,231,404

		Total Consumer Staples		16,454,509


	Energy (2.3%)
	6,614	Alpha Natural Resources, Inc.^a		384,736
	21,420	Apache Corporation		2,856,785
	28,025	Arch Coal, Inc.		961,258
	30,290	Baker Hughes, Inc.		2,344,749
	11,722	BP plc ADR		540,853
	6,400	Caltex Australia, Ltd.		99,743
	51,708	Chevron Corporation		5,658,924
	17,120	ConocoPhillips		1,351,282
	32,900	Cosmo Oil Company, Ltd.		108,600
	4,200	Eni SPA		112,441

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (19.5%)	Value
	Energy (2.3%) - continued
	31,104	ENSCO International plc ADR		$1,854,420
	51,823	Forest Oil Corporation^a		1,860,964
	900	Idemitsu Kosan Company, Ltd.		106,435
	89,742	International Coal Group, Inc.^a		989,854
	11,891	National Oilwell Varco, Inc.		911,921
	38,366	Occidental Petroleum Corporation		4,384,850
	15,839	Oil States International, Inc.^a		1,314,795
	2,300	OMV AG		104,850
	39,953	Patriot Coal Corporation^a		1,006,017
	2,900	Repsol YPF SA		103,520
	2,800	Royal Dutch Shell plc		108,929
	12,755	Schlumberger, Ltd.		1,144,761
	28,295	Swift Energy Company^a		1,108,881
	34,600	Weatherford International, Ltd.^a		746,668
	9,400	Whiting Petroleum Corporation^a		653,300

		Total Energy		30,819,536


	Financials (2.5%)
	9,365	Affiliated Managers Group, Inc.^a		1,021,534
	72,164	Aflac, Inc.		4,054,895
	700	Allianz AG		109,970
	7,725	Ameriprise Financial, Inc.		479,413
	8,730	Aon Corporation		455,444
	14,100	Aviva plc		105,518
	56,943	Bank of America Corporation		699,260
	5,650	BlackRock, Inc.		1,107,061
	1,400	BNP Paribas SA		110,668
	11,400	British Land Company plc		114,777
	9,590	Capital One Financial Corporation		524,861
	90,230	Citigroup, Inc.^a		414,156
	14,300	Criteria Caixacorp SA		105,475
	29,829	Duke Realty Corporation		454,892
	10,900	Endurance Specialty Holdings, Ltd.		483,306
	25,647	Equity One, Inc.		508,324
	2,000	Erste Group Bank AG		100,967
	37,634	Fifth Third Bancorp		499,403
	3,960	Goldman Sachs Group, Inc.		598,000
	1,800	Hannover Rueckversicherung AG		108,848
	26,482	HCC Insurance Holdings, Inc.		861,724
	34,635	Host Hotels & Resorts, Inc.		616,157
	3,198	IntercontinentalExchange, Inc.^a		384,879
	50,070	Itau Unibanco Holding SA ADR		1,189,162
	78,228	J.P. Morgan Chase & Company		3,569,544
	36,826	LaSalle Hotel Properties		1,036,284
	10,336	Lazard, Ltd.		423,776
	52,500	Legal & General Group plc		107,973
	7,300	London Stock Exchange Group plc		106,548
	9,200	M&T Bank Corporation		813,004
	10,050	MetLife, Inc.		470,239
	39,000	Nishi-Nippon City Bank, Ltd.		110,463
	16,400	Northern Trust Corporation		819,836
	93,146	Ocwen Financial Corporation^a		1,114,958
	7,200	Pohjola Bank plc		106,843
	492,770	Popular, Inc.^a		1,552,225
	21,817	Principal Financial Group, Inc.		736,324
	12,050	State Street Corporation		560,928
	22,803	SVB Financial Group^a		1,378,213
	38,900	Texas Capital Bancshares, Inc.^a		1,003,620
	36,070	Unum Group		955,134
	5,280	Vanguard REIT ETF		326,462
	25,273	W.R. Berkley Corporation		824,153
	29,630	Wells Fargo & Company		862,529
	67,098	Zions Bancorporation		1,640,546
	400	Zurich Financial Services AG^a		112,471

		Total Financials		33,740,767


	Health Care (2.4%)
	7,480	Abbott Laboratories		389,259
	5,700	Alexion Pharmaceuticals, Inc.^a		552,273
	53,248	Align Technology, Inc.^a		1,285,407
	5,950	Allergan, Inc.		473,382
	2,200	AstraZeneca plc		109,155
	8,580	Baxter International, Inc.		488,202
	12,911	C.R. Bard, Inc.		1,378,249
	6,015	Celgene Corporation^a		354,163
	25,690	Covance, Inc.^a		1,608,194
	15,500	Coventry Health Care, Inc.^a		500,185
	14,870	Covidien plc		828,110
	111,515	Eli Lilly and Company		4,127,170
	1,100	Fresenius SE & Company KGaA		115,518
	13,950	HCA Holdings, Inc.^a		457,560
	50,663	Health Net, Inc.^a		1,687,078
	72,123	Johnson & Johnson		4,739,924
	21,850	McKesson Corporation		1,813,769
	80,504	Mylan, Inc.^a		2,006,160
	47,976	Pfizer, Inc.		1,005,577
	41,604	PSS World Medical, Inc.^a		1,196,531
	7,600	Quest Diagnostics, Inc.		428,488
	27,763	Thermo Fisher Scientific, Inc.^a		1,665,502
	7,800	Thoratec Corporation^a		239,460
	15,302	United Therapeutics Corporation^a		1,024,622
	14,291	UnitedHealth Group, Inc.		703,546
	23,071	Universal Health Services, Inc.		1,263,829
	5,742	Varian Medical Systems, Inc.^a		403,088
	9,186	Vertex Pharmaceuticals, Inc.^a		505,414
	4,900	Waters Corporation^a		480,200
	14,202	Zimmer Holdings, Inc.^a		926,681

		Total Health Care		32,756,696


	Industrials (2.4%)
	10	A P Moller - Maersk AS		101,351
	8,400	Asahi Glass Company, Ltd.		106,649
	25,400	Boeing Company		2,026,412
	15,130	Caterpillar, Inc.		1,746,153
	14	Central Japan Railway Company		105,850
	10,189	Chicago Bridge and Iron Company		413,062
	700	Christian Dior SA		112,284
	6,155	CSX Corporation		484,337
	38,370	Deluxe Corporation		1,039,060
	1,600	Eiffage SA		110,593
	37,423	EMCOR Group, Inc.^a		1,158,990
	44,040	Emerson Electric Company		2,675,870
	8,128	Expeditors International of Washington, Inc.		441,107
	19,700	FirstGroup plc		107,042
	37,931	FTI Consulting, Inc.^a		1,513,447
	16,400	Fuji Heavy Industries, Ltd.		122,070
	49,401	General Electric Company		1,010,250
	21,000	Hitachi, Ltd.		113,982
	9,826	Honeywell International, Inc.		601,646
	5,540	Huntington Ingalls Industries, Inc.^a		221,600

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (19.5%)	Value
	Industrials (2.4%) - continued
	44,000	IHI Corporation		$111,954
	50,805	Knight Transportation, Inc.		914,998
	48,303	Lockheed Martin Corporation		3,828,013
	119,750	Manitowoc Company, Inc.		2,657,253
	7,200	Manpower, Inc.		477,000
	59,029	Oshkosh Corporation^a		1,868,858
	9,074	Parker Hannifin Corporation		855,860
	13,100	Republic Services, Inc.		414,222
	6,990	Rockwell Collins, Inc.		441,069
	21,400	SembCorp Marine, Ltd.		99,299
	53,927	Shaw Group, Inc.^a		2,097,760
	5,921	Siemens AG ADR		864,111
	55,900	Sojitz Corporation		107,871
	7,126	SPX Corporation		616,043
	7,700	Sumitomo Corporation		106,220
	21,107	Teledyne Technologies, Inc.^a		1,065,692
	18,370	Textron, Inc.		479,457
	11,900	Tyco International, Ltd.		580,006
	6,320	United Technologies Corporation		566,146
	8,460	WESCO International, Inc.^a		524,097

		Total Industrials		32,887,684


	Information Technology (4.1%)
	13,537	Akamai Technologies, Inc.^a		466,214
	8,700	Alliance Data Systems Corporation^a		826,500
	12,902	Apple, Inc.^a		4,492,863
	25,150	Broadcom Corporation^a		884,777
	190,256	Brocade Communications^a		1,189,100
	5,050	Cognizant Technology Solutions Corporation^a		418,645
	27,749	CommVault Systems, Inc.^a		1,093,033
	42,321	Compuware Corporation^a		479,497
	222,277	Corning, Inc.		4,654,480
	15,449	eBay, Inc.^a		531,446
	59,400	EMC Corporation^a		1,683,396
	7,401	F5 Networks, Inc.^a		750,165
	5,977	Google, Inc.^a		3,252,086
	40,298	GSI Commerce, Inc.^a		1,179,522
	19,486	Hewlett-Packard Company		786,650
	19,909	Informatica Corporation^a		1,115,103
	29,667	International Business Machines Corporation		5,060,597
	13,021	Juniper Networks, Inc.^a		499,095
	8,800	Lam Research Corporation^a		425,128
	174,123	Microsoft Corporation		4,530,680
	63,000	Monster Worldwide, Inc.^a		1,033,830
	24,266	Netlogic Microsystems, Inc.^a		1,046,593
	18,250	NXP Semiconductors NV^a		609,550
	76,230	Oracle Corporation		2,748,091
	32,310	Plantronics, Inc.		1,197,732
	36,146	Plexus Corporation^a		1,318,968
	33,400	QUALCOMM, Inc.		1,898,456
	44,931	Quest Software, Inc.^a		1,157,423
	5,113	Salesforce.com, Inc.^a		708,662
	18,941	TE Connectivity, Ltd.		679,035
	121,385	Teradyne, Inc.^a		1,954,298
	69,547	TIBCO Software, Inc.^a		2,085,715
	33,600	ValueClick, Inc.^a		562,800
	14,800	VeriFone Systems, Inc.^a		811,336
	7,450	Visa, Inc.		581,994
	17,200	VMware, Inc.^a		1,641,396
	69,420	Xerox Corporation		700,448
	33,565	Xilinx, Inc.		1,170,076

		Total Information Technology		56,225,380


	Materials (0.9%)
	9,893	Albemarle Corporation		697,951
	7,810	Allegheny Technologies, Inc.		562,320
	16,900	Asahi Kasei Corporation		116,817
	19,000	Balfour Beatty plc		104,245
	1,200	BASF SE		123,212
	2,600	BHP Billiton plc		109,923
	4,600	Boliden AB^a		103,754
	9,250	CF Industries Holdings, Inc.		1,309,337
	21,000	Daido Steel Company, Ltd.		120,036
	12,770	Dow Chemical Company		523,442
	24,139	E.I. du Pont de Nemours and Company		1,370,854
	23,850	Freeport-McMoRan Copper & Gold, Inc.		1,312,465
	2,000	Henkel AG & Company KGaA		113,537
	34,241	International Paper Company		1,057,362
	10,500	ITOCHU Corporation		109,380
	14,600	Marubeni Corporation		106,662
	17,400	Mitsubishi Chemical Holdings Corporation		117,822
	31,000	Mitsui Chemicals, Inc.		113,582
	32,000	Mitsui Mining and Smelting Company, Ltd.		114,564
	60,700	OZ Minerals, Ltd.		96,343
	5,688	Sigma-Aldrich Corporation		401,459
	14,686	Silgan Holdings, Inc.		673,500
	31,688	Steel Dynamics, Inc.		576,405
	8,300	Stora Enso Oyj		100,058
	23,800	Temple-Inland, Inc.		560,014
	4,600	UPM-Kymmene Oyj		94,344
	46,650	Vale SA SP ADR		1,558,110

		Total Materials		12,247,498


	Technology (<0.1%)
	248,000	PCCW, Ltd.		98,474

		Total Technology		98,474


	Telecommunications Services (0.4%)
	21,110	AT&T, Inc.		656,943
	33,400	BT Group plc		109,650
	6,500	Deutsche Telekom AG		107,413
	4,500	France Telecom SA		105,447
	5,900	Koninklijke (Royal) KPN NV		93,629
	1,600	Mobistar SA		118,697
	50,200	NII Holdings, Inc.^a		2,087,316
	60	NTT DoCoMo, Inc.		111,323
	200	Swisscom AG		91,797
	66,700	Telecom Italia SPA		100,277
	4,000	Telefonica SA		107,453
	27,953	Verizon Communications, Inc.		1,056,064
	35,700	Vodafone Group plc		103,194

		Total Telecommunications Services		4,849,203


	Utilities (0.7%)
	8,399	Alliant Energy Corporation		332,097
	33,280	American Electric Power Company, Inc.		1,214,054

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (19.5%)	Value
	Utilities (0.7%) - continued
	19,600	Centrica plc		$105,255
	23,900	CMS Energy Corporation		473,220
	95,238	Exelon Corporation		4,014,282
	5,400	Gas Natural SDG SA		111,028
	5,200	Hokuriku Electric Power Company		105,464
	10,800	National Grid plc		110,803
	32,627	NV Energy, Inc.		495,604
	6,100	Public Power Corporation SA		100,926
	4,400	Severn Trent plc		110,606
	25,782	Southwest Gas Corporation		1,025,350
	5,200	The Kansai Electric Power Company, Inc.		109,524
	46,263	UGI Corporation		1,540,558
	8,510	Xcel Energy, Inc.		207,048

		Total Utilities		10,055,819



		Total Common Stock (cost $226,205,640)		266,457,449


Principal Amount		Long-Term Fixed Income (4.8%)	Value
	Asset-Backed Securities (0.6%)
		Citigroup Mortgage Loan Trust, Inc.
	944,811	0.363%, 8/25/2036^b		787,719
		GSAMP Trust
	969,743	0.393%, 2/25/2036^b		841,036
		J.P. Morgan Mortgage Acquisition Corporation
	2,000,000	5.461%, 10/25/2036		1,598,202
		Morgan Stanley Capital, Inc.
	892,198	0.363%, 2/25/2037^b		586,075
		Renaissance Home Equity Loan Trust
	3,418,790	5.746%, 5/25/2036		2,481,908
	1,780,000	6.011%, 5/25/2036		1,129,481

		Total Asset-Backed Securities		7,424,421


	Basic Materials (0.2%)
		ArcelorMittal
	650,000	7.000%, 10/15/2039		679,796
		Dow Chemical Company
	650,000	4.250%, 11/15/2020		636,522
		FMG Resources Property, Ltd.
	270,000	7.000%, 11/1/2015^c		284,850
		Georgia-Pacific, LLC
	240,000	8.000%, 1/15/2024		279,600
		Lyondell Chemical Company
	250,000	11.000%, 5/1/2018		282,500
		Novelis, Inc.
	270,000	8.375%, 12/15/2017		298,350

		Total Basic Materials		2,461,618


	Capital Goods (<0.1%)
		Associated Materials, LLC
	270,000	9.125%, 11/1/2017^c		290,588
		Case New Holland, Inc.
	260,000	7.875%, 12/1/2017^c		290,550

		Total Capital Goods		581,138


Principal Amount		Long-Term Fixed Income (4.8%)	Value
	Collateralized Mortgage Obligations (0.5%)
		Citigroup Mortgage Loan Trust, Inc.
	412,416	5.500%, 11/25/2035		372,121
		CitiMortgage Alternative Loan Trust
	1,376,283	5.750%, 4/25/2037		1,099,614
		Countrywide Alternative Loan Trust
	279,390	6.000%, 1/25/2037		198,167
	1,205,013	5.500%, 5/25/2037		926,110
	1,050,181	7.000%, 10/25/2037		692,216
		Countrywide Home Loans, Inc.
	882,705	5.750%, 4/25/2037		808,809
		Deutsche Alt-A Securities, Inc.
	293,314	5.500%, 10/25/2021		278,763
	517,485	6.000%, 10/25/2021		454,736
		J.P. Morgan Mortgage Trust
	148,049	5.597%, 10/25/2036		131,877
		MASTR Alternative Loans Trust
	323,104	6.500%, 7/25/2034		338,836
		Merrill Lynch Alternative Note Asset Trust
	328,616	6.000%, 3/25/2037		270,879
		Sequoia Mortgage Trust
	528,458	5.374%, 9/20/2046		134,723
		WaMu Mortgage Pass Through Certificates
	292,515	5.848%, 9/25/2036		256,276
	609,072	5.976%, 10/25/2036		580,935

		Total Collateralized Mortgage Obligations		6,544,062


	Commercial Mortgage-Backed Securities (0.7%)
		Banc of America Commercial Mortgage, Inc.
	1,400,000	5.826%, 4/10/2049		1,517,460
	2,550,000	5.802%, 6/10/2049		2,744,106
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.331%, 2/11/2044		1,602,743
		Credit Suisse First Boston Mortgage Securities
	1,300,000	5.542%, 1/15/2049		1,381,865
		Credit Suisse Mortgage Capital Certificates
	700,000	5.509%, 9/15/2039		707,615
		Greenwich Capital Commercial Funding Corporation
	900,000	5.867%, 12/10/2049		917,406
		Morgan Stanley Capital, Inc.
	450,000	5.406%, 3/15/2044		453,792
		Wachovia Bank Commercial Mortgage Trust
	1,050,000	5.603%, 10/15/2048		1,074,682

		Total Commercial Mortgage- Backed Securities		10,399,669


	Communications Services (0.3%)
		Cablevision Systems Corporation
	280,000	8.625%, 9/15/2017		313,600

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (4.8%)	Value
	Communications Services (0.3%) - continued
		CBS Corporation
	$325,000	7.875%, 7/30/2030		$386,040
	325,000	5.900%, 10/15/2040		314,423
		CCO Holdings, LLC
	270,000	7.000%, 1/15/2019		282,825
		Cox Communications, Inc.
	650,000	6.950%, 6/1/2038^c		728,334
		Cricket Communications, Inc.
	240,000	7.750%, 10/15/2020		245,100
		Frontier Communications Corporation
	305,000	8.250%, 4/15/2017		330,544
		Intelsat Luxembourg SA
	300,000	11.500%, 2/4/2017^c		328,500
		NII Capital Corporation
	230,000	7.625%, 4/1/2021		243,225
		Virgin Media Finance plc
	250,000	9.500%, 8/15/2016		286,563
		Wind Acquisition Finance SA
	276,000	7.250%, 2/15/2018^c		291,870

		Total Communications Services		3,751,024


	Consumer Cyclical (0.2%)
		Goodyear Tire & Rubber Company
	230,000	8.250%, 8/15/2020		255,587
		Home Depot, Inc.
	650,000	5.875%, 12/16/2036		661,652
		Macy’s Retail Holdings, Inc.
	240,000	8.375%, 7/15/2015		280,200
		MGM Resorts International
	240,000	11.125%, 11/15/2017		279,000
		Rite Aid Corporation
	280,000	7.500%, 3/1/2017		285,250
		Starwood Hotels & Resorts Worldwide, Inc.
	270,000	6.750%, 5/15/2018		294,975
		West Corporation
	270,000	7.875%, 1/15/2019^c		278,100

		Total Consumer Cyclical		2,334,764


	Consumer Non-Cyclical (0.3%)
		Altria Group, Inc.
	650,000	9.950%, 11/10/2038		933,421
		Anheuser-Busch Companies, Inc.
	325,000	6.450%, 9/1/2037		373,124
		Anheuser-Busch InBev Worldwide, Inc.
	325,000	8.200%, 1/15/2039		451,369
		Community Health Systems, Inc.
	270,000	8.875%, 7/15/2015		276,075
		JBS USA, LLC/JBS USA Finance, Inc.
	240,000	11.625%, 5/1/2014		280,800
		Kraft Foods, Inc.
	325,000	5.375%, 2/10/2020		351,752
	325,000	7.000%, 8/11/2037		379,676
		Mylan, Inc.
	250,000	7.875%, 7/15/2020^c		276,250
		Reynolds Group Holdings, Ltd.
	260,000	6.875%, 2/15/2021^c		268,125
		UnitedHealth Group, Inc.
	325,000	6.875%, 2/15/2038		373,634
	325,000	5.700%, 10/15/2040		324,527

		Total Consumer Non-Cyclical		4,288,753


	Energy (0.2%)
		Denbury Resources, Inc.
	280,000	9.750%, 3/1/2016		315,700
		Linn Energy, LLC
	280,000	7.750%, 2/1/2021^c		299,950
		Pioneer Natural Resources Company
	295,000	7.500%, 1/15/2020		334,292
		Plains Exploration & Production Company
	280,000	7.625%, 6/1/2018		300,300
		SandRidge Energy, Inc.
	270,000	8.000%, 6/1/2018^c		285,525
		Weatherford International, Ltd.
	655,000	6.750%, 9/15/2040		700,580

		Total Energy		2,236,347


	Financials (0.3%)
		CIT Group, Inc.
	315,815	7.000%, 5/1/2017		318,381
		General Electric Capital Corporation
	650,000	6.750%, 3/15/2032		733,468
		HCP, Inc.
	650,000	6.750%, 2/1/2041		687,606
		Health Care REIT, Inc.
	260,000	6.500%, 3/15/2041		258,697
		Icahn Enterprises, LP
	315,000	8.000%, 1/15/2018		325,238
		Prudential Financial, Inc.
	650,000	6.200%, 11/15/2040		694,215
		XL Group plc
	650,000	6.250%, 5/15/2027		659,201

		Total Financials		3,676,806


	Mortgage-Backed Securities (0.4%)
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	4,450,000	4.500%, 5/1/2041^d		4,578,632

		Total Mortgage-Backed Securities		4,578,632


	Technology (<0.1%)
		Freescale Semiconductor, Inc.
	260,000	9.250%, 4/15/2018^c		288,600
		NXP BV/NXP Funding, LLC
	230,000	9.750%, 8/1/2018^c		266,225
		Seagate HDD Cayman
	250,000	7.750%, 12/15/2018^c		265,000

		Total Technology		819,825


	Transportation (<0.1%)
		Delta Air Lines, Inc.
	280,000	9.500%, 9/15/2014^c		300,300

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (4.8%)	Value
	Transportation (<0.1%) - continued
		Hertz Corporation
	$270,000	6.750%, 4/15/2019^c		$275,400

		Total Transportation		575,700


	U.S. Government and Agencies (0.6%)
		U.S. Treasury Notes
	4,725,000	2.500%, 4/30/2015		4,907,357
	2,350,000	3.625%, 2/15/2021		2,413,892
	1,175,000	4.375%, 5/15/2040		1,167,656

		Total U.S. Government and Agencies		8,488,905


	U.S. Municipals (0.4%)
		California Various Purpose General Obligation Bonds
	655,000	6.000%, 3/1/2033		700,260
		Massachusetts Development Finance Agency Revenue Bonds (Harvard University)
	655,000	5.000%, 10/15/2040		674,873
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds
	655,000	5.375%, 6/15/2043		674,539
		New York City Transitional Finance Authority Revenue Bonds
	655,000	5.000%, 2/1/2035		660,987
		New York Dormitory Authority State University Revenue Bonds (Cornell University)
	655,000	5.000%, 7/1/2035		670,425
		North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Bonds (Wake Forest University)
	655,000	5.000%, 1/1/2038		659,932
		Salt River, Arizona Agricultural Improvement and Power District Electric System Revenue Bonds
	325,000	5.000%, 1/1/2039		327,652
		St. John the Baptist Parish, Louisiana Revenue Bonds (Marathon Oil Corporation)
	655,000	5.125%, 6/1/2037		600,838

		Total U.S. Municipals		4,969,506


	Utilities (0.1%)
		Energy Transfer Partners, LP
	180,000	6.625%, 10/15/2036		194,083
	325,000	7.500%, 7/1/2038		383,988
		Inergy, LP
	280,000	7.000%, 10/1/2018^c		295,400
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	270,000	6.500%, 8/15/2021		272,700
		NRG Energy, Inc.
	280,000	7.375%, 2/1/2016		290,500

		Total Utilities		1,436,671



		Total Long-Term Fixed Income (cost $61,833,845)		64,567,841


Shares		Preferred Stock (<0.1%)	Value
	Financials (<0.1%)
	250	Ally Financial, Inc., 7.000%^c,e		232,547

		Total Financials		232,547



		Total Preferred Stock (cost $237,100)		232,547


Principal Amount		Short-Term Investments (3.7%)^f	Value
		Bryant Park Funding, LLC
	6,225,000	0.090%, 5/2/2011^g		6,224,969
		Federal Home Loan Bank Discount Notes
	5,000,000	0.050%, 5/6/2011		4,999,958
	7,000,000	0.030%, 5/11/2011^g		6,999,936
	6,320,000	0.040%, 5/17/2011		6,319,881
	5,000,000	0.030%, 5/19/2011		4,999,921
	5,000,000	0.040%, 5/25/2011		4,999,861
		Federal Home Loan Mortgage Corporation Discount Notes
	4,600,000	0.159%, 8/29/2011^h,i		4,597,575
		Federal National Mortgage Association Discount Notes
	300,000	0.110%, 8/29/2011ⁱ		299,889
		Liberty Street Funding, LLC
	7,645,000	0.080%, 5/2/2011		7,644,966
		U.S. Treasury Bills
	3,900,000	0.140%, 8/18/2011^h		3,898,342

		Total Short-Term Investments (at amortized cost)		50,985,298

		Total Investments (cost $1,246,155,891) 100.3%	$	1,368,025,225

		Other Assets and Liabilities, Net (0.3%)		(4,138,388	)

		Total Net Assets 100.0%	$	1,363,886,837

a	Non-income producing security.

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

d	Denotes investments purchased on a when-issued or delayed delivery basis.

e	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

f	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

g	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

h	At April 29, 2011, $7,896,234 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

i	At April 29, 2011, $899,573 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
REIT	-	Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
ETF	-	Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$132,789,743
Gross unrealized depreciation	(23,127,908	)

Net unrealized appreciation (depreciation)	$109,661,835
Cost for federal income tax purposes	$1,258,363,390

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Moderately Aggressive Allocation Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Mutual Funds

Equity Mutual Funds

768,193,751

–

Fixed Income Mutual Funds

217,588,339

–

Common Stock

Communications Services

422,791

–

422,791

–

Consumer Discretionary

35,899,092

34,232,428

1,666,664

–

Consumer Staples

16,454,509

15,237,850

1,216,659

–

Energy

30,819,536

30,075,018

744,518

–

Financials

33,740,767

32,440,246

1,300,521

–

Health Care

32,756,696

32,532,023

224,673

–

Industrials

32,887,684

31,582,519

1,305,165

–

Information Technology

56,225,380

–

Materials

12,247,498

10,603,219

1,644,279

–

Technology

98,474

–

98,474

–

Telecommunications Services

4,849,203

3,800,323

1,048,880

–

Utilities

10,055,819

9,302,213

753,606

–

Long-Term Fixed Income

Asset-Backed Securities

7,424,421

–

7,424,421

–

Basic Materials

2,461,618

–

2,461,618

–

Capital Goods

581,138

–

581,138

–

Collateralized Mortgage Obligations

6,544,062

–

6,544,062

–

Commercial Mortgage-Backed Securities

10,399,669

–

10,399,669

–

Communications Services

3,751,024

–

3,751,024

–

Consumer Cyclical

2,334,764

–

2,334,764

–

Consumer Non-Cyclical

4,288,753

–

4,288,753

–

Energy

2,236,347

–

2,236,347

–

Financials

3,676,806

–

3,676,806

–

Mortgage-Backed Securities

4,578,632

–

4,578,632

–

Technology

819,825

–

819,825

–

Transportation

575,700

–

575,700

–

U.S. Government and Agencies

8,488,905

–

8,488,905

–

U.S. Municipals

4,969,506

–

4,969,506

–

Utilities

1,436,671

–

1,436,671

–

Preferred Stock

Financials

232,547

–

232,547

–

Short-Term Investments

50,985,298

–

50,985,298

–

Total

$1,368,025,225

$1,241,813,309

$126,211,916

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

7,597,892

–

Total Asset Derivatives

$7,597,892

$–

Liability Derivatives

Futures Contracts

9,463,804

–

Credit Default Swaps

163,501

–

163,501

–

Total Liability Derivatives

$9,627,305

$9,463,804

$163,501

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount			Value			Unrealized Gain /(Loss)
2-Yr. U.S. Treasury Bond Futures		(60)		June 2011		($13,077,005	)		($13,147,500	)		($70,495	)
5-Yr. U.S. Treasury Bond Futures		(200)		June 2011		(23,504,195	)		(23,693,750	)		(189,555	)
10-Yr. U.S. Treasury Bond Futures		(75)		June 2011		(9,023,209	)		(9,085,548	)		(62,339	)
E-Mini MSCI EAFE Index Futures		209		June 2011		17,419,628			18,780,741			1,361,113
Russell 2000 Index Mini-Futures		(780)		June 2011		(62,822,620	)		(67,384,200	)		(4,561,580	)
S&P 400 Index Mini-Futures		(781)		June 2011		(74,574,515	)		(79,154,350	)		(4,579,835	)
S&P 500 Index Futures		404		June 2011		131,092,921			137,329,700			6,236,779
Total Futures Contracts												($1,865,912	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 15, 5 Year, at 5.00%; Bank of America	Buy		12/20/2015		$5,500,000		$233,062		($252,720	)		($19,658	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.	Buy		12/20/2015		7,500,000		322,289		(344,619	)		(22,330	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.	Buy		12/20/2015		7,500,000		223,106		(344,619	)		(121,513	)
Total Credit Default Swaps									($941,958	)		($163,501	)

As the buyer of protection, Moderately Aggressive Allocation Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Moderately Aggressive Allocation Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Moderately Aggressive Allocation Fund could be required to make as the seller or receive as the buyer of protection.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Moderately Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		$7,597,892
Total Equity Contracts			7,597,892

Total Asset Derivatives			$7,597,892


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		322,389
Total Interest Rate Contracts			322,389

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		9,141,415
Total Equity Contracts			9,141,415

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		163,501
Total Credit Contracts			163,501

Total Liability Derivatives			$9,627,305

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Moderately Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(2,481,449	)

Total Equity Contracts			(2,481,449	)

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(71,484	)

Total Foreign Exchange Contracts			(71,484	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(160,888	)

Total Credit Contracts			(160,888	)

Total			($2,713,821	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Moderately Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(322,389	)
Total Interest Rate Contracts			(322,389	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(970,491	)
Total Equity Contracts			(970,491	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(163,501	)
Total Credit Contracts			(163,501	)

Total			($1,456,381	)

The following table presents Moderately Aggressive Allocation Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage of
Average Net
Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

$119,127,232

9.5%

N/A

Interest Rate Contracts

10,114,781

0.8

N/A

Foreign Exchange Contracts

N/A

$196,355

<0.1%

N/A

Credit Contracts

N/A

$7,949,905

0.6%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Aggressive Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Moderately Aggressive Allocation Fund, is as follows:


Fund	Value October 31, 2010		Gross Purchases		Gross Sales		Shares Held at April 29, 2011		Value April 29, 2011		Income Earned November 1, 2010 - April 29, 2011
Real Estate Securities		$37,300,246		$516,996		$–		3,982,592		$43,091,642		$516,996
Partner Small Cap Growth		34,702,418		–		–		3,151,900		45,387,358		–
Partner Small Cap Value		30,681,876		266,141		8,000,000		1,643,111		28,327,239		266,141
Small Cap Stock		18,812,514		–		–		1,344,712		23,693,817		–
Mid Cap Growth		32,587,165		–		–		1,758,617		38,531,289		–
Partner Mid Cap Value		45,006,623		273,227		5,000,000		3,609,996		47,724,152		273,227
Mid Cap Stock		62,218,251		193,014		4,500,000		4,016,385		72,053,940		193,014
Partner Worldwide Allocation		72,381,652		2,534,327		–		8,479,977		81,662,178		1,034,327
Partner International Stock		101,003,755		1,905,800		6,000,000		9,842,730		107,384,188		1,905,800
Large Cap Growth		73,161,485		–		–		14,261,498		82,859,304		–
Large Cap Value		91,471,178		1,366,022		–		7,297,379		107,709,313		1,366,022
Large Cap Stock		68,000,268		599,404		–		3,257,272		78,337,381		599,404
Equity Income Plus		9,754,392		103,373		–		1,146,635		11,431,950		103,373
High Yield		50,328,487		4,237,650		5,626,620		10,081,007		50,102,606		1,935,413
Income		88,540,345		5,445,409		519,088		10,639,412		93,626,829		2,188,456
Government Bond		24,514,680		1,390,063		148,311		2,441,883		24,956,042		262,974
Limited Maturity Bond		46,825,338		2,515,116		296,622		3,899,750		48,902,862		654,000
Total Value and Income Earned		887,290,673								985,782,090		11,299,147

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 30, 2010

(unaudited)


Shares		Mutual Funds (74.9%)	Value
	Equity Mutual Funds (42.4%)
	3,882,884	Thrivent Real Estate Securities Fund		$42,012,804
	1,851,274	Thrivent Partner Small Cap Growth Fund^a		26,658,351
	1,555,328	Thrivent Partner Small Cap Value Fund		26,813,860
	882,584	Thrivent Small Cap Stock Fund^a		15,551,133
	735,772	Thrivent Mid Cap Growth Fund^a		16,120,773
	2,185,388	Thrivent Partner Mid Cap Value Fund		28,890,834
	2,616,880	Thrivent Mid Cap Stock Fund		46,946,830
	7,810,749	Thrivent Partner Worldwide Allocation Fund		75,217,515
	6,780,772	Thrivent Partner International Stock Fund		73,978,228
	11,226,178	Thrivent Large Cap Growth Fund^a		65,224,097
	6,636,735	Thrivent Large Cap Value Fund		97,958,211
	1,698,477	Thrivent Large Cap Stock Fund		40,848,375
	1,119,888	Thrivent Equity Income Plus Fund		11,165,288

		Total Equity Mutual Funds		567,386,299


	Fixed Income Mutual Funds (32.5%)
	10,037,396	Thrivent High Yield Fund		49,885,859
	20,761,709	Thrivent Income Fund		182,703,038
	1,912,961	Thrivent Government Bond Fund		19,550,459
	14,557,649	Thrivent Limited Maturity Bond Fund		182,552,914

		Total Fixed Income Mutual Funds		434,692,270



		Total Mutual Funds (cost $931,319,259)		1,002,078,569


Shares		Common Stock (14.3%)	Value
	Communications Services (<0.1%)
	6,200	Hellenic Telecommunications Organization SA		73,534
	1,600	Nippon Telegraph & Telephone Corporation		74,556
	4,800	Telekom Austria AG		74,194
	8,500	TeliaSonera AB		69,367

		Total Communications Services		291,651


	Consumer Discretionary (1.9%)
	2,400	Aisin Seiki Company, Ltd.		84,652
	4,950	Amazon.com, Inc.^a		972,675
	7,126	Autoliv, Inc.		571,006
	652	Carlsberg AS		77,363
	23,850	Carnival Corporation		907,970
	4,352	Charter Communications, Inc.^a		256,507
	4,700	Daihatsu Motor Company, Ltd.		75,922
	900	Daito Trust Construction Company, Ltd.		72,000
	14,000	Darden Restaurants, Inc.		657,580
	13,184	Discovery Communications, Inc.^a		583,524
	5,330	Dollar Tree, Inc.^a		306,475
	7,500	Fiat SPA		80,083
	39,436	Foot Locker, Inc.		848,663
	75,200	Ford Motor Company^a		1,163,344
	19,600	Isuzu Motors, Ltd.		84,059
	16,800	Kingfisher plc		77,184
	23,500	Link REIT		74,063
	18,180	Lowe’s Companies, Inc.		477,225
	19,642	Macy’s, Inc.		469,640
	35,600	McDonald’s Corporation		2,787,836
	1,000	Metro AG		73,386
	1,400	Netflix, Inc.^a		325,738
	13,560	Omnicom Group, Inc.		667,016
	4,510	Panera Bread Company^a		546,206
	10,550	Phillips-Van Heusen Corporation		742,826
	76,551	Pier 1 Imports, Inc.^a		932,391
	2,500	ProSiebenSat.1 Media AG		71,633
	1,300	Publicis Groupe SA		73,640
	5,500	Reed Elsevier NV		71,753
	16,435	Signet Jewelers, Ltd.^a		719,031
	21,450	Staples, Inc.		453,453
	9,400	Tabcorp Holdings, Ltd.		78,799
	10,560	Time Warner Cable, Inc.		825,053
	67,200	TJX Companies, Inc.		3,603,264
	2,500	Vivendi SA		78,382
	4,000	Volvo AB		78,609
	25,020	Walt Disney Company		1,078,362
	11,703	Warnaco Group, Inc.^a		753,205
	11,800	Williams-Sonoma, Inc.		512,238
	53,725	Yum! Brands, Inc.		2,881,809

		Total Consumer Discretionary		25,194,565


	Consumer Staples (0.9%)
	16,980	Altria Group, Inc.		455,743
	15,474	Anheuser-Busch InBev NV ADR		989,872
	4,400	Associated British Foods plc		74,100
	5,100	Autogrill SPA^a		73,110
	800	Casino Guichard Perrachon SA		84,171
	19,553	Corn Products International, Inc.		1,077,370
	5,650	Diageo plc ADR		459,740
	6,766	Diamond Foods, Inc.		443,850
	12,040	Flowers Foods, Inc.		367,942
	1,500	Heineken Holding NV		79,143
	7,852	Herbalife, Ltd.		704,952
	13,200	J Sainsbury plc		76,883
	4,400	Jeronimo Martins SGPS SA		72,161
	27,707	Kraft Foods, Inc.		930,401
	12,300	Marks and Spencer Group plc		79,912
	3,000	McDonald’s Holdings Company Japan, Ltd.		76,884
	1,900	MEIJI Holdings Company, Ltd.		81,149
	1,300	Nestle SA		80,689
	61,866	Philip Morris International, Inc.		4,295,975
	2,600	Suedzucker AG		80,149
	8,308	TreeHouse Foods, Inc.^a		504,046
	27,605	Walgreen Company		1,179,286

		Total Consumer Staples		12,267,528


	Energy (1.7%)
	4,776	Alpha Natural Resources, Inc.^a		277,820
	16,402	Apache Corporation		2,187,535
	18,184	Arch Coal, Inc.		623,711
	23,430	Baker Hughes, Inc.		1,813,716
	11,229	BP plc ADR		518,106
	4,600	Caltex Australia, Ltd.		71,691
	40,037	Chevron Corporation		4,381,649
	16,370	ConocoPhillips		1,292,084
	22,600	Cosmo Oil Company, Ltd.		74,601
	2,900	Eni SPA		77,638

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (14.3%)	Value
	Energy (1.7%) - continued
	23,470	ENSCO International plc ADR		$1,399,281
	34,697	Forest Oil Corporation^a		1,245,969
	600	Idemitsu Kosan Company, Ltd.		70,957
	58,064	International Coal Group, Inc.^a		640,446
	8,261	National Oilwell Varco, Inc.		633,536
	26,656	Occidental Petroleum Corporation		3,046,514
	10,238	Oil States International, Inc.^a		849,856
	1,600	OMV AG		72,939
	25,862	Patriot Coal Corporation^a		651,205
	2,000	Repsol YPF SA		71,393
	2,000	Royal Dutch Shell plc		77,806
	8,086	Schlumberger, Ltd.		725,719
	18,261	Swift Energy Company^a		715,649
	24,900	Weatherford International, Ltd.^a		537,342
	6,600	Whiting Petroleum Corporation^a		458,700

		Total Energy		22,515,863


	Financials (1.9%)
	6,031	Affiliated Managers Group, Inc.^a		657,861
	50,138	Aflac, Inc.		2,817,254
	500	Allianz AG		78,550
	7,385	Ameriprise Financial, Inc.		458,313
	8,360	Aon Corporation		436,141
	9,900	Aviva plc		74,087
	54,413	Bank of America Corporation		668,192
	3,550	BlackRock, Inc.		695,587
	1,000	BNP Paribas SA		79,049
	8,000	British Land Company plc		80,545
	9,170	Capital One Financial Corporation		501,874
	86,400	Citigroup, Inc.^a		396,576
	10,000	Criteria Caixacorp SA		73,759
	21,419	Duke Realty Corporation		326,640
	7,800	Endurance Specialty Holdings, Ltd.		345,852
	18,398	Equity One, Inc.		364,648
	1,400	Erste Group Bank AG		70,677
	36,054	Fifth Third Bancorp		478,437
	3,800	Goldman Sachs Group, Inc.		573,838
	1,300	Hannover Rueckversicherung AG		78,612
	18,821	HCC Insurance Holdings, Inc.		612,435
	24,957	Host Hotels & Resorts, Inc.		443,985
	2,166	IntercontinentalExchange, Inc.^a		260,678
	31,550	Itau Unibanco Holding SA ADR		749,312
	59,749	J.P. Morgan Chase & Company		2,726,347
	23,781	LaSalle Hotel Properties		669,197
	7,291	Lazard, Ltd.		298,931
	36,800	Legal & General Group plc		75,684
	5,100	London Stock Exchange Group plc		74,438
	6,400	M&T Bank Corporation		565,568
	9,600	MetLife, Inc.		449,184
	27,000	Nishi-Nippon City Bank, Ltd.		76,474
	11,800	Northern Trust Corporation		589,882
	60,227	Ocwen Financial Corporation^a		720,917
	5,100	Pohjola Bank plc		75,680
	328,192	Popular, Inc.^a		1,033,805
	20,907	Principal Financial Group, Inc.		705,611
	11,550	State Street Corporation		537,653
	16,152	SVB Financial Group^a		976,227
	25,106	Texas Capital Bancshares, Inc.^a		647,735
	34,590	Unum Group		915,943
	5,060	Vanguard REIT ETF		312,860
	18,082	W.R. Berkley Corporation		589,654
	28,370	Wells Fargo & Company		825,851
	44,816	Zions Bancorporation		1,095,751
	300	Zurich Financial Services AG^a		84,354

		Total Financials		25,370,648


	Health Care (1.7%)
	7,170	Abbott Laboratories		373,127
	4,000	Alexion Pharmaceuticals, Inc.^a		387,560
	34,400	Align Technology, Inc.^a		830,416
	3,750	Allergan, Inc.		298,350
	1,500	AstraZeneca plc		74,424
	8,220	Baxter International, Inc.		467,718
	10,827	C.R. Bard, Inc.		1,155,782
	3,794	Celgene Corporation^a		223,391
	17,140	Covance, Inc.^a		1,072,964
	10,996	Coventry Health Care, Inc.^a		354,841
	14,250	Covidien plc		793,582
	77,480	Eli Lilly and Company		2,867,535
	800	Fresenius SE & Company KGaA		84,013
	13,360	HCA Holdings, Inc.^a		438,208
	33,718	Health Net, Inc.^a		1,122,809
	51,888	Johnson & Johnson		3,410,079
	13,700	McKesson Corporation		1,137,237
	50,603	Mylan, Inc.^a		1,261,027
	45,943	Pfizer, Inc.		962,965
	26,909	PSS World Medical, Inc.^a		773,903
	5,400	Quest Diagnostics, Inc.		304,452
	17,509	Thermo Fisher Scientific, Inc.^a		1,050,365
	5,600	Thoratec Corporation^a		171,920
	9,920	United Therapeutics Corporation^a		664,243
	13,701	UnitedHealth Group, Inc.		674,500
	14,940	Universal Health Services, Inc.		818,413
	4,028	Varian Medical Systems, Inc.^a		282,766
	6,290	Vertex Pharmaceuticals, Inc.^a		346,076
	3,400	Waters Corporation^a		333,200
	11,990	Zimmer Holdings, Inc.^a		782,348

		Total Health Care		23,518,214


	Industrials (1.8%)
	8	A P Moller - Maersk AS		81,081
	5,200	Asahi Glass Company, Ltd.		66,021
	18,020	Boeing Company		1,437,636
	11,110	Caterpillar, Inc.		1,282,205
	9	Central Japan Railway Company		68,046
	7,190	Chicago Bridge and Iron Company		291,482
	500	Christian Dior SA		80,203
	4,403	CSX Corporation		346,472
	24,858	Deluxe Corporation		673,155
	1,200	Eiffage SA		82,944
	24,172	EMCOR Group, Inc.^a		748,607
	31,960	Emerson Electric Company		1,941,890
	5,716	Expeditors International of Washington, Inc.		310,207
	13,800	FirstGroup plc		74,984
	25,173	FTI Consulting, Inc.^a		1,004,403
	11,700	Fuji Heavy Industries, Ltd.		87,086
	47,211	General Electric Company		965,465
	15,000	Hitachi, Ltd.		81,416
	9,406	Honeywell International, Inc.		575,929
	5,310	Huntington Ingalls Industries, Inc.^a		212,400

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (14.3%)	Value
	Industrials (1.8%) - continued
	31,000	IHI Corporation		$78,877
	32,868	Knight Transportation, Inc.		591,953
	33,560	Lockheed Martin Corporation		2,659,630
	80,902	Manitowoc Company, Inc.		1,795,215
	5,100	Manpower, Inc.		337,875
	39,924	Oshkosh Corporation^a		1,263,994
	7,709	Parker Hannifin Corporation		727,113
	9,400	Republic Services, Inc.		297,228
	6,680	Rockwell Collins, Inc.		421,508
	15,300	SembCorp Marine, Ltd.		70,994
	36,258	Shaw Group, Inc.^a		1,410,436
	3,767	Siemens AG ADR		549,756
	39,200	Sojitz Corporation		75,645
	4,984	SPX Corporation		430,867
	5,400	Sumitomo Corporation		74,492
	13,687	Teledyne Technologies, Inc.^a		691,057
	17,600	Textron, Inc.		459,360
	8,300	Tyco International, Ltd.		404,542
	6,040	United Technologies Corporation		541,063
	8,090	WESCO International, Inc.^a		501,175

		Total Industrials		23,794,412


	Information Technology (2.9%)
	8,583	Akamai Technologies, Inc.^a		295,599
	6,100	Alliance Data Systems Corporation^a		579,500
	8,102	Apple, Inc.^a		2,821,359
	15,850	Broadcom Corporation^a		557,603
	123,082	Brocade Communications^a		769,262
	3,250	Cognizant Technology Solutions Corporation^a		269,425
	17,968	CommVault Systems, Inc.^a		707,760
	30,014	Compuware Corporation^a		340,059
	163,019	Corning, Inc.		3,413,618
	11,099	eBay, Inc.^a		381,806
	37,350	EMC Corporation^a		1,058,499
	4,634	F5 Networks, Inc.^a		469,702
	3,744	Google, Inc.^a		2,037,110
	26,150	GSI Commerce, Inc.^a		765,410
	12,300	Hewlett-Packard Company		496,551
	12,837	Informatica Corporation^a		719,000
	22,182	International Business Machines Corporation		3,783,806
	9,214	Juniper Networks, Inc.^a		353,173
	6,000	Lam Research Corporation^a		289,860
	127,240	Microsoft Corporation		3,310,785
	40,786	Monster Worldwide, Inc.^a		669,298
	15,689	Netlogic Microsystems, Inc.^a		676,667
	11,350	NXP Semiconductors NV^a		379,090
	50,560	Oracle Corporation		1,822,688
	20,824	Plantronics, Inc.		771,946
	23,435	Plexus Corporation^a		855,143
	21,100	QUALCOMM, Inc.		1,199,324
	28,937	Quest Software, Inc.^a		745,417
	3,228	Salesforce.com, Inc.^a		447,401
	18,171	TE Connectivity, Ltd.		651,430
	82,013	Teradyne, Inc.^a		1,320,409
	46,873	TIBCO Software, Inc.^a		1,405,721
	23,900	ValueClick, Inc.^a		400,325
	10,500	VeriFone Systems, Inc.^a		575,610
	4,800	Visa, Inc.		374,976
	10,850	VMware, Inc.^a		1,035,415
	66,530	Xerox Corporation		671,288
	27,650	Xilinx, Inc.		963,879

		Total Information Technology		38,385,914


	Materials (0.7%)
	6,995	Albemarle Corporation		493,497
	7,480	Allegheny Technologies, Inc.		538,560
	11,300	Asahi Kasei Corporation		78,108
	13,300	Balfour Beatty plc		72,971
	800	BASF SE		82,141
	1,800	BHP Billiton plc		76,101
	3,200	Boliden AB^a		72,177
	5,750	CF Industries Holdings, Inc.		813,913
	15,100	Daido Steel Company, Ltd.		86,311
	12,220	Dow Chemical Company		500,898
	23,079	E.I. du Pont de Nemours and Company		1,310,656
	15,000	Freeport-McMoRan Copper & Gold, Inc.		825,450
	1,400	Henkel AG & Company KGaA		79,476
	21,598	International Paper Company		666,946
	7,400	ITOCHU Corporation		77,087
	9,600	Marubeni Corporation		70,134
	11,800	Mitsubishi Chemical Holdings Corporation		79,902
	22,000	Mitsui Chemicals, Inc.		80,607
	23,100	Mitsui Mining and Smelting Company, Ltd.		82,701
	42,600	OZ Minerals, Ltd.		67,615
	5,375	Sigma-Aldrich Corporation		379,368
	10,392	Silgan Holdings, Inc.		476,577
	22,559	Steel Dynamics, Inc.		410,348
	5,800	Stora Enso Oyj		69,920
	17,100	Temple-Inland, Inc.		402,363
	3,200	UPM-Kymmene Oyj		65,631
	29,350	Vale SA SP ADR		980,290

		Total Materials		8,939,748


	Technology (<0.1%)
	174,000	PCCW, Ltd.		69,091

		Total Technology		69,091


	Telecommunications Services (0.3%)
	20,230	AT&T, Inc.		629,558
	23,400	BT Group plc		76,821
	4,600	Deutsche Telekom AG		76,015
	3,200	France Telecom SA		74,984
	4,100	Koninklijke (Royal) KPN NV		65,064
	1,100	Mobistar SA		81,604
	31,750	NII Holdings, Inc.^a		1,320,165
	42	NTT DoCoMo, Inc.		77,926
	200	Swisscom AG		91,797
	46,700	Telecom Italia SPA		70,209
	2,800	Telefonica SA		75,217
	26,762	Verizon Communications, Inc.		1,011,068
	25,000	Vodafone Group plc		72,265

		Total Telecommunications Services		3,722,693


	Utilities (0.5%)
	5,700	Alliant Energy Corporation		225,378
	31,890	American Electric Power Company, Inc.		1,163,347

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (14.3%)	Value
	Utilities (0.5%) - continued
	13,700	Centrica plc		$73,571
	17,200	CMS Energy Corporation		340,560
	66,170	Exelon Corporation		2,789,065
	3,800	Gas Natural SDG SA		78,131
	3,600	Hokuriku Electric Power Company		73,014
	7,500	National Grid plc		76,947
	23,118	NV Energy, Inc.		351,162
	4,300	Public Power Corporation SA		71,145
	3,100	Severn Trent plc		77,927
	16,683	Southwest Gas Corporation		663,483
	3,600	The Kansai Electric Power Company, Inc.		75,824
	30,977	UGI Corporation		1,031,534
	8,160	Xcel Energy, Inc.		198,533

		Total Utilities		7,289,621



		Total Common Stock (cost $162,347,290)		191,359,948


Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Asset-Backed Securities (0.5%)
		Citigroup Mortgage Loan Trust, Inc.
	1,606,179	0.363%, 8/25/2036^b		1,339,123
		GSAMP Trust
	2,063,284	0.393%, 2/25/2036^b		1,789,437
		J.P. Morgan Mortgage Acquisition Corporation
	2,000,000	5.461%, 10/25/2036		1,598,202
		Morgan Stanley Capital, Inc.
	1,664,292	0.363%, 2/25/2037^b		1,093,255
		Renaissance Home Equity Loan Trust
	2,280,000	6.011%, 5/25/2036		1,446,751

		Total Asset-Backed Securities		7,266,768


	Basic Materials (0.3%)
		ArcelorMittal
	1,200,000	7.000%, 10/15/2039		1,255,008
		Dow Chemical Company
	1,200,000	4.250%, 11/15/2020		1,175,118
		FMG Resources Property, Ltd.
	270,000	7.000%, 11/1/2015^c		284,850
		Georgia-Pacific, LLC
	250,000	8.000%, 1/15/2024		291,250
		Lyondell Chemical Company
	240,000	11.000%, 5/1/2018		271,200
		Novelis, Inc.
	270,000	8.375%, 12/15/2017		298,350

		Total Basic Materials		3,575,776


	Capital Goods (0.1%)
		Associated Materials, LLC
	280,000	9.125%, 11/1/2017^c		301,350
		Case New Holland, Inc.
	260,000	7.875%, 12/1/2017^c		290,550

		Total Capital Goods		591,900


	Collateralized Mortgage Obligations (1.1%)
		Citigroup Mortgage Loan Trust, Inc.
	773,279	5.500%, 11/25/2035		697,727
		CitiMortgage Alternative Loan Trust
	2,676,105	5.750%, 4/25/2037		2,138,138
		Countrywide Alternative Loan Trust
	936,313	6.000%, 4/25/2036		737,429
	523,856	6.000%, 1/25/2037		371,563
	2,458,227	5.500%, 5/25/2037		1,889,265
	2,179,920	7.000%, 10/25/2037		1,436,873
		Countrywide Home Loans, Inc.
	1,765,410	5.750%, 4/25/2037		1,617,617
		Deutsche Alt-A Securities, Inc.
	549,965	5.500%, 10/25/2021		522,681
	1,034,970	6.000%, 10/25/2021		909,471
		GSR Mortgage Loan Trust
	1,969,174	0.403%, 8/25/2046^b		1,630,055
		J.P. Morgan Mortgage Trust
	884,349	5.737%, 6/25/2036		801,982
	277,592	5.597%, 10/25/2036		247,268
		MASTR Alternative Loans Trust
	608,197	6.500%, 7/25/2034		637,810
		Merrill Lynch Alternative Note Asset Trust
	616,155	6.000%, 3/25/2037		507,898
		Sequoia Mortgage Trust
	942,655	5.374%, 9/20/2046		240,318
		WaMu Mortgage Pass Through Certificates
	292,515	5.848%, 9/25/2036		256,276
	1,121,583	5.976%, 10/25/2036		1,069,771

		Total Collateralized Mortgage Obligations		15,712,142


	Commercial Mortgage-Backed Securities (1.1%)
		Banc of America Commercial Mortgage, Inc.
	2,400,000	5.826%, 4/10/2049		2,601,360
	1,650,000	5.802%, 6/10/2049		1,775,598
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.331%, 2/11/2044		1,602,742
		Credit Suisse First Boston Mortgage Securities
	2,400,000	5.542%, 1/15/2049		2,551,135
		Credit Suisse Mortgage Capital Certificates
	1,200,000	5.509%, 9/15/2039		1,213,055
		Greenwich Capital Commercial Funding Corporation
	1,600,000	5.867%, 12/10/2049		1,630,944
		Morgan Stanley Capital, Inc.
	750,000	5.406%, 3/15/2044		756,320
		Wachovia Bank Commercial Mortgage Trust
	1,800,000	5.603%, 10/15/2048		1,842,313

		Total Commercial Mortgage-Backed Securities		13,973,467

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Communications Services (0.4%)
		Cablevision Systems Corporation
	$280,000	8.625%, 9/15/2017		$313,600
		CBS Corporation
	600,000	7.875%, 7/30/2030		712,690
	600,000	5.900%, 10/15/2040		580,474
		CCO Holdings, LLC
	270,000	7.000%, 1/15/2019		282,825
		Cox Communications, Inc.
	1,200,000	6.950%, 6/1/2038^c		1,344,617
		Cricket Communications, Inc.
	230,000	7.750%, 10/15/2020		234,887
		Frontier Communications Corporation
	315,000	8.250%, 4/15/2017		341,381
		Intelsat Luxembourg SA
	295,000	11.500%, 2/4/2017^c		323,025
		NII Capital Corporation
	230,000	7.625%, 4/1/2021		243,225
		Virgin Media Finance plc
	250,000	9.500%, 8/15/2016		286,562
		Wind Acquisition Finance SA
	276,000	7.250%, 2/15/2018^c		291,870

		Total Communications Services		4,955,156


	Consumer Cyclical (0.2%)
		Goodyear Tire & Rubber Company
	230,000	8.250%, 8/15/2020		255,587
		Home Depot, Inc.
	1,200,000	5.875%, 12/16/2036		1,221,511
		Macy’s Retail Holdings, Inc.
	240,000	8.375%, 7/15/2015		280,200
		MGM Resorts International
	240,000	11.125%, 11/15/2017		279,000
		Rite Aid Corporation
	270,000	7.500%, 3/1/2017		275,063
		Starwood Hotels & Resorts Worldwide, Inc.
	280,000	6.750%, 5/15/2018		305,900
		West Corporation
	280,000	7.875%, 1/15/2019^c		288,400

		Total Consumer Cyclical		2,905,661


	Consumer Non-Cyclical (0.5%)
		Altria Group, Inc.
	1,200,000	9.950%, 11/10/2038		1,723,240
		Anheuser-Busch Companies, Inc.
	600,000	6.450%, 9/1/2037		688,844
		Anheuser-Busch InBev Worldwide, Inc.
	600,000	8.200%, 1/15/2039		833,296
		Community Health Systems, Inc.
	270,000	8.875%, 7/15/2015		276,075
		JBS USA, LLC/JBS USA Finance, Inc.
	240,000	11.625%, 5/1/2014		280,800
		Kraft Foods, Inc.
	600,000	5.375%, 2/10/2020		649,388
	600,000	7.000%, 8/11/2037		700,940
		Mylan, Inc.
	250,000	7.875%, 7/15/2020^c		276,250
		Reynolds Group Holdings, Ltd.
	260,000	6.875%, 2/15/2021^c		268,125
		UnitedHealth Group, Inc.
	600,000	6.875%, 2/15/2038		689,786
	600,000	5.700%, 10/15/2040		599,127

		Total Consumer Non-Cyclical		6,985,871


	Energy (0.2%)
		Denbury Resources, Inc.
	270,000	9.750%, 3/1/2016		304,425
		Linn Energy, LLC
	280,000	7.750%, 2/1/2021^c		299,950
		Pioneer Natural Resources Company
	295,000	7.500%, 1/15/2020		334,292
		Plains Exploration & Production Company
	270,000	7.625%, 6/1/2018		289,575
		SandRidge Energy, Inc.
	270,000	8.000%, 6/1/2018^c		285,525
		Weatherford International, Ltd.
	1,200,000	6.750%, 9/15/2040		1,283,506

		Total Energy		2,797,273


	Financials (0.5%)
		CIT Group, Inc.
	305,815	7.000%, 5/1/2017		308,300
		General Electric Capital Corporation
	1,200,000	6.750%, 3/15/2032		1,354,096
		HCP, Inc.
	1,200,000	6.750%, 2/1/2041		1,269,427
		Health Care REIT, Inc.
	480,000	6.500%, 3/15/2041		477,594
		Icahn Enterprises, LP
	305,000	8.000%, 1/15/2018		314,912
		Prudential Financial, Inc.
	1,200,000	6.200%, 11/15/2040		1,281,628
		XL Group plc
	1,200,000	6.250%, 5/15/2027		1,216,986

		Total Financials		6,222,943


	Mortgage-Backed Securities (0.3%)
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	3,750,000	4.500%, 5/1/2041^d		3,858,398

		Total Mortgage-Backed Securities		3,858,398


	Technology (0.1%)
		Freescale Semiconductor, Inc.
	260,000	9.250%, 4/15/2018^c		288,600
		NXP BV/NXP Funding, LLC
	230,000	9.750%, 8/1/2018^c		266,225
		Seagate HDD Cayman
	250,000	7.750%, 12/15/2018^c		265,000

		Total Technology		819,825


	Transportation (<0.1%)
		Delta Air Lines, Inc.
	270,000	9.500%, 9/15/2014^c		289,575

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Transportation (<0.1%) - continued
		Hertz Corporation
	$280,000	6.750%, 4/15/2019^c		$285,600

		Total Transportation		575,175


	U.S. Government and Agencies (0.6%)
		U.S. Treasury Notes
	4,725,000	2.500%, 4/30/2015		4,907,357
	2,350,000	3.625%, 2/15/2021		2,413,892
	1,175,000	4.375%, 5/15/2040		1,167,656

		Total U.S. Government and Agencies		8,488,905


	U.S. Municipals (0.7%)
		California Various Purpose General Obligation Bonds
	1,200,000	6.000%, 3/1/2033		1,282,920
		Massachusetts Development Finance Agency Revenue Bonds (Harvard University)
	1,200,000	5.000%, 10/15/2040		1,236,408
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds
	1,200,000	5.375%, 6/15/2043		1,235,796
		New York City Transitional Finance Authority Revenue Bonds
	1,200,000	5.000%, 2/1/2035		1,210,968
		New York Dormitory Authority State University Revenue Bonds (Cornell University)
	1,200,000	5.000%, 7/1/2035		1,228,260
		North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Bonds (Wake Forest University)
	1,200,000	5.000%, 1/1/2038		1,209,036
		Salt River, Arizona Agricultural Improvement and Power District Electric System Revenue Bonds
	600,000	5.000%, 1/1/2039		604,896
		St. John the Baptist Parish, Louisiana Revenue Bonds (Marathon Oil Corporation)
	1,200,000	5.125%, 6/1/2037		1,100,772

		Total U.S. Municipals		9,109,056


	Utilities (0.1%)
		Energy Transfer Partners, LP
	332,000	6.625%, 10/15/2036		357,974
	600,000	7.500%, 7/1/2038		708,902
		Inergy, LP
	270,000	7.000%, 10/1/2018^c		284,850
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	270,000	6.500%, 8/15/2021		272,700
		NRG Energy, Inc.
	270,000	7.375%, 2/1/2016		280,125

		Total Utilities		1,904,551



		Total Long-Term Fixed Income (cost $85,685,603)		89,742,867


Shares		Preferred Stock (<0.1%)	Value
	Financials (<0.1%)
	260	Ally Financial, Inc., 7.000%^c,e		241,849

		Total Financials		241,849



		Total Preferred Stock (cost $246,612)		241,849


Principal Amount		Short-Term Investments (4.4%)^f	Value
		Alpine Securitization Corporation
	9,615,000	0.090%, 5/2/2011		9,614,952
		Ecolab, Inc.
	9,900,000	0.080%, 5/2/2011		9,899,956
		Federal Home Loan Bank Discount Notes
	27,000,000	0.042%, 5/6/2011		26,999,812
	4,000,000	0.090%, 5/18/2011		3,999,820
		Federal Home Loan Mortgage Corporation Discount Notes
	6,900,000	0.142%, 8/29/2011^g,h		6,896,750
		Federal National Mortgage Association Discount Notes
	300,000	0.110%, 8/29/2011^h		299,889
		U.S. Treasury Bills
	1,400,000	0.140%, 8/18/2011^g		1,399,405

		Total Short-Term Investments (at amortized cost)		59,110,584

		Total Investments (cost $1,238,709,348) 100.3%		$1,342,533,817

		Other Assets and Liabilities, Net (0.3%)		(4,108,721	)

		Total Net Assets 100.0%		$1,338,425,096

a	Non-income producing security.

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

d	Denotes investments purchased on a when-issued or delayed delivery basis.

e	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

f	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

g	At April 29, 2011, $7,696,438 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

h	At April 29, 2011, $899,607 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.


Definitions:
	ADR	- American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
	REIT	- Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
	ETF	- Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation			$105,490,444
Gross unrealized depreciation			(12,735,664)

Net unrealized appreciation (depreciation)			$92,754,780
Cost for federal income tax purposes			$1,249,779,037

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Moderate Allocation Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Mutual Funds

Equity Mutual Funds

567,386,299

–

Fixed Income Mutual Funds

434,692,270

–

Common Stock

Communications Services

291,651

–

291,651

–

Consumer Discretionary

25,194,565

24,043,037

1,151,528

–

Consumer Staples

12,267,528

11,409,177

858,351

–

Energy

22,515,863

21,998,838

517,025

–

Financials

25,370,648

24,448,739

921,909

–

Health Care

23,518,214

23,359,777

158,437

–

Industrials

23,794,412

22,872,623

921,789

–

Information Technology

38,385,914

–

Materials

8,939,748

7,798,866

1,140,882

–

Technology

69,091

–

69,091

–

Telecommunications Services

3,722,693

2,960,791

761,902

–

Utilities

7,289,621

6,763,062

526,559

–

Long-Term Fixed Income

Asset-Backed Securities

7,266,768

–

7,266,768

–

Basic Materials

3,575,776

–

3,575,776

–

Capital Goods

591,900

–

591,900

–

Collateralized Mortgage Obligations

15,712,142

–

15,712,142

–

Commercial Mortgage-Backed Securities

13,973,467

–

13,973,467

–

Communications Services

4,955,156

–

4,955,156

–

Consumer Cyclical

2,905,661

–

2,905,661

–

Consumer Non-Cyclical

6,985,871

–

6,985,871

–

Energy

2,797,273

–

2,797,273

–

Financials

6,222,943

–

6,222,943

–

Mortgage-Backed Securities

3,858,398

–

3,858,398

–

Technology

819,825

–

819,825

–

Transportation

575,175

–

575,175

–

U.S. Government and Agencies

8,488,905

–

8,488,905

–

U.S. Municipals

9,109,056

–

9,109,056

–

Utilities

1,904,551

–

1,904,551

–

Preferred Stock

Financials

241,849

–

241,849

–

Short-Term Investments

59,110,584

–

59,110,584

–

Total

$1,342,533,817

$1,186,119,393

$156,414,424

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

4,828,556

–

Total Asset Derivatives

$4,828,556

$–

Liability Derivatives

Futures Contracts

6,057,405

–

Credit Default Swaps

163,501

–

163,501

–

Total Liability Derivatives

$6,220,906

$6,057,405

$163,501

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(100	)		June 2011		($21,795,008	)		($21,912,500	)		($117,492	)
5-Yr. U.S. Treasury Bond Futures		(345	)		June 2011		(40,564,143	)		(40,871,719	)		(307,576	)
10-Yr. U.S. Treasury Bond Futures		(75	)		June 2011		(9,023,209	)		(9,085,548	)		(62,339	)
E-Mini MSCI EAFE Index Futures		65			June 2011		5,417,588			5,840,901			423,313
Russell 2000 Index Mini-Futures		(422	)		June 2011		(33,973,827	)		(36,456,580	)		(2,482,753	)
S&P 400 Index Mini-Futures		(527	)		June 2011		(50,324,205	)		(53,411,450	)		(3,087,245	)
S&P 500 Index Futures		288			June 2011		93,493,157			97,898,400			4,405,243
Total Futures Contracts													($1,228,849	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 15, 5 Year, at 5.00%; Bank of America		Buy		12/20/2015		$5,500,000		$233,063		($252,721	)		($19,658	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.		Buy		12/20/2015		7,500,000		322,289		(344,619	)		(22,330	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.		Buy		12/20/2015		7,500,000		223,106		(344,619	)		(121,513	)
Total Credit Default Swaps										($941,959	)		($163,501	)

As the buyer of protection, Moderate Allocation Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Moderate Allocation Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Moderate Allocation Fund could be required to make as the seller or receive as the buyer of protection.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Moderate Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	4,828,556
Total Equity Contracts			4,828,556
Total Asset Derivatives		$	4,828,556


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		487,407
Total Interest Rate Contracts			487,407

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		5,569,998
Total Equity Contracts			5,569,998

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		163,501
Total Credit Contracts			163,501

Total Liability Derivatives		$	6,220,906

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Moderate Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		3,272,549

Total Equity Contracts			3,272,549

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(50,167	)

Total Foreign Exchange Contracts			(50,167	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(160,888	)

Total Credit Contracts			(160,888	)

Total			$3,061,494

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderate Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Moderate Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income

Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(487,407	)

Total Interest Rate Contracts			(487,407	)

Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(2,260,733	)

Total Equity Contracts			(2,260,733	)

Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(163,501	)

Total Credit Contracts			(163,501	)

Total			($2,911,641)

The following table presents Moderate Allocation Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

$82,279,753

6.6%

N/A

Interest Rate

Contracts

15,785,420

1.3

N/A

Foreign Exchange

Contracts

N/A

$137,328

<0.1%

N/A

Credit Contracts

N/A

$7,949,905

0.6%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Moderate Allocation Fund, is as follows:


Fund	Value October 31, 2010		Gross Purchases		Gross Sales		Shares Held at April 29, 2011		Value April 29, 2011		Income Earned November 1, 2010 - April 29, 2011
Real Estate Securities	$	36,366,401	$	504,052	$	–		3,882,884	$	42,012,804	$	504,052
Partner Small Cap
Growth		20,382,531		–		–		1,851,274		26,658,351		–
Partner Small Cap Value		29,431,466		251,922		8,000,000		1,555,328		26,813,860		251,922
Small Cap Stock		12,347,353		–		–		882,584		15,551,133		–
Mid Cap Growth		13,633,862		–		–		735,772		16,120,773		–
Partner Mid Cap Value		27,220,376		165,404		3,000,000		2,185,388		28,890,834		165,404
Mid Cap Stock		37,910,264		125,759		–		2,616,880		46,946,830		125,759
Partner Worldwide
Allocation		68,027,938		952,699		–		7,810,749		75,217,515		952,699
Partner International
Stock		66,483,433		1,312,928		1,000,000		6,780,772		73,978,228		1,312,928
Large Cap Growth		57,590,296		–		–		11,226,178		65,224,097		–
Large Cap Value		83,190,141		1,242,354		–		6,636,735		97,958,211		1,242,354
Large Cap Stock		35,458,174		312,554		–		1,698,477		40,848,375		312,554
Equity Income Plus		9,526,860		100,962		–		1,119,888		11,165,288		100,962
High Yield		49,918,470		4,401,928		5,592,817		10,037,396		49,885,859		1,924,301
Income		172,064,257		11,302,618		977,863		20,761,709		182,703,038		4,263,287
Government Bond		23,982,951		1,364,726		5,135,170		1,912,961		19,550,459		210,798
Limited Maturity Bond		174,144,828		9,980,154		1,047,711		14,557,649		182,552,914		2,438,014
Total Value and
Income Earned		917,679,601								1,002,078,569		13,805,034

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Mutual Funds (72.7%)	Value
	Equity Mutual Funds (25.4%)
	1,016,722	Thrivent Real Estate Securities Fund		$11,000,931
	615,493	Thrivent Partner Small Cap Value Fund		10,611,099
	167,827	Thrivent Small Cap Stock Fund^a		2,957,114
	1,082,397	Thrivent Partner Mid Cap Value Fund		14,309,289
	426,187	Thrivent Mid Cap Stock Fund		7,645,797
	2,561,153	Thrivent Partner Worldwide Allocation Fund		24,663,907
	1,636,432	Thrivent Partner International Stock Fund		17,853,475
	2,404,543	Thrivent Large Cap Growth Fund^a		13,970,397
	2,341,000	Thrivent Large Cap Value Fund		34,553,165
	308,824	Thrivent Large Cap Stock Fund		7,427,212
	462,360	Thrivent Equity Income Plus Fund		4,609,729

		Total Equity Mutual Funds		149,602,115


	Fixed Income Mutual Funds (47.3%)
	4,475,222	Thrivent High Yield Fund		22,241,855
	8,576,925	Thrivent Income Fund		75,476,938
	1,095,105	Thrivent Government Bond Fund		11,191,975
	13,519,023	Thrivent Limited Maturity Bond Fund		169,528,552

		Total Fixed Income Mutual Funds		278,439,320



		Total Mutual Funds (cost $401,639,780)		428,041,435


Shares		Common Stock (11.8%)	Value
	Consumer Discretionary (1.5%)
	2,600	Amazon.com, Inc.^a		510,900
	1,756	Autoliv, Inc.		140,708
	12,550	Carnival Corporation		477,779
	1,100	Charter Communications, Inc.^a		64,834
	7,400	Darden Restaurants, Inc.		347,578
	6,951	Discovery Communications, Inc.^a		307,651
	1,245	Dollar Tree, Inc.^a		71,587
	14,754	Foot Locker, Inc.		317,506
	39,850	Ford Motor Company^a		616,480
	7,280	Lowe’s Companies, Inc.		191,100
	7,857	Macy’s, Inc.		187,861
	10,885	McDonald’s Corporation		852,404
	400	Netflix, Inc.^a		93,068
	4,060	Omnicom Group, Inc.		199,711
	1,028	Panera Bread Company^a		124,501
	5,500	Phillips-Van Heusen Corporation		387,255
	28,649	Pier 1 Imports, Inc.^a		348,945
	6,146	Signet Jewelers, Ltd.^a		268,888
	8,580	Staples, Inc.		181,381
	4,220	Time Warner Cable, Inc.		329,709
	23,468	TJX Companies, Inc.		1,258,354
	9,997	Walt Disney Company		430,871
	4,392	Warnaco Group, Inc.^a		282,669
	2,700	Williams-Sonoma, Inc.		117,207
	16,427	Yum! Brands, Inc.		881,144

		Total Consumer Discretionary		8,990,091


	Consumer Staples (0.7%)
	6,780	Altria Group, Inc.		181,975
	8,138	Anheuser-Busch InBev NV ADR		520,588
	6,212	Corn Products International, Inc.		342,281
	2,270	Diageo plc ADR		184,710
	2,529	Diamond Foods, Inc.		165,902
	2,785	Flowers Foods, Inc.		85,110
	2,946	Herbalife, Ltd.		264,492
	11,071	Kraft Foods, Inc.		371,764
	21,723	Philip Morris International, Inc.		1,508,445
	1,802	TreeHouse Foods, Inc.^a		109,327
	11,030	Walgreen Company		471,202

		Total Consumer Staples		4,205,796


	Energy (1.4%)
	1,219	Alpha Natural Resources, Inc.^a		70,909
	7,590	Apache Corporation		1,012,278
	6,790	Arch Coal, Inc.		232,897
	10,710	Baker Hughes, Inc.		829,061
	4,487	BP plc ADR		207,030
	13,663	Chevron Corporation		1,495,279
	6,550	ConocoPhillips		516,992
	9,452	ENSCO International plc ADR		563,528
	11,247	Forest Oil Corporation^a		403,880
	21,734	International Coal Group, Inc.^a		239,726
	1,965	National Oilwell Varco, Inc.		150,696
	8,150	Occidental Petroleum Corporation		931,464
	3,846	Oil States International, Inc.^a		319,256
	9,675	Patriot Coal Corporation^a		243,616
	4,300	Schlumberger, Ltd.		385,925
	6,852	Swift Energy Company^a		268,530
	6,700	Weatherford International, Ltd.^a		144,586
	1,600	Whiting Petroleum Corporation^a		111,200

		Total Energy		8,126,853


	Financials (1.5%)
	2,276	Affiliated Managers Group, Inc.^a		248,266
	15,331	Aflac, Inc.		861,449
	2,955	Ameriprise Financial, Inc.		183,387
	3,340	Aon Corporation		174,248
	21,778	Bank of America Corporation		267,434
	1,900	BlackRock, Inc.		372,286
	3,670	Capital One Financial Corporation		200,859
	34,520	Citigroup, Inc.^a		158,447
	5,755	Duke Realty Corporation		87,764
	1,700	Endurance Specialty Holdings, Ltd.		75,378
	4,675	Equity One, Inc.		92,659
	14,408	Fifth Third Bancorp		191,194
	1,520	Goldman Sachs Group, Inc.		229,535
	4,980	HCC Insurance Holdings, Inc.		162,049
	6,739	Host Hotels & Resorts, Inc.		119,887
	466	IntercontinentalExchange, Inc.^a		56,083
	16,700	Itau Unibanco Holding SA ADR		396,625
	27,703	J.P. Morgan Chase & Company		1,264,088
	8,915	LaSalle Hotel Properties		250,868
	1,573	Lazard, Ltd.		64,493
	1,500	M&T Bank Corporation		132,555
	3,840	MetLife, Inc.		179,674
	2,900	Northern Trust Corporation		144,971
	22,558	Ocwen Financial Corporation^a		270,019
	109,839	Popular, Inc.^a		345,993
	8,346	Principal Financial Group, Inc.		281,677
	4,620	State Street Corporation		215,061
	6,169	SVB Financial Group^a		372,854
	9,412	Texas Capital Bancshares, Inc.^a		242,830

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (11.8%)	Value
	Financials (1.5%) - continued
	13,730	Unum Group		$363,570
	2,020	Vanguard REIT ETF		124,897
	4,646	W.R. Berkley Corporation		151,506
	11,340	Wells Fargo & Company		330,107
	14,730	Zions Bancorporation		360,149

		Total Financials		8,972,862


	Health Care (1.5%)
	2,860	Abbott Laboratories		148,835
	900	Alexion Pharmaceuticals, Inc.^a		87,201
	12,894	Align Technology, Inc.^a		311,261
	2,000	Allergan, Inc.		159,120
	3,280	Baxter International, Inc.		186,632
	3,652	C.R. Bard, Inc.		389,851
	1,996	Celgene Corporation^a		117,524
	5,675	Covance, Inc.^a		355,255
	2,745	Coventry Health Care, Inc.^a		88,581
	5,690	Covidien plc		316,876
	23,692	Eli Lilly and Company		876,841
	5,340	HCA Holdings, Inc.^a		175,152
	11,231	Health Net, Inc.^a		373,992
	16,466	Johnson & Johnson		1,082,146
	7,250	McKesson Corporation		601,823
	26,827	Mylan, Inc.^a		668,529
	18,357	Pfizer, Inc.		384,763
	10,075	PSS World Medical, Inc.^a		289,757
	1,200	Quest Diagnostics, Inc.		67,656
	9,250	Thermo Fisher Scientific, Inc.^a		554,907
	1,400	Thoratec Corporation^a		42,980
	3,701	United Therapeutics Corporation^a		247,819
	5,470	UnitedHealth Group, Inc.		269,288
	5,590	Universal Health Services, Inc.		306,220
	857	Varian Medical Systems, Inc.^a		60,161
	1,398	Vertex Pharmaceuticals, Inc.^a		76,918
	800	Waters Corporation^a		78,400
	4,107	Zimmer Holdings, Inc.^a		267,982

		Total Health Care		8,586,470


	Industrials (1.4%)
	8,760	Boeing Company		698,873
	5,340	Caterpillar, Inc.		616,290
	1,793	Chicago Bridge and Iron Company		72,688
	1,026	CSX Corporation		80,736
	9,291	Deluxe Corporation		251,600
	9,051	EMCOR Group, Inc.^a		280,310
	15,280	Emerson Electric Company		928,413
	1,449	Expeditors International of Washington, Inc.		78,637
	8,403	FTI Consulting, Inc.^a		335,280
	18,894	General Electric Company		386,382
	3,769	Honeywell International, Inc.		230,776
	2,120	Huntington Ingalls Industries, Inc.^a		84,800
	12,291	Knight Transportation, Inc.		221,361
	10,261	Lockheed Martin Corporation		813,184
	26,486	Manitowoc Company, Inc.		587,724
	1,200	Manpower, Inc.		79,500
	12,692	Oshkosh Corporation^a		401,829
	2,657	Parker Hannifin Corporation		250,608
	2,400	Republic Services, Inc.		75,888
	2,670	Rockwell Collins, Inc.		168,477
	11,639	Shaw Group, Inc.^a		452,757
	1,935	Siemens AG ADR		282,394
	1,171	SPX Corporation		101,233
	5,119	Teledyne Technologies, Inc.^a		258,458
	7,030	Textron, Inc.		183,483
	2,000	Tyco International, Ltd.		97,480
	2,417	United Technologies Corporation		216,515
	3,240	WESCO International, Inc.^a		200,718

		Total Industrials		8,436,394


	Information Technology (2.6%)
	4,503	Akamai Technologies, Inc.^a		155,083
	1,400	Alliance Data Systems Corporation^a		133,000
	4,267	Apple, Inc.^a		1,485,898
	8,350	Broadcom Corporation^a		293,753
	46,065	Brocade Communications^a		287,906
	1,700	Cognizant Technology Solutions Corporation^a		140,930
	6,688	CommVault Systems, Inc.^a		263,440
	7,604	Compuware Corporation^a		86,154
	52,779	Corning, Inc.		1,105,192
	2,575	eBay, Inc.^a		88,580
	19,850	EMC Corporation^a		562,549
	2,517	F5 Networks, Inc.^a		255,123
	1,932	Google, Inc.^a		1,051,201
	9,764	GSI Commerce, Inc.^a		285,792
	6,500	Hewlett-Packard Company		262,405
	4,822	Informatica Corporation^a		270,080
	7,305	International Business Machines Corporation		1,246,087
	2,204	Juniper Networks, Inc.^a		84,479
	1,300	Lam Research Corporation^a		62,803
	41,034	Microsoft Corporation		1,067,705
	15,259	Monster Worldwide, Inc.^a		250,400
	5,885	Netlogic Microsystems, Inc.^a		253,820
	6,000	NXP Semiconductors NV^a		200,400
	25,940	Oracle Corporation		935,137
	7,814	Plantronics, Inc.		289,665
	8,759	Plexus Corporation^a		319,616
	11,100	QUALCOMM, Inc.		630,924
	10,875	Quest Software, Inc.^a		280,140
	1,714	Salesforce.com, Inc.^a		237,561
	7,247	TE Connectivity, Ltd.		259,805
	25,541	Teradyne, Inc.^a		411,210
	15,292	TIBCO Software, Inc.^a		458,607
	6,600	ValueClick, Inc.^a		110,550
	2,500	VeriFone Systems, Inc.^a		137,050
	2,450	Visa, Inc.		191,394
	5,750	VMware, Inc.^a		548,723
	26,590	Xerox Corporation		268,293
	9,077	Xilinx, Inc.		316,424

		Total Information Technology		15,287,879


	Materials (0.6%)
	1,549	Albemarle Corporation		109,282
	2,990	Allegheny Technologies, Inc.		215,280
	3,100	CF Industries Holdings, Inc.		438,805
	4,890	Dow Chemical Company		200,441
	9,240	E.I. du Pont de Nemours and Company		524,740
	7,900	Freeport-McMoRan Copper & Gold, Inc.		434,737
	11,441	International Paper Company		353,298
	2,167	Sigma-Aldrich Corporation		152,947

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (11.8%)	Value
	Materials (0.6%) - continued
	2,548	Silgan Holdings, Inc.		$116,851
	6,115	Steel Dynamics, Inc.		111,232
	4,400	Temple-Inland, Inc.		103,532
	15,400	Vale SA SP ADR		514,360

		Total Materials		3,275,505


	Telecommunications Services (0.2%)
	8,070	AT&T, Inc.		251,138
	16,682	NII Holdings, Inc.^a		693,638
	10,693	Verizon Communications, Inc.		403,982

		Total Telecommunications Services		1,348,758


	Utilities (0.4%)
	1,350	Alliant Energy Corporation		53,379
	12,730	American Electric Power Company, Inc.		464,390
	4,500	CMS Energy Corporation		89,100
	20,233	Exelon Corporation		852,821
	6,404	NV Energy, Inc.		97,277
	6,232	Southwest Gas Corporation		247,847
	10,072	UGI Corporation		335,397
	3,260	Xcel Energy, Inc.		79,316

		Total Utilities		2,219,527



		Total Common Stock (cost $58,968,601)		69,450,135


Principal Amount		Long-Term Fixed Income (9.8%)	Value
	Asset-Backed Securities (1.1%)
		Citigroup Mortgage Loan Trust, Inc.
	1,039,292	0.363%, 8/25/2036^b		866,491
		GSAMP Trust
	969,744	0.393%, 2/25/2036^b		841,036
		J.P. Morgan Mortgage Acquisition Corporation
	3,100,000	5.461%, 10/25/2036		2,477,213
		Morgan Stanley Capital, Inc.
	1,149,563	0.363%, 2/25/2037^b		755,135
		Renaissance Home Equity Loan Trust
	2,300,000	6.011%, 5/25/2036		1,459,442

		Total Asset-Backed Securities		6,399,317


	Basic Materials (0.4%)
		ArcelorMittal
	800,000	7.000%, 10/15/2039		836,672
		Dow Chemical Company
	800,000	4.250%, 11/15/2020		783,412
		FMG Resources Property, Ltd.
	120,000	7.000%, 11/1/2015^c		126,600
		Georgia-Pacific, LLC
	100,000	8.000%, 1/15/2024		116,500
		Lyondell Chemical Company
	100,000	11.000%, 5/1/2018		113,000
		Novelis, Inc.
	110,000	8.375%, 12/15/2017		121,550

		Total Basic Materials		2,097,734


	Capital Goods (<0.1%)
		Associated Materials, LLC
	110,000	9.125%, 11/1/2017^c		118,387
		Case New Holland, Inc.
	130,000	7.875%, 12/1/2017^c		145,275

		Total Capital Goods		263,662


	Collateralized Mortgage Obligations (1.2%)
		Citigroup Mortgage Loan Trust, Inc.
	412,416	5.500%, 11/25/2035		372,121
		CitiMortgage Alternative Loan Trust
	1,376,282	5.750%, 4/25/2037		1,099,614
		Countrywide Alternative Loan Trust
	279,390	6.000%, 1/25/2037		198,167
	1,638,818	5.500%, 5/25/2037		1,259,510
	1,447,976	7.000%, 10/25/2037		954,419
		Countrywide Home Loans, Inc.
	882,705	5.750%, 4/25/2037		808,809
		Deutsche Alt-A Securities, Inc.
	293,314	5.500%, 10/25/2021		278,763
	564,529	6.000%, 10/25/2021		496,075
		J.P. Morgan Mortgage Trust
	148,049	5.597%, 10/25/2036		131,877
		MASTR Alternative Loans Trust
	323,105	6.500%, 7/25/2034		338,836
		Merrill Lynch Alternative Note Asset Trust
	328,616	6.000%, 3/25/2037		270,879
		Sequoia Mortgage Trust
	342,784	5.374%, 9/20/2046		87,388
		WaMu Mortgage Pass Through Certificates
	435,371	5.848%, 9/25/2036		381,434
	400,799	5.976%, 10/25/2036		382,284

		Total Collateralized Mortgage Obligations		7,060,176


	Commercial Mortgage-Backed Securities (1.8%)
		Banc of America Commercial Mortgage, Inc.
	1,600,000	5.826%, 4/10/2049		1,734,240
	2,450,000	5.802%, 6/10/2049		2,636,494
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,000,000	5.331%, 2/11/2044		1,068,495
		Credit Suisse First Boston Mortgage Securities
	1,700,000	5.542%, 1/15/2049		1,807,054
		Credit Suisse Mortgage Capital Certificates
	800,000	5.509%, 9/15/2039		808,703
		Greenwich Capital Commercial Funding Corporation
	1,000,000	5.867%, 12/10/2049		1,019,340
		Morgan Stanley Capital, Inc.
	500,000	5.406%, 3/15/2044		504,214

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (9.8%)	Value
	Commercial Mortgage-Backed Securities (1.8%) - continued
		Wachovia Bank Commercial Mortgage Trust
	$1,200,000	5.603%, 10/15/2048		$1,228,208

		Total Commercial Mortgage- Backed Securities		10,806,748


	Communications Services (0.5%)
		Cablevision Systems Corporation
	110,000	8.625%, 9/15/2017		123,200
		CBS Corporation
	400,000	7.875%, 7/30/2030		475,126
	400,000	5.900%, 10/15/2040		386,983
		CCO Holdings, LLC
	150,000	7.000%, 1/15/2019		157,125
		Cox Communications, Inc.
	800,000	6.950%, 6/1/2038c		896,411
		Cricket Communications, Inc.
	100,000	7.750%, 10/15/2020		102,125
		Frontier Communications Corporation
	105,000	8.250%, 4/15/2017		113,794
		Intelsat Luxembourg SA
	95,000	11.500%, 2/4/2017c		104,025
		NII Capital Corporation
	150,000	7.625%, 4/1/2021		158,625
		Virgin Media Finance plc
	100,000	9.500%, 8/15/2016		114,625
		Wind Acquisition Finance SA
	112,000	7.250%, 2/15/2018c		118,440

		Total Communications Services		2,750,479


	Consumer Cyclical (0.3%)
		Goodyear Tire & Rubber Company
	150,000	8.250%, 8/15/2020		166,687
		Home Depot, Inc.
	800,000	5.875%, 12/16/2036		814,341
		Macy’s Retail Holdings, Inc.
	95,000	8.375%, 7/15/2015		110,913
		MGM Resorts International
	95,000	11.125%, 11/15/2017		110,437
		Rite Aid Corporation
	110,000	7.500%, 3/1/2017		112,063
		Starwood Hotels & Resorts Worldwide, Inc.
	110,000	6.750%, 5/15/2018		120,175
		West Corporation
	110,000	7.875%, 1/15/2019c		113,300

		Total Consumer Cyclical		1,547,916


	Consumer Non-Cyclical (0.7%)
		Altria Group, Inc.
	800,000	9.950%, 11/10/2038		1,148,826
		Anheuser-Busch Companies, Inc.
	400,000	6.450%, 9/1/2037		459,230
		Anheuser-Busch InBev Worldwide, Inc.
	400,000	8.200%, 1/15/2039		555,530
		Community Health Systems, Inc.
	110,000	8.875%, 7/15/2015		112,475
		JBS USA, LLC/JBS USA Finance, Inc.
	95,000	11.625%, 5/1/2014		111,150
		Kraft Foods, Inc.
	400,000	5.375%, 2/10/2020		432,926
	400,000	7.000%, 8/11/2037		467,294
		Mylan, Inc.
	100,000	7.875%, 7/15/2020c		110,500
		Reynolds Group Holdings, Ltd.
	130,000	6.875%, 2/15/2021c		134,062
		UnitedHealth Group, Inc.
	400,000	6.875%, 2/15/2038		459,857
	400,000	5.700%, 10/15/2040		399,418

		Total Consumer Non-Cyclical		4,391,268


	Energy (0.2%)
		Denbury Resources, Inc.
	110,000	9.750%, 3/1/2016		124,025
		Linn Energy, LLC
	120,000	7.750%, 2/1/2021c		128,550
		Pioneer Natural Resources Company
	95,000	7.500%, 1/15/2020		107,654
		Plains Exploration & Production Company
	120,000	7.625%, 6/1/2018		128,700
		SandRidge Energy, Inc.
	110,000	8.000%, 6/1/2018c		116,325
		Weatherford International, Ltd.
	800,000	6.750%, 9/15/2040		855,670

		Total Energy		1,460,924


	Financials (0.7%)
		CIT Group, Inc.
	105,890	7.000%, 5/1/2017		106,750
		General Electric Capital Corporation
	800,000	6.750%, 3/15/2032		902,730
		HCP, Inc.
	800,000	6.750%, 2/1/2041		846,285
		Health Care REIT, Inc.
	320,000	6.500%, 3/15/2041		318,396
		Icahn Enterprises, LP
	105,000	8.000%, 1/15/2018		108,413
		Prudential Financial, Inc.
	800,000	6.200%, 11/15/2040		854,419
		XL Group plc
	800,000	6.250%, 5/15/2027		811,324

		Total Financials		3,948,317


	Mortgage-Backed Securities (0.9%)
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	4,950,000	4.500%, 5/1/2041d		5,093,085

		Total Mortgage-Backed Securities		5,093,085


	Technology (0.1%)
		Freescale Semiconductor, Inc.
	110,000	9.250%, 4/15/2018c		122,100
		NXP BV/NXP Funding, LLC
	90,000	9.750%, 8/1/2018c		104,175

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (9.8%)	Value
	Technology (0.1%) - continued
		Seagate HDD Cayman
	$140,000	7.750%, 12/15/2018^c		$148,400

		Total Technology		374,675


	Transportation (<0.1%)
		Delta Air Lines, Inc.
	110,000	9.500%, 9/15/2014^c		117,975
		Hertz Corporation
	110,000	6.750%, 4/15/2019^c		112,200

		Total Transportation		230,175


	U.S. Government and Agencies (0.7%)
		U.S. Treasury Notes
	2,150,000	2.500%, 4/30/2015		2,232,977
	1,050,000	3.625%, 2/15/2021		1,078,547
	550,000	4.375%, 5/15/2040		546,563

		Total U.S. Government and Agencies		3,858,087


	U.S. Municipals (1.0%)
		California Various Purpose General Obligation Bonds
	800,000	6.000%, 3/1/2033		855,280
		Massachusetts Development Finance Agency Revenue Bonds (Harvard University)
	800,000	5.000%, 10/15/2040		824,272
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds
	800,000	5.375%, 6/15/2043		823,864
		New York City Transitional Finance Authority Revenue Bonds
	800,000	5.000%, 2/1/2035		807,312
		New York Dormitory Authority State University Revenue Bonds (Cornell University)
	800,000	5.000%, 7/1/2035		818,840
		North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Bonds (Wake Forest University)
	800,000	5.000%, 1/1/2038		806,024
		Salt River, Arizona Agricultural Improvement and Power District Electric System Revenue Bonds
	400,000	5.000%, 1/1/2039		403,264
		St. John the Baptist Parish, Louisiana Revenue Bonds (Marathon Oil Corporation)
	800,000	5.125%, 6/1/2037		733,848

		Total U.S. Municipals		6,072,704


	Utilities (0.2%)
		Energy Transfer Partners, LP
	222,000	6.625%, 10/15/2036		239,368
	400,000	7.500%, 7/1/2038		472,601
		Inergy, LP
	110,000	7.000%, 10/1/2018^c		116,050
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	110,000	6.500%, 8/15/2021		111,100
		NRG Energy, Inc.
	120,000	7.375%, 2/1/2016		124,500

		Total Utilities		1,063,619



		Total Long-Term Fixed Income (cost $54,605,038)		57,418,886


Shares		Preferred Stock (<0.1%)	Value
	Financials (<0.1%)
	150	Ally Financial, Inc., 7.000%^c,e		139,528

		Total Financials		139,528



		Total Preferred Stock (cost $142,275)		139,528


Principal Amount		Short-Term Investments (6.5%)^f	Value
		Alpine Securitization Corporation
	10,450,000	0.100%, 5/2/2011		10,449,942
		BNP Paribas Finance, Inc.
	10,320,000	0.080%, 5/2/2011		10,319,954
		Federal Home Loan Bank Discount Notes
	4,390,000	0.030%, 5/6/2011		4,389,978
		Federal Home Loan Mortgage Corporation Discount Notes
	10,200,000	0.030%, 5/9/2011		10,199,923
	1,350,000	0.155%, 8/29/2011^g,h		1,349,303
		U.S. Treasury Bills
	1,400,000	0.125%, 8/18/2011^g		1,399,469

		Total Short-Term Investments (at amortized cost)		38,108,569

		Total Investments (cost $553,464,263) 100.8%		$593,158,553

		Other Assets and Liabilities, Net (0.8%)		(4,620,731	)

		Total Net Assets 100.0%		$588,537,822

a	Non-income producing security.

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

d	Denotes investments purchased on a when-issued or delayed delivery basis.

e	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

f	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

g	At April 29, 2011, $2,498,901 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

h	At April 29, 2011, $249,871 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Definitions:


ADR		- American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
REIT		- Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
ETF		- Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$38,460,138
Gross unrealized depreciation	(2,650,580	)

Net unrealized appreciation (depreciation)	$35,809,558

Cost for federal income tax purposes	$557,348,995

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Moderately Conservative Allocation Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Mutual Funds

Equity Mutual Funds

149,602,115

–

Fixed Income Mutual Funds

278,439,320

–

Common Stock

Consumer Discretionary

8,990,091

–

Consumer Staples

4,205,796

–

Energy

8,126,853

–

Financials

8,972,862

–

Health Care

8,586,470

–

Industrials

8,436,394

–

Information Technology

15,287,879

–

Materials

3,275,505

–

Telecommunications Services

1,348,758

–

Utilities

2,219,527

–

Long-Term Fixed Income

Asset-Backed Securities

6,399,317

–

6,399,317

–

Basic Materials

2,097,734

–

2,097,734

–

Capital Goods

263,662

–

263,662

–

Collateralized Mortgage Obligations

7,060,176

–

7,060,176

–

Commercial Mortgage-Backed Securities

10,806,748

–

10,806,748

–

Communications Services

2,750,479

–

2,750,479

–

Consumer Cyclical

1,547,916

–

1,547,916

–

Consumer Non-Cyclical

4,391,268

–

4,391,268

–

Energy

1,460,924

–

1,460,924

–

Financials

3,948,317

–

3,948,317

–

Mortgage-Backed Securities

5,093,085

–

5,093,085

–

Technology

374,675

–

374,675

–

Transportation

230,175

–

230,175

–

U.S. Government and Agencies

3,858,087

–

3,858,087

–

U.S. Municipals

6,072,704

–

6,072,704

–

Utilities

1,063,619

–

1,063,619

–

Preferred Stock Financials

139,528

–

139,528

–

Short-Term Investments

38,108,569

–

38,108,569

–

Total

$593,158,553

$497,491,570

$95,666,983

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

1,460,997

–

Total Asset Derivatives

$1,460,997

$–

Liability Derivatives

Futures Contracts

1,718,544

–

Credit Default Swaps

76,062

–

76,062

–

Total Liability Derivatives

$1,794,606

$1,718,544

$76,062

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(80)		June 2011		($17,436,006	)		($17,529,999	)		($93,993	)
5-Yr. U.S. Treasury Bond Futures		(235)		June 2011		(27,616,939	)		(27,840,156	)		(223,217	)
10-Yr. U.S. Treasury Bond Futures		(20)		June 2011		(2,406,189	)		(2,422,813	)		(16,624	)
E-Mini MSCI EAFE Index Futures		65		June 2011		5,417,588			5,840,901			423,313
Russell 2000 Index Mini-Futures		(107)		June 2011		(8,554,939	)		(9,243,730	)		(688,791	)
S&P 400 Index Mini-Futures		(119)		June 2011		(11,364,731	)		(12,060,650	)		(695,919	)
S&P 500 Index Futures		69		June 2011		22,417,141			23,454,825			1,037,684
Total Futures Contracts												($257,547	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 15, 5 Year, at 5.00%; Bank of America		Buy		12/20/2015		$2,500,000		$105,938		($114,873	)		($8,935	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.		Buy		12/20/2015		3,500,000		150,401		( 160,822	)		( 10,421	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.		Buy		12/20/2015		3,500,000		104,116		( 160,822	)		( 56,706	)
Total Credit Default Swaps										($436,517	)		($76,062	)

As the buyer of protection, Moderately Conservative Allocation Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Moderately Conservative Allocation Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Moderately Conservative Allocation Fund could be required to make as the seller or receive as the buyer of protection.

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Moderately Conservative Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		$1,460,997
Total Equity Contracts			1,460,997

Total Asset Derivatives			$1,460,997


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		333,834
Total Interest Rate Contracts			333,834

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,384,710
Total Equity Contracts			1,384,710

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		76,062
Total Credit Contracts			76,062

Total Liability Derivatives			$1,794,606

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Moderately Conservative Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		1,735,443

Total Equity Contracts			1,735,443

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(67	)

Total Foreign Exchange Contracts			(67	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(74,483	)

Total Credit Contracts			(74,483	)

Total			$1,660,893

The accompanying Notes to Financial Statements are an integral part of this schedule.

Moderately Conservative Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Moderately Conservative Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income

Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(333,834	)

Total Interest Rate Contracts			(333,834	)

Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(765,313	)

Total Equity Contracts			(765,313	)

Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(76,062	)

Total Credit Contracts			(76,062	)

Total			($1,175,209	)

The following table presents Moderately Conservative Allocation Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage of
Average Net
Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

$27,828,633

5.0%

N/A

Interest Rate Contracts

10,167,159

1.8

N/A

Foreign Exchange Contracts

N/A

$265

<0.1%

N/A

Credit Contracts

N/A

$3,679,588

0.7%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Moderately Conservative Allocation Fund, is as follows:


Fund	Value October 31, 2010		Gross Purchases		Gross Sales		Shares Held at April 29, 2011		Value April 29, 2011		Income Earned November 1, 2010 - April 29, 2011
Real Estate Securities		$9,522,437		$131,985		$–		1,016,722		$11,000,931		$131,985
Partner Small Cap Value		8,767,282		99,694		–		615,493		10,611,099		99,694
Small Cap Stock		5,332,194		–		3,300,000		167,827		2,957,114		–
Partner Mid Cap Value		12,079,724		81,923		–		1,082,397		14,309,289		81,923
Mid Cap Stock		6,174,095		20,481		–		426,187		7,645,797		20,481
Partner Worldwide
Allocation		22,306,437		312,391		–		2,561,153		24,663,907		312,391
Partner International
Stock		16,795,766		316,854		1,000,000		1,636,432		17,853,475		316,854
Large Cap Growth		12,335,307		–		–		2,404,543		13,970,397		–
Large Cap Value		29,343,969		438,220		–		2,341,000		34,553,165		438,220
Large Cap Stock		6,447,145		56,830		–		308,824		7,427,212		56,830
Equity Income Plus		3,933,283		41,683		–		462,360		4,609,729		41,683
High Yield		22,030,631		2,270,996		2,572,819		4,475,222		22,241,855		851,782
Income		70,560,239		5,527,621		742,872		8,576,925		75,476,938		1,752,121
Government Bond		10,876,656		785,722		114,288		1,095,105		11,191,975		117,218
Limited Maturity Bond		160,527,930		11,254,911		1,771,463		13,519,023		169,528,552		2,251,797
Total Value and Income Earned		397,033,095								428,041,435		6,472,979

The accompanying Notes to Financial Statements are an integral part of this schedule.

Partner Small Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (97.1%)	Value
	Consumer Discretionary (15.8%)
	33,550	7 Days Group Holdings, Ltd. ADR^a		$770,979
	8,060	Ann, Inc.^a		251,553
	9,020	Asbury Automotive Group, Inc.^a		156,046
	7,280	Body Central Corporation^a		176,030
	21,140	Bravo Brio Restaurant Group, Inc.^a		436,330
	36,950	Brunswick Corporation		863,521
	5,790	Buffalo Wild Wings, Inc.^a		353,769
	12,270	California Pizza Kitchen, Inc.^a		196,320
	3,720	Chico’s FAS, Inc.		54,424
	18,720	Children’s Place Retail Stores, Inc.^a		995,342
	8,040	Cooper Tire & Rubber Company		216,919
	5,260	Cracker Barrel Old Country Store, Inc.		269,470
	51,520	Crocs, Inc.^a		1,036,067
	7,590	Deckers Outdoor Corporation^a		644,087
	18,250	DineEquity, Inc.^a		911,953
	59,250	Finish Line, Inc.		1,273,282
	34,050	Gaylord Entertainment Company^a,b		1,221,373
	920	Imax Corporation^a		32,274
	5,515	Joseph A. Bank Clothiers, Inc.^a		289,096
	2,990	Maidenform Brands, Inc.^a		94,663
	28,030	Meritage Homes Corporation^a		670,197
	51,190	Modine Manufacturing Company^a		911,694
	8,510	Polaris Industries, Inc.		897,209
	76,900	Saks, Inc.^a,b		919,724
	86,990	Scientific Games Corporation^a		915,135
	50,130	Sonic Automotive, Inc.^b		706,833
	21,570	Sotheby’s Holdings, Inc.		1,089,716
	21,470	Steven Madden, Ltd.^a		1,141,131
	7,020	Stoneridge, Inc.^a		107,406
	16,670	Tempur-Pedic International, Inc.^a		1,046,543
	23,290	Tenneco, Inc.^a		1,076,231
	50,050	Texas Roadhouse, Inc.		814,313
	28,700	True Religion Apparel, Inc.^a		867,314
	18,440	Ulta Salon Cosmetics & Fragrance, Inc.^a		980,824
	5,450	Vitamin Shoppe, Inc.^a		212,659
	13,710	Warnaco Group, Inc.^a		882,376

		Total Consumer Discretionary		23,482,803


	Consumer Staples (2.6%)
	2,110	Boston Beer Company, Inc.^a		198,889
	73,870	Cott Corporation^a		658,920
	5,070	Green Mountain Coffee Roasters, Inc.^a,b		339,487
	25,760	Hain Celestial Group, Inc.^a		876,097
	7,670	TreeHouse Foods, Inc.^a		465,339
	32,530	United Natural Foods, Inc.^a		1,388,706

		Total Consumer Staples		3,927,438


	Energy (6.1%)
	7,640	Approach Resources, Inc.^a		224,922
	4,730	BreitBurn Energy Partners LP		105,053
	9,940	Brigham Exploration Company^a		333,288
	6,140	Carrizo Oil & Gas, Inc.^a		244,618
	9,490	Dril-Quip, Inc.^a		726,555
	29,190	Energy XXI Ltd.^a		1,058,138
	5,440	GeoResources, Inc.^a		157,869
	17,060	ION Geophysical Corporation^a		215,638
	50,520	James River Coal Company^a,b		1,178,126
	86,350	Key Energy Services, Inc.^a		1,571,570
	3,040	Lufkin Industries, Inc.		280,683
	38,800	Northern Oil and Gas, Inc.^a,b		921,888
	28,040	Oasis Petroleum, Inc.^a		861,669
	10,330	Rex Energy Corporation^a		132,534
	26,780	Swift Energy Company^a		1,049,508

		Total Energy		9,062,059


	Financials (5.2%)
	19,150	Bank of the Ozarks, Inc.		852,750
	9,980	Calamos Asset Management, Inc.		162,375
	16,150	Endurance Specialty Holdings, Ltd.		716,091
	6,900	Greenhill & Company, Inc.^b		407,100
	4,440	Harleysville Group, Inc.		142,435
	2,330	IBERIABANK Corporation		139,823
	15,010	Kilroy Realty Corporation^b		629,519
	47,780	Knight Capital Group, Inc.^a		655,542
	18,770	MarketAxess Holdings, Inc.		457,049
	105,450	MF Global Holdings, Ltd.^a		886,835
	9,440	Portfolio Recovery Associates, Inc.^a		852,054
	9,220	Radian Group, Inc.		54,675
	7,900	SVB Financial Group^a		477,476
	22,410	Tanger Factory Outlet Centers, Inc.		619,188
	24,600	Texas Capital Bancshares, Inc.^a		634,680
	6,930	Umpqua Holdings Corporation		80,457

		Total Financials		7,768,049


	Health Care (18.5%)
	12,860	Achillion Pharmaceuticals, Inc.^a		71,759
	23,890	AMERIGROUP Corporation^a		1,631,687
	3,600	Ardea Biosciences, Inc.^a,b		102,060
	7,700	ArthroCare Corporation^a		272,041
	6,320	Bio-Reference Laboratories, Inc.^a,b		159,327
	24,170	Catalyst Health Solutions, Inc.^a		1,439,565
	31,360	Cepheid, Inc.^a		1,013,242
	12,670	Chemed Corporation		882,212
	3,510	Computer Programs and Systems, Inc.		206,353
	21,180	Cooper Companies, Inc.		1,586,382
	2,110	Dexcom, Inc.^a		35,132
	43,080	Exelixis, Inc.^a,b		528,161
	59,400	Healthsouth Corporation^a		1,522,422
	14,700	Healthspring, Inc.^a		609,903
	650	HeartWare International, Inc.^a,b		48,496
	29,220	Hill-Rom Holdings, Inc.		1,315,192
	13,460	HMS Holding Corporation^a		1,059,437
	7,020	ICON plc ADR^a		172,411
	31,720	Impax Laboratories, Inc.^a		868,494
	39,370	Incyte Corporation^a,b		727,558
	24,550	Medicis Pharmaceutical Corporation		870,543
	33,560	Medivation, Inc.^a,b		828,932
	13,540	Mednax, Inc.^a		960,257
	6,220	Merit Medical Systems, Inc.^a		145,050
	9,910	Molina Healthcare, Inc.^a		426,130
	1,570	Momenta Pharmaceuticals, Inc.^a		29,626
	8,010	NxStage Medical, Inc.^a		197,366
	21,680	Onyx Pharmaceuticals, Inc.^a		814,518
	5,880	Orthofix International NV^a		200,332
	42,590	PAREXEL International Corporation^a		1,182,298

The accompanying Notes to Financial Statements are an integral part of this schedule.

Partner Small Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (97.1%)	Value
	Health Care (18.5%) - continued
	14,600	Pharmasset, Inc.^a		$1,481,462
	41,470	PSS World Medical, Inc.^a		1,192,677
	4,320	QLT, Inc.^a		35,208
	13,510	Quality Systems, Inc.^b		1,212,117
	11,310	Questcor Pharmaceuticals, Inc.^a		231,855
	7,010	Regeneron Pharmaceuticals, Inc.^a		358,281
	22,700	Sunrise Senior Living, Inc.^a,b		235,626
	18,740	SXC Health Solutions Corporation^a		1,033,698
	25,040	Targacept, Inc.^a		605,467
	88,230	Tenet Healthcare Corporation^a		611,434
	26,100	Volcano Corporation^a		695,826

		Total Health Care		27,600,537


	Industrials (16.1%)
	53,000	A123 Systems, Inc.^a,b		320,120
	32,190	Actuant Corporation		893,594
	13,060	Alaska Air Group, Inc.^a		860,262
	610	American Science & Engineering, Inc.		53,741
	50,450	Avis Budget Group, Inc.^a		956,532
	19,660	Belden, Inc.		747,670
	1,500	Chart Industries, Inc.^a		72,915
	14,950	Clean Harbors, Inc.^a		1,472,575
	3,070	Consolidated Graphics, Inc.^a		172,380
	19,510	Copa Holdings SA		1,134,507
	30,440	EnPro Industries, Inc.^a		1,220,035
	3,410	ESCO Technologies, Inc.		125,079
	29,010	Genesee & Wyoming, Inc.^a		1,798,040
	40,220	GrafTech International, Ltd.^a		933,104
	33,960	Greenbrier Companies, Inc.^a		919,297
	26,980	Herman Miller, Inc.		702,020
	46,680	Hexcel Corporation^a		1,005,020
	34,270	Hub Group, Inc.^a		1,380,396
	8,970	Huron Consulting Group, Inc.^a		258,336
	70,310	Kforce, Inc.^a		1,100,352
	9,850	Lindsay Manufacturing Company^b		722,202
	19,790	Meritor, Inc.^a		340,586
	4,420	Middleby Corporation^a		396,341
	14,400	Polypore International, Inc.^a		889,488
	25,661	Robbins & Myers, Inc.		1,115,484
	21,460	Titan International, Inc.		662,899
	6,040	Triumph Group, Inc.		520,165
	65,450	TrueBlue, Inc.^a		921,536
	17,520	WESCO International, Inc.^a		1,085,364
	34,660	Woodward, Inc.		1,284,153

		Total Industrials		24,064,193


	Information Technology (25.7%)
	20,790	Acme Packet, Inc.^a		1,717,462
	33,340	Aeroflex Holding Corporation^a		590,118
	11,210	Anixter International, Inc.		842,319
	5,770	ANSYS, Inc.^a		319,023
	58,890	Ariba, Inc.^a		2,047,605
	36,140	Aruba Networks, Inc.^a,b		1,298,510
	8,060	Blue Coat Systems, Inc.^a		232,128
	7,500	Bottomline Technologies, Inc.^a		208,350
	9,290	Broadsoft, Inc.^a		422,230
	13,260	Camelot Information Systems, Inc. ADR^a		255,918
	29,650	Cavium Networks, Inc.^a		1,400,073
	72,310	Cirrus Logic, Inc.^a		1,197,454
	10,050	Cogo Group, Inc.^a		82,510
	3,400	Coherent, Inc.^a		$212,534
	23,710	Concur Technologies, Inc.^a		1,372,098
	42,810	Dice Holdings, Inc.^a		784,707
	134,480	Entropic Communications, Inc.^a,b		1,178,045
	4,870	Fabrinet^a		112,253
	18,170	Heartland Payment Systems, Inc.		362,673
	4,890	Hittite Microwave Corporation^a		314,867
	27,080	Hypercom Corporation^a		324,148
	25,670	Inphi Corporation^a,b		553,959
	32,830	IntraLinks Holdings, Inc.^a		1,042,681
	13,900	IPG Photonics Corporation^a		965,494
	79,070	Ixia^a,b		1,292,004
	10,090	Kenexa Corporation^a		296,848
	141,710	Limelight Networks, Inc.^a		902,693
	4,410	Motricity, Inc.^a,b		58,918
	28,360	NETGEAR, Inc.^a		1,184,030
	38,650	Netlogic Microsystems, Inc.^a		1,666,974
	5,410	NetScout Systems, Inc.^a		138,442
	50,330	Oclaro, Inc.^a,b		564,451
	5,920	OpenTable, Inc.^a,b		658,837
	4,020	Power Integrations, Inc.		162,167
	29,760	Progress Software Corporation^a		882,384
	23,450	QLIK Technologies, Inc.^a		751,807
	38,060	Quantum Corporation^a		121,031
	35,640	Riverbed Technology, Inc.^a		1,252,390
	4,840	Rofin-Sinar Technologies, Inc.^a		209,620
	60,240	Sapient Corporation^a		760,530
	27,000	SAVVIS, Inc.^a		1,062,720
	28,040	SuccessFactors, Inc.^a		972,147
	41,330	Synchronoss Technologies, Inc.^a		1,333,306
	7,750	Syntel, Inc.		423,770
	34,760	Taleo Corporation^a		1,260,745
	54,190	Teradyne, Inc.^a		872,459
	58,020	TIBCO Software, Inc.^a		1,740,020
	28,780	Ultratech, Inc.^a		901,102
	19,020	VeriFone Systems, Inc.^a		1,042,676

		Total Information Technology		38,349,230


	Materials (6.7%)
	64,080	AK Steel Holding Corporation		1,041,300
	19,500	Allied Nevada Gold Corporation^a		839,670
	12,240	CVR Partners, LP^a		234,274
	3,850	Domtar Corporation		358,127
	14,560	Globe Specialty Metals, Inc.		327,746
	33,320	Huntsman Corporation		694,722
	8,020	KapStone Paper and Packaging Corporation^a		139,388
	64,700	Louisiana-Pacific Corporation^a		601,710
	7,250	LSB Industries, Inc.^a		292,537
	6,840	Market Vectors Junior Gold Miners ETF^b		284,886
	9,670	Noranda Aluminum Holding Corporation^a		164,293
	17,430	Rock-Tenn Company^b		1,203,890
	60,990	Solutia, Inc.^a		1,607,086
	53,650	Stillwater Mining Company^a		1,223,756
	72,960	Thompson Creek Metals Company, Inc.^a		899,597

		Total Materials		9,912,982

The accompanying Notes to Financial Statements are an integral part of this schedule.

Partner Small Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (97.1%)	Value
	Telecommunications Services (0.4%)
	45,040	Cogent Communications Group, Inc.^a		$653,530

		Total Telecommunications Services		653,530


	Utilities (<0.1%)
	3,140	Artesian Resources Corporation		61,356

		Total Utilities		61,356



		Total Common Stock (cost $100,687,265)		144,882,177


Shares		Collateral Held for Securities Loaned (11.3%)	Value
	16,933,587	Thrivent Financial Securities Lending Trust		16,933,587

		Total Collateral Held for Securities Loaned (cost $16,933,587)		16,933,587


Principal Amount		Short-Term Investments (1.8%)^c	Value
		Barton Capital Corporation
	2,620,000	0.090%, 5/2/2011		2,619,987

		Total Short-Term Investments (at amortized cost)		2,619,987

		Total Investments (cost $120,240,839) 110.2%		$164,435,751

		Other Assets and Liabilities, Net (10.2%)		(15,277,935	)

		Total Net Assets 100.0%		$149,157,816

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:


ADR		- American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF		- Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$44,838,519
Gross unrealized depreciation	(1,090,334	)

Net unrealized appreciation (depreciation)	$43,748,185

Cost for federal income tax purposes	$120,687,566

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Partner Small Cap Growth Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

23,482,803

–

Consumer Staples

3,927,438

–

Energy

9,062,059

–

Financials

7,768,049

–

Health Care

27,600,537

–

Industrials

24,064,193

–

Information Technology

38,349,230

–

Materials

9,912,982

–

Telecommunications Services

653,530

–

Utilities

61,356

–

Collateral Held for Securities Loaned

16,933,587

–

Short-Term Investments

2,619,987

–

2,619,987

–

Total

$164,435,751

$161,815,764

$2,619,987

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

Partner Small Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Small Cap Growth Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross

Sales

Shares Held at
April 29, 2011

Value

April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$16,835,133

$43,358,260

$43,259,806

16,933,587

$16,933,587

$38,115

Total Value and Income Earned

16,835,133

16,933,587

38,115

The accompanying Notes to Financial Statements are an integral part of this schedule.

100

Partner Small Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (99.1%)	Value
	Consumer Discretionary (13.1%)
	192,000	Aaron’s, Inc.^a		$5,527,680
	27,000	Ascent Media Corporation^b		1,296,810
	45,400	CSS Industries, Inc.		875,312
	52,000	Dorman Products, Inc.^b		2,028,000
	89,000	Drew Industries, Inc.		2,142,230
	53,000	Ethan Allen Interiors, Inc.^a		1,276,770
	76,000	Fred’s, Inc.		1,060,960
	84,700	Haverty Furniture Companies, Inc.		1,109,570
	36,400	Hooker Furniture Corporation		452,816
	59,300	M/I Homes, Inc.^b		788,097
	78,100	MarineMax, Inc.^b		746,636
	42,000	Matthews International Corporation		1,685,880
	66,000	Men’s Wearhouse, Inc.		1,840,740
	95,000	Meritage Homes Corporation^b		2,271,450
	169,000	Orient-Express Hotels, Ltd.^b		2,073,630
	505,400	Sealy Corporation^a,b		1,334,256
	129,000	Shiloh Industries, Inc.		1,471,890
	57,000	Stanley Furniture Company, Inc.^b		321,480
	143,700	Stein Mart, Inc.		1,563,456
	37,900	Steven Madden, Ltd.^b		2,014,385
	100,000	Winnebago Industries, Inc.^a,b		1,238,000

		Total Consumer Discretionary		33,120,048


	Consumer Staples (0.7%)
	216,400	Alliance One International, Inc.^b		863,436
	24,700	Nash Finch Company		919,334

		Total Consumer Staples		1,782,770


	Energy (6.3%)
	8,000	Carbo Ceramics, Inc.^a		1,287,520
	81,200	Cloud Peak Energy, Inc.^b		1,690,584
	55,100	Forest Oil Corporation^b		1,978,641
	76,700	Gulf Island Fabrication, Inc.		2,710,578
	223,000	Hercules Offshore, Inc.^b		1,399,325
	18,300	Overseas Shipholding Group, Inc.^a		509,838
	114,800	Penn Virginia Corporation		1,774,808
	25,500	Swift Energy Company^b		999,345
	158,800	Tetra Technologies, Inc.^b		2,345,476
	62,800	Venoco, Inc.^b		1,167,452

		Total Energy		15,863,567


	Financials (22.4%)
	76,000	Alterra Capital Holdings, Ltd.		1,670,480
	173,000	Ares Capital Corporation		3,063,830
	165,000	CBL & Associates Properties, Inc.		3,064,050
	113,900	Cedar Shopping Centers, Inc.		672,010
	84,500	Columbia Banking System, Inc.		1,593,670
	73,200	Cousins Properties, Inc.		658,800
	75,100	East West Bancorp, Inc.		1,586,863
	42,300	Employers Holdings, Inc.		852,768
	84,000	First Opportunity Fund, Inc.^b		619,920
	61,300	First Potomac Realty Trust		994,899
	40,000	Fortegra Financial Corporation^b		438,000
	84,600	Glacier Bancorp, Inc.		1,271,538
	60,200	Gladstone Capital Corporation^a		683,872
	68,300	Hatteras Financial Corporation		1,940,403
	113,000	Hercules Technology Growth Capital, Inc.		1,214,750
	72,300	Home Bancshares, Inc.		1,733,031
	14,000	iShares Russell 2000 Value Index Fund^a		1,071,700
	50,100	JMP Group, Inc.		430,860
	50,800	Kilroy Realty Corporation^a		2,130,552
	226,200	Kite Realty Group Trust		1,176,240
	73,700	LaSalle Hotel Properties		2,073,918
	3,400	Markel Corporation^b		1,418,752
	92,000	Meadowbrook Insurance Group, Inc.		942,080
	66,000	National Interstate Corporation		1,484,340
	27,300	Parkway Properties, Inc.		489,489
	36,700	Pebblebrook Hotel Trust		787,215
	155,000	PennantPark Investment Corporation		1,912,700
	22,700	Piper Jaffray Companies^b		813,795
	42,200	Potlatch Corporation		1,632,718
	63,000	ProAssurance Corporation^b		4,183,200
	49,100	Radian Group, Inc.		291,163
	136,700	Redwood Trust, Inc.^a		2,163,961
	110,000	Safeguard Scientifics, Inc.^b		2,150,500
	100,000	Sandy Spring Bancorp, Inc.		1,787,000
	45,800	SeaBright Holdings, Inc.		468,076
	48,000	SVB Financial Group^b		2,901,120
	263,000	Western Alliance Bancorp^a,b		2,175,010
	54,200	Wintrust Financial Corporation^a		1,825,998

		Total Financials		56,369,271


	Health Care (4.9%)
	33,900	Angiodynamics, Inc.^b		552,570
	5,900	Atrion Corporation^a		1,021,585
	79,000	Infinity Pharmaceuticals, Inc.^a,b		472,420
	750,000	Lexicon Pharmaceuticals, Inc.^a,b		1,260,000
	31,700	National Healthcare Corporation		1,472,782
	97,500	Owens & Minor, Inc.		3,358,875
	80,000	Triple-S Management Corporation^b		1,675,200
	54,600	West Pharmaceutical Services, Inc.		2,579,304

		Total Health Care		12,392,736


	Industrials (26.0%)
	49,800	A.O. Smith Corporation		2,189,706
	31,700	Alaska Air Group, Inc.^b		2,088,079
	24,900	Ameron International Corporation		1,751,466
	34,300	Applied Industrial Technologies, Inc.		1,209,418
	17,300	Astec Industries, Inc.^b		670,894
	129,000	Beacon Roofing Supply, Inc.^b		2,879,280
	42,500	Belden, Inc.		1,616,275
	22,800	Cascade Corporation		1,044,240
	17,000	Circor International, Inc.		772,310
	47,000	Colfax Corporation^b		1,026,950
	76,000	Comfort Systems USA, Inc.		927,960
	31,000	Courier Corporation		424,700
	58,000	Dolan Company^b		682,660
	16,000	Franklin Electric Company, Inc.		721,760
	22,000	FTI Consulting, Inc.^a,b		877,800
	53,900	G & K Services, Inc.		1,784,090
	74,500	Genesee & Wyoming, Inc.^b		4,617,510
	93,000	Gibraltar Industries, Inc.^b		1,086,240
	99,000	Greenbrier Companies, Inc.^b		2,679,930
	56,700	Hub Group, Inc.^b		2,283,876
	48,000	IDEX Corporation		2,252,160

The accompanying Notes to Financial Statements are an integral part of this schedule.

101

Partner Small Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (99.1%)	Value
	Industrials (26.0%) - continued
	83,000	Insituform Technologies, Inc.^b		$2,100,730
	42,800	Kaman Corporation		1,592,160
	84,700	Kforce, Inc.^b		1,325,555
	75,000	Kirby Corporation^b		4,258,500
	47,900	Kratos Defense & Security Solutions, Inc.^b		654,793
	100,000	McGrath Rentcorp		2,839,000
	36,000	Mine Safety Appliances Company		1,428,480
	106,300	Navigant Consulting, Inc.^b		1,238,395
	52,400	Nordson Corporation		2,985,228
	62,500	Robbins & Myers, Inc.		2,716,875
	84,000	SkyWest, Inc.		1,388,520
	47,100	Sterling Construction Company, Inc.^b		706,029
	25,500	Sun Hydraulics Corporation		1,185,495
	41,000	Universal Forest Products, Inc.		1,323,890
	51,700	Universal Truckload Services, Inc.^b		818,928
	81,700	Vitran Corporation, Inc.^b		1,273,703
	57,000	Waste Connections, Inc.		1,753,890
	58,500	Woodward, Inc.		2,167,425

		Total Industrials		65,344,900


	Information Technology (11.1%)
	61,200	Accelrys, Inc.^b		463,284
	120,000	Advanced Energy Industries, Inc.^b		1,698,000
	32,500	ATMI, Inc.^b		647,075
	122,300	Brooks Automation, Inc.^b		1,495,729
	24,000	Cabot Microelectronics Corporation^b		1,172,400
	58,000	Cognex Corporation		1,814,240
	52,700	Cohu, Inc.		759,407
	107,000	Electro Rent Corporation		1,685,250
	38,500	Electro Scientific Industries, Inc.^b		633,325
	59,800	Intevac, Inc.^b		731,354
	58,700	Ixia^a,b		959,158
	15,000	Littelfuse, Inc.		933,150
	80,000	Methode Electronics, Inc.		988,800
	111,000	Monotype Imaging Holdings, Inc.^b		1,509,600
	113,000	Progress Software Corporation^b		3,350,450
	142,000	ShoreTel, Inc.^b		1,483,900
	277,600	Sonus Networks, Inc.^b		1,093,744
	24,000	Standard Microsystems Corporation^b		651,600
	71,100	StarTek, Inc.^b		386,784
	59,300	Synnex Corporation^b		1,988,329
	66,600	Teradyne, Inc.^b		1,072,260
	59,300	Xyratex, Ltd.^b		605,453
	263,500	Zarlink Semiconductor, Inc.^a,b		674,560
	70,000	Zygo Corporation^b		1,046,500

		Total Information Technology		27,844,352


	Materials (9.3%)
	34,900	AMCOL International Corporation		1,298,978
	70,500	AptarGroup, Inc.		3,697,725
	67,800	Arch Chemicals, Inc.		2,621,826
	22,700	Carpenter Technology Corporation		1,163,602
	40,100	Clearwater Paper Corporation^b		3,147,048
	53,000	Franco-Nevada Corporation		2,101,628
	18,800	Haynes International, Inc.		1,015,952
	43,000	Innospec, Inc.^b		1,619,380
	20,800	Minerals Technologies, Inc.		1,414,400
	106,300	Myers Industries, Inc.		1,134,221
	236,000	North American Palladium, Ltd.^a,b		1,517,480
	85,600	Sims Metal Management, Ltd. ADR^a		1,634,104
	167,000	Wausau Paper Corporation		1,127,250

		Total Materials		23,493,594


	Telecommunications Services (0.3%)
	84,000	Premiere Global Services, Inc.^b		664,440

		Total Telecommunications Services		664,440


	Utilities (5.0%)
	38,900	Black Hills Corporation		1,351,775
	89,000	Cleco Corporation		3,123,900
	87,500	El Paso Electric Company^b		2,710,750
	20,400	Empire District Electric Company		457,776
	48,200	NorthWestern Corporation		1,568,910
	58,300	Southwest Gas Corporation		2,318,591
	39,500	Vectren Corporation		1,128,910

		Total Utilities		12,660,612



		Total Common Stock (cost $184,783,937)		249,536,290


Shares		Preferred Stock (0.6%)	Value
	Financials (0.4%)
	705	East West Bancorp, Inc.^c		1,069,837

		Total Financials		1,069,837


	Health Care (0.2%)
	37,800	National Healthcare Corporation, Convertible^c		553,770

		Total Health Care		553,770



		Total Preferred Stock (cost $1,186,284)		1,623,607


Shares		Collateral Held for Securities Loaned (7.4%)	Value
	18,579,300	Thrivent Financial Securities Lending Trust		18,579,300

		Total Collateral Held for Securities Loaned (cost $18,579,300)		18,579,300



		Total Investments (cost $204,549,521) 107.1%		$269,739,197

		Other Assets and Liabilities, Net (7.1%)		(17,989,187	)

		Total Net Assets 100.0%		$251,750,010

a	All or a portion of the security is on loan.

b	Non-income producing security.

c	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

The accompanying Notes to Financial Statements are an integral part of this schedule.

102

Partner Small Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Definitions:


ADR -		American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$75,080,346
Gross unrealized depreciation	(10,713,125	)

Net unrealized appreciation (depreciation)	$64,367,221

Cost for federal income tax purposes	$205,371,976

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Partner Small Cap Value Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

33,120,048

–

Consumer Staples

1,782,770

–

Energy

15,863,567

–

Financials

56,369,271

–

Health Care

12,392,736

–

Industrials

65,344,900

–

Information Technology

27,844,352

–

Materials

23,493,594

21,391,966

2,101,628

–

Telecommunications Services

664,440

–

Utilities

12,660,612

–

Preferred Stock

Financials

1,069,837

–

1,069,837

–

Health Care

553,770

–

Collateral Held for Securities Loaned

18,579,300

–

Total

269,739,197

266,567,732

3,171,465

$–

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Partner Small Cap Value Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(89	)
Total Foreign Exchange Contracts			(89	)

Total			($89	)

The following table presents Partner Small Cap Value Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Forwards

(Notional*)

Forwards

(Percentage of
Average Net Assets)

Foreign Exchange Contracts

$99

<0.1%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

103

Partner Small Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Small Cap Value Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross

Sales

Shares Held at
April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$12,796,600

$57,403,756

$51,621,056

18,579,300

$18,579,300

$9,821

Total Value and Income Earned

12,796,600

18,579,300

9,821

The accompanying Notes to Financial Statements are an integral part of this schedule.

104

Small Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (91.2%)	Value
	Consumer Discretionary (8.5%)
	14,800	DreamWorks Animation SKG, Inc.^a		$392,052
	331,407	Foot Locker, Inc.		7,131,879
	35,800	Jack in the Box, Inc.^a		739,270
	38,800	KB Home^b		458,228
	75,200	Knology, Inc.^a		1,146,800
	646,080	Pier 1 Imports, Inc.^a		7,869,254
	138,050	Signet Jewelers, Ltd.^a		6,039,688
	98,662	Warnaco Group, Inc.^a		6,349,886

		Total Consumer Discretionary		30,127,057


	Consumer Staples (5.1%)
	107,292	Corn Products International, Inc.		5,911,789
	63,416	Diamond Foods, Inc.^b		4,160,090
	66,162	Herbalife, Ltd.		5,940,024
	32,100	TreeHouse Foods, Inc.^a		1,947,507

		Total Consumer Staples		17,959,410


	Energy (10.4%)
	152,522	Arch Coal, Inc.		5,231,505
	176,680	Forest Oil Corporation^a		6,344,579
	488,182	International Coal Group, Inc.^a,b		5,384,647
	86,405	Oil States International, Inc.^a		7,172,479
	217,322	Patriot Coal Corporation^a		5,472,168
	153,908	Swift Energy Company^a		6,031,655
	50,900	Tesco Corporation^a		957,429
	27,000	Willbros Group, Inc.^a		290,250

		Total Energy		36,884,712


	Financials (13.6%)
	51,132	Affiliated Managers Group, Inc.^a		5,577,479
	146,100	First Niagara Financial Group, Inc.		2,103,840
	87,000	Hercules Technology Growth Capital, Inc.		935,250
	41,300	IBERIABANK Corporation		2,478,413
	200,243	LaSalle Hotel Properties		5,634,838
	25,715	Nara Bancorp, Inc.^a		252,778
	506,674	Ocwen Financial Corporation^a		6,064,888
	1,844,990	Popular, Inc.^a		5,811,718
	85,500	Solar Capital, Ltd.		2,169,990
	99,046	SVB Financial Group^a,b		5,986,340
	211,398	Texas Capital Bancshares, Inc.^a		5,454,068
	236,537	Zions Bancorporation		5,783,330

		Total Financials		48,252,932


	Health Care (11.6%)
	289,641	Align Technology, Inc.^a		6,991,934
	31,500	Conceptus, Inc.^a,b		486,045
	100,518	Covance, Inc.^a		6,292,427
	250,796	Endologix, Inc.^a		1,993,828
	193,182	Health Net, Inc.^a		6,432,961
	226,303	PSS World Medical, Inc.^a,b		6,508,474
	83,138	United Therapeutics Corporation^a		5,566,920
	126,310	Universal Health Services, Inc.		6,919,262

		Total Health Care		41,191,851


	Industrials (17.3%)
	3,900	Alaska Air Group, Inc.^a		256,893
	208,677	Deluxe Corporation		5,650,973
	203,311	EMCOR Group, Inc.^a		6,296,542
	143,829	FTI Consulting, Inc.^a,b		5,738,777
	70,000	ICF International, Inc.^a		1,705,200
	16,500	Kforce, Inc.^a		258,225
	276,082	Knight Transportation, Inc.		4,972,237
	27,900	Landstar System, Inc.		1,322,460
	366,385	Manitowoc Company, Inc.		8,130,083
	114,300	Navigant Consulting, Inc.^a		1,331,595
	25,200	Old Dominion Freight Line, Inc.^a		942,984
	181,666	Oshkosh Corporation^a		5,751,546
	164,847	Shaw Group, Inc.^a		6,412,548
	37,900	Steelcase, Inc.		437,745
	60,500	Sykes Enterprises, Inc.^a		1,211,815
	114,968	Teledyne Technologies, Inc.^a		5,804,734
	18,200	URS Corporation^a		814,450
	100,200	Waste Connections, Inc.		3,083,154
	43,000	Werner Enterprises, Inc.^b		1,125,310

		Total Industrials		61,247,271


	Information Technology (19.9%)
	1,034,719	Brocade Communications^a		6,466,994
	122,400	Cogo Group, Inc.^a		1,004,904
	151,336	CommVault Systems, Inc.^a		5,961,125
	217,798	GSI Commerce, Inc.^a		6,374,947
	108,310	Informatica Corporation^a		6,066,443
	64,300	Ingram Micro, Inc.^a		1,204,339
	342,759	Monster Worldwide, Inc.^a,b		5,624,675
	132,208	Netlogic Microsystems, Inc.^a		5,702,131
	175,536	Plantronics, Inc.		6,507,120
	196,758	Plexus Corporation^a		7,179,699
	244,327	Quest Software, Inc.^a		6,293,864
	5,700	Tech Data Corporation^a		302,841
	350,850	Teradyne, Inc.^a		5,648,685
	210,483	TIBCO Software, Inc.^a		6,312,385

		Total Information Technology		70,650,152


	Materials (0.6%)
	16,100	Packaging Corporation of America		459,333
	30,000	Reliance Steel & Aluminum Company		1,698,300

		Total Materials		2,157,633


	Telecommunications Services (0.4%)
	80,900	NTELOS Holdings Corporation		1,596,157

		Total Telecommunications Services		1,596,157


	Utilities (3.8%)
	42,700	Avista Corporation		1,039,745
	15,000	NV Energy, Inc.		227,850
	7,700	Portland General Electric Company		192,192
	139,991	Southwest Gas Corporation		5,567,442
	167,150	UGI Corporation		5,566,095
	22,400	UniSource Energy Corporation		831,712

		Total Utilities		13,425,036



		Total Common Stock (cost $262,247,762)		323,492,211

The accompanying Notes to Financial Statements are an integral part of this schedule.

105

Small Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Collateral Held for Securities Loaned (3.6%)	Value
	12,883,631	Thrivent Financial Securities Lending Trust		$12,883,631

		Total Collateral Held for Securities Loaned (cost $12,883,631)		12,883,631


Principal Amount		Short-Term Investments (9.1%)^c	Value
		Federal Home Loan Bank Discount Notes
	17,845,000	0.034%, 5/6/2011		17,844,899
	5,000,000	0.044%, 5/20/2011 Societe Generale North America, Inc.		4,999,878
		Societe Generale North America, Inc.
	7,830,000	0.100%, 5/2/2011^d		7,829,956
		U.S. Treasury Bills
	1,600,000	0.125%, 8/18/2011^e		1,599,393

		Total Short-Term Investments (at amortized cost)		32,274,126

		Total Investments (cost $307,405,519) 103.9%	$	368,649,968

		Other Assets and Liabilities, Net (3.9%)		(13,767,188	)

		Total Net Assets 100.0%	$	354,882,780

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

e	At April 29, 2011, $1,599,393 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$63,294,114
Gross unrealized depreciation	(2,423,630	)

Net unrealized appreciation (depreciation)	$60,870,484
Cost for federal income tax purposes	$307,779,484

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Small Cap Stock Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

30,127,057

–

Consumer Staples

17,959,410

–

Energy

36,884,712

–

Financials

48,252,932

–

Health Care

41,191,851

–

Industrials

61,247,271

–

Information Technology

70,650,152

–

Materials

2,157,633

–

Telecommunications Services

1,596,157

–

Utilities

13,425,036

–

Collateral Held for Securities Loaned

12,883,631

–

Short-Term Investments

32,274,126

–

32,274,126

–

Total

368,649,968

336,375,842

32,274,126

–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives Futures Contracts

1,825,467

–

Total Asset Derivatives

$1,825,467

$–


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures		284		June 2011	$	22,709,293	$	24,534,760	$	1,825,467
Total Futures Contracts									$	1,825,467

The accompanying Notes to Financial Statements are an integral part of this schedule.

106

Small Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Small Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		$1,825,467
Total Equity Contracts			1,825,467

Total Asset Derivatives			$1,825,467

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Small Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		2,866,626

Total Equity Contracts			2,866,626


Total			$2,866,626

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Small Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		1,403,959
Total Equity Contracts			1,403,959

Total			$1,403,959

The following table presents Small Cap Stock Fund’s average volume of derivative activity during the period ended April 29, 2011.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)
Equity Contracts	$	22,407,622	6.7%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

107

Small Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Small Cap Stock Fund, is as follows:


Fund	Value October 31, 2010		Gross Purchases		Gross Sales		Shares Held at April 29, 2011		Value April 29, 2011		Income Earned November 1, 2010 - April 29, 2011
Thrivent Financial Securities Lending Trust		$21,723,500		$98,801,451		$107,641,320		12,883,631		$12,883,631		$24,789
Total Value and Income Earned		21,723,500								12,883,631		24,789

The accompanying Notes to Financial Statements are an integral part of this schedule.

108

Mid Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (96.0%)	Value
	Consumer Discretionary (11.9%)
	82,300	Abercrombie & Fitch Company		$5,826,840
	240,200	American Eagle Outfitters, Inc.		3,737,512
	38,400	Autoliv, Inc.		3,076,992
	40,000	BorgWarner, Inc.^a		3,089,600
	59,600	Darden Restaurants, Inc.		2,799,412
	98,650	Discovery Communications, Inc.^a		4,366,249
	119,800	Dollar Tree, Inc.^a		6,888,500
	117,600	DreamWorks Animation SKG, Inc.^a		3,115,224
	77,300	Guess ?, Inc.		3,323,127
	107,700	International Game Technology		1,905,213
	101,100	KB Home^b		1,193,991
	229,200	MGM Resorts International^a,b		2,901,672
	50,000	O’Reilly Automotive, Inc.^a		2,953,000
	50,400	P.F. Chang’s China Bistro, Inc.^b		2,021,040
	52,600	PetSmart, Inc.		2,218,142
	37,000	VF Corporation		3,720,720

		Total Consumer Discretionary		53,137,234


	Consumer Staples (5.5%)
	132,900	Avon Products, Inc.		3,904,602
	86,700	BJ’s Wholesale Club, Inc.^a		4,449,444
	54,700	Clorox Company		3,810,402
	114,700	H.J. Heinz Company		5,876,081
	101,900	Whole Foods Market, Inc.		6,395,244

		Total Consumer Staples		24,435,773


	Energy (12.5%)
	135,400	Alpha Natural Resources, Inc.^a,b		7,876,218
	82,100	Arch Coal, Inc.		2,816,030
	81,600	Dresser-Rand Group, Inc.^a		4,287,264
	87,100	ENSCO International plc ADR		5,192,902
	166,300	Forest Oil Corporation^a		5,971,833
	75,600	Frontline, Ltd.^b		1,671,516
	172,800	Nabors Industries, Ltd.^a		5,294,592
	47,800	Oil States International, Inc.^a		3,967,878
	270,000	Petrohawk Energy Corporation^a		7,292,700
	117,100	Ultra Petroleum Corporation^a		5,947,509
	186,600	Weatherford International, Ltd.^a		4,026,828
	116,536	Willbros Group, Inc.^a		1,252,762

		Total Energy		55,598,032


	Financials (5.8%)
	232,400	Discover Financial Services		5,772,816
	17,100	IntercontinentalExchange, Inc.^a		2,057,985
	123,500	Lazard, Ltd.		5,063,500
	56,500	MSCI, Inc.^a		2,004,055
	56,900	PartnerRe, Ltd.		4,572,484
	197,493	TCF Financial Corporation^b		3,078,916
	161,800	TD Ameritrade Holding Corporation		3,485,172

		Total Financials		26,034,928


	Health Care (13.0%)
	29,800	Alexion Pharmaceuticals, Inc.^a,b		2,887,322
	59,500	AmerisourceBergen Corporation		2,418,080
	348,800	Boston Scientific Corporation^a		2,612,512
	48,700	C.R. Bard, Inc.		5,198,725
	148,800	CareFusion Corporation^a		4,370,256
	113,300	CIGNA Corporation		5,305,839
	184,800	Hologic, Inc.^a		4,069,296
	83,400	Hospira, Inc.^a		4,731,282
	76,000	Life Technologies Corporation^a		4,195,200
	170,700	Myriad Genetics, Inc.^a		3,659,808
	54,300	Quest Diagnostics, Inc.		3,061,434
	58,700	Shire Pharmaceuticals Group plc ADR		5,471,427
	55,600	Thermo Fisher Scientific, Inc.^a		3,335,444
	52,800	Vertex Pharmaceuticals, Inc.^a		2,905,056
	58,300	Watson Pharmaceuticals, Inc.^a		3,615,766

		Total Health Care		57,837,447


	Industrials (16.6%)
	130,700	Aecom Technology Corporation^a		3,562,882
	180,500	BE Aerospace, Inc.^a		6,965,495
	56,900	C.H. Robinson Worldwide, Inc.		4,562,242
	135,900	Delta Air Lines, Inc.^a		1,410,642
	128,240	Expeditors International of Washington, Inc.		6,959,585
	88,000	Jacobs Engineering Group, Inc.^a		4,365,680
	134,800	JB Hunt Transport Services, Inc.		6,427,264
	168,300	Knight Transportation, Inc.		3,031,083
	94,400	Manpower, Inc.		6,254,000
	94,800	Pentair, Inc.		3,807,168
	44,000	Precision Castparts Corporation		6,798,880
	101,200	Quanta Services, Inc.^a		2,194,016
	64,500	Roper Industries, Inc.		5,578,605
	76,500	Ryanair Holdings plc ADR^b		2,331,720
	61,000	SPX Corporation		5,273,450
	48,300	Stericycle, Inc.^a		4,408,824

		Total Industrials		73,931,536


	Information Technology (19.5%)
	43,874	Akamai Technologies, Inc.^a		1,511,021
	37,900	Altera Corporation^b		1,845,730
	40,600	ANSYS, Inc.^a		2,244,774
	431,200	Atmel Corporation^a		6,597,360
	51,300	CommVault Systems, Inc.^a		2,020,707
	176,900	Electronic Arts, Inc.^a		3,569,842
	65,300	F5 Networks, Inc.^a		6,618,808
	154,300	JDS Uniphase Corporation^a		3,215,612
	121,500	Marvell Technology Group, Ltd.^a		1,874,745
	31,400	Mercadolibre, Inc.^b		2,869,960
	104,600	Monster Worldwide, Inc.^a		1,716,486
	87,800	NetApp, Inc.^a		4,563,844
	118,196	Netlogic Microsystems, Inc.^a		5,097,793
	60,400	Nice Systems, Ltd. ADR^a		2,303,052
	281,619	Nuance Communications, Inc.^a		5,829,513
	238,400	NVIDIA Corporation^a		4,768,000
	159,318	Polycom, Inc.^a		9,531,996
	76,200	Red Hat, Inc.^a		3,617,214
	279,100	Symantec Corporation^a		5,484,315
	142,200	TE Connectivity, Ltd.		5,097,870
	112,800	Teradata Corporation^a		6,307,776

		Total Information Technology		86,686,418


	Materials (8.6%)
	143,400	Celanese Corporation		7,158,528
	52,400	CF Industries Holdings, Inc.		7,417,220
	102,500	Ecolab, Inc.		5,407,900
	64,200	Newmont Mining Corporation		3,762,762
	113,500	Pan American Silver Corporation		4,095,080
	108,800	Stillwater Mining Company^a		2,481,728
	154,700	Temple-Inland, Inc.		3,640,091

The accompanying Notes to Financial Statements are an integral part of this schedule.

109

Mid Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (96.0%)	Value
	Materials (8.6%) - continued
	31,200	Walter Energy, Inc.		$4,312,464

		Total Materials		38,275,773


	Telecommunications Services (2.6%)
	48,300	NII Holdings, Inc.^a		2,008,314
	140,300	SBA Communications Corporation^a		5,419,789
	197,600	TW Telecom, Inc.^a		4,256,304

		Total Telecommunications Services		11,684,407



		Total Common Stock (cost $313,945,351)		427,621,548


Shares		Collateral Held for Securities Loaned (5.2%)	Value
	23,278,948	Thrivent Financial Securities Lending Trust		23,278,948
		Total Collateral Held for Securities Loaned (cost $23,278,948)		23,278,948

Principal Amount		Short-Term Investments (3.9%)^c	Value
		Federal Home Loan Bank Discount Notes
	2,000,000	0.025%, 5/3/2011		1,999,996
	4,500,000	0.050%, 5/6/2011		4,499,962
		Federal Home Loan Mortgage Corporation Discount Notes
	6,000,000	0.025%, 5/9/2011		5,999,963
		U.S. Treasury Bills
	5,000,000	0.030%, 5/5/2011		4,999,979

		Total Short-Term Investments (at amortized cost)		17,499,900

		Total Investments (cost $354,724,199) 105.1%		$468,400,396

		Other Assets and Liabilities, Net (5.1%)		(22,659,128)

		Total Net Assets 100.0%		$445,741,268

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:


ADR		-		American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$	120,977,376
Gross unrealized depreciation		(8,367,025	)

Net unrealized appreciation (depreciation)	$	112,610,351

Cost for federal income tax purposes	$	355,790,045

The accompanying Notes to Financial Statements are an integral part of this schedule.

110

Mid Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Mid Cap Growth Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

53,137,234

–

Consumer Staples

24,435,773

–

Energy

55,598,032

–

Financials

26,034,928

–

Health Care

57,837,447

–

Industrials

73,931,536

–

Information Technology

86,686,418

–

Materials

38,275,773

–

Telecommunications Services

11,684,407

–

Collateral Held for Securities Loaned

23,278,948

–

Short-Term Investments

17,499,900

–

17,499,900

–

Total

$468,400,396

$450,900,496

$17,499,900

$–

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Growth Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross

Sales

Shares Held at
April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial

Securities Lending Trust

$17,310,111

$108,982,241

$103,013,404

23,278,948

$23,278,948

$20,870

Total Value and Income Earned

17,310,111

23,278,948

20,870

The accompanying Notes to Financial Statements are an integral part of this schedule.

111

Partner Mid Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (97.0%)	Value
	Consumer Discretionary (13.9%)
	45,668	CBS Corporation		$1,151,747
	71,071	DISH Network Corporation^a		1,779,618
	13,148	Guess ?, Inc.		565,233
	28,970	Hasbro, Inc.		1,356,955
	43,936	Lear Corporation		2,246,887
	35,277	Liberty Global, Inc.^a,b		1,640,380
	114,734	Liberty Media Corporation - Interactive^a		2,005,550
	10,535	Mohawk Industries, Inc.^a		632,521
	79,152	Newell Rubbermaid, Inc.		1,508,637
	1,235	NVR, Inc.^a		913,073
	28,821	Royal Caribbean Cruises, Ltd.^a		1,147,652
	26,161	Scripps Networks Interactive		1,345,199
	22,000	TRW Automotive Holdings Corporation^a		1,255,320
	33,809	Wyndham Worldwide Corporation		1,170,129

		Total Consumer Discretionary		18,718,901


	Consumer Staples (5.0%)
	23,063	Coca-Cola Enterprises, Inc.		655,220
	51,341	ConAgra Foods, Inc.		1,255,288
	18,595	Energizer Holdings, Inc.^a		1,404,480
	10,730	H.J. Heinz Company		549,698
	5,213	Hansen Natural Corporation^a		344,840
	33,003	J.M. Smucker Company		2,477,535

		Total Consumer Staples		6,687,061


	Energy (9.2%)
	23,955	Alpha Natural Resources, Inc.^a,b		1,393,462
	2,431	Cabot Oil & Gas Corporation		136,817
	28,260	Cameron International Corporation^a		1,489,867
	12,139	CONSOL Energy, Inc.		656,598
	30,921	Forest Oil Corporation^a		1,110,373
	39,673	Frontier Oil Corporation		1,108,464
	9,552	Helmerich & Payne, Inc.		633,680
	42,431	Newfield Exploration Company^a		3,004,115
	20,653	Oil States International, Inc.^a		1,714,405
	11,743	Pioneer Natural Resources Company		1,200,487

		Total Energy		12,448,268


	Financials (28.5%)
	8,314	Alexandria Real Estate Equities, Inc.		682,995
	8,279	AvalonBay Communities, Inc.		1,048,204
	13,455	Camden Property Trust		844,301
	28,977	CIT Group, Inc.^a		1,230,363
	18,668	Douglas Emmett, Inc.		388,481
	3,262	Essex Property Trust, Inc.		441,936
	23,484	Everest Re Group, Ltd.		2,139,862
	120,587	Fifth Third Bancorp		1,600,190
	9,983	First Republic Bank^a^,b		312,967
	99,494	Genworth Financial, Inc.^a		1,212,832
	54,877	Hartford Financial Services Group, Inc.		1,589,787
	71,061	Host Hotels & Resorts, Inc.		1,264,175
	54,640	Invesco, Ltd.		1,358,897
	69,527	Janus Capital Group, Inc.		846,144
	68,072	Kimco Realty Corporation		1,330,127
	17,033	Lazard, Ltd.		698,353
	44,415	Legg Mason, Inc.		1,650,017
	33,068	Lincoln National Corporation		1,032,714
	12,203	M&T Bank Corporation		1,078,379
	26,211	Marsh & McLennan Companies, Inc.		793,669
	134,744	MFA Financial, Inc.		1,075,257
	47,840	NASDAQ OMX Group, Inc.^a		1,296,464
	2,610	PartnerRe, Ltd.		209,740
	80,473	Principal Financial Group, Inc.		2,715,964
	125,696	SLM Corporation^a		2,085,297
	55,513	SunTrust Banks, Inc.		1,564,911
	34,642	Tanger Factory Outlet Centers, Inc.		957,158
	49,324	Unum Group		1,306,100
	22,617	Ventas, Inc.		1,264,969
	50,712	W.R. Berkley Corporation		1,653,718
	67,665	XL Group plc		1,652,379
	40,512	Zions Bancorporation		990,518

		Total Financials		38,316,868


	Health Care (6.1%)
	33,709	Aetna, Inc.		1,394,878
	270,032	Boston Scientific Corporation^a		2,022,540
	56,928	Hologic, Inc.^a		1,253,555
	27,826	Kinetic Concepts, Inc.^a		1,642,569
	19,511	Patterson Companies, Inc.		677,227
	54,071	Warner Chilcott plc		1,246,336

		Total Health Care		8,237,105


	Industrials (10.0%)
	25,929	BE Aerospace, Inc.^a		1,000,600
	15,048	Cooper Industries plc		992,416
	12,184	Eaton Corporation		652,210
	30,726	GrafTech International, Ltd.^a		712,843
	122,592	JetBlue Airways Corporation^a,b		693,871
	16,351	Kansas City Southern, Inc.^a		950,157
	108,729	Masco Corporation		1,459,143
	14,807	Parker Hannifin Corporation		1,396,596
	44,748	Pentair, Inc.		1,797,080
	31,697	Republic Services, Inc.		1,002,259
	12,949	Ryder System, Inc.		692,771
	32,704	Spirit Aerosystems Holdings, Inc.^a		804,518
	50,750	Textron, Inc.		1,324,575

		Total Industrials		13,479,039


	Information Technology (6.9%)
	12,354	Amphenol Corporation		690,712
	15,918	BMC Software, Inc.^a		799,561
	126,276	Brocade Communications^a		789,225
	13,860	Check Point Software Technologies, Ltd.^a		761,330
	32,193	Electronic Arts, Inc.^a		649,655
	15,600	Maxim Integrated Products, Inc.		426,504
	114,842	ON Semiconductor Corporation^a		1,206,989
	43,766	Parametric Technology Corporation^a		1,062,201
	13,498	Polycom, Inc.^a		807,585
	30,488	Quest Software, Inc.^a		785,371
	39,028	Xilinx, Inc.		1,360,516

		Total Information Technology		9,339,649


	Materials (4.8%)
	11,173	Albemarle Corporation		788,255
	17,990	Chemtura Corporation^a		345,048

The accompanying Notes to Financial Statements are an integral part of this schedule.

112

Partner Mid Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (97.0%)	Value
	Materials (4.8%) - continued
	6,631	Cliffs Natural Resources, Inc.		$621,457
	17,238	Cytec Industries, Inc.		1,011,526
	84,612	Huntsman Corporation		1,764,160
	33,233	Stillwater Mining Company^a		758,045
	29,822	Temple-Inland, Inc.		701,712
	34,320	Thompson Creek Metals Company, Inc.^a		423,166

		Total Materials		6,413,369


	Telecommunications Services (3.1%)
	40,138	CenturyLink, Inc.		1,636,828
	98,069	Clearwire Corporation^a,b		476,615
	412,398	Sprint Nextel Corporation^a		2,136,222
		Total Telecommunications Services		4,249,665

	Utilities (9.5%)
	69,802	CMS Energy Corporation		1,382,080
	15,243	Edison International, Inc.		598,593
	35,574	Northeast Utilities		1,266,434
	66,765	NV Energy, Inc.		1,014,160
	19,942	Pinnacle West Capital Corporation		865,283
	75,434	PPL Corporation		2,069,155
	34,448	SCANA Corporation		1,430,281
	23,316	Sempra Energy		1,284,711
	23,405	Westar Energy, Inc.		636,850
	89,984	Xcel Energy, Inc.		2,189,311

		Total Utilities		12,736,858

		Total Common Stock (cost $102,143,550)		130,626,783


Shares		Collateral Held for Securities Loaned (3.2%)	Value
	4,345,013	Thrivent Financial Securities Lending Trust		4,345,013

		Total Collateral Held for Securities Loaned (cost $4,345,013)		4,345,013


Principal Amount		Short-Term Investments (3.2%)^c	Value
	4,255,000	Bryant Park Funding, LLC 0.090%, 5/2/2011^d		4,254,979

		Total Short-Term Investments (at amortized cost)		4,254,979

		Total Investments (cost $110,743,542) 103.4%		$139,226,775

		Other Assets and Liabilities, Net (3.4%)		(4,627,581	)

		Total Net Assets 100.0%		$134,599,194

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$28,352,963
Gross unrealized depreciation	(440,345	)

Net unrealized appreciation (depreciation)	$27,912,618

Cost for federal income tax purposes	$111,314,157

The accompanying Notes to Financial Statements are an integral part of this schedule.

113

Partner Mid Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Partner Mid Cap Value Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

18,718,901

–

Consumer Staples

6,687,061

–

Energy

12,448,268

–

Financials

38,316,868

–

Health Care

8,237,105

–

Industrials

13,479,039

–

Information Technology

9,339,649

–

Materials

6,413,369

–

Telecommunications Services

4,249,665

–

Utilities

12,736,858

–

Collateral Held for Securities Loaned

4,345,013

–

Short-Term Investments

4,254,979

–

4,254,979

–

Total

$139,226,775

$134,971,796

$4,254,979

$–

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Mid Cap Value Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross
Sales

Shares Held at
April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$4,538,968

$28,943,357

$29,137,312

4,345,013

$4,345,013

$7,194

Total Value and Income Earned

4,538,968

4,345,013

7,194

The accompanying Notes to Financial Statements are an integral part of this schedule.

114

Mid Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (95.8%)	Value
	Consumer Discretionary (9.9%)
	223,811	Autoliv, Inc.^a		$17,933,975
	135,698	Charter Communications, Inc.^b		7,998,040
	170,271	Dollar Tree, Inc.^b		9,790,583
	43,100	Netflix, Inc.^b		10,028,077
	257,400	Omnicom Group, Inc.		12,661,506
	145,714	Panera Bread Company^b		17,647,423
	351,000	Williams-Sonoma, Inc.		15,236,910

		Total Consumer Discretionary		91,296,514


	Consumer Staples (4.2%)
	218,200	Corn Products International, Inc.		12,022,820
	360,209	Flowers Foods, Inc.^a		11,007,987
	254,273	TreeHouse Foods, Inc.^b		15,426,743

		Total Consumer Staples		38,457,550


	Energy (9.3%)
	146,934	Alpha Natural Resources, Inc.^a,b		8,547,151
	181,300	ENSCO International plc ADR		10,809,106
	439,956	Forest Oil Corporation^b		15,798,820
	255,288	National Oilwell Varco, Inc.		19,578,036
	749,600	Weatherford International, Ltd.^b		16,176,368
	213,600	Whiting Petroleum Corporation^b		14,845,200

		Total Energy		85,754,681


	Financials (17.2%)
	645,333	Duke Realty Corporation		9,841,328
	238,526	Endurance Specialty Holdings, Ltd.		10,576,243
	554,756	Equity One, Inc.		10,995,264
	572,026	HCC Insurance Holdings, Inc.		18,613,726
	740,209	Host Hotels & Resorts, Inc.		13,168,318
	74,571	IntercontinentalExchange, Inc.^b		8,974,620
	227,082	Lazard, Ltd.		9,310,362
	198,800	M&T Bank Corporation^a		17,567,956
	370,290	Northern Trust Corporation		18,510,797
	3,402,700	Popular, Inc.^b		10,718,505
	545,212	W.R. Berkley Corporation		17,779,363
	523,102	Zions Bancorporation^a		12,789,844

		Total Financials		158,846,326


	Health Care (12.4%)
	128,000	Alexion Pharmaceuticals, Inc.^b		12,401,920
	135,214	C.R. Bard, Inc.		14,434,094
	163,500	Covance, Inc.^a,b		10,235,100
	350,199	Coventry Health Care, Inc.^b		11,300,922
	337,295	Health Net, Inc.^b		11,231,924
	163,900	Quest Diagnostics, Inc.		9,240,682
	177,500	Thoratec Corporation^b		5,449,250
	130,102	Varian Medical Systems, Inc.^b		9,133,160
	199,033	Vertex Pharmaceuticals, Inc.^b		10,950,796
	109,800	Waters Corporation^b		10,760,400
	145,163	Zimmer Holdings, Inc.^b		9,471,886

		Total Health Care		114,610,134


	Industrials (17.1%)
	228,279	Chicago Bridge and Iron Company		9,254,431
	138,639	CSX Corporation		10,909,503
	180,407	Expeditors International of Washington, Inc.		9,790,688
	260,300	FTI Consulting, Inc.^a,b		10,385,970
	1,129,961	Manitowoc Company, Inc.		25,073,834
	162,298	Manpower, Inc.		10,752,242
	546,044	Oshkosh Corporation^b		17,287,753
	95,418	Parker Hannifin Corporation		8,999,826
	282,700	Republic Services, Inc.		8,938,974
	532,900	Shaw Group, Inc.^b		20,729,810
	158,606	SPX Corporation		13,711,489
	256,583	Tyco International, Ltd.		12,505,855

		Total Industrials		158,340,375


	Information Technology (15.6%)
	188,900	Alliance Data Systems Corporation^a,b		17,945,500
	936,150	Compuware Corporation^b		10,606,579
	335,053	eBay, Inc.^b		11,525,823
	281,050	Juniper Networks, Inc.^b		10,772,647
	191,250	Lam Research Corporation^b		9,239,287
	1,287,837	Teradyne, Inc.^b		20,734,176
	652,607	TIBCO Software, Inc.^b		19,571,684
	716,100	ValueClick, Inc.^b		11,994,675
	314,100	VeriFone Systems, Inc.^b		17,218,962
	412,596	Xilinx, Inc.		14,383,097

		Total Information Technology		143,992,430


	Materials (5.9%)
	215,816	Albemarle Corporation		15,225,819
	316,800	Silgan Holdings, Inc.^a		14,528,448
	683,894	Steel Dynamics, Inc.		12,440,032
	515,100	Temple-Inland, Inc.		12,120,303

		Total Materials		54,314,602


	Utilities (4.2%)
	180,501	Alliant Energy Corporation		7,137,009
	518,600	CMS Energy Corporation		10,268,280
	702,138	NV Energy, Inc.		10,665,476
	334,962	UGI Corporation		11,154,235

		Total Utilities		39,225,000



		Total Common Stock (cost $625,977,512)		884,837,612



Shares		Collateral Held for Securities Loaned (8.9%)	Value
	82,719,325	Thrivent Financial Securities Lending Trust		82,719,325

		Total Collateral Held for Securities Loaned (cost $82,719,325)		82,719,325


Principal Amount		Short-Term Investments (3.9%)^c	Value
		Federal Home Loan Bank Discount Notes
	19,000,000	0.028%, 5/6/2011		18,999,912
	5,000,000	0.040%, 5/18/2011		4,999,900
		Societe Generale North America, Inc.
	7,070,000	0.100%, 5/2/2011^d		7,069,961

The accompanying Notes to Financial Statements are an integral part of this schedule.

115

Mid Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Short-Term Investments (3.9%)^c	Value
		U.S. Treasury Bills
	5,000,000	0.030%, 5/5/2011		$4,999,979

		Total Short-Term Investments (at amortized cost)		36,069,752

		Total Investments (cost $744,766,589) 108.6%		$1,003,626,689

		Other Assets and Liabilities, Net (8.6%)		(79,889,781	)

		Total Net Assets 100.0%		$923,736,908

a	All or a portion of the security is on loan.

b	Non-income producing security.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

Definitions:


ADR		-		American Depositary Receipt, which are certificates for an underlying foreign security's shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$258,899,923
Gross unrealized depreciation	(3,538,847	)

Net unrealized appreciation (depreciation)	$255,361,076
Cost for federal income tax purposes	$748,265,613

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Mid Cap Stock Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

91,296,514

–

Consumer Staples

38,457,550

–

Energy

85,754,681

–

Financials

158,846,326

–

Health Care

114,610,134

–

Industrials

158,340,375

–

Information Technology

143,992,430

–

Materials

54,314,602

–

Utilities

39,225,000

–

Collateral Held for Securities Loaned

82,719,325

–

Short-Term Investments

36,069,752

–

36,069,752

–

Total

$1,003,626,689

$967,556,937

$36,069,752

$–

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Stock Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross
Sales

Shares Held at
April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$64,107,848

$358,682,359

$340,070,882

82,719,325

$82,719,325

$45,774

Total Value and Income Earned

64,107,848

82,719,325

45,774

The accompanying Notes to Financial Statements are an integral part of this schedule.

116

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (87.3%)	Value
	Australia (3.9%)
	23,719	Australia & New Zealand Banking Group, Ltd.		$631,825
	91,512	BHP Billiton, Ltd.		4,633,339
	117,848	Boart Longyear Group		593,580
	12,540	Campbell Brothers, Ltd.		623,432
	75,156	Challenger, Ltd.		398,608
	49,641	Fortescue Metals Group, Ltd.		336,463
	38,890	Iluka Resources, Ltd.		535,120
	47,566	Mineral Resources, Ltd.		609,421
	133,079	Mount Gibson Iron, Ltd.^a		276,150
	17,922	Ramsay Health Care, Ltd.		355,619
	12,903	Rio Tinto, Ltd.		1,168,084
	112,433	SAI Global, Ltd.		618,141
	33,146	United Group, Ltd.		549,603
	24,827	Wesfarmer, Ltd.		909,526

		Total Australia		12,238,911


	Austria (0.5%)
	8,649	Andritz AG		893,190
	27,927	Wienerberger AG^a		597,138

		Total Austria		1,490,328


	Belgium (0.8%)
	19,563	Anheuser-Busch InBev NV		1,248,378
	4,101	Bekaert SA		513,008
	6,801	Compagnie d’ Entreprises CFE		589,059

		Total Belgium		2,350,445


	Bermuda (0.2%)
	14,500	Orient Overseas International, Ltd.		111,276
	63,478	Seawell, Ltd.^a		423,008

		Total Bermuda		534,284


	Brazil (2.8%)
	71,181	Banco Bradesco SA ADR		1,439,992
	22,000	Lojas Renner SA		815,281
	22,000	Multiplan Empreendimentos Imobiliarios SA		459,802
	19,700	Petroleo Brasileiro SA ADR		735,401
	45,000	Petroleo Brasileiro SA PREF ADR		1,501,649
	71,500	Souza Cruz SA		813,533
	64,000	Ultrapar Participacoes SA		1,118,739
	58,000	Vale SA SP PREF ADR		1,734,200

		Total Brazil		8,618,597


	Canada (3.5%)
	6,980	Agrium, Inc.		632,641
	14,991	Barrick Gold Corporation		765,552
	24,550	Brookfield Asset Management, Inc.		826,636
	4,231	Canadian Imperial Bank of Commerce		366,266
	10,995	Canadian National Railway Company		852,804
	4,359	Canadian Natural Resources, Ltd.		205,051
	20,381	CGI Group, Inc.^a		445,875
	7,669	Enerplus Corporation		248,258
	11,622	Finning International, Inc.		340,848
	14,735	Goldcorp, Inc.		823,646
	3,178	Inmet Mining Corporation		223,018
	15,976	Pacific Rubiales Energy Corporation		485,425
	22,589	Potash Corporation of Saskatchewan, Inc.		1,276,033
	8,500	Riocan Real Estate Investment Trust		227,727
	6,698	Saputo, Inc.		318,831
	17,941	Shoppers Drug Mart Corporation		781,198
	8,660	Silver Wheaton Corporation		352,367
	10,202	Suncor Energy, Inc.		470,206
	15,324	Trican Well Service, Ltd.		377,675
	8,228	Valeant Pharmaceuticals International, Inc.		433,922
	33,424	Yamana Gold, Inc.		426,013

		Total Canada		10,879,992


	Cayman Islands (0.4%)
	682,000	Greatview Aseptic Packaging Company, Ltd.^a		467,177
	568,858	Kingboard Laminates Holdings, Ltd.		504,284
	106,219	Wynn Macau, Ltd.		379,076

		Total Cayman Islands		1,350,537


	Chile (0.3%)
	9,600	Banco Santander Chile SA ADR		879,264

		Total Chile		879,264


	China (1.2%)
	2,643,050	Bank of China, Ltd.		1,462,845
	1,513,614	Huaneng Power International, Inc.^a		835,905
	950,000	PetroChina Company, Ltd.		1,379,000

		Total China		3,677,750


	Denmark (1.0%)
	2,561	Carlsberg AS		303,875
	23,518	Christian Hansen Holding AS		536,331
	2,305	Coloplast AS		339,056
	29,383	DSV AS		768,359
	9,074	Novo Nordisk AS		1,148,708

		Total Denmark		3,096,329


	Finland (1.4%)
	12,542	Cargotec Oyj		704,224
	3,417	Kesko Oyj		177,316
	22,150	Neste Oil Oyj		419,157
	12,598	Outotec Oyj		798,870
	16,762	Sampo Oyj		564,270
	25,291	UPM-Kymmene Oyj		518,709
	12,221	Wartsila Corporation		480,362
	21,912	YIT Oyj		657,315

		Total Finland		4,320,223


	France (5.6%)
	17,080	Alten, Ltd.		700,700
	13,997	April Group		450,674
	101,216	AXA SA		2,268,890
	25,238	Beneteau SA		541,155
	34,700	Cap Gemini SA		2,101,658
	3,839	Christian Dior SA		615,798
	20,970	Compagnie de Saint-Gobain		1,446,815
	8,940	Faurecia^a		368,641
	15,104	Ingenico		749,464
	6,480	Peugeot SA^a		294,060
	4,654	Rubis		571,454

The accompanying Notes to Financial Statements are an integral part of this schedule.

117

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (87.3%)	Value
	France (5.6%) - continued
	11,917	Safran SA		$462,296
	4,308	Schneider Electric SA		761,051
	43,530	Total SA		2,787,519
	15,184	Valeo SA^a		967,105
	2,917	Virbac SA		538,134
	61,100	Vivendi SA		1,915,646

		Total France		17,541,060


	Germany (5.4%)
	16,208	Aixtron SE		688,293
	5,511	BASF SE		565,850
	7,139	Bayerische Motoren Werke AG		672,078
	36,719	Daimler AG		2,837,668
	11,732	Demag Cranes AG		630,647
	16,250	Deutsche Boerse AG		1,348,957
	65,800	Deutz AG^a		601,361
	17,670	ElringKlinger AG		619,837
	9,185	Henkel AG & Company KGaA		626,139
	18,468	Kloeckner & Company SE^a		663,059
	5,334	MAN AG^a		743,047
	7,603	Metro AG		557,957
	4,606	Pfeiffer Vacuum Technology AG		639,691
	8,239	Rheinmetall AG		738,557
	11,685	SAP AG ADR		752,810
	10,700	Siemens AG		1,556,295
	13,971	Stada Arzneimittel AG		618,163
	15,812	Suedzucker AG		487,427
	17,776	Symrise AG		585,060
	4,771	Volkswagen AG^a		938,951

		Total Germany		16,871,847


	Guernsey (0.1%)
	73,213	Resolution, Ltd.		370,736

		Total Guernsey		370,736


	Hong Kong (3.3%)
	212,400	AIA Group, Ltd.^a		716,312
	180,000	China Mobile, Ltd.		1,655,716
	65,000	CLP Holdings, Ltd.		534,637
	274,000	Galaxy Entertainment Group, Ltd.^a		494,176
	175,000	Hang Lung Group, Ltd.		1,179,233
	182,150	Hutchison Whampoa, Ltd.		2,083,146
	848,522	New World Development Company, Ltd.		1,493,302
	238,000	SJM Holdings, Ltd.		514,239
	46,211	Swire Pacific, Ltd., Class A		707,263
	270,000	Swire Pacific, Ltd., Class B		781,590

		Total Hong Kong		10,159,614


	Hungary (0.3%)
	4,200	Richter Gedeon Nyrt		878,886

		Total Hungary		878,886


	India (1.9%)
	54,500	Bharti Airtel, Ltd.		468,928
	8,300	GlaxoSmithKline Pharmaceuticals, Ltd.		424,608
	9,500	Grasim Industries, Ltd.		526,932
	22,500	Hero Honda Motors, Ltd.		870,512
	74,000	Hindustan Unilever, Ltd.		477,605
	75,000	Housing Development Finance Corporation		1,199,800
	25,000	ICICI Bank, Ltd.		631,786
	15,600	Infosys Technologies, Ltd.		1,025,567
	9,428	Ultra Tech Cement, Ltd.		232,527

		Total India		5,858,265


	Indonesia (0.7%)
	178,000	PT Astra International Tbk		1,169,878
	884,124	Telekomunikasi Indonesia Tbk PT		796,902
	4,000	Telekomunikasi Indonesia Tbk PT ADR		144,560

		Total Indonesia		2,111,340


	Israel (0.3%)
	19,800	Teva Pharmaceutical Industries, Ltd. ADR		905,454

		Total Israel		905,454


	Italy (2.1%)
	6,485	DiaSorin SPA		313,132
	280,950	Enel SPA		2,003,391
	73,100	Eni SPA		1,957,005
	17,952	MARR SPA		235,700
	1,341,200	Telecom Italia SPA		1,729,338
	12,747	Yoox SPA^a		231,719

		Total Italy		6,470,285


	Japan (14.0%)
	9,000	Aisin Seiki Company, Ltd.		317,445
	20,400	Alps Electric Company, Ltd.		204,008
	29,000	Anritsu Corporation		231,412
	32,000	Asahi Diamond Industrial Company, Ltd.		665,642
	35,000	Asics Corporation		506,163
	88,350	Bridgestone Corporation		1,951,335
	23,000	Canon, Inc.		1,083,129
	54,000	Chiyoda Corporation		537,554
	17,200	Credit Saison Company, Ltd.		288,415
	49,000	Daicel Chemical Industries, Ltd.		316,035
	18,000	Daihatsu Motor Company, Ltd.		290,765
	80,000	Daiichi Sankyo Company, Ltd.		1,571,957
	34,100	Dainippon Sumitomo Pharma Company, Ltd.		327,898
	28,121	Daito Trust Construction Company, Ltd.		2,249,681
	353,544	Daiwa Securities Group, Inc.		1,525,903
	5,800	Dena Company, Ltd.		217,733
	118,000	Denki Kagaku Kogyo KK		606,112
	12,100	Denso Corporation		404,944
	23,500	East Japan Railway Company		1,306,143
	17,000	Elpida Memory, Inc.^a		254,727
	12,442	Exedy Corporation		397,484
	11,900	FamilyMart Company, Ltd.		431,944
	19,952	Fuji Machine Manufacturing Company, Ltd.		466,727
	16,700	Gree, Inc.		343,909
	115,000	Hitachi, Ltd.		624,189
	6,000	Honda Motor Company, Ltd.		230,665
	1,900	Idemitsu Kosan Company, Ltd.		224,695
	116,000	IHI Corporation		295,152
	50,300	ITOCHU Corporation		523,981
	14,500	JTEKT Corporation		188,359
	71,000	Kawasaki Heavy Industries, Ltd.		293,438
	73	KDDI Corporation		487,354
	88,000	Kobe Steel, Ltd.		218,370
	48,000	Krosaki Harima Corporation		197,261

The accompanying Notes to Financial Statements are an integral part of this schedule.

118

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (87.3%)	Value
	Japan (14.0%) - continued
	7,100	Kyocera Corporation		$783,378
	64,000	Mitsubishi Electric Corporation		712,530
	15,300	Mitsui & Company, Ltd.		272,265
	7,000	Mori Seiki Company, Ltd.^b		90,138
	52,652	MS and AD Insurance Group Holdings, Inc.		1,232,997
	3,400	Murata Manufacturing Company, Ltd.		245,563
	20,100	Nabtesco Corporation		514,571
	19,800	Namco Bandai Holdings, Inc.		218,663
	29,800	Nichicon Corporation		458,000
	76,350	Nikon Corporation		1,600,113
	66,000	Nippon Yusen KK		243,992
	250,600	Nissan Motor Company, Ltd.		2,411,151
	2,850	ORIX Corporation		279,999
	15,951	Pigeon Corporation		549,277
	87,900	Pioneer Corporation^a		371,802
	48,600	Round One Corporation		295,446
	10,500	Sanrio Company, Ltd.		349,407
	59,620	Sanyo Chemical Industries, Ltd.		487,185
	27,200	Secom Company, Ltd.		1,349,220
	26,400	Sega Sammy Holdings, Inc.		462,424
	15,482	SHO-BOND Holdings Company, Ltd.		405,332
	89	So-net M3, Inc.		578,453
	7,500	Sony Corporation		211,766
	130,400	Sumitomo Corporation		1,798,848
	49,000	Sumitomo Electric Industries, Ltd.		682,234
	504,844	Sumitomo Mitsui Trust Holdings, Inc.		1,738,046
	174,000	Sumitomo Osaka Cement Company, Ltd.		473,101
	19,000	Suruga Bank, Ltd.		158,587
	15,400	Sysmex Corporation		539,384
	69,958	Tadano, Ltd.		374,152
	11,100	Takeda Pharmaceutical Company, Ltd.		537,937
	87,000	Tokyu Corporation		359,904
	107,000	Toshiba Corporation		569,764
	11,498	Toyo Tanso Company, Ltd.		638,662
	49,000	UNY Company, Ltd.		429,397
	14,400	Ushio, Inc.		293,206
	150	West Japan Railway Company		547,010

		Total Japan		43,044,433


	Jersey (0.1%)
	12,338	Wolseley plc		448,147

		Total Jersey		448,147


	Luxembourg (0.3%)
	19,000	Tenaris SA ADR		965,010

		Total Luxembourg		965,010


	Malaysia (0.4%)
	240,000	CIMB Group Holdings Berhad		664,416
	135,500	Public Bank Berhad		599,581

		Total Malaysia		1,263,997


	Mexico (1.2%)
	168,000	Consorcio ARA SAB de CV		99,384
	22,000	Fomento Economico Mexicano SAB de CV ADR		1,383,801
	7,100	Grupo Aeroportuario del Sureste SAB de CV ADR		420,036
	245,500	Grupo Financiero Banorte SAB de CV ADR		1,226,252
	132	Mexico Government International Bond Warrants^a		330
	132,000	Organizacion Soriana SAB de CV		453,045

		Total Mexico		3,582,848


	Netherlands (1.4%)
	57,700	Aegon NV^a		458,583
	42,683	Koninklijke (Royal) KPN NV		677,352
	36,976	Koninklijke DSM NV		2,548,448
	3,020	Nutreco NV		235,013
	27,071	STMicroelectronics NV		320,329
	7,276	Unilever NV		239,514

		Total Netherlands		4,479,239


	Norway (2.1%)
	14,591	DnB NOR ASA		237,259
	271,845	Marine Harvest		359,146
	21,000	Schibsted ASA		631,839
	13,674	Seadrill, Ltd.		485,125
	102,758	Statoil ASA		3,010,183
	72,000	Storebrand ASA		747,796
	507,000	STX OSV Holdings, Ltd.^a		465,499
	73,862	Tomra Systems ASA		633,819

		Total Norway		6,570,666


	Philippines (0.3%)
	1,400,000	Ayala Land, Inc.		538,465
	379,966	Bank of the Philippine Islands		522,626

		Total Philippines		1,061,091


	Poland (0.3%)
	12,500	Bank Pekao SA		819,311

		Total Poland		819,311


	Portugal (0.7%)
	1,004,900	Banco Comercial Portugues SA^a		801,598
	1,004,900	Banco Comercial Portugues SA Rights, .02 EUR, expires 5/6/2011^a		34,231
	200,200	Banco Espirito Santo SA		843,200
	28,574	Jeronimo Martins SGPS SA		468,623

		Total Portugal		2,147,652


	Russia (0.4%)
	19,500	LUKOIL ADR		1,355,287

		Total Russia		1,355,287


	Singapore (1.3%)
	33,000	Fraser and Neave, Ltd.		169,162
	159,775	Keppel Corporation, Ltd.		1,555,826
	890,000	Midas Holding, Ltd.		531,775
	53,000	Oversea-Chinese Banking Corporation, Ltd.		413,869
	230,000	Raffles Medical Group, Ltd.		427,269
	99,000	SembCorp Industries, Ltd.		437,376
	422,000	Super Group, Ltd.		476,607

		Total Singapore		4,011,884


	South Africa (0.8%)
	61,000	Massmart Holdings, Ltd.		1,335,511

The accompanying Notes to Financial Statements are an integral part of this schedule.

119

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (87.3%)	Value
	South Africa (0.8%) - continued
	104,000	Truworths International, Ltd.		$1,203,016

		Total South Africa		2,538,527


	South Korea (2.2%)
	13,399	BS Financial Group, Inc.^a		195,049
	7,704	Fila Korea, Ltd.		512,681
	3,800	POSCO		1,667,575
	3,200	Samsung Electronics Company, Ltd.		1,883,870
	2,400	Shinsegae Company, Ltd.^c		600,778
	2,690	SK Telecom Company, Ltd.		407,571
	72,399	SK Telecom Company, Ltd. ADR		1,374,133
	3,574	Technosemichem Company, Ltd.		161,093

		Total South Korea		6,802,750


	Spain (1.5%)
	151,677	Banco Bilbao Vizcaya Argentaria SA		1,942,755
	145,087	Banco Popular Espanol SA		869,039
	55,600	Indra Sistemas SA		1,260,997
	18,575	Repsol YPF SA		663,063

		Total Spain		4,735,854


	Sweden (1.5%)
	28,113	Atlas Copco AB		825,677
	6,632	Elekta AB		302,268
	15,912	Hoganas AB^a		660,838
	30,076	Investor AB		749,105
	7,166	NCC AB		191,629
	48,873	Nobia AB^a		389,852
	30,541	Nordea Bank AB		348,210
	55,181	Volvo AB		1,084,425

		Total Sweden		4,552,004


	Switzerland (7.6%)
	22,031	ABB, Ltd.^a		608,392
	26,850	Adecco SA		1,918,831
	6,356	Aryzta AG		354,528
	2,005	Bucher Industries AG		489,081
	2,009	Burckhardt Compression Holding AG		645,847
	13,369	Compagnie Financiere Richemont SA		864,695
	41,300	Credit Suisse Group		1,879,838
	12,625	GAM Holding AG^a		248,839
	1,282	Givaudan SA^a		1,426,475
	18,810	Holcim, Ltd.		1,638,954
	7,752	Huber & Suhner AG		576,247
	1,199	Kaba Holding AG		535,738
	58,718	Nestle SA		3,644,528
	31,950	Novartis AG		1,894,639
	16,593	Roche Holding AG		2,693,374
	265	Sika AG		676,902
	864	Swatch Group AG		425,464
	46,526	UBS AG^a		931,101
	162	Zehnder Group AG		511,283
	6,200	Zurich Financial Services AG^a		1,743,307

		Total Switzerland		23,708,063


	Taiwan (0.7%)
	209,000	Taiwan Mobile Company, Ltd.		539,734
	622,362	Taiwan Semiconductor Manufacturing Company, Ltd.		1,609,728

		Total Taiwan		2,149,462


	Thailand (1.6%)
	86,825	Bangkok Bank pcl		495,526
	155,000	PTT Exploration & Production pcl		961,974
	164,850	PTT pcl		2,074,836
	77,400	Siam Cement pcl		1,074,090
	116,200	Siam Commercial Bank pcl		452,231

		Total Thailand		5,058,657


	Turkey (0.7%)
	262,258	Akbank TAS		1,363,362
	21,000	BIM Birlesik Magazalar AS		731,602

		Total Turkey		2,094,964


	United Kingdom (12.3%)
	219,007	Aegis Group plc		513,150
	15,163	AMEC plc		304,387
	9,615	Anglo American plc		503,989
	78,292	ARM Holdings plc		811,427
	4,857	AstraZeneca plc		240,984
	58,736	Babcock International Group plc		629,153
	438,186	BAE Systems plc		2,405,229
	69,479	BG Group plc		1,789,116
	28,545	BHP Billiton plc		1,206,833
	21,605	British American Tobacco plc		944,038
	87,145	BT Group plc		286,092
	27,075	Burberry Group plc		587,478
	145,613	Carillion plc		955,642
	169,290	Centrica plc		909,111
	16,210	Croda International plc		509,292
	11,222	Diageo plc		228,283
	42,650	GlaxoSmithKline plc		931,654
	91,418	Halma plc		570,908
	189,718	HSBC Holdings plc		2,069,344
	34,350	HSBC Holdings plc ADR		1,871,045
	18,887	IMI plc		345,635
	29,609	Imperial Tobacco Group plc		1,044,337
	104,491	Intermediate Capital Group plc		577,833
	208,184	ITV plc^a		265,107
	99,933	Kingfisher plc		459,121
	160,388	Legal & General Group plc		329,858
	71,750	Pearson plc		1,375,090
	23,263	Pennon Group plc		256,965
	25,466	Prudential plc		329,450
	20,389	Rio Tinto plc		1,487,631
	18,003	Rotork plc		517,309
	19,698	Shire plc		611,253
	17,079	Spirax-Sarco Engineering plc		574,208
	208,740	Spirent plc		509,142
	53,059	Standard Chartered plc		1,474,547
	342,105	Tesco plc		2,306,336
	17,212	Ultra Electronics Holdings plc		496,782
	17,535	Unilever plc		569,625
	715,800	Vodafone Group plc		2,069,089
	10,296	Whitbread plc		289,444
	126,811	William Morrison Supermarkets plc		625,583
	172,000	WPP plc		2,252,835
	51,138	Xstrata plc		1,311,591

		Total United Kingdom		38,345,926

The accompanying Notes to Financial Statements are an integral part of this schedule.

120

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (87.3%)	Value
	United States (0.2%)
	11,701	iShares MSCI EAFE Growth Index Fund	$	776,244

		Total United States		776,244

		Total Common Stock (cost $222,958,239)		271,116,163


	Principal Amount	Long-Term Fixed Income (8.6%)		Value

	Argentina (0.4%)
		Argentina Government International Bond
	260,000	7.000%, 4/17/2017		234,000
	80,000	5.830%, 12/31/2033^d		31,832
	269,261	7.820%, 12/31/2033^e		291,115
	243,617	7.820%, 12/31/2033^e		263,390
	2,400,000	Zero Coupon, 12/15/2035^e,f		494,430
	150,000	Zero Coupon, 12/15/2035		25,088
	50,000	2.260%, 12/31/2038^e,g		26,289
		Empresa Distribuidora Y Comercializadora Norte SA
	20,000	9.750%, 10/25/2022^h		20,600

		Total Argentina		1,386,744


	Belarus (0.1%)
		Belarus Government International Bond
	176,000	8.750%, 8/3/2015		164,780

		Total Belarus		164,780


	Belize (<0.1%)
		Belize Government International
		Bond
	70,000	6.000%, 2/20/2029^g		58,800

		Total Belize		58,800


	Bermuda (0.1%)
		Vimpel Communications Via VIP
		Finance Ireland, Ltd. OJSC
	200,000	7.748%, 2/2/2021^h		211,000

		Total Bermuda		211,000


	Brazil (0.5%)
		BFF International, Ltd.
	100,000	7.250%, 1/28/2020		110,375
		Brazil Government International Bond
	580,000	4.875%, 1/22/2021		598,850
	20,000	8.250%, 1/20/2034		26,600
	150,000	5.625%, 1/7/2041		150,000
		Hypermarcas SA
	160,000	6.500%, 4/20/2021^h		161,600
		Independencia International, Ltd.
	95,246	12.000%, 12/30/2016^h,i		714
		Telemar Norte Leste SA
	129,000	5.500%, 10/23/2020^h		125,775

		Total Brazil		1,173,914


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Bulgaria (0.1%)
		Bulgaria Government International Bond
$	140,000	8.250%, 1/15/2015	$	163,625

		Total Bulgaria		163,625


	Canada (0.1%)
		PTTEP Canada International Finance, Ltd.
	200,000	5.692%, 4/5/2021^j		203,166

		Total Canada		203,166


	Cayman Islands (0.1%)
		Country Garden Holdings Company
	300,000	2.500%, 2/22/2013^k		51,966
		Evergrande Real Estate Group, Ltd.
	1,000,000	7.500%, 1/19/2014^k		151,694
		TGI International, Ltd.
	130,000	9.500%, 10/3/2017		146,250

		Total Cayman Islands		349,910


	Chile (0.2%)
		Banco Central de Chile
	105,000,001	6.000%, 5/1/2015^l		235,376
		Banco del Estado de Chile
	100,000	4.125%, 10/7/2020		93,302
	100,000	4.125%, 10/7/2020^h		93,792
		Chile Government International Bond
	100,000	3.875%, 8/5/2020		98,250
		Corporacion Nacional del Cobre
		de Chile - Codelco
	100,000	3.750%, 11/4/2020^h		94,350
	110,000	6.150%, 10/24/2036		121,035
		E-CL SA
	120,000	5.625%, 1/15/2021^h		121,492

		Total Chile		857,597


	China (<0.1%)
		Sinochem Overseas Capital
		Company, Ltd.
	70,000	6.300%, 11/12/2040^h		68,001

		Total China		68,001


	Colombia (0.6%)
		Colombia Government International Bond
	20,000	8.250%, 12/22/2014		23,820
	600,000	7.375%, 1/27/2017		716,400
	540,000	7.375%, 3/18/2019		656,100
	500,000	7.375%, 9/18/2037		610,000
	100,000	6.125%, 1/18/2041		105,000

		Total Colombia		2,111,320


	Costa Rica (0.1%)
		Costa Rica Government International Bond
	123,000	9.995%, 8/1/2020		167,895

		Total Costa Rica		167,895

The accompanying Notes to Financial Statements are an integral part of this schedule.

121

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Croatia (0.1%)
		Croatia Government International Bond
$	120,000	6.625%, 7/14/2020	$	125,940
	200,000	6.375%, 3/24/2021^j		203,430

		Total Croatia		329,370


	Dominican Republic (0.2%)
		Dominican Republic Government International Bond
	87,438	9.040%, 1/23/2018		99,024
	240,000	7.500%, 5/6/2021		251,280
	100,000	8.625%, 4/20/2027		108,200

		Total Dominican Republic		458,504


	El Salvador (0.1%)
		El Salvador Government International Bond
	180,000	7.650%, 6/15/2035		181,980

		Total El Salvador		181,980


	Gabon (0.1%)
		Gabon Government International Bond
	135,000	8.200%, 12/12/2017		156,094

		Total Gabon		156,094


	Georgia (0.1%)
		Georgia Government International Bond
	200,000	6.875%, 4/12/2021^h		198,000

		Total Georgia		198,000


	Ghana (<0.1%)
		Ghana Government International Bond
	100,000	8.500%, 10/4/2017		112,000

		Total Ghana		112,000


	Hungary (0.1%)
		Hungary Government International Bond
	430,000	6.375%, 3/29/2021		447,200

		Total Hungary		447,200


	Indonesia (0.7%)
		Indonesia Government International Bond
	100,000	6.750%, 3/10/2014		110,369
	300,000	6.875%, 1/17/2018		343,875
	470,000	11.625%, 3/4/2019		685,024
	230,000	5.875%, 3/13/2020		250,700
	200,000	4.875%, 5/5/2021^h		200,000
	190,000	8.500%, 10/12/2035		249,850
	400,000	7.750%, 1/17/2038		488,000

		Total Indonesia		2,327,818


	Iraq (0.1%)
		Iraq Government International Bond
	250,000	5.800%, 1/15/2028		227,500

		Total Iraq		227,500


	Ireland (<0.1%)
		Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC
	100,000	9.125%, 4/30/2018		114,625

		Total Ireland		114,625


	Ivory Coast (0.1%)
		Ivory Coast Government International Bond
	367,000	2.500%, 12/31/2032ⁱ		201,850

		Total Ivory Coast		201,850


	Kazakhstan (0.3%)
		Halyk Savings Bank of Kazakhstan JSC
	140,000	7.250%, 5/3/2017		144,375
		Kazatomprom Natsionalnaya Atomnaya Kompaniya AO
	100,000	6.250%, 5/20/2015		106,250
		KazMunayGas National Company
	340,000	11.750%, 1/23/2015		425,000
	200,000	6.375%, 4/9/2021^h		208,500

		Total Kazakhstan		884,125


	Lebanon (0.1%)
		Lebanon Government International Bond
	60,000	9.000%, 3/20/2017		69,768
	161,000	4.000%, 12/31/2017		154,963
	185,000	6.375%, 3/9/2020		188,006
	10,000	8.250%, 4/12/2021		11,425

		Total Lebanon		424,162


	Lithuania (0.1%)
		Lithuania Government International Bond
	350,000	6.125%, 3/9/2021^h		364,000

		Total Lithuania		364,000


	Luxembourg (0.4%)
		Alrosa Finance SA
	200,000	7.750%, 11/3/2020		215,500
		Gazprom Via Gaz Capital SA
	620,000	9.250%, 4/23/2019		773,450
		Gazprom Via Gazprom International, Ltd.
	82,803	7.201%, 2/1/2020		89,685
		TNK-BP Finance SA
	100,000	7.250%, 2/2/2020		109,750

		Total Luxembourg		1,188,385


	Malaysia (0.1%)
		Malaysia Government International Bond
	210,000	7.500%, 7/15/2011		212,317
		Petronas Capital, Ltd.
	120,000	5.250%, 8/12/2019		127,621

		Total Malaysia		339,938


	Mexico (0.6%)
		Cemex Finance, LLC
	150,000	9.500%, 12/14/2016		159,750

The accompanying Notes to Financial Statements are an integral part of this schedule.

122

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Mexico (0.6%) - continued
		Cemex SAB de CV
$	150,000	5.301%, 9/30/2015^f,j	$	148,725
		Mexico Government International Bond
	30,000	7.500%, 1/14/2012		31,275
	20,000	5.875%, 1/15/2014		22,050
	10,000	6.625%, 3/3/2015		11,485
	130,000	5.950%, 3/19/2019		146,055
	30,000	8.300%, 8/15/2031		39,960
	250,000	6.750%, 9/27/2034		285,000
	70,000	6.050%, 1/11/2040		72,625
	70,000	5.750%, 10/12/2110		63,700
		Pemex Project Funding Master Trust
	243,000	5.750%, 3/1/2018		260,265
	350,000	6.625%, 6/15/2035		355,302
		Petroleos Mexicanos
	140,000	8.000%, 5/3/2019		169,260
	80,000	5.500%, 1/21/2021		81,960

		Total Mexico		1,847,412


	Nigeria (0.1%)
		Nigeria Government International Bond
	200,000	6.750%, 1/28/2021		206,950

		Total Nigeria		206,950


	Pakistan (<0.1%)
		Pakistan Government International Bond
	100,000	6.875%, 6/1/2017		87,500

		Total Pakistan		87,500


	Panama (<0.1%)
		Panama Government International Bond
	12,000	7.250%, 3/15/2015		14,052
	61,000	8.875%, 9/30/2027		83,845
	50,000	9.375%, 4/1/2029		72,025

		Total Panama		169,922


	Peru (0.2%)
		Peru Government International Bond
	150,000	5.625%, 11/18/2050		132,000
	200,000	7.350%, 7/21/2025		232,000
	405,000	8.750%, 11/21/2033		520,628

		Total Peru		884,628


	Philippines (0.3%)
		Energy Development Corporation
	100,000	6.500%, 1/20/2021		102,156
		Philippines Government International Bond
	30,000	9.500%, 10/21/2024		41,250
	284,000	9.500%, 2/2/2030		401,860
	512,000	6.375%, 10/23/2034		547,200

		Total Philippines		1,092,466


	Qatar (0.2%)
		Qatar Government International Bond
	270,000	4.000%, 1/20/2015		281,745
		Ras Laffan Liquefied Natural Gas Company, Ltd. II
	276,510	5.298%, 9/30/2020		291,303

		Total Qatar		573,048


	Romania (<0.1%)
		Romania Government International Bond
	10,000	5.000%, 3/18/2015^e		14,868
	36,000	6.500%, 6/18/2018^e		55,650

		Total Romania		70,518


	Russia (0.6%)
		Russia Government International Bond
	200,000	3.625%, 4/29/2015		202,400
	1,128,825	7.500%, 3/31/2030		1,315,791

		Total Russia		1,518,191


	Serbia (<0.1%)
		Serbia Government International Bond
	93,333	6.750%, 11/1/2024		94,267

		Total Serbia		94,267


	South Africa (0.1%)
		Peermont Global Proprietary, Ltd.
	120,000	7.750%, 4/30/2014^e		159,953

		Total South Africa		159,953


	South Korea (<0.1%)
		South Korea Government International Bond
	100,000	7.125%, 4/16/2019		118,502

		Total South Korea		118,502


	Turkey (0.5%)
		Akbank TAS
	210,000	5.125%, 7/22/2015		212,100
		Turkey Government International Bond
	972,000	5.625%, 3/30/2021		1,008,936
	210,000	7.250%, 3/5/2038		239,925
		Turkiye Garanti Bankasi AS
	200,000	6.250%, 4/20/2021^h		198,500

		Total Turkey		1,659,461


	Ukraine (0.3%)
		Ukraine Government International Bond
	100,000	6.580%, 11/21/2016		101,625
	440,000	7.750%, 9/23/2020		458,700
	400,000	7.950%, 2/23/2021^h		417,000

		Total Ukraine		977,325


	United Arab Emirates (<0.1%)
		Dolphin Energy, Ltd.
	92,290	5.888%, 6/15/2019		99,073

		Total United Arab Emirates		99,073

The accompanying Notes to Financial Statements are an integral part of this schedule.

123

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	United States (0.1%)
		HSBC Bank USA
	290,000	5.910%, 8/15/2040^c,m		375,566

		Total United States		375,566


	Uruguay (0.2%)
		Uruguay Government International Bond
	140,000	8.000%, 11/18/2022		175,350
	272,000	7.625%, 3/21/2036		327,080

		Total Uruguay		502,430


	Venezuela (0.5%)
		Petroleos de Venezuela SA
	148,400	5.250%, 4/12/2017		91,266
	280,000	8.500%, 11/2/2017^h		203,000
	300,000	5.375%, 4/12/2027		142,950
	30,000	5.500%, 4/12/2037		13,950
		Venezuela Government International Bond
	80,000	13.625%, 8/15/2018		78,000
	90,000	7.750%, 10/13/2019		62,100
	292,000	6.000%, 12/9/2020		175,346
	270,000	9.000%, 5/7/2023		184,545
	300,000	8.250%, 10/13/2024		192,000
	320,000	7.650%, 4/21/2025		196,000
	30,000	7.000%, 3/31/2038		17,025

		Total Venezuela		1,356,182



		Total Long-Term Fixed Income (cost $25,967,648)		26,665,697


Principal Amount		Short-Term Investments (2.9%)ⁿ	Value
		Alpine Securitization Corporation
	1,825,000	0.090%, 5/2/2011		1,824,991
		Barton Capital Corporation
	1,665,000	0.090%, 5/2/2011		1,664,992
		Federal Home Loan Bank Discount Notes
	2,000,000	0.040%, 5/6/2011		1,999,987
		Federal Home Loan Mortgage Corporation Discount Notes
	3,000,000	0.025%, 5/9/2011		2,999,980
	400,000	0.160%, 8/29/2011^o		399,789
		U.S. Treasury Bills
	200,000	0.227%, 10/20/2011^p		199,783

		Total Short-Term Investments (at amortized cost)		9,089,522

		Total Investments (cost $258,015,409) 98.8%		$306,871,382

		Other Assets and Liabilities, Net 1.2%		3,727,975

		Total Net Assets 100.0%		$310,599,357

a	Non-income producing security.

b	Denotes investments purchased on a when-issued or delayed delivery basis.

c	Security is fair valued.

d	Principal amount is displayed in Argentine Pesos.

e	Principal amount is displayed in Euros.

f	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

g	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of April 29, 2011.

i	Defaulted security. Interest is not being accrued.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Partner Worldwide Allocation Fund owned as of April 29, 2011.


Security	Acquisition Date		Amortized Cost
Cemex SAB de CV		3/29/2011		$148,502
Croatia Government International Bond		3/16/2011		$196,500
PTTEP Canada International Finance, Ltd.		3/29/2011		$200,000

k	Principal amount is displayed in Chinese Yuan.

l	Principal amount is displayed in Chilean Pesos.

m	Principal amount is displayed in Brazilian Real. Security is linked to Brazilian Government Bonds due August 15, 2040.

n	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

o	At April 29, 2011, $399,789 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

p	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

Definitions:


ADR		-		American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$50,746,515
Gross unrealized depreciation	(2,922,384	)

Net unrealized appreciation (depreciation)	$47,824,131

Cost for federal income tax purposes	$259,047,251

The accompanying Notes to Financial Statements are an integral part of this schedule.

124

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Partner Worldwide Allocation Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

41,743,784

–

41,143,006

600,778

Consumer Staples

21,572,881

1,383,801

20,189,080

–

Energy

22,110,933

4,557,347

17,553,586

–

Financials

48,558,485

4,966,545

43,591,610

330

Health Care

17,149,083

905,454

16,243,629

–

Industrials

45,147,836

420,036

44,727,800

–

Information Technology

18,699,309

–

18,699,309

–

Materials

38,677,703

1,734,200

36,943,503

–

Telecommunications Services

11,444,428

1,518,693

9,925,735

–

Utilities

6,011,721

–

6,011,721

–

Long-Term Fixed Income

Basic Materials

498,886

–

498,886

–

Capital Goods

148,725

–

148,725

–

Communications Services

451,400

–

451,400

–

Consumer Cyclical

159,953

–

159,953

–

Consumer Non-Cyclical

272,689

–

272,689

–

Energy

3,091,753

–

3,091,753

–

Financials

1,403,701

–

1,028,135

375,566

Foreign Government

19,867,104

–

19,867,104

–

Transportation

146,250

–

146,250

–

Utilities

625,236

–

625,236

–

Short-Term Investments

9,089,522

–

9,089,522

–

Total

$306,871,382

$15,486,076

$290,408,632

$976,674

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

110,703

–

Foreign Currency Forward Contracts

353,097

–

353,097

–

Total Asset Derivatives

$463,800

$110,703

$353,097

$–

Liability Derivatives

Foreign Currency Forward Contracts

301,230

–

301,230

–

Total Liability Derivatives

$301,230

$–

$301,230

$–

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Worldwide Allocation Fund.


Investments in Securities	Value October 31, 2010		Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3			Value April 29, 2011
Common Stock
Consumer Discretionary		—		—		(4,545	)		169,345		—		435,978		—			600,778
Financials		—		—		(2,970	)		3,300		—		—		—			330
Long-Term Fixed Income
Basic Materials		99,620		—		(5,270	)		—		—		—		(94,350	)		—
Energy		196,778		—		6,222			—		—		—		(203,000	)		—
Financials		338,644		—		36,922			—		—		—		—			375,566

Total		$635,042		$—		$30,359			$172,645		$—		$435,978		($297,350	)		$976,674

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on April 29, 2011 of $74,934.

The accompanying Notes to Financial Statements are an integral part of this schedule.

125

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		6		June 2011	$	1,307,283	$	1,314,750		$7,467
5-Yr. U.S. Treasury Bond Futures		1		June 2011		117,814		118,469		655
10-Yr. U.S. Treasury Bond Futures		3		June 2011		357,239		363,422		6,183
20-Yr. U.S. Treasury Bond Futures		6		June 2011		720,244		734,250		14,006
E-Mini MSCI EAFE Index Futures		23		June 2011		1,985,259		2,066,779		81,520
Ultra Long Term U.S. Treasury Bond
Futures		2		June 2011		250,878		251,750		872
Total Futures Contracts										$110,703

The accompanying Notes to Financial Statements are an integral part of this schedule.

126

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)

Purchases
Brazilian Real		BB		235,933		7/14/2011		$142,000		$148,764		$6,764
Chinese Yuan		CITI		10,514,741		7/7/2011		1,610,423		1,630,272		19,849
Euro		CITI		398,000		6/15/2011		574,180		588,636		14,456
Euro		BB		72,000		6/15/2011		100,231		106,487		6,256
Euro		RBC		301,000		6/15/2011		423,210		445,174		21,964
Euro		DB		424,000		6/15/2011		612,430		627,090		14,660
Euro		SSB		425,350		5/2/2011 -5/4/2011		629,501		629,961		460
Euro		UBS		99,000		6/15/2011		140,427		146,419		5,992
Hong Kong Dollar		SSB		211,196		5/3/2011		27,194		27,194		–
Hungarian Forint		BOA		27,002,250		6/15/2011		141,128		150,584		9,456
Indian Rupee		CITI		12,729,340		7/14/2011		283,252		283,484		232
Indian Rupee		HSBC		12,841,010		7/14/2011		283,000		285,971		2,971
Indian Rupee		DB		6,463,440		7/14/2011		141,000		143,942		2,942
Indian Rupee		MSC		12,721,020		7/14/2011		281,190		283,299		2,109
Israeli Shekel		JPM		1,000,000		6/15/2011		281,120		295,353		14,233
Israeli Shekel		MSC		494,594		6/15/2011		143,000		146,080		3,080
Israeli Shekel		CITI		500,167		6/15/2011		142,000		147,726		5,726
Japanese Yen		UBS		5,707,724		6/15/2011		69,851		70,393		542
Japanese Yen		SSB		4,676,797		5/2/2011 -5/9/2011		57,392		57,656		264
Malaysian Ringgit		CITI		858,887		7/14/2011		282,000		288,439		6,439
Malaysian Ringgit		BB		860,179		7/14/2011		283,000		288,873		5,873
Malaysian Ringgit		MSC		433,168		5/16/2011		143,000		146,080		3,080
Mexican Peso		BB		1,695,144		6/15/2011		141,000		146,627		5,627
Mexican Peso		HSBC		1,703,290		6/15/2011		142,000		147,332		5,332
Mexican Peso		DB		6,433,424		5/31/2011		533,783		557,238		23,455
Philippines Peso		JPM		208,080		7/14/2011		4,793		4,843		50
Philippines Peso		DB		12,237,954		7/14/2011		282,000		284,827		2,827
Philippines Peso		CITI		6,146,608		7/14/2011		141,987		143,057		1,070
Polish Zloty		CITI		845,047		6/15/2011		299,390		317,207		17,817
Russian Ruble		UBS		8,075,070		7/14/2011		282,000		292,810		10,810
Russian Ruble		BB		8,032,248		7/14/2011		283,000		291,257		8,257
Singapore Dollar		MSC		355,393		6/15/2011		277,857		290,404		12,547
Singapore Dollar		CITI		730,580		6/15/2011		584,000		596,984		12,984
Singapore Dollar		HSBC		357,431		6/15/2011		282,000		292,070		10,070
South African Rand		HSBC		1,031,175		6/15/2011		150,000		156,192		6,192
South African Rand		JPM		975,049		6/15/2011		142,000		147,690		5,690
South African Rand		CITI		1,972,316		6/15/2011		282,000		298,746		16,746
South African Rand		BB		1,965,376		6/15/2011		283,000		297,695		14,695
South African Rand		DB		40,251		6/15/2011		5,727		6,097		370
South Korea Won		RBS		318,448,499		7/14/2011		282,000		296,515		14,515
South Korea Won		CITI		742,672,998		7/14/2011		675,281		691,519		16,238
Taiwan Dollar		UBS		8,711,250		5/31/2011		303,000		304,546		1,546
Taiwan Dollar		BOA		8,711,250		5/31/2011		303,000		304,546		1,546
Turkish Lira		RBC		448,511		6/15/2011		282,000		292,588		10,588
Turkish Lira		CITI		221,756		6/15/2011		141,000		144,664		3,664
Total Purchases								$12,893,347		$13,243,331		$349,984

Sales
Brazilian Real		CITI		347,225		7/14/2011		$215,000		$218,938		($3,938	)
Brazilian Real		UBS		123,706		7/14/2011		75,316		78,001		(2,685	)
Brazilian Real		DB		344,000		7/14/2011		215,000		216,905		(1,905	)
British Pound		SSB		2,069		5/3/2011		3,443		3,456		(13	)
Chilean Peso		CITI		105,140,913		7/14/2011		218,998		226,351		(7,353	)
Chinese Yuan		DB		744,477		7/7/2011		114,000		115,429		(1,429	)
Euro		SSB		237,541		5/2/2011 -5/3/2011		351,525		351,808		(283	)
Euro		SSB		100,000		6/15/2011		141,029		147,897		(6,868	)
Euro		JPM		546,682		5/12/2011		770,261		809,348		(39,087	)
Euro		WBC		400,000		6/15/2011		564,704		591,593		(26,889	)
Euro		BOA		99,000		6/15/2011		141,128		146,419		(5,291	)
Euro		UBS		147,000		6/15/2011		203,042		217,411		(14,369	)
Euro		RBC		301,000		6/15/2011		423,779		445,174		(21,395	)
Euro		CITI		711,305		6/15/2011		992,689		1,052,008		(59,319	)
Hungarian Forint		UBS		27,005,715		6/15/2011		140,427		150,603		(10,176	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

127

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Indian Rupee	CITI	13,601,670	7/14/2011		303,000		302,911		89
Japanese Yen	HSBC	5,796,826	6/15/2011		$70,779		$71,492		($713	)
Japanese Yen	SSB	1,196,114	5/2/2011		14,595		14,746		(151	)
Malaysian Ringgit	BB	672,715	6/3/2011		227,000		226,588		412
Mexican Peso	DB	1,730,211	6/15/2011		141,000		149,661		(8,661	)
Mexican Peso	MSC	3,390,962	6/15/2011		287,000		293,313		(6,313	)
Mexican Peso	ML	3,396,358	6/15/2011		287,000		293,780		(6,780	)
Mexican Peso	JPM	96,783	6/15/2011		7,910		8,372		(462	)
Philippines Peso	HSBC	6,467,330	7/14/2011		151,000		150,521		479
Polish Zloty	DB	115,396	6/15/2011		38,979		43,317		(4,338	)
Polish Zloty	BB	296,615	6/15/2011		100,231		111,341		(11,110	)
Russian Ruble	DB	7,936,820	7/14/2011		277,628		287,797		(10,169	)
Russian Ruble	JPM	8,226,036	7/14/2011		287,332		298,284		(10,952	)
Singapore Dollar	WBC	373,540	6/15/2011		303,000		305,233		(2,233	)
Singapore Dollar	CITI	373,375	6/15/2011		303,000		305,098		(2,098	)
Singapore Dollar	DB	335,530	6/15/2011		273,028		274,174		(1,146	)
Singapore Dollar	HSBC	360,958	6/15/2011		282,000		294,951		(12,951	)
South African Rand	HSBC	1,970,701	6/15/2011		282,000		298,502		(16,502	)
South African Rand	SSB	506,041	6/15/2011		76,000		76,650		(650	)
South African Rand	RBC	958,901	6/15/2011		143,000		145,245		(2,245	)
South African Rand	CITI	968,371	6/15/2011		144,000		146,679		(2,679	)
Turkish Lira	CITI	217,217	6/15/2011		143,000		141,703		1,297
Turkish Lira	UBS	231,998	6/15/2011		152,000		151,345		655
Turkish Lira	RBC	220,579	6/15/2011		144,000		143,896		104
Total Sales				$	9,008,823	$	9,306,940	($	298,117	)

Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts									$51,867


Counterparty
BOA	-	Bank of America
BB	-	Barclays Bank
CITI	-	Citibank
DB	-	Deutsche Bank
HSBC	-	HSBC Securities, Inc.
JPM	-	J.P. Morgan
ML	-	Merrill Lynch
MSC	-	Morgan Stanley & Company
RBC	-	The Royal Bank of Canada
RBS	-	The Royal Bank of Scotland
SSB	-	State Street Bank
UBS	-	UBS Securities, Ltd.
WBC	-	Westpac Banking Corporation

The accompanying Notes to Financial Statements are an integral part of this schedule.

128

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Partner Worldwide Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		$29,183

Total Interest Rate Contracts			29,183

Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		353,097
Total Foreign Exchange Contracts			353,097

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		81,520
Total Equity Contracts			81,520

Total Asset Derivatives			$463,800


Liability Derivatives

Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		301,230
Total Foreign Exchange Contracts			301,230

Total Liability Derivatives			$301,230

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Partner Worldwide Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		510,058

Total Equity Contracts			510,058

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(158,306	)

Total Foreign Exchange Contracts			(158,306	)

Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(128,798	)

Total Interest Rate Contracts			(128,798	)

Total			$222,954

The accompanying Notes to Financial Statements are an integral part of this schedule.

129

Partner Worldwide Allocation Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Partner Worldwide Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		29,183

Total Interest Rate Contracts			29,183
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		133,440

Total Foreign Exchange Contracts			133,440
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(58,710	)
Total Equity Contracts			(58,710	)

Total			$103,913

The following table presents Partner Worldwide Allocation Fund’s average volume of derivative activity during the period ended April 29, 2011.


Derivative Risk Category	Futures (Notional*)	Futures (Percentage of Average Net Assets)	Forwards (Notional*)	Forwards (Percentage of Average Net Assets)
Equity Contracts	$4,935,242	1.8%	N/A	N/A
Interest Rate Contracts	5,348,380	2.0	N/A	N/A
Foreign Exchange Contracts	N/A	N/A	$17,976,876	6.6%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

130

Partner International Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (98.9%)	Value
	Australia (5.1%)
	63,312	Australia & New Zealand Banking Group, Ltd.		$1,686,502
	242,326	BHP Billiton, Ltd.		12,269,192
	200,760	Challenger, Ltd.		1,064,778
	133,062	Fortescue Metals Group, Ltd.		901,884
	104,899	Iluka Resources, Ltd.		1,443,393
	355,624	Mount Gibson Iron, Ltd.^a		737,950
	48,247	Ramsay Health Care, Ltd.		957,346
	34,464	Rio Tinto, Ltd.		3,119,961
	66,066	Wesfarmer, Ltd.		2,420,298

		Total Australia		24,601,304


	Belgium (1.0%)
	52,238	Anheuser-Busch InBev NV^b		3,333,476
	11,041	Bekaert SA		1,381,155

		Total Belgium		4,714,631


	Bermuda (0.1%)
	39,500	Orient Overseas International, Ltd.		303,131

		Total Bermuda		303,131


	Brazil (0.4%)
	50,500	Petroleo Brasileiro SA ADR		1,885,165

		Total Brazil		1,885,165


	Canada (6.1%)
	19,141	Agrium, Inc.		1,734,868
	39,500	Barrick Gold Corporation		2,017,163
	65,944	Brookfield Asset Management, Inc.^b		2,220,435
	11,568	Canadian Imperial Bank of Commerce^b		1,001,411
	29,969	Canadian National Railway Company		2,324,482
	11,520	Canadian Natural Resources, Ltd.		541,910
	55,014	CGI Group, Inc.^a		1,203,540
	20,329	Enerplus Corporation		658,082
	30,918	Finning International, Inc.		906,758
	39,394	Goldcorp, Inc.		2,202,017
	8,460	Inmet Mining Corporation		593,684
	42,807	Pacific Rubiales Energy Corporation		1,300,678
	60,004	Potash Corporation of Saskatchewan, Inc.		3,389,574
	22,700	Riocan Real Estate Investment Trust^b		608,164
	18,127	Saputo, Inc.		862,862
	47,800	Shoppers Drug Mart Corporation^b		2,081,336
	23,175	Silver Wheaton Corporation		942,969
	28,173	Suncor Energy, Inc.		1,298,483
	41,440	Trican Well Service, Ltd.		1,021,328
	21,770	Valeant Pharmaceuticals International, Inc.		1,148,090
	89,552	Yamana Gold, Inc.		1,141,405

		Total Canada		29,199,239


	Cayman Islands (0.2%)
	283,865	Wynn Macau, Ltd.		1,013,062

		Total Cayman Islands		1,013,062


	China (1.2%)
	6,670,100	Bank of China, Ltd.		3,691,688
	4,116,600	Huaneng Power International, Inc.^a		2,273,425

		Total China		5,965,113


	Denmark (1.0%)
	6,799	Carlsberg AS		806,735
	6,241	Coloplast AS		918,025
	24,702	Novo Nordisk AS		3,127,109

		Total Denmark		4,851,869


	Finland (1.2%)
	9,198	Kesko Oyj^b		477,304
	56,450	Neste Oil Oyj^b		1,068,236
	44,955	Sampo Oyj^b		1,513,350
	67,426	UPM-Kymmene Oyj^b		1,382,882
	32,746	Wartsila Corporation		1,287,123

		Total Finland		5,728,895


	France (7.2%)
	255,050	AXA SA^b		5,717,283
	88,200	Cap Gemini SA		5,341,965
	10,277	Christian Dior SA		1,648,490
	53,678	Compagnie de Saint-Gobain		3,703,487
	23,815	Faurecia^a		982,013
	17,203	Peugeot SA^a		780,665
	31,846	Safran SA^b		1,235,400
	11,532	Schneider Electric SA^b		2,037,243
	112,293	Total SA		7,190,877
	18,972	Valeo SA^a		1,208,372
	159,400	Vivendi SA^b		4,997,610

		Total France		34,843,405


	Germany (6.2%)
	16,211	Aixtron SE^b		688,420
	15,116	BASF SE		1,552,056
	19,051	Bayerische Motoren Werke AG		1,793,494
	97,392	Daimler AG^b		7,526,518
	40,900	Deutsche Boerse AG		3,395,221
	24,778	Henkel AG & Company KGaA		1,689,110
	14,173	MAN AG^a		1,974,354
	20,164	Metro AG		1,479,763
	31,088	SAP AG ADR		2,002,856
	28,497	Siemens AG		4,144,837
	42,148	Suedzucker AG		1,299,272
	12,672	Volkswagen AG^a,b		2,493,897

		Total Germany		30,039,798


	Guernsey (0.2%)
	195,897	Resolution, Ltd.		991,984

		Total Guernsey		991,984


	Hong Kong (2.7%)
	174,500	CLP Holdings, Ltd.		1,435,296
	475,950	Hutchison Whampoa, Ltd.		5,443,172
	2,138,000	New World Development Company, Ltd.		3,762,636
	639,000	SJM Holdings, Ltd.		1,380,667
	55,945	Swire Pacific, Ltd.		856,242

		Total Hong Kong		12,878,013


	Indonesia (0.5%)
	2,278,300	Telekomunikasi Indonesia Tbk PT		2,053,538

The accompanying Notes to Financial Statements are an integral part of this schedule.

131

Partner International Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (98.9%)	Value
	Indonesia (0.5%) - continued
	12,600	Telekomunikasi Indonesia Tbk PT ADR		$455,364

		Total Indonesia		2,508,902


	Israel (0.5%)
	50,100	Teva Pharmaceutical Industries, Ltd. ADR		2,291,073

		Total Israel		2,291,073


	Italy (3.2%)
	17,165	DiaSorin SPA		828,821
	711,000	Enel SPA		5,069,982
	187,000	Eni SPA		5,006,294
	3,582,725	Telecom Italia SPA^b		4,619,550

		Total Italy		15,524,647


	Japan (18.4%)
	24,100	Aisin Seiki Company, Ltd.		850,048
	57,500	Alps Electric Company, Ltd.		575,023
	77,000	Anritsu Corporation^b		614,439
	230,800	Bridgestone Corporation		5,097,544
	62,200	Canon, Inc.		2,929,157
	45,900	Credit Saison Company, Ltd.		769,667
	140,000	Daicel Chemical Industries, Ltd.		902,958
	48,000	Daihatsu Motor Company, Ltd.		775,373
	209,450	Daiichi Sankyo Company, Ltd.		4,115,578
	90,500	Dainippon Sumitomo Pharma Company, Ltd.		870,228
	73,750	Daito Trust Construction Company, Ltd.		5,900,003
	911,600	Daiwa Securities Group, Inc.		3,934,483
	15,400	Dena Company, Ltd.		578,119
	32,900	Denso Corporation		1,101,046
	59,800	East Japan Railway Company		3,323,715
	45,400	Elpida Memory, Inc.^a,b		680,272
	31,600	FamilyMart Company, Ltd.		1,147,011
	44,300	Gree, Inc.		912,286
	318,000	Hitachi, Ltd.		1,726,018
	17,800	Honda Motor Company, Ltd.		684,305
	5,000	Idemitsu Kosan Company, Ltd.		591,304
	308,000	IHI Corporation		783,680
	134,400	ITOCHU Corporation		1,400,061
	39,300	JTEKT Corporation		510,517
	191,000	Kawasaki Heavy Industries, Ltd.		789,390
	191	KDDI Corporation		1,275,131
	238,000	Kobe Steel, Ltd.		590,591
	126,000	Krosaki Harima Corporation		517,811
	19,900	Kyocera Corporation		2,195,665
	174,000	Mitsubishi Electric Corporation		1,937,192
	41,500	Mitsui & Company, Ltd.		738,496
	17,600	Mori Seiki Company, Ltd.^c		226,632
	134,855	MS and AD Insurance Group Holdings, Inc.		3,158,016
	9,000	Murata Manufacturing Company, Ltd.		650,019
	53,100	Namco Bandai Holdings, Inc.		586,414
	191,500	Nikon Corporation		4,013,382
	179,000	Nippon Yusen KK		661,735
	630,300	Nissan Motor Company, Ltd.		6,064,439
	7,720	ORIX Corporation		758,453
	130,100	Round One Corporation		790,897
	71,300	Secom Company, Ltd.		3,536,740
	70,600	Sega Sammy Holdings, Inc.		1,236,635
	20,000	Sony Corporation		564,710
	324,700	Sumitomo Corporation		4,479,184
	135,500	Sumitomo Electric Industries, Ltd.		1,886,587
	1,286,987	Sumitomo Mitsui Trust Holdings, Inc.		4,430,758
	30,500	Takeda Pharmaceutical Company, Ltd.		1,478,117
	234,000	Tokyu Corporation		968,019
	288,000	Toshiba Corporation		1,533,569
	130,800	UNY Company, Ltd.		1,146,226
	399	West Japan Railway Company		1,455,047

		Total Japan		88,442,690


	Jersey (0.2%)
	32,771	Wolseley plc		1,190,326

		Total Jersey		1,190,326


	Netherlands (2.4%)
	146,300	Aegon NV^a		1,162,751
	114,409	Koninklijke (Royal) KPN NV^b		1,815,599
	95,222	Koninklijke DSM NV^b		6,562,858
	8,062	Nutreco NV		627,377
	72,188	STMicroelectronics NV		854,196
	19,670	Unilever NV		647,502

		Total Netherlands		11,670,283


	Norway (2.2%)
	38,730	DnB NOR ASA^b		629,774
	724,876	Marine Harvest		957,664
	36,816	Seadrill, Ltd.		1,306,155
	270,132	Statoil ASA		7,913,221

		Total Norway		10,806,814


	Portugal (1.1%)
	2,570,500	Banco Comercial Portugues SA^a,b		2,050,461
	2,570,500	Banco Comercial Portugues SA Rights, .02 EUR, expires 5/6/2011^a,b		87,561
	512,500	Banco Espirito Santo SA^b		2,158,543
	76,029	Jeronimo Martins SGPS SA		1,246,900

		Total Portugal		5,543,465


	Singapore (1.4%)
	88,000	Fraser and Neave, Ltd.		451,100
	409,035	Keppel Corporation, Ltd.		3,983,020
	143,000	Oversea-Chinese Banking Corporation, Ltd.		1,116,664
	266,000	SembCorp Industries, Ltd.		1,175,172

		Total Singapore		6,725,956


	South Korea (1.9%)
	9,900	POSCO		4,344,472
	12,980	SK Telecom Company, Ltd.		1,966,644
	140,350	SK Telecom Company, Ltd. ADR		2,663,843

		Total South Korea		8,974,959


	Spain (2.6%)
	391,525	Banco Bilbao Vizcaya Argentaria SA		5,014,849
	368,889	Banco Popular Espanol SA^b		2,209,564
	146,600	Indra Sistemas SA		3,324,858
	49,529	Repsol YPF SA		1,768,014

		Total Spain		12,317,285

The accompanying Notes to Financial Statements are an integral part of this schedule.

132

Partner International Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (98.9%)	Value
	Sweden (1.9%)
	75,035	Atlas Copco AB^b		$2,203,774
	17,714	Elekta AB		807,354
	80,558	Investor AB^b		2,006,463
	19,091	NCC AB		510,519
	82,757	Nordea Bank AB		943,545
	147,041	Volvo AB^b		2,889,674

		Total Sweden		9,361,329


	Switzerland (11.0%)
	58,883	ABB, Ltd.^a		1,626,069
	66,900	Adecco SA		4,780,999
	16,945	Aryzta AG		945,167
	36,113	Compagnie Financiere Richemont SA		2,335,755
	104,350	Credit Suisse Group		4,749,663
	33,631	GAM Holding AG^a		662,869
	3,301	Givaudan SA^a		3,673,006
	47,285	Holcim, Ltd.		4,120,038
	164,676	Nestle SA		10,221,163
	80,350	Novartis AG		4,764,764
	43,593	Roche Holding AG		7,076,011
	2,304	Swatch Group AG		1,134,571
	122,792	UBS AG^a		2,457,373
	16,250	Zurich Financial Services AG^a		4,569,152

		Total Switzerland		53,116,600


	Thailand (1.4%)
	233,025	Bangkok Bank pcl		1,329,918
	422,100	PTT pcl		5,312,637

		Total Thailand		6,642,555


	United Kingdom (17.6%)
	40,900	AMEC plc		821,040
	25,405	Anglo American plc		1,331,651
	212,363	ARM Holdings plc		2,200,956
	13,034	AstraZeneca plc		646,693
	1,122,161	BAE Systems plc		6,159,609
	187,477	BG Group plc		4,827,619
	77,298	BHP Billiton plc		3,268,026
	57,645	British American Tobacco plc		2,518,818
	231,323	BT Group plc		759,421
	72,138	Burberry Group plc		1,565,263
	151,026	Carillion plc		991,166
	456,640	Centrica plc		2,452,219
	43,568	Croda International plc		1,368,837
	30,010	Diageo plc		610,476
	107,500	GlaxoSmithKline plc		2,348,248
	505,002	HSBC Holdings plc		5,508,291
	86,850	HSBC Holdings plc ADR		4,730,720
	50,765	IMI plc		929,007
	80,160	Imperial Tobacco Group plc		2,827,317
	553,129	ITV plc^a		704,369
	265,933	Kingfisher plc		1,221,773
	428,040	Legal & General Group plc		880,317
	186,800	Pearson plc		3,580,027
	63,522	Pennon Group plc		701,670
	67,891	Prudential plc		878,297
	55,252	Rio Tinto plc		4,031,320
	52,935	Shire plc		1,642,638
	36,491	Standard Chartered plc		1,014,111
	870,085	Tesco plc		5,865,770
	47,461	Unilever plc		1,541,773
	1,827,487	Vodafone Group plc		5,282,527
	27,689	Whitbread plc		778,400
	338,074	William Morrison Supermarkets plc		1,667,783
	440,400	WPP plc		5,768,305
	131,782	Xstrata plc		3,379,954

		Total United Kingdom		84,804,411



		Total Common Stock (cost $397,509,587)		476,936,904


Shares		Collateral Held for Securities Loaned (13.9%)	Value
	67,140,483	Thrivent Financial Securities Lending Trust		67,140,483

		Total Collateral Held for Securities Loaned (cost $67,140,483)		67,140,483


Principal Amount		Short-Term Investments (0.7%)^d	Value
		Alpine Securitization Corporation
	1,800,000	0.090%, 5/2/2011		1,799,991
		Barton Capital Corporation
	1,605,000	0.090%, 5/2/2011		1,604,992

		Total Short-Term Investments (at amortized cost)		3,404,983

		Total Investments (cost $468,055,053) 113.5%	$	547,482,370

		Other Assets and Liabilities, Net (13.5%)		(65,282,355	)

		Total Net Assets 100.0%	$	482,200,015

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	Denotes investments purchased on a when-issued or delayed delivery basis.

d	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:


ADR		-		American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$83,536,749
Gross unrealized depreciation	(7,698,874	)

Net unrealized appreciation (depreciation)	$75,837,875

Cost for federal income tax purposes	$471,644,495

The accompanying Notes to Financial Statements are an integral part of this schedule.

133

Partner International Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Partner International Stock Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

71,940,946

–

71,940,946

–

Consumer Staples

42,148,909

–

42,148,909

–

Energy

36,197,080

1,885,165

34,311,915

–

Financials

83,872,702

4,730,720

79,141,982

–

Health Care

33,020,095

2,291,073

30,729,022

–

Industrials

72,402,399

–

72,402,399

–

Information Technology

28,844,728

–

28,844,728

–

Materials

73,896,225

–

73,896,225

–

Telecommunications Services

21,506,056

3,119,207

18,386,849

–

Utilities

13,107,764

–

13,107,764

–

Collateral Held for Securities Loaned

67,140,483

–

Short-Term Investments

3,404,983

–

3,404,983

–

Total

$547,482,370

$79,166,648

$468,315,722

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Foreign Currency Forward Contracts

1,880

–

1,880

–

Total Asset Derivatives

$1,880

$–

$1,880

$–

Liability Derivatives

Foreign Currency Forward Contracts

1,072

–

1,072

–

Total Liability Derivatives

$1,072

$–

$1,072

$–

Foreign Currency

Forward Contracts

Counterparty

Contracts to
Deliver/Receive

Settlement Date

Value on
Settlement Date

Value

Unrealized
Gain/(Loss)

Purchases

Euro

SSB

789,804

5/2/2011

$1,168,515

$1,169,733

$1,218

Japanese Yen

SSB

11,798,104

5/2/2011 - 5/9/2011

144,788

145,449

661

Total Purchases

$1,313,303

$1,315,182

$1,879

Sales

British Pound

SSB

6,196

5/3/2011

$10,311

$10,350

($39)

Euro

SSB

457,722

5/2/2011

677,200

677,906

(706)

Japanese Yen

SSB

1,890,504

5/2/2011

22,980

23,306

(326)

Total Sales

$710,491

$711,562

($1,071)

Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts

$808

Counterparty

SSB - State Street Bank

The accompanying Notes to Financial Statements are an integral part of this schedule.

134

Partner International Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Partner International Stock Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		1,880
Total Foreign Exchange Contracts			1,880

Total Asset Derivatives			$1,880


Liability Derivatives

Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		1,072
Total Foreign Exchange Contracts			1,072

Total Liability Derivatives			$1,072

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Partner International Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(184,502	)

Total Foreign Exchange Contracts			(184,502	)

Total			($184,502	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Partner International Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		1,398

Total Foreign Exchange Contracts			1,398

Total			$1,398

The following table presents Partner International Stock Fund’s average volume of derivative activity during the period ended April 29, 2011.


Derivative Risk Category	Forwards (Notional*)		Forwards (Percentage of Average Net Assets)
Foreign Exchange Contracts		$5,658,575		1.2	%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

135

Partner International Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner International Stock Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross
Sales

Shares Held at

April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$19,253,447

$117,114,517

$69,227,481

67,140,483

$67,140,483

$231,077

Total Value and Income Earned

19,253,447

67,140,483

231,077

The accompanying Notes to Financial Statements are an integral part of this schedule.

136

Large Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (97.6%)	Value
	Consumer Discretionary (16.9%)
	16,375	Advance Auto Parts, Inc.		$1,071,907
	42,691	Amazon.com, Inc.^a		8,388,782
	60,000	Best Buy Company, Inc.		1,873,200
	116,500	Carnival Corporation		4,435,155
	93,200	Comcast Corporation		2,445,568
	72,100	Darden Restaurants, Inc.		3,386,537
	66,980	Discovery Communications, Inc.^a		2,964,535
	428,200	Ford Motor Company^a		6,624,254
	51,250	Home Depot, Inc.		1,903,425
	170,950	Interpublic Group of Companies, Inc.		2,008,662
	15,000	Lear Corporation		767,100
	57,100	Macy’s, Inc.		1,365,261
	32,400	McDonald’s Corporation		2,537,244
	87,600	MGM Resorts International^a,b		1,109,016
	31,300	NIKE, Inc.		2,576,616
	43,600	Nordstrom, Inc.		2,073,180
	67,356	OfficeMax, Inc.^a		670,866
	15,000	O’Reilly Automotive, Inc.^a		885,900
	34,800	Phillips-Van Heusen Corporation		2,450,268
	3,570	Priceline.com, Inc.^a		1,952,826
	43,300	Time Warner, Inc.		1,639,338
	55,550	TJX Companies, Inc.		2,978,591
	97,800	Walt Disney Company		4,215,180

		Total Consumer Discretionary		60,323,411


	Consumer Staples (2.7%)
	71,160	Anheuser-Busch InBev NV ADR^b		4,552,105
	34,200	Coca-Cola Company		2,307,132
	14,050	Colgate-Palmolive Company		1,185,118
	25,800	Procter & Gamble Company		1,674,420

		Total Consumer Staples		9,718,775


	Energy (8.9%)
	43,521	Apache Corporation		5,804,396
	51,900	Arch Coal, Inc.		1,780,170
	64,000	Baker Hughes, Inc.		4,954,240
	43,969	ENSCO International plc ADR		2,621,432
	20,000	Forest Oil Corporation^a		718,200
	15,150	National Oilwell Varco, Inc.		1,161,854
	32,701	Occidental Petroleum Corporation		3,737,397
	62,350	Petrohawk Energy Corporation^a		1,684,073
	21,200	Pioneer Natural Resources Company		2,167,276
	77,939	Schlumberger, Ltd.		6,995,025

		Total Energy		31,624,063


	Financials (7.6%)
	35,000	American Express Company		1,717,800
	17,250	BlackRock, Inc.		3,379,965
	558,200	Citigroup, Inc.^a		2,562,138
	23,500	IntercontinentalExchange, Inc.^a		2,828,225
	154,400	Itau Unibanco Holding SA ADR		3,667,000
	116,489	J.P. Morgan Chase & Company		5,315,393
	40,957	Jefferies Group, Inc.		989,931
	20,100	PartnerRe, Ltd.		1,615,236
	21,600	PNC Financial Services Group, Inc.		1,346,544
	47,800	State Street Corporation		2,225,090
	61,900	TD Ameritrade Holding Corporation		1,333,326

		Total Financials		26,980,648


	Health Care (9.3%)
	34,369	Allergan, Inc.		2,734,398
	33,650	Amgen, Inc.^a		1,913,002
	35,250	Cardinal Health, Inc.		1,540,073
	38,040	Celgene Corporation^a		2,239,795
	66,200	Express Scripts, Inc.^a		3,756,188
	65,956	Gilead Sciences, Inc.^a		2,561,731
	46,819	McKesson Corporation		3,886,445
	43,750	Medtronic, Inc.		1,826,563
	129,109	Mylan, Inc.^a		3,217,396
	100,897	Thermo Fisher Scientific, Inc.^a		6,052,811
	40,800	UnitedHealth Group, Inc.		2,008,584
	25,850	Watson Pharmaceuticals, Inc.^a		1,603,217

		Total Health Care		33,340,203


	Industrials (10.6%)
	35,100	Aecom Technology Corporation^a		956,826
	63,350	Boeing Company		5,054,063
	43,850	Caterpillar, Inc.		5,060,729
	24,500	Cummins, Inc.		2,944,410
	33,300	Danaher Corporation		1,839,492
	26,950	Deere & Company		2,627,625
	88,800	Emerson Electric Company		5,395,488
	26,050	FedEx Corporation		2,492,203
	11,269	Kansas City Southern, Inc.^a		654,842
	38,550	KBR, Inc.		1,479,163
	17,350	Oshkosh Corporation^a		549,301
	25,700	PACCAR, Inc.		1,364,927
	21,600	Parker Hannifin Corporation		2,037,312
	21,150	Precision Castparts Corporation		3,268,098
	14,493	Siemens AG ADR		2,115,108

		Total Industrials		37,839,587


	Information Technology (32.5%)
	21,500	Accenture plc		1,228,295
	50,371	Akamai Technologies, Inc.^a		1,734,777
	67,702	Apple, Inc.^a		23,575,867
	10,500	Baidu.com, Inc. ADR^a		1,559,460
	118,200	Broadcom Corporation^a		4,158,276
	161,702	Cisco Systems, Inc.		2,839,487
	34,000	Cognizant Technology Solutions Corporation^a		2,818,600
	85,250	Corning, Inc.		1,785,135
	76,700	eBay, Inc.^a		2,638,480
	266,956	EMC Corporation^a		7,565,533
	30,771	F5 Networks, Inc.^a		3,118,949
	25,903	Google, Inc.^a		14,093,822
	94,800	Hewlett-Packard Company		3,827,076
	81,100	Microsoft Corporation		2,110,222
	105,100	NXP Semiconductors NV^a		3,510,340
	359,564	Oracle Corporation		12,962,282
	163,750	QUALCOMM, Inc.		9,307,550
	20,350	Research in Motion, Ltd.^a		990,028
	29,257	Salesforce.com, Inc.^a		4,055,020
	108,050	Symantec Corporation^a		2,123,183
	42,500	Visa, Inc.		3,320,100
	72,600	VMware, Inc.^a		6,928,218

		Total Information Technology		116,250,700

The accompanying Notes to Financial Statements are an integral part of this schedule.

137

Large Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (97.6%)	Value
	Materials (6.6%)
	39,500	CF Industries Holdings, Inc.		$5,591,225
	41,200	E.I. du Pont de Nemours and Company		2,339,748
	100,494	Freeport-McMoRan Copper & Gold, Inc.		5,530,185
	91,824	International Paper Company		2,835,525
	34,950	Monsanto Company		2,377,998
	152,000	Vale SA SP ADR		5,076,800

		Total Materials		23,751,481


	Telecommunications Services (2.5%)
	33,750	American Tower Corporation^a		1,765,462
	142,000	NII Holdings, Inc.^a		5,904,360
	255,300	Sprint Nextel Corporation^a		1,322,454

		Total Telecommunications Services		8,992,276



		Total Common Stock (cost $305,292,911)		348,821,144



Shares		Collateral Held for Securities Loaned (1.2%)	Value
	4,048,950	Thrivent Financial Securities Lending Trust		4,048,950

		Total Collateral Held for Securities Loaned (cost $4,048,950)		4,048,950


Principal Amount		Short-Term Investments (2.1%)^c	Value
	7,520,000	Liberty Street Funding, LLC
		0.080%, 5/2/2011		7,519,967

		Total Short-Term Investments (at amortized cost)		7,519,967

		Total Investments (cost $316,861,828) 100.9%		$360,390,061

		Other Assets and Liabilities, Net (0.9%)		(3,080,684	)

		Total Net Assets 100.0%		$357,309,377

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:


ADR		-		American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.


Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$43,486,380
Gross unrealized depreciation	(3,697,724	)

Net unrealized appreciation (depreciation)	$39,788,656

Cost for federal income tax purposes	$320,601,405

The accompanying Notes to Financial Statements are an integral part of this schedule.

138

Large Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Large Cap Growth Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

60,323,411

–

Consumer Staples

9,718,775

–

Energy

31,624,063

–

Financials

26,980,648

–

Health Care

33,340,203

–

Industrials

37,839,587

–

Information Technology

116,250,700

–

Materials

23,751,481

–

Telecommunications Services

8,992,276

–

Collateral Held for Securities Loaned

4,048,950

–

Short-Term Investments

7,519,967

–

7,519,967

–

Total

$360,390,061

$352,870,094

$7,519,967

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Call Options Written

12,953

–

Total Asset Derivatives

$12,953

$–


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
Baidu, Inc.		66	$	160.00		April 2011	($	66	)	$	12,953
Total Call Options Written							($	66	)	$	12,953

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Large Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		12,953
Total Equity Contracts			12,953

Total Asset Derivatives			$12,953

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Large Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		58,960

Total Equity Contracts			58,960

Total			$58,960

The accompanying Notes to Financial Statements are an integral part of this schedule.

139

Large Cap Growth Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Large Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		8,120

Total Equity Contracts			8,120

Total			$8,120

The following table presents Large Cap Growth Fund’s average volume of derivative activity during the period ended April 29, 2011.


Derivative Risk Category	Options (Contracts)
Equity Contracts		22

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Growth Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross

Sales

Shares Held at
April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$2,018,813

$34,699,762

$32,669,625

4,048,950

$4,048,950

$13,894

Total Value and Income Earned

2,018,813

4,048,950

13,894

The accompanying Notes to Financial Statements are an integral part of this schedule.

140

Large Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (98.1%)	Value
	Consumer Discretionary (8.1%)
	72,656	Carnival Corporation		$2,766,014
	231,491	Lowe’s Companies, Inc.		6,076,639
	246,688	Macy’s, Inc.		5,898,310
	64,246	Omnicom Group, Inc.		3,160,261
	272,804	Staples, Inc.		5,767,076
	135,870	Time Warner Cable, Inc.		10,615,523
	315,647	Walt Disney Company		13,604,386

		Total Consumer Discretionary		47,888,209


	Consumer Staples (9.0%)
	222,230	Altria Group, Inc.		5,964,653
	71,943	Diageo plc ADR		5,854,002
	359,456	Kraft Foods, Inc.		12,070,533
	170,537	Philip Morris International, Inc.		11,842,089
	76,693	Unilever NV ADR^a		2,530,869
	358,290	Walgreen Company		15,306,149

		Total Consumer Staples		53,568,295


	Energy (13.9%)
	105,284	Apache Corporation		14,041,727
	167,293	Baker Hughes, Inc.		12,950,151
	85,264	BP plc ADR		3,934,081
	174,699	Chevron Corporation		19,119,059
	207,898	ConocoPhillips		16,409,389
	130,612	ENSCO International plc ADR		7,787,087
	36,206	Exxon Mobil Corporation		3,186,128
	43,017	Occidental Petroleum Corporation		4,916,413

		Total Energy		82,344,035


	Financials (20.9%)
	45,207	ACE, Ltd.		3,040,171
	75,460	Allstate Corporation		2,553,566
	93,650	Ameriprise Financial, Inc.		5,811,919
	108,320	Aon Corporation		5,651,054
	692,598	Bank of America Corporation		8,505,103
	116,473	Capital One Financial Corporation		6,374,567
	1,121,337	Citigroup, Inc.^b		5,146,937
	18,523	Everest Re Group, Ltd.		1,687,816
	269,275	Fifth Third Bancorp		3,573,279
	48,314	Goldman Sachs Group, Inc.		7,295,897
	397,443	J.P. Morgan Chase & Company		18,135,324
	122,099	MetLife, Inc.		5,713,012
	267,620	Principal Financial Group, Inc.		9,032,175
	149,930	State Street Corporation		6,979,242
	56,083	SVB Financial Groupa,^b		3,389,657
	73,206	Travelers Companies, Inc.		4,632,476
	440,617	Unum Group		11,667,538
	66,230	Vanguard REIT ETF		4,095,001
	367,935	Wells Fargo & Company		10,710,588

		Total Financials		123,995,322


	Health Care (11.6%)
	92,266	Abbott Laboratories		4,801,522
	106,560	Baxter International, Inc.		6,063,264
	85,654	C.R. Bard, Inc.		9,143,565
	183,416	Covidien plc		10,214,437
	173,409	HCA Holdings, Inc.^b		5,687,815
	83,332	Johnson & Johnson		5,476,579
	596,320	Pfizer, Inc.		12,498,867
	177,583	UnitedHealth Group, Inc.		8,742,411
	95,691	Zimmer Holdings, Inc.^b		$6,243,838

		Total Health Care		68,872,298


	Industrials (13.4%)
	71,146	Boeing Company		5,676,028
	56,838	Caterpillar, Inc.		6,559,674
	155,426	Emerson Electric Company		9,443,684
	69,215	General Dynamics Corporation		5,040,236
	600,802	General Electric Company		12,286,401
	118,096	Honeywell International, Inc.		7,231,018
	68,880	Huntington Ingalls Industries, Inc.^a,b		2,755,200
	61,180	Parker Hannifin Corporation		5,770,498
	85,117	Rockwell Collins, Inc.		5,370,883
	228,304	Textron, Inc.		5,958,734
	75,882	United Technologies Corporation		6,797,509
	102,831	WESCO International, Inc.^b		6,370,380

		Total Industrials		79,260,245


	Information Technology (9.2%)
	101,210	Avnet, Inc.^b		3,675,947
	406,134	Corning, Inc.		8,504,446
	71,499	International Business Machines Corporation		12,196,299
	290,051	Microsoft Corporation		7,547,127
	88,273	Oracle Corporation		3,182,242
	107,485	TE Connectivity, Ltd.		3,853,337
	870,846	Xerox Corporation		8,786,836
	184,173	Xilinx, Inc.		6,420,271

		Total Information Technology		54,166,505


	Materials (5.9%)
	96,020	Allegheny Technologies, Inc.		6,913,440
	155,018	Dow Chemical Company		6,354,188
	292,851	E.I. du Pont de Nemours and Company		16,631,008
	70,001	Sigma-Aldrich Corporation		4,940,671

		Total Materials		34,839,307


	Telecommunications Services (3.6%)
	260,393	AT&T, Inc.		8,103,430
	347,439	Verizon Communications, Inc.		13,126,246

		Total Telecommunications Services		21,229,676


	Utilities (2.5%)
	242,494	American Electric Power Company, Inc.		8,846,181
	31,613	Entergy Corporation		2,204,058
	154,018	Xcel Energy, Inc.		3,747,258

		Total Utilities		14,797,497

		Total Common Stock (cost $463,316,546)		580,961,389

The accompanying Notes to Financial Statements are an integral part of this schedule.

141

Large Cap Value Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Collateral Held for Securities Loaned (1.2%)	Value
	7,472,800	Thrivent Financial Securities Lending Trust		$7,472,800

		Total Collateral Held for Securities Loaned (cost $7,472,800)		7,472,800


Principal Amount		Short-Term Investments (2.2%)^c	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	5,000,000	0.030%, 5/9/2011		4,999,963
		Liberty Street Funding, LLC
	7,854,000	0.080%, 5/2/2011		7,853,965

		Total Short-Term Investments (at amortized cost)		12,853,928

		Total Investments (cost $483,643,274) 101.5%		$601,288,117

		Other Assets and Liabilities, Net (1.5%)		(9,152,112	)

		Total Net Assets 100.0%		$592,136,005

a	All or a portion of the security is on loan.

b	Non-income producing security.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:


ADR		- American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
REIT		- Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
ETF		- Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$120,184,328
Gross unrealized depreciation	(3,080,351	)

Net unrealized appreciation (depreciation)	$117,103,977

Cost for federal income tax purposes	$484,184,140

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Large Cap Value Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

47,888,209

–

Consumer Staples

53,568,295

–

Energy

82,344,035

–

Financials

123,995,322

–

Health Care

68,872,298

–

Industrials

79,260,245

–

Information Technology

54,166,505

–

Materials

34,839,307

–

Telecommunications Services

21,229,676

–

Utilities

14,797,497

–

Collateral Held for Securities Loaned

7,472,800

–

Short-Term Investments

12,853,928

–

12,853,928

–

Total

601,288,117

588,434,189

12,853,928

–

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Value Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross

Sales

Shares Held at
April 29, 2011

Value

April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$17,426,288

$81,457,325

$91,410,813

7,472,800

$7,472,800

$8,567

Total Value and Income Earned

17,426,288

7,472,800

8,567

The accompanying Notes to Financial Statements are an integral part of this schedule.

142

Large Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (96.1%)	Value
	Consumer Discretionary (12.0%)
	112,700	Amazon.com, Inc.^a		$22,145,550
	533,554	Carnival Corporation		20,312,401
	324,800	Darden Restaurants, Inc.		15,255,856
	311,074	Discovery Communications, Inc.^a		13,768,135
	1,763,300	Ford Motor Company^a		27,278,251
	361,070	Lowe’s Companies, Inc.		9,478,087
	398,090	Macy’s, Inc.		9,518,332
	243,500	McDonald’s Corporation		19,068,485
	101,810	Omnicom Group, Inc.		5,008,034
	265,100	Phillips-Van Heusen Corporation		18,665,691
	423,900	Staples, Inc.		8,961,246
	213,070	Time Warner Cable, Inc.		16,647,159
	295,300	TJX Companies, Inc.		15,833,986
	497,490	Walt Disney Company		21,441,819

		Total Consumer Discretionary		223,383,032


	Consumer Staples (7.0%)
	950,540	Altria Group, Inc.		25,512,494
	372,308	Anheuser-Busch InBev NV ADR^b		23,816,543
	113,580	Diageo plc ADR		9,242,004
	551,767	Kraft Foods, Inc.		18,528,336
	427,219	Philip Morris International, Inc.		29,666,087
	549,821	Walgreen Company		23,488,353

		Total Consumer Staples		130,253,817


	Energy (10.3%)
	349,451	Apache Corporation		46,606,280
	495,320	Baker Hughes, Inc.		38,342,721
	223,640	BP plc ADR		10,318,750
	297,370	Chevron Corporation		32,544,173
	324,750	ConocoPhillips		25,632,517
	386,555	ENSCO International plc ADR^b		23,046,409
	187,489	Schlumberger, Ltd.		16,827,138

		Total Energy		193,317,988


	Financials (13.3%)
	147,000	Ameriprise Financial, Inc.		9,122,820
	261,790	Aon Corporation		13,657,584
	1,092,980	Bank of America Corporation		13,421,794
	81,200	BlackRock, Inc.		15,910,328
	181,910	Capital One Financial Corporation		9,955,934
	1,730,360	Citigroup, Inc.^a		7,942,352
	716,380	Fifth Third Bancorp		9,506,363
	76,660	Goldman Sachs Group, Inc.		11,576,427
	749,150	Itau Unibanco Holding SA ADR		17,792,312
	1,304,474	J.P. Morgan Chase & Company		59,523,149
	192,560	MetLife, Inc.		9,009,882
	422,553	Principal Financial Group, Inc.		14,261,164
	228,560	State Street Corporation		10,639,468
	89,100	SVB Financial Group^a		5,385,204
	691,380	Unum Group		18,307,742
	100,150	Vanguard REIT ETF		6,192,275
	565,370	Wells Fargo & Company		16,457,921

		Total Financials		248,662,719


	Health Care (10.7%)
	144,490	Abbott Laboratories^c		7,519,259
	88,650	Allergan, Inc.		7,052,994
	163,810	Baxter International, Inc.		9,320,789
	134,310	C.R. Bard, Inc.		14,337,593
	86,300	Celgene Corporation^a		5,081,344
	287,110	Covidien plc		15,989,156
	265,950	HCA Holdings, Inc.^a		8,723,160
	128,870	Johnson & Johnson		8,469,336
	322,500	McKesson Corporation		26,770,725
	1,185,120	Mylan, Inc.^a		29,533,190
	914,823	Pfizer, Inc.		19,174,690
	411,850	Thermo Fisher Scientific, Inc.^a		24,706,882
	272,990	UnitedHealth Group, Inc.		13,439,298
	149,780	Zimmer Holdings, Inc.^a		9,773,145

		Total Health Care		199,891,561


	Industrials (10.5%)
	391,160	Boeing Company		31,206,745
	241,460	Caterpillar, Inc.		27,866,899
	696,920	Emerson Electric Company		42,344,859
	948,220	General Electric Company		19,391,099
	185,730	Honeywell International, Inc.		11,372,248
	105,830	Huntington Ingalls Industries, Inc.^a,b		4,233,200
	93,520	Parker Hannifin Corporation		8,820,806
	131,950	Rockwell Collins, Inc.		8,326,045
	87,355	Siemens AG ADR^b		12,748,589
	348,240	Textron, Inc.		9,089,064
	119,980	United Technologies Corporation		10,747,808
	162,620	WESCO International, Inc.^a		10,074,309

		Total Industrials		196,221,671


	Information Technology (20.5%)
	196,397	Akamai Technologies, Inc.^a		6,763,913
	188,528	Apple, Inc.^a		65,651,106
	367,600	Broadcom Corporation^a		12,932,168
	74,150	Cognizant Technology Solutions Corporation^a		6,147,035
	626,760	Corning, Inc.		13,124,354
	783,750	EMC Corporation^a		22,211,475
	109,086	F5 Networks, Inc.^a		11,056,957
	82,992	Google, Inc.^a		45,155,947
	275,100	Hewlett-Packard Company		11,105,787
	112,810	International Business Machines Corporation		19,243,130
	460,610	Microsoft Corporation		11,985,072
	283,700	NXP Semiconductors NV^a		9,475,580
	1,159,920	Oracle Corporation		41,815,116
	477,150	QUALCOMM, Inc.		27,121,206
	73,317	Salesforce.com, Inc.^a		10,161,736
	362,430	TE Connectivity, Ltd.		12,993,116
	110,850	Visa, Inc.		8,659,602
	246,500	VMware, Inc.^a		23,523,495
	1,316,780	Xerox Corporation		13,286,310
	288,940	Xilinx, Inc.		10,072,448

		Total Information Technology		382,485,553


	Materials (6.9%)
	149,310	Allegheny Technologies, Inc.^b		10,750,320
	136,200	CF Industries Holdings, Inc.		19,279,110
	243,560	Dow Chemical Company		9,983,524
	460,071	E.I. du Pont de Nemours and Company		26,127,432
	358,600	Freeport-McMoRan Copper & Gold, Inc.		19,733,758
	468,338	International Paper Company		14,462,278
	107,051	Sigma-Aldrich Corporation		7,555,660

The accompanying Notes to Financial Statements are an integral part of this schedule.

143

Large Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (96.1%)	Value
	Materials (6.9%) - continued
	657,400	Vale SA SP ADR		$21,957,160

		Total Materials		129,849,242


	Telecommunications Services (3.4%)
	408,330	AT&T, Inc.		12,707,230
	719,250	NII Holdings, Inc.^a		29,906,415
	533,014	Verizon Communications, Inc.		20,137,269

		Total Telecommunications Services		62,750,914


	Utilities (1.5%)
	637,300	American Electric Power Company, Inc.		23,248,704
	161,910	Xcel Energy, Inc.		3,939,270

		Total Utilities		27,187,974


		Total Common Stock (cost $1,474,142,969)		1,794,004,471


Shares		Collateral Held for Securities Loaned (2.3%)	Value
	42,537,350	Thrivent Financial Securities Lending Trust		42,537,350

		Total Collateral Held for Securities Loaned (cost $42,537,350)		42,537,350


Principal Amount		Short-Term Investments (3.1%)^d	Value
		Barton Capital Corporation
	4,085,000	0.090%, 5/2/2011		4,084,979
		Ecolab, Inc.
	10,345,000	0.080%, 5/2/2011		10,344,954
		Federal Home Loan Bank Discount Notes
	17,120,000	0.033%, 5/6/2011		17,119,906
	5,780,000	0.090%, 5/18/2011		5,779,740
	5,000,000	0.030%, 5/19/2011		4,999,921
	10,000,000	0.040%, 5/20/2011		9,999,781
	5,000,000	0.040%, 5/25/2011		4,999,861
		Federal Home Loan Mortgage
		Corporation Discount Notes
	1,400,000	0.149%, 8/29/2011^e		1,399,310

		Total Short-Term Investments (at amortized cost)		58,728,452

		Total Investments (cost $1,575,408,771) 101.5%		$1,895,270,273

		Other Assets and Liabilities, Net (1.5%)		(28,454,908	)

		Total Net Assets 100.0%		$1,866,815,365

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	All or a portion of the security was earmarked to cover written options.

d	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

e	At April 29, 2011, $999,507 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


ADR	–	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
REIT	–	Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
ETF	–	Exchange Traded Fund.

Unrealized Appreciation (Depreciation)


Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$314,697,560
Gross unrealized depreciation	(10,208,466	)
Net unrealized appreciation (depreciation)	$304,489,094

Cost for federal income tax purposes	$1,590,781,179

The accompanying Notes to Financial Statements are an integral part of this schedule.

144

Large Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Large Cap Stock Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

223,383,032

–

Consumer Staples

130,253,817

–

Energy

193,317,988

–

Financials

248,662,719

–

Health Care

199,891,561

–

Industrials

196,221,671

–

Information Technology

382,485,553

–

Materials

129,849,242

–

Telecommunications Services

62,750,914

–

Utilities

27,187,974

–

Collateral Held for Securities Loaned

42,537,350

–

Short-Term Investments

58,728,452

–

58,728,452

–

Total

$1,895,270,273

$1,836,541,821

$58,728,452

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

284,083

–

Total Asset Derivatives

$284,083

$–

Liability Derivatives

Call Options Written

14,625

–

Total Liability Derivatives

$14,625

$–

Futures Contracts

Number of
Contracts
Long/(Short)

Expiration
Date

Notional
Principal
Amount

Value

Unrealized
Gain/(Loss)

S&P 500 Index Futures

June 2011

$9,573,742

$9,857,825

$284,083

Total Futures Contracts

$284,083

Call Options Written

Number of
Contracts

Exercise
Price

Expiration
Date

Value

Unrealized
Gain/(Loss)

S&P 500 Mini-Futures Call Option

$113.70

May 2011

($26,250

)

($14,625

)

Total Call Options Written

($26,250

)

($14,625

)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Large Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		284,083
Total Equity Contracts			284,083

Total Asset Derivatives			$284,083


Liability Derivatives

Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		14,625
Total Equity Contracts			14,625

Total Liability Derivatives			$14,625

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

145

Large Cap Stock Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Large Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		(206,581	)
Futures	Net realized gains/(losses) on Futures contracts		3,684,461

Total Equity Contracts			3,477,880

Total			$3,477,880

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Large Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income

Equity Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		(20,563	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(1,037,308	)

Total Equity Contracts			(1,057,871	)

Total			($1,057,871	)

The following table presents Large Cap Stock Fund’s average volume of derivative activity during the period ended April 29, 2011.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)			Options (Contracts)
Equity Contracts	$	13,293,544		0.7	%		96

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Stock Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross

Sales

Shares Held at
April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

Thrivent Financial Securities Lending Trust

$67,901,380

$352,013,256

$377,377,286

42,537,350

$42,537,350

$107,691

Total Value and Income Earned

67,901,380

42,537,350

107,691

The accompanying Notes to Financial Statements are an integral part of this schedule.

146

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (66.7%)	Value
	Consumer Discretionary (7.9%)
	51,224	Carnival Corporation		$1,950,098
	81,668	Comcast Corporation		2,142,968
	14,600	Darden Restaurants, Inc.		685,762
	12,586	Dollar Tree, Inc.^a		723,695
	36,151	Foot Locker, Inc.		777,970
	73,729	Lowe’s Companies, Inc.		1,935,386
	7,200	McDonald’s Corporation		563,832
	70,278	Pier 1 Imports, Inc.^a		855,986
	15,017	Signet Jewelers, Ltd.^a		656,994
	101,330	Staples, Inc.		2,142,116
	28,523	Time Warner Cable, Inc.		2,228,502
	46,909	Walt Disney Company		2,021,778
	22,279	Wyndham Worldwide Corporation		771,076

		Total Consumer Discretionary		17,456,163


	Consumer Staples (6.4%)
	106,400	Altria Group, Inc.		2,855,776
	37,229	Anheuser-Busch InBev NV ADR		2,381,539
	26,936	British American Tobacco plc ADR^b		2,375,755
	20,149	Corn Products International, Inc.		1,110,210
	144,444	Diageo plc		2,938,339
	55,243	Walgreen Company		2,359,981

		Total Consumer Staples		14,021,600


	Energy (9.1%)
	11,731	Alpha Natural Resources, Inc.^a,b		682,392
	20,611	Apache Corporation		2,748,889
	39,758	Baker Hughes, Inc.		3,077,667
	44,057	BP plc ADR		2,032,790
	42,405	ENSCO International plc ADR		2,528,186
	19,460	Forest Oil Corporation^a		698,809
	62,573	International Coal Group, Inc.^a		690,180
	9,466	Oil States International, Inc.^a		785,773
	27,798	Patriot Coal Corporation^a		699,954
	27,225	Peabody Energy Corporation		1,819,174
	33,017	Schlumberger, Ltd.		2,963,276
	16,916	Swift Energy Company^a		662,938
	10,024	Whiting Petroleum Corporation^a		696,668

		Total Energy		20,086,696


	Financials (9.1%)
	9,800	Aon Corporation		511,266
	10,796	BlackRock, Inc.		2,115,368
	40,063	Capital One Financial Corporation		2,192,648
	147,735	Fifth Third Bancorp		1,960,443
	16,687	Franklin Resources, Inc.		2,154,625
	20,281	Lazard, Ltd.		831,521
	82,220	Morgan Stanley		2,150,053
	65,005	Ocwen Financial Corporation^a		778,110
	272,197	Popular, Inc.^a		857,421
	71,030	Principal Financial Group, Inc.		2,397,263
	37,094	Prudential Financial, Inc.		2,352,501
	31,136	Texas Capital Bancshares, Inc.^a		803,309
	35,025	Zions Bancorporation^b		856,361

		Total Financials		19,960,889


	Health Care (8.2%)
	31,589	Biogen Idec, Inc.^a		3,075,189
	2,600	C.R. Bard, Inc.		277,550
	12,231	Covance, Inc.^a		765,661
	42,862	Covidien plc		2,386,985
	21,457	Dendreon Corporation^a		931,877
	32,649	Hologic, Inc.^a		718,931
	12,700	Hospira, Inc.^a		720,471
	28,111	McKesson Corporation		2,333,494
	111,177	Pfizer, Inc.		2,330,270
	12,700	Teva Pharmaceutical Industries, Ltd. ADR		580,771
	51,088	UnitedHealth Group, Inc.		2,515,062
	10,383	Varian Medical Systems, Inc.^a		728,887
	12,548	Watson Pharmaceuticals, Inc.^a		778,227

		Total Health Care		18,143,375


	Industrials (8.8%)
	19,810	BE Aerospace, Inc.^a		764,468
	30,889	Boeing Company		2,464,324
	21,688	EMCOR Group, Inc.^a		671,677
	39,142	Emerson Electric Company		2,378,268
	18,405	FTI Consulting, Inc.^a,b		734,359
	39,373	Honeywell International, Inc.		2,410,809
	14,234	Jacobs Engineering Group, Inc.^a		706,149
	35,368	Knight Transportation, Inc.		636,978
	32,503	Manitowoc Company, Inc.		721,242
	11,288	Manpower, Inc.		747,830
	24,409	Parker Hannifin Corporation		2,302,257
	23,467	Republic Services, Inc.		742,026
	20,130	Shaw Group, Inc.^a		783,057
	8,787	SPX Corporation		759,636
	27,486	United Technologies Corporation		2,462,196

		Total Industrials		19,285,276


	Information Technology (12.2%)
	38,233	Accenture plc		2,184,251
	18,470	Akamai Technologies, Inc.^a		636,107
	5,869	Apple, Inc.^a		2,043,762
	53,788	Atmel Corporation^a		822,956
	120,891	Brocade Communications^a		755,569
	17,527	CommVault Systems, Inc.^a		690,389
	74,489	EMC Corporationa		2,111,018
	8,021	Equinix, Inc.^a		807,394
	40,104	Nuance Communications, Inc.^a		830,153
	61,618	Oracle Corporation		2,221,329
	22,999	Plexus Corporation^a		839,234
	14,835	Polycom, Inc.^a		887,578
	58,733	TE Connectivity, Ltd.		2,105,578
	13,643	Teradata Corporation^a		762,917
	39,011	Teradyne, Inc.^a		628,077
	58,033	Texas Instruments, Inc.		2,061,912
	24,630	VMware, Inc.^a		2,350,441
	61,371	Xilinx, Inc.		2,139,393
	118,978	Yahoo!, Inc.^a		2,111,859

		Total Information Technology		26,989,917


	Materials (2.3%)
	35,950	Freeport-McMoRan Copper & Gold, Inc.		1,978,329
	72,396	International Paper Company		2,235,588
	5,665	Walter Energy, Inc.		783,016

		Total Materials		4,996,933


	Utilities (2.7%)
	68,226	Calpine Corporation^a		1,142,786
	43,991	Dominion Resources, Inc.		2,042,062

The accompanying Notes to Financial Statements are an integral part of this schedule.

147

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Common Stock (66.7%)	Value
	Utilities (2.7%) - continued
	36,204	NextEra Energy, Inc.		$2,048,060
	17,958	Southwest Gas Corporation		714,190

		Total Utilities		5,947,098



		Total Common Stock (cost $121,166,638)		146,887,947


	Principal Amount	Long-Term Fixed Income (34.2%)		Value

	Asset-Backed Securities (1.8%)
		Carrington Mortgage Loan Trust
	150,000	0.363%, 8/25/2036^c		58,153
		Countrywide Asset-Backed Certificates
	232,700	5.549%, 8/25/2021^d		194,516
		First Horizon ABS Trust
	510,950	0.343%, 10/25/2026^c,d		416,574
		GMAC Mortgage Corporation Loan Trust
	598,840	0.393%, 8/25/2035^c,d		353,224
	550,833	0.393%, 12/25/2036^c,d		374,551
		Goldman Sachs Alternative Mortgage Products Trust
	221,246	0.293%, 8/25/2036^c		205,989
		Green Tree Financial Corporation
	279,743	6.330%, 11/1/2029		283,901
		Popular ABS Mortgage Pass- Through Trust
	250,000	5.297%, 11/25/2035		215,122
		Renaissance Home Equity Loan Trust
	1,233,566	5.608%, 5/25/2036		985,903
	500,000	5.285%, 1/25/2037		393,946
		Wachovia Asset Securitization, Inc.
	685,475	0.353%, 7/25/2037^c,d,e		531,783

		Total Asset-Backed Securities		4,013,662


	Basic Materials (0.9%)
		Alcoa, Inc.
	250,000	5.400%, 4/15/2021		253,842
		ArcelorMittal
	250,000	6.125%, 6/1/2018		270,487
	200,000	5.250%, 8/5/2020		201,046
		Dow Chemical Company
	200,000	8.550%, 5/15/2019		256,418
		Gold Fields Orogen Holding BVI, Ltd.
	200,000	4.875%, 10/7/2020^f		193,074
		Noble Group, Ltd.
	300,000	6.750%, 1/29/2020^f		318,000
		Rio Tinto Finance USA, Ltd.
	200,000	9.000%, 5/1/2019		266,580
		Vale Overseas, Ltd.
	200,000	4.625%, 9/15/2020		197,864

		Total Basic Materials		1,957,311


	Capital Goods (0.3%)
		Hutchinson Whampoa Finance, Ltd.
	250,000	5.750%, 9/11/2019^f		269,790
		Republic Services, Inc.
	100,000	5.000%, 3/1/2020		105,112
	200,000	5.250%, 11/15/2021		212,347
		Textron, Inc.
	$100,000	7.250%, 10/1/2019		$116,437

		Total Capital Goods		703,686


	Collateralized Mortgage Obligations (1.1%)
		Banc of America Mortgage Securities, Inc.
	694,068	3.184%, 9/25/2035		594,507
		Bear Stearns Mortgage Funding Trust
	159,443	0.493%, 8/25/2036^c		49,702
		HomeBanc Mortgage Trust
	505,265	3.086%, 4/25/2037		333,118
		J.P. Morgan Alternative Loan Trust
	523,822	2.723%, 3/25/2036		344,678
		J.P. Morgan Mortgage Trust
	80,472	5.935%, 6/25/2036		79,012
		Merrill Lynch Mortgage Investors, Inc.
	658,642	2.744%, 6/25/2035		574,225
		Thornburg Mortgage Securities Trust
	350,385	0.323%, 11/25/2046^c		346,189

		Total Collateralized Mortgage Obligations		2,321,431


	Commercial Mortgage-Backed Securities (3.4%)
		Banc of America Commercial Mortgage, Inc.
	150,000	5.658%, 4/10/2049		151,712
		Bear Stearns Commercial Mortgage Securities, Inc.
	250,000	5.613%, 6/11/2050		258,155
	1,500,000	0.369%, 3/15/2022^c,e		1,442,168
	322,405	4.487%, 2/11/2041		331,061
		Citigroup/Deutsche Bank Commercial Mortgage
	250,000	5.322%, 12/11/2049		268,403
		Commercial Mortgage Pass- Through Certificates
	1,000,000	0.349%, 12/15/2020^c,e		895,045
	750,000	0.399%, 6/15/2022^c,e		697,679
		Credit Suisse Mortgage Capital Certificates
	1,273,819	0.389%, 10/15/2021^c,f		1,232,054
		Government National Mortgage Association
	652,891	3.214%, 1/16/2040		675,090
		GS Mortgage Securities Corporation II
	1,000,000	1.317%, 3/6/2020^c,f		985,232
		Morgan Stanley Capital, Inc.
	197,000	5.406%, 3/15/2044		198,660
		Wachovia Bank Commercial Mortgage Trust
	375,000	5.765%, 7/15/2045		414,429

The accompanying Notes to Financial Statements are an integral part of this schedule.

148

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (34.2%)	Value
	Commercial Mortgage-Backed Securities (3.4%) - continued
		WaMu Commercial Mortgage Securities Trust
	$51,427	3.830%, 1/25/2035^f		$51,779

		Total Commercial Mortgage- Backed Securities		7,601,467


	Communications Services (0.9%)
		America Movil SAB de CV
	200,000	5.000%, 3/30/2020		208,650
		American Tower Corporation
	200,000	5.050%, 9/1/2020		196,343
		CBS Corporation
	200,000	8.875%, 5/15/2019		254,544
		Crown Castle Towers, LLC
	200,000	6.113%, 1/15/2020^f		216,455
	200,000	4.883%, 8/15/2020^f		199,049
		Frontier Communications Corporation
	120,000	6.250%, 1/15/2013		126,300
		News America, Inc.
	125,000	6.400%, 12/15/2035		131,877
		Rogers Communications, Inc.
	40,000	8.750%, 5/1/2032		51,497
		SBA Tower Trust
	200,000	5.101%, 4/15/2017^f		205,000
		Telecom Italia Capital SA
	200,000	5.250%, 10/1/2015		210,542
		Verizon Communications, Inc.
	100,000	8.950%, 3/1/2039		140,558
		Virgin Media Secured Finance plc
	100,000	5.250%, 1/15/2021^f		102,304

		Total Communications Services		2,043,119


	Consumer Cyclical (0.7%)
		CVS Caremark Corporation
	250,000	6.125%, 9/15/2039		259,795
		Ford Motor Credit Company, LLC
	150,000	7.000%, 4/15/2015		164,743
	100,000	5.000%, 5/15/2018		100,054
		Harley-Davidson Financial Services, Inc.
	250,000	3.875%, 3/15/2016^f.		251,978
		Home Depot, Inc
	250,000	4.400%, 4/1/2021		251,389
		RCI Banque SA
	200,000	4.600%, 4/12/2016^f		203,218
		Wal-Mart Stores, Inc.
	230,000	5.875%, 4/5/2027		255,357

		Total Consumer Cyclical		1,486,534


	Consumer Non-Cyclical (0.9%)
		Altria Group, Inc.
	200,000	9.700%, 11/10/2018		266,295
		AmerisourceBergen Corporation
	200,000	4.875%, 11/15/2019		209,593
		Anheuser-Busch InBev Worldwide, Inc.
	200,000	5.375%, 11/15/2014		222,540
	100,000	2.875%, 2/15/2016		100,821
		Archer-Daniels-Midland Company
	200,000	4.479%, 3/1/2021		206,080
		Colgate-Palmolive Company
	250,000	2.625%, 5/1/2017		249,125
		HCA, Inc.
	150,000	9.250%, 11/15/2016		160,875
		Kraft Foods, Inc.
	250,000	5.375%, 2/10/2020		270,578
		McKesson Corporation
	100,000	4.750%, 3/1/2021 .		103,245
		Quest Diagnostics, Inc
	250,000	4.700%, 4/1/2021		253,748

		Total Consumer Non-Cyclical		2,042,900


	Energy (0.6%)
		BP Capital Markets plc
	250,000	4.742%, 3/11/2021		255,264
		CenterPoint Energy Resources Corporation
	300,000	6.125%, 11/1/2017		338,231
		Petrobras International Finance Company
	200,000	5.375%, 1/27/2021		202,828
		Schlumberger Norge AS
	100,000	4.200%, 1/15/2021^f		101,132
		Transocean, Inc.
	200,000	7.375%, 4/15/2018		230,405
		Valero Energy Corporation
	200,000	6.125%, 2/1/2020		221,647

		Total Energy		1,349,507


	Financials (5.5%)
		Ally Financial, Inc.
	100,000	4.500%, 2/11/2014		101,000
		Axis Specialty Finance, LLC
	250,000	5.875%, 6/1/2020		256,972
		Bank of America Corporation
	260,000	5.625%, 7/1/2020		272,888
	100,000	5.875%, 1/5/2021		106,662
		Barclays Bank plc
	200,000	2.375%, 1/13/2014		202,912
		Barclays Bank plc, Convertible
	500,000	1.000%, 6/25/2017^g		579,100
		Bear Stearns Companies, LLC
	200,000	6.400%, 10/2/2017		228,426
		Blackstone Holdings Finance Company, LLC
	150,000	6.625%, 8/15/2019^f		160,060
		Boston Properties, LP
	200,000	4.125%, 5/15/2021		193,320
		Capital One Bank USA NA
	100,000	8.800%, 7/15/2019		128,069
		Capital One Capital V
	150,000	10.250%, 8/15/2039		162,000
		Citigroup, Inc.
	200,000	6.500%, 8/19/2013		219,755
	250,000	1.235%, 4/1/2014^c		249,869
		CNA Financial Corporation
	200,000	6.500%, 8/15/2016		223,957

The accompanying Notes to Financial Statements are an integral part of this schedule.

149

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (34.2%)	Value
	Financials (5.5%) - continued
		Cooperative Centrale Raiffeisen- Boerenleenbank BA
	$300,000	4.750%, 1/15/2020^f		$315,316
		Credit Suisse Securities USA, LLC, Convertible
	300,000	1.000%, 4/28/2017^g		309,600
		Danske Bank AS
	250,000	3.875%, 4/14/2016^f		253,254
		Fifth Third Bancorp
	50,000	3.625%, 1/25/2016		50,729
	200,000	5.450%, 1/15/2017		212,678
		General Electric Capital Corporation
	200,000	4.375%, 9/16/2020		197,264
	100,000	5.300%, 2/11/2021		103,763
		Goldman Sachs Group, Inc., Convertible
	21,430	2.600%, 3/16/2012^f,h		331,972
	4,750	0.250%, 11/7/2011^f,i		129,414
	422	0.050%, 3/30/2012^f,j		324,175
		Health Care REIT, Inc.
	200,000	6.125%, 4/15/2020		214,893
		HSBC Holdings plc
	250,000	5.100%, 4/5/2021^b		257,311
	165,000	6.500%, 5/2/2036		171,460
		International Lease Finance Corporation
	100,000	8.625%, 9/15/2015^f		110,000
		Jefferies Group, Inc.
	250,000	5.125%, 4/13/2018		251,576
		KeyCorp
	250,000	5.100%, 3/24/2021		256,054
		Liberty Property, LP
	200,000	5.500%, 12/15/2016		217,761
		Merrill Lynch & Company, Inc.
	200,000	6.875%, 4/25/2018		226,949
		Morgan Stanley
	300,000	3.800%, 4/29/2016		301,055
	200,000	7.300%, 5/13/2019		229,343
	200,000	5.500%, 1/26/2020		204,719
		Nationwide Building Society
	200,000	6.250%, 2/25/2020^f		211,099
		Nordea Eiendomskreditt AS
	250,000	1.875%, 4/7/2014^f		252,081
		PNC Funding Corporation
	200,000	5.125%, 2/8/2020		213,733
		Principal Financial Group, Inc.
	200,000	8.875%, 5/15/2019		256,087
		Prudential Financial, Inc.
	250,000	6.100%, 6/15/2017		279,973
	100,000	5.700%, 12/14/2036		99,726
		Rabobank Capital Funding Trust II
	101,000	5.260%, 12/29/2049^a,f,k		101,727
		Reinsurance Group of America, Inc.
	300,000	5.625%, 3/15/2017		319,389
		Simon Property Group, LP
	200,000	4.375%, 3/1/2021		199,278
		SLM Corporation
	100,000	6.250%, 1/25/2016		106,034
	100,000	8.000%, 3/25/2020		110,733
		Societe Generale
	250,000	5.200%, 4/15/2021^f		252,176
		Swiss RE Capital I, LP
	275,000	6.854%, 5/29/2049^f,k		273,286
		Travelers Companies, Inc.
	105,000	6.250%, 6/15/2037		114,604
		UnitedHealth Group, Inc.
	150,000	6.500%, 6/15/2037		164,453
		USB Capital XIII Trust
	200,000	6.625%, 12/15/2039		213,546
		Wachovia Bank NA
	285,000	4.875%, 2/1/2015		307,638
		Wachovia Corporation
	150,000	5.250%, 8/1/2014		162,678
		WEA Finance, LLC/WT Finance Australia, Pty Ltd.
	225,000	6.750%, 9/2/2019^f		260,887
		Westpac Banking Corporation
	250,000	1.037%, 3/31/2014^c,f		250,584
		Willis North America, Inc.
	220,000	6.200%, 3/28/2017		239,419

		Total Financials		12,143,407


	Foreign Government (0.6%)
		Bank Nederlandse Gemeenten NV
	250,000	4.375%, 2/16/2021^f		257,250
		Chile Government International Bond
	200,000	3.875%, 8/5/2020		196,500
		Corporacion Andina de Fomento
	250,000	5.750%, 1/12/2017		273,578
		Mexico Government International Bond
	250,000	6.050%, 1/11/2040		259,375
		Poland Government International Bond
	250,000	5.125%, 4/21/2021		250,375

		Total Foreign Government		1,237,078


	Mortgage-Backed Securities (7.6%)
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	1,750,000	3.500%, 5/1/2026^l		1,771,054
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	4,125,000	4.500%, 5/1/2041^l		4,244,237
	1,750,000	5.000%, 5/1/2041^l		1,847,071
	5,100,000	5.500%, 5/1/2041^l		5,488,875
	3,000,000	6.000%, 5/1/2041^l		3,280,314

		Total Mortgage-Backed Securities		16,631,551


	Technology (0.1%)
		Affiliated Computer Services, Inc.
	200,000	5.200%, 6/1/2015		217,355

		Total Technology		217,355


	Transportation (0.5%)
		American Airlines Pass Through Trust
	97,953	10.375%, 7/2/2019		114,360

The accompanying Notes to Financial Statements are an integral part of this schedule.

150

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (34.2%)	Value
	Transportation (0.5%) - continued
		Continental Airlines, Inc.
	$194,475	7.250%, 11/10/2019		$210,772
		CSX Corporation
	200,000	3.700%, 10/30/2020		191,332
		Delta Air Lines, Inc.
	100,000	4.950%, 11/23/2019		99,750
	195,241	7.750%, 12/17/2019		214,765
		ERAC USA Finance, LLC
	200,000	5.250%, 10/1/2020^f		208,394

		Total Transportation		1,039,373


	U.S. Government and Agencies (8.0%)
		U.S. Treasury Bonds
	1,250,000	4.625%, 2/15/2040		1,295,508
		U.S. Treasury Notes
	2,000,000	0.625%, 12/31/2012		2,004,844
	2,250,000	1.500%, 12/31/2013		2,286,914
	150,000	1.750%, 1/31/2014		153,410
	750,000	1.250%, 2/15/2014		756,446
	100,000	2.375%, 9/30/2014		103,844
	5,750,000	2.000%, 1/31/2016		5,784,143
	225,000	2.750%, 2/28/2018		226,705
	475,000	3.625%, 2/15/2021		487,914
		U.S. Treasury Notes, TIPS
	1,177,652	2.500%, 7/15/2016		1,361,935
	1,295,187	1.875%, 7/15/2019		1,448,587
	1,744,596	1.125%, 1/15/2021		1,809,200

		Total U.S. Government and Agencies		17,719,450


	U.S. Municipals (0.1%)
		North Texas Tollway Authority Revenue Bonds (Build America Bonds)
	150,000	6.718%, 1/1/2049		153,252

		Total U.S. Municipals		153,252


	Utilities (1.2%)
		Buckeye Partners, LP
	100,000	4.875%, 2/1/2021		101,737
		Cleveland Electric Illuminating Company
	245,000	5.700%, 4/1/2017		264,242
		Enterprise Products Operating, LLC
	200,000	5.200%, 9/1/2020		210,865
		Exelon Generation Company, LLC
	145,000	5.750%, 10/1/2041		136,694
		FirstEnergy Solutions Corporation
	150,000	4.800%, 2/15/2015		159,107
		ITC Holdings Corporation
	225,000	6.050%, 1/31/2018^f		247,848
		MidAmerican Energy Holdings Company
	225,000	6.500%, 9/15/2037		252,073
		NiSource Finance Corporation
	100,000	6.125%, 3/1/2022		110,228
		ONEOK Partners, LP
	200,000	8.625%, 3/1/2019		254,693
		Pennsylvania Electric Company
	200,000	5.200%, 4/1/2020		207,984
		Power Receivables Finance, LLC
	92,719	6.290%, 1/1/2012^e		92,963
		Union Electric Company
	350,000	6.400%, 6/15/2017		402,610
		Williams Partners, LP
	200,000	5.250%, 3/15/2020		212,703

		Total Utilities		2,653,747



		Total Long-Term Fixed Income (cost $75,042,472)		75,314,830


Shares		Mutual Funds (0.8%)	Value

	Fixed Income Mutual Funds (0.8%)
	366,132	Thrivent High Yield Fund		1,819,676

		Total Fixed Income Mutual Funds		1,819,676



		Total Mutual Funds (cost $1,400,000)		1,819,676


Shares		Preferred Stock (0.1%)	Value
	Financials (0.1%)
	1,150	Citigroup, Inc., Convertible, 7.500%		149,546
	12,000	Federal National Mortgage Association, 8.250%^a,k		24,480
	4,000	HSBC Holdings plc, 8.000%^k		109,720

		Total Financials		283,746



		Total Preferred Stock (cost $392,431)		283,746


Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	30	$118.00, expires 5/21/2011		$1,406

		Total Options Purchased (cost $7,121)		1,406


Shares		Collateral Held for Securities Loaned (1.9%)	Value
	4,146,550	Thrivent Financial Securities Lending Trust		4,146,550

		Total Collateral Held for Securities Loaned (cost $4,146,550)		4,146,550


Principal Amount		Short-Term Investments (5.3%)^m	Value
		Barton Capital Corporation
	3,190,000	0.090%, 5/2/2011		3,189,984
		Federal Home Loan Bank Discount Notes
	2,000,000	0.040%, 5/6/2011		1,999,987
	6,000,000	0.030%, 5/11/2011ⁿ		5,999,945

The accompanying Notes to Financial Statements are an integral part of this schedule.

151

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Short-Term Investments (5.3%)^m	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	400,000	0.160%, 8/29/2011^o,p	$	399,789

		Total Short-Term Investments (cost $11,589,704)		11,589,705

		Total Investments (cost $213,744,916) 109.0%	$	240,043,860

		Other Assets and Liabilities, Net (9.0%)		(19,803,532	)

		Total Net Assets 100.0%	$	220,240,328

a	Non-income producing security.

b	All or a portion of the security is on loan.

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

d	All or a portion of the security is insured or guaranteed.


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial Mortgage Securities, Inc.		3/30/2007	$	1,500,000
Commercial Mortgage Pass- Through Certificates		10/18/2006		1,000,000
Commercial Mortgage Pass- Through Certificates		5/2/2007		750,000
Power Receivables Finance, LLC		9/30/2003		92,908
Wachovia Asset Securitization, Inc.		3/16/2007		685,475

g	Denotes equity-linked structured securities. These securities are linked to the S&P 500 Index.

h	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of RadioShack Corporation.

i	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Microsoft Corporation.

j	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Kubota Corporation.

k	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

l	Denotes investments purchased on a when-issued or delayed delivery basis.

m	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

n	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

o	At April 29, 2011, $299,842 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

p	At April 29, 2011, $99,947 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Definitions:


ADR		- American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
REIT		- Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
TIPS		- Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$28,780,723
Gross unrealized depreciation	(3,164,609	)

Net unrealized appreciation (depreciation)	$25,616,114

Cost for federal income tax purposes	$214,427,746

The accompanying Notes to Financial Statements are an integral part of this schedule.

152

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Balanced Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

17,456,163

–

Consumer Staples

14,021,600

11,083,261

2,938,339

–

Energy

20,086,696

–

Financials

19,960,889

–

Health Care

18,143,375

–

Industrials

19,285,276

–

Information Technology

26,989,917

–

Materials

4,996,933

–

Utilities

5,947,098

–

Long-Term Fixed Income

Asset-Backed Securities

4,013,662

–

4,013,662

–

Basic Materials

1,957,311

–

1,957,311

–

Capital Goods

703,686

–

703,686

–

Collateralized Mortgage Obligations

2,321,431

–

2,321,431

–

Commercial Mortgage-Backed Securities

7,601,467

–

7,601,467

–

Communications Services

2,043,119

–

1,838,119

205,000

Consumer Cyclical

1,486,534

–

1,486,534

–

Consumer Non-Cyclical

2,042,900

–

1,793,775

249,125

Energy

1,349,507

–

1,349,507

–

Financials

12,143,407

–

10,469,146

1,674,261

Foreign Government

1,237,078

–

1,237,078

–

Mortgage-Backed Securities

16,631,551

–

16,631,551

–

Technology

217,355

–

217,355

–

Transportation

1,039,373

–

1,039,373

–

U.S. Government and Agencies

17,719,450

–

17,719,450

–

U.S. Municipals

153,252

–

153,252

–

Utilities

2,653,747

–

2,653,747

–

Mutual Funds

Fixed Income Mutual Funds

1,819,676

–

Preferred Stock

Financials

283,746

–

Options Purchased

1,406

–

Collateral Held for Securities Loaned

4,146,550

–

Short-Term Investments

11,589,705

–

11,589,705

–

Total

$240,043,860

$150,200,986

$87,714,488

$2,128,386

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

158,685

–

Total Asset Derivatives

$158,685

$–

Liability Derivatives

Futures Contracts

128,245

–

Credit Default Swaps

27,265

–

27,265

–

Total Liability Derivatives

$155,510

$128,245

$27,265

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

153

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Balanced Fund.

Investments in Securities

Value
October 31,
2010

Realized
Gain/(Loss)

Change in
Unrealized
Appreciation/
(Depreciation)*

Purchases

Sales

Transfers
Into
Level 3

Transfers
Out of
Level 3

Value
April 29,
2011

Long-Term Fixed Income Asset-Backed Securities

506,090

–

92,768

–

(67,075

)

–

(531,783

)

–

Communication Services

–

(10,122

)

–

215,122

–

205,000

Consumer Non-Cyclical

–

225

248,900

–

249,125

Financials

956,792

–

57,178

660,291

–

1,674,261

Transportation

780,429

30,926

(37,949

)

–

(233,509

)

–

(539,897

)

–

Total

$2,243,311

$30,926

$102,100

$909,191

($300,584

)

$215,122

($1,071,680

)

$2,128,386

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on April 29, 2011 of $62,403.


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(15)		June 2011		($3,272,064	)		($3,286,875	)		($14,811	)
10-Yr. U.S. Treasury Bond Futures		(50)		June 2011		(5,943,598	)		(6,057,032	)		(113,434	)
20-Yr. U.S. Treasury Bond Futures		20		June 2011		2,347,249			2,447,500			100,251
S&P 500 Index Futures		4		June 2011		1,301,266			1,359,700			58,434
Total Futures Contracts												$30,440


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 16, 5 Year, at 5.00%; Bank of America		Buy		6/20/2016		$1,500,000		$29,529		($50,757	)		($21,228	)
CDX IG, Series 16, 5 Year, at 1.00%; J.P. Morgan Chase and Co.		Buy		6/20/2016		1,500,000		2,859		(8,896	)		(6,037	)
Total Credit Default Swaps										($59,653	)		($27,265	)

As the buyer of protection, Balanced Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Balanced Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Balanced Fund could be required to make as the seller or receive as the buyer of protection.

The accompanying Notes to Financial Statements are an integral part of this schedule.

154

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Balanced Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		$1,406
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		100,251
Total Interest Rate Contracts			101,657

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		58,434
Total Equity Contracts			58,434

Total Asset Derivatives			$160,091


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		128,245
Total Interest Rate Contracts			128,245

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		27,265
Total Credit Contracts			27,265

Total Liability Derivatives			$155,510

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Balanced Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		236,996

Total Equity Contracts			236,996

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		29,044

Total Foreign Exchange Contracts			29,044

Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		(74,918	)
Futures	Net realized gains/(losses) on Futures contracts		(44,641	)

Total Interest Rate Contracts			(119,559	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(68,059	)

Total Credit Contracts			(68,059	)


Total			$78,422

The accompanying Notes to Financial Statements are an integral part of this schedule.

155

Balanced Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Balanced Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		30
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		84,785
Total Interest Rate Contracts			84,815
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(48,166	)
Total Equity Contracts			(48,166	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		2,414
Total Credit Contracts			2,414


Total			$39,063

The following table presents Balanced Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

$983,320

0.5

N/A

Interest Rate Contracts

13,897,146

6.5

N/A

Foreign Exchange Contracts

N/A

$37,179

<0.1

N/A

Credit Contracts

N/A

$3,674,532

1.7

N/A

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Balanced Fund, is as follows:


Fund	Value October 31, 2010		Gross Purchases		Gross Sales		Shares Held at April 29, 2011		Value April 29, 2011		Income Earned November 1, 2010 - April 29, 2011
High Yield		$1,779,402		$–		$–		366,132		$1,819,676		$69,230
Thrivent Financial Securities Lending Trust		4,547,275		26,793,982		27,194,707		4,146,550		4,146,550		3,099
Total Value and Income Earned		6,326,677								5,966,226		72,329

The accompanying Notes to Financial Statements are an integral part of this schedule.

156

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Bank Loans (1.9%)^a	Value
	Financials (0.5%)
		Nuveen Investments, Inc., Term Loan
	$3,530,000	12.500%, 7/31/2015		$3,768,275

		Total Financials		3,768,275


	Technology (0.4%)
		First Data Corporation Extended, Term Loan
	2,409,215	4.213%, 3/24/2018		2,284,539
		First Data Corporation, Term Loan
	256,389	2.963%, 9/24/2014		243,221

		Total Technology		2,527,760


	Utilities (1.0%)
		Texas Competitive Electric Holdings, LLC, Term Loan
	9,080,379	4.731%, 10/10/2017		7,258,673

		Total Utilities		7,258,673



		Total Bank Loans (cost $14,117,630)		13,554,708


Principal Amount		Long-Term Fixed Income (92.1%)	Value
	Asset-Backed Securities (0.7%)
		Countrywide Asset-Backed Certificates
	122,497	0.323%, 6/25/2021^b,c		119,688
		J.P. Morgan Mortgage Acquisition Corporation
	2,400,000	5.461%, 10/25/2036		1,917,842
		Renaissance Home Equity Loan Trust
	2,279,194	5.746%, 5/25/2036		1,654,606
	1,600,000	6.011%, 5/25/2036		1,015,264

		Total Asset-Backed Securities		4,707,400


	Basic Materials (7.9%)
		AbitibiBowater, Inc.
	2,340,000	10.250%, 10/15/2018^d,e		2,585,700
		APERAM
	1,430,000	7.750%, 4/1/2018^d		1,481,838
		Arch Coal, Inc.
	1,500,000	7.250%, 10/1/2020		1,618,125
		Cascades, Inc.
	750,000	7.750%, 12/15/2017		800,625
		CONSOL Energy, Inc.
	2,200,000	8.000%, 4/1/2017		2,431,000
	2,430,000	8.250%, 4/1/2020		2,709,450
		FMG Resources Property, Ltd.
	2,370,000	7.000%, 11/1/2015^d		2,500,350
	2,370,000	6.875%, 2/1/2018^d		2,500,350
		Graphic Packaging International, Inc.
	700,000	9.500%, 6/15/2017		784,000
	1,400,000	7.875%, 10/1/2018		1,524,250
		Hexion US Finance Corporation/Hexion Nova Scotia Finance ULC
	4,450,000	8.875%, 2/1/2018		4,828,250
	2,850,000	9.000%, 11/15/2020^d		3,078,000
		James River Escrow, Inc.
	2,870,000	7.875%, 4/1/2019^d,e		3,006,325
		Lyondell Chemical Company
	2,610,000	8.000%, 11/1/2017^d		2,910,150
	2,376,667	11.000%, 5/1/2018		2,685,634
		Midwest Vanadium Pty., Ltd.
	2,370,000	11.500%, 2/15/2018^d		2,458,875
		NOVA Chemicals Corporation
	4,890,000	8.625%, 11/1/2019		5,617,387
		Novelis, Inc.
	3,550,000	8.750%, 12/15/2020		3,967,125
	4,230,000	Ryerson Holding Corporation		2,305,350
		Zero Coupon, 2/1/2015
		Ryerson, Inc.
	1,700,000	12.000%, 11/1/2015		1,836,000
		Severstal Columbus, LLC
	1,400,000	10.250%, 2/15/2018		1,564,500
		Steel Dynamics, Inc.
	2,920,000	7.750%, 4/15/2016		3,124,400
		Xinergy Corporation
	950,000	9.250%, 5/15/2019^d,f		971,375

		Total Basic Materials		57,289,059


	Capital Goods (9.9%)
		Abengoa Finance SAU
	4,720,000	8.875%, 11/1/2017^d		4,790,800
		Associated Materials, LLC
	4,200,000	9.125%, 11/1/2017^d		4,520,250
		BE Aerospace, Inc.
	3,280,000	6.875%, 10/1/2020		3,452,200
		Case New Holland, Inc.
	4,700,000	7.875%, 12/1/2017^d		5,252,250
		Cemex SAB de CV
	2,390,000	5.301%, 9/30/2015^c,e,g		2,369,685
	3,440,000	9.000%, 1/11/2018^d		3,564,700
		Coleman Cable, Inc.
	2,580,000	9.000%, 2/15/2018		2,728,350
		DRS Technologies, Inc.
	2,600,000	6.625%, 2/1/2016		2,684,942
		EnergySolutions, Inc.
	2,350,000	10.750%, 8/15/2018^d		2,608,500
		Graham Packaging Company, LP/GPC Capital Corporation I
	3,030,000	9.875%, 10/15/2014^e		3,162,563
	2,200,000	8.250%, 1/1/2017		2,387,000
	940,000	8.250%, 10/1/2018		1,026,950
		Liberty Tire Recycling
	2,340,000	11.000%, 10/1/2016^d		2,620,800
		Manitowoc Company, Inc.
	4,270,000	8.500%, 11/1/2020		4,675,650
		Nortek, Inc.
	2,840,000	10.000%, 12/1/2018^d,e		3,038,800
	2,860,000	8.500%, 4/15/2021^d		2,852,850
		Owens-Illinois, Inc.
	3,030,000	7.800%, 5/15/2018		3,325,425
		Packaging Dynamics Corporation
	710,000	8.750%, 2/1/2016^d		735,737
		Plastipak Holdings, Inc.
	2,595,000	8.500%, 12/15/2015^d		2,724,750
	500,000	10.625%, 8/15/2019^d		577,500
		RBS Global, Inc./Rexnord Corporation
	1,170,000	11.750%, 8/1/2016^e		1,254,825

The accompanying Notes to Financial Statements are an integral part of this schedule.

157

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (92.1%)	Value
	Capital Goods (9.9%) - continued
	$3,980,000	8.500%, 5/1/2018		$4,318,300
		Reynolds Group Issuer, Inc.
	1,420,000	9.000%, 4/15/2019^d		1,496,325
	2,370,000	8.250%, 2/15/2021^d		2,408,513
		RSC Equipment Rental, Inc.
	1,931,000	9.500%, 12/1/2014^e		2,022,722
	850,000	8.250%, 2/1/2021^d		896,750

		Total Capital Goods		71,497,137


	Communications Services (15.4%)
		CCO Holdings, LLC
	3,750,000	7.250%, 10/30/2017		3,993,750
	1,890,000	7.000%, 1/15/2019		1,979,775
		Cengage Learning Acquisitions, Inc.
	4,660,000	10.500%, 1/15/2015^d		4,788,150
		Citadel Broadcasting Corporation
	2,940,000	7.750%, 12/15/2018^d		3,182,550
		Clear Channel Worldwide Holdings, Inc.
	4,770,000	9.250%, 12/15/2017		5,306,625
		Cricket Communications, Inc.
	5,060,000	7.750%, 10/15/2020^e		5,167,525
		CSC Holdings, Inc.
	3,050,000	8.500%, 6/15/2015		3,328,312
	850,000	8.625%, 2/15/2019		979,625
		Cumulus Media, Inc.
	2,380,000	7.750%, 5/1/2019		2,380,000
		Digicel, Ltd.
	3,790,000	8.250%, 9/1/2017^d		4,017,400
		Frontier Communications Corporation
	2,810,000	8.250%, 4/15/2017		3,045,338
	2,820,000	8.125%, 10/1/2018		3,049,125
		Intelsat Bermuda, Ltd.
	5,300,000	11.250%, 2/4/2017		5,783,625
		Intelsat Jackson Holdings SA
	3,980,000	7.250%, 10/15/2020^d		4,009,850
		Intelsat Luxembourg SA
	8,583,461	11.500%, 2/4/2017		9,398,890
	710,000	11.500%, 2/4/2017^d		777,450
		LBI Media, Inc.
	1,910,000	9.250%, 4/15/2019^d		1,948,200
		Nielsen Finance, LLC/Nielsen Finance Company
	975,000	11.500%, 5/1/2016		1,152,938
	4,200,000	7.750%, 10/15/2018^d		4,525,500
		NII Capital Corporation
	4,670,000	8.875%, 12/15/2019		5,160,350
	1,910,000	7.625%, 4/1/2021		2,019,825
		Ono Finance II plc
	3,100,000	10.875%, 7/15/2019^d		3,394,500
		PAETEC Holding Corporation
	3,700,000	9.500%, 7/15/2015^e		3,885,000
		Quebecor Media, Inc.
	3,210,000	7.750%, 3/15/2016		3,334,387
		TW Telecom Holdings, Inc.
	2,100,000	8.000%, 3/1/2018		2,281,125
		Univision Communications, Inc.
	3,220,000	6.875%, 5/15/2019^d,f		3,232,075
		UPC Holding BV
	4,000,000	9.875%, 4/15/2018^d		4,450,000
		Videotron Ltee
	1,710,000	9.125%, 4/15/2018		1,915,200
		Virgin Media Finance plc
	4,510,000	9.125%, 8/15/2016		4,786,238
	1,560,000	8.375%, 10/15/2019		1,762,800
		Wind Acquisition Finance SA
	2,305,000	7.250%, 2/15/2018^d		2,437,537
		XM Satellite Radio, Inc.
	3,320,000	7.625%, 11/1/2018^d		3,535,800

		Total Communications Services		111,009,465


	Consumer Cyclical (17.2%)
		American Axle & Manufacturing, Inc.
	1,850,000	5.250%, 2/11/2014		1,856,938
	1,870,000	7.875%, 3/1/2017^e		1,921,425
		Beazer Homes USA, Inc.
	3,750,000	6.875%, 7/15/2015^e		3,656,250
	3,320,000	9.125%, 5/15/2019^d		3,311,700
		Bon-Ton Department Stores, Inc.
	1,880,000	10.250%, 3/15/2014^e		1,931,700
		Burlington Coat Factory Warehouse Corporation
	3,350,000	10.000%, 2/15/2019^d,e		3,425,375
		Caesars Entertainment Operating Company, Inc.
	3,800,000	10.000%, 12/15/2018^e		3,567,250
		Circus & Eldorado Joint Venture/Silver Legacy Capital Corporation
	2,680,000	10.125%, 3/1/2012		2,656,550
		Dana Holding Corporation
	1,420,000	6.500%, 2/15/2019		1,430,650
		DineEquity, Inc.
	3,800,000	9.500%, 10/30/2018^d		4,151,500
		FireKeepers Development Authority
	2,970,000	13.875%, 5/1/2015^d		3,497,175
		Ford Motor Credit Company, LLC
	5,330,000	8.000%, 6/1/2014		6,018,119
	4,680,000	7.000%, 4/15/2015		5,139,988
		Gaylord Entertainment Company
	5,800,000	6.750%, 11/15/2014		5,916,000
		Goodyear Tire & Rubber Company
	2,810,000	8.250%, 8/15/2020^e		3,122,612
		Lear Corporation
	1,950,000	7.875%, 3/15/2018		2,140,125
	1,950,000	8.125%, 3/15/2020		2,164,500
		Limited Brands, Inc.
	1,430,000	6.625%, 4/1/2021		1,480,050
		Macy’s Retail Holdings, Inc.
	1,860,000	8.375%, 7/15/2015		2,171,550
		Marina District Finance Company, Inc.
	4,240,000	9.500%, 10/15/2015^d,e		4,547,400
	470,000	9.875%, 8/15/2018^d,e		504,075
		NCL Corporation, Ltd.
	1,830,000	11.750%, 11/15/2016		2,145,675
	4,030,000	9.500%, 11/15/2018^d		4,281,875

The accompanying Notes to Financial Statements are an integral part of this schedule.

158

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (92.1%)	Value
	Consumer Cyclical (17.2%) - continued
		Peninsula Gaming, LLC
	$1,830,000	8.375%, 8/15/2015		$1,958,100
	470,000	10.750%, 8/15/2017^d		519,350
	3,510,000	10.750%, 8/15/2017		3,878,550
		Pittsburgh Glass Works, LLC
	1,550,000	8.500%, 4/15/2016^d		1,619,750
		Realogy Corporation
	1,870,000	11.500%, 4/15/2017^d,e		1,949,475
		Realogy Corporation, Convertible
	1,430,000	11.000%, 4/15/2018^d		1,558,700
		Rite Aid Corporation
	3,000,000	7.500%, 3/1/2017		3,056,250
	1,320,000	9.500%, 6/15/2017		1,221,000
		Sears Holdings Corporation
	3,400,000	6.625%, 10/15/2018^d		3,327,750
		Seminole Indian Tribe of Florida
	1,780,000	7.750%, 10/1/2017^d,e		1,904,600
	4,875,000	7.804%, 10/1/2020^d		4,866,176
		Service Corporation International
	1,600,000	6.750%, 4/1/2015		1,720,000
		Shingle Springs Tribal Gaming Authority
	5,075,000	9.375%, 6/15/2015^d		3,552,500
		Speedway Motorsports, Inc.
	1,420,000	6.750%, 2/1/2019^d		1,437,750
		Tunica-Biloxi Gaming Authority
	4,230,000	9.000%, 11/15/2015^g		4,235,288
		Universal City Development Partners, Ltd.
	1,520,000	8.875%, 11/15/2015		1,672,000
	2,330,000	10.875%, 11/15/2016		2,656,200
		West Corporation
	4,350,000	8.625%, 10/1/2018^d		4,611,000
	3,560,000	7.875%, 1/15/2019^d		3,666,800
		WMG Holdings Corporation
	3,350,000	9.500%, 12/15/2014^e		3,408,625

		Total Consumer Cyclical		123,858,346


	Consumer Non-Cyclical (10.8%)
		Biomet, Inc.
	1,700,000	10.375%, 10/15/2017		1,889,125
	1,690,000	11.625%, 10/15/2017		1,918,150
		Blue Merger Sub, Inc.
	1,275,000	7.625%, 2/15/2019^d		1,305,281
		Capella Healthcare, Inc.
	3,540,000	9.250%, 7/1/2017^d		3,814,350
		Community Health Systems, Inc.
	2,860,000	8.875%, 7/15/2015		2,924,350
		Diversey Holdings, Inc.
	2,488,203	10.500%, 5/15/2020		2,898,756
		Diversey, Inc.
	1,420,000	8.250%, 11/15/2019		1,533,600
		DJO Finance, LLC/DJO Finance Corporation
	2,550,000	9.750%, 10/15/2017^d		2,690,250
	1,570,000	7.750%, 4/15/2018^d		1,613,175
		Giant Funding Corporation
	950,000	8.250%, 2/1/2018^d		985,625
		HCA, Inc.
	3,040,000	8.500%, 4/15/2019		3,374,400
	3,730,000	7.250%, 9/15/2020		4,009,750
		Healthsouth Corporation
	1,190,000	7.250%, 10/1/2018		1,255,450
		Ingles Markets, Inc.
	1,900,000	8.875%, 5/15/2017		2,052,000
		Jarden Corporation
	3,330,000	7.500%, 5/1/2017^e		3,575,588
	930,000	7.500%, 1/15/2020		992,775
		JBS Finance II, Ltd.
	4,450,000	8.250%, 1/29/2018^d		4,616,875
		JBS USA, LLC/JBS USA Finance, Inc.
	2,850,000	11.625%, 5/1/2014		3,334,500
		Libbey Glass, Inc.
	1,386,000	10.000%, 2/15/2015		1,514,205
		Michael Foods, Inc.
	3,760,000	9.750%, 7/15/2018^d		4,126,600
		Mylan, Inc.
	3,790,000	7.875%, 7/15/2020^d		4,187,950
		Revlon Consumer Products Corporation
	3,270,000	9.750%, 11/15/2015		3,564,300
		Select Medical Corporation
	2,860,000	7.625%, 2/1/2015		2,935,075
	2,900,000	6.211%, 9/15/2015^c		2,834,750
		Spectrum Brands, Inc.
	3,300,000	9.500%, 6/15/2018^d		3,687,750
		STHI Holding Corporation
	1,430,000	8.000%, 3/15/2018^d		1,469,325
		Visant Corporation
	3,410,000	10.000%, 10/1/2017		3,682,800
		Warner Chilcott Company, LLC
	5,230,000	7.750%, 9/15/2018^d		5,511,113

		Total Consumer Non-Cyclical		78,297,868


	Energy (11.9%)
		Chesapeake Energy Corporation
	2,810,000	6.875%, 8/15/2018		3,069,925
		Citgo Petroleum Corporation
	3,320,000	11.500%, 7/1/2017^d		3,909,300
		Coffeyville Resources, LLC
	1,791,000	9.000%, 4/1/2015^d		1,952,190
	3,900,000	10.875%, 4/1/2017^d		4,446,000
		Compagnie Generale de Geophysique-Veritas
	1,070,000	9.500%, 5/15/2016		1,190,375
		Connacher Oil and Gas, Ltd.
	1,030,000	11.750%, 7/15/2014^d		1,102,100
	3,060,000	10.250%, 12/15/2015^d		3,251,250
		Denbury Resources, Inc.
	700,000	9.750%, 3/1/2016		789,250
	369,000	8.250%, 2/15/2020		411,435
	1,540,000	6.375%, 8/15/2021		1,586,200
		Energy XXI Gulf Coast, Inc.
	1,890,000	9.250%, 12/15/2017^d		2,060,100
	2,370,000	7.750%, 6/15/2019^d		2,423,325
		Forest Oil Corporation
	3,390,000	7.250%, 6/15/2019		3,525,600
		Harvest Operations Corporation
	4,710,000	6.875%, 10/1/2017^d		4,927,838
		Helix Energy Solutions Group, Inc.
	3,500,000	9.500%, 1/15/2016^d		3,710,000
		Linn Energy, LLC
	2,250,000	8.625%, 4/15/2020		2,486,250

The accompanying Notes to Financial Statements are an integral part of this schedule.

159

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (92.1%)	Value
	Energy (11.9%) - continued
	$1,930,000	7.750%, 2/1/2021^d		$2,067,512
		McJunkin Red Man Corporation
	3,710,000	9.500%, 12/15/2016^d		3,812,025
		MEG Energy Corporation
	1,200,000	6.500%, 3/15/2021^d		1,231,500
		Newfield Exploration Company
	3,390,000	6.625%, 4/15/2016		3,504,413
		Oasis Petroleum, Inc.
	2,430,000	7.250%, 2/1/2019^d		2,454,300
		Petrohawk Energy Corporation
	650,000	10.500%, 8/1/2014		745,063
	2,810,000	7.250%, 8/15/2018		2,985,625
		Pioneer Natural Resources Company
	2,800,000	7.500%, 1/15/2020		3,172,943
		Plains Exploration & Production Company
	1,450,000	7.750%, 6/15/2015		1,508,000
	3,730,000	10.000%, 3/1/2016		4,214,900
		Precision Drilling Corporation
	2,200,000	6.625%, 11/15/2020^d		2,277,000
		QEP Resources, Inc.
	3,230,000	6.875%, 3/1/2021		3,480,325
		SandRidge Energy, Inc.
	3,320,000	8.000%, 6/1/2018^d		3,510,900
		SESI, LLC
	1,550,000	6.375%, 5/1/2019^d		1,565,500
		SM Energy Company
	1,180,000	6.625%, 2/15/2019^d		1,218,350
		Southwestern Energy Company
	2,550,000	7.500%, 2/1/2018		2,897,437
		United Refining Company
	4,290,000	10.500%, 2/28/2018^d		4,365,075

		Total Energy		85,852,006


	Financials (7.4%)
		Ally Financial, Inc.
	1,920,000	7.500%, 12/31/2013		2,088,000
	2,350,000	8.000%, 3/15/2020		2,640,812
	4,910,000	7.500%, 9/15/2020^d		5,351,900
		Aviv Healthcare Properties, LP
	2,840,000	7.750%, 2/15/2019^d		2,996,200
		Bank of America Corporation
	3,340,000	8.125%, 12/29/2049^e,h		3,612,978
		CIT Group, Inc.
	2,630,000	5.250%, 4/1/2014^d		2,693,512
	6,600,000	7.000%, 5/1/2017		6,653,625
		Community Choice Financial, Inc.
	2,380,000	10.750%, 5/1/2019^d		2,436,525
		Developers Diversified Realty Corporation
	2,810,000	7.875%, 9/1/2020		3,265,178
		Harbinger Group, Inc.
	1,900,000	10.625%, 11/15/2015^d,e		1,957,000
		Icahn Enterprises, LP
	4,270,000	7.750%, 1/15/2016		4,398,100
	5,220,000	8.000%, 1/15/2018		5,389,650
		ING Capital Funding Trust III
	1,400,000	3.907%, 12/31/2049^c,h		1,351,022
		International Lease Finance Corporation
	2,250,000	8.625%, 9/15/2015^d		2,475,000
	2,050,000	8.750%, 3/15/2017^d		2,306,250
	1,400,000	8.875%, 9/1/2017^e		1,596,000
		Nuveen Investments, Inc.
	2,370,000	10.500%, 11/15/2015^d		2,455,913

		Total Financials		53,667,665


	Technology (3.3%)
		Advanced Micro Devices, Inc.
	2,800,000	8.125%, 12/15/2017		2,961,000
	820,000	7.750%, 8/1/2020		854,850
		Equinix, Inc.
	3,330,000	8.125%, 3/1/2018		3,604,725
		First Data Corporation
	1,910,000	11.250%, 3/31/2016^e		1,929,100
	960,000	7.375%, 6/15/2019^d		978,000
	1,629,000	12.625%, 1/15/2021^d,e		1,785,791
		Freescale Semiconductor, Inc.
	1,500,000	10.125%, 12/15/2016^e		1,608,750
	3,970,000	10.750%, 8/1/2020^d,e		4,565,500
		NXP BV/NXP Funding, LLC
	2,340,000	9.750%, 8/1/2018^d		2,708,550
		Seagate HDD Cayman
	2,860,000	7.750%, 12/15/2018^d		3,031,600

		Total Technology		24,027,866


	Transportation (3.5%)
		American Petroleum Tankers LLC
	1,059,000	10.250%, 5/1/2015^d		1,122,540
		CMA CGM SA
	4,290,000	8.500%, 4/15/2017^d		4,225,650
		Continental Airlines, Inc.
	2,750,000	6.750%, 9/15/2015^d		2,770,625
		Delta Air Lines, Inc.
	1,240,000	9.500%, 9/15/2014^d		1,329,900
		Hertz Corporation
	5,250,000	6.750%, 4/15/2019^d		5,355,000
		Navios Maritime Acquisition Corporation
	950,000	8.625%, 11/1/2017		985,625
		Navios Maritime Holdings, Inc.
	1,170,000	8.875%, 11/1/2017		1,265,062
	2,980,000	8.125%, 2/15/2019^d		3,009,800
		Navios South American Logistics, Inc./Navios Logistics Finance US, Inc.
	1,240,000	9.250%, 4/15/2019^d,e		1,264,800
		United Air Lines, Inc.
	1,753,418	9.750%, 1/15/2017		1,990,130
		United Maritime Group, LLC/United Maritime Group Finance Corporation
	1,860,000	11.750%, 6/15/2015		1,943,700

		Total Transportation		25,262,832


	Utilities (4.1%)
		AES Corporation
	3,670,000	7.750%, 10/15/2015		4,009,475
		Covanta Holding Corporation
	2,400,000	7.250%, 12/1/2020		2,565,727
		Crosstex Energy/Crosstex Energy Finance Corporation
	3,270,000	8.875%, 2/15/2018		3,572,475

The accompanying Notes to Financial Statements are an integral part of this schedule.

160

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (92.1%)	Value
	Utilities (4.1%) - continued
		Holly Energy Partners, LP
	$1,870,000	8.250%, 3/15/2018^d		$2,000,900
		Inergy, LP
	4,440,000	7.000%, 10/1/2018^d		4,684,200
		NRG Energy, Inc.
	5,500,000	7.375%, 2/1/2016		5,706,250
		Regency Energy Partners, LP
	3,330,000	6.875%, 12/1/2018		3,554,775
		Targa Resources Partners, LP
	3,040,000	7.875%, 10/15/2018^d		3,207,200

		Total Utilities		29,301,002



		Total Long-Term Fixed Income (cost $620,971,765)		664,770,646


Shares		Preferred Stock (1.8%)	Value
	Financials (1.8%)
	3,014	Ally Financial, Inc., 7.000%^d,h		2,803,585
	57,310	Ally Financial, Inc., 8.500%^h		1,496,937
	48,000	Citigroup, Inc., 7.875%		1,332,480
	23,500	Citigroup, Inc., Convertible, 7.500%		3,055,940
	41,750	GMAC Capital Trust I, 8.125%ⁱ		1,083,830
	3,000	Wells Fargo & Company, Convertible, 7.500%^h		3,238,440

		Total Financials		13,011,212



		Total Preferred Stock (cost $9,730,912)		13,011,212


Shares		Common Stock (<0.1%)	Value
	Consumer Discretionary (<0.1%)
	36,330	TVMAX Holdings, Inc.^i,j		0

		Total Consumer Discretionary		0


	Materials (<0.1%)
	4,631	Smurfit-Stone Container Corporationⁱ		178,201

		Total Materials		178,201


	Telecommunications Services (<0.1%)
	23	USA Mobility, Inc.		355

		Total Telecommunications Services		355



		Total Common Stock (cost $2,388,387)		178,556


Shares		Collateral Held for Securities Loaned (8.7%)	Value
	62,947,098	Thrivent Financial Securities Lending Trust		62,947,098

		Total Collateral Held for Securities Loaned (cost $62,947,098)		62,947,098


Principal Amount		Short-Term Investments (3.6%)^k	Value
		Bryant Park Funding, LLC
	5,360,000	0.090%, 5/2/2011^l		5,359,973
		Federal Home Loan Bank Discount Notes
	5,000,000	0.020%, 5/4/2011		$4,999,989
	14,570,000	0.048%, 5/6/2011		14,569,883
		Federal Home Loan Mortgage Corporation Discount Notes
	730,000	0.160%, 8/29/2011^m		729,611

		Total Short-Term Investments (at amortized cost)		25,659,456

		Total Investments (cost $735,815,248) 108.1%		$780,121,676

		Other Assets and Liabilities, Net (8.1%)		(58,152,573	)

		Total Net Assets 100.0%		$721,969,103

a	The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b	All or a portion of the security is insured or guaranteed.

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

e	All or a portion of the security is on loan.

f	Denotes investments purchased on a when-issued or delayed delivery basis.


Security	Acquisition Date		Amortized Cost
Cemex SAB de CV		3/29/2011	$	2,366,124
Tunica-Biloxi Gaming Authority		11/8/2005		4,210,346

h	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

i	Non-income producing security.

j	Security is fair valued.

k	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

l	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

m	At April 29, 2011, $649,654 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

The accompanying Notes to Financial Statements are an integral part of this schedule.

161

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$49,230,188
Gross unrealized depreciation	(5,039,681	)
Net unrealized appreciation (depreciation)	$44,190,507


Cost for federal income tax purposes	$735,931,169

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing High Yield Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Bank Loans

Financials

3,768,275

–

3,768,275

–

Technology

2,527,760

–

2,527,760

–

Utilities

7,258,673

–

7,258,673

–

Long-Term Fixed Income

Asset-Backed Securities

4,707,400

–

4,707,400

–

Basic Materials

57,289,059

–

56,317,684

971,375

Capital Goods

71,497,137

–

71,497,137

–

Communications Services

111,009,465

–

111,009,465

–

Consumer Cyclical

123,858,346

–

123,858,346

–

Consumer Non-Cyclical

78,297,868

–

78,297,868

–

Energy

85,852,006

–

85,852,006

–

Financials

53,667,665

–

53,667,665

–

Technology

24,027,866

–

24,027,866

–

Transportation

25,262,832

–

25,262,832

–

Utilities

29,301,002

–

29,301,002

–

Preferred Stock

Financials

13,011,212

10,207,627

2,803,585

–

Common Stock

Consumer Discretionary

–

Materials

178,201

–

Telecommunications Services

355

–

Collateral Held for Securities Loaned

62,947,098

–

Short-Term Investments

25,659,456

–

25,659,456

–

Total

$780,121,676

$73,333,281

$705,817,020

$971,375

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Liability Derivatives

Credit Default Swaps

89,294

–

89,294

–

Total Liability Derivatives

$89,294

$–

$89,294

$–

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for High Yield Fund.

Investments in Securities

Value
October 31,
2010

Realized
Gain/
(Loss)

Change in
Unrealized
Appreciation/
(Depreciation)**

Purchases

Sales

Transfers
Into
Level 3

Transfers
Out of
Level 3

Value
April 29,
2011

Common Stock

Consumer Discretionary*

–

Long-Term Fixed Income

Basic Materials

–

21,375

950,000

–

971,375

Total

$–

$21,375

$950,000

$–

$971,375

*	Security in this section is fair valued at $0.

**	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on April 29, 2011 of $21,375.

The accompanying Notes to Financial Statements are an integral part of this schedule.

162

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 15, 5 Year, at		Buy		12/20/2015		$7,000,000		$309,160		($321,645	)		($12,485	)
5.00%; Bank of America
CDX HY, Series 15, 5 Year, at		Buy		12/20/2015		7,000,000		244,835		(321,644	)		(76,809	)
5.00%; Bank of America
Total Credit Default Swaps										($643,289	)		($89,294	)

As the buyer of protection, High Yield Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, High Yield Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments High Yield Fund could be required to make as the seller or receive as the buyer of protection.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for High Yield Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value

Liability Derivatives

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		89,294
Total Credit Contracts			89,294

Total Liability Derivatives			$89,294

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for High Yield Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(360,729	)

Total Credit Contracts			(360,729	)

Total			($360,729	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for High Yield Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(89,294	)
Total Credit Contracts			(89,294	)

Total			($89,294	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

163

High Yield Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table presents High Yield Fund’s average volume of derivative activity during the period ended April 29, 2011.


Derivative Risk Category	Swaps (Notional*)		Swaps (Percentage of Average Net Assets)
Credit Contracts		$10,052,686		1.4	%

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in High Yield Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross Sales

Shares Held at
April 29, 2011

Value
April 29,
2011

Income Earned
November 1, 2010-
April 29, 2011

Thrivent Financial Securities Lending Trust

$63,913,080

$137,506,236

$138,472,218

62,947,098

$62,947,098

$131,022

Total Value and Income Earned

63,913,080

62,947,098

131,022

The accompanying Notes to Financial Statements are an integral part of this schedule.

164

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
Alabama (0.2%)
	Alabama 21st Century Authority Tobacco Settlement Revenue Bonds
$1,000,000	5.750%, 12/1/2020		$1,003,150
	Alabama Public School and College Authority Capital Improvement Revenue Refunding Bonds
1,500,000	5.000%, 5/1/2029, Series A^a		1,784,475

	Total Alabama		2,787,625


Alaska (0.2%)
	Valdez, Alaska Marine Terminal Revenue Bonds (Exxon Pipeline Company)
1,815,000	0.120%, 10/1/2025		1,815,000
	Valdez, Alaska Marine Terminal Revenue Bonds (ExxonMobil)
540,000	0.120%, 12/1/2029		540,000

	Total Alaska		2,355,000


Arizona (0.9%)
	Arizona Health Facilities Authority Revenue Bonds (Arizona Healthcare Pooled Financing Program) (NATL-RE FGIC Insured)
975,000	5.000%, 6/1/2011, Series C^b		975,253
1,020,000	5.000%, 6/1/2012, Series C^b		1,037,615
	Arizona Health Facilities Authority Revenue Bonds (Blood Systems, Inc.)
1,000,000	5.000%, 4/1/2017		1,032,430
1,200,000	5.000%, 4/1/2018		1,228,956
	Glendale, Arizona Industrial Development Authority Revenue Bonds (Midwestern University)
500,000	5.750%, 5/15/2021, Series A^a		505,840
2,500,000	5.000%, 5/15/2031		2,411,050
1,000,000	5.000%, 5/15/2035		902,480
	Phoenix, Arizona Civic Improvement Corporation Airport Revenue Bonds
3,000,000	5.250%, 7/1/2033, Series A		2,968,770
	Pima County Industrial Development Authority Multifamily Housing Revenue Refunding Bonds (La Hacienda) (GNMA Collateralized)
1,285,000	7.000%, 12/20/2031^a,b		1,374,397
	Yavapai County Industrial Development Authority Hospital Revenue Bonds (Yavapai Regional Medical Center)
500,000	6.000%, 8/1/2033, Series A		492,110

	Total Arizona		12,928,901


Arkansas (0.2%)
	Arkansas Community Water System Public Water Authority Water Revenue Refunding and Construction Bonds (NATL-RE Insured)
2,400,000	5.000%, 10/1/2023, Series B^b	2,450,304

	Total Arkansas	2,450,304


California (12.5%)
	Anaheim Public Financing Authority Lease Revenue Bonds (Anaheim Public Improvements) (AGM Insured)
3,950,000	6.000%, 9/1/2024, Series A^b	4,519,313
	Beverly Hills Unified School District, Los Angeles County, California General Obligation Bonds
10,000,000	Zero Coupon, 8/1/2031	2,882,900
	California Educational Facilities Authority Revenue Bonds (Stanford University)
15,000,000	5.250%, 4/1/2040	16,993,500
	California General Obligation Refunding Bonds
2,765,000	5.000%, 9/1/2015	3,088,726
	California Infrastructure and Economic Development Bank Bay Area Toll Bridges Seismic Retrofit Revenue Bonds (FGIC Insured)
5,000,000	5.000%, 7/1/2025, Series A^a,b	5,862,100
	California Infrastructure and Economic Development Bank Revenue Bonds (California Independent System Operator Corporation)
3,000,000	6.250%, 2/1/2039, Series A	3,057,600
	California Municipal Finance Authority Refunding Revenue Bonds (Biola University)
1,000,000	5.875%, 10/1/2034	921,910
	California Pollution Control Financing Authority Pollution Control Revenue Refunding Bonds (Exxon)
1,000,000	0.090%, 12/1/2012	1,000,000
	California Rural Home Mortgage Finance Authority Single Family Mortgage Revenue Bonds (GNMA/FNMA Collateralized)
30,000	7.100%, 6/1/2031, Series D, AMT^b	30,821
	California State Department of Water Resources Supply Revenue Bonds
1,750,000	5.000%, 5/1/2016, Series M	2,004,485

The accompanying Notes to Financial Statements are an integral part of this schedule.

165

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
California (12.5%) - continued
	California State Public Works Board Lease Revenue Bonds (Regents of the University of California - UCLA Replacement Hospital) (AGM Insured)
$4,000,000	5.375%, 10/1/2015, Series A^b		$4,244,680
	California Various Purpose General Obligation Bonds
2,000,000	5.250%, 11/1/2021		2,119,120
3,990,000	5.250%, 4/1/2029^a		4,505,548
10,000	5.250%, 4/1/2029		10,096
10,000,000	5.250%, 3/1/2038		9,637,100
10,000,000	6.000%, 4/1/2038		10,460,000
5,000,000	6.000%, 11/1/2039		5,240,300
	California Various Purpose General Obligation Bonds (NATL-RE Insured)
300,000	6.000%, 8/1/2016^b		303,792
	Chula Vista Industrial Development Revenue Refunding Bonds (San Diego Gas & Electric Company)
2,000,000	5.875%, 2/15/2034, Series C		2,086,660
	Contra Costa County, California Home Mortgage Revenue Bonds (GNMA Collateralized)
4,030,000	7.500%, 5/1/2014^a,b		4,833,260
	East Bay Municipal Utility District, Alameda and Contra Costa Counties, California Water System Revenue/Refunding Bonds (NATL-RE FGIC Insured)
10,000,000	5.000%, 6/1/2037, Series A^b		10,015,200
	Golden West Schools Financing Authority Revenue Bonds (NATL-RE Insured)
420,000	5.800%, 2/1/2022, Series A^b		447,266
	Los Angeles Community College District, Los Angeles County, California General Obligation Bonds (Election 2008)
10,000,000	6.000%, 8/1/2033, Series A		10,716,600
	Los Angeles Department of Airports Revenue Bonds (Los Angeles International Airport)
8,000,000	5.000%, 5/15/2040, Series A		7,646,160
	Los Angeles Unified School District, Los Angeles County, California General Obligation Bonds
5,000,000	5.000%, 1/1/2034, Series I		4,765,100
	Pittsburg, California Redevelopment Agency Tax Allocation Bonds (Los Medanos Community Development) (AMBAC Insured)
5,000,000	Zero Coupon, 8/1/2024^b		2,042,050
	Pomona, California Single Family Mortgage Revenue Refunding Bonds (GNMA/FNMA Collateralized)
3,495,000	7.600%, 5/1/2023, Series A^a,b		4,411,109
	San Bernardino, California Single Family Mortgage Revenue Refunding Bonds (GNMA Collateralized)
1,245,000	7.500%, 5/1/2023, Series A^a,b		1,558,180
	San Diego Community College District, San Diego County, California General Obligation Bonds (AGM Insured)
10,000,000	5.000%, 5/1/2030^b		10,043,000
	San Diego County, California Certificates of Participation
5,000,000	5.250%, 7/1/2030		4,981,700
	San Diego Unified School District General Obligation Bonds
10,000,000	Zero Coupon, 7/1/2033, Series A^c		5,683,600
	San Francisco, California City & County Airport Commission Revenue Bonds (San Francisco International Airport)
7,030,000	6.000%, 5/1/2039, Series E		7,412,713
	San Jose, California Airport Revenue Bonds (AMBAC Insured)
8,000,000	5.000%, 3/1/2037, Series A, AMT^b		6,562,320
	San Jose, California Redevelopment Agency Tax Allocation Refunding Bonds (Merged Area Redevelopment) (NATL-RE Insured)
2,760,000	5.000%, 8/1/2025, Series A^b		2,281,775
	Santa Monica Community College District, Los Angeles County, California General Obligation Bonds
5,000,000	Zero Coupon, 8/1/2025, Series C		2,233,300
	Tuolumne Wind Project Authority Revenue Bonds (Tuolumne Company)
2,000,000	5.625%, 1/1/2029, Series A		2,100,640
	University of California General Revenue Bonds
5,000,000	5.250%, 5/15/2039, Series O		5,006,400

	Total California		171,709,024


Colorado (5.3%)
	Colorado Educational and Cultural Facilities Authority Charter School Refunding Revenue Bonds (Cherry Creek Project)
570,000	6.000%, 4/1/2021		569,983
1,280,000	6.000%, 4/1/2030		1,204,198
220,000	6.700%, 8/1/2017, Series B-3		226,256

The accompanying Notes to Financial Statements are an integral part of this schedule.

166

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
Colorado (5.3%) - continued
	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Bromley East Charter School)
$2,000,000	7.250%, 9/15/2030, Series A^a		$2,049,760
	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Cheyenne Mountain Charter Academy)
475,000	5.125%, 6/15/2032, Series A		414,290
1,000,000	5.375%, 6/15/2038, Series A		878,070
	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Classical Academy)
2,825,000	7.250%, 12/1/2030^a		2,939,384
	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Crown Pointe Academy of Westminster)
1,000,000	5.000%, 7/15/2039		873,270
	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Pinnacle Charter School, Inc.)
3,000,000	5.125%, 12/1/2039		2,639,430
	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (University Lab School)
1,000,000	5.750%, 6/1/2016^a		1,003,970
750,000	6.125%, 6/1/2021^a		753,188
6,250,000	6.250%, 6/1/2031^a		6,277,125
	Colorado Health Facilities Authority Health Facilities Revenue Bonds (Evangelical Lutheran Good Samaritan Society)
1,920,000	6.800%, 12/1/2020		1,960,685
1,000,000	6.125%, 6/1/2038, Series A		951,230
	Colorado Health Facilities Authority Hospital Revenue Bonds (Parkview Medical Center, Inc.)
1,000,000	6.500%, 9/1/2020^a		1,019,120
	Colorado Health Facilities Authority Hospital Revenue Refunding Bonds (Valley View Hospital Association)
3,000,000	5.750%, 5/15/2036		2,669,520
	Colorado Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation
1,095,000	5.500%, 11/1/2027		1,160,415
405,000	5.500%, 11/1/2027^a		500,309
	Colorado Housing and Finance Authority Single Family Program Bonds
65,000	7.450%, 10/1/2016, Series A- 2, AMT		68,932
500,000	6.600%, 9/1/2025^a		509,720
	Colorado Housing and Finance Authority Single Family Program Bonds - continued
405,000	6.350%, 11/1/2029, Series D- 2, AMT		430,422
20,000	7.150%, 10/1/2030, Series C- 3		20,555
	Colorado Water Resources and Power Development Authority Clean Water Revenue Bonds (FSA Insured)
20,000	6.250%, 9/1/2013, Series A^b		20,073
	Colorado Water Resources and Power Development Authority Small Water Resources Revenue Bonds (NATL-RE FGIC Insured)
3,525,000	5.250%, 11/1/2021, Series A^b		3,624,229
	Denver Health and Hospital Authority Healthcare Revenue Bonds
2,000,000	5.250%, 12/1/2031, Series A		1,734,720
	Denver Health and Hospital Authority Healthcare Revenue Bonds (ACA-CBI Insured)
2,000,000	6.250%, 12/1/2016, Series A^a,b		2,067,720
	Denver, Colorado Airport System Revenue Bonds (XLCA Insured)
5,000,000	5.000%, 11/15/2022, Series A^b		5,201,050
	Denver, Colorado Board of Water Commissioners General Obligation Water Refunding Bonds
6,000,000	5.600%, 10/1/2029		6,205,560
	Denver, Colorado Health & Hospital Authority Healthcare Revenue Bonds
5,000,000	5.500%, 12/1/2030		4,584,350
	Jefferson County School District No. R-1, Jefferson and Broomfield Counties, Colorado General Obligation Refunding Bonds (AGM Insured)
10,000,000	5.000%, 12/15/2016, Series A^b		11,334,600
	Larimer County, Colorado, Poudre School District R-1 General Obligation Improvement Bonds (NATL- RE-IBC Insured)
3,000,000	7.000%, 12/15/2016^b		3,388,260
	Northwest Parkway Public Highway Authority Revenue Bonds (AMBAC Insured)
4,000,000	Zero Coupon, 6/15/2021, Series C^a,b,c		4,660,480
	University of Colorado University Enterprise Revenue Bonds
1,250,000	5.375%, 6/1/2032, Series A		1,302,687

	Total Colorado		73,243,561

The accompanying Notes to Financial Statements are an integral part of this schedule.

167

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
District of Columbia (0.8%)
	District of Columbia Income Tax Secured Revenue Refunding Bonds
$5,225,000	5.000%, 12/1/2028, Series C		$5,511,644
	District of Columbia Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
5,255,000	6.250%, 5/15/2024		5,264,196

	Total District of Columbia		10,775,840


Florida (4.6%)
	Brevard County Housing Finance Authority Homeowner Mortgage Revenue Refunding Bonds (GNMA Collateralized)
239,000	6.500%, 9/1/2022, Series B^b		254,396
	Broward County, Florida Water and Sewer Utility Revenue Bonds
3,000,000	5.250%, 10/1/2034, Series A		3,060,690
	Florida Refunding Bonds (Jacksonville Transportation Authority)
1,520,000	5.000%, 7/1/2019		1,523,299
	Florida State Board of Education Public Education Capital Outlay Bonds (NATL-RE-IBC Insured)
365,000	9.125%, 6/1/2014^b		404,887
	Greater Orlando Aviation Authority Airport Facilities Revenue Bonds
1,500,000	5.000%, 10/1/2039, Series C		1,430,010
	Gulf Breeze, Florida Revenue Refunding Bonds
2,000,000	5.000%, 12/1/2033		1,957,540
	Hillsborough County, Florida Industrial Development Authority Pollution Control Revenue Refunding Bonds (Tampa Electric Company)
2,500,000	5.150%, 9/1/2025, Series B^d		2,652,150
	Jacksonville Health Facilities Authority Hospital Revenue Bonds
1,500,000	5.750%, 8/15/2015, Series C^a		1,513,365
	Leon County Educational Facilities Authority Certificates of Participation (Southgate Residence Hall Project)
1,145,000	8.500%, 9/1/2017^a		1,570,333
	Miami-Dade County Authority Toll System Revenue Bonds (Florida Expressway)
2,000,000	5.000%, 7/1/2040, Series A		1,847,240
	Miami-Dade County, Florida Aviation Revenue Bonds (Miami International Airport - Hub of the Americas)
7,500,000	5.500%, 10/1/2036, Series B		7,319,175
8,000,000	5.500%, 10/1/2041, Series A		7,724,880
	Miami-Dade County, Florida Public Facilities Revenue Bonds (Jackson Health System) (AGM Insured)
2,000,000	5.625%, 6/1/2034^b		2,060,700
	Orange County, Florida Health Facilities Authority Hospital Revenue Bonds (Orlando Health, Inc.)
5,000,000	5.125%, 10/1/2026		4,791,550
	Orange County, Florida Health Facilities Authority Hospital Revenue Bonds (Orlando Regional Healthcare System) (NATL-RE Insured)
2,700,000	6.250%, 10/1/2018, Series A^b		3,030,885
	Orange County, Orlando Expressway Authority Revenue Bonds
4,070,000	5.000%, 7/1/2035, Series C		3,958,482
	Orange County, Orlando Expressway Authority Revenue Bonds (Florida Expressway)
3,600,000	5.000%, 7/1/2030, Series A		3,657,960
	South Miami, Florida Health Facilities Authority Hospital Revenue Bonds (Baptist Health South Florida)
6,000,000	5.000%, 8/15/2032		5,698,080
	St. Johns County Industrial Development Authority Revenue Bonds (Presbyterian Retirement Communities)
5,500,000	5.875%, 8/1/2040, Series A		4,920,685
	Tallahassee, Florida Consolidated Utility Systems Revenue Bonds
4,000,000	5.000%, 10/1/2032		4,083,320

	Total Florida		63,459,627


Georgia (2.1%)
	Brunswick, Georgia Water and Sewer Revenue Refunding and Improvement Bonds (NATL-RE Insured)
450,000	6.000%, 10/1/2011^a,b		460,175
1,500,000	6.100%, 10/1/2019^a,b		1,821,825
	Burke County Development Authority Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle)
6,000,000	5.700%, 1/1/2043, Series C		6,019,260
	Chatham County Hospital Authority, Savannah, Georgia Hospital Revenue Improvement Bonds (Memorial Health University Medical Center, Inc.)
1,000,000	6.125%, 1/1/2024, Series A		944,820
1,560,000	5.750%, 1/1/2029, Series A		1,352,551

The accompanying Notes to Financial Statements are an integral part of this schedule.

168

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
Georgia (2.1%) - continued
	Cherokee County, Georgia Water and Sewerage Authority Water and Sewerage Revenue Bonds (Refunding and Improvements) (NATL-RE Insured)
$4,970,000	5.500%, 8/1/2018^b		$5,647,312
	Gainesville Redevelopment Authority Educational Facilities Refunding Revenue Bonds (Riverside Military Academy)
5,275,000	5.125%, 3/1/2027		4,203,911
	Georgia General Obligation Bonds
1,965,000	5.650%, 3/1/2012, Series B		2,051,715
35,000	5.650%, 3/1/2012, Series B^a		36,566
3,500,000	5.000%, 8/1/2012, Series D		3,699,640
	Milledgeville and Baldwin County Development Authority Revenue Bonds (Georgia College and State University Foundation Property III, LLC Student Housing System)
2,500,000	5.500%, 9/1/2024^a		2,895,625

	Total Georgia		29,133,400


Hawaii (2.0%)
	Hawaii Airports System Revenue Bonds
3,040,000	5.250%, 7/1/2030, Series A		3,052,950
	Hawaii State Harbor System Revenue Bonds
6,000,000	5.250%, 7/1/2030, Series A		6,091,080
	Honolulu, Hawaii Board of Water Supply Water System Revenue Bonds (NATL-RE Insured)
5,000,000	5.000%, 7/1/2036, Series A^b		5,038,100
	Honolulu, Hawaii General Obligation Bonds (NATL-RE FGIC-TCRS Insured)
2,555,000	6.250%, 4/1/2014, Series A^b		2,927,417
	Honolulu, Hawaii General Obligation Bonds (NATL-RE Insured)
10,000,000	5.250%, 3/1/2027, Series A^b		10,392,600

	Total Hawaii		27,502,147


Illinois (9.0%)
	Broadview, Cook County, Illinois Tax Increment Revenue Bonds
1,365,000	5.250%, 7/1/2012		1,363,458
1,000,000	5.375%, 7/1/2015		995,700
	Chicago General Obligation Bonds (City Colleges of Chicago Capital Improvement) (NATL-RE FGIC Insured)
10,000,000	Zero Coupon, 1/1/2024^b		4,784,200
	Chicago Parking Facilities Bonds (Lakefront Millennium) (NATL-RE Insured)
3,000,000	5.750%, 1/1/2029^a,b		3,167,940
	Chicago Tax Increment Allocation Bonds (Near South Redevelopment Project) (ACA Insured)
7,200,000	Zero Coupon, 11/15/2014,Series A^b		5,989,968
	Chicago, Illinois Midway Airport Revenue Bonds
2,000,000	5.000%, 1/1/2034, Series B^d		2,156,240
	Cook County, Illinois Community Consolidated School District No. 15 Limited Tax Capital Appreciation School Bonds (NATL-RE FGIC Insured)
1,000,000	Zero Coupon, 12/1/2014^a,b		904,740
	Cook County, Illinois General Obligation Refunding Bonds (NATL-RE Insured)
2,500,000	6.250%, 11/15/2011, Series A^b		2,568,600
	Cook County, Illinois School District No. 99 (Cicero) General Obligation School Bonds (NATL-RE FGIC Insured)
1,250,000	8.500%, 12/1/2011^b		1,300,700
1,565,000	8.500%, 12/1/2014^b		1,882,382
1,815,000	8.500%, 12/1/2016^b		2,318,536
	Illinois Development Finance Authority Revenue Bonds (Midwestern University)
1,000,000	6.000%, 5/15/2026, Series B^a		1,011,770
	Illinois Educational Facilities Authority Revenue Bonds (Northwestern University)
4,900,000	5.250%, 11/1/2032^a		5,765,242
	Illinois Educational Facilities Authority Student Housing Revenue Bonds (Educational Advancement Fund, Inc. - University Center Project)
1,000,000	6.625%, 5/1/2017^a		1,072,870
	Illinois Finance Authority Revenue Bonds (DePaul University)
4,000,000	6.000%, 10/1/2032, Series A		4,138,600
	Illinois Finance Authority Revenue Bonds (Rush University Medical Center)
3,000,000	7.250%, 11/1/2038, Series A		3,190,170
	Illinois Finance Authority Revenue Refunding Bonds (Rush University Medical Center) (NATL-RE Insured)
2,000,000	5.250%, 11/1/2035, Series B^b		1,805,200
	Illinois Health Facilities Authority Revenue Bonds (Advocate Health Care Network) (NATL-RE-IBC Insured)
660,000	5.250%, 8/15/2018, Series B^b		660,785

The accompanying Notes to Financial Statements are an integral part of this schedule.

169

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
Illinois (9.0%) - continued
	Illinois Health Facilities Authority Revenue Bonds (Bethesda Home and Retirement Center)
$1,600,000	6.250%, 9/1/2014, Series A		$1,612,656
	Illinois Health Facilities Authority Revenue Bonds (Centegra Health System)
2,000,000	5.250%, 9/1/2018		2,000,900
	Illinois Health Facilities Authority Revenue Bonds (Rush-Presbyterian-St. Luke’s Medical Center) (NATL-RE Insured)
2,785,000	5.250%, 11/15/2014, Series A^b		2,789,428
	Illinois Health Facilities Authority Revenue Refunding Bonds (Lutheran General Health System) (AGM-CR Insured)
2,000,000	6.000%, 4/1/2018, Series C^b		2,294,540
	Illinois Health Facilities Authority Revenue Refunding Bonds (Thorek Hospital and Medical Center)
3,900,000	5.250%, 8/15/2018		3,901,131
	Illinois Sales Tax Revenue Bonds (Build Illinois Bonds)
3,065,000	7.450%, 6/15/2012, Series L		3,271,305
	Illinois Sales Tax Revenue Bonds (Build Illinois Bonds) (NATL- RE-FGIC Insured)
7,975,000	5.750%, 6/15/2018, 2nd Series^b		9,074,513
	Joliet Regional Port District, Illinois Marine Terminal Revenue Refunding Bonds (Exxon)
4,480,000	0.120%, 10/1/2024		4,480,000
	McHenry and Lake Counties, Illinois, Community High School District No. 157 General Obligation School Bonds (AGM Insured)
3,035,000	9.000%, 12/1/2017^b		4,026,626
	McLean County, Illinois, Bloomington-Normal Airport Authority Passenger Facility Charge Revenue Bonds (Central Illinois Regional Airport)
4,000,000	6.050%, 12/15/2019, AMT		3,954,840
	Metropolitan Pier and Exposition Authority, Illinois Refunding Bonds (McCormick Place Expansion) (NATL-RE FGIC Insured)
885,000	5.500%, 6/15/2015, Series A^b		969,278
17,505,000	Zero Coupon, 6/15/2020, Series A^b		11,111,124
	Metropolitan Pier and Exposition Authority, Illinois Refunding Bonds (McCormick Place Expansion) (NATL-RE Insured)
7,000,000	Zero Coupon, 6/15/2020, Series B^b,c		7,017,780
3,100,000	Zero Coupon, 6/15/2024, Series A^b		1,438,772
2,000,000	Zero Coupon, 12/15/2024, Series A^b		901,460
	Metropolitan Water Reclamation District of Greater Chicago General Obligation Refunding Bonds
7,280,000	5.250%, 12/1/2032, Series C		7,881,037
	Railsplitter Tobacco Settlement Authority Tobacco Settlement Revenue Bonds
6,000,000	5.000%, 6/1/2017		6,196,320
	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois Revenue Bonds (NATL-RE FGIC Insured)
3,000,000	6.700%, 11/1/2021, Series A^b		3,613,830
	University of Illinois Auxiliary Facilities System Revenue Bonds
2,500,000	5.750%, 4/1/2038, Series A		2,518,800

	Total Illinois		124,131,441


Indiana (1.8%)
	Ball State University Student Fee Bonds (FGIC Insured)
700,000	5.750%, 7/1/2020, Series K^a,b		725,214
	East Chicago Elementary School Building Corporation, Lake County, Indiana First Mortgage Refunding Bonds
895,000	6.250%, 1/5/2016		958,849
	Indiana Bond Bank Special Program Bonds (Clark Memorial Hospital)
7,000,000	5.500%, 8/1/2029, Series D		7,087,360
	Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds (United States Steel Corporation)
2,000,000	6.000%, 12/1/2026		2,016,580
	Indiana Finance Authority Hospital Revenue Bonds (Deaconess Hospital)
1,500,000	6.750%, 3/1/2039, Series A		1,590,390
	Indiana Health and Educational Facility Financing Authority Health System Revenue Refunding Bonds (Sisters of St. Francis Health Services, Inc.) (AGM Insured)
500,000	5.250%, 5/15/2041, Series E^b		471,920

The accompanying Notes to Financial Statements are an integral part of this schedule.

170

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
Indiana (1.8%) - continued
	Indiana Transportation Finance Authority Highway Revenue Bonds
$220,000	6.800%, 12/1/2016, Series A		$247,003
	Indiana Transportation Finance Authority Highway Revenue Bonds (NATL-RE-IBC Insured)
310,000	7.250%, 6/1/2015, Series A^a,b		311,624
3,150,000	7.250%, 6/1/2015, Series A^b		3,469,379
	Indianapolis Local Public Improvement Bond Bank Bonds (Waterworks)
5,000,000	5.750%, 1/1/2038, Series A		5,098,750
	Purdue University Student Fee Bonds
2,120,000	5.000%, 7/1/2020, Series L^a		2,186,632

	Total Indiana		24,163,701


Iowa (0.5%)
	Cedar Falls Community School District, Black Hawk County School Infrastructure Sales, Services and Use Tax Revenue Bonds
3,165,000	5.400%, 6/1/2029^e		3,195,796
	Coralville, Iowa Annual Appropriation Urban Renewal Tax Increment Revenue Bonds
745,000	5.000%, 6/1/2011, Series H2		745,690
3,125,000	5.000%, 6/1/2021, Series H2		3,117,531
	Iowa Finance Authority Single Family Mortgage Bonds (GNMA/FNMA Collateralized)
115,000	5.000%, 1/1/2037, Series E, AMT^b		115,110

	Total Iowa		7,174,127


Kansas (0.7%)
	Kansas Development Finance Authority Health Facilities Revenue Bonds (Stormont-Vail HealthCare, Inc.) (NATL-RE Insured)
90,000	5.375%, 11/15/2024, Series K^a,b		92,469
910,000	5.375%, 11/15/2024, Series K^b		911,656
	Kansas Development Finance Authority Revenue Bonds
3,500,000	5.000%, 5/15/2030, Series S		3,003,000
	Salina, Kansas Hospital Refunding and Improvement Revenue Bonds (Salina Regional Health Center, Inc.)
1,725,000	5.000%, 10/1/2036		1,601,300
	Sedgwick and Shawnee Counties, Kansas Single Family Mortgage Revenue Bonds (GNMA Collateralized)
125,000	6.700%, 6/1/2029, Series A- 2^b		131,940
	Wyandotte County/Kansas City, Kansas Sales Tax Special Obligation Revenue Refunding Bonds (Redevelopment Project Area B)
4,275,000	5.000%, 12/1/2020		4,266,792

	Total Kansas		10,007,157


Kentucky (0.8%)
	Kentucky Economic Development Finance Authority Hospital Revenue Bonds (Owensboro Medical Health System, Inc.)
5,880,000	6.375%, 6/1/2040, Series A		5,550,544
	Kentucky Economic Development Finance Authority Revenue Bonds (Louisville Arena Authority, Inc.) (AGM Insured)
1,000,000	6.000%, 12/1/2033, Series A- 1^b		1,024,810
	Paducah, Kentucky Electric Plant Board Revenue Bonds (AGM Insured)
2,500,000	5.250%, 10/1/2035, Series A^b		2,524,025
	Pikeville, Kentucky Hospital Revenue Bonds (Pikeville Medical Center, Inc.)
2,500,000	6.500%, 3/1/2041		2,512,300

	Total Kentucky		11,611,679


Louisiana (3.2%)
	Louisiana Public Facilities Authority Revenue Bonds (University of New Orleans Research and Technology Foundation, Inc. - Student Housing) (NATL-RE Insured)
4,745,000	5.250%, 3/1/2031^b		4,753,351
	Louisiana State Gas and Fuels Tax Revenue Bonds
5,000,000	5.000%, 5/1/2033, Series B		5,032,350
7,000,000	5.000%, 5/1/2045, Series B		6,854,260
	New Orleans, Louisiana General Obligation Refunding Bonds (AMBAC Insured)
6,500,000	Zero Coupon, 9/1/2012^b		6,290,310
	Regional Transit Authority, Louisiana Sales Tax Revenue Refunding Bonds (NATL-RE FGIC Insured)
2,605,000	8.000%, 12/1/2012, Series A^b,f		2,759,112
	St. John the Baptist Parish, Louisiana Revenue Bonds (Marathon Oil Corporation)
13,000,000	5.125%, 6/1/2037, Series A		11,925,030
	St. Tammany Parish, Louisiana Utilities Revenue Bonds
2,000,000	5.500%, 8/1/2035, Series B		2,033,140

The accompanying Notes to Financial Statements are an integral part of this schedule.

171

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount	Long-Term Fixed Income (98.8%)	Value
Louisiana (3.2%) - continued
	Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
$3,820,000	5.500%, 5/15/2030, Series B		$3,736,227

	Total Louisiana		43,383,780


Maryland (0.5%)
	Maryland Economic Development Corporation Student Housing Revenue Bonds (University Village at Sheppard Pratt) (ACA Insured)
1,550,000	6.000%, 7/1/2033^b		1,217,122
	Maryland Health and Higher Educational Facilities Authority Revenue Bonds (University of Maryland Medical Systems)
1,000,000	6.000%, 7/1/2022^a		1,065,370
	Morgan State University Academic Fees and Auxiliary Facilities Fees Revenue Refunding Bonds (NATL-RE Insured)
4,500,000	6.050%, 7/1/2015^b		4,904,235

	Total Maryland		7,186,727


Massachusetts (3.5%)
	Massachusetts Bay Transportation Authority Sales Tax Bonds (NATL-RE Insured)
5,000,000	5.500%, 7/1/2025, Series B^b		5,905,750
	Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds
6,000,000	5.250%, 7/1/2031, Series A		6,617,160
	Massachusetts Development Finance Agency Revenue Bonds (Devens Electric Systems)
725,000	5.625%, 12/1/2016		732,112
	Massachusetts General Obligation Bonds (NATL-RE FGIC-TCRS Insured)
4,935,000	5.250%, 1/1/2013, Series A^b		5,315,637
	Massachusetts Health and Educational Facilities Authority Revenue Bonds (Massachusetts Institute of Technology)
15,000,000	5.250%, 7/1/2033, Series L		16,952,550
	Massachusetts Health and Educational Facilities Authority Revenue Bonds (Partners Healthcare System, Inc.)
965,000	6.000%, 7/1/2016, Series C^a		983,422
35,000	6.000%, 7/1/2016, Series C		35,552
	Massachusetts Health and Educational Facilities Authority Revenue Bonds (Tufts University)
5,400,000	5.500%, 2/15/2028, Series M		6,203,628
	Massachusetts Water Pollution Abatement Trust Pool Program Refunding Bonds
5,000,000	5.000%, 8/1/2024		5,817,950

	Total Massachusetts		48,563,761


Michigan (2.1%)
	East Lansing Building Authority, Ingham and Clinton Counties, Michigan Building Authority Bonds (General Obligation Limited Tax)
2,000,000	5.700%, 4/1/2020		2,309,280
	Grand Valley State University General Revenue Bonds
1,000,000	5.750%, 12/1/2034		1,029,200
	Kalamazoo Hospital Finance Authority Hospital Revenue Bonds (AGM Insured)
4,000,000	5.250%, 5/15/2036^b		3,792,080
	Kalamazoo Hospital Finance Authority Hospital Revenue Refunding Bonds (Bronson Methodist Hospital) (AGM Insured)
3,250,000	5.000%, 5/15/2026, Series A^b		3,290,268
	Michigan Public Power Agency Revenue Bonds (Combustion Turbine No. 1) (AMBAC Insured)
1,380,000	5.250%, 1/1/2016, Series A^b		1,400,935
	Michigan State Hospital Finance Authority Hospital Revenue and Refunding Bonds (Crittenton Hospital Medical Center)
2,750,000	5.500%, 3/1/2022, Series A		2,754,482
	Michigan State Hospital Finance Authority Hospital Revenue and Refunding Bonds (Sisters of Mercy Health Corporation) (NATL-RE Insured)
2,600,000	5.375%, 8/15/2014, Series P^a,b		2,771,340
80,000	5.375%, 8/15/2014, Series P^a,b		85,272
	Michigan State Trunk Line Fund Refunding Bonds (AGM Insured)
5,000,000	5.000%, 11/1/2022^b		5,292,150
	Rochester Community School District, Oakland and Macomb Counties, Michigan School Building and Site General Obligation Bonds (NATL-RE Q- SBLF Insured)
4,500,000	5.000%, 5/1/2019^b		4,937,400

The accompanying Notes to Financial Statements are an integral part of this schedule.

172

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Michigan (2.1%) - continued
		Sault Ste. Marie Chippewa Indians Housing Authority Health Facility Revenue Bonds (Tribal Health and Human Services Center)
	$1,320,000	7.750%, 9/1/2012		$1,325,306

		Total Michigan		28,987,713


	Minnesota (2.7%)
		Baytown Township, Minnesota Lease Revenue Bonds (St. Croix Preparatory Academy)
	1,000,000	7.000%, 8/1/2038, Series A		944,350
		Minneapolis and St. Paul, Minnesota Housing and Redevelopment Authority Health care Facility Revenue Bonds (HealthPartners)
	800,000	6.000%, 12/1/2021		805,064
		Minneapolis-St. Paul Metropolitan Airports Commission Airport Revenue Bonds (NATL-RE FGIC Insured)
	4,750,000	5.000%, 1/1/2031, Series C^b		4,639,278
		Minnesota Agricultural and Economic Development Board Health Care System Revenue Bonds (Fairview Hospital and Healthcare Services) (NATL-RE Insured)
	85,000	5.750%, 11/15/2026, Series A^b		85,027
		Minnesota Higher Education Facilities Authority Revenue Bond (College of St. Scholastica, Inc.)
	1,800,000	6.300%, 12/1/2040, Series 7-J		1,812,906
		Minnesota Higher Education Facilities Authority Revenue Bonds
	1,575,000	5.250%, 12/1/2035, Series H		1,442,968
		Minnesota Higher Education Facilities Authority Revenue Bonds (University of St. Thomas)
	530,000	5.250%, 10/1/2019, Series 5- Y		565,335
		North Oaks, Minnesota Senior Housing Revenue Bonds (Presbyterian Homes of North Oaks, Inc.)
	2,000,000	6.125%, 10/1/2039		1,774,080
		Northern Municipal Power Agency, Minnesota Electric System Revenue Bonds (AMBAC Insured)
	2,000,000	5.000%, 1/1/2026, Series A^b		2,062,680
		Northfield, Minnesota Hospital Revenue Bonds
	1,000,000	6.000%, 11/1/2021, Series C^a		1,027,730
	1,300,000	6.000%, 11/1/2026, Series C^a		1,336,049
	2,040,000	6.000%, 11/1/2031, Series C^a		2,096,569
		Rochester, Minnesota Health Care Facilities Revenue Bonds (Olmsted Medical Center)
	1,000,000	5.875%, 7/1/2030		937,170
		St. Cloud, Minnesota Health Care Revenue Bonds (CentraCare Health System)
	2,000,000	5.125%, 5/1/2030, Series A		1,960,740
		St. Louis Park, Minnesota Health Care Facilities Revenue Refunding Bonds (Park Nicollet Health Services)
	2,000,000	5.250%, 7/1/2030, Series B^a		2,256,920
	1,000,000	5.750%, 7/1/2030, Series C		1,003,400
	5,500,000	5.750%, 7/1/2039		5,151,025
		St. Paul, Minnesota Housing and Redevelopment Authority Educational Facility Revenue Refunding Bonds (Saint Paul Academy and Summit School)
	4,000,000	5.000%, 10/1/2024		4,178,000
		St. Paul, Minnesota Housing and Redevelopment Authority Health Care Facility Revenue Bonds (HealthPartners)
	230,000	5.250%, 5/15/2019		232,192
	1,500,000	5.250%, 5/15/2036		1,309,680
		White Earth Band of Chippewa Indians Revenue Bonds (ACA Insured)
	1,150,000	7.000%, 12/1/2011, Series A^b,f		1,152,208

		Total Minnesota		36,773,371


	Missouri (1.2%)
		Jackson County, Missouri Special Obligation Bonds (Harry S. Truman Sports Complex) (AMBAC Insured)
	7,500,000	5.000%, 12/1/2027^b		7,590,600
		Missouri Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) (GNMA/FNMA Collateralized)
	65,000	7.450%, 9/1/2031, Series B- 1, AMT^b		67,093
	120,000	7.150%, 3/1/2032, Series C- 1, AMT^b		123,944
		Missouri State Environmental Improvement and Energy Resources Authority Water Pollution Revenue Bonds
	825,000	5.250%, 1/1/2018^a		890,200
	175,000	5.250%, 1/1/2018		184,375
		Missouri State Health and Educational Facilities Authority Health Facilities Revenue Bonds (Barnes-Jewish, Inc./Christian Health Services)
	3,000,000	5.250%, 5/15/2014, Series A		3,205,860

The accompanying Notes to Financial Statements are an integral part of this schedule.

173

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Missouri (1.2%) - continued
		Missouri State Health and Educational Facilities Authority Health Facilities Revenue Bonds (BJC Health System)
	$2,500,000	5.000%, 5/15/2020, Series A		$2,606,350
		Missouri State Health and Educational Facilities Authority Health Facilities Revenue Bonds (Lake Regional Health System)
	1,500,000	5.600%, 2/15/2025		1,502,145

		Total Missouri		16,170,567


	Montana (0.5%)
		Montana Board of Housing Single Family Mortgage Bonds
	15,000	6.000%, 6/1/2016, Series A-1		15,007
	60,000	6.250%, 6/1/2019, Series A-2, AMT		60,054
		Montana Facility Finance Authority Hospital Facilities Revenue Bonds (St. Peter’s Hospital)
	3,860,000	5.250%, 6/1/2018		3,995,911
		Montana Facility Finance Authority Revenue Bonds (Providence Health & Services)
	2,830,000	5.000%, 10/1/2024		2,942,577

		Total Montana		7,013,549


	Nebraska (1.5%)
		Douglas County, Nebraska Hospital Authority No. 3 Health Facilities Refunding and Revenue Bonds (Nebraska Methodist Health System)
	2,000,000	5.750%, 11/1/2048		1,886,100
		Nebraska Public Power District General Revenue Bonds (AMBAC Insured)
	2,500,000	5.000%, 1/1/2013, Series B^b		2,663,600
		Omaha, Nebraska Public Power District Electric System Revenue Bonds
	920,000	6.150%, 2/1/2012, Series B^a		960,048
	5,780,000	5.000%, 2/1/2046, Series A		5,779,537
		Omaha, Nebraska Special Obligation Bonds (Riverfront Redevelopment)
	1,675,000	5.500%, 2/1/2015, Series A		1,741,012
		University of Nebraska Student Fees and Facilities Revenue Bonds
	5,000,000	5.000%, 7/1/2023, Series B		5,286,150
		University of Nebraska Student Housing Revenue Bonds
	1,680,000	5.000%, 5/15/2040, Series B		1,708,056

		Total Nebraska		20,024,503


	New Jersey (1.4%)
		Hudson County, New Jersey Refunding Certificates of Participation (NATL-RE Insured)
	$2,000,000	6.250%, 12/1/2015^b		$2,217,200
		New Jersey Educational Facilities Authority Revenue Refunding Bonds (Kean University)
	1,000,000	5.500%, 9/1/2036, Series A		1,012,570
		New Jersey General Obligation Bonds (AMBAC Insured)
	1,000,000	5.250%, 7/15/2018, Series L^b		1,148,820
		New Jersey Transportation Trust Fund Authority Transportation System Bonds (AGM Insured)
	5,000,000	5.500%, 12/15/2016, Series A^b		5,619,250
		New Jersey Turnpike Authority Turnpike Revenue Bonds (AMBAC-TCRS Insured)
	260,000	6.500%, 1/1/2016, Series C^a,b		292,118
	745,000	6.500%, 1/1/2016, Series C^b		831,964
		New Jersey Turnpike Authority Turnpike Revenue Bonds (AMBAC-TCRS-BNY Insured)
	3,695,000	6.500%, 1/1/2016, Series C^a,b		4,151,443
		Ocean County, New Jersey Utilities Authority Wastewater Revenue Bonds (NATL-RE Insured)
	3,180,000	5.250%, 1/1/2025^b		3,753,386

		Total New Jersey		19,026,751


	New Mexico (0.9%)
		Jicarilla, New Mexico Apache Nation Revenue Bonds
	3,500,000	5.500%, 9/1/2023, Series A		3,627,470
		Sandoval County, New Mexico Incentive Payment Refunding Revenue Bonds
	9,000,000	5.000%, 6/1/2020		9,417,780

		Total New Mexico		13,045,250


	New York (5.3%)
		Metropolitan Transportation Authority State Service Contract Refunding Bonds
	5,000,000	5.500%, 7/1/2017, Series A		5,835,500
		Metropolitan Transportation Authority Transit Facilities Service Contract Bonds
	2,360,000	5.750%, 7/1/2013, Series O^a		2,451,544
		New York City General Obligation Bonds
	12,000,000	5.250%, 8/1/2017, Series B		13,281,600
	1,530,000	5.500%, 8/1/2022, Series A		1,628,700
	220,000	5.500%, 8/1/2022, Series A^a		244,332
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds
	11,000,000	5.750%, 6/15/2040, Series A		11,807,730
	2,000,000	5.375%, 6/15/2043, Series EE		2,059,660

The accompanying Notes to Financial Statements are an integral part of this schedule.

174

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	New York (5.3%) - continued
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds (AMBAC Insured)
	$2,000,000	5.875%, 6/15/2012, Series A^a,b		$2,124,120
		New York City Transitional Finance Authority Future Tax Secured Refunding Bonds
	735,000	5.375%, 11/15/2021, Series A^a		792,624
	1,805,000	5.375%, 11/15/2021, Series A^a		1,946,512
	8,940,000	5.500%, 11/1/2026, Series A^c		9,148,928
		New York State Dormitory Authority State Personal Income Tax Revenue Bonds
	5,125,000	5.000%, 2/15/2029, Series A		5,363,210
		New York State Dormitory Authority State University Educational Facilities Revenue Bonds
	2,000,000	7.500%, 5/15/2013, Series A		2,250,700
	5,000,000	5.875%, 5/15/2017, Series A		5,800,800
	4,000,000	5.250%, 11/15/2023, Series B^d		4,190,360
		New York State Local Government Assistance Corporation Refunding Bonds (NATL-RE-IBC Insured)
	2,000,000	5.250%, 4/1/2016, Series E^b		2,277,220
		New York State Urban Development Corporation State Personal Income Tax Revenue Bonds (State Facilities and Equipment)
	2,000,000	5.000%, 3/15/2036, Series B-1		2,015,400

		Total New York		73,218,940


	North Carolina (2.4%)
		North Carolina Eastern Municipal Power Agency Power System Revenue Bonds
	5,000,000	5.500%, 1/1/2014, Series D		5,498,550
	4,000,000	5.375%, 1/1/2017, Series C		4,182,880
	7,170,000	5.250%, 1/1/2020, Series A		7,749,910
	1,535,000	5.500%, 1/1/2021, Series B		1,536,627
	2,000,000	5.000%, 1/1/2026, Series B		2,026,540
	1,475,000	6.000%, 1/1/2026, Series A^a		1,879,135
		North Carolina Municipal Power Agency No. 1 Catawba Electric Revenue Bonds
	3,200,000	5.000%, 1/1/2025, Series A		3,338,304
	1,250,000	5.000%, 1/1/2030, Series A		1,262,587
		Raleigh-Durham, North Carolina Airport Authority Revenue Bonds
	4,435,000	5.000%, 5/1/2036, Series A		4,391,271
		Wake County Industrial Facilities and Pollution Control Financing Authority Pollution Control Revenue Refunding Bonds (Carolina Power & Light Company)
	1,000,000	5.375%, 2/1/2017		1,033,030

		Total North Carolina		32,898,834


	North Dakota (0.7%)
		South Central Regional Water District, North Dakota Utility System Revenue Bonds (Refunding and Northern Burleigh County Expansion)
	2,945,000	5.650%, 10/1/2029, Series A		3,026,429
		Ward County, North Dakota Health Care Facilities Refunding Revenue Bonds (Trinity)
	3,250,000	6.250%, 7/1/2021, Series B		3,251,365
		Ward County, North Dakota Health Care Facilities Revenue Bonds (Trinity)
	2,895,000	5.125%, 7/1/2025		2,710,473

		Total North Dakota		8,988,267


	Ohio (2.7%)
		Akron, Ohio Non-Tax Revenue Economic Development Bonds (NATL-RE Insured)
	600,000	6.000%, 12/1/2012^b		616,950
		Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset-Backed Bonds
	6,455,000	5.125%, 6/1/2024, Series A-2		4,910,318
		Lorain County, Ohio Hospital Facilities Revenue Refunding and Improvement Bonds (Catholic Healthcare Partners)
	2,000,000	5.400%, 10/1/2021, Series A		2,037,440
		Lorain County, Ohio Port Authority Recovery Zone Facility Revenue Bonds (United States Steel Corporation)
	2,500,000	6.750%, 12/1/2040		2,565,350
		Lucas County, Ohio Health Care Facilities Revenue Refunding and Improvement Bonds
	2,000,000	6.550%, 8/15/2024, Series A		2,006,780
		Ohio Higher Educational Facility Commission Revenue Bonds (Case Western Reserve University)
	2,000,000	6.500%, 10/1/2020, Series B		2,406,160
		Ohio Higher Educational Facility Commission Revenue Bonds (Kenyon College)
	4,740,000	5.250%, 7/1/2044		4,430,146
		Ohio Turnpike Commission Turnpike Revenue Refunding Bonds (NATL-RE FGIC Insured)
	2,000,000	5.500%, 2/15/2024, Series A^b		2,252,860

The accompanying Notes to Financial Statements are an integral part of this schedule.

175

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Ohio (2.7%) - continued
		Ohio Turnpike Commission Turnpike Revenue Refunding Bonds (NATL-RE FGIC Insured) - continued
	$10,000,000	5.500%, 2/15/2026, Series A^b		$11,093,200
		Port of Greater Cincinnati Development Authority Economic Development Revenue Bonds (Sisters of Mercy of the Americas, Regional Community of Cincinnati)
	1,750,000	5.000%, 10/1/2025		1,628,988
		University of Cincinnati General Receipts Bonds (AMBAC Insured)
	2,545,000	5.000%, 6/1/2016, Series D^b		2,768,375

		Total Ohio		36,716,567


	Oklahoma (0.4%)
		Oklahoma Development Finance Authority Hospital Revenue Refunding Bonds (Unity Health Center)
	1,040,000	5.000%, 10/1/2011		1,049,225
		Oklahoma Housing Finance Agency Single Family Mortgage Revenue Bonds (Homeownership Loan Program)
	20,000	7.550%, 9/1/2028, Series C-2, AMT		20,300
		Oklahoma Housing Finance Agency Single Family Mortgage Revenue Bonds (Homeownership Loan Program) (GNMA/FNMA Collateralized)
	75,000	7.100%, 9/1/2028, Series D-2, AMT^b		76,880
		Oklahoma Municipal Power Authority Power Supply System Revenue Bonds
	1,500,000	6.000%, 1/1/2038, Series A		1,579,605
		Oklahoma Municipal Power Authority Power Supply System Revenue Bonds (NATL- RE Insured)
	530,000	5.875%, 1/1/2012, Series B^b		534,086
		Payne County Economic Development Authority Student Housing Revenue Bonds (Collegiate Housing Foundation - Stillwater)
	2,900,000	6.375%, 6/1/2030, Series A^a		2,913,195

		Total Oklahoma		6,173,291


	Oregon (0.2%)
		Clackamas County, Oregon Hospital Facility Authority Revenue Bonds (Legacy Health Systems)
	300,000	5.500%, 7/15/2035, Series A		301,743
		Salem-Keizer School District No. 24J, Marion and Polk Counties, Oregon General Obligation Bonds
	5,000,000	Zero Coupon, 6/15/2028, Series B		2,140,250

		Total Oregon		2,441,993


	Pennsylvania (2.9%)
		Allegheny County Hospital Development Authority Revenue Bonds (University of Pittsburgh Medical Center)
	3,000,000	5.000%, 6/15/2018, Series B		3,324,930
	2,000,000	5.625%, 8/15/2039		1,978,860
		Cornwall-Lebanon School District, Lebanon County, Pennsylvania General Obligation Notes (AGM Insured)
	2,000,000	Zero Coupon, 3/15/2016^b		1,760,460
	1,520,000	Zero Coupon, 3/15/2017^b		1,279,430
		Cumberland County Municipal Authority Revenue Bonds (Diakon Lutheran Social Ministries)
	2,750,000	5.000%, 1/1/2027		2,452,505
	2,000,000	5.000%, 1/1/2036		1,627,100
		Cumberland County, Pennsylvania Municipal Authority Revenue Bonds (Diakon Lutheran Social Ministries)
	2,000,000	6.125%, 1/1/2029		1,975,400
		Delaware County, Pennsylvania Industrial Development Authority Airport Facilities Revenue Bonds
	3,500,000	0.200%, 12/1/2015		3,500,000
		Lancaster County Hospital Authority Hospital Revenue Bonds (Lancaster General Hospital)
	2,000,000	5.500%, 3/15/2026^a		2,213,180
		Lycoming County Authority Health System Revenue Bonds (Susquehanna Health System)
	5,795,000	5.750%, 7/1/2039, Series A		5,141,092
		Pennsylvania Turnpike Commission Turnpike Revenue Bonds (AGM Insured)
	8,000,000	Zero Coupon, 6/1/2033, Series C^b,c		6,210,320
	5,000,000	6.250%, 6/1/2038, Series C^b		5,322,450
		Philadelphia Authority for Industrial Development Revenue Bonds (Please Touch Museum)
	2,000,000	5.250%, 9/1/2026		1,678,960

The accompanying Notes to Financial Statements are an integral part of this schedule.

176

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Pennsylvania (2.9%) - continued
		York County, Pennsylvania Solid Waste and Refuse Authority Solid Waste System Refunding Revenue Bonds (NATL-RE FGIC Insured)
	$1,000,000	5.500%, 12/1/2012^b		$1,070,300

		Total Pennsylvania		39,534,987


	Puerto Rico (1.2%)
		Puerto Rico Electric Power Authority Power Revenue Bonds
	10,000,000	5.250%, 7/1/2040, Series XX		8,749,000
		Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority Cogeneration Facility Revenue Bonds (AES Puerto Rico)
	7,655,000	6.625%, 6/1/2026, AMT		7,661,889

		Total Puerto Rico		16,410,889


	South Carolina (1.4%)
		Greenwood County, South Carolina Hospital Facilities Revenue Bonds (Self Memorial Hospital)
	1,000,000	5.500%, 10/1/2026		1,000,850
		Greenwood County, South Carolina Hospital Facilities Revenue Bonds (Self Regional Healthcare)
	2,250,000	5.375%, 10/1/2039		2,114,527
		Piedmont, South Carolina Municipal Power Agency Electric Revenue Bonds (NATL- RE FGIC Insured)
	4,000,000	6.250%, 1/1/2021^b		4,666,040
		South Carolina Jobs-Economic Development Authority Hospital Refunding and Improvement Revenue Bonds (Palmetto Health Alliance)
	4,895,000	6.875%, 8/1/2027, Series C^a		5,544,860
	605,000	6.875%, 8/1/2027, Series C^a		685,320
		South Carolina Public Service Authority Revenue Obligations (Santee Cooper)
	2,500,000	5.500%, 1/1/2038, Series A		2,584,975
		Spartanburg, South Carolina Water System Revenue Bonds (FGIC Insured)
	2,000,000	5.250%, 6/1/2028^a,b		2,266,520

		Total South Carolina		18,863,092


	South Dakota (0.9%)
		South Dakota Educational Enhancement Funding Corporation Tobacco Settlement Asset-Backed Bonds
	5,000,000	6.500%, 6/1/2032, Series B		4,860,200
		South Dakota Health and Educational Facilities Authority Revenue Bonds (Prairie Lakes Health Care System)
	1,170,000	5.625%, 4/1/2032^a		1,283,502
		South Dakota Health and Educational Facilities Authority Revenue Bonds (Sanford Health)
	5,000,000	5.000%, 11/1/2040		4,692,550
	1,250,000	5.500%, 11/1/2040		1,256,725

		Total South Dakota		12,092,977


	Tennessee (1.2%)
		Jackson, Tennessee Hospital Revenue Refunding and Improvement Bonds (Jackson- Madison County General Hospital)
	2,000,000	5.625%, 4/1/2038		2,015,240
	3,450,000	5.750%, 4/1/2041		3,498,817
		Memphis-Shelby County Airport Authority Special Facilities Revenue Refunding Bonds (Federal Express Corporation)
	4,500,000	5.050%, 9/1/2012		4,691,115
	2,000,000	5.350%, 9/1/2012		2,089,800
		Nashville and Davidson Counties Industrial Development Board Multifamily Housing Revenue Refunding Bonds (Beechwood Terrace Apartments) (GNMA Collateralized)
	4,155,000	6.625%, 3/20/2036, Series A^b		4,282,268

		Total Tennessee		16,577,240


	Texas (11.6%)
		Alliance Airport Authority, Inc. Special Facilities Revenue Refunding Bonds (Federal Express Corporation)
	10,285,000	4.850%, 4/1/2021, AMT		10,418,911
		Amarillo Health Facilities Corporation Hospital Revenue Bonds (Baptist St. Anthony’s Hospital Corporation) (AGM Insured)
	2,000,000	5.500%, 1/1/2017^b		2,078,560
		Austin, Texas Combined Utility Systems Revenue Refunding Bonds (NATL-RE FGIC-TCRS Insured)
	2,250,000	6.000%, 11/15/2013^b		2,342,700
		Bexar County Housing Finance Corporation Multifamily Housing Revenue Bonds (Dymaxion and Marbach Park Apartments) (NATL-RE Insured)
	1,930,000	6.000%, 8/1/2023, Series A^b		1,793,761

The accompanying Notes to Financial Statements are an integral part of this schedule.

177

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Texas (11.6%) - continued
		Bluebonnet Trails Community Mental Health and Mental Retardation Center Revenue Bonds
	$1,000,000	6.125%, 12/1/2016		$1,004,840
		Clifton Higher Education Finance Corporation Education Revenue Bonds (Uplift Education)
	4,000,000	6.250%, 12/1/2045, Series A		3,477,080
		Corpus Christi, Texas General Improvement Refunding Bonds (AGM Insured)
	135,000	5.000%, 3/1/2012, Series A^b		140,200
		Dallas and Fort Worth, Texas Joint Revenue Improvement and Refunding Bonds (Dallas/Fort Worth International Airport) (NATL- RE Insured)
	1,000,000	5.500%, 11/1/2016, Series A, AMT^b		1,043,510
	500,000	5.500%, 11/1/2017, Series A, AMT^b		517,435
		Dallas and Fort Worth, Texas Joint Revenue Improvement and Refunding Bonds (Dallas/Fort Worth International Airport) (XLCA Insured)		9,781,103
	9,750,000	6.125%, 11/1/2018, Series C-2, AMT^b
		Dallas Independent School District, Dallas County, Texas Unlimited Tax School Building Bonds (PSF-GTD Insured)
	10,000,000	6.375%, 2/15/2034^b		11,461,500
		Deer Park Independent School District, Harris County, Texas School Building Refunding Bonds (PSF-GTD Insured)
	1,375,000	5.000%, 2/15/2013^b		1,480,696
		Denton, Texas Utility System Revenue Bonds (AGM Insured)
	3,210,000	5.250%, 12/1/2015, Series A^a,b		3,448,888
		Harris County Health Facilities Development Corporation Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System)
	2,000,000	6.375%, 6/1/2029, Series A^a		2,029,180
	2,000,000	7.250%, 12/1/2035, Series B		2,179,460
		Harris County, Texas General Obligation and Revenue Refunding Bonds (NATL-RE Insured)
	7,000,000	Zero Coupon, 8/15/2024^b		4,126,080
		Harris County, Texas Industrial Development Corporation Pollution Control Revenue Bonds
	13,600,000	0.180%, 3/1/2024		13,600,000
		Harris County, Texas Toll Road Revenue and Refunding Bonds
	6,500,000	5.250%, 8/15/2047, Series B		6,522,880
		Houston, Texas Airport System Revenue Bonds (AGM Insured)
	2,000,000	5.625%, 7/1/2030, Series A, AMT^b		2,000,380
		Houston, Texas Water and Sewer System Revenue Refunding Bonds (AGM Insured)
	10,000,000	5.750%, 12/1/2032, Series A^a,b		11,899,200
		Lewisville Independent School District, Denton County, Texas Unlimited Tax School Building and Refunding Bonds (PSF- GTD Insured)
	5,315,000	Zero Coupon, 8/15/2019^b		4,036,743
		Lower Colorado River Authority, Texas Unrefunded Balance Revenue Bonds (AGM Insured)
	215,000	5.875%, 5/15/2015, Series A^b		215,705
		North East Independent School District, Bexar County, Texas Unlimited Tax Refunding Bonds (PSF-GTD Insured)
	5,000,000	5.250%, 2/1/2028^b		5,717,450
	2,000,000	5.250%, 2/1/2029^b		2,268,780
		North Texas Health Facilities Development Corporation Hospital Revenue Bonds (United Regional Healthcare System, Inc.)
	2,600,000	6.000%, 9/1/2023^a		2,912,078
		North Texas Tollway Authority System Revenue Refunding Bonds
	1,000,000	5.625%, 1/1/2033, Series A		1,001,290
		North Texas Tollway Authority System Revenue Refunding Bonds (AGM Insured)
	5,000,000	Zero Coupon, 1/1/2028, Series D^b		1,870,600
	24,125,000	Zero Coupon, 1/1/2034, Series D^b		5,588,556
		Pharr, Texas Higher Education Finance Authority Education Revenue Bonds (Idea Public Schools)
	2,500,000	6.250%, 8/15/2029, Series A		2,389,700
	2,000,000	6.500%, 8/15/2039, Series A		1,937,000
		Ridge Parc Development Corporation Multifamily Housing Revenue Bonds (GNMA Collateralized)
	1,000,000	6.100%, 6/20/2033^b		1,049,310
	2,795,000	6.150%, 11/20/2041^b		2,906,353
		San Antonio, Texas General Obligation Bonds
	425,000	5.250%, 2/1/2014		426,394

The accompanying Notes to Financial Statements are an integral part of this schedule.

178

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Texas (11.6%) - continued
		San Antonio, Texas Water System Revenue Refunding Bonds (AGM Insured)
	$1,000,000	5.500%, 5/15/2018^b		$1,043,270
	1,000,000	5.500%, 5/15/2019^b		1,040,850
	1,000,000	5.500%, 5/15/2020^b		1,038,340
		San Juan, Texas Higher Education Finance Authority Education Revenue Bonds (IDEA Public Schools)
	2,000,000	6.700%, 8/15/2040, Series A		2,007,940
		San Leanna Education Facilities Corporation Higher Education Revenue Bonds (Saint Edward’s University)
	1,160,000	5.125%, 6/1/2024		1,095,980
	1,000,000	5.125%, 6/1/2027		910,500
		Southeast Texas Housing Finance Corporation Single Family Mortgage Revenue Bonds (NATL-RE Insured)
	11,615,000	Zero Coupon, 9/1/2017^a,b		10,063,352
		Southwest Higher Education Authority, Inc. Higher Education Revenue Bonds (Southern Methodist University)
	1,500,000	5.000%, 10/1/2041		1,501,050
		Tarrant County College District, Texas General Obligation Refunding Bonds
	1,410,000	5.375%, 2/15/2013		1,526,945
		Tarrant County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Hendrick Medical Center) (AGM Insured)
	1,250,000	5.250%, 9/1/2026, Series B^b		1,276,950
	2,000,000	5.250%, 9/1/2027, Series B^b		2,033,560
	1,000,000	5.250%, 9/1/2028, Series B^b		1,013,380
		Tarrant County Cultural Education Facilities Finance Corporation Refunding Revenue Bonds (Texas Health Resources System)
	2,000,000	5.000%, 2/15/2023, Series A		2,039,040
		Westlake, Texas Certificates of Obligation
	315,000	6.500%, 5/1/2013		344,616
	350,000	6.500%, 5/1/2015		393,453
	335,000	6.500%, 5/1/2017^a		390,794
	1,650,000	5.750%, 5/1/2024		1,751,690
	2,000,000	5.800%, 5/1/2032^a		2,291,820
		Wylie, Texas Independent School District General Obligation Bonds (PSF-GTD Insured)
	430,000	6.875%, 8/15/2014^b		437,422
	745,000	6.875%, 8/15/2014^a,b		758,827
	3,280,000	7.000%, 8/15/2024^b		3,322,082

		Total Texas		159,948,184


Utah (0.7%)
	Riverton, Utah Hospital Revenue Bonds (IHC Health Services, Inc.)
3,000,000	5.000%, 8/15/2041	2,813,310
	Utah Associated Municipal Power Systems Revenue and Refunding Bonds (Central-St. George Transmission)
6,000,000	5.250%, 12/1/2027	6,103,320
	Utah State Charter School Finance Authority Charter School Revenue Bonds (North Davis Preparatory)
1,000,000	6.250%, 7/15/2030	908,610

	Total Utah	9,825,240


Virginia (0.5%)
	Fairfax County, Virginia Industrial Development Authority Health Care Revenue Bonds (Inova Health System)
1,000,000	5.000%, 5/15/2025, Series C	1,034,730
	Fairfax County, Virginia Industrial Development Authority Hospital Revenue Refunding Bonds (Inova Health System Hospitals)
2,500,000	5.250%, 8/15/2019	2,752,750
	Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
1,630,000	5.250%, 6/1/2019^a	1,655,575
	Virginia Port Authority Port Facilities Revenue Refunding Bonds
2,000,000	5.000%, 7/1/2040	2,005,180

	Total Virginia	7,448,235


Washington (5.0%)
	Energy Northwest Columbia Generating Station Refunding Electric Revenue Bonds (NATL- RE Insured)
1,000,000	5.750%, 7/1/2018, Series A^b	1,053,360
	Franklin County, Washington, Pasco School District No. 1 Unlimited Tax General Obligation Bonds (NATL-RE Insured)
6,000,000	5.250%, 12/1/2022^b	6,545,400
	FYI Properties Lease Revenue Bonds (State of Washington DIS)
2,500,000	5.500%, 6/1/2034	2,538,950
	King County, Washington Sewer Revenue Refunding Bonds (AGM Insured)
10,000,000	5.500%, 1/1/2013, Series B^b	10,325,400
	Tobacco Settlement Authority Tobacco Settlement Asset- Backed Bonds
7,100,000	6.500%, 6/1/2026	7,149,984

The accompanying Notes to Financial Statements are an integral part of this schedule.

179

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Washington (5.0%) - continued
		Washington Economic Development Finance Authority Lease Revenue Bonds (Washington Biomedical Research Properties II) (NATL-RE Insured)
	$5,620,000	5.000%, 6/1/2030^b		$5,716,214
		Washington General Obligation Bonds
	2,000,000	6.000%, 6/1/2012, Series B & AT-7		2,118,900
	1,290,000	5.750%, 10/1/2012, Series 93A		1,343,896
	25,000	5.750%, 10/1/2012, Series 93A^a		26,067
	4,135,000	6.750%, 2/1/2015, Series A		4,488,956
		Washington General Obligation Bonds (AGM Insured)
	5,000,000	5.000%, 7/1/2021, Series A^b		5,479,450
		Washington Health Care Facilities Authority Revenue Bonds
	2,500,000	5.250%, 12/1/2030, Series A		2,159,025
	5,000,000	5.250%, 10/1/2032, Series A		4,849,700
		Washington Health Care Facilities Authority Revenue Bonds (Kadlec Medical Center) (AGM Insured)
	1,000,000	5.000%, 12/1/2030, Series A^b		970,800
		Washington Health Care Facilities Authority Revenue Bonds (Seattle Cancer Care Alliance)
	5,000,000	7.375%, 3/1/2038		5,368,900
		Washington Health Care Facilities Authority Revenue Bonds (Swedish Health Services) (AMBAC Insured)
	2,000,000	5.125%, 11/15/2018^b		2,004,300
		Washington Higher Education Facilities Authority Refunding Revenue Bonds (Gonzaga University)
	5,325,000	5.000%, 4/1/2029, Series B		5,238,149
		Washington Higher Education Facilities Authority Revenue and Refunding Revenue Bonds (Whitworth University)
	1,290,000	5.875%, 10/1/2034		1,240,026
	1,000,000	5.625%, 10/1/2040		908,840

		Total Washington		69,526,317


	Wisconsin (1.6%)
		Monroe, Wisconsin Redevelopment Authority Development Revenue Bonds (Monroe Clinic, Inc.)
	3,500,000	5.875%, 2/15/2039		3,358,740
		Wisconsin Health and Educational Facilities Authority Revenue and Refunding Bonds (Wheaton Franciscan Services, Inc.)
	$6,000,000	5.750%, 8/15/2025^a		6,316,020
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Blood Center of Southeastern Wisconsin, Inc.)
	2,000,000	5.750%, 6/1/2034		2,029,100
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Eagle River Memorial Hospital, Inc.) (Radian Insured)
	1,000,000	5.750%, 8/15/2020^b		1,010,530
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Marshfield Clinic)
	2,000,000	6.000%, 2/15/2025, Series B		2,001,280
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Thedacare, Inc.)
	5,000,000	5.500%, 12/15/2038, Series A		4,715,750
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Watertown Memorial Hospital, Inc.) (Radian Insured)
	2,000,000	5.500%, 8/15/2029^b		1,858,260
		Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds (Marquette University)
	1,000,000	5.000%, 10/1/2033, Series B-1		967,240

		Total Wisconsin		22,256,920


	Wyoming (1.0%)
		Lincoln County, Wyoming Pollution Control Revenue Bonds (Exxon)
	3,975,000	0.120%, 11/1/2014, Series B		3,975,000
		Wyoming Municipal Power Agency Power Supply System Revenue Bonds
	3,270,000	5.375%, 1/1/2042, Series A		3,327,389

The accompanying Notes to Financial Statements are an integral part of this schedule.

180

Municipal Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Wyoming (1.0%) - continued
		Wyoming State Farm Loan Board Capital Facilities Refunding Revenue Bonds
	$5,825,000	5.750%, 10/1/2020		$6,622,384

		Total Wyoming		13,924,773

		Total Long-Term Fixed Income (cost $1,329,518,005)		1,360,456,252

		Total Investments (cost $1,329,518,005) 98.8%		$1,360,456,252

		Other Assets and Liabilities, Net 1.2%		16,237,558

		Total Net Assets 100.0%		$1,376,693,810

Denotes securities that have been pre-refunded or escrowed to maturity. Under such an arrangement, money is deposited into an irrevocable escrow account and is used to purchase U.S. Treasury securities or government agency securities with maturing principal and interest earnings sufficient to pay all debt service requirements of the pre-refunded bonds.

b	To reduce certain risks associated with securities issued by municipalities, which may include but are not limited to economic development in a specific industry or municipality, the principal and/or interest payments are guaranteed by the bond insurance company or government agency identified.

c	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of April 29, 2011.

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

e	Denotes investments purchased on a when-issued or delayed delivery basis.


Security	Acquisition Date		Amortized Cost
Regional Transit Authority, Louisiana Sales Tax Revenue Refunding Bonds		1/21/2000		$3,120,998
White Earth Band of Chippewa Indians Revenue Bonds		6/9/2000		$1,150,000


Definitions:
ACA	-	American Capital Access Holding, Ltd.
AGM	-	Assured Guaranty Municipal Corporation
AMBAC	-	American Municipal Bond Insurance Corporation
AMT	-	Subject to Alternative Minimum Tax
CR	-	Custodial Receipts
FGIC	-	Financial Guaranty Insurance Company
FHA	-	Federal Housing Administration
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
FSA	-	Financial Security Assurance, Inc.
GNMA	-	Government National Mortgage Association
IBC	-	Insured Bond Certificate
NATL-RE	-	National Public Finance Guarantee Corporation
PSF-GTD	-	Public School Fund Guaranteed
Q-SBLF	-	Qualified School Bond Loan Fund
Radian	-	Radian Guaranty, Inc.
TCRS	-	Temporary Custodial Receipts
VA	-	Department of Veterans’ Affairs
XLCA	-	XL Capital Assurance


Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$53,655,184
Gross unrealized depreciation	(22,725,384	)

Net unrealized appreciation (depreciation)	$30,929,800

Cost for federal income tax purposes	$1,329,526,452

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Municipal Bond Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Long-Term Fixed Income

Education

139,098,673

–

139,098,673

–

Electric Revenue

71,643,992

–

71,643,992

–

Escrowed/Pre-refunded

153,412,577

–

153,412,577

–

General Obligation

247,989,473

–

247,989,473

–

Health Care

183,752,230

–

183,752,230

–

Housing Finance

15,623,453

–

15,623,453

–

Industrial Development Revenue

83,885,767

–

83,885,767

–

Other Revenue

144,220,596

–

144,220,596

–

Tax Revenue

98,023,902

–

98,023,902

–

Transportation

147,744,366

–

147,744,366

–

Water & Sewer

75,061,223

–

75,061,223

–

Total

$1,360,456,252

$–

$1,360,456,252

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

181

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Bank Loans (1.4%)^a	Value
	Basic Materials (0.1%)
		Smurfit-Stone Container Enterprises, Inc., Term Loan
	$730,061	6.750%, 6/30/2016		$730,193

		Total Basic Materials		730,193


	Capital Goods (0.1%)
		Transdigm Group, Inc., Term Loan
	369,075	4.000%, 2/14/2017^b,c		372,408

		Total Capital Goods		372,408


	Communications Services (0.4%)
		Atlantic Broadband Finance, LLC, Term Loan
	856,216	4.000%, 3/8/2016		860,652
		Charter Communications Operating, LLC, Term Loan
	296,353	7.250%, 3/6/2014		300,427
		Intelsat Jackson Holdings SA, Term Loan
	1,110,000	5.250%, 4/2/2018		1,119,713
		Lamar Media Corporation, Term Loan
	605,227	4.000%, 12/31/2016		608,707

		Total Communications Services		2,889,499


	Consumer Cyclical (0.1%)
		Universal City Development Partners, Ltd., Term Loan
	669,173	5.500%, 11/6/2014^b,c		675,028

		Total Consumer Cyclical		675,028


	Consumer Non-Cyclical (0.2%)
		Dole Food Company, Term Loan
	363,934	5.500%, 3/3/2017		366,362
		HCA, Inc., Term Loan
	627,530	2.557%, 11/17/2013		626,902
		Michael Food, Inc., Term Loan
	750,000	4.250%, 2/25/2018^b,c		756,427

		Total Consumer Non-Cyclical		1,749,691


	Energy (0.1%)
		MEG Energy Corporation, Term Loan
	900,000	4.000%, 3/18/2018		907,497

		Total Energy		907,497


	Financials (0.1%)
		American General Finance Corporation, Term Loan
	925,000	7.250%, 4/21/2015		925,333

		Total Financials		925,333


	Technology (0.1%)
		Freescale Semiconductor, Term Loan
	945,575	4.493%, 12/1/2016		944,752
		Syniverse Holdings, Inc., Term Loan
	179,550	5.250%, 12/21/2017		181,196

		Total Technology		1,125,948


	Transportation (0.2%)
		Delta Air Lines, Inc., Term Loan
	1,450,000	5.500%, 3/29/2017		1,431,150

		Total Transportation		1,431,150



		Total Bank Loans (cost $10,689,719)		10,806,747


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Asset-Backed Securities (1.6%)
		Capitalsource Commercial Loan Trust
	205,350	0.343%, 3/20/2017^d,e		204,906
		Carrington Mortgage Loan Trust
	1,100,000	0.363%, 8/25/2036^e		426,457
		Countrywide Asset-Backed Certificates
	1,011,739	5.549%, 8/25/2021^f		845,722
		First Horizon ABS Trust
	1,349,173	0.373%, 10/25/2034^e,f		707,763
		GMAC Mortgage Corporation Loan Trust
	3,266,399	0.393%, 8/25/2035^e,f		1,926,675
	3,580,413	0.393%, 12/25/2036^e,f		2,434,584
		Goldman Sachs Alternative Mortgage Products Trust
	3,687,434	0.293%, 8/25/2036^e		3,433,156
		IndyMac Seconds Asset-Backed Trust
	1,683,783	0.383%, 10/25/2036^e,f		347,755
		Renaissance Home Equity Loan Trust
	1,994,294	5.746%, 5/25/2036		1,447,780
	1,400,000	6.011%, 5/25/2036		888,356

		Total Asset-Backed Securities		12,663,154


	Basic Materials (5.0%)
		AbitibiBowater, Inc.
	740,000	10.250%, 10/15/2018^g		817,700
		Alcoa, Inc.
	730,000	5.550%, 2/1/2017		789,041
	1,875,000	6.150%, 8/15/2020		2,018,947
		ArcelorMittal
	1,500,000	9.000%, 2/15/2015		1,805,274
	1,650,000	6.125%, 6/1/2018		1,785,216
	2,250,000	5.250%, 8/5/2020		2,261,767
	730,000	6.750%, 3/1/2041		747,097
		Celulosa Arauco y Constitucion SA
	1,480,000	5.000%, 1/21/2021^g		1,480,226
		CONSOL Energy, Inc.
	290,000	8.000%, 4/1/2017		320,450
	940,000	8.250%, 4/1/2020		1,048,100
		Corporacion Nacional del Cobre de Chile - Codelco
	1,575,000	3.750%, 11/4/2020^g		1,486,016

The accompanying Notes to Financial Statements are an integral part of this schedule.

182

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Basic Materials (5.0%) - continued
		Domtar Corporation
	$1,100,000	7.125%, 8/15/2015		$1,210,000
		Dow Chemical Company
	1,750,000	5.900%, 2/15/2015		1,967,858
	1,850,000	8.550%, 5/15/2019		2,371,868
	1,500,000	4.250%, 11/15/2020		1,468,898
		FMG Resources Property, Ltd.
	1,110,000	7.000%, 11/1/2015^g		1,171,050
		Georgia-Pacific, LLC
	1,300,000	5.400%, 11/1/2020^g		1,311,522
		International Paper Company
	1,500,000	7.500%, 8/15/2021		1,790,412
	750,000	7.300%, 11/15/2039		856,411
		Lyondell Chemical Company
	1,130,000	11.000%, 5/1/2018		1,276,900
		Noble Group, Ltd.
	750,000	4.875%, 8/5/2015^g		776,250
	1,850,000	6.750%, 1/29/2020^g		1,961,000
		NOVA Chemicals Corporation
	750,000	8.625%, 11/1/2019		861,562
		Peabody Energy Corporation
	750,000	7.375%, 11/1/2016		845,625
		Rio Tinto Finance USA, Ltd.
	1,965,000	6.500%, 7/15/2018		2,304,719
	1,100,000	3.500%, 11/2/2020		1,051,279
		Teck Resources, Ltd.
	827,000	10.250%, 5/15/2016		998,603
	750,000	4.500%, 1/15/2021		760,145
		Vale Overseas, Ltd.
	1,875,000	6.875%, 11/10/2039		2,028,201

		Total Basic Materials		39,572,137


	Capital Goods (1.9%)
		Bombardier, Inc.
	550,000	7.750%, 3/15/2020^g		612,563
		Case New Holland, Inc.
	750,000	7.750%, 9/1/2013		816,562
	950,000	7.875%, 12/1/2017^g		1,061,625
		Cemex SAB de CV
	730,000	5.301%, 9/30/2015^d,e		723,795
	940,000	9.000%, 1/11/2018^g		974,075
		CRH America, Inc.
	1,000,000	4.125%, 1/15/2016		1,020,692
	1,100,000	8.125%, 7/15/2018		1,317,517
		John Deere Capital Corporation
	1,700,000	5.350%, 4/3/2018		1,905,649
		Owens-Brockway Glass Container, Inc.
	1,450,000	6.750%, 12/1/2014		1,480,812
		Republic Services, Inc.
	370,000	5.500%, 9/15/2019		402,331
	900,000	5.000%, 3/1/2020		946,010
	1,300,000	5.250%, 11/15/2021		1,380,257
		Textron, Inc.
	1,500,000	6.200%, 3/15/2015		1,656,348
		Waste Management, Inc.
	550,000	4.750%, 6/30/2020		566,439

		Total Capital Goods		14,864,675


Collateralized Mortgage Obligations (2.0%)
	Banc of America Mortgage Securities, Inc.
3,701,695	3.184%, 9/25/2035	3,170,705
	Bear Stearns Mortgage Funding Trust
637,771	0.493%, 8/25/2036^e	198,808
	CitiMortgage Alternative Loan Trust
1,934,442	5.750%, 4/25/2037	1,545,569
	Countrywide Alternative Loan Trust
2,619,280	6.000%, 1/25/2037	1,857,813
	HomeBanc Mortgage Trust
1,768,429	3.086%, 4/25/2037	1,165,913
	Merrill Lynch Mortgage Investors, Inc.
2,634,570	2.744%, 6/25/2035	2,296,900
	Wachovia Mortgage Loan Trust, LLC
2,324,093	3.756%, 5/20/2036	1,698,343
	Washington Mutual Alternative Mortgage Pass-Through Certificates
3,596,172	1.056%, 2/25/2047^e	1,851,147
	Washington Mutual Mortgage Pass-Through Certificates
1,464,368	0.503%, 10/25/2045^e	1,225,525

	Total Collateralized Mortgage Obligations	15,010,723


Commercial Mortgage-Backed Securities (5.8%)
	Banc of America Commercial Mortgage, Inc.
1,800,000	5.658%, 4/10/2049	1,820,547
	Bear Stearns Commercial Mortgage Securities, Inc.
3,000,000	0.369%, 3/15/2022^d,e	2,884,335
2,500,000	5.331%, 2/11/2044	2,671,238
	Citigroup Commercial Mortgage Trust
7,500,000	0.359%, 4/15/2022^e,g	7,246,200
	Citigroup/Deutsche Bank Commercial Mortgage
1,300,000	5.322%, 12/11/2049	1,395,693
	Commercial Mortgage Pass- Through Certificates
4,000,000	0.349%, 12/15/2020^d,e	3,580,180
3,500,000	0.399%, 6/15/2022^d,e	3,255,833
	Credit Suisse First Boston Mortgage Securities
1,800,000	5.542%, 1/15/2049	1,913,351
	Credit Suisse Mortgage Capital Certificates
3,396,851	0.389%, 10/15/2021^e,g	3,285,478
2,500,000	5.467%, 9/15/2039	2,710,075
	J.P. Morgan Chase Commercial Mortgage Securities Corporation
6,250,000	5.336%, 5/15/2047	6,714,200

The accompanying Notes to Financial Statements are an integral part of this schedule.

183

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Commercial Mortgage-Backed Securities (5.8%) - continued
		LB-UBS Commercial Mortgage Trust
	$1,800,000	6.374%, 9/15/2045		$1,890,905
		Morgan Stanley Capital, Inc.
	1,800,000	5.406%, 3/15/2044		1,815,169
		Wachovia Bank Commercial Mortgage Trust
	5,000,000	0.339%, 9/15/2021^d,e		4,768,345
		WaMu Commercial Mortgage Securities Trust
	146,934	3.830%, 1/25/2035^g		147,939

		Total Commercial Mortgage - Backed Securities		46,099,488


	Communications Services (8.8%)
		Alltel Corporation
	2,350,000	7.000%, 3/15/2016		2,791,673
		America Movil SAB de CV
	2,200,000	5.000%, 3/30/2020		2,295,150
		American Tower Corporation
	1,200,000	4.625%, 4/1/2015		1,264,145
	750,000	4.500%, 1/15/2018		741,121
		AT&T, Inc.
	2,900,000	4.450%, 5/15/2021		2,917,000
		Cablevision Systems Corporation
	750,000	8.000%, 4/15/2020^h		825,000
		CBS Corporation
	1,500,000	8.875%, 5/15/2019		1,909,083
	700,000	7.875%, 9/1/2023		813,708
		CCO Holdings, LLC
	1,120,000	7.250%, 10/30/2017		1,192,800
		Charter Communications Operating, LLC
	1,120,000	8.000%, 4/30/2012^g		1,176,000
		Clear Channel Worldwide Holdings, Inc.
	1,120,000	9.250%, 12/15/2017		1,246,000
		Comcast Corporation
	1,100,000	6.300%, 11/15/2017		1,264,905
	1,100,000	5.700%, 5/15/2018		1,216,655
	1,300,000	6.400%, 5/15/2038		1,378,312
		Cox Communications, Inc.
	2,100,000	9.375%, 1/15/2019^g		2,775,801
	1,500,000	8.375%, 3/1/2039^g		1,981,441
		Cricket Communications, Inc.
	1,110,000	7.750%, 5/15/2016		1,184,925
		Crown Castle Towers, LLC
	2,950,000	4.174%, 8/15/2017^g		2,966,809
		DIRECTV Holdings, LLC/DIRECTV Financing Company, Inc.
	2,925,000	5.000%, 3/1/2021		3,000,872
		Frontier Communications Corporation
	750,000	7.875%, 4/15/2015^h		811,875
	920,000	8.250%, 4/15/2017		997,050
		Inmarsat Finance plc
	680,000	7.375%, 12/1/2017^g		719,100
		Intelsat Jackson Holdings SA
	190,000	8.500%, 11/1/2019		204,725
	560,000	7.250%, 10/15/2020^g		564,200
	1,100,000	7.500%, 4/1/2021^g		1,116,500
		Intelsat Luxembourg SA
	520,000	11.500%, 2/4/2017^g		569,400
		MetroPCS Wireless, Inc.
	1,120,000	7.875%, 9/1/2018^h		1,206,800
		NBC Universal, Inc.
	2,250,000	5.150%, 4/30/2020^g		2,350,368
		News America, Inc.
	1,100,000	7.625%, 11/30/2028		1,307,051
	1,350,000	6.400%, 12/15/2035		1,424,269
		Nextel Communications, Inc.
	730,000	7.375%, 8/1/2015		735,475
		NII Capital Corporation
	1,100,000	8.875%, 12/15/2019		1,215,500
	270,000	7.625%, 4/1/2021		285,525
		Qwest Communications International, Inc.
	1,100,000	7.125%, 4/1/2018		1,199,000
		Qwest Corporation
	400,000	8.375%, 5/1/2016		475,000
	1,800,000	6.500%, 6/1/2017		1,980,000
		Rogers Communications, Inc.
	1,420,000	8.750%, 5/1/2032		1,828,153
		SBA Tower Trust
	2,000,000	5.101%, 4/15/2017^g		2,050,000
		Telefonica Emisiones SAU
	2,200,000	5.462%, 2/16/2021		2,283,400
		Telemar Norte Leste SA
	2,200,000	5.500%, 10/23/2020^g		2,145,000
		Time Warner Cable, Inc.
	1,500,000	8.250%, 4/1/2019		1,860,909
	1,450,000	6.750%, 6/15/2039		1,576,056
		Time Warner Entertainment Company, LP
	1,150,000	8.375%, 3/15/2023		1,455,225
		Univision Communications, Inc.
	720,000	6.875%, 5/15/2019^c,g		722,700
		UPC Holding BV
	680,000	9.875%, 4/15/2018^g		756,500
		Verizon Communications, Inc.
	1,500,000	8.750%, 11/1/2018		1,945,222
		Videotron Ltee
	750,000	6.875%, 1/15/2014		760,313
		Virgin Media Finance plc
	1,480,000	9.500%, 8/15/2016		1,696,450
	380,000	8.375%, 10/15/2019		429,400

		Total Communications Services		69,612,566


	Consumer Cyclical (4.9%)
		American Honda Finance Corporation
	2,600,000	3.875%, 9/21/2020^g		2,547,204
		AutoZone, Inc.
	2,025,000	4.000%, 11/15/2020		1,906,669
		CVS Caremark Corporation
	1,500,000	6.302%, 6/1/2037		1,485,000
		FireKeepers Development Authority
	760,000	13.875%, 5/1/2015^g		894,900
		Ford Motor Credit Company, LLC
	1,250,000	8.000%, 6/1/2014		1,411,379
	1,070,000	7.000%, 4/15/2015		1,175,168

The accompanying Notes to Financial Statements are an integral part of this schedule.

184

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Consumer Cyclical (4.9%) - continued
	$370,000	6.625%, 8/15/2017		$407,426
	1,450,000	5.000%, 5/15/2018		1,450,783
		Goodyear Tire & Rubber Company
	825,000	8.250%, 8/15/2020^h		916,781
		Home Depot, Inc.
	375,000	3.950%, 9/15/2020		369,501
	2,100,000	5.875%, 12/16/2036		2,137,645
		Hyatt Hotels Corporation
	1,900,000	5.750%, 8/15/2015^g		1,984,624
		Hyundai Motor Manufacturing Czech
	1,475,000	4.500%, 4/15/2015^g		1,525,886
		J.C. Penney Company, Inc.
	1,050,000	5.650%, 6/1/2020		1,047,375
		Macy’s Retail Holdings, Inc.
	870,000	8.375%, 7/15/2015		1,015,725
		MGM Resorts International
	1,100,000	11.125%, 11/15/2017		1,278,750
		Peninsula Gaming, LLC
	270,000	10.750%, 8/15/2017^g		298,350
		QVC, Inc.
	180,000	7.375%, 10/15/2020^g		189,000
		RCI Banque SA
	1,275,000	4.600%, 4/12/2016^g		1,295,512
		Rite Aid Corporation
	750,000	10.375%, 7/15/2016		817,500
		Starwood Hotels & Resorts Worldwide, Inc.
	1,150,000	6.750%, 5/15/2018		1,256,375
		Time Warner, Inc.
	1,400,000	7.700%, 5/1/2032		1,687,867
		Toll Brothers Finance Corporation
	1,000,000	6.750%, 11/1/2019		1,040,563
		Toys R Us Property Company I, LLC
	1,100,000	10.750%, 7/15/2017		1,247,125
		Universal City Development Partners, Ltd.
	730,000	8.875%, 11/15/2015		803,000
		Volkswagen International Finance NV
	2,180,000	2.875%, 4/1/2016^g		2,180,959
		Wal-Mart Stores, Inc.
	2,175,000	5.625%, 4/15/2041		2,247,197
		West Corporation
	920,000	7.875%, 1/15/2019^g		947,600
		WMG Acquisition Corporation
	1,090,000	7.375%, 4/15/2014		1,090,000
		Wyndham Worldwide Corporation
	1,120,000	6.000%, 12/1/2016		1,198,818
	730,000	5.625%, 3/1/2021		731,300

		Total Consumer Cyclical		38,585,982


	Consumer Non-Cyclical (5.3%)
		Altria Group, Inc.
	700,000	4.125%, 9/11/2015		736,272
	1,000,000	9.700%, 11/10/2018		1,331,477
	1,500,000	9.950%, 11/10/2038		2,154,049
		Anheuser-Busch InBev Worldwide, Inc.
	1,875,000	5.375%, 11/15/2014		2,086,309
	1,100,000	6.875%, 11/15/2019		1,325,768
	1,450,000	5.375%, 1/15/2020		1,594,031
	1,475,000	5.000%, 4/15/2020		1,580,405
		Archer-Daniels-Midland Company
	725,000	4.479%, 3/1/2021		747,040
		Biomet, Inc.
	1,475,000	10.000%, 10/15/2017^g		1,629,875
		Boston Scientific Corporation
	2,200,000	4.500%, 1/15/2015		2,307,507
	750,000	5.125%, 1/12/2017		789,031
		Bunge Limited Finance Corporation
	1,265,000	5.100%, 7/15/2015		1,343,624
	900,000	4.100%, 3/15/2016		921,872
		Celgene Corporation
	1,500,000	3.950%, 10/15/2020		1,434,816
		Constellation Brands, Inc.
	800,000	7.250%, 5/15/2017		872,000
		DJO Finance, LLC/DJO Finance Corporation
	360,000	7.750%, 4/15/2018^g		369,900
		Express Scripts, Inc.
	1,265,000	3.125%, 5/15/2016		1,268,944
		Fortune Brands, Inc.
	1,500,000	6.375%, 6/15/2014		1,664,004
	700,000	5.375%, 1/15/2016		749,155
		Hasbro, Inc.
	1,750,000	6.350%, 3/15/2040		1,792,051
		HCA, Inc.
	1,510,000	8.500%, 4/15/2019		1,676,100
	730,000	7.250%, 9/15/2020		784,750
		JBS Finance II, Ltd.
	750,000	8.250%, 1/29/2018^g		778,125
		Kraft Foods, Inc.
	3,300,000	5.375%, 2/10/2020		3,571,636
		Mylan, Inc.
	1,475,000	7.875%, 7/15/2020^g		1,629,875
		Pernod-Ricard SA
	1,090,000	5.750%, 4/7/2021^g		1,117,531
		Reynolds Group Holdings, Ltd.
	1,090,000	6.875%, 2/15/2021^g		1,124,063
		Sanofi-Aventis SA
	1,820,000	4.000%, 3/29/2021		1,811,552
		TreeHouse Foods, Inc.
	740,000	7.750%, 3/1/2018		796,425
		Warner Chilcott Company, LLC
	1,390,000	7.750%, 9/15/2018^g		1,464,713

		Total Consumer Non-Cyclical		41,452,900


	Energy (9.2%)
		Anadarko Petroleum Corporation
	1,100,000	5.950%, 9/15/2016		1,228,688
	1,400,000	6.375%, 9/15/2017		1,581,245
		BP Capital Markets plc
	1,300,000	3.125%, 10/1/2015		1,320,530
	1,975,000	4.500%, 10/1/2020		1,990,456
	1,100,000	4.742%, 3/11/2021		1,123,163

The accompanying Notes to Financial Statements are an integral part of this schedule.

185

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Energy (9.2%) - continued
		CenterPoint Energy Resources Corporation
	$3,650,000	6.125%, 11/1/2017		$4,115,141
		Citgo Petroleum Corporation
	560,000	11.500%, 7/1/2017^g		659,400
		CNPC HK Overseas Capital, Ltd.
	1,630,000	5.950%, 4/28/2041^g		1,639,314
		Denbury Resources, Inc.
	880,000	8.250%, 2/15/2020		981,200
		Enbridge Energy Partners, LP
	550,000	5.200%, 3/15/2020		583,345
	2,200,000	8.050%, 10/1/2037^h		2,403,265
		Energy Transfer Partners, LP
	1,460,000	5.950%, 2/1/2015		1,618,001
	1,440,000	6.700%, 7/1/2018		1,658,184
		Ensco plc
	2,200,000	4.700%, 3/15/2021		2,221,171
		Enterprise Products Operating, LLC
	1,400,000	7.034%, 1/15/2068		1,477,000
	2,250,000	6.300%, 9/15/2017		2,576,684
		EQT Corporation
	800,000	8.125%, 6/1/2019		967,519
		Key Energy Services, Inc.
	1,175,000	6.750%, 3/1/2021		1,207,313
		Kinder Morgan Energy Partners, LP
	730,000	3.500%, 3/1/2016		745,275
	750,000	5.950%, 2/15/2018		838,685
	1,900,000	5.800%, 3/1/2021		2,075,322
		Linn Energy, LLC
	1,450,000	7.750%, 2/1/2021^g		1,553,312
		Magellan Midstream Partners, LP
	1,800,000	6.450%, 6/1/2014		2,034,817
		Marathon Oil Corporation
	1,273,000	5.900%, 3/15/2018		1,445,376
		Nexen, Inc.
	1,090,000	7.400%, 5/1/2028		1,242,359
	1,100,000	6.400%, 5/15/2037		1,129,798
		Noble Energy, Inc.
	1,900,000	8.250%, 3/1/2019		2,423,121
	730,000	6.000%, 3/1/2041		754,860
		Odebrecht Drilling Norbe VIII/IX, Ltd.
	750,000	6.350%, 6/30/2021^g		790,125
		ONEOK Partners, LP
	1,825,000	3.250%, 2/1/2016		1,842,151
	1,750,000	6.850%, 10/15/2037		1,958,730
		Petrobras International Finance Company
	1,825,000	5.375%, 1/27/2021		1,850,802
		Petrohawk Energy Corporation
	1,300,000	10.500%, 8/1/2014		1,490,125
		Pioneer Natural Resources Company
	1,500,000	6.875%, 5/1/2018		1,632,240
		Plains All American Pipeline, LP
	1,850,000	6.500%, 5/1/2018		2,107,442
		Plains Exploration & Production Company
	1,130,000	8.625%, 10/15/2019		1,258,538
		QEP Resources, Inc.
	370,000	6.875%, 3/1/2021		398,675
		Rowan Companies, Inc.
	2,550,000	5.000%, 9/1/2017		2,706,723
		SandRidge Energy, Inc.
	730,000	8.000%, 6/1/2018^g		771,975
	550,000	7.500%, 3/15/2021^g		578,875
		SESI, LLC
	270,000	6.375%, 5/1/2019^g		272,700
		Southwestern Energy Company
	1,000,000	7.500%, 2/1/2018		1,136,250
		Transocean, Inc.
	1,300,000	4.950%, 11/15/2015		1,390,979
		Valero Energy Corporation
	1,875,000	6.125%, 2/1/2020		2,077,943
		Weatherford International, Inc.
	1,300,000	6.350%, 6/15/2017		1,476,021
		Weatherford International, Ltd.
	1,900,000	6.000%, 3/15/2018		2,102,048
		Williams Partners, LP
	1,500,000	4.125%, 11/15/2020		1,459,380
		Woodside Finance, Ltd.
	1,875,000	4.500%, 11/10/2014^g		1,998,857

		Total Energy		72,895,123


	Financials (31.5%)
		Abbey National Capital Trust I
	1,910,000	8.963%, 12/29/2049ⁱ		2,110,550
		Abbey National Treasury Services plc
	1,840,000	1.854%, 4/25/2014^e		1,848,898
		Aegon NV
	1,400,000	3.698%, 7/29/2049^e,i		1,066,660
		Ally Financial, Inc.
	700,000	7.500%, 12/31/2013		761,250
	1,100,000	4.500%, 2/11/2014		1,111,000
	700,000	8.300%, 2/12/2015		787,500
	930,000	7.500%, 9/15/2020^g		1,013,700
		American Express Credit Corporation
	2,250,000	5.125%, 8/25/2014		2,457,346
		American International Group, Inc.
	1,750,000	6.400%, 12/15/2020		1,914,532
		Associated Banc Corporation
	1,820,000	5.125%, 3/28/2016		1,854,540
		Associates Corporation of North America
	2,200,000	6.950%, 11/1/2018		2,502,738
		AXA SA
	2,600,000	6.463%, 12/31/2049^g,i		2,369,250
		Axis Specialty Finance, LLC
	1,750,000	5.875%, 6/1/2020		1,798,802
		BAC Capital Trust VI
	1,100,000	5.625%, 3/8/2035		993,870
		BAC Capital Trust XIV
	1,810,000	1.111%, 6/1/2056^e		1,356,095
		Bank of America Corporation
	1,800,000	6.500%, 8/1/2016		2,029,144
	1,700,000	5.750%, 12/1/2017		1,833,792
	1,100,000	8.000%, 12/29/2049ⁱ		1,189,903
		Barclays Bank plc
	1,240,000	5.140%, 10/14/2020		1,205,902
	2,300,000	7.434%, 9/15/2049^g,i		2,387,400

The accompanying Notes to Financial Statements are an integral part of this schedule.

186

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Financials (31.5%) - continued
		BBVA Bancomer SA/Texas
	$1,460,000	6.500%, 3/10/2021^g		$1,491,022
		BBVA International Preferred SA Unipersonal
	1,850,000	5.919%, 12/29/2049ⁱ		1,577,421
		Bear Stearns Companies, LLC
	1,100,000	7.250%, 2/1/2018		1,292,438
	1,200,000	4.650%, 7/2/2018		1,242,025
		Blackstone Holdings Finance Company, LLC
	1,860,000	5.875%, 3/15/2021^g		1,842,719
		BNP Paribas Home Loan Covered Bonds SA
	2,600,000	2.200%, 11/2/2015^g		2,525,427
		Boston Properties, LP
	2,250,000	5.875%, 10/15/2019		2,474,264
	1,850,000	4.125%, 5/15/2021		1,788,206
		Caisse centrale Desjardins du Quebec
	1,500,000	2.550%, 3/24/2016^g		1,500,387
		Cantor Fitzgerald, LP
	1,050,000	7.875%, 10/15/2019^g		1,115,433
		Capital One Capital V
	1,075,000	10.250%, 8/15/2039		1,161,000
		Capital One Financial Corporation
	930,000	6.150%, 9/1/2016		1,035,166
		CIGNA Corporation
	1,275,000	4.500%, 3/15/2021		1,270,749
		CIT Group, Inc.
	550,000	5.250%, 4/1/2014^g		563,282
	1,902,313	7.000%, 5/1/2017		1,917,769
		Citigroup, Inc.
	1,850,000	1.235%, 4/1/2014^e		1,849,032
	1,875,000	6.010%, 1/15/2015		2,078,297
	1,500,000	4.750%, 5/19/2015		1,597,801
	1,300,000	6.125%, 5/15/2018		1,435,498
	1,450,000	8.500%, 5/22/2019		1,806,670
		CME Group Index Services, LLC
	1,400,000	4.400%, 3/15/2018^g		1,453,078
		CNA Financial Corporation
	2,225,000	7.350%, 11/15/2019		2,576,214
	700,000	5.875%, 8/15/2020		740,137
		CommonWealth REIT
	1,850,000	6.250%, 8/15/2016		2,012,905
		Corporacion Andina de Fomento
	1,250,000	8.125%, 6/4/2019		1,519,406
		Danske Bank AS
	1,815,000	3.875%, 4/14/2016^g		1,838,626
		Developers Diversified Realty Corporation
	1,460,000	4.750%, 4/15/2018		1,444,242
		Discover Bank
	1,125,000	8.700%, 11/18/2019		1,383,392
	1,300,000	7.000%, 4/15/2020^h		1,461,890
		DnB NOR Boligkreditt
	2,600,000	2.900%, 3/29/2016^g		2,613,575
		Duke Realty, LP
	1,900,000	5.950%, 2/15/2017		2,083,377
		Fifth Third Bancorp
	1,100,000	3.625%, 1/25/2016		1,116,041
	1,700,000	5.450%, 1/15/2017		1,807,763
		Fifth Third Bank
	1,850,000	0.424%, 5/17/2013^e		1,823,321
		FUEL Trust
	725,000	4.207%, 4/15/2016^g		740,303
		General Electric Capital Corporation
	2,500,000	6.375%, 11/15/2067		2,593,750
	1,100,000	6.000%, 8/7/2019		1,224,832
	1,500,000	4.375%, 9/16/2020		1,479,480
	900,000	5.300%, 2/11/2021		933,871
	925,000	6.750%, 3/15/2032		1,043,782
		Goldman Sachs Group, Inc.
	1,750,000	6.250%, 9/1/2017		1,947,984
	1,650,000	5.950%, 1/18/2018		1,805,941
	1,800,000	6.750%, 10/1/2037		1,865,587
		HCP, Inc.
	550,000	3.750%, 2/1/2016		560,503
		Health Care Property Investors, Inc.
	1,900,000	5.625%, 5/1/2017		2,042,882
		Health Care REIT, Inc.
	1,800,000	6.125%, 4/15/2020		1,934,033
	1,850,000	4.950%, 1/15/2021		1,822,322
		HSBC Holdings plc
	1,275,000	5.100%, 4/5/2021^h		1,312,285
		HSBC USA, Inc.
	1,850,000	5.000%, 9/27/2020		1,852,551
		Huntington Bancshares, Inc.
	1,650,000	7.000%, 12/15/2020		1,847,573
		Hutchinson Whampoa Finance, Ltd.
	1,450,000	6.000%, 12/29/2049^g,i		1,479,000
		Icahn Enterprises, LP
	1,110,000	7.750%, 1/15/2016		1,143,300
		ING Bank NV
	1,850,000	2.500%, 1/14/2016^g		1,800,624
	1,500,000	4.000%, 3/15/2016^g		1,524,155
		ING Capital Funding Trust III
	1,800,000	3.907%, 12/31/2049^e,i		1,737,029
		International Lease Finance Corporation
	1,850,000	5.300%, 5/1/2012		1,889,312
	1,875,000	6.750%, 9/1/2016^g		1,996,875
		J.P. Morgan Chase & Company
	1,460,000	3.450%, 3/1/2016		1,476,901
	1,850,000	5.500%, 10/15/2040		1,849,935
	2,800,000	7.900%, 4/29/2049ⁱ		3,076,444
		J.P. Morgan Chase Capital XXV
	900,000	6.800%, 10/1/2037		925,833
		Jefferies Group, Inc.
	2,500,000	5.125%, 4/13/2018		2,515,760
		JPMorgan Chase Bank NA
	725,000	5.875%, 6/13/2016		810,851
		KeyCorp
	1,875,000	3.750%, 8/13/2015		1,924,553
	725,000	5.100%, 3/24/2021		742,557
		LBG Capital No. 1 plc
	1,900,000	7.875%, 11/1/2020^g		1,892,400
		Liberty Property, LP
	1,830,000	5.500%, 12/15/2016		1,992,509
	1,125,000	4.750%, 10/1/2020		1,122,792
		Lloyds TSB Bank plc
	1,835,000	4.875%, 1/21/2016		1,926,172
	1,600,000	5.800%, 1/13/2020^g		1,639,661
		Merrill Lynch & Company, Inc.
	1,450,000	6.050%, 5/16/2016		1,560,136

The accompanying Notes to Financial Statements are an integral part of this schedule.

187

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Financials (31.5%) - continued
	$1,950,000	6.875%, 4/25/2018		$2,212,753
	2,000,000	7.750%, 5/14/2038		2,324,708
		MetLife Capital Trust X
	1,000,000	9.250%, 4/8/2038^g		1,250,000
		Morgan Stanley
	1,875,000	4.200%, 11/20/2014		1,953,501
	1,875,000	4.000%, 7/24/2015		1,931,087
	1,810,000	3.800%, 4/29/2016		1,816,364
	1,100,000	5.450%, 1/9/2017		1,178,004
	1,550,000	6.625%, 4/1/2018		1,730,392
	1,100,000	5.625%, 9/23/2019		1,143,336
	2,300,000	5.500%, 1/26/2020		2,354,269
		MUFG Capital Finance 1, Ltd.
	1,920,000	6.346%, 7/29/2049ⁱ		1,934,360
		National Australia Bank, Ltd.
	1,850,000	4.375%, 12/10/2020^g		1,802,919
		National City Bank
	2,950,000	5.800%, 6/7/2017		3,274,674
		Nationwide Building Society
	2,600,000	6.250%, 2/25/2020^g		2,744,282
		New York Life Insurance Company
	1,500,000	6.750%, 11/15/2039^g		1,747,290
		Nordea Bank AB
	1,500,000	2.125%, 1/14/2014^g		1,512,552
	1,500,000	3.700%, 11/13/2014^g		1,574,085
		ORIX Corporation
	2,550,000	5.000%, 1/12/2016		2,629,830
		Preferred Term Securities XXIII, Ltd.
	3,112,105	0.510%, 12/22/2036^d,e		1,711,658
		ProLogis
	1,450,000	6.250%, 3/15/2017		1,589,346
		Prudential Financial, Inc.
	750,000	6.200%, 1/15/2015		836,665
	1,600,000	6.000%, 12/1/2017		1,787,440
	1,875,000	5.375%, 6/21/2020		1,991,025
	725,000	5.700%, 12/14/2036		723,013
	825,000	6.200%, 11/15/2040		881,119
		Rabobank Capital Funding Trust II
	1,249,000	5.260%, 12/29/2049^g,i,j		1,257,989
		Regency Centers, LP
	1,500,000	5.875%, 6/15/2017		1,664,129
		Regions Financial Corporation
	1,825,000	5.750%, 6/15/2015		1,879,750
		Reinsurance Group of America, Inc.
	3,100,000	5.625%, 3/15/2017		3,300,356
		Resona Bank, Ltd.
	1,867,000	5.850%, 9/29/2049^g,i		1,859,467
		Royal Bank of Scotland plc
	1,825,000	4.375%, 3/16/2016		1,874,012
		Simon Property Group, LP
	1,485,000	5.750%, 12/1/2015		1,661,696
	750,000	10.350%, 4/1/2019		1,043,439
		SLM Corporation
	1,800,000	5.000%, 10/1/2013		1,876,471
	1,700,000	5.375%, 5/15/2014		1,774,803
	2,080,000	6.250%, 1/25/2016		2,205,516
		Standard Chartered plc
	2,225,000	3.850%, 4/27/2015^g		2,313,691
		SunTrust Banks, Inc.
	1,830,000	3.600%, 4/15/2016		1,853,592
		Swiss RE Capital I, LP
	2,600,000	6.854%, 5/29/2049^g,i		2,583,792
		TD Ameritrade Holding Corporation
	2,225,000	5.600%, 12/1/2019		2,381,478
		U.S. Bank National Association
	1,800,000	3.778%, 4/29/2020		1,854,630
		UnitedHealth Group, Inc.
	1,500,000	6.500%, 6/15/2037		1,644,532
		Unum Group
	1,500,000	7.125%, 9/30/2016		1,729,308
		Wachovia Bank NA
	1,220,000	4.875%, 2/1/2015		1,316,908
		Wachovia Corporation
	1,500,000	5.250%, 8/1/2014		1,626,785
		WEA Finance, LLC
	1,000,000	7.125%, 4/15/2018^g		1,171,548
		WEA Finance, LLC/WT Finance Australia, Pty Ltd.
	1,150,000	7.500%, 6/2/2014^g		1,319,099
		Wells Fargo & Company
	1,825,000	3.676%, 6/15/2016		1,875,558
	2,185,000	4.600%, 4/1/2021		2,208,366
		Westpac Banking Corporation
	1,900,000	4.200%, 2/27/2015		2,010,705
	1,850,000	3.000%, 12/9/2015		1,860,656
		Willis North America, Inc.
	2,940,000	6.200%, 3/28/2017		3,199,514
	1,100,000	7.000%, 9/29/2019		1,202,024
		XL Group plc
	1,900,000	6.250%, 5/15/2027		1,926,895
		ZFS Finance USA Trust II
	1,500,000	6.450%, 12/15/2065^g		1,571,250

		Total Financials		248,748,554


	Foreign Government (1.5%)
		Bank Nederlandse Gemeenten NV
	2,550,000	4.375%, 2/16/2021^g		2,623,950
		Brazil Government International Bond
	650,000	4.875%, 1/22/2021		671,125
		Finland Government International Bond
	2,900,000	2.250%, 3/17/2016^g		2,931,427
		Korea Development Bank/Republic of Korea
	1,500,000	4.375%, 8/10/2015		1,573,068
		Mexico Government International Bond
	1,850,000	5.125%, 1/15/2020		1,955,450
	1,270,000	6.050%, 1/11/2040		1,317,625

		Total Foreign Government		11,072,645


	Mortgage-Backed Securities (3.6%)
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	2,925,000	3.500%, 5/1/2026^c		2,960,191

The accompanying Notes to Financial Statements are an integral part of this schedule.

188

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Mortgage-Backed Securities (3.6%) - continued
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	$10,900,000	4.500%, 5/1/2041^c		$11,215,075
	2,925,000	5.000%, 5/1/2041^c		3,087,247
	7,000,000	5.500%, 5/1/2041^c		7,533,750
	3,300,000	6.000%, 5/1/2041^c		3,608,345

		Total Mortgage-Backed Securities		28,404,608


	Technology (0.7%)
		CA, Inc.
	1,925,000	5.375%, 12/1/2019		2,045,076
		Equinix, Inc.
	1,100,000	8.125%, 3/1/2018		1,190,750
		Seagate HDD Cayman
	1,090,000	7.750%, 12/15/2018^g		1,155,400
		Xerox Corporation
	750,000	6.400%, 3/15/2016		857,455
	550,000	5.625%, 12/15/2019		596,325

		Total Technology		5,845,006


	Transportation (2.1%)
		American Airlines Pass Through Trust
	1,077,478	10.375%, 7/2/2019		1,257,955
		Continental Airlines, Inc.
	1,300,000	6.750%, 9/15/2015^g		1,309,750
	656,353	7.250%, 11/10/2019		711,355
	1,278,473	5.983%, 4/19/2022		1,310,435
		CSX Corporation
	793,000	7.900%, 5/1/2017		976,159
	1,107,000	6.220%, 4/30/2040		1,204,832
		Delta Air Lines, Inc.
	674,000	9.500%, 9/15/2014^g		722,865
	1,400,000	4.950%, 11/23/2019		1,396,500
	2,001,223	7.750%, 12/17/2019		2,201,346
		ERAC USA Finance, LLC
	2,050,000	5.250%, 10/1/2020^g		2,136,036
		Hertz Corporation
	1,100,000	6.750%, 4/15/2019^g		1,122,000
		Navios Maritime Holdings, Inc.
	990,000	8.875%, 11/1/2017		1,070,438
		Navios South American Logistics, Inc./Navios Logistics Finance US, Inc.
	270,000	9.250%, 4/15/2019^g,h		275,400
		US Airways Group, Inc.
	1,300,000	6.250%, 4/22/2023		1,267,500

		Total Transportation		16,962,571


	U.S. Government and Agencies (4.8%)
		U.S. Treasury Bonds
	1,800,000	5.375%, 2/15/2031		2,091,375
		U.S. Treasury Notes
	1,850,000	1.250%, 10/31/2015		1,809,387
	1,810,000	2.000%, 4/30/2016		1,812,118
	2,600,000	2.750%, 5/31/2017		2,652,406
	1,850,000	2.625%, 1/31/2018^h		1,852,312
	1,810,000	2.875%, 3/31/2018		1,835,452
	4,500,000	3.500%, 5/15/2020		4,618,485
	4,000,000	2.625%, 8/15/2020		3,803,436
	3,980,000	2.625%, 11/15/2020		3,765,454
	4,895,000	3.625%, 2/15/2021		5,028,085
		U.S. Treasury Notes, TIPS
	3,004,835	1.875%, 7/15/2019		3,360,722
	5,072,250	1.250%, 7/15/2020		5,351,619

		Total U.S. Government and Agencies		37,980,851


	U.S. Municipals (0.5%)
		California General Obligation Bonds (Build America Bonds)
	720,000	7.950%, 3/1/2036		782,914
		Denver, Colorado City & County Airport Revenue Bonds
	1,450,000	5.250%, 11/15/2022		1,488,932
		Illinois State General Obligation Bonds
	1,825,000	5.877%, 3/1/2019		1,892,123

		Total U.S. Municipals		4,163,969


	Utilities (6.1%)
		AES Corporation
	935,000	7.750%, 10/15/2015		1,021,488
		Ameren Illinois Company
	1,800,000	6.125%, 11/15/2017		2,025,050
		Buckeye Partners, LP
	1,000,000	4.875%, 2/1/2021		1,017,369
		Cleveland Electric Illuminating Company
	1,065,000	5.700%, 4/1/2017		1,148,642
		CMS Energy Corporation
	1,490,000	4.250%, 9/30/2015		1,523,903
		Columbus Southern Power Company
	1,600,000	6.050%, 5/1/2018		1,815,333
		Commonwealth Edison Company
	1,000,000	6.150%, 9/15/2017		1,150,884
		Consolidated Natural Gas Company
	1,100,000	5.000%, 12/1/2014		1,211,093
		Dominion Resources, Inc.
	1,460,000	6.300%, 9/30/2066		1,445,400
		DTE Energy Company
	1,500,000	6.375%, 4/15/2033		1,583,372
		Exelon Generation Company, LLC
	600,000	5.200%, 10/1/2019		624,971
	1,500,000	4.000%, 10/1/2020		1,415,712
		Florida Power Corporation
	1,000,000	6.400%, 6/15/2038		1,149,450
		Inergy, LP
	650,000	7.000%, 10/1/2018^g		685,750
	370,000	6.875%, 8/1/2021^g		392,200
		ITC Holdings Corporation
	2,000,000	5.875%, 9/30/2016^g		2,228,372
	1,400,000	6.050%, 1/31/2018^g		1,542,169
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	1,090,000	6.500%, 8/15/2021		1,100,900

The accompanying Notes to Financial Statements are an integral part of this schedule.

189

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Utilities (6.1%) - continued
		Nevada Power Company
	1,700,000	6.750%, 7/1/2037		1,990,367
		NiSource Finance Corporation
	1,700,000	6.400%, 3/15/2018		1,920,079
	1,800,000	5.450%, 9/15/2020		1,895,098
		NRG Energy, Inc.
	1,250,000	7.375%, 2/1/2016		1,296,875
		Ohio Edison Company
	950,000	6.875%, 7/15/2036		1,048,080
		Ohio Power Company
	1,300,000	5.375%, 10/1/2021		1,399,590
		Pennsylvania Electric Company
	2,300,000	5.200%, 4/1/2020		2,391,818
		Petrobras International Finance Company
	1,200,000	5.750%, 1/20/2020		1,246,765
		Power Receivables Finance, LLC
	370,876	6.290%, 1/1/2012^d		371,851
		PSEG Power, LLC
	3,200,000	5.000%, 4/1/2014		3,427,181
		Southern Star Central Corporation
	2,400,000	6.750%, 3/1/2016		2,451,000
		Southwestern Public Service Company
	1,730,000	6.000%, 10/1/2036		1,794,607
		Union Electric Company
	1,600,000	6.400%, 6/15/2017		1,840,502
		Williams Partners, LP
	1,500,000	5.250%, 3/15/2020		1,595,271

		Total Utilities		47,751,142



		Total Long-Term Fixed Income (cost $720,412,622)		751,686,094


	Shares	Mutual Funds (1.7%)		Value

	Fixed Income Mutual Funds (1.7%)
	2,749,045	Thrivent High Yield Fund		13,662,755

		Total Fixed Income Mutual Funds		13,662,755



		Total Mutual Funds (cost $9,700,000)		13,662,755


	Shares	Preferred Stock (0.9%)		Value

	Financials (0.9%)
	100	Ally Financial, Inc., 7.000%^g,i		93,019
	28,000	Citigroup Capital XII, 8.500%		740,600
	17,760	Citigroup, Inc., 7.875%		493,018
	13,000	Citigroup, Inc., Convertible, 7.500%		1,690,520
	238,000	Federal National Mortgage
		Association, 8.250%^i,j		485,520
	31,750	GMAC Capital Trust I, 8.125%^j		824,230
	43,750	HSBC Holdings plc, 8.000%ⁱ		1,200,062
	1,810	SG Preferred Capital II, LLC, 6.302%^g,i		1,753,437

		Total Financials		7,280,406



		Total Preferred Stock (cost $10,603,154)		7,280,406


	Shares	Common Stock (<0.1%)		Value

	Financials (<0.1%)
	9,893	CIT Group, Inc.^j		420,057

		Total Financials		420,057



		Total Common Stock (cost $313,151)		420,057


	Shares	Collateral Held for Securities Loaned (1.4 %)		Value

	11,235,152	Thrivent Financial Securities Lending Trust		11,235,152

		Total Collateral Held for Securities Loaned (cost $11,235,152)		11,235,152

	Principal Amount	Short-Term Investments (2.2%)^k		Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.035%, 5/20/2011		4,999,903
		Federal Home Loan Mortgage Corporation Discount Notes
	5,000,000	0.030%, 5/9/2011		4,999,962
	1,350,000	0.160%, 8/29/2011^l,m		1,349,287
		Federal National Mortgage Association Discount Notes
	5,795,000	0.090%, 5/17/2011		5,794,754

		Total Short-Term Investments (at amortized cost)		17,143,906

		Total Investments (cost $780,097,704) 102.9%		$812,235,117

		Other Assets and Liabilities, Net (2.9%)		(23,044,301	)

		Total Net Assets 100.0%		$789,190,816

a	The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b	All or a portion of the loan is unfunded.

c	Denotes investments purchased on a when-issued or delayed delivery basis.

The accompanying Notes to Financial Statements are an integral part of this schedule.

190

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial
Mortgage Securities, Inc.		3/30/2007		$3,000,000
Capitalsource Commercial Loan Trust		4/5/2007		$205,350
Cemex SAB de CV		3/29/2011		$722,707
Commercial Mortgage Pass- Through Certificates		10/18/2006		$4,000,000
Commercial Mortgage Pass- Through Certificates		5/2/2007		$3,500,000
Power Receivables Finance, LLC		9/30/2003		$370,767
Preferred Term Securities XXIII, Ltd.		9/14/2006		$3,112,105
Wachovia Bank Commercial Mortgage Trust		5/2/2007		$5,000,292

e	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

f	All or a portion of the security is insured or guaranteed.

h	All or a portion of the security is on loan.

i	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

j	Non-income producing security.

k	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

l	At April 29, 2011, $1,099,419 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

m	At April 29, 2011, $249,868 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.


Definitions:
	REIT	–	Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
	TIPS	–	Treasury Inflation Protected Security.


Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$49,822,205
Gross unrealized depreciation	(17,684,792	)

Net unrealized appreciation (depreciation)	$32,137,413
Cost for federal income tax purposes	$780,097,704

The accompanying Notes to Financial Statements are an integral part of this schedule.

191

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Income Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Bank Loans

Basic Materials

730,193

–

730,193

–

Capital Goods

372,408

–

372,408

–

Communications Services

2,889,499

–

2,889,499

–

Consumer Cyclical

675,028

–

675,028

–

Consumer Non-Cyclical

1,749,691

–

1,749,691

–

Energy

907,497

–

907,497

–

Financials

925,333

–

925,333

–

Technology

1,125,948

–

1,125,948

–

Transportation

1,431,150

–

1,431,150

–

Long-Term Fixed Income

Asset-Backed Securities

12,663,154

–

12,663,154

–

Basic Materials

39,572,137

–

39,572,137

–

Capital Goods

14,864,675

–

14,864,675

–

Collateralized Mortgage Obligations

15,010,723

–

15,010,723

–

Commercial Mortgage-Backed Securities

46,099,488

–

46,099,488

–

Communications Services

69,612,566

–

67,562,566

2,050,000

Consumer Cyclical

38,585,982

–

38,585,982

–

Consumer Non-Cyclical

41,452,900

–

41,452,900

–

Energy

72,895,123

–

72,895,123

–

Financials

248,748,554

–

247,036,896

1,711,658

Foreign Government

11,072,645

–

11,072,645

–

Mortgage-Backed Securities

28,404,608

–

28,404,608

–

Technology

5,845,006

–

5,845,006

–

Transportation

16,962,571

–

16,962,571

–

U.S. Government and Agencies

37,980,851

–

37,980,851

–

U.S. Municipals

4,163,969

–

4,163,969

–

Utilities

47,751,142

–

47,751,142

–

Mutual Funds

Fixed Income Mutual Funds

13,662,755

–

Preferred Stock

Financials

7,280,406

5,433,950

1,846,456

–

Common Stock

Financials

420,057

–

Collateral Held for Securities Loaned

11,235,152

–

Short-Term Investments

17,143,906

–

17,143,906

–

Total

$812,235,117

$30,751,914

$777,721,545

$3,761,658

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

2,043,817

–

Total Asset Derivatives

$2,043,817

$–

Liability Derivatives

Futures Contracts

2,313,313

–

Credit Default Swaps

122,202

–

122,202

–

Total Liability Derivatives

$2,435,515

$2,313,313

$122,202

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

192

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Income Fund.


Investments in Securities	Value October 31, 2010		Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value April 29, 2011
Long-Term Fixed Income
Basic Materials		1,569,015		–		(82,999	)		–		–			–		(1,486,016	)		–
Communications Services		–		–		(101,216	)		–		–			2,151,216		–			2,050,000
Financials		2,956,277		–		262,893			–		(28,512	)		–		(1,479,000	)		1,711,658
Transportation		7,553,221		256,096		(343,677	)		–		(1,984,549	)		–		(5,481,091	)		–

Total		$12,078,513		$256,096		($264,999	)		$–		($2,013,061	)		$2,151,216		($8,446,107	)		$3,761,658

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on April 29, 2011 of $236,726


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		155		June 2011		$33,725,083			$33,964,375			$239,292
5-Yr. U.S. Treasury Bond Futures		(335)		June 2011		(39,154,720	)		(39,687,032	)		(532,312	)
10-Yr. U.S. Treasury Bond Futures		(840)		June 2011		(99,977,128	)		(101,758,129	)		(1,781,001	)
20-Yr. U.S. Treasury Bond Futures		360		June 2011		42,250,475			44,055,000			1,804,525
Total Futures Contracts												($269,496	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)			Value³			Unrealized Gain/(Loss)
CDS Fortune Brand, Inc., 5 Year, at 1.00%; Barclays Capital		Buy		12/20/2015		$1,850,000		($58,977	)		($4,899	)		($63,876	)
CDX HY, Series 15, 5 Year, at 5.00%; J.P. Morgan Chase and Co.		Buy		12/20/2015		3,600,000		107,091			(165,417	)		(58,326	)
Total Credit Default Swaps											($170,316	)		($122,202	)

As the buyer of protection, Income Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Income Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Income Fund could be required to make as the seller or receive as the buyer of protection.

The accompanying Notes to Financial Statements are an integral part of this schedule.

193

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Income Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	2,043,817
Total Interest Rate Contracts			2,043,817

Total Asset Derivatives		$	2,043,817

Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,313,313
Total Interest Rate Contracts			2,313,313

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		122,202
Total Credit Contracts			122,202

Total Liability Derivatives		$	2,435,515

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Income Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		(346,106	)
Futures	Net realized gains/(losses) on Futures contracts		(239,830	)

Total Interest Rate Contracts			(585,936	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(684,359	)
Total Credit Contracts			(684,359	)

Total			($1,270,295	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Income Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		1,572,866
Purchased Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		61,206
Total Interest Rate Contracts			1,634,072
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		118,890
Total Credit Contracts			118,890

Total			$1,752,962

The accompanying Notes to Financial Statements are an integral part of this schedule.

194

Income Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table presents Income Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage of
Average Net Assets)

Swaps
(Notional*)

Swaps
(Percentage of
Average Net Assets)

Options
(Contracts)

Interest Rate Contracts

$227,912,881

29.6

N/A

127

Credit Contracts

N/A

$15,477,219

2.0

N/A

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Income Fund, is as follows:

Fund

Value
October 31, 2010

Gross
Purchases

Gross

Sales

Shares Held at
April 29, 2011

Value
April 29, 2011

Income Earned
November 1, 2010 -
April 29, 2011

High Yield

$13,360,360

$–

2,749,045

$13,662,755

$519,804

Thrivent Financial

Securities Lending Trust

5,860,500

60,163,028

54,788,376

11,235,152

5,198

Total Value and Income Earned

19,220,860

24,897,907

525,002

The accompanying Notes to Financial Statements are an integral part of this schedule.

195

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Asset-Backed Securities (5.1%)
		Carrington Mortgage Loan Trust
	$650,000	0.363%, 8/25/2036^a		$251,997
		Countrywide Asset-Backed Certificates
	708,218	5.549%, 8/25/2021^b		592,006
		Credit Based Asset Servicing and Securitization, LLC
	810,178	5.501%, 12/25/2036		556,902
		First Horizon ABS Trust
	2,043,801	0.343%, 10/25/2026^a,b		1,666,295
	1,798,897	0.373%, 10/25/2034^a,b		943,684
		GMAC Mortgage Corporation Loan Trust
	2,721,999	0.393%, 8/25/2035^a,b		1,605,563
	2,203,331	0.393%, 12/25/2036^a,b		1,498,205
		Goldman Sachs Alternative Mortgage Products Trust
	775,824	0.293%, 8/25/2036^a		722,325
		Green Tree Financial Corporation
	279,955	7.650%, 10/15/2027		291,260
		Popular ABS Mortgage Pass- Through Trust
	900,000	5.297%, 11/25/2035		774,441
		Renaissance Home Equity Loan Trust
	4,111,887	5.608%, 5/25/2036		3,286,343
	1,000,000	5.285%, 1/25/2037		787,892
		Wachovia Asset Securitization, Inc.
	2,741,900	0.353%, 7/25/2037^a,b,c		2,127,130

		Total Asset-Backed Securities		15,104,043


	Basic Materials (3.3%)
		Alcoa, Inc.
	500,000	5.400%, 4/15/2021		507,684
		ArcelorMittal
	1,000,000	6.125%, 6/1/2018		1,081,949
	800,000	5.250%, 8/5/2020		804,184
		Corporacion Nacional del Cobre de Chile - Codelco
	750,000	3.750%, 11/4/2020^d		707,626
		Dow Chemical Company
	800,000	8.550%, 5/15/2019		1,025,673
		Gold Fields Orogen Holding BVI, Ltd.
	1,300,000	4.875%, 10/7/2020^d		1,254,980
		Noble Group, Ltd.
	1,200,000	6.750%, 1/29/2020^d		1,272,000
		Rio Tinto Finance USA, Ltd.
	800,000	9.000%, 5/1/2019		1,066,317
		Teck Resources, Ltd.
	1,000,000	10.250%, 5/15/2016		1,207,500
		Vale Overseas, Ltd.
	800,000	4.625%, 9/15/2020		791,457

		Total Basic Materials		9,719,370


	Capital Goods (1.0%)
		Hutchinson Whampoa Finance, Ltd.
	1,000,000	5.750%, 9/11/2019^d		1,079,161
		Republic Services, Inc.
	400,000	5.000%, 3/1/2020		420,449
	800,000	5.250%, 11/15/2021		849,389
		Textron, Inc.
	500,000	7.250%, 10/1/2019		582,184

		Total Capital Goods		2,931,183


	Collateralized Mortgage Obligations (3.7%)
		Banc of America Mortgage Securities, Inc.
	2,313,559	3.184%, 9/25/2035		1,981,691
		Bear Stearns Mortgage Funding Trust
	637,771	0.493%, 8/25/2036^a		198,808
		Chase Mortgage Finance Corporation
	421,374	5.398%, 1/25/2036		66,808
		Countrywide Alternative Loan Trust
	1,394,330	6.000%, 1/25/2037		988,976
		HomeBanc Mortgage Trust
	1,768,429	3.086%, 4/25/2037		1,165,912
		J.P. Morgan Alternative Loan Trust
	2,619,112	2.723%, 3/25/2036		1,723,392
		J.P. Morgan Mortgage Trust
	229,919	5.935%, 6/25/2036		225,748
		Merrill Lynch Mortgage Investors, Inc.
	2,195,475	2.744%, 6/25/2035		1,914,083
		Thornburg Mortgage Securities Trust
	1,401,540	0.323%, 11/25/2046^a		1,384,755
		WaMu Mortgage Pass Through Certificates
	487,363	5.621%, 8/25/2046		415,402
		Wells Fargo Mortgage Backed Securities Trust
	699,603	6.000%, 7/25/2037		658,365

		Total Collateralized Mortgage Obligations		10,723,940


	Commercial Mortgage-Backed Securities (9.6%)
		Banc of America Commercial Mortgage, Inc.
	500,000	5.658%, 4/10/2049		505,708
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.613%, 6/11/2050		1,548,931
	5,000,000	0.369%, 3/15/2022^a,c		4,807,225
		Citigroup/Deutsche Bank Commercial Mortgage
	1,250,000	5.322%, 12/11/2049		1,342,013
		Commercial Mortgage Pass- Through Certificates
	4,000,000	0.349%, 12/15/2020^a,c		3,580,180
		Credit Suisse Mortgage Capital Certificates
	3,396,851	0.389%, 10/15/2021^a,d		3,285,478
	1,200,000	5.467%, 9/15/2039		1,300,836
		Government National Mortgage Association
	2,331,753	3.214%, 1/16/2040		2,411,037

The accompanying Notes to Financial Statements are an integral part of this schedule.

196

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Commercial Mortgage-Backed Securities (9.6%) - continued
		GS Mortgage Securities Corporation II
	$3,000,000	1.317%, 3/6/2020^a,d		$2,955,696
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,000,000	5.336%, 5/15/2047		2,148,544
		LB-UBS Commercial Mortgage Trust
	700,000	5.866%, 9/15/2045		765,691
	500,000	6.374%, 9/15/2045		525,251
		Morgan Stanley Capital, Inc.
	800,000	5.406%, 3/15/2044		806,742
		Wachovia Bank Commercial Mortgage Trust
	2,000,000	5.765%, 7/15/2045		2,210,288

		Total Commercial Mortgage- Backed Securities		28,193,620


	Communications Services (3.6%)
		America Movil SAB de CV
	800,000	5.000%, 3/30/2020		834,600
		American Tower Corporation
	1,000,000	5.050%, 9/1/2020		981,717
		CBS Corporation
	800,000	8.875%, 5/15/2019		1,018,178
		Cox Communications, Inc.
	750,000	8.375%, 3/1/2039^d		990,721
		Crown Castle Towers, LLC
	800,000	6.113%, 1/15/2020^d		865,820
	800,000	4.883%, 8/15/2020^d		796,194
		Frontier Communications
		Corporation
	681,000	6.250%, 1/15/2013		716,753
		News America, Inc.
	510,000	6.400%, 12/15/2035		538,057
		Rogers Communications, Inc.
	130,000	8.750%, 5/1/2032		167,366
		SBA Tower Trust
	800,000	5.101%, 4/15/2017^d		820,000
		Telecom Italia Capital SA
	975,000	5.250%, 10/1/2015		1,026,390
		Telemar Norte Leste SA
	1,000,000	5.500%, 10/23/2020^d		975,000
		Verizon Communications, Inc.
	350,000	8.950%, 3/1/2039		491,954
		Virgin Media Secured Finance plc
	400,000	5.250%, 1/15/2021^d		409,216

		Total Communications Services		10,631,966


	Consumer Cyclical (2.0%)
		CVS Caremark Corporation
	1,000,000	6.125%, 9/15/2039		1,039,179
		Ford Motor Credit Company, LLC
	600,000	7.000%, 4/15/2015		658,973
	400,000	5.000%, 5/15/2018		400,216
		Harley-Davidson Financial Services, Inc.
	750,000	3.875%, 3/15/2016^d		755,933
		Home Depot, Inc.
	250,000	4.400%, 4/1/2021		251,389
		Hyundai Motor Manufacturing Czech
	1,000,000	4.500%, 4/15/2015^d		1,034,499
		RCI Banque SA
	300,000	4.600%, 4/12/2016^d		304,827
		Wal-Mart Stores, Inc.
	800,000	5.875%, 4/5/2027		888,199
		Wyndham Worldwide Corporation
	500,000	7.375%, 3/1/2020		553,739

		Total Consumer Cyclical		5,886,954


	Consumer Non-Cyclical (2.2%)
		Altria Group, Inc.
	525,000	9.700%, 11/10/2018		699,026
		Anheuser-Busch InBev Worldwide, Inc.
	800,000	5.375%, 11/15/2014		890,158
	400,000	2.875%, 2/15/2016		403,285
		Archer-Daniels-Midland Company
	175,000	4.479%, 3/1/2021		180,320
		Celgene Corporation
	1,000,000	3.950%, 10/15/2020		956,544
		Colgate-Palmolive Company
	500,000	2.625%, 5/1/2017		498,250
		HCA, Inc.
	850,000	9.250%, 11/15/2016		911,625
		Kraft Foods, Inc.
	1,000,000	5.375%, 2/10/2020		1,082,314
		McKesson Corporation
	400,000	4.750%, 3/1/2021		412,980
		Quest Diagnostics, Inc.
	350,000	4.700%, 4/1/2021		355,247

		Total Consumer Non-Cyclical		6,389,749


	Energy (3.3%)
		Anadarko Petroleum Corporation
	500,000	6.375%, 9/15/2017		564,730
		BP Capital Markets plc
	1,000,000	4.500%, 10/1/2020		1,007,826
		CenterPoint Energy Resources Corporation
	1,150,000	6.125%, 11/1/2017		1,296,551
		Forest Oil Corporation
	1,000,000	7.250%, 6/15/2019		1,040,000
		International Petroleum Investment Company, Ltd.
	1,000,000	5.000%, 11/15/2020^d		996,250
		Occidental Petroleum Corporation
	750,000	4.100%, 2/1/2021		759,095
		ONEOK Partners, LP
	500,000	3.250%, 2/1/2016		504,699
		Petrobras International Finance Company
	800,000	5.375%, 1/27/2021		811,310
		Schlumberger Norge AS
	400,000	4.200%, 1/15/2021^d		404,528
		Transocean, Inc.
	800,000	7.375%, 4/15/2018		921,622
		Valero Energy Corporation
	800,000	6.125%, 2/1/2020		886,589

The accompanying Notes to Financial Statements are an integral part of this schedule.

197

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Energy (3.3%) - continued
		Weatherford International, Ltd.
	$500,000	5.125%, 9/15/2020		$510,976

		Total Energy		9,704,176


	Financials (17.1%)
		Ally Financial, Inc.
	400,000	4.500%, 2/11/2014		404,000
		American Express Bank FSB/Salt Lake City, UT
	500,000	6.000%, 9/13/2017		565,717
		Axis Specialty Finance, LLC
	1,100,000	5.875%, 6/1/2020		1,130,676
		Bank of America Corporation
	1,040,000	5.625%, 7/1/2020		1,091,551
	400,000	5.875%, 1/5/2021		426,648
		Barclays Bank plc
	550,000	5.140%, 10/14/2020		534,876
		Barclays Bank plc, Convertible
	2,000,000	1.000%, 6/25/2017^e		2,316,400
		Bear Stearns Companies, LLC
	800,000	6.400%, 10/2/2017		913,705
		Blackstone Holdings Finance Company, LLC
	850,000	6.625%, 8/15/2019^d		907,008
		Boston Properties, LP
	800,000	4.125%, 5/15/2021		773,278
		Cantor Fitzgerald, LP
	750,000	7.875%, 10/15/2019^d		796,738
		Capital One Bank USA NA
	900,000	8.800%, 7/15/2019		1,152,621
		Capital One Capital V
	850,000	10.250%, 8/15/2039		918,000
		Citigroup, Inc.
	300,000	6.500%, 8/19/2013		329,632
	1,250,000	1.235%, 4/1/2014^a		1,249,346
		CNA Financial Corporation
	800,000	6.500%, 8/15/2016		895,826
	500,000	5.750%, 8/15/2021		524,253
		Cooperative Centrale Raiffeisen- Boerenleenbank BA
	1,200,000	4.750%, 1/15/2020^d		1,261,264
	500,000	11.000%, 12/29/2049^d,f		652,500
		Credit Suisse Securities USA, LLC, Convertible
	1,200,000	1.000%, 4/28/2017^e		1,238,400
		Danske Bank AS
	750,000	3.875%, 4/14/2016^d		759,763
		Discover Bank
	500,000	7.000%, 4/15/2020		562,265
		Fifth Third Bancorp
	200,000	3.625%, 1/25/2016		202,917
	650,000	5.450%, 1/15/2017		691,204
		General Electric Capital Corporation
	800,000	4.375%, 9/16/2020		789,056
	400,000	5.300%, 2/11/2021		415,054
	300,000	6.750%, 3/15/2032		338,524
		Goldman Sachs Group, Inc., Convertible
	5,520	2.600%, 3/16/2012^d,g		85,510
	21,850	0.250%, 11/7/2011^d,h		595,303
	128	0.050%, 3/30/2012^d,i		98,328
		HCP, Inc.
	800,000	5.375%, 2/1/2021		831,565
		Health Care REIT, Inc.
	800,000	6.125%, 4/15/2020		859,570
		HSBC Holdings plc
	750,000	5.100%, 4/5/2021		771,932
	575,000	6.500%, 5/2/2036		597,511
		International Lease Finance Corporation
	300,000	8.625%, 9/15/2015^d		330,000
		Jefferies Group, Inc.
	750,000	5.125%, 4/13/2018		754,728
		KeyCorp
	450,000	5.100%, 3/24/2021		460,898
		Liberty Property, LP
	630,000	5.500%, 12/15/2016		685,946
		Lloyds TSB Bank plc
	600,000	6.500%, 9/14/2020^d		612,281
		Merrill Lynch & Company, Inc.
	475,000	6.875%, 4/25/2018		539,004
		Morgan Stanley
	700,000	3.800%, 4/29/2016		702,461
	800,000	7.300%, 5/13/2019		917,373
	800,000	5.500%, 1/26/2020		818,876
		Nationwide Building Society
	800,000	6.250%, 2/25/2020^d		844,394
		Nordea Eiendomskreditt AS
	750,000	1.875%, 4/7/2014^d		756,242
		PNC Funding Corporation
	800,000	5.125%, 2/8/2020		854,934
		Principal Financial Group, Inc.
	800,000	8.875%, 5/15/2019		1,024,347
		Prudential Financial, Inc.
	1,150,000	6.100%, 6/15/2017		1,287,873
	390,000	5.700%, 12/14/2036		388,931
		Rabobank Capital Funding Trust II
	405,000	5.260%, 12/29/2049^d,f,j		407,915
		Reinsurance Group of America, Inc.
	950,000	5.625%, 3/15/2017		1,011,399
	1,000,000	6.450%, 11/15/2019		1,096,630
		Simon Property Group, LP
	800,000	4.375%, 3/1/2021		797,113
		SLM Corporation
	400,000	6.250%, 1/25/2016		424,138
	400,000	8.000%, 3/25/2020		442,931
		Societe Generale
	750,000	5.200%, 4/15/2021^d		756,529
		State Street Capital Trust III
	1,200,000	5.300%, 3/15/2042^a,f		1,201,356
		SVB Financial Group
	1,000,000	5.375%, 9/15/2020		994,485
		Swiss RE Capital I, LP
	850,000	6.854%, 5/29/2049^d,f		844,701
		Travelers Companies, Inc.
	350,000	6.250%, 6/15/2037		382,014
		UnitedHealth Group, Inc.
	550,000	6.500%, 6/15/2037		602,995
		USB Capital XIII Trust
	800,000	6.625%, 12/15/2039		854,184
		Wachovia Bank NA
	770,000	4.875%, 2/1/2015		831,163

The accompanying Notes to Financial Statements are an integral part of this schedule.

198

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Financials (17.1%) - continued
		Wachovia Corporation
	$850,000	5.250%, 8/1/2014		$921,845
		Westpac Banking Corporation
	750,000	1.037%, 3/31/2014^a,d		751,753
		Willis North America, Inc.
	760,000	6.200%, 3/28/2017		827,085

		Total Financials		49,807,465


	Foreign Government (1.6%)
		Bank Nederlandse Gemeenten NV
	1,250,000	4.375%, 2/16/2021^d		1,286,250
		Chile Government International Bond
	800,000	3.875%, 8/5/2020		786,000
		Corporacion Andina de Fomento
	750,000	5.750%, 1/12/2017		820,732
		Mexico Government International Bond
	750,000	6.050%, 1/11/2040		778,125
		Poland Government International Bond
	750,000	5.125%, 4/21/2021		751,125

		Total Foreign Government		4,422,232


	Mortgage-Backed Securities (21.4%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	5,150,000	3.500%, 5/1/2026^k		5,211,960
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	19,200,000	4.500%, 5/1/2041^k		19,754,995
	5,150,000	5.000%, 5/1/2041^k		5,435,665
	19,500,000	5.500%, 5/1/2041^k		20,986,875
	10,200,000	6.000%, 5/1/2041^k		11,153,068

		Total Mortgage-Backed Securities		62,542,563


	Technology (0.3%)
		Affiliated Computer Services, Inc.
	800,000	5.200%, 6/1/2015		869,419

		Total Technology		869,419


	Transportation (1.8%)
		American Airlines Pass Through Trust
	881,573	10.375%, 7/2/2019		1,029,236
		Continental Airlines, Inc.
	777,899	7.250%, 11/10/2019		843,088
		CSX Corporation
	800,000	3.700%, 10/30/2020		765,327
		Delta Air Lines, Inc.
	500,000	4.950%, 11/23/2019		498,750
	780,965	7.750%, 12/17/2019		859,062
		ERAC USA Finance, LLC
	800,000	5.250%, 10/1/2020^d		833,575
		US Airways Group, Inc.
	400,000	6.250%, 4/22/2023		390,000

		Total Transportation		5,219,038


U.S. Government and Agencies (20.8%)
	Federal Home Loan Banks
2,400,000	0.192%, 2/10/2012^a	2,399,309
	U.S. Treasury Bonds
1,500,000	4.500%, 5/15/2038	1,528,593
2,375,000	4.625%, 2/15/2040	2,461,464
	U.S. Treasury Notes
2,750,000	1.500%, 12/31/2013	2,795,116
500,000	1.750%, 1/31/2014	511,367
1,250,000	1.250%, 2/15/2014	1,260,743
4,000,000	2.250%, 5/31/2014	4,143,124
1,650,000	2.375%, 9/30/2014	1,713,423
11,000,000	2.000%, 1/31/2016	11,065,318
1,900,000	2.750%, 2/28/2018	1,914,398
11,775,000	3.625%, 2/15/2021	12,095,139
100,000	3.500%, 2/15/2039	85,281
	U.S. Treasury Notes, TIPS
5,614,386	2.500%, 7/15/2016	6,492,948
5,439,788	1.875%, 7/15/2019	6,084,065
5,967,024	1.125%, 1/15/2021	6,187,989

	Total U.S. Government and Agencies	60,738,277


U.S. Municipals (0.3%)
	North Texas Tollway Authority Revenue Bonds (Build America Bonds)
850,000	6.718%, 1/1/2049	868,428

	Total U.S. Municipals	868,428


Utilities (3.8%)
	Buckeye Partners, LP
400,000	4.875%, 2/1/2021	406,948
	Cleveland Electric Illuminating Company
825,000	5.700%, 4/1/2017	889,793
	Enterprise Products Operating, LLC
800,000	5.200%, 9/1/2020	843,461
	Exelon Generation Company, LLC
1,000,000	4.000%, 10/1/2020	943,808
515,000	5.750%, 10/1/2041	485,501
	FirstEnergy Solutions Corporation
850,000	4.800%, 2/15/2015	901,606
	ITC Holdings Corporation
775,000	6.050%, 1/31/2018^d	853,700
	MidAmerican Energy Holdings Company
775,000	6.500%, 9/15/2037	868,250
	NiSource Finance Corporation
400,000	6.125%, 3/1/2022	440,912
	ONEOK Partners, LP
450,000	8.625%, 3/1/2019	573,060
	Pennsylvania Electric Company
800,000	5.200%, 4/1/2020	831,937
	Potomac Electric Power Company
600,000	7.900%, 12/15/2038	806,535
	Power Receivables Finance, LLC
185,438	6.290%, 1/1/2012^c	185,926
	Union Electric Company
1,150,000	6.400%, 6/15/2017	1,322,861

The accompanying Notes to Financial Statements are an integral part of this schedule.

199

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Utilities (3.8%) - continued
		Williams Partners, LP
	$800,000	5.250%, 3/15/2020		$850,811

		Total Utilities		11,205,109



		Total Long-Term Fixed Income (cost $292,210,825)		294,957,532


Shares		Mutual Funds (4.5%)	Value
	Fixed Income Mutual Funds (4.5%)
	2,646,014	Thrivent High Yield Fund		13,150,687

		Total Fixed Income Mutual Funds		13,150,687



		Total Mutual Funds (cost $9,800,000)		13,150,687


Shares		Preferred Stock (0.4%)	Value
	Financials (0.4%)
	4,850	Citigroup, Inc., Convertible, 7.500%		630,694
	56,005	Federal National Mortgage Association, 8.250%^f,j		114,250
	16,000	HSBC Holdings plc, 8.000%^f		438,880

		Total Financials		1,183,824



		Total Preferred Stock (cost $1,713,096)		1,183,824


Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	150	$118.00, expires 5/21/2011		$7,032

		Total Options Purchased (cost $35,606)		7,032


Principal Amount		Short-Term Investments (12.6%)^l	Value
		Federal Home Loan Bank Discount Notes
	6,525,000	0.045%, 5/6/2011		6,524,952
	16,360,000	0.041%, 5/11/2011^m		16,359,793
	10,000,000	0.040%, 5/18/2011		9,999,800
	2,935,000	0.035%, 5/20/2011		2,934,943
		Federal Home Loan Mortgage Corporation Discount Notes
	1,000,000	0.160%, 8/29/2011^n,o		999,468

		Total Short-Term Investments (at amortized cost)		36,818,956

		Total Investments (cost $340,578,483) 118.4%	$	346,118,031

		Other Assets and Liabilities, Net (18.4%)		(53,879,243	)

		Total Net Assets 100.0%	$	292,238,788

a	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

b	All or a portion of the security is insured or guaranteed.


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial Mortgage Securities, Inc.		3/30/2007	$	5,000,000
Commercial Mortgage Pass-Through Certificates		10/18/2006	$	4,000,000
Power Receivables Finance, LLC		9/30/2003	$	185,384
Wachovia Asset Securitization, Inc.		3/16/2007	$	2,741,900

e	Denotes equity-linked structured securities. These securities are linked to the S&P 500 Index.

f	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

g	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of RadioShack Corporation.

h	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Microsoft Corporation.

i	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Kubota Corporation.

j	Non-income producing security.

k	Denotes investments purchased on a when-issued or delayed delivery basis.

l	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

m	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

n	At April 29, 2011, $439,766 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

o	At April 29, 2011, $559,702 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.


Definitions:
REIT	-	Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
TIPS	-	Treasury Inflation Protected Security.

The accompanying Notes to Financial Statements are an integral part of this schedule.

200

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$14,747,157
Gross unrealized depreciation	(9,840,865	)

Net unrealized appreciation (depreciation)	$4,906,292

Cost for federal income tax purposes	$341,211,739

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Core Bond Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Long-Term Fixed Income

Asset-Backed Securities

15,104,043

–

15,104,043

–

Basic Materials

9,719,370

–

9,719,370

–

Capital Goods

2,931,183

–

2,931,183

–

Collateralized Mortgage Obligations

10,723,940

–

10,723,940

–

Commercial Mortgage-Backed Securities

28,193,620

–

28,193,620

–

Communications Services

10,631,966

–

9,811,966

820,000

Consumer Cyclical

5,886,954

–

5,886,954

–

Consumer Non-Cyclical

6,389,749

–

5,891,499

498,250

Energy

9,704,176

–

9,704,176

–

Financials

49,807,465

–

45,473,524

4,333,941

Foreign Government

4,422,232

–

4,422,232

–

Mortgage-Backed Securities

62,542,563

–

62,542,563

–

Technology

869,419

–

869,419

–

Transportation

5,219,038

–

5,219,038

–

U.S. Government and Agencies

60,738,277

–

60,738,277

–

U.S. Municipals

868,428

–

868,428

–

Utilities

11,205,109

–

11,205,109

–

Mutual Funds

Fixed Income Mutual Funds

13,150,687

–

Preferred Stock

Financials

1,183,824

–

Options Purchased

7,032

–

Short-Term Investments

36,818,956

–

36,818,956

–

Total

$346,118,031

$14,341,543

$326,124,297

$5,652,191

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

401,006

–

Total Asset Derivatives

$401,006

$–

Liability Derivatives

Futures Contracts

789,118

–

Credit Default Swaps

218,122

–

218,122

–

Total Liability Derivatives

$1,007,240

$789,118

$218,122

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

201

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Core Bond Fund.

Investments in Securities

Value

October 31,
2010

Realized

Gain/(Loss)

Change in
Unrealized
Appreciation/
(Depreciation)*

Purchases

Sales

Transfers
Into

Level 3

Transfers

Out of

Level 3

Value

April 29,
2011

Long-Term Fixed Income

Asset-Backed Securities

2,024,360

–

371,071

–

(268,301

)

–

(2,127,130

)

–

Basic Materials

747,150

–

(39,523

)

–

(707,627

)

–

Communications Services

–

(40,486

)

–

860,486

–

820,000

Consumer Non-Cyclical

–

450

497,800

–

498,250

Financials

3,902,271

–

246,483

185,187

–

4,333,941

Transportation

3,710,995

123,704

(165,916

)

–

(937,398

)

–

(2,731,385

)

–

Total

$10,384,776

$123,704

$372,079

$682,987

($1,205,699

)

$860,486

($5,566,142

)

$5,652,191

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on April 29, 2011 of $266,933.


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(100)		June 2011		($21,813,758	)		($21,912,500	)		($98,742	)
5-Yr. U.S. Treasury Bond Futures		(45)		June 2011		(5,253,261	)		(5,331,093	)		(77,832	)
10-Yr. U.S. Treasury Bond Futures		(270)		June 2011		(32,095,427	)		(32,707,971	)		(612,544	)
20-Yr. U.S. Treasury Bond Futures		80		June 2011		9,388,994			9,790,000			401,006
Total Futures Contracts												($388,112	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 16, 5 Year, at 5.00%; Bank of America		Buy		6/20/2016		$12,000,000		$236,227		($406,055	)		($169,828	)
CDX IG, Series 16, 5 Year, at 1.00%; J.P. Morgan Chase and Co.		Buy		6/20/2016		12,000,000		22,876		(71,170	)		(48,294	)
Total Credit Default Swaps										($477,225	)		($218,122	)

As the buyer of protection, Core Bond Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Core Bond Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Core Bond Fund could be required to make as the seller or receive as the buyer of protection.

The accompanying Notes to Financial Statements are an integral part of this schedule.

202

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Core Bond Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		$7,032
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		401,006
Total Interest Rate Contracts			408,038

Total Asset Derivatives			$408,038

Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		789,118
Total Interest Rate Contracts			789,118

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		218,122
Total Credit Contracts			218,122

Total Liability Derivatives			$1,007,240

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Core Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		(389,805	)
Futures	Net realized gains/(losses) on Futures contracts		51,538

Total Interest Rate Contracts			(338,267	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(524,979	)
Total Credit Contracts			(524,979	)

Total			($863,246	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Core Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		3,024
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		342,226
Total Interest Rate Contracts			345,250
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		18,061
Total Credit Contracts			18,061

Total			$363,311

The accompanying Notes to Financial Statements are an integral part of this schedule.

203

Core Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table presents Core Bond Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage of
Average Net Assets)

Swaps
(Notional*)

Swaps
(Percentage of
Average Net Assets)

Options
(Contracts)

Interest Rate Contracts

$69,549,674

23.9

N/A

186

Credit Contracts

N/A

$29,330,347

10.1

N/A

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Core Bond Fund, is as follows:

Fund

Value

October 31,
2010

Gross
Purchases

Gross
Sales

Shares Held at
April 29, 2011

Value

April 29,
2011

Income Earned
November 1, 2010 -
April 29, 2011

High Yield

$12,859,626

$–

2,646,014

$13,150,687

$500,323

Total Value and Income Earned

12,859,626

13,150,687

500,323

The accompanying Notes to Financial Statements are an integral part of this schedule.

204

Government Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Commercial Mortgage-Backed Securities (3.0%)
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificate
	$970,134	3.342%, 12/25/2019		$987,873
		Government National Mortgage Association
	983,003	2.164%, 3/16/2033		995,729
	932,701	3.214%, 1/16/2040		964,415

		Total Commercial Mortgage- Backed Securities		2,948,017


	Financials (9.4%)
		Achmea Hypotheekbank NV
	1,000,000	3.200%, 11/3/2014^a		1,045,687
		Bank of Montreal
	750,000	2.625%, 1/25/2016^a		756,309
		Bank of Nova Scotia
	500,000	1.450%, 7/26/2013^a		503,254
		Canadian Imperial Bank of Commerce
	1,000,000	2.600%, 7/2/2015^a		1,017,205
		Cie de Financement Foncier
	1,000,000	2.250%, 3/7/2014^a		1,007,275
		Dexia Credit Local SA
	1,000,000	2.750%, 4/29/2014^a		1,001,984
		International Bank for Reconstruction & Development
	1,000,000	2.375%, 5/26/2015		1,031,428
		NCUA Guaranteed Notes
	919,006	0.690%, 10/7/2020^b		920,298
		Royal Bank of Canada
	1,000,000	3.125%, 4/14/2015^a		1,034,948
		Toronto-Dominion Bank
	1,000,000	2.200%, 7/29/2015^a		1,001,395

		Total Financials		9,319,783


	Foreign Government (4.4%)
		Bank Nederlandse Gemeenten NV
	1,875,000	4.375%, 2/16/2021^a		1,929,375
		Finland Government International Bond
	500,000	2.250%, 3/17/2016^a		505,419
		Kommunalbanken AS
	1,000,000	2.750%, 5/5/2015^a		1,033,199
		Kreditanstalt fuer Wiederaufbau
	825,000	1.250%, 6/15/2012		833,126

		Total Foreign Government		4,301,119


	Mortgage-Backed Securities (6.4%)
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,500,000	6.000%, 5/1/2041^c		1,637,813
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	750,000	3.500%, 5/1/2026^c		759,023
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	3,000,000	4.500%, 5/1/2041^c,d		3,086,718
	750,000	5.000%, 5/1/2041^c		791,602

		Total Mortgage-Backed Securities		6,275,156


	U.S. Government and Agencies (73.1%)
		FDIC Structured Sale Guaranteed Notes
	400,000	Zero Coupon, 1/7/2012^a		397,932
	400,000	Zero Coupon, 1/7/2014^a		381,884
		Federal Agricultural Mortgage Corporation
	1,000,000	2.125%, 9/15/2015		1,010,370
		Federal Home Loan Banks
	3,250,000	5.375%, 5/18/2016		3,751,485
	4,400,000	5.000%, 11/17/2017		4,988,135
		Federal Home Loan Mortgage Corporation
	3,625,000	0.750%, 3/28/2013		3,632,489
	1,800,000	2.500%, 1/7/2014		1,870,477
	2,750,000	4.875%, 6/13/2018		3,093,998
		Federal National Mortgage Association
	4,100,000	1.250%, 2/27/2014		4,121,168
	25,000	4.375%, 10/15/2015		27,587
	1,250,000	6.250%, 5/15/2029		1,520,502
		Tennessee Valley Authority
	1,225,000	5.250%, 9/15/2039		1,298,634
		U.S. Treasury Bonds
	750,000	6.500%, 11/15/2026		971,836
	1,850,000	4.625%, 2/15/2040		1,917,351
		U.S. Treasury Bonds, TIPS
	332,664	2.125%, 2/15/2040		362,135
		U.S. Treasury Notes
	5,150,000	1.750%, 1/31/2014		5,267,080
	225,000	1.250%, 2/15/2014		226,934
	550,000	2.000%, 1/31/2016		553,266
	2,800,000	2.625%, 2/29/2016		2,894,282
	8,000,000	3.250%, 3/31/2017		8,405,000
	500,000	2.250%, 11/30/2017		490,547
	10,500,000	3.625%, 2/15/2021		10,785,474
	2,125,000	7.625%, 2/15/2025		3,000,899
		U.S. Treasury Notes, TIPS
	1,183,653	3.375%, 1/15/2012		1,237,749
	1,616,395	2.000%, 1/15/2014		1,777,909
	695,184	1.625%, 1/15/2015		764,865
	1,914,150	0.500%, 4/15/2015		2,021,970
	1,259,813	2.500%, 7/15/2016		1,456,954
	1,494,430	2.625%, 7/15/2017		1,748,483
	1,517,040	1.125%, 1/15/2021		1,573,218
	322,765	2.375%, 1/15/2025		369,793

		Total U.S. Government and Agencies		71,920,406



		Total Long-Term Fixed Income (cost $91,857,187)		94,764,481

The accompanying Notes to Financial Statements are an integral part of this schedule.

205

Government Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	15	$118.00, expires 5/21/2011		$703

		Total Options Purchased (cost $3,561)		703


Principal Amount		Short-Term Investments (8.1%)^e	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.050%, 5/6/2011		4,999,958
	1,000,000	0.030%, 5/9/2011		999,993
	2,000,000	0.035%, 5/20/2011		1,999,961

		Total Short-Term Investments (at amortized cost)		7,999,912

		Total Investments (cost $99,860,660) 104.4%	$	102,765,096

		Other Assets and Liabilities, Net (4.4%)		(4,302,081	)

		Total Net Assets 100.0%		$98,463,015

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

c	Denotes investments purchased on a when-issued or delayed delivery basis.

d	All or a portion of the security was earmarked to cover written options.

e	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:


TIPS		- Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$2,905,797
Gross unrealized depreciation	(7,865	)

Net unrealized appreciation (depreciation)	$2,897,932

Cost for federal income tax purposes	$99,867,164

The accompanying Notes to Financial Statements are an integral part of this schedule.

206

Government Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Government Bond Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Long-Term Fixed Income

Commercial Mortgage-Backed Securities

2,948,017

–

2,948,017

–

Financials

9,319,783

–

9,319,783

–

Foreign Government

4,301,119

–

4,301,119

–

Mortgage-Backed Securities

6,275,156

–

6,275,156

–

U.S. Government and Agencies

71,920,406

–

71,920,406

–

Options Purchased

703

–

Short-Term Investments

7,999,912

–

7,999,912

–

Total

$102,765,096

$703

$102,764,393

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Liability Derivatives

Call Options Written

29,219

–

29,219

Total Liability Derivatives

$29,219

$–

$29,219

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Government Bond Fund.

Investments in
Securities

Value
October 31,
2010

Realized
Gain/(Loss)

Change in
Unrealized
Appreciation/
(Depreciation)*

Purchases

Sales

Transfers
Into
Level 3

Transfers
Out of
Level 3

Value
April 29, 2011

Long-Term Fixed Income Financials

1,000,000

–

1,292

–

(80,994

)

–

(920,298

)

–

Total

$1,000,000

$–

$1,292

$–

($80,994

)

$–

($920,298

)

$–

Other Financial Instruments

Liability Derivatives

Call Options Written

3,094

–

18,219

–

7,906

–

29,219

Total

$3,094

$–

$18,219

$–

$7,906

$–

$29,219

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on April 29, 2011 of ($29,219)


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
FNCL Mortgage Backed Call Options		2		$100.92		May 2011		($40,000	)		($29,219	)
Total Call Options Written								($40,000	)		($29,219	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

207

Government Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Government Bond Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		$703
Total Interest Rate Contracts			703

Total Asset Derivatives			$703

Liability Derivatives

Interest Rate Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		29,219
Total Interest Rate Contracts			29,219

Total Liability Derivatives			$29,219

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Government Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		(2,858	)
Written Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		(26,125	)
Total Interest Rate Contracts			(28,983	)

Total			($28,983	)

The following table presents Government Bond Fund’s average volume of derivative activity during the period ended April 29, 2011.


Derivative Risk Category	Options (Contracts)
Interest Rate Contracts		30

The accompanying Notes to Financial Statements are an integral part of this schedule.

208

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.6%)	Value
	Asset-Backed Securities (13.9%)
		Avis Budget Rental Car Funding
	$3,500,000	2.370%, 11/20/2014^a		$3,500,000
		Bank of America Auto Trust
	3,495,149	1.390%, 3/15/2014^a		3,514,575
		Carrington Mortgage Loan Trust
	1,000,000	0.363%, 8/25/2036^b		387,688
		Chrysler Financial Auto Securitization
	2,541,580	2.820%, 1/15/2016		2,576,263
		CIT Equipment
	1,199,167	3.070%, 8/15/2016^a		1,207,597
		Citibank Omni Master Trust
	4,000,000	2.319%, 5/16/2016^a,b		4,057,472
		CNH Equipment Trust
	1,650,000	7.210%, 12/16/2013		1,743,410
		Countrywide Asset-Backed Certificates
	404,696	5.549%, 8/25/2021^c		338,289
		Countrywide Home Loans, Inc.
	1,351,157	6.085%, 6/25/2021^c		885,462
		Credit Based Asset Servicing and Securitization, LLC
	850,688	5.501%, 12/25/2036		584,747
		Discover Card Master Trust
	4,500,000	0.869%, 9/15/2015^b		4,532,868
		First Franklin Mortgage Loan Asset-Backed Certificates
	86,028	5.500%, 3/25/2036^d,e		0
		First Horizon ABS Trust
	500,769	0.343%, 9/25/2029^b,c		391,488
		First National Master Note Trust
	5,500,000	1.569%, 7/15/2015^b		5,533,704
		Ford Credit Auto Owner Trust
	1,623,800	3.960%, 5/15/2013		1,644,003
		Ford Credit Floor Plan Master Owner Trust
	5,000,000	1.500%, 9/15/2015		5,004,735
		GE Capital Credit Card Master Note Trust
	4,200,000	2.540%, 9/15/2014		4,231,109
	3,650,000	3.690%, 7/15/2015		3,776,859
		GMAC Mortgage Corporation Loan Trust
	816,600	0.393%, 8/25/2035^b,c		481,669
	1,152,223	5.750%, 10/25/2036^c		718,325
	1,652,498	0.393%, 12/25/2036^b,c		1,123,654
		Goldman Sachs Alternative Mortgage Products Trust
	2,064,963	0.293%, 8/25/2036^b		1,922,568
		GSAMP Trust
	2,063,284	0.393%, 2/25/2036^b		1,789,437
		Harley-Davidson Motorcycle Trust
	946,932	3.190%, 11/15/2013		956,639
		Household Home Equity Loan Trust
	728,165	5.320%, 3/20/2036		728,012
		J.P. Morgan Mortgage Trust
	968,713	2.864%, 2/25/2036		867,514
		John Deere Owner Trust
	1,500,000	3.960%, 5/16/2016		1,552,056
		Mortgage Equity Conversion Asset Trust
	2,635,264	0.790%, 1/25/2042^b,d		2,521,684
	2,592,739	0.730%, 2/25/2042^b,d		2,482,807
		Nissan Auto Receivables Owner Trust
	2,422,285	4.280%, 6/16/2014		2,464,011
	3,000,000	4.740%, 8/17/2015		3,148,770
		Renaissance Home Equity Loan Trust
	1,644,755	5.608%, 5/25/2036		1,314,537
	750,000	5.285%, 1/25/2037		590,919
		Santander Drive Auto Receivables Trust
	3,758,076	0.950%, 8/15/2013		3,762,089
		SLM Student Loan Trust
	8,000,000	0.344%, 4/27/2020^b		7,937,280
	4,000,000	0.344%, 4/25/2022^b		3,964,588
	4,718,871	0.354%, 4/25/2023^b		4,705,951
	6,909,866	0.733%, 3/25/2026^b		6,916,051
		Toyota Auto Receivables Owner Trust
	7,000,000	1.270%, 12/16/2013		7,047,866
		USAA Auto Owner Trust
	2,500,000	4.770%, 9/15/2014		2,617,395
		Volkswagen Auto Lease Trust
	1,708,564	3.410%, 4/16/2012		1,717,790
		Volkswagen Auto Loan Enhanced Trust
	1,500,000	1.310%, 1/20/2014		1,508,532
		Wachovia Asset Securitization, Inc.
	1,028,212	0.353%, 7/25/2037^b,c,d		797,674
		Wachovia Student Loan Trust
	6,000,000	0.384%, 7/27/2020^b		5,961,042
		World Financial Network Credit Card
	7,000,000	4.600%, 9/15/2015		7,140,728
		World Omni Auto Receivables Trust
	2,500,000	1.340%, 12/16/2013		2,512,778
	1,000,000	5.120%, 5/15/2014		1,052,363
		World Omni Automobile Lease Securitization Trust
	423,252	1.020%, 1/16/2012		423,367

		Total Asset-Backed Securities		124,638,365


	Basic Materials (1.0%)
		ArcelorMittal
	1,500,000	9.000%, 2/15/2015		1,805,274
	1,750,000	3.750%, 8/5/2015		1,793,178
		Dow Chemical Company
	1,500,000	4.850%, 8/15/2012		1,569,778
	1,500,000	2.500%, 2/15/2016		1,469,418
		Noble Group, Ltd.
	1,000,000	4.875%, 8/5/2015^a		1,035,000
		Rio Tinto Finance USA, Ltd.
	1,000,000	9.000%, 5/1/2019		1,332,897

		Total Basic Materials		9,005,545


	Capital Goods (0.7%)
		CRH America, Inc.
	1,500,000	4.125%, 1/15/2016		1,531,038

The accompanying Notes to Financial Statements are an integral part of this schedule.

209

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.6%)	Value
	Capital Goods (0.7%) - continued
		Hutchinson Whampoa Finance, Ltd.
	$1,700,000	4.625%, 9/11/2015^a		$1,812,953
		Textron, Inc.
	1,300,000	6.200%, 3/15/2015		1,435,502
		Waste Management, Inc.
	1,150,000	6.375%, 3/11/2015		1,316,910

		Total Capital Goods		6,096,403


	Collateralized Mortgage Obligations (2.7%)
		American Home Mortgage Assets Trust
	1,638,499	1.226%, 11/25/2046^b		764,938
		Banc of America Mortgage Securities, Inc.
	694,068	3.184%, 9/25/2035		594,507
		Bear Stearns Adjustable Rate Mortgage Trust
	956,793	2.560%, 10/25/2035^b		859,523
		Chase Mortgage Finance Corporation
	619,668	5.398%, 1/25/2036		98,247
		Countrywide Alternative Loan Trust
	1,581,454	5.500%, 11/25/2035		1,535,550
	789,726	5.500%, 2/25/2036		677,584
	873,093	6.000%, 1/25/2037		619,271
		Countrywide Home Loans, Inc.
	1,219,303	2.730%, 3/20/2036		730,531
	1,261,099	5.362%, 9/20/2036		759,574
		Deutsche Alt-A Securities, Inc.
	1,955,353	1.076%, 4/25/2047^b		1,207,954
		GSR Mortgage Loan Trust
	2,405,685	0.403%, 8/25/2046^b		1,991,393
		HomeBanc Mortgage Trust
	1,010,531	3.086%, 4/25/2037		666,236
		Impac CMB Trust
	340,146	0.533%, 8/25/2035^b		256,757
		J.P. Morgan Alternative Loan Trust
	1,961,715	2.723%, 3/25/2036		1,290,820
		J.P. Morgan Mortgage Trust
	632,278	5.935%, 6/25/2036		620,809
	897,362	5.597%, 10/25/2036		799,336
		Merrill Lynch Mortgage Investors, Inc.
	1,562,739	2.744%, 6/25/2035		1,362,444
		Residential Accredit Loans, Inc.
	944,896	3.810%, 9/25/2035		665,196
		Thornburg Mortgage Securities Trust
	525,577	0.323%, 11/25/2046^b		519,283
		Wachovia Mortgage Loan Trust, LLC
	885,369	3.756%, 5/20/2036		646,988
		WaMu Mortgage Pass Through Certificates
	1,702,110	1.186%, 10/25/2046^b		1,126,021
	2,064,240	1.126%, 12/25/2046^b		1,345,717
	1,954,680	1.046%, 1/25/2047^b		1,161,127
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	1,589,539	1.226%, 9/25/2046^b		748,786
	2,373,474	1.056%, 2/25/2047^b		1,221,757
		Washington Mutual Mortgage Pass-Through Certificates
	665,622	0.503%, 10/25/2045^b		557,057
		Wells Fargo Mortgage Backed Securities Trust
	365,948	2.767%, 3/25/2036		320,844
	1,330,112	2.811%, 3/25/2036		1,168,833

		Total Collateralized Mortgage Obligations		24,317,083


	Commercial Mortgage-Backed Securities (9.4%)
		Banc of America Commercial Mortgage, Inc.
	2,000,000	5.658%, 4/10/2049		2,022,830
		Banc of America Large Loan, Inc.
	574,243	0.329%, 10/15/2019^a,b		567,461
		Bank Nederlandse Gemeenten NV
	3,500,000	1.500%, 3/28/2014^a		3,507,420
		Bear Stearns Commercial Mortgage Securities, Inc.
	4,500,000	5.613%, 6/11/2050		4,646,794
	2,000,000	0.369%, 3/15/2022^b,d		1,922,890
	1,380,382	5.854%, 6/11/2040		1,430,457
	4,210,625	5.205%, 2/11/2044		4,290,765
	1,000,000	5.331%, 2/11/2044		1,068,495
		Citigroup/Deutsche Bank Commercial Mortgage
	1,595,000	5.322%, 12/11/2049		1,712,408
		Commercial Mortgage Pass- Through Certificates
	1,000,000	0.349%, 12/15/2020^b,d		895,045
	1,500,000	0.399%, 6/15/2022^b,d		1,395,357
	1,000,000	5.306%, 12/10/2046		1,081,510
		Credit Suisse First Boston Mortgage Securities Corporation
	4,276,686	4.691%, 4/15/2037		4,378,694
		Credit Suisse Mortgage Capital Certificates
	1,273,819	0.389%, 10/15/2021^a,b		1,232,054
	1,750,000	5.467%, 9/15/2039		1,897,052
		Government National Mortgage Association
	2,964,389	2.870%, 3/16/2051		3,054,998
	4,922,762	1.864%, 8/16/2031		4,943,467
	6,733,570	2.164%, 3/16/2033		6,820,743
	6,062,557	3.214%, 1/16/2040		6,268,696
		Greenwich Capital Commercial Funding Corporation
	2,697,000	5.074%, 1/5/2036		2,795,503
	4,500,000	5.224%, 4/10/2037		4,851,869
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	3,500,000	5.429%, 12/12/2043		3,824,104
	1,985,000	5.336%, 5/15/2047		2,132,430

The accompanying Notes to Financial Statements are an integral part of this schedule.

210

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.6%)	Value
	Commercial Mortgage-Backed Securities (9.4%) - continued
		LB-UBS Commercial Mortgage Trust
	$5,913,231	5.303%, 2/15/2040		$6,042,453
	1,600,000	6.374%, 9/15/2045		1,680,805
		Morgan Stanley Capital, Inc.
	1,600,000	5.406%, 3/15/2044		1,613,483
		NCUA Guaranteed Notes
	4,784,850	1.600%, 10/29/2020		4,714,876
		Wachovia Bank Commercial Mortgage Trust
	521,724	3.894%, 11/15/2035		522,321
	1,500,000	5.765%, 7/15/2045		1,657,716
		WaMu Commercial Mortgage Securities Trust
	359,195	3.830%, 1/25/2035^a		361,651

		Total Commercial Mortgage-Backed Securities		83,334,347


	Communications Services (2.0%)
		Alltel Corporation
	1,325,000	7.000%, 7/1/2012		1,417,537
		CBS Corporation
	1,500,000	8.875%, 5/15/2019		1,909,083
		Crown Castle Towers, LLC
	1,750,000	4.523%, 1/15/2015^a		1,819,116
	1,500,000	3.214%, 8/15/2015^a		1,510,764
	850,000	4.174%, 8/15/2017^a		854,843
		Qwest Corporation
	3,000,000	8.875%, 3/15/2012		3,187,500
		SBA Tower Trust
	3,500,000	4.254%, 4/15/2015^a		3,683,302
		Telemar Norte Leste SA
	500,000	5.500%, 10/23/2020^a		487,500
		Time Warner Cable, Inc.
	1,100,000	5.400%, 7/2/2012		1,157,521
	1,650,000	7.500%, 4/1/2014		1,904,866

		Total Communications Services		17,932,032


	Consumer Cyclical (1.1%)
		Daimler Finance North America, LLC
	3,000,000	0.919%, 3/28/2014^a,b		3,001,017
		Ford Motor Credit Company, LLC
	1,500,000	7.000%, 4/15/2015		1,647,432
		Harley-Davidson Financial Services, Inc.
	1,000,000	3.875%, 3/15/2016^a,f		1,007,911
		RCI Banque SA
	1,000,000	4.600%, 4/12/2016^a		1,016,088
		Volkswagen International Finance NV
	3,000,000	1.875%, 4/1/2014^a		2,994,912

		Total Consumer Cyclical		9,667,360


	Consumer Non-Cyclical (2.6%)
		Altria Group, Inc.
	2,000,000	4.125%, 9/11/2015		2,103,634
		Anheuser-Busch InBev Worldwide, Inc.
	2,500,000	0.824%, 1/27/2014^b		2,513,027
	2,000,000	5.375%, 11/15/2014		2,225,396
	750,000	2.875%, 2/15/2016		756,160
		Bunge Limited Finance Corporation
	1,000,000	4.100%, 3/15/2016		1,024,302
		Cargill, Inc.
	1,000,000	5.200%, 1/22/2013^a		1,068,553
		Celgene Corporation
	1,500,000	2.450%, 10/15/2015		1,472,628
		Express Scripts, Inc.
	1,500,000	3.125%, 5/15/2016		1,504,677
		Kraft Foods, Inc.
	1,500,000	4.125%, 2/9/2016		1,575,696
		Kroger Company
	1,000,000	5.000%, 4/15/2013		1,070,203
		McKesson Corporation
	1,000,000	3.250%, 3/1/2016		1,021,967
		Quest Diagnostics, Inc
	2,000,000	1.159%, 3/24/2014^b		2,009,774
		Teva Pharmaceutical Finance III BV
	2,000,000	0.809%, 3/21/2014^b		2,011,512
		Wm. Wrigley, Jr. Company
	2,500,000	1.684%, 6/28/2011^a,b		2,500,950

		Total Consumer Non-Cyclical		22,858,479


	Energy (3.8%)
		Anadarko Petroleum Corporation
	1,000,000	6.375%, 9/15/2017		1,129,461
		BP Capital Markets plc
	4,000,000	0.910%, 3/11/2014^b		4,025,000
		Cenovus Energy, Inc.
	1,000,000	4.500%, 9/15/2014		1,082,785
		CNPC HK Overseas Capital, Ltd.
	1,750,000	3.125%, 4/28/2016^a		1,745,189
		Energy Transfer Partners, LP
	1,000,000	6.000%, 7/1/2013		1,088,280
		Enterprise Products Operating, LLC
	2,500,000	3.200%, 2/1/2016		2,522,947
		International Petroleum Investment Company, Ltd.
	1,000,000	3.125%, 11/15/2015^a		987,500
		Kinder Morgan Energy Partners, LP
	750,000	3.500%, 3/1/2016		765,693
		Nabors Industries, Inc., Convertible
	3,000,000	0.940%, 5/15/2011		3,000,000
		Occidental Petroleum Corporation
	2,000,000	1.450%, 12/13/2013		2,018,190
		ONEOK Partners, LP
	2,750,000	3.250%, 2/1/2016		2,775,844
		Rowan Companies, Inc.
	1,500,000	5.000%, 9/1/2017		1,592,190
		Schlumberger SA
	2,500,000	2.650%, 1/15/2016^a		2,534,795
		Statoil ASA
	1,786,000	5.125%, 4/30/2014^a		1,971,505
		Transocean, Inc., Convertible
	2,500,000	1.500%, 12/15/2037		2,487,500

The accompanying Notes to Financial Statements are an integral part of this schedule.

211

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.6%)	Value
	Energy (3.8%) - continued
		Valero Energy Corporation
	$1,000,000	4.500%, 2/1/2015		$1,066,245
	350,000	6.125%, 2/1/2020		387,883
		Williams Partners, LP
	2,000,000	3.800%, 2/15/2015		2,094,286
		Woodside Finance, Ltd.
	1,000,000	8.125%, 3/1/2014^a		1,156,159

		Total Energy		34,431,452


	Financials (28.9%)
		Abbey National Treasury Services plc
	1,500,000	3.875%, 11/10/2014^a		1,530,159
		ABN Amro Bank NV
	3,500,000	2.043%, 1/30/2014^a,b		3,577,185
		Achmea Hypotheekbank NV
	5,500,000	3.200%, 11/3/2014^a		5,751,278
		Ally Financial, Inc.
	1,250,000	4.500%, 2/11/2014		1,262,500
		American International Group, Inc.
	1,500,000	5.050%, 10/1/2015		1,562,715
		Bank of America Corporation
	2,000,000	1.693%, 1/30/2014^b		2,033,968
		Bank of Montreal
	3,250,000	2.625%, 1/25/2016^a		3,277,339
		Bank of Nova Scotia
	2,500,000	1.450%, 7/26/2013^a		2,516,273
		Barclays Bank plc
	1,500,000	2.375%, 1/13/2014		1,521,837
	3,000,000	2.500%, 9/21/2015^a		2,934,969
		Barclays Bank plc, Convertible
	3,000,000	1.000%, 6/25/2017^g		3,474,600
		BB&T Corporation
	1,650,000	5.700%, 4/30/2014		1,829,264
		Bear Stearns Companies, LLC
	1,500,000	6.400%, 10/2/2017		1,713,197
	1,250,000	4.650%, 7/2/2018		1,293,776
		Berkshire Hathaway Finance Corporation
	1,750,000	0.408%, 1/13/2012^b		1,751,554
	2,500,000	5.000%, 8/15/2013		2,716,800
	2,000,000	2.450%, 12/15/2015		2,012,098
		BNP Paribas Home Loan Covered Bonds SA
	4,500,000	2.200%, 11/2/2015^a		4,370,931
		Caisse centrale Desjardins du Quebec
	2,000,000	2.550%, 3/24/2016^a		2,000,516
		Canadian Imperial Bank of Commerce
	3,500,000	2.000%, 2/4/2013^a		3,569,566
	1,500,000	2.600%, 7/2/2015^a		1,525,808
		Capital One Bank USA NA
	500,000	8.800%, 7/15/2019		640,345
		CDP Financial, Inc.
	4,000,000	3.000%, 11/25/2014^a		4,129,036
		Cie de Financement Foncier
	4,000,000	2.250%, 3/7/2014^a		4,029,100
		CIGNA Corporation
	500,000	4.500%, 3/15/2021		498,333
		Citigroup, Inc.
	3,000,000	5.500%, 4/11/2013		3,211,407
	2,400,000	1.235%, 4/1/2014^b		2,398,745
		CME Group Index Services, LLC
	1,500,000	4.400%, 3/15/2018^a		1,556,870
		CNA Financial Corporation
	2,000,000	6.500%, 8/15/2016		2,239,566
		Commonwealth Bank of Australia
	3,300,000	2.500%, 12/10/2012^a		3,391,278
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	3,000,000	1.850%, 1/10/2014		3,022,602
	2,000,000	2.125%, 10/13/2015		1,958,846
		Credit Agricole Home Loan SFH
	4,000,000	1.024%, 7/21/2014^a,b		4,008,868
		Credit Suisse Securities USA, LLC, Convertible
	3,000,000	1.000%, 4/28/2017^g		3,096,000
		Danske Bank AS
	3,000,000	3.875%, 4/14/2016^a		3,039,051
		Dexia Credit Local SA
	5,000,000	2.750%, 4/29/2014^a		5,009,920
		DnB NOR Boligkreditt
	3,500,000	2.900%, 3/29/2016^a		3,518,274
		Duke Realty, LP
	1,000,000	7.375%, 2/15/2015		1,142,267
		Fifth Third Bancorp
	400,000	3.625%, 1/25/2016		405,833
		Fifth Third Bank
	2,250,000	0.424%, 5/17/2013^b		2,217,553
		FUEL Trust
	1,250,000	4.207%, 4/15/2016^a		1,276,385
		GATX Corporation
	1,000,000	4.750%, 10/1/2012		1,043,860
	1,000,000	4.750%, 5/15/2015		1,054,681
		General Electric Capital Corporation
	3,000,000	0.570%, 9/15/2014^b		2,963,337
	2,500,000	2.250%, 11/9/2015		2,450,663
		Goldman Sachs Group, Inc., Convertible
	64,950	2.600%, 3/16/2012^a,h		1,006,140
	66,550	0.250%, 11/7/2011^a,i		1,813,155
	1,278	0.050%, 3/30/2012^a,j		981,744
		HCP, Inc.
	2,000,000	2.700%, 2/1/2014		2,022,396
		Health Care REIT, Inc.
	500,000	6.125%, 4/15/2020		537,232
		HSBC Bank plc
	2,500,000	1.625%, 8/12/2013^a		2,506,182
		ING Bank NV
	5,500,000	2.500%, 1/14/2016^a		5,353,205
	1,750,000	4.000%, 3/15/2016^a		1,778,180
		International Lease Finance Corporation
	700,000	8.625%, 9/15/2015^a		770,000
		Irish Life & Permanent plc
	4,000,000	3.600%, 1/14/2013^a		3,443,460
		Jefferies Group, Inc.
	1,250,000	5.125%, 4/13/2018		1,257,880
		JPMorgan Chase & Company
	3,000,000	1.057%, 9/30/2013^b		3,010,857
		JPMorgan Chase Bank NA
	1,000,000	5.875%, 6/13/2016		1,118,415

The accompanying Notes to Financial Statements are an integral part of this schedule.

212

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.6%)	Value
	Financials (28.9%) - continued
		KeyCorp
	$2,000,000	3.750%, 8/13/2015		$2,052,856
		Landwirtschaftliche Rentenbank
	5,000,000	0.510%, 3/15/2016^a,b		4,988,205
		Lehman Brothers Holdings E-Capital Trust I
	1,500,000	1.094%, 8/19/2065^b,k		150
		Lincoln National Corporation
	550,000	5.650%, 8/27/2012		580,224
	650,000	4.750%, 2/15/2014		687,577
		Lloyds TSB Bank plc
	3,500,000	4.375%, 1/12/2015^a		3,619,066
	300,000	6.500%, 9/14/2020^a		306,141
		Merrill Lynch & Company, Inc.
	1,000,000	6.050%, 5/16/2016		1,075,956
		MetLife, Inc.
	3,500,000	1.561%, 8/6/2013^b		3,544,796
		Metropolitan Life Global Funding
	1,320,000	5.125%, 4/10/2013^a		1,413,374
		Morgan Stanley
	1,000,000	4.750%, 4/1/2014		1,051,955
	2,000,000	4.200%, 11/20/2014		2,083,734
	2,500,000	3.800%, 4/29/2016		2,508,790
		National Australia Bank, Ltd.
	3,500,000	2.250%, 4/11/2014^a		3,523,313
		National Bank of Canada
	2,000,000	1.650%, 1/30/2014^a		2,017,952
		Nationwide Building Society
	2,000,000	4.650%, 2/25/2015^a		2,078,712
		NCUA Guaranteed Notes
	4,595,029	0.690%, 10/7/2020^b		4,601,491
	4,486,770	0.586%, 12/7/2020^b		4,493,483
		Network Rail Infrastructure Finance plc
	6,000,000	1.500%, 1/13/2014^a,f		5,989,234
		New York Life Global Funding
	2,000,000	2.250%, 12/14/2012^a		2,045,130
	2,000,000	3.000%, 5/4/2015^a		2,043,110
		Nordea Eiendomskreditt AS
	4,000,000	1.875%, 4/7/2014^a		4,033,288
		ORIX Corporation
	2,500,000	5.000%, 1/12/2016		2,578,265
		PNC Funding Corporation
	2,000,000	3.000%, 5/19/2014		2,058,460
		Prudential Financial, Inc.
	2,000,000	5.100%, 9/20/2014		2,176,782
	1,000,000	6.100%, 6/15/2017		1,119,890
		Rabobank Capital Funding Trust II
	1,012,000	5.260%, 12/29/2049^a,l,m		1,019,283
		Reinsurance Group of America, Inc.
	1,500,000	6.450%, 11/15/2019		1,644,945
		Royal Bank of Canada
	4,175,000	3.125%, 4/14/2015^a		4,320,908
		Santander US Debt SA Unipersonal
	750,000	2.991%, 10/7/2013^a		757,315
		SLM Corporation
	1,000,000	8.000%, 3/25/2020		1,107,327
		Societe Generale
	3,000,000	1.326%, 4/11/2014^a,b		3,004,326
		Stadshypotek AB
	4,000,000	0.857%, 9/30/2013^a,b		3,995,348
		Standard Chartered plc
	1,000,000	3.850%, 4/27/2015^a		1,039,861
		State Street Capital Trust III
	1,000,000	5.300%, 3/15/2042^b,l		1,001,130
		Svenske Exportkredit AB
	2,500,000	3.250%, 9/16/2014		2,632,543
		Swedbank AB
	2,500,000	2.800%, 2/10/2012^a		2,545,855
		Swedbank Hypotek AB
	5,000,000	0.759%, 3/28/2014^a,b		5,028,850
		TD Ameritrade Holding Corporation
	2,500,000	4.150%, 12/1/2014		2,637,795
		Toronto-Dominion Bank
	2,500,000	2.200%, 7/29/2015^a,f		2,503,487
		U.S. Bank National Association
	3,000,000	3.778%, 4/29/2020		3,091,050
		U.S. Central Federal Credit Union
	3,500,000	1.900%, 10/19/2012		3,571,677
		UBS AG of Stamford, Connecticut
	3,000,000	2.250%, 8/12/2013		3,048,999
		Union Bank NA
	3,000,000	2.125%, 12/16/2013		3,037,170
		UnitedHealth Group, Inc.
	1,000,000	5.500%, 11/15/2012		1,069,766
		Vestjysk Bank AS
	5,500,000	0.859%, 6/17/2013^a,b		5,538,830
		Wachovia Corporation
	2,000,000	5.250%, 8/1/2014		2,169,046
		WEA Finance, LLC/WT Finance Australia, Pty, Ltd.
	1,650,000	5.750%, 9/2/2015^a		1,830,322
		Westpac Banking Corporation
	3,000,000	1.037%, 3/31/2014^a,b		3,007,014

		Total Financials		258,402,780


	Foreign Government (3.2%)
		Corporacion Andina de Fomento
	2,500,000	5.750%, 1/12/2017		2,735,775
		European Investment Bank
	6,000,000	1.250%, 2/14/2014		6,022,068
		Finland Government International Bond
	3,000,000	2.250%, 3/17/2016^a		3,032,511
		Kommunalbanken AS
	5,000,000	2.750%, 5/5/2015^a		5,165,995
		Kreditanstalt fuer Wiederaufbau
	5,500,000	1.250%, 6/15/2012		5,554,175
		Mexico Government International Bond
	750,000	5.125%, 1/15/2020		792,750
		Nova Scotia Government Notes
	2,000,000	2.375%, 7/21/2015		2,033,792
		Petrobras International Finance Company - Pifco
	2,000,000	3.875%, 1/27/2016		2,027,556
		Poland Government International Bond
	1,250,000	5.125%, 4/21/2021		1,251,875

		Total Foreign Government		28,616,497

The accompanying Notes to Financial Statements are an integral part of this schedule.

213

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Long-Term Fixed Income (95.6%)	Value
	Mortgage-Backed Securities (3.3%)
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	$2,027,497	6.500%, 9/1/2037		$2,279,766
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,500,000	3.500%, 5/1/2026ⁿ		2,530,078
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	1,908,771	6.000%, 8/1/2024		2,112,553
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	2,495,397	5.870%, 9/1/2037^b		2,685,965
	1,385,095	5.722%, 10/1/2037^b		1,488,358
	9,355,000	5.500%, 5/1/2041ⁿ		10,068,319
	7,500,000	6.000%, 5/1/2041ⁿ		8,200,785

		Total Mortgage-Backed Securities		29,365,824


	Technology (0.2%)
		Affiliated Computer Services, Inc.
	1,000,000	5.200%, 6/1/2015		1,086,774
		Symantec Corporation
	1,000,000	2.750%, 9/15/2015		984,190

		Total Technology		2,070,964


	Transportation (1.4%)
		American Airlines Pass Through Trust
	1,250,000	5.250%, 7/31/2021		1,212,500
		Continental Airlines, Inc.
	1,350,000	6.750%, 9/15/2015^a		1,360,125
	1,944,749	7.250%, 11/10/2019		2,107,719
		CSX Corporation
	1,500,000	6.250%, 4/1/2015		1,714,804
		Delta Air Lines, Inc.
	250,000	6.750%, 5/23/2017		240,325
	1,000,000	6.375%, 7/2/2017		960,000
	1,464,309	7.750%, 12/17/2019		1,610,741
		Erac USA Finance Company
	2,500,000	2.750%, 7/1/2013^a		2,541,043
		US Airways Group, Inc.
	1,200,000	6.250%, 4/22/2023		1,170,000

		Total Transportation		12,917,257


	U.S. Government and Agencies (20.4%)
		FDIC Structured Sale Guaranteed Notes
	6,000,000	Zero Coupon, 1/7/2013^a		5,886,840
	3,491,940	0.711%, 11/29/2037^a,b		3,491,940
		Federal Agricultural Mortgage Corporation
	4,000,000	1.250%, 12/6/2013		4,016,860
	2,500,000	2.125%, 9/15/2015		2,525,925
		Federal Farm Credit Bank
	5,000,000	1.375%, 6/25/2013		5,074,135
		Federal Home Loan Banks
	6,000,000	0.192%, 2/10/2012^b		5,998,272
	7,500,000	1.375%, 5/28/2014		7,527,367
		Federal National Mortgage Association
	3,500,000	1.250%, 2/27/2014		3,518,071
	4,000,000	1.600%, 11/23/2015		3,920,672
		U.S. Treasury Bonds
	75,000	4.625%, 2/15/2040		77,730
		U.S. Treasury Notes
	4,500,000	0.625%, 12/31/2012		4,510,899
	3,000,000	0.750%, 12/15/2013		2,991,327
	12,000,000	1.500%, 12/31/2013		12,196,872
	13,500,000	1.750%, 1/31/2014		13,806,909
	7,500,000	1.250%, 2/15/2014		7,564,455
	17,200,000	2.250%, 5/31/2014		17,815,433
	10,000,000	2.375%, 9/30/2014		10,384,380
	41,500,000	2.000%, 1/31/2016		41,746,427
	3,975,000	2.750%, 2/28/2018		4,005,123
	1,200,000	3.625%, 2/15/2021		1,232,626
		U.S. Treasury Notes, TIPS
	5,477,450	2.500%, 7/15/2016		6,334,583
	5,802,440	1.875%, 7/15/2019		6,489,669
	10,619,280	1.125%, 1/15/2021		11,012,523

		Total U.S. Government and Agencies		182,129,038


	U.S. Municipals (0.1%)
		Houston, Texas Combined Utility System Revenue Refunding Bonds
	650,000	5.000%, 5/15/2034^b,o		650,942

		Total U.S. Municipals		650,942


	Utilities (0.9%)
		CMS Energy Corporation
	1,000,000	4.250%, 9/30/2015		1,022,754
		Commonwealth Edison Company
	1,700,000	1.625%, 1/15/2014		1,703,118
		Enterprise Products Operating, LLC
	1,500,000	5.200%, 9/1/2020		1,581,489
		National Rural Utilities Cooperative Finance Corporation
	1,350,000	5.500%, 7/1/2013		1,475,631
		Oncor Electric Delivery Company
	1,300,000	5.750%, 9/30/2020^a		1,397,933
		ONEOK Partners, LP
	350,000	8.625%, 3/1/2019		445,714
		Power Receivables Finance, LLC
	61,813	6.290%, 1/1/2012^d		61,975
		Virginia Electric & Power Company
	640,000	5.100%, 11/30/2012		681,626

		Total Utilities		8,370,240



		Total Long-Term Fixed Income (cost $852,099,584)		854,804,608

The accompanying Notes to Financial Statements are an integral part of this schedule.

214

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Shares		Mutual Funds (1.2%)	Value
	Fixed Income Mutual Funds (1.2%)
	2,247,228	Thrivent High Yield Fund		$11,168,725

		Total Fixed Income Mutual Funds		11,168,725



		Total Mutual Funds (cost $8,300,000)		11,168,725


Shares		Preferred Stock (0.4%)	Value
	Financials (0.4%)
	20,000	CalEnergy Capital Trust III, Convertible, 6.500%		1,004,000
	10,250	Citigroup, Inc., Convertible,
		7.500%		1,332,910
	72,400	Federal National Mortgage Association, 8.250%^l,m		147,696
	39,000	HSBC Holdings plc, 8.000%^l		1,069,770

		Total Financials		3,554,376



		Total Preferred Stock (cost $4,548,226)		3,554,376


Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	125	$118.00, expires 5/21/2011		$5,860

		Total Options Purchased (cost $29,672)		5,860


Shares		Collateral Held for Securities Loaned (0.7%)	Value
	5,845,100	Thrivent Financial Securities Lending Trust		$5,845,100

		Total Collateral Held for Securities Loaned (cost $5,845,100)		5,845,100


Principal Amount		Short-Term Investments (3.9%)^p	Value
		Federal Home Loan Bank Discount Notes
	4,000,000	0.050%, 5/6/2011		3,999,967
	10,000,000	0.039%, 5/11/2011^q		9,999,881
	5,525,000	0.040%, 5/17/2011		5,524,896
		Federal Home Loan Mortgage Corporation Discount Notes
	12,800,000	0.030%, 5/9/2011		12,799,904
	2,250,000	0.158%, 8/29/2011^r,s		2,248,816

		Total Short-Term Investments (at amortized cost)		34,573,464

		Total Investments (cost $905,396,046) 101.8%		$909,952,133

		Other Assets and Liabilities, Net (1.8%)		(16,070,162	)

		Total Net Assets 100.0%		$893,881,971

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.

c	All or a portion of the security is insured or guaranteed.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Limited Maturity Bond Fund owned as of April 29, 2011.


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial Mortgage Securities, Inc.		3/30/2007		$2,000,000
Commercial Mortgage Pass- Through Certificates		5/2/2007		$1,500,000
Commercial Mortgage Pass- Through Certificates		10/18/2006		$1,000,000
First Franklin Mortgage Loan Asset-Backed Certificates		4/19/2006		$85,895
Mortgage Equity Conversion Asset Trust		1/18/2007		$2,635,264
Mortgage Equity Conversion Asset Trust		2/14/2007		$2,592,739
Power Receivables Finance, LLC		9/30/2003		$61,795
Wachovia Asset Securitization, Inc.		3/16/2007		$1,028,212

e	Defaulted security. Interest is not being accrued.

f	All or a portion of the security is on loan.

g	Denotes equity-linked structured securities. These securities are linked to the S&P 500 Index.

h	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of RadioShack Corporation.

i	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Microsoft Corporation.

j	Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Kubota Corporation.

k	In bankruptcy. Interest is not being accrued.

l	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

m	Non-income producing security.

n	Denotes investments purchased on a when-issued or delayed delivery basis.

p	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

q	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

r	At April 29, 2011, $1,649,132 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

The accompanying Notes to Financial Statements are an integral part of this schedule.

215

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

s	At April 29, 2011, $599,684 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Definitions:


REIT		- Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
TIPS		- Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$21,248,939
Gross unrealized depreciation	(17,092,906	)

Net unrealized appreciation (depreciation)	$4,156,033

Cost for federal income tax purposes	$905,796,100

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Limited Maturity Bond Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Long-Term Fixed Income

Asset-Backed Securities

124,638,365

–

116,133,874

8,504,491

Basic Materials

9,005,545

–

9,005,545

–

Capital Goods

6,096,403

–

6,096,403

–

Collateralized Mortgage Obligations

24,317,083

–

24,317,083

–

Commercial Mortgage-Backed Securities

83,334,347

–

83,334,347

–

Communications Services

17,932,032

–

17,932,032

–

Consumer Cyclical

9,667,360

–

9,667,360

–

Consumer Non-Cyclical

22,858,479

–

22,858,479

–

Energy

34,431,452

–

34,431,452

–

Financials

258,402,780

–

248,031,141

10,371,639

Foreign Government

28,616,497

–

28,616,497

–

Mortgage-Backed Securities

29,365,824

–

29,365,824

–

Technology

2,070,964

–

2,070,964

–

Transportation

12,917,257

–

12,917,257

–

U.S. Government and Agencies

182,129,038

–

178,637,098

3,491,940

U.S. Municipals

650,942

–

650,942

–

Utilities

8,370,240

–

8,370,240

–

Mutual Funds

Fixed Income Mutual Funds

11,168,725

–

Preferred Stock

Financials

3,554,376

2,550,376

1,004,000

–

Options Purchased

5,860

–

Collateral Held for Securities Loaned

5,845,100

–

Short-Term Investments

34,573,464

–

34,573,464

–

Total

$909,952,133

$19,570,061

$868,014,002

$22,368,070

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

50,126

–

Total Asset Derivatives

$50,126

$–

Liability Derivatives

Futures Contracts

2,296,899

–

Credit Default Swaps

236,300

–

236,300

–

Total Liability Derivatives

$2,533,199

$2,296,899

$236,300

$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

216

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Limited Maturity Bond Fund.


Investments in Securities	Value October 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value April 29, 2011
Long-Term Fixed Income
Asset-Backed Securities		5,826,035		–		187,272			3,499,298		(210,440	)		–		(797,674	)		8,504,491
Financials		12,911,525		–		466,148			2,000,428		(404,971	)		–		(4,601,491	)		10,371,639
Mortgage-Backed Securities		4,334,031		–		–			–		(842,091	)		–		–			3,491,940
Transportation		6,283,000		152,453		(240,010	)		–		(2,476,983	)		–		(3,718,460	)		–

Total		$29,354,591		$152,453		$413,410			$5,499,726		($3,934,485	)		$–		($9,117,625	)		$22,368,070

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on April 29, 2011 of $502,251


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(85	)		June 2011		($18,541,694	)		($18,625,625	)		($83,931	)
5-Yr. U.S. Treasury Bond Futures		(1,100	)		June 2011		(128,567,736	)		(130,315,625	)		(1,747,889	)
10-Yr. U.S. Treasury Bond Futures		(205	)		June 2011		(24,368,750	)		(24,833,829	)		(465,079	)
20-Yr. U.S. Treasury Bond Futures		10			June 2011		1,173,624			1,223,750			50,126
Total Futures Contracts													($2,246,773	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/ (Loss)
CDX HY, Series 16, 5 Year, at 5.00%; Bank of America		Buy		6/20/2016		$13,000,000		$255,912		($439,893	)		($183,981	)
CDX IG, Series 16, 5 Year, at 1.00%; J.P. Morgan Chase and Co.		Buy		6/20/2016		13,000,000		24,782		(77,101	)		(52,319	)
Total Credit Default Swaps										($516,994	)		($236,300	)

As the buyer of protection, Limited Maturity Bond Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Limited Maturity Bond Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

²	The maximum potential amount of future payments Limited Maturity Bond Fund could be required to make as the seller or receive as the buyer of protection.

The accompanying Notes to Financial Statements are an integral part of this schedule.

217

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of April 29, 2011, for Limited Maturity Bond Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		$5,860
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		50,126
Total Interest Rate Contracts			55,986

Total Asset Derivatives			$55,986


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,296,899
Total Interest Rate Contracts			2,296,899
Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		236,300
Total Credit Contracts			236,300

Total Liability Derivatives			$2,533,199

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended April 29, 2011, for Limited Maturity Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		(408,626	)
Futures	Net realized gains/(losses) on Futures contracts		1,920,463
Total Interest Rate Contracts			1,511,837

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(615,600	)
Total Credit Contracts			(615,600	)

Total			$896,237

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended April 29, 2011, for Limited Maturity Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		10,658
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		134,881
Total Interest Rate Contracts			145,539
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		20,918
Total Credit Contracts			20,918

Total			$166,457

The accompanying Notes to Financial Statements are an integral part of this schedule.

218

Limited Maturity Bond Fund

Schedule of Investments as of April 29, 2011

(unaudited)

The following table presents Limited Maturity Bond Fund’s average volume of derivative activity during the period ended April 29, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage of
Average Net Assets)

Swaps
(Notional*)

Swaps
(Percentage of
Average Net Assets)

Options
(Contracts)

Interest Rate Contracts

$174,408,228

20.7

N/A

255

Credit Contracts

N/A

$31,938,988

3.8

N/A

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Limited Maturity Bond Fund, is as follows:


Fund	Value October 31, 2010		Gross Purchases		Gross Sales		Shares Held at April 29, 2011		Value April 29, 2011		Income Earned November 1, 2010 - April 29, 2011
High Yield		$10,921,529		$–		$–		2,247,228		$11,168,725		$424,918
Thrivent Financial Securities Lending Trust		6,975,715		63,588,314		64,718,929		5,845,100		5,845,100		6,278
Total Value and Income Earned		17,897,244								17,013,825		431,196

The accompanying Notes to Financial Statements are an integral part of this schedule.

219

Money Market Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Asset Backed Commercial Paper (15.3%)^a	Value
		Bryant Park Funding, LLC
	$6,480,000	0.120%, 5/2/2011^b		$6,479,957
		Dealers Capital Access
	6,700,000	0.420%, 5/24/2011^b		6,698,124
	5,100,000	0.450%, 6/1/2011^b		5,097,960
	6,600,000	0.340%, 6/3/2011^b		6,597,881
	5,160,000	0.350%, 6/7/2011^b		5,158,094
	6,490,000	0.355%, 6/22/2011^b		6,486,608
		Golden Funding Corporation
	4,400,000	0.210%, 5/2/2011^b		4,399,949
	6,454,000	0.320%, 5/26/2011^b		6,452,508
		Kells Funding, LLC
	6,885,000	0.390%, 6/17/2011^b		6,881,420
	6,950,000	0.400%, 8/10/2011^b		6,942,123
	6,670,000	0.340%, 8/17/2011^b		6,663,134
		Nieuw Amsterdam Receivables Corporation
	3,360,000	0.300%, 5/11/2011^b		3,359,692
		Straight-A Funding, LLC
	6,940,000	0.250%, 5/3/2011^b		6,939,855
	6,700,000	0.250%, 5/20/2011^b		6,699,069
		Thunder Bay Funding, LLC
	6,700,000	0.270%, 6/27/2011^b		6,697,086
	6,700,000	0.270%, 6/28/2011^b		6,697,035

		Total Asset Backed Commercial Paper		98,250,495


Principal Amount		Financial Company Commercial Paper (20.2%)^a	Value
		Alliancebernstein
	11,185,000	0.110%, 5/2/2011		11,184,932
	11,500,000	0.140%, 5/3/2011		11,499,866
		Credit Suisse First Boston, Inc.
	6,940,000	0.300%, 6/23/2011		6,936,877
		General Electric Capital Corporation
	8,500,000	1.190%, 8/22/2011^b		8,604,378
	6,970,000	0.659%, 9/28/2011^b,c		6,980,391
		New York Life Global Funding
	7,950,000	0.434%, 6/16/2011^b,c,d		7,951,435
		NRW Bank
	6,800,000	0.300%, 5/11/2011		6,799,377
		Rabobank Nederland NV
	5,415,000	0.511%, 8/5/2011^c,d		5,417,663
		Rabobank Nederland NV/NY
	7,400,000	0.320%, 12/6/2011^b,c		7,400,000
		Rabobank USA Finance Corporation
	6,880,000	0.360%, 7/26/2011^b		6,874,014
		Royal Bank of Canada
	9,000,000	0.709%, 6/23/2011^c		9,005,512
		Santander CP SA
	6,420,000	0.300%, 5/16/2011^b		6,419,144
		Svenska Handelsbanken NY
	6,940,000	0.350%, 8/3/2011		6,940,091
		Toronto-Dominion Bank NY
	3,700,000	0.281%, 10/28/2011^c		3,700,000
	3,485,000	0.307%, 1/12/2012^c		3,485,000
		UBS AG
	6,820,000	0.335%, 6/30/2011		6,820,000
		Wells Fargo & Company
	5,470,000	0.482%, 8/26/2011		5,556,030
	6,990,000	0.364%, 1/24/2012^c		6,993,711

		Total Financial Company Commercial Paper		128,568,421


Principal Amount		Government Agency Debt (19.9%)^a	Value
		Caisse D’Amortissement de la Dette Sociale
	6,800,000	0.300%, 6/2/2011		6,798,130
	6,700,000	0.290%, 6/23/2011		6,697,085
		Federal Farm Credit Bank
	7,320,000	0.190%, 8/8/2012^b,c		7,318,885
		Federal Home Loan Banks
	5,000,000	0.137%, 8/12/2011^b,c		4,992,482
	7,800,000	0.170%, 9/20/2011^b,c		7,800,000
	7,900,000	0.220%, 3/20/2012^b,c		7,899,283
		Federal Home Loan Mortgage Corporation
	15,380,000	0.174%, 9/19/2011^b,c		15,376,907
	8,300,000	0.163%, 12/21/2011^b,c		8,297,265
	3,500,000	0.090%, 1/13/2012^b,c		3,497,476
	8,300,000	0.090%, 1/25/2012^b,c		8,285,582
		Federal National Mortgage Association
	9,000,000	0.174%, 9/19/2011^b,c		8,998,580
	8,000,000	0.320%, 9/13/2012^b,c		8,002,209
	8,000,000	0.246%, 9/17/2012^b,c		8,000,000
	3,700,000	0.290%, 11/23/2012^b,c		3,698,861
		Overseas Private Investment Corporation
	2,415,000	0.503%, 12/9/2011^b		2,512,498
	8,830,000	0.650%, 12/9/2011^b		8,830,000
		U.S. Central Federal Credit Union
	10,250,000	0.275%, 10/19/2011^b,c		10,250,000

		Total Government Agency Debt		127,255,243


Shares		Investment Company (8.0%)	Value
		AIM Investments Institutional Government and Agency Portfolio
	100,000	0.020%		100,000
		BlackRock Cash Funds
	25,673,000	0.180%		25,673,000
		Dreyfus Institutional Cash Advantage Fund
	25,380,000	0.130%		25,380,000
		DWS Money Market Series
	182,000	0.110%		182,000

		Total Investment Company		51,335,000


Principal Amount		Other Commercial Paper (6.4%)^a	Value
		ENI Finance USA, Inc.
	26,335,000	0.110%, 5/2/2011^b		26,334,839
		Georgia Transmission Corporation
	6,700,000	0.320%, 5/24/2011		6,698,571
	1,000,000	0.330%, 6/15/2011		999,578

The accompanying Notes to Financial Statements are an integral part of this schedule.

220

Money Market Fund

Schedule of Investments as of April 29, 2011

(unaudited)


Principal Amount		Other Commercial Paper (6.4%)^a	Value
		Toyota Motor Credit Corporation
	$6,820,000	0.320%, 6/30/2011		$6,816,302

		Total Other Commercial Paper		40,849,290


Principal Amount		Other Municipal Debt (14.0%)^a	Value
		Alaska Housing Finance Corporation
	4,000,000	0.330%, 5/16/2011		3,999,413
	4,250,000	0.330%, 5/17/2011		4,249,338
	6,915,000	0.320%, 6/3/2011		6,912,910
	10,040,000	0.320%, 6/6/2011		10,036,698
		Nebraska Public Power District
	6,665,000	0.280%, 5/9/2011		6,664,534
		State of Wisconsin
	5,350,000	0.360%, 11/5/2011		5,350,000
	6,775,000	0.360%, 11/12/2011		6,775,000
	6,580,000	0.360%, 1/14/2012		6,580,000
	6,615,000	0.360%, 1/15/2012		6,615,000
		Suffolk County, New York Tax Antic Notes
	6,550,000	0.543%, 8/11/2011		6,596,254
	6,550,000	0.551%, 9/13/2011		6,585,632
		Texas Public Finance Authority
	6,590,000	0.300%, 7/12/2011^b		6,590,000
	6,575,000	0.290%, 7/13/2011^b		6,575,000
	6,585,000	0.290%, 7/14/2011^b		6,585,000

		Total Other Municipal Debt		90,114,779


Principal Amount		Other Note (1.9%)^a	Value
		J.P. Morgan Chase & Company
	8,870,000	0.407%, 6/1/2011		8,911,561
		J.P. Morgan Chase Bank NA
	3,290,000	0.304%, 5/18/2012^c		3,290,000

		Total Other Note		12,201,561


Principal Amount		Variable Rate Demand Note (14.3%)^a	Value
		Andrew W. Mellon Foundation
	9,100,000	0.240%, 5/6/2011^c		9,100,000
		Denver, Colorado Airport System Revenue Bonds
	21,500,000	0.240%, 5/6/2011^b,c		21,500,000
		Douglas County, Nebraska Hospital Authority No. 2 Health Facilities Revenue Refunding Bonds (Children’s Hospital)
	6,700,000	0.280%, 5/2/2011^b,c		6,700,000
		Lancaster County, Nebraska Hospital Authority No. 1 Hospital Revenue Refunding Bonds (BryanLGH Medical Center)
	3,870,000	0.250%, 5/6/2011^b,c		3,870,000
		Louisiana Housing Finance Agency Qualified Gulf Opportunity Zone Bonds (Canterbury House Apartments - Sherwood)
	9,000,000	0.260%, 5/6/2011^b,c		9,000,000
		Olathe, Kansas Health Facilities Revenue Bonds (Olathe Medical Center)
	12,100,000	0.300%, 5/2/2011^b,c		12,100,000
		Overseas Private Investment Corporation
	2,155,172	0.250%, 5/4/2011^b,c		2,155,172
	4,649,124	0.250%, 5/4/2011^b,c		4,649,124
	2,110,344	0.250%, 5/4/2011^b,c		2,110,344
		Pitney Road Partners, LLC
	5,480,000	0.400%, 5/6/2011^b,c,d		5,480,000
		St. Cloud, Minnesota Health Care Refunding Revenue Bonds (CentraCare Health System)
	8,240,000	0.240%, 5/6/2011^b,c		8,240,000
		Wisconsin State Health & Educational Facilities Authority Revenue Prohealth Care Inc.
	6,700,000	0.280%, 5/2/2011^b,c		6,700,000

		Total Variable Rate Demand Note		91,604,640



		Total Investments (at amortized cost) 100.0%	$	640,179,429

		Other Assets and Liabilities, Net (<0.1%)		(148,016	)

		Total Net Assets 100.0%	$	640,031,413

a	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

b	Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of April 29, 2011.


Cost for federal income tax purposes		$640,179,429

The accompanying Notes to Financial Statements are an integral part of this schedule.

221

Money Market Fund

Schedule of Investments as of April 29, 2011

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of April 29, 2011, in valuing Money Market Fund’s assets carried at fair value or amortized cost, which approximates fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Asset Backed Commercial Paper

98,250,495

–

98,250,495

–

Financial Company Commercial Paper

128,568,421

–

128,568,421

–

Government Agency Debt

127,255,243

–

127,255,243

–

Investment Company

51,335,000

–

Other Commercial Paper

40,849,290

–

40,849,290

–

Other Municipal Debt

90,114,779

–

90,114,779

–

Other Note

12,201,561

–

12,201,561

–

Variable Rate Demand Note

91,604,640

–

91,604,640

–

Total

640,179,429

51,335,000

588,844,429

–

The accompanying Notes to Financial Statements are an integral part of this schedule.

222

[THIS PAGE INTENTIONALLY LEFT BLANK]

223

Thrivent Mutual Funds

Statement of Assets and Liabilities


*As of April 29, 2011 (unaudited)*	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
Assets
Investments at cost		$530,650,661			$1,246,155,891			$1,238,709,348			$553,464,263
Investments in securities at value		197,746,366			382,243,135			340,455,248			165,117,118
Investments in affiliates at value		406,628,093			985,782,090			1,002,078,569			428,041,435
Investments at Value		604,374,459			1,368,025,225			1,342,533,817			593,158,553

Cash		91,747			77,033			115,055			6,072
Dividends and interest receivable		297,612			795,806			1,002,726			556,550
Prepaid expenses		27,470			39,483			36,865			29,451
Receivable for investments sold		1,426,742			2,333,457			1,893,587			784,357
Receivable for fund shares sold		413,271			834,389			1,206,283			1,095,008
Receivable for forward contracts		–			–			–			–
Receivable for variation margin		259,200			523,465			357,625			94,825
Total Assets		606,890,501			1,372,628,858			1,347,145,958			595,724,816

Liabilities
Accrued expenses		50,192			70,670			64,193			40,646
Payable for investments purchased		704,872			5,948,181			4,921,886			5,754,345
Payable upon return of collateral for securities loaned		–			–			–			–
Payable for fund shares redeemed		151,591			485,907			1,766,388			578,199
Payable for forward contracts		–			–			–			–
Swap agreements, at value		149,335			941,958			941,959			436,517
Payable for variation margin		319,475			687,156			447,778			127,160
Payable to affiliate		276,863			602,689			574,057			244,053
Mortgage dollar roll deferred revenue		–			5,460			4,601			6,074
Total Liabilities		1,652,328			8,742,021			8,720,862			7,186,994

Net Assets
Capital stock (beneficial interest)		544,108,490			1,265,590,822			1,248,860,778			549,032,334
Accumulated undistributed net investment income/(loss)		(134,274	)		3,405,321			1,442,129			823,104
Accumulated undistributed net realized gain/(loss)		(11,579,266	)		(24,950,036	)		(14,310,508	)		(678,297	)
Net unrealized appreciation/(depreciation) on:
Investments		24,161,309			42,981,252			33,065,159			13,292,635
Affiliated investments		49,562,489			78,888,082			70,759,310			26,401,655
Futures contracts		(854,386	)		(1,865,912	)		(1,228,849	)		(257,547	)
Foreign currency forward contracts		–			–			–			–
Foreign currency transactions		466			809			578			–
Swap agreements		(26,655	)		(163,501	)		(163,501	)		(76,062	)
Total Net Assets		$605,238,173			$1,363,886,837			$1,338,425,096			$588,537,822

Class A Share Capital		$519,270,911			$1,270,546,340			$1,276,581,304			$566,265,390
Shares of beneficial interest outstanding (Class A)		43,275,322			106,841,038			109,700,567			49,912,472
Net asset value per share		$12.00			$11.89			$11.64			$11.35
Maximum public offering price		$12.70			$12.58			$12.32			$12.01
Institutional Class Share Capital		$85,967,262			$93,340,497			$61,843,792			$22,272,432
Shares of beneficial interest outstanding (Institutional Class)		7,123,436			7,805,983			5,303,325			1,958,554
Net asset value per share		$12.07			$11.96			$11.66			$11.37

The accompanying Notes to Financial Statements are an integral part of this schedule.

224

Thrivent Mutual Funds

Statement of Assets and Liabilities – continued


Partner Small Cap Growth Fund			Partner Small Cap Value Fund			Small Cap Stock Fund			Mid Cap Growth Fund			Partner Mid Cap Value Fund			Mid Cap Stock Fund			Partner Worldwide Allocation Fund

	$120,240,839			$204,549,521			$307,405,519			$354,724,199			$110,743,542			$744,766,589			$258,015,409
	147,502,164			251,159,897			355,766,337			445,121,448			134,881,762			920,907,364			306,871,382
	16,933,587			18,579,300			12,883,631			23,278,948			4,345,013			82,719,325			–
	164,435,751			269,739,197			368,649,968			468,400,396			139,226,775			1,003,626,689			306,871,382
	1,313,176			918,725			3,910			158,426			857			2,330			3,276,023	^(a)
	14,753			82,740			7,409			124,638			78,495			237,684			1,780,996
	17,640			19,586			13,283			14,609			17,889			19,665			7,399
	2,186,723			–			376,597			2,115,227			439,837			4,634,001			584,474
	11,360			126,598			26,373			248,457			29,692			180,328			148,921
	–			–			–			–			–			–			353,021
	–			–			127,800			–			–			–			7,497
	167,979,403			270,886,846			369,205,340			471,061,753			139,793,545			1,008,700,697			313,029,713
	25,236			45,253			98,916			76,070			26,486			177,953			50,922
	1,728,458			–			830,605			1,384,344			675,467			1,001,257			1,840,839
	16,933,587			18,579,300			12,883,631			23,278,948			4,345,013			82,719,325			–
	16,383			329,779			201,168			323,730			56,543			347,277			30,783
	–			–			–			–			–			–			301,154
	–			–			–			–			–			–			–
	–			–			–			–			–			–			–
	117,923			182,504			308,240			257,393			90,842			717,977			206,658
	–			–			–			–			–			–			–
	18,821,587			19,136,836			14,322,560			25,320,485			5,194,351			84,963,789			2,430,356
	114,966,731			182,330,553			337,129,453			310,382,756			110,732,253			851,857,184			268,104,654
	(534,908	)		(607,355	)		(1,003,999	)		(109,578	)		157,585			319,949			2,060,178
	(9,468,919	)		4,837,136			(44,312,590	)		21,791,893			(4,773,877	)		(187,300,325	)		(8,611,927	)
	44,194,912			65,189,676			61,244,449			113,676,197			28,483,233			258,860,100			48,855,973
	–			–			–			–			–			–			–
	–			–			1,825,467			–			–			–			110,703
	–			–			–			–			–			–			51,867
	–			–			–			–			–			–			27,909
	–			–			–			–			–			–			–
	$149,157,816			$251,750,010			$354,882,780			$445,741,268			$134,599,194			$923,736,908			$310,599,357
	$23,662,444			$83,031,843			$283,176,461			$276,502,592			$20,359,520			$666,566,584			$43,795,899
	1,677,680			5,043,562			17,944,109			14,109,524			1,543,280			39,982,317			4,562,611
	$14.10			$16.46			$15.78			$19.60			$13.19			$16.67			$9.60
	$14.92			$17.42			$16.70			$20.74			$13.96			$17.64			$10.16
	$125,495,372			$168,718,167			$71,706,319			$169,238,676			$114,239,674			$257,170,324			$266,803,458
	8,714,261			9,787,944			4,068,459			7,725,274			8,638,769			14,331,528			27,709,866
	$14.40			$17.24			$17.62			$21.91			$13.22			$17.94			$9.63

^(a)	Includes foreign currency holdings of $127,182 (cost $120,021).

The accompanying Notes to Financial Statements are an integral part of this schedule.

225

Thrivent Mutual Funds

Statement of Assets and Liabilities – continued


*As of April 29, 2011 (unaudited)*	Partner International Stock Fund			Large Cap Growth Fund			Large Cap Value Fund			Large Cap Stock Fund
Assets
Investments at cost		$468,055,053			$316,861,828			$483,643,274			$1,575,408,771
Investments in securities at value		480,341,887			356,341,111			593,815,317			1,852,732,923
Investments in affiliates at value		67,140,483			4,048,950			7,472,800			42,537,350
Investments at Value		547,482,370			360,390,061			601,288,117			1,895,270,273

Cash		124,487	^(a)		–			541			1,200,451
Dividends and interest receivable		3,737,729			297,521			627,531			1,962,917
Prepaid expenses		10,983			19,551			9,182			31,559
Receivable for investments sold		677,906			14,782,449			7,969,371			35,063,605
Receivable for fund shares sold		22,596			141,862			437,034			111,332
Receivable for forward contracts		1,880			–			–			–
Receivable for variation margin		–			–			–			35,592
Total Assets		552,057,951			375,631,444			610,331,776			1,933,675,729

Liabilities
Distributions payable		–			–			–			–
Accrued expenses		120,058			86,161			105,350			558,590
Other liabilities		–			1,323			–			–
Payable for investments purchased		2,042,964			13,868,731			10,065,663			21,182,904
Payable upon return of collateral for securities loaned		67,140,483			4,048,950			7,472,800			42,537,350
Payable for fund shares redeemed		236,693			71,730			258,164			1,160,998
Payable for forward contracts		1,072			–			–			–
Open options written, at value		–			66			–			26,250
Swap agreements, at value		–			–			–			–
Payable for variation margin		–			–			–			–
Payable to affiliate		316,666			245,106			293,794			1,394,272
Mortgage dollar roll deferred revenue		–			–			–			–
Total Liabilities		69,857,936			18,322,067			18,195,771			66,860,364

Net Assets
Capital stock (beneficial interest)		537,665,067			408,890,322			576,402,216			1,568,461,854
Accumulated undistributed net investment income/(loss)		4,690,301			174,364			2,225,374			2,996,879
Accumulated undistributed net realized gain/(loss)		(139,715,641	)		(95,296,495	)		(104,136,428	)		(24,774,328	)
Net unrealized appreciation/(depreciation) on:
Investments		79,427,317			43,528,233			117,644,843			319,861,502
Affiliated investments		–			–			–			–
Written option contracts		–			12,953			–			(14,625	)
Futures contracts		–			–			–			284,083
Foreign currency forward contracts		808			–			–			–
Foreign currency transactions		132,163			–			–			–
Swap agreements		–			–			–			–
Total Net Assets		$482,200,015			$357,309,377			$592,136,005			$1,866,815,365

Class A Share Capital		$181,244,359			$133,884,382			$196,394,408			$1,666,943,898
Shares of beneficial interest outstanding (Class A)		16,913,659			24,668,812			13,377,151			69,721,003
Net asset value per share		$10.72			$5.43			$14.68			$23.91
Maximum public offering price		$11.34			$5.75			$15.53			$25.30

Institutional Class Share Capital		$300,955,656			$223,424,995			$395,741,597			$199,871,467
Shares of beneficial interest outstanding (Institutional Class)		27,575,491			38,440,718			26,818,783			8,310,872
Net asset value per share		$10.91			$5.81			$14.76			$24.05

^(a)	Includes foreign currency holdings of $117,804 (cost $116,693).

The accompanying Notes to Financial Statements are an integral part of this schedule.

226

Thrivent Mutual Funds

Statement of Assets and Liabilities – continued


Balanced Fund			High Yield Fund			Municipal Bond Fund			Income Fund			Core Bond Fund			Government Bond Fund			Limited Maturity Bond Fund

	$213,744,916			$735,815,248			$1,329,518,005			$780,097,704			$340,578,483			$99,860,660			$905,396,046
	234,077,634			717,174,578			1,360,456,252			787,337,210			332,967,344			102,765,096			892,938,308
	5,966,226			62,947,098			–			24,897,907			13,150,687			–			17,013,825
	240,043,860			780,121,676			1,360,456,252			812,235,117			346,118,031			102,765,096			909,952,133
	851			4,750			1,032			98,299			15,138			1,193,987			331,386
	626,573			13,467,576			20,806,835			9,198,676			1,971,127			663,579			3,953,569
	6,061			13,534			26,597			12,494			16,271			4,149			12,122
	3,403,996			1,722,849			–			21,527,607			7,736,329			–			11,217,240
	2,787			456,910			587,830			321,132			109,838			133,499			2,027,248
	–			–			–			–			–			–			–
	9,800			–			–			94,844			20,000			–			2,500
	244,093,928			795,787,295			1,381,878,546			843,488,169			355,986,734			104,760,310			927,496,198
	–			1,348,552			763,714			245,035			76,553			1,726			23,066
	79,938			106,607			219,680			114,499			96,957			14,148			84,785
	–			–			–			–			–			–			–
	19,198,261			8,031,758			3,136,072			41,710,764			62,730,417			6,187,539			25,619,448
	4,146,550			62,947,098			–			11,235,152			–			–			5,845,100
	186,548			372,159			300,288			246,435			73,003			10,477			1,056,396
	–			–			–			–			–			–			–
	–			–			–			–			–			40,000			–
	59,653			643,289			–			170,316			477,225			–			516,994
	9,844			–			–			196,759			59,024			–			170,003
	155,494			368,729			764,982			339,231			169,031			39,197			278,788
	17,312			–			–			39,162			65,736			4,208			19,647
	23,853,600			73,818,192			5,184,736			54,297,353			63,747,946			6,297,295			33,614,227
	191,365,154			830,230,396			1,347,107,604			804,374,638			306,566,859			95,406,105			890,521,018
	128,707			77,093			(61,538	)		294,603			161,654			23,649			(47,163	)
	2,444,348			(152,555,520	)		(1,290,503	)		(47,224,140	)		(19,423,039	)		158,044			1,335,102
	25,879,268			44,306,428			30,938,247			28,174,658			2,188,861			2,904,436			1,687,362
	419,676			–			–			3,962,755			3,350,687			–			2,868,725
	–			–			–			–			–			(29,219	)		–
	30,440			–			–			(269,496	)		(388,112	)		–			(2,246,773	)
	–			–			–			–			–			–			–
	–			–			–			–			–			–			–
	(27,265	)		(89,294	)		–			(122,202	)		(218,122	)		–			(236,300	)
	$220,240,328			$721,969,103			$1,376,693,810			$789,190,816			$292,238,788			$98,463,015			$893,881,971
	$160,150,113			$462,590,093			$1,288,057,055			$400,283,697			$236,783,652			$4,845,158			$320,681,871
	12,126,388			93,167,381			118,013,733			45,434,995			23,449,296			474,116			25,577,302
	$13.21			$4.97			$10.91			$8.81			$10.10			$10.22			$12.54
	$13.98			$5.20			$11.42			$9.23			$10.58			$10.43			$12.54
	$60,090,215			$259,379,010			$88,636,755			$388,907,119			$55,455,136			$93,617,857			$573,200,100
	4,556,262			52,214,998			8,121,270			44,181,313			5,490,405			9,159,541			45,727,757
	$13.19			$4.97			$10.91			$8.80			$10.10			$10.22			$12.54

The accompanying Notes to Financial Statements are an integral part of this schedule.

227

Thrivent Mutual Funds

Statement of Assets and Liabilities – continued


*As of April 29, 2011 (unaudited)*	Money Market Fund
Assets
Investments at cost		$640,179,429
Investments in securities at value		640,179,429
Investments at Value		640,179,429

Cash		2,658
Dividends and interest receivable		651,517
Prepaid expenses		29,136
Receivable for fund shares sold		3,555,592
Total Assets		644,418,332

Liabilities
Accrued expenses		35,113
Payable for fund shares redeemed		4,251,041
Payable to affiliate		100,765
Total Liabilities		4,386,919

Net Assets
Capital stock (beneficial interest)		640,164,270
Accumulated undistributed net investment income/(loss)		(142,164	)
Accumulated undistributed net realized gain/(loss)		9,307
Total Net Assets		$640,031,413

Class A Share Capital		$626,872,510
Shares of beneficial interest outstanding (Class A)		626,872,510
Net asset value per share		$1.00
Maximum public offering price		$1.00
Institutional Class Share Capital		$13,158,903
Shares of beneficial interest outstanding (Institutional Class)		13,158,903
Net asset value per share		$1.00

The accompanying Notes to Financial Statements are an integral part of this schedule.

228

[THIS PAGE INTENTIONALLY LEFT BLANK]

229

Thrivent Mutual Funds

Statement of Operations


*For the six months ended April 29, 2011 (unaudited)*	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
Investment Income
Dividends		$955,397			$1,737,111			$1,325,042			$470,357
Taxable interest		400,473			1,991,170			2,961,910			1,752,717
Income from mortgage dollar rolls		–			27,741			23,377			30,858
Income from securities loaned		–			–			–			–
Income from affiliated investments		3,112,364			11,299,147			13,805,034			6,472,979
Foreign dividend tax withholding		(23,366	)		(36,006	)		(25,729	)		(8,969	)
Total Investment Income		4,444,868			15,019,163			18,089,634			8,717,942

Expenses
Adviser fees		919,472			1,737,387			1,566,039			726,172
Sub-Adviser fees		–			–			–			–
Administrative service fees		89,897			159,214			157,995			89,482
Audit and legal fees		12,643			17,451			17,488			12,774
Custody fees		33,964			35,568			35,329			27,952
Distribution expenses Class A		587,987			1,445,705			1,468,355			654,671
Insurance expenses		3,116			5,144			5,128			3,136
Printing and postage expenses Class A		161,834			292,686			223,375			87,705
Printing and postage expenses Institutional Class		258			236			252			210
SEC and state registration expenses		14,727			28,073			36,968			24,028
Transfer agent fees Class A		395,442			723,707			544,551			207,815
Transfer agent fees Institutional Class		198			235			297			285
Trustees’ fees		4,737			6,605			6,268			4,389
Other expenses		9,273			9,715			9,747			8,431
Total Expenses Before Reimbursement		2,233,548			4,461,726			4,071,792			1,847,050

Less:
Reimbursement from adviser		(382,528	)		(603,488	)		(416,388	)		(247,539	)
Custody earnings credit		(255	)		(240	)		(202	)		(90	)
Total Net Expenses		1,850,765			3,857,998			3,655,202			1,599,421

Net Investment Income/(Loss)		2,594,103			11,161,165			14,434,432			7,118,521

Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		11,019,307			18,725,444			13,425,355			5,634,728
Affiliated investments		(1,335,797	)		(2,527,955	)		(1,072,814	)		(846,730	)
Distributions of realized capital gains from affiliated investments		88,707			196,531			152,835			87,658
Futures contracts		(282,147	)		(2,481,449	)		3,272,549			1,735,443
Foreign currency transactions		(10,458	)		(19,138	)		(13,417	)		(34	)
Swap agreements		(25,319	)		(160,888	)		(160,888	)		(74,483	)
Change in net unrealized appreciation/(depreciation) on:
Investments		13,230,632			22,986,992			17,079,724			5,741,226
Affiliated investments		60,134,398			109,763,470			78,207,283			20,017,200
Futures contracts		(854,386	)		(1,292,880	)		(2,748,140	)		(1,099,147	)
Foreign currency forward contracts		–			–			–			–
Foreign currency transactions		466			809			578			–
Swap agreements		(26,655	)		(163,501	)		(163,501	)		(76,062	)

Net Realized and Unrealized Gains/(Losses)		81,938,748			145,027,435			107,979,564			31,119,799

Net Increase/(Decrease) in Net Assets Resulting From Operations		$84,532,851			$156,188,600			$122,413,996			$38,238,320

The accompanying Notes to Financial Statements are an integral part of this schedule.

230

Thrivent Mutual Funds

Statement of Operations – continued


Partner Small Cap Growth Fund			Partner Small Cap Value Fund			Small Cap Stock Fund			Mid Cap Growth Fund			Partner Mid Cap Value Fund			Mid Cap Stock Fund			Partner Worldwide Allocation Fund

	$167,056			$2,056,751			$1,084,044			$1,719,863			$1,060,354			$4,952,235			$3,625,703
	2,253			3,260			19,802			17,491			1,992			31,798			754,132
	–			–			–			–			–			–			–
	38,115			9,821			24,789			20,870			7,194			45,774			–
	–			–			–			–			–			–			–
	–			(1,232	)		–			(851	)		–			–			(319,724	)
	207,424			2,068,600			1,128,635			1,757,373			1,069,540			5,029,807			4,060,111

	176,993			119,573			1,123,211			825,024			170,541			2,846,880			545,572
	409,044			717,439			–			–			298,975			–			663,019
	48,023			58,915			68,043			77,213			47,520			121,079			61,987
	9,735			10,615			11,148			11,775			9,790			14,648			14,132
	21,396			9,195			12,305			9,912			14,006			12,615			120,723
	25,511			97,157			328,270			323,454			23,023			778,460			47,787
	1,904			2,116			2,347			2,769			1,808			3,956			2,437
	4,662			36,524			134,946			135,861			3,606			178,248			6,228
	271			7,769			545			7,533			398			2,160			1,268
	8,759			8,667			13,071			13,167			8,720			15,111			26,192
	15,222			105,339			351,397			360,579			20,311			565,549			30,113
	130			35,913			1,026			40,291			1,120			5,946			1,353
	4,166			6,740			12,423			11,148			4,320			25,005			5,734
	6,167			6,156			6,304			6,435			5,605			7,432			34,053
	731,983			1,222,118			2,065,036			1,825,161			609,743			4,577,089			1,560,598

	(75	)		(563	)		–			–			(14,366	)		–			(151,815	)
	(816	)		(116	)		(90	)		(105	)		(445	)		(23	)		(2,077	)
	731,092			1,221,439			2,064,946			1,825,056			594,932			4,577,066			1,406,706

	(523,668	)		847,161			(936,311	)		(67,683	)		474,608			452,741			2,653,405
	17,015,251			5,673,487			37,771,567			26,119,966			10,264,396			45,468,403			9,955,084
	–			–			–			–			–			–			–
	–			–			–			–			–			–			–
	–			–			2,866,626			–			–			–			381,260
	–			30			–			–			–			–			(200,750	)
	–			–			–			–			–			–			–
	18,445,920			39,545,572			34,882,729			43,915,489			10,633,319			136,597,053			15,462,341
	–			–			–			–			–			–			–
	–			–			1,403,959			–			–			–			(29,527	)
	–			–			–			–			–			–			133,440
	–			–			–			–			–			–			(1,894	)
	–			–			–			–			–			–			–
	35,461,171			45,219,089			76,924,881			70,035,455			20,897,715			182,065,456			25,699,954

	$34,937,503			$46,066,250			$75,988,570			$69,967,772			$21,372,323			$182,518,197			$28,353,359

The accompanying Notes to Financial Statements are an integral part of this schedule.

231

Thrivent Mutual Funds

Statement of Operations – continued


*For the six months ended April 29, 2011 (unaudited)*	Partner International Stock Fund			Large Cap Growth Fund			Large Cap Value Fund			Large Cap Stock Fund
Investment Income
Dividends		$7,857,662			$1,902,806			$5,982,384			$15,453,192
Taxable interest		5,465			5,682			8,348			46,514
Tax-Exempt interest		–			–			–			–
Income from mortgage dollar rolls		–			–			–			–
Income from securities loaned		231,077			13,894			8,567			107,691
Income from affiliated investments		–			–			–			–
Foreign dividend tax withholding		(692,626	)		(58,585	)		(72,268	)		(416,496	)
Total Investment Income		7,401,578			1,863,797			5,927,031			15,190,901

Expenses
Adviser fees		603,352			1,262,965			1,226,723			5,020,299
Sub-Adviser fees		769,337			–			–			–
Administrative service fees		80,345			68,679			89,521			213,620
Amortization of offering costs		–			–			–			–
Audit and legal fees		12,500			11,247			12,607			21,406
Custody fees		99,675			22,444			10,065			35,208
Distribution expenses Class A		215,896			157,959			231,940			1,999,086
Insurance expenses		2,486			2,306			2,965			5,436
Printing and postage expenses Class A		69,736			62,131			54,467			507,753
Printing and postage expenses Institutional Class		770			694			5,606			608
SEC and state registration expenses		10,733			8,833			17,412			22,292
Transfer agent fees Class A		302,497			247,837			224,683			1,510,971
Transfer agent fees Institutional Class		423			1,138			24,444			1,022
Trustees’ fees		14,349			11,991			15,727			68,569
Other expenses		19,266			6,374			6,685			10,573
Total Expenses Before Reimbursement		2,201,365			1,864,598			1,922,845			9,416,843

Less:
Reimbursement from adviser		–			(233,049	)		–			–
Custody earnings credit		(479	)		(48	)		(78	)		(177	)
Total Net Expenses		2,200,886			1,631,501			1,922,767			9,416,666

Net Investment Income/(Loss)		5,200,692			232,296			4,004,264			5,774,235

Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		23,351,094			32,118,132			25,155,172			122,165,496
Written option contracts		–			58,960			–			(206,581	)
Futures contracts		–			–			–			3,684,461
Foreign currency transactions		(135,669)			–			–			–
Swap agreements		–			–			–			–
Change in net unrealized appreciation/(depreciation) on:
Investments		27,394,460			9,858,843			59,668,555			120,927,998
Affiliated investments		–			–			–			–
Written option contracts		–			8,120			–			(20,563	)
Futures contracts		–			–			–			(1,037,308	)
Foreign currency forward contracts		1,398			–			–			–
Foreign currency transactions		57,006			–			–			–
Swap agreements		–			–			–			–
Net Realized and Unrealized Gains/(Losses)		50,668,289			42,044,055			84,823,727			245,513,503

Net Increase/(Decrease) in Net Assets Resulting From Operations		$55,868,981			$42,276,351			$88,827,991			$251,287,738

The accompanying Notes to Financial Statements are an integral part of this schedule.

232

Thrivent Mutual Funds

Statement of Operations – continued


Balanced Fund			High Yield Fund			Municipal Bond Fund			Income Fund			Core Bond Fund			Government Bond Fund			Limited Maturity Bond Fund

	$1,112,900			$378,057			$–			$146,285			$34,559			$–			$111,067
	1,123,869			28,475,034			146,463			19,159,704			5,260,458			1,297,333			11,800,304
	–			–			34,625,287			–			–			–			–
	233,975			–			–			491,766			894,082			109,083			231,974
	3,099			131,022			–			5,198			–			–			6,278
	69,230			–			–			519,804			500,323			–			424,918
	(8,427	)		–			–			–			–			–			–
	2,534,646			28,984,113			34,771,750			20,322,757			6,689,422			1,406,416			12,574,541


	576,707			1,345,846			2,771,598			1,295,001			647,079			202,252			1,205,857
	–			–			–			–			–			–			–
	55,971			104,860			172,242			110,899			63,759			45,112			118,216
	–			–			–			–			–			12,287			–
	10,393			14,010			19,682			14,521			11,033			10,543			14,830
	13,642			12,501			16,365			17,372			9,440			4,078			17,283
	190,343			557,314			1,602,846			489,479			294,490			3,034			183,847
	1,955			3,163			4,458			3,265			2,100			1,856			4,206
	39,671			89,475			127,178			71,963			41,078			1,045			55,559
	204			5,453			4,239			788			533			264			8,925
	9,126			25,248			34,933			24,326			14,536			23,955			49,901
	136,049			260,519			288,443			223,429			164,192			4,836			169,075
	223			27,730			17,319			1,167			874			275			38,602
	9,711			17,717			35,912			19,634			12,153			2,632			16,741
	10,088			11,913			37,493			18,281			10,724			6,143			13,885
	1,054,083			2,475,749			5,132,708			2,290,125			1,271,991			318,312			1,896,927


	(3,404	)		–			–			(25,560	)		(134,160	)		(1,093	)		(20,894	)
	(427	)		(136	)		(20	)		(84	)		(212	)		(532	)		(131	)
	1,050,252			2,475,613			5,132,688			2,264,481			1,137,619			316,687			1,875,902

	1,484,394			26,508,500			29,639,062			18,058,276			5,551,803			1,089,729			10,698,639



	14,795,977			16,479,953			(893,308	)		9,504,634			1,392,899			164,672			4,305,006
	–			–			–			–			–			–			–
	192,355			–			–			(239,830)			51,538			–			1,920,463
	(3,248)			–			–			–			–			–			–
	(68,059	)		(360,729	)		–			(684,359	)		(524,979	)		–			(615,600	)
	11,086,019			(860,651	)		(62,757,550	)		(9,604,435	)		(1,827,789	)		(2,835,692	)		(7,927,836	)
	40,274			–			–			302,395			291,061			–			247,195
	–			–			–			–			–			(26,125)			–
	36,619			–			–			1,572,866			342,226			–			134,881
	–			–			–			–			–			–			–
	–			–			–			–			–			–			–
	2,414			(89,294	)		–			118,890			18,061			–			20,918

	26,082,351			15,169,279			(63,650,858	)		970,161			(256,983	)		(2,697,145	)		(1,914,973	)

	$27,566,745			$41,677,779			$	(34,011,796)		$19,028,437			$5,294,820			$	(1,607,416)		$8,783,666

The accompanying Notes to Financial Statements are an integral part of this schedule.

233

Thrivent Mutual Funds

Statement of Operations – continued


*For the six months ended April 29, 2011 (unaudited)*	Money Market Fund
Investment Income
Dividends		$35,272
Taxable interest		973,192
Total Investment Income		1,008,464

Expenses
Adviser fees		1,600,963
Administrative service fees		102,720
Audit and legal fees		13,833
Custody fees		14,206
Distribution expenses Class A		414,705
Insurance expenses		2,121
Printing and postage expenses Class A		242,548
Printing and postage expenses Institutional Class		478
SEC and state registration expenses		66,603
Transfer agent fees Class A		628,283
Transfer agent fees Institutional Class		972
Trustees’ fees		19,040
Other expenses		8,187
Total Expenses Before Reimbursement		3,114,659

Less:
Reimbursement from adviser		(2,096,865	)
Custody earnings credit		(23	)
Total Net Expenses		1,017,771

Net Investment Income/(Loss)		(9,307	)

Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		9,307
Net Realized and Unrealized Gains/(Losses)		9,307

Net Increase/(Decrease) in Net Assets Resulting From Operations		$–

The accompanying Notes to Financial Statements are an integral part of this schedule.

234

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235

Thrivent Mutual Funds

Statement of Changes in Net Assets


	Aggressive Allocation Fund						Moderately Aggressive Allocation Fund
*For the periods ended*	4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010
Operations
Net investment income/(loss)		$2,594,103			$2,939,392			$11,161,165			$17,493,930
Net realized gains/(losses)		9,454,293			3,039,244			13,732,545			7,183,776
Change in net unrealized appreciation/(depreciation)		72,484,455			71,608,074			131,294,890			141,020,981
Net Change in Net Assets Resulting From Operations		84,532,851			77,586,710			156,188,600			165,698,687
Distributions to Shareholders
From net investment income Class A		(2,192,280	)		(2,664,479	)		(15,308,506	)		(14,861,791	)
From net investment income Institutional Class		(604,063	)		(658,060	)		(1,376,000	)		(1,318,354	)
Total From Net Investment Income		(2,796,343	)		(3,322,539	)		(16,684,506	)		(16,180,145	)
Total Distributions to Shareholders		(2,796,343	)		(3,322,539	)		(16,684,506	)		(16,180,145	)
Capital Stock Transactions

Class A
Sold		43,583,166			68,966,735			110,689,141			165,343,830
Distributions reinvested		2,185,689			2,656,356			15,263,870			14,802,004
Redeemed		(32,117,885	)		(53,896,599	)		(70,742,508	)		(137,940,860	)
Total Class A Capital Stock Transactions		13,650,970			17,726,492			55,210,503			42,204,974

Institutional Class
Sold		8,971,001			14,716,084			8,880,749			13,566,962
Distributions reinvested		604,063			657,354			1,373,640			1,316,075
Redeemed		(8,918,916	)		(15,622,819	)		(5,852,924	)		(14,882,728	)
Total Institutional Class Capital Stock Transactions		656,148			(249,381	)		4,401,465			309
Capital Stock Transactions		14,307,118			17,477,111			59,611,968			42,205,283

Net Increase/(Decrease) in Net Assets		96,043,626			91,741,282			199,116,062			191,723,825
Net Assets, Beginning of Period		509,194,547			417,453,265			1,164,770,775			973,046,950
Net Assets, End of Period		$605,238,173			$509,194,547			$1,363,886,837			$1,164,770,775
Accumulated Undistributed Net Investment Income/(Loss)		$(134,274	)		$67,966			$3,405,321			$8,928,662

Capital Stock Share Transactions

Class A shares
Sold		3,868,622			7,178,016			9,798,988			16,664,078
Distributions reinvested		197,797			280,206			1,377,690			1,521,276
Redeemed		(2,862,541	)		(5,618,283	)		(6,287,339	)		(13,921,180	)
Total Class A shares		1,203,878			1,839,939			4,889,339			4,264,174

Institutional Class shares
Sold		788,848			1,521,617			780,930			1,367,382
Distributions reinvested		54,420			69,050			123,529			134,706
Redeemed		(787,225	)		(1,616,293	)		(515,317	)		(1,491,806	)
Total Institutional Class shares		56,043			(25,626	)		389,142			10,282

The accompanying Notes to Financial Statements are an integral part of this schedule.

236

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


Moderate Allocation Fund						Moderately Conservative Allocation Fund						Partner Small Cap Growth Fund						Partner Small Cap Value Fund
4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010

	$14,434,432			$24,486,316			$7,118,521			$12,163,239			$(523,668	)		$(751,652	)		$847,161			$1,111,240
	15,603,620			10,148,826			6,536,582			4,024,183			17,015,251			9,387,923			5,673,517			5,713,394
	92,375,944			116,495,752			24,583,217			38,705,916			18,445,920			17,796,518			39,545,572			34,309,656
	122,413,996			151,130,894			38,238,320			54,893,338			34,937,503			26,432,789			46,066,250			41,134,290

	(13,491,491)			(22,341,325)			(6,779,645)			(11,249,131)			–			–			(460,512)			(156,873)
	(720,845)			(1,114,227)			(303,873)			(496,610)			–			–			(1,636,460)			(1,044,089)
	(14,212,336)			(23,455,552)			(7,083,518)			(11,745,741)			–			–			(2,096,972)			(1,200,962)
	(14,212,336	)		(23,455,552	)		(7,083,518	)		(11,745,741	)		–			–			(2,096,972	)		(1,200,962	)



	123,446,561			195,649,684			67,594,089			130,576,281			2,674,532			1,567,361			5,060,538			11,027,094
	13,352,922			22,112,999			6,705,251			11,125,731			–			–			455,500			155,336
	(82,189,311)			(144,709,833)			(41,653,556)			(72,393,697)			(1,707,134)			(1,005,627)			(8,314,939)			(11,164,110)
	54,610,172			73,052,850			32,645,784			69,308,315			967,398			561,734			(2,798,901)			18,320


	10,220,767			13,779,414			3,457,116			11,937,321			130,694			2,170,767			14,353,147			35,643,617
	716,006			1,105,761			303,872			478,689			–			–			1,636,460			1,044,089
	(4,481,936	)		(8,171,642	)		(4,378,674	)		(6,247,625	)		(31,603	)		(1,553,161	)		(37,852,763	)		(22,438,898	)
	6,454,837			6,713,533			(617,686	)		6,168,385			99,091			617,606			(21,863,156)			14,248,808
	61,065,009			79,766,383			32,028,098			75,476,700			1,066,489			1,179,340			(24,662,057)			14,267,128

	169,266,669			207,441,725			63,182,900			118,624,297			36,003,992			27,612,129			19,307,221			54,200,456
	1,169,158,427			961,716,702			525,354,922			406,730,625			113,153,824			85,541,695			232,442,789			178,242,333
	$1,338,425,096			$1,169,158,427			$588,537,822			$525,354,922			$149,157,816			$113,153,824			$251,750,010			$232,442,789
	$1,442,129			$1,220,033			$823,104			$788,101			$(534,908)			$(11,240)			$(607,355)			$642,456




	11,056,582			19,400,212			6,131,706			12,749,658			213,223			156,451			330,119			840,392
	1,200,643			2,210,464			609,968			1,092,199			–			–			29,752			12,358
	(7,380,921)			(14,385,892)			(3,784,234)			(7,075,922)			(134,025)			(101,618)			(540,807)			(870,513)
	4,876,304			7,224,784			2,957,440			6,765,935			79,198			54,833			(180,936)			(17,763)


	915,229			1,364,566			312,279			1,163,646			9,744			231,340			893,510			2,651,175
	64,202			110,301			27,593			46,876			–			–			102,279			79,580
	(400,577)			(809,707)			(397,702)			(606,648)			(2,447)			(157,526)			(2,377,434)			(1,658,262)
	578,854			665,160			(57,830)			603,874			7,297			73,814			(1,381,645)			1,072,493

The accompanying Notes to Financial Statements are an integral part of this schedule.

237

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


	Small Cap Stock Fund						Mid Cap Growth Fund
*For the periods ended*	4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010
Operations
Net investment income/(loss)		$(936,311	)		$(1,431,307	)		$(67,683	)		$(941,923	)
Net realized gains/(losses)		40,638,193			58,406,065			26,119,966			23,770,581
Change in net unrealized appreciation/(depreciation)		36,286,688			3,389,604			43,915,489			63,423,523
Net Change in Net Assets Resulting From Operations		75,988,570			60,364,362			69,967,772			86,252,181
Distributions to Shareholders
From net investment income Class A		–			–			–			–
From net investment income Institutional Class		–			–			–			–
Total From Net Investment Income		–			–			–			–
Total Distributions to Shareholders		–			–			–			–
Capital Stock Transactions

Class A
Sold		6,019,088			9,156,418			11,464,411			15,244,965
Distributions reinvested		–			–			–			–
Redeemed		(21,738,838	)		(38,192,640	)		(19,335,947	)		(30,167,334	)
Total Class A Capital Stock Transactions		(15,719,750	)		(29,036,222	)		(7,871,536	)		(14,922,369	)

Institutional Class
Sold		366,894			5,881,036			20,538,476			40,515,809
Distributions reinvested		–			–			–			–
Redeemed		(13,494,313	)		(9,431,539	)		(26,125,935	)		(14,387,712	)
Total Institutional Class Capital Stock Transactions		(13,127,419	)		(3,550,503	)		(5,587,459	)		26,128,097
Capital Stock Transactions		(28,847,169	)		(32,586,725	)		(13,458,995	)		11,205,728

Net Increase/(Decrease) in Net Assets		47,141,401			27,777,637			56,508,777			97,457,909
Net Assets, Beginning of Period		307,741,379			279,963,742			389,232,491			291,774,582
Net Assets, End of Period		$354,882,780			$307,741,379			$445,741,268			$389,232,491
Accumulated Undistributed Net Investment Income/(Loss)		$(1,003,999	)		$(67,688	)		$(109,578	)		$(41,895	)

Capital Stock Share Transactions

Class A shares
Sold		416,241			790,845			624,475			1,031,581
Distributions reinvested		–			–			–			–
Redeemed		(1,505,298	)		(3,317,946	)		(1,056,107	)		(2,044,697	)
Total Class A shares		(1,089,057	)		(2,527,101	)		(431,632	)		(1,013,116	)

Institutional Class shares
Sold		23,259			468,154			1,009,158			2,484,591
Distributions reinvested		–			–			–			–
Redeemed		(858,826	)		(743,301	)		(1,248,042	)		(867,026	)
Total Institutional Class shares		(835,567	)		(275,147	)		(238,884	)		1,617,565

The accompanying Notes to Financial Statements are an integral part of this schedule.

238

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


Partner Mid Cap Value Fund						Mid Cap Stock Fund						Partner Worldwide Allocation Fund						Partner International Stock Fund
4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010

	$474,608			$960,033			$452,741			$1,233,618			$2,653,405			$3,558,015			$5,200,692			$8,099,697
	10,264,396			10,280,114			45,468,403			45,868,961			10,135,594			3,375,992			23,215,425			9,055,693
	10,633,319			13,485,838			136,597,053			117,529,372			15,564,360			23,532,822			27,452,864			28,653,170
	21,372,323			24,725,985			182,518,197			164,631,951			28,353,359			30,466,829			55,868,981			45,808,560

	(61,484	)		(102,980	)		–			–			(427,163	)		(393,632	)		(2,239,858	)		(2,600,461	)
	(649,610	)		(837,433	)		(701,194	)		(766,405	)		(3,182,677	)		(2,098,535	)		(5,454,338	)		(5,643,011	)
	(711,094	)		(940,413	)		(701,194	)		(766,405	)		(3,609,840	)		(2,492,167	)		(7,694,196	)		(8,243,472	)
	(711,094	)		(940,413	)		(701,194	)		(766,405	)		(3,609,840	)		(2,492,167	)		(7,694,196	)		(8,243,472	)



	2,047,264			2,100,222			12,215,653			18,961,193			6,323,209			8,289,252			3,390,878			6,458,988
	60,710			102,004			–			–			423,858			392,530			2,204,516			2,560,821
	(1,368,367	)		(2,198,681	)		(48,401,896	)		(82,352,010	)		(1,799,842	)		(2,989,721	)		(17,074,818	)		(30,503,249	)
	739,607			3,545			(36,186,243	)		(63,390,817	)		4,947,225			5,692,061			(11,479,424	)		(21,483,440	)


	994,913			3,338,732			5,135,853			19,899,352			24,690,500			77,410,248			1,324,052			4,887,770
	649,610			837,432			697,344			763,555			3,182,318			2,098,535			5,406,057			5,605,246
	(9,223,565	)		(1,489,047	)		(15,437,799	)		(56,952,622	)		(1,509,668	)		(3,081,557	)		(16,347,122	)		(11,038,963	)
	(7,579,042	)		2,687,117			(9,604,602	)		(36,289,715	)		26,363,150			76,427,226			(9,617,013	)		(545,947	)
	(6,839,435	)		2,690,662			(45,790,845	)		(99,680,532	)		31,310,375			82,119,287			(21,096,437	)		(22,029,387	)

	13,821,794			26,476,234			136,026,158			64,185,014			56,053,894			110,093,949			27,078,348			15,535,701
	120,777,400			94,301,166			787,710,750			723,525,736			254,545,463			144,451,514			455,121,667			439,585,966
	$134,599,194			$120,777,400			$923,736,908			$787,710,750			$310,599,357			$254,545,463			$482,200,015			$455,121,667
	$157,585			$394,071			$319,949			$568,402			$2,060,178			$3,016,613			$4,690,301			$7,183,805




	165,741			203,958			790,070			1,537,346			701,688			1,032,950			339,866			716,251
	4,993			10,262			–			–			47,518			49,005			224,726			277,432
	(110,720	)		(216,162	)		(3,152,057	)		(6,706,663	)		(199,513	)		(381,116	)		(1,710,959	)		(3,413,722	)
	60,014			(1,942	)		(2,361,987	)		(5,169,317	)		549,693			700,839			(1,146,367	)		(2,420,039	)


	79,244			338,044			308,667			1,515,029			2,693,253			9,548,496			129,836			533,757
	53,378			84,164			43,126			58,780			355,964			261,663			542,232			598,212
	(774,933	)		(146,577	)		(930,051	)		(4,249,364	)		(167,401	)		(387,416	)		(1,613,905	)		(1,228,774	)
	(642,311	)		275,631			(578,258	)		(2,675,555	)		2,881,816			9,422,743			(941,837	)		(96,805	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

239

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


	Large Cap Growth Fund						Large Cap Value Fund
*For the periods ended*	4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010
Operations
Net investment income/(loss)		$232,296			$(17,614	)		$4,004,264			$6,152,727
Net realized gains/(losses)		32,177,092			6,433,282			25,155,172			8,640,628
Change in net unrealized appreciation/(depreciation)		9,866,963			31,951,425			59,668,555			34,965,078
Net Change in Net Assets Resulting From Operations		42,276,351			38,367,093			88,827,991			49,758,433
Distributions to Shareholders
From net investment income Class A		–			(304,669	)		(1,579,142	)		(2,200,300	)
From net investment income Institutional Class		–			(895,056	)		(4,934,595	)		(5,142,330	)
Total From Net Investment Income		–			(1,199,725	)		(6,513,737	)		(7,342,630	)
From net realized gains Class A		–			–			–			–
From net realized gains Institutional Class		–			–			–			–
Total From Net Realized Gains		–			–			–			–
Total Distributions to Shareholders		–			(1,199,725	)		(6,513,737	)		(7,342,630	)
Capital Stock Transactions

Class A
Sold		8,618,201			9,355,578			7,518,991			8,383,073
Distributions reinvested		–			300,544			1,534,657			2,141,468
Redeemed		(11,771,903	)		(21,522,276	)		(16,984,656	)		(29,955,576	)
Total Class A Capital Stock Transactions		(3,153,702	)		(11,866,154	)		(7,931,008	)		(19,431,035	)

Institutional Class
Sold		869,072			11,510,965			20,034,232			49,320,502
Distributions reinvested		–			885,312			4,917,644			5,122,221
Redeemed		(3,972,076	)		(8,747,119	)		(14,316,705	)		(23,426,472	)
Total Institutional Class Capital Stock Transactions		(3,103,004	)		3,649,158			10,635,171			31,016,251
Capital Stock Transactions		(6,256,706	)		(8,216,996	)		2,704,163			11,585,216

Net Increase/(Decrease) in Net Assets		36,019,645			28,950,372			85,018,417			54,001,019
Net Assets, Beginning of Period		321,289,732			292,339,360			507,117,588			453,116,569
Net Assets, End of Period		$357,309,377			$321,289,732			$592,136,005			$507,117,588
Accumulated Undistributed Net Investment Income/(Loss)		$174,364			$(57,932	)		$2,225,374			$4,734,847

Capital Stock Share Transactions

Class A shares
Sold		1,662,035			2,037,183			541,711			680,489
Distributions reinvested		–			64,216			113,342			174,245
Redeemed		(2,285,651	)		(4,705,429	)		(1,233,405	)		(2,452,840	)
Total Class A shares		(623,616	)		(2,604,030	)		(578,352	)		(1,598,106	)

Institutional Class shares
Sold		156,325			2,403,604			1,426,492			4,053,795
Distributions reinvested		–			177,417			362,124			415,428
Redeemed		(717,094	)		(1,775,733	)		(1,027,489	)		(1,911,313	)
Total Institutional Class shares		(560,769	)		805,288			761,127			2,557,910

The accompanying Notes to Financial Statements are an integral part of this schedule.

240

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


Large Cap Stock Fund						Balanced Fund						High Yield Fund						Municipal Bond Fund
4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010

	$5,774,235			$5,991,962			$1,484,394			$2,937,865			$26,508,500			$55,100,521			$29,639,062			$59,159,650
	125,643,376			172,352,474			14,917,025			18,503,265			16,119,224			14,431,747			(893,308	)		2,872,931
	119,870,127			9,514,454			11,165,326			8,982,829			(949,945	)		43,106,825			(62,757,550	)		31,407,282
	251,287,738			187,858,890			27,566,745			30,423,959			41,677,779			112,639,093			(34,011,796	)		93,439,863

	(5,246,492	)		(8,586,854	)		(927,786	)		(1,958,480	)		(16,610,817	)		(33,273,825	)		(27,876,401	)		(55,045,777	)
	(1,549,194	)		(1,920,348	)		(487,237	)		(1,024,330	)		(9,901,417	)		(21,666,076	)		(2,083,020	)		(3,948,211	)
	(6,795,686	)		(10,507,202	)		(1,415,023	)		(2,982,810	)		(26,512,234	)		(54,939,901	)		(29,959,421	)		(58,993,988	)
	–			–			–			–			–			–			(2,455,320	)		–
	–			–			–			–			–			–			(169,100	)		–
	–			–			–			–			–			–			(2,624,420	)		–
	(6,795,686	)		(10,507,202	)		(1,415,023	)		(2,982,810	)		(26,512,234	)		(54,939,901	)		(32,583,841	)		(58,993,988	)



	24,933,571			39,718,700			4,157,209			6,696,437			23,161,513			40,783,677			51,819,964			181,804,086
	5,160,579			8,449,428			903,918			1,911,371			11,838,416			23,784,653			25,307,263			45,483,356
	(131,915,400	)		(237,448,708	)		(12,770,099	)		(23,716,521	)		(30,102,869	)		(56,061,970	)		(111,315,106	)		(121,553,891	)
	(101,821,250	)		(189,280,580	)		(7,708,972	)		(15,108,713	)		4,897,060			8,506,360			(34,187,879	)		105,733,551


	1,717,402			8,056,429			443,265			248,009			20,382,723			50,531,882			20,916,879			35,288,186
	1,540,355			1,902,767			486,322			1,022,560			6,618,625			14,942,393			2,047,539			3,469,716
	(4,901,392	)		(25,787,956	)		(4,566,660	)		(6,426,134	)		(27,730,031	)		(63,671,516	)		(25,277,958	)		(32,082,870	)
	(1,643,635	)		(15,828,760	)		(3,637,073	)		(5,155,565	)		(728,683	)		1,802,759			(2,313,540	)		6,675,032
	(103,464,885	)		(205,109,340	)		(11,346,045	)		(20,264,278	)		4,168,377			10,309,119			(36,501,419	)		112,408,583

	141,027,167			(27,757,652	)		14,805,677			7,176,871			19,333,922			68,008,311			(103,097,056	)		146,854,458
	1,725,788,198			1,753,545,850			205,434,651			198,257,780			702,635,181			634,626,870			1,479,790,866			1,332,936,408
	$1,866,815,365			$1,725,788,198			$220,240,328			$205,434,651			$721,969,103			$702,635,181			$1,376,693,810			$1,479,790,866
	$2,996,879			$4,018,330			$128,707			$59,336			$77,093			$80,827			$(61,538	)		$258,821




	1,107,197			1,969,018			332,211			607,091			4,734,288			8,822,895			4,752,201			16,119,728
	232,144			413,575			72,259			173,560			2,420,696			5,142,971			2,330,813			4,029,396
	(5,859,706	)		(11,841,571	)		(1,026,093	)		(2,154,582	)		(6,157,426	)		(12,141,884	)		(10,281,060	)		(10,775,955	)
	(4,520,365	)		(9,458,978	)		(621,623	)		(1,373,931	)		997,558			1,823,982			(3,198,046	)		9,373,169


	75,430			397,809			35,029			22,431			4,160,675			10,940,006			1,924,619			3,128,098
	69,012			92,773			38,917			93,064			1,352,226			3,229,004			188,592			307,330
	(215,421	)		(1,267,635	)		(369,256	)		(584,946	)		(5,632,136	)		(13,482,687	)		(2,333,615	)		(2,848,410	)
	(70,979	)		(777,053	)		(295,310	)		(469,451	)		(119,235	)		686,323			(220,404	)		587,018

The accompanying Notes to Financial Statements are an integral part of this schedule.

241

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


	Income Fund						Core Bond Fund
*For the periods ended*	4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010
Operations
Net investment income/(loss)		$18,058,276			$37,575,328			$5,551,803			$12,055,488
Net realized gains/(losses)		8,580,445			23,166,588			919,458			7,561,980
Change in net unrealized appreciation/(depreciation)		(7,610,284	)		36,943,241			(1,176,441	)		14,665,935
Net Change in Net Assets Resulting From Operations		19,028,437			97,685,157			5,294,820			34,283,403
Distributions to Shareholders
From net investment income Class A		(8,920,180	)		(18,193,417	)		(4,623,222	)		(9,453,575	)
From net investment income Institutional Class		(9,114,047	)		(19,240,510	)		(1,104,912	)		(2,446,337	)
Total From Net Investment Income		(18,034,227	)		(37,433,927	)		(5,728,134	)		(11,899,912	)
From net realized gains Class A		–			–			–			–
From net realized gains Institutional Class		–			–			–			–
Total From Net Realized Gains		–			–			–			–
Total Distributions to Shareholders		(18,034,227	)		(37,433,927	)		(5,728,134	)		(11,899,912	)
Capital Stock Transactions

Class A
Sold		18,389,025			38,171,486			10,020,804			23,834,160
Distributions reinvested		7,491,981			15,218,289			4,152,512			8,464,144
Redeemed		(31,068,445	)		(44,769,056	)		(21,940,940	)		(36,875,720	)
Total Class A Capital Stock Transactions		(5,187,439	)		8,620,719			(7,767,624	)		(4,577,416	)

Institutional Class
Sold		18,234,807			36,082,588			15,584,992			15,954,728
Distributions reinvested		8,972,133			18,911,875			1,053,927			2,351,427
Redeemed		(9,644,665	)		(97,013,694	)		(11,290,786	)		(36,409,525	)
Total Institutional Class Capital Stock Transactions		17,562,275			(42,019,231	)		5,348,133			(18,103,370	)
Capital Stock Transactions		12,374,836			(33,398,512	)		(2,419,491	)		(22,680,786	)

Net Increase/(Decrease) in Net Assets		13,369,046			26,852,718			(2,852,805	)		(297,295	)
Net Assets, Beginning of Period		775,821,770			748,969,052			295,091,593			295,388,888
Net Assets, End of Period		$789,190,816			$775,821,770			$292,238,788			$295,091,593
Accumulated Undistributed Net Investment Income/(Loss)		$294,603			$270,554			$161,654			$337,985

Capital Stock Share Transactions

Class A shares
Sold		2,115,281			4,524,071			1,001,524			2,446,828
Distributions reinvested		859,957			1,805,875			414,296			871,285
Redeemed		(3,576,503	)		(5,332,228	)		(2,195,033	)		(3,809,297	)
Total Class A shares		(601,265	)		997,718			(779,213	)		(491,184	)

Institutional Class shares
Sold		2,097,110			4,316,224			1,559,386			1,683,569
Distributions reinvested		1,030,985			2,249,624			105,118			242,698
Redeemed		(1,112,393	)		(11,598,312	)		(1,129,551	)		(3,809,041	)
Total Institutional Class shares		2,015,702			(5,032,464	)		534,953			(1,882,774	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

242

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


Government Bond Fund						Limited Maturity Bond Fund						Money Market Fund
4/29/2011 (unaudited)			10/31/2010^(a)			4/29/2011 (unaudited)			10/31/2010			4/29/2011 (unaudited)			10/31/2010

	$1,089,729			$1,223,965			$10,698,639			$22,733,915			$(9,307	)		$(6,416	)
	164,672			839,759			5,609,869			4,841,469			9,307			6,416
	(2,861,817	)		5,737,034			(7,524,842	)		14,087,698			–			–
	(1,607,416	)		7,800,758			8,783,666			41,663,082			–			–

	(45,025	)		(34,589	)		(3,718,733	)		(6,054,107	)		–			–
	(1,055,297	)		(1,178,783	)		(7,520,280	)		(16,244,195	)		–			–
	(1,100,322	)		(1,213,372	)		(11,239,013	)		(22,298,302	)		–			–
	(40,966	)		–			–			–			–			–
	(805,421	)		–			–			–			–			–
	(846,387	)		–			–			–			–			–
	(1,946,709	)		(1,213,372	)		(11,239,013	)		(22,298,302	)		–			–



	1,643,885			6,710,747			117,881,846			211,529,595			276,202,233			565,586,695
	83,909			33,830			3,580,285			5,834,085			–			(193	)
	(2,612,851	)		(1,022,447	)		(72,618,304	)		(78,497,987	)		(366,311,684	)		(865,939,874	)
	(885,057	)		5,722,130			48,843,827			138,865,693			(90,109,451	)		(300,353,372	)


	6,755,449			110,608,824			69,821,497			143,296,227			1,301,489			83,353,750
	1,856,586			1,178,460			7,483,311			16,084,393			–			–
	(17,222,797	)		(12,583,841	)		(33,218,373	)		(97,813,085	)		(2,649,170	)		(137,214,579	)
	(8,610,762	)		99,203,443			44,086,435			61,567,535			(1,347,681	)		(53,860,829	)
	(9,495,819	)		104,925,573			92,930,262			200,433,228			(91,457,132	)		(354,214,201	)
	(13,049,944	)		111,512,959			90,474,915			219,798,008			(91,457,132	)		(354,214,201	)
	111,512,959			–			803,407,056			583,609,048			731,488,545			1,085,702,746
	$98,463,015			$111,512,959			$893,881,971			$803,407,056			$640,031,413			$731,488,545
	$23,649			$34,242			$(47,163	)		$493,211			$(142,164	)		$(132,857	)




	161,331			656,194			9,428,272			17,063,375			276,202,231			565,586,691
	8,286			3,245			286,376			469,821			–			(193	)
	(255,854	)		(99,086	)		(5,811,146	)		(6,323,770	)		(366,311,682	)		(865,939,871	)
	(86,237	)		560,353			3,903,502			11,209,426			(90,109,451	)		(300,353,373	)




	665,958			11,101,926			5,587,962			11,570,619			1,301,489			83,353,749
	183,245			114,015			598,733			1,297,181			–			–
	(1,683,609	)		(1,221,994	)		(2,658,942	)		(7,903,395	)		(2,649,169	)		(137,214,579	)
	(834,406	)		9,993,947			3,527,753			4,964,405			(1,347,680	)		(53,860,830	)

^(a)	For the period from February 26, 2010 (inception) through October 31, 2010

The accompanying Notes to Financial Statements are an integral part of this schedule.

243

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(1) ORGANIZATION

Thrivent Mutual Funds (the “Trust”) was organized as a Massachusetts Business Trust on March 10, 1987 and is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”). The Trust is divided into twenty-six separate series (each, a “Fund” and, collectively, the “Funds”), each with its own investment objective and policies. The Trust currently consists of four allocation funds, thirteen equity funds, two hybrid funds, six fixed-income funds, and one money market fund. Thrivent Real Estate Securities Fund, Thrivent Equity Income Plus Fund and Thrivent Diversified Income Plus Fund have a fiscal year end on a calendar-year basis and are presented under a separate semiannual report.

(A) Share Classes – As of April 29, 2011, the Trust includes two classes of shares: Class A and Institutional Class. The classes of shares differ principally in their respective distribution expenses and other class-specific expenses and arrangements. Class A shares have a 0.25% annual 12b-1 fee and a maximum front-end sales load of 5.50% for equity funds and 4.50% for fixed-income funds, although some of the fixed-income funds have reduced 12b-1 fees and either a reduced or no front-end sales load. Institutional Class shares are offered at net asset value and have no annual 12b-1 fees. The share classes have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. All 26 Funds of the Trust offer Class A and Institutional Class shares.

(B) Other – 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

(A) Valuation of Investments – Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. Over-the-counter securities and listed securities for which no price is readily available are valued at the current bid price considered best to represent the value at that time. Swap agreements are valued at the fair value of the contract as furnished by an independent pricing service. Security prices are based on quotes that are obtained from an independent pricing service approved by the Board of Trustees. The pricing service, in determining values of fixed-income securities, takes into consideration such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities which cannot be valued by the approved pricing service are valued using valuations obtained from dealers that make markets in the securities. Exchange-listed options and futures contracts are valued at the last quoted sales price. Investments in open-ended mutual funds are valued at the net asset value at the close of each business day. Short-term securities are valued at amortized cost (which approximates market value) to the extent it is not materially different than market value.

Securities held by Money Market Fund 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. Money Market Fund and the Trust’s investment adviser, Thrivent Asset Management, LLC (“Thrivent Asset Mgt.” or the “Adviser”), follow procedures designed to maintain a constant net asset value of $1.00 per share.

The various inputs used to determine the fair value of the Funds’ 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; and Level 3 includes significant unobservable inputs such as the Adviser’s own assumptions and broker evaluations in determining the fair value of investments. Of the Level 3 securities, those for which market values were not readily available or were deemed unreliable were fair valued as determined in good faith under procedures established by the Board of Trustees. As of April 29, 2011, the following funds held these types of level 3 securities:


Fund	Number of Securities	Percent of Fund’s Net Assets
Partner Worldwide Allocation	2	0.31%
High Yield	1	0.00%

Valuation of International Securities – Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign markets and the close of the U.S. markets that could have a material impact on the valuation of foreign securities. The Funds, under the supervision of the Board of Trustees, evaluate the impacts of these events and may adjust the valuation of foreign securities to reflect fair value as of the close of the U.S. markets. The Board of Trustees has authorized the investment adviser to make fair valuation determinations pursuant to policies approved by the Board of Trustees.

244

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(B) Foreign Currency Translation – The accounting records of each Fund are maintained in U.S. dollars. Securities and other assets and liabilities that are denominated in foreign currencies are translated into U.S. dollars at the daily closing rates of exchange.

Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. Net realized and unrealized currency gains and losses are recorded from sales of foreign currency, exchange gains or losses between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

For federal income tax purposes, the Funds treat the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the changes in foreign exchange rates between the trade date and settlement date as ordinary income.

(C) Foreign Currency Forward Contracts – In connection with purchases and sales of securities denominated in foreign currencies all Funds, except Money Market Fund, may enter into foreign currency forward contracts. Additionally, the Funds may enter into such contracts to hedge certain other foreign-currency-denominated investments. These contracts are recorded at value and the related realized and unrealized foreign exchange gains and losses are included in the Statement of Operations. In the event that counterparties fail to settle these forward contracts, the Funds could be exposed to foreign currency fluctuations. Foreign currency contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time a forward contract is closed. These contracts are over-the-counter and the Fund is exposed to counterparty risk equal to the discounted net amount of payments to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements. During the six months ended April 29, 2011, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Partner Small Cap Value Fund, Partner Worldwide Allocation Fund, Partner International Stock Fund and Balanced Fund engaged in this type of investment.

(D) Foreign Denominated Investments – Foreign denominated assets and currency contracts may involve more risks than domestic transactions including currency risk, political and economic risk, regulatory risk, and market risk. Certain Funds may also invest in securities of companies located in emerging markets. Future economic or political developments could adversely affect the liquidity or value, or both, of such securities.

(E) Federal Income Taxes – No provision has been made for income taxes because each Fund’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 each Fund to distribute an amount sufficient to avoid imposition of any federal excise tax. The Funds, accordingly, anticipate paying no federal taxes and no federal tax provision was recorded. Each Fund is treated as a separate taxable entity for federal income tax purposes. Certain Funds may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction.

Certain Funds are subject to foreign income taxes imposed by certain countries in which they invest. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. These amounts are shown as foreign dividend tax withholding on the Statement of Operations. The funds pay tax on foreign capital gains, where applicable.

U.S. Generally Accepted Accounting Principles (“GAAP”) require management of the Funds 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, 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, management of the Funds must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.

Management of the Funds 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 Funds include U.S. Federal, Minnesota, Wisconsin, and Massachusetts as well as certain foreign countries. As of April 29, 2011, open U.S. Federal, Minnesota, Wisconsin, and Massachusetts tax years include the tax years ended October 31, 2007 through 2010. Additionally, as of October 31, 2010, the tax year ended October 31, 2006 is open for Wisconsin. The Funds have no examinations in progress and none are expected at this time.

As of April 29, 2011, management of the Funds has reviewed all open tax years and major jurisdictions and concluded that there is no effect to the Funds’ 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 Funds are 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.

245

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(F) Expenses and Income – Estimated expenses are accrued daily. The Funds are charged for those expenses that are directly attributable to them. Expenses that are not directly attributable to a Fund are allocated among all appropriate Funds in proportion to their respective net assets, number of shareholder accounts or other reasonable basis. Net investment income, expenses which are not class-specific, and realized and unrealized gains and losses are allocated directly to each class based upon the relative net asset value of outstanding shares.

Interest income is accrued daily and is determined on the basis of interest or discount earned on all debt securities, including accretion of market discount and original issue discount and amortization of premium. Paydown gains and losses on mortgage- and asset-backed securities are recorded as components of interest income. Dividend income is recorded on the ex-dividend date.

(G) Custody Earnings Credit – The Funds have a deposit arrangement with the custodian whereby interest earned on uninvested cash balances is used to pay a portion of custodian fees. This deposit arrangement is an alternative to overnight investments. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

(H) Distributions to Shareholders – Dividend and capital gain distributions are recorded on the ex-dividend date. With the exception of Money Market Fund, net realized gains from securities transactions, if any, are paid at least annually after the close of the fiscal year.


Fund	Dividends Declared		Dividends Paid
Aggressive Allocation		Annually		Annually
Moderately Aggressive Allocation		Annually		Annually
Moderate Allocation		Quarterly		Quarterly
Moderately Conservative Allocation		Quarterly		Quarterly
Partner Small Cap Growth		Annually		Annually
Partner Small Cap Value		Annually		Annually
Small Cap Stock		Annually		Annually
Mid Cap Growth		Annually		Annually
Partner Mid Cap Value		Annually		Annually
Mid Cap Stock		Annually		Annually
Partner Worldwide Allocation		Annually		Annually
Partner International Stock		Annually		Annually
Large Cap Growth		Annually		Annually
Large Cap Value		Annually		Annually
Large Cap Stock		Annually		Annually
Balanced		Quarterly		Quarterly
High Yield		Daily		Monthly
Municipal Bond		Daily		Monthly
Income		Daily		Monthly
Core Bond		Daily		Monthly
Government Bond		Daily		Monthly
Limited Maturity Bond		Daily		Monthly
Money Market*		Daily		Monthly

*	Dividends also include any short-term net realized gains or losses on the sale of securities.

(I) Options – All Funds, with the exception of Money Market Fund, may buy put and call options and write put and covered call options. The Funds intend to use such derivative instruments as hedges to facilitate buying or selling securities or to provide protection against adverse movements in security prices or interest rates. The Funds may also enter into options contracts to protect against adverse foreign exchange rate fluctuations. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds upon sale for a written call option or the cost of a security for purchased put and call options is adjusted by the amount of premium received or paid.

Buying put options tends to decrease a Fund’s exposure to the underlying security while buying call options tends to increase a Fund’s exposure to the underlying security. The risk associated with purchasing put and call options is limited to the premium paid. There is no significant counterparty risk on exchange-traded options as the exchange guarantees the contract against default. Writing put options tends to increase a Fund’s exposure to the underlying security while writing call options tends to decrease a Fund’s exposure to the underlying security. The writer of an option has no control over whether the underlying security may be bought or sold, and therefore bears the market risk of an unfavorable change in the price of the underlying security. The counterparty risk for purchased options arises when the Fund has purchased an option, exercises that option, and the counterparty doesn’t buy from the Fund or sell to the Fund the underlying asset as required. In the case where the Fund has written an option, the Fund doesn’t have counterparty risk. Counterparty risk on purchased over-the-counter options is partially mitigated by the Fund’s collateral posting requirements. As the option increases in value to the Fund, the Fund receives collateral from the counterparty. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. During the six months ended April 29, 2011, Large Cap Growth Fund, Large Cap Stock Fund, Balanced Fund, Core Bond Fund, Government Bond Fund, Income Fund and Limited Maturity Bond Fund engaged in these types of investments.

(J) Futures Contracts – Certain Funds may use futures contracts to manage the exposure to interest rate and market or currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required “initial margin deposit” are held on deposit with and pledged to the broker. Additional securities held by the Funds may be

246

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

earmarked to cover open futures contracts. The futures contract’s daily change in value (“variation margin”) is either paid to or received from the broker, and is recorded as an unrealized gain or loss. When the contract is closed, realized gain or loss is recorded equal to the difference between the value of the contract when opened and the value of the contract when closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default. During the six months ended April 29, 2011, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Small Cap Stock Fund, Partner Worldwide Allocation Fund, Large Cap Stock Fund, Balanced Fund, Income Fund, Core Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(K) Swap Agreements – Certain Funds enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Fund is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at fair value of the contract as provided by an independent pricing service. The pricing service takes into account such factors as swap curves, default probabilities, recent trades, recovery rates and other factors it deems relevant in determining valuations. Periodic payments and receipts and payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses on the Statement of Operations. Collateral, in the form of cash or securities, may be required to be held with the Fund’s custodian, or a third party, in connection with these agreements. These swap agreements are over-the-counter and the Fund is exposed to counterparty risk, which is the discounted net amount of payments owed to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements. As the swap increases in value to the Fund, the Fund receives collateral from the counterparty.

Credit Default Swaps – A credit default swap is a swap agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference entity. In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. The Funds may be either the protection seller or the protection buyer.

Certain Funds enter into credit default derivative contracts directly through credit default swaps (CDS) or through credit default swap indices (CDX Indices). CDX indices are static pools of equally weighted credit default swaps referencing corporate bonds and/or loans designed to provide diversified credit exposure to these asset classes. Funds sell default protection and assume long-risk positions in individual credits or indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost-efficient and diversified structure. In the event that a position defaults, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract the maximum potential amount of future payments would be the notional amount. For CDS, the default events could be bankruptcy and failing to pay interest or principal on borrowed money or a restructuring. A restructuring is a change in the underlying obligations which would include reduction in interest or principal, maturity extension and subordination to other obligations. Refer to the credit default swap tables located within the Fund’s Schedule of Investments for additional information as of April 29, 2011. During the six months ended April 29, 2011, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Balanced Fund, High Yield Fund, Income Fund, Core Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(L) Mortgage Dollar Roll Transactions – Certain Funds enter into dollar roll transactions on securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, in which the Funds sell mortgage securities and simultaneously agree to repurchase similar (same type and coupon) securities at a later date at an agreed upon price. The Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities.

During the period between the sale and repurchase, the Funds forgo principal and interest paid on the mortgage securities sold. The Funds are compensated from negotiated fees paid by brokers offered as an inducement to the Funds to “roll over” their

247

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

purchase commitments, thus enhancing the yield. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The fees received are recognized over the roll period and are included in Income from mortgage dollar rolls in the Statement of Operations. During the six months ended April 29, 2011, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Balanced Fund, Income Fund, Core Bond Fund, Government Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(M) Securities Lending – The Trust has entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank AG (“Deutsche”). The Agreement authorizes Deutsche to lend securities to authorized borrowers on behalf of the Funds. Pursuant to the Agreement, all loaned securities are initially collateralized by cash equal to at least 102% of the value of the loaned securities. All cash collateral received is invested in Thrivent Financial Securities Lending Trust. The Funds receive dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Amounts earned on investments in Thrivent Financial Securities Lending Trust, net of rebates, fees paid to Deutsche for services provided and any other securities lending expenses, are included in Income from securities loaned on the Statement of Operations. By investing any cash collateral it receives in these transactions, a Fund could realize additional gains or losses. If the borrower fails to return the securities or the invested collateral has declined in value, the Fund could lose money.

During the six months ended April 29, 2011, all Funds except Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Partner Worldwide Allocation Fund, Municipal Bond Fund, Core Bond Fund, Government Bond Fund and Money Market Fund had securities on loan. As of April 29, 2011, the value of securities on loan is as follows:


Fund	Securities on Loan
Partner Small Cap Growth	$	16,557,146
Partner Small Cap Value		17,789,490
Small Cap Stock		12,691,325
Mid Cap Growth		22,835,753
Partner Mid Cap Value		4,295,873
Mid Cap Stock		81,683,696
Partner International Stock		58,167,890
Large Cap Growth		3,962,078
Large Cap Value		7,304,000
Large Cap Stock		41,926,006
Balanced		4,072,366
High Yield		60,671,948
Income		10,948,277
Limited Maturity Bond		5,697,469

(N) When-Issued and Delayed Delivery Transactions – Certain Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, a Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Fund may dispose of a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed delivery basis, a Fund does not participate in future gains and losses with respect to the security.

(O) Treasury Inflation Protected Securities – Certain Funds may invest in treasury inflation protected securities (TIPS). These securities are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate is generally fixed at issuance. Interest is paid based on the principal value, which is adjusted for inflation. Any increase in the principal amount will be included as taxable interest in the Statement of Operations and received upon maturity or sale of the security. During the six months ended April 29, 2011, Balanced Fund, Income Fund, Core Bond Fund, Government Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(P) Repurchase Agreements – Each Fund 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 Fund must take possession of collateral either directly or through a third-party custodian. If the original seller of a security subject to a repurchase agreement fails to repurchase the security at the agreed upon time, the Fund could incur a loss due to a drop in the value of the security during the time it takes the Fund 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 Fund may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Adviser or subadviser to be creditworthy. During the six months ended April 29, 2011, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Partner Mid Cap Value Fund, Mid Cap Stock Fund, Large Cap Stock Fund, High Yield Fund, Income Fund, Core Bond Fund, Limited Maturity Bond Fund and Money Market Fund engaged in these types of investments.

248

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(Q) Equity-Linked Structured Securities – Certain funds may invest in equity-linked structured notes. Equity-linked structured notes are debt securities which combine the characteristics of common stock and the sale of an option. The return component is based upon the performance of a single equity security, a basket of equity securities, or an equity index and the sale of an option. There is no guaranteed return of principal with these securities. The appreciation potential of these securities may be limited by a maximum payment or call right and can be influenced by many unpredictable factors. In addition to the performance of the equity, the nature and credit of the issuer may also impact return. During the six months ended April 29, 2011, Balanced Fund, High Yield Fund, Income Fund, Core Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(R) Credit Risk – The Funds may be susceptible to credit risk to the extent an issuer or counterparty defaults on its payment obligation. The Funds’ policy is to monitor the creditworthiness of issuers and counterparties. Interest receivable on defaulted securities is monitored for ability to collect discretionary payments in default and is adjusted accordingly.

(S) 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 those estimates.

(T) Loan Commitments – Certain Funds may enter into loan commitments, which generally have interest rates which are reset daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. Loan commitments often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the remaining maturity may be considerably less than the stated maturity shown in the Schedule of Investments.

All or a portion of these loan commitments may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. Therefore, the Fund must have funds sufficient to cover its contractual obligation. These unfunded loan commitments, which are marked to market daily, are presented in the Schedule of Investments.

(U) Unfunded Loan Commitment – The following Fund entered into a loan commitment with Level 3 Communications, Inc. and Level 3 Financing, Inc. on April 17, 2011. Maturity of the loan will be 12 months from the closing date; no close date has been set. The coupon rate will be 14.00%. The Fund is obligated to fund this loan commitment.


Fund	Unfunded Commitment
High Yield		$6,000,000

High Yield Fund also entered into a loan commitment with Alpha Natural Resources, Inc. on March 18, 2011. Maturity of the loan will be 12 months from the closing date; no close date has been set. The coupon rate will be 1 month LIBOR plus spread; spread is initially 5.25%, increasing by 0.50% every 3 months. The Fund is obligated to fund this loan commitment.


Fund	Unfunded Commitment
High Yield		$8,100,000

High Yield Fund also entered into a loan commitment with EchoStar Satellite Services, LLC on February 23, 2011. Maturity of the loan will be 12 months from the closing date; no close date has been set. The coupon rate will be 3 month LIBOR plus 7.00% plus spread; spread will, increasing by 0.50% every 3 months. The Fund is obligated to fund this loan commitment.


Fund	Unfunded Commitment
High Yield		$5,750,000

(V) Loss Contingencies – Thrivent High Yield Fund and Thrivent Income Fund are defendants in an adversary action filed on July 31, 2009 by the Official Committee of Unsecured Creditors of Motors Liquidation Company, formerly known as General Motors Corporation (GM), against prior and current holders of term loan debt of GM. The suit seeks to determine whether GM’s term loan facility was secured at the time it entered bankruptcy. High Yield Fund at one time held term loans in an original principal amount of at least $4,723,994 and, if the plaintiffs are successful, it is reasonably possible that the Fund will be required to make payments in some amount. This loss contingency has not been accrued as a liability because the amount of potential damages and the likelihood of loss cannot be reasonably estimated. Although Thrivent Income Fund is named as a defendant in this action, we do not expect that the Fund’s assets will be subject to a loss contingency.

(W) Amortization of Offering Costs – The offering costs referenced in the Statement of Operations for Government Bond Fund are costs incurred by the Fund in order to establish it for sale. These costs generally include costs related to registering the shares for sale with the various states as well as any legal costs associated with registering the Fund. These costs are amortized over a period of 12 months from inception.

249

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(X) Other – For financial statement purposes, investment security transactions are accounted for on the trade date. Realized gains and losses from investment transactions 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

(A) Investment Advisory Fees – The Trust has entered into an Investment Advisory Agreement with Thrivent Asset Mgt. Under the Investment Advisory Agreement, each of the Funds pays a fee for investment advisory services. The fees are accrued daily and paid monthly.

The four Asset Allocation Funds – Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund and Moderately Conservative Allocation Fund – pay investment advisory fees for asset allocation services. In addition, for investments (other than underlying Thrivent Funds) held directly by the Asset Allocation Funds, each Asset Allocation Fund will pay an additional advisory fee. The annual rates of fees as a percentage of average daily net assets under the Investment Advisory Agreement are as follows:


Fund (M – Millions)	$0 to $500M			$500 to $2,000M			Over $2,000M
Aggressive Allocation		0.150	%		0.125	%		0.100	%
Aggressive Allocation – Direct Holdings		0.600	%		0.600	%		0.600	%
Moderately Aggressive Allocation		0.150	%		0.125	%		0.100	%
Moderately Aggressive Allocation – Direct Holdings		0.550	%		0.550	%		0.550	%
Moderate Allocation		0.150	%		0.125	%		0.100	%
Moderate Allocation – Direct Holdings		0.500	%		0.500	%		0.500	%
Moderately Conservative Allocation		0.150	%		0.125	%		0.100	%
Moderately Conservative Allocation – Direct Holdings		0.450	%		0.450	%		0.450	%

For all other Funds, the annual rates of fees as a percent of average daily net assets under the Investment Advisory Agreement were as follows:


Fund (M - Millions)	$0 to $50M			$50 to $100M			$100 to $200M			$200 to $250M			$250 to $500M			$500 to $750M			$750 to $1,000M			$1,000 to $2,000M			$2,000 to $2,500M			$2,500 to $5,000M			Over $5,000M
Partner Small Cap Growth		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%
Partner Small Cap Value		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Small Cap Stock		0.700	%		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.550	%		0.525	%
Mid Cap Growth		0.450	%		0.450	%		0.400	%		0.400	%		0.350	%		0.300	%		0.300	%		0.250	%		0.250	%		0.250	%		0.250	%
Partner Mid Cap Value		0.750	%		0.750	%		0.750	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Mid Cap Stock		0.700	%		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.550	%		0.525	%
Partner Worldwide Allocation*		0.900	%		0.900	%		0.900	%		0.900	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%
Partner International Stock		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Large Cap Growth		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.700	%		0.700	%		0.650	%		0.650	%		0.600	%		0.575	%
Large Cap Value		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%
Large Cap Stock		0.650	%		0.650	%		0.650	%		0.650	%		0.650	%		0.575	%		0.575	%		0.500	%		0.475	%		0.450	%		0.425	%
Balanced		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.500	%		0.500	%		0.475	%		0.475	%		0.450	%		0.425	%
High Yield		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.350	%		0.350	%		0.300	%		0.300	%		0.300	%		0.300	%
Municipal Bond		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.400	%		0.400	%		0.350	%		0.350	%		0.325	%		0.300	%
Income		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.325	%		0.325	%		0.300	%		0.300	%		0.300	%		0.300	%
Core Bond		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.400	%		0.400	%		0.375	%		0.375	%		0.350	%		0.325	%
Government Bond		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%
Limited Maturity Bond		0.300	%		0.300	%		0.300	%		0.300	%		0.300	%		0.275	%		0.275	%		0.250	%		0.250	%		0.250	%		0.250	%
Money Market		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.400	%		0.350	%		0.325	%		0.325	%		0.300	%		0.275	%

*	Effective May 31, 2011, an additional breakpoint was added for the Thrivent Partner Worldwide Allocation Fund. For average daily net assets above $1 billion, the annual fee rate is 0.800%.

250

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(B) Sub-Adviser Fees – The following subadviser fees are charged as part of the total investment advisory fees stated in the table above. The subadvisory fees are borne directly by the Adviser and do not increase the overall fees paid by the Fund.

Partner Small Cap Growth Fund

The Adviser has entered into a subadvisory agreement with Turner Investment Partners, Inc. (“Turner”) for performance of subadvisory services. For assets that are defined as microcap assets, the fee payable is equal to 0.80% of the average daily net assets in that microcap portion. For all other assets, the fee payable is equal to 0.65% of the average daily net assets when the entire portfolio assets (including the microcap portion) are no greater than $100 million, 0.60% of the average daily net assets when the entire portfolio assets are greater than $100 million but no greater than $350 million, and 0.575% of the average daily net assets when the entire portfolio assets are greater than $350 million. Thrivent Partner Small Cap Growth Portfolio (including the microcap portion of that Portfolio) is included in determining breakpoints for the assets managed by Turner.

Partner Small Cap Value Fund

The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. for performance of subadvisory services. The fee payable is equal to 0.60% of average daily net assets.

Partner Mid Cap Value Fund

The Adviser has entered into a subadvisory agreement with Goldman Sachs Asset Management, LP (“GSAM”) for the performance of subadvisory services. The fee payable is equal to 0.50% of the first $200 million of average daily net assets and 0.45% for assets over $200 million. Thrivent Partner Mid Cap Value Portfolio is included in determining breakpoints for the assets managed by GSAM.

Partner Worldwide Allocation Fund

The Adviser has entered into subadvisory agreements with Mercator Asset Management, LP (“Mercator”), Principal Global Investors, LLC (“Principal”), Aberdeen Asset Management Investment Services Limited (“Aberdeen”), Victory Capital Management, Inc. (“Victory”) and GSAM for the performance of subadvisory services.

The fee payable for Mercator is equal to 0.75% of the first $25 million of average daily net assets, 0.60% of the next $25 million, 0.55% of the next $25 million, 0.50% of the next $225 million, 0.40% of the next $200 million and 0.20% of average daily net assets over $500 million. Thrivent Partner Worldwide Allocation Portfolio, Thrivent Partner International Stock Fund and Thrivent Partner International Stock Portfolio will be included in determining breakpoints for the assets managed by Mercator.

The fee payable for Principal is equal to 0.35% of the first $500 million of average daily net assets, 0.30% of the next $500 million and 0.25% of average daily net assets over $1 billion. Thrivent Partner Worldwide Allocation Portfolio, Thrivent Partner International Stock Fund and Thrivent Partner International Stock Portfolio will be included in determining breakpoints for the assets managed by Principal.

The fee payable for Aberdeen is equal to 0.85% of the first $50 million of average daily net assets, 0.72% of the next $50 million and 0.68% of average daily net assets over $100 million. Thrivent Partner Worldwide Allocation Portfolio and Thrivent Partner Emerging Markets Portfolio will be included in determining breakpoints for the assets managed by Aberdeen.

The fee payable for Victory is equal to 0.95% of the first $25 million of average daily net assets, 0.85% of the next $75 million and 0.80% of average daily net assets over $100 million. Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by Victory. Effective May 31, 2011, two additional breakpoints were added. Therefore, the new fee schedule payable for Victory will be equal to 0.95% of the first $25 million of average daily net assets, 0.85% of the next $75 million, 0.80% of the next $50 million, 0.75% of the next $100 million and 0.70% of average daily net assets over $250 million.

The fee payable for GSAM is equal to 0.55% of the first $50 million of average daily net assets, 0.50% of the next $200 million and 0.45% of average daily net assets over $250 million. Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by GSAM.

Partner International Stock Fund

The Adviser has entered into subadvisory agreements with Mercator and Principal for the performance of subadvisory services.

The fee payable for Mercator is equal to 0.75% of the first $25 million of average daily net assets, 0.60% of the next $25 million, 0.55% of the next $25 million, 0.50% of the next $225 million, 0.40% of the next $200 million and 0.20% of average daily net assets over $500 million. Thrivent Partner International Stock Portfolio, Thrivent Partner Worldwide Allocation Fund and Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by Mercator.

The fee payable for Principal is equal to 0.35% of the first $500 million of average daily net assets, 0.30% of the next $500 million and 0.25% of average daily net assets over $1 billion. Thrivent Partner International Stock Portfolio, Thrivent Partner Worldwide Allocation Fund and Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by Principal.

251

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(C) Expense Reimbursements – As of April 29, 2011, the following contractual expense reimbursements, as a percentage of net assets, were in effect:


Fund	Class A			Institutional Class			Expiration Date
Money Market		0.20	%		0.10	%		2/28/2012

As of April 29, 2011, contractual expense reimbursements to limit expenses to the following percentages were in effect:



Fund	Class A			Institutional Class			Expiration Date
Aggressive Allocation		1.30	%		N/A			2/28/2012
Moderately Aggressive Allocation		1.15	%		0.81	%		5/15/2011
Moderate Allocation		1.07	%		0.74	%		5/15/2011
Moderately Conservative Allocation		0.98	%		0.72	%		5/15/2011
Partner Small Cap Growth		1.45	%		N/A			2/28/2012
Partner Small Cap Value		1.40	%		N/A			2/28/2012
Small Cap Stock		1.40	%		N/A			2/28/2012
Partner Mid Cap Value		1.25	%		N/A			2/28/2012
Partner Worldwide Allocation		1.30	%		1.00	%		2/28/2012
Large Cap Growth		1.20	%		N/A			2/28/2012
Core Bond		0.85	%		N/A			2/28/2012
Government Bond		0.90	%		0.65	%		2/28/2012
Money Market		0.20	%		0.10	%		2/28/2012

The expense caps for Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation and Moderately Conservative Allocation include all indirect expenses.

Thrivent does not recoup amounts previously reimbursed or waived in prior fiscal years.

Each equity, hybrid and fixed income fund may invest cash in High Yield Fund and Money Market Fund, subject to certain limitations. During the six months ended April 29, 2011, Balanced Fund, Income Fund, Core Bond Fund and Limited Maturity Bond Fund invested in High Yield Fund. During the six months ended April 29, 2011, no funds invested in Money Market Fund. These related-party transactions are subject to the same terms as non-related party transactions except that, to avoid duplicate investment advisory fees, Thrivent Asset Mgt. reimburses an amount equal to the advisory fee which is charged to the Fund for its investment in High Yield Fund or Money Market Fund.

(D) Distribution Plan – Thrivent Investment Management, Inc. (“Thrivent Investment Mgt.”) is the Trust’s distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act. Class A shares have a Rule 12b-1 fee of up to 0.25% (up to 0.125% for Government Bond Fund, Limited Maturity Bond Fund and Money Market Fund) of average net assets.

(E) Sales Charges and Other Fees – For the six months ended April 29, 2011, Thrivent Investment Mgt. received $6,123,437 of aggregate underwriting concessions from the sales of the Trust’s Class A shares. Sales charges are not an expense of the Trust and are not reflected in the financial statements of any of the Funds.

The Trust has entered into an accounting and administrative services agreement with Thrivent Asset Mgt. pursuant to which Thrivent Asset Mgt. provides certain accounting and administrative personnel and services to the Funds. For the six months ended April 29, 2011, Thrivent Asset Mgt. received aggregate fees for accounting and administrative personnel and services of $2,205,311 from the Trust.

The Trust has entered into an agreement with Thrivent Financial Investor Services Inc. (“Thrivent Investor Services”) to provide the Funds with transfer agent services. For the six months ended April 29, 2011, Thrivent Investor Services received $7,655,412 for transfer agent services from the Trust. A portion of this amount is remitted to third-party administrators that provide shareholder services on behalf of Thrivent Mutual Funds.

Each Trustee is eligible to participate in a deferred compensation plan with respect to fees received from the Funds. Participants in the plan may designate their deferred Trustee’s fees as if invested in a series of the Thrivent Mutual Funds. The value of each Trustee’s deferred compensation account will increase or decrease as if invested in shares of that series. Their fees as well as the change in value are included in Trustee’s fees in the Statement of Operations. The deferred fees remain in the appropriate Fund until distribution in accordance with the plan. The deferred fee liability, included in accured expenses in the Statement of Assets and Liabilities, is unsecured.

Those Trustees not participating in the above plan received $302,270 in fees from the Trust for the six months ended April 29, 2011. 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 Funds are officers and directors of Thrivent Asset Mgt., Thrivent Investment Mgt. and Thrivent Investor Services; however, they receive no compensation from the Trust.

(F) Indirect Expenses – Some Funds invest in other mutual funds. Fees and expenses of those underlying funds are not included in those Funds’ expense ratios. The Funds indirectly bear their proportionate share of the annualized weighted average expense ratio of the underlying funds in which they invest.

252

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(4) 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, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

At October 31, 2010, the following Funds had accumulated net realized capital loss carryovers expiring as follows:


Fund	Capital Loss Carryover		Expiration Year

Aggressive Allocation		$15,499,988		2017

		$15,499,988


Moderately Aggressive Allocation		24,291,181		2017

		$24,291,181


Moderate Allocation		16,178,085		2017

		$16,178,085


Moderately Conservative Allocation		2,058,565		2017

		$2,058,565


Partner Small Cap Growth		8,218,590		2016
		17,808,240		2017

		$26,026,830


Partner Small Cap Value		220,503		2017

		$220,503


Small Cap Stock		83,810,253		2017

		$83,810,253


Mid Cap Growth		3,262,227		2017

		$3,262,227


Partner Mid Cap Value		370,690		2016
		14,040,416		2017

		$14,411,106


Mid Cap Stock		148,077,203		2016
		80,779,485		2017

		$228,856,688


Partner Worldwide Allocation		4,557,976		2016
		13,383,870		2017

		$17,941,846


Partner International Stock		54,217,240		2016
		105,432,640		2017

		$159,649,880


Large Cap Growth		1,041,797		2011
		4,167,188		2015
		58,219,783		2016
		60,235,691		2017

		$123,664,459


Large Cap Value		35,645,794		2016
		93,085,648		2017

		$128,731,442


Large Cap Stock		133,681,536		2017

		$133,681,536


Balanced		11,585,399		2017

		$11,585,399


High Yield		90,973,334		2011
		11,792,481		2012
		1,037,644		2013
		1,574,393		2014
		32,937,341		2016
		30,243,630		2017

		$168,558,823


Income		4,798,626		2014
		21,119,656		2016
		28,531,756		2017

		$54,450,038


Core Bond		4,642,806		2014
		1,199,140		2015
		5,142,913		2016
		8,698,163		2017

		$19,683,022


Limited Maturity Bond		1,788,838		2017

		$1,788,838

To the extent that these Funds realize future net capital gains, taxable distributions will be reduced by any unused capital loss carryovers as permitted by the Internal Revenue Code.

Capital losses generated during the next fiscal year will be subject to the provisions of the Regulated Investment Company Modernization Act of 2010. If the losses are not reduced by gains during the next fiscal year, the losses will be carried forward with no expiration and with the short-term or long-term character of the loss retained. Capital loss carryovers generated in future years must be fully utilized before those capital loss carryovers listed with noted expiration dates in the table above.

Of the capital loss carryovers attributable to Large Cap Growth Fund, the following amounts were obtained as a result of the reorganization, as described in Note (1)(A), with Technology Fund in June 2009:


Fund	Capital Loss Carryover		Expiration Year

Large Cap Growth		1,041,797		2011
		4,167,188		2015
		1,041,797		2016

		$6,250,782

In addition, $20,456,420 in capital loss carryovers acquired by Large Cap Growth Fund as part of the merger expired or were deemed expired due to provisions under the Internal Revenue Code. The Internal Revenue Code may limit the ability of Acquiring Funds to utilize capital losses of Acquired Funds.

253

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities – For the six months ended April 29, 2011, the cost of purchases and the proceeds from sales of investment securities, other than U.S. Government and short-term securities were as follows:


	In thousands
Fund	Purchases		Sales
Aggressive Allocation		$180,266		$180,208
Moderately Aggressive Allocation		332,130		308,331
Moderate Allocation		282,944		229,216
Moderately Conservative Allocation		123,359		88,120
Partner Small Cap Growth		63,888		65,570
Partner Small Cap Value		13,597		36,545
Small Cap Stock		167,690		196,681
Mid Cap Growth		94,933		98,840
Partner Mid Cap Value		53,119		60,753
Mid Cap Stock		137,141		179,146
Partner Worldwide Allocation		121,508		91,080
Partner International Stock		183,702		207,293
Large Cap Growth		410,874		417,231
Large Cap Value		189,425		188,475
Large Cap Stock		1,176,561		1,280,025
Balanced		107,394		125,141
High Yield		237,399		242,354
Municipal Bond		43,376		87,542
Income		288,016		286,832
Core Bond		66,810		88,206
Government Bond		4,117		2,075
Limited Maturity Bond		300,030		264,846

Purchases and sales of U.S. Government securities were:


	In thousands
Fund	Purchases		Sales
Aggressive Allocation		$1,054		$2,553
Moderately Aggressive Allocation		15,918		15,393
Moderate Allocation		13,784		11,972
Moderately Conservative Allocation		16,136		12,505
Small Cap Stock		–		600
Balanced		123,645		114,758
Income		251,721		249,569
Core Bond		431,601		413,310
Government Bond		90,451		104,329
Limited Maturity Bond		291,504		235,187

(B) Investments in Restricted Securities – Certain Funds may own restricted securities that have been deemed illiquid and were purchased in private placement transactions without registration under the Securities Act of 1933. Unless such securities subsequently become registered, they generally may be resold only in privately negotiated transactions with a limited number of purchasers. As of April 29, 2011, the following funds held restricted securities:


Fund	Number of Securities		Percent of Fund’s Net Assets
Partner Worldwide
Allocation		3		0.18	%
Balanced		5		1.66	%
High Yield		2		0.91	%
Income		8		2.22	%
Core Bond		4		3.66	%
Limited Maturity Bond		8		1.13	%

The Funds have no right to require registration of unregistered securities.

(C) Investments in High-Yielding Securities – High Yield Fund invests primarily in high-yielding fixed-income securities. Each of the other Funds, except Money Market Fund, may also invest in high-yielding securities. These securities will typically be in the lower rating categories or will be non-rated and generally will involve more risk than securities in the higher rating categories. Lower rated or unrated securities are more likely to react to developments affecting market risk and credit risk than are more highly rated securities, which react primarily to movements in the general level of interest rates.

(D) Investments in Options and Futures Contracts – The movement in the price of the security underlying an option or futures contract may not correlate perfectly with the movement in the prices of the portfolio securities being hedged. A lack of correlation could render the Fund’s hedging strategy unsuccessful and could result in a loss to the Fund. In the event that a liquid secondary market would not exist, the Fund could be prevented from entering into a closing transaction, which could result in additional losses to the Fund.

(E) Written Option Contracts – The number of contracts and premium amounts associated with call option contracts written during the six months ended April 29, 2011, were as follows:


	Number of Contracts			Premium Amount
Large Cap Growth
Balance at October 31, 2010		298			$20,393
Opened		858			134,236
Closed		(793	)		(103,052	)
Expired		(297	)		(38,558	)
Exercised		–			–

Balance at April 29, 2011		66			$13,019

Large Cap Stock
Balance at October 31, 2010		350			$190,937
Opened		2,185			800,107
Closed		(2,485	)		(979,419	)
Expired		–			–
Exercised		–			–

Balance at April 29, 2011		50			$11,625

254

Thrivent Mutual Funds

Notes to Financial Statements

As of April 29, 2011

(unaudited)


	Number of Contracts			Premium Amount
Government Bond
Balance at October 31, 2010		2			$7,906
Opened		6			32,969
Closed		–			–
Expired		–			–
Exercised		(6	)		(30,094)

Balance at April 29, 2011		2			$10,781

(6) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Funds are permitted to purchase or sell securities from or to certain other Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, during the six months ended April 29, 2011, the Funds engaged in purchases and sales of securities of $2,525,038 and $3,614,936, respectively.

(7) RELATED PARTY TRANSACTIONS

As of April 29, 2011, related parties (other than the Thrivent Asset Allocation Funds) held the following shares in excess of 5% of Thrivent Mutual Funds:


Fund	Shares		Percent of Fund’s Outstanding Shares
Partner Small Cap Growth		942,592		9.1	%
Partner Worldwide Allocation		4,612,472		14.3	%
Core Bond		4,533,220		15.7	%
Government Bond		2,486,830		25.8	%

As of April 29, 2011, retirement plans sponsored by Thrivent Financial for Lutherans held the following shares in excess of 5% of Thrivent Mutual Funds:


Fund	Shares		Percent of Fund’s Outstanding Shares
Aggressive Allocation		7,064,167		14.0	%
Moderately Aggressive Allocation		7,608,917		6.6	%
Partner Small Cap Value		1,287,028		8.7	%
Mid Cap Stock		3,433,085		6.3	%
Partner International Stock		3,129,829		7.0	%
Balanced		4,263,898		25.6	%

(8) SUBSEQUENT EVENTS

Management of the Funds has evaluated the impact of subsequent events, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

255

Thrivent Mutual Funds

Financial Highlights


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
				Income from Investment Operations						Less Distributions from
		Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments
AGGRESSIVE ALLOCATION FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			$10.35		$0.05		$1.65		$1.70		$(0.05)		$–
Year Ended 10/31/2010			8.81		0.06		1.55		1.61		(0.07)		–
Year Ended 10/31/2009			8.26		0.10		0.99		1.09		(0.09)		(0.45	)
Year Ended 10/31/2008			13.79		0.16		(5.13)		(4.97)		(0.35)		(0.21	)
Year Ended 10/31/2007			11.88		0.14		1.99		2.13		(0.19)		(0.03	)
Year Ended 10/31/2006			10.37		0.15		1.49		1.64		(0.13)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			10.43		0.07		1.66		1.73		(0.09)		–
Year Ended 10/31/2010			8.87		0.09		1.56		1.65		(0.09)		–
Year Ended 10/31/2009			8.31		0.13		1.00		1.13		(0.12)		(0.45	)
Year Ended 10/31/2008			13.86		0.21		(5.18)		(4.97)		(0.37)		(0.21	)
Year Ended 10/31/2007			11.94		0.16		2.02		2.18		(0.23)		(0.03	)
Year Ended 10/31/2006			10.39		0.20		1.49		1.69		(0.14)		–
MODERATELY AGGRESSIVE ALLOCATION FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			10.65		0.10		1.29		1.39		(0.15)		–
Year Ended 10/31/2010			9.25		0.16		1.39		1.55		(0.15)		–
Year Ended 10/31/2009			8.36		0.20		1.11		1.31		(0.20)		(0.22	)
Year Ended 10/31/2008			13.23		0.24		(4.58)		(4.34)		(0.36)		(0.17	)
Year Ended 10/31/2007			11.72		0.21		1.56		1.77		(0.24)		(0.02	)
Year Ended 10/31/2006			10.31		0.19		1.35		1.54		(0.13)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			10.72		0.12		1.30		1.42		(0.18)		–
Year Ended 10/31/2010			9.31		0.20		1.39		1.59		(0.18)		–
Year Ended 10/31/2009			8.41		0.23		1.12		1.35		(0.23)		(0.22	)
Year Ended 10/31/2008			13.30		0.27		(4.60)		(4.33)		(0.39)		(0.17	)
Year Ended 10/31/2007			11.77		0.23		1.60		1.83		(0.28)		(0.02	)
Year Ended 10/31/2006			10.33		0.23		1.35		1.58		(0.14)		–
MODERATE ALLOCATION FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			10.67		0.13		0.97		1.10		(0.13)		–
Year Ended 10/31/2010			9.46		0.23		1.20		1.43		(0.22)		–
Year Ended 10/31/2009			8.42		0.27		1.09		1.36		(0.26)		(0.06	)
Year Ended 10/31/2008			12.32		0.30		(3.62)		(3.32)		(0.41)		(0.17	)
Year Ended 10/31/2007			11.30		0.30		1.10		1.40		(0.34)		(0.04	)
Year Ended 10/31/2006			10.22		0.27		1.08		1.35		(0.27)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			10.69		0.14		0.97		1.11		(0.14)		–
Year Ended 10/31/2010			9.48		0.26		1.20		1.46		(0.25)		–
Year Ended 10/31/2009			8.43		0.29		1.11		1.40		(0.29)		(0.06	)
Year Ended 10/31/2008			12.34		0.35		(3.65)		(3.30)		(0.44)		(0.17	)
Year Ended 10/31/2007			11.32		0.33		1.09		1.42		(0.36)		(0.04	)
Year Ended 10/31/2006			10.23		0.31		1.09		1.40		(0.31)		–

^(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 fund shares.

*	All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

256

Thrivent Mutual Funds

Financial Highlights – continued


			RATIOS / SUPPLEMENTAL DATA
							Ratio to Average Net Assets**				Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
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)		$12.00		16.49%		$519.3		0.72%		0.89%		0.88%		0.73%		34%
(0.07)		10.35		18.29%		435.5		0.70%		0.57%		0.90%		0.37%		52%
(0.54)		8.81		14.66%		354.6		0.57%		1.27%		0.88%		0.96%		19%
(0.56)		8.26		(37.44)%		264.2		0.53%		0.94%		0.72%		0.75%		15%
(0.22)		13.79		18.27%		332.7		0.38%		0.79%		0.72%		0.45%		15%
(0.13)		11.88		15.95%		176.0		0.10%		0.78%		0.81%		0.07%		8%

(0.09)		12.07		16.62%		86.0		0.37%		1.25%		0.40%		1.23%		34%
(0.09)		10.43		18.73%		73.7		0.35%		0.94%		0.39%		0.90%		52%
(0.57)		8.87		15.16%		62.9		0.23%		1.62%		0.25%		1.60%		19%
(0.58)		8.31		(37.27)%		50.4		0.20%		1.26%		0.20%		1.26%		15%
(0.26)		13.86		18.64%		57.8		0.10%		1.11%		0.21%		1.00%		15%
(0.14)		11.94		16.45%		35.8		(0.44)%		1.25%		0.27%		0.53%		8%


(0.15)		11.89		13.15%		1,270.5		0.64%		1.77%		0.75%		1.67%		26%
(0.15)		10.65		16.92%		1,085.3		0.62%		1.60%		0.75%		1.47%		39%
(0.42)		9.25		16.78%		904.1		0.54%		2.50%		0.72%		2.31%		17%
(0.53)		8.36		(33.99)%		698.3		0.51%		1.87%		0.61%		1.78%		20%
(0.26)		13.23		15.45%		859.2		0.37%		1.52%		0.61%		1.28%		18%
(0.13)		11.72		15.05%		423.0		0.08%		1.60%		0.67%		1.01%		10%

(0.18)		11.96		13.41%		93.3		0.30%		2.11%		0.32%		2.09%		26%
(0.18)		10.72		17.24%		79.5		0.28%		1.94%		0.31%		1.92%		39%
(0.45)		9.31		17.27%		69.0		0.20%		2.85%		0.21%		2.84%		17%
(0.56)		8.41		(33.83)%		56.2		0.18%		2.21%		0.18%		2.21%		20%
(0.30)		13.30		15.85%		68.9		0.09%		1.86%		0.19%		1.76%		18%
(0.14)		11.77		15.43%		40.1		(0.36)%		2.05%		0.23%		1.46%		10%


(0.13)		11.64		10.34%		1,276.6		0.61%		2.33%		0.68%		2.26%		20%
(0.22)		10.67		15.30%		1,118.6		0.60%		2.28%		0.68%		2.21%		30%
(0.32)		9.46		16.91%		923.2		0.53%		3.24%		0.64%		3.12%		19%
(0.58)		8.42		(28.06)%		739.6		0.50%		2.61%		0.55%		2.56%		17%
(0.38)		12.32		12.60%		843.2		0.37%		2.36%		0.56%		2.17%		23%
(0.27)		11.30		13.40%		442.8		0.04%		2.44%		0.61%		1.88%		10%

(0.14)		11.66		10.49%		61.8		0.28%		2.65%		0.30%		2.63%		20%
(0.25)		10.69		15.64%		50.5		0.27%		2.60%		0.29%		2.58%		30%
(0.35)		9.48		17.38%		38.5		0.20%		3.55%		0.21%		3.54%		19%
(0.61)		8.43		(27.87)%		28.4		0.18%		2.92%		0.18%		2.92%		17%
(0.40)		12.34		12.84%		27.9		0.11%		2.66%		0.20%		2.57%		23%
(0.31)		11.32		13.83%		17.1		(0.33)%		2.82%		0.24%		2.25%		10%

(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

257

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
				Income from Investment Operations						Less Distributions from
		Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income			Net Realized Gain on Investments
MODERATELY CONSERVATIVE ALLOCATION FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			$10.73		$0.14		$0.62		$0.76		$(0.14)			$–
Year Ended 10/31/2010			9.78		0.27		0.94		1.21		(0.26	)		–
Year Ended 10/31/2009			8.75		0.30		1.03		1.33		(0.30	)		–
Year Ended 10/31/2008			11.54		0.34		(2.63)		(2.29)		(0.40	)		(0.10	)
Year Ended 10/31/2007			10.91		0.36		0.68		1.04		(0.38	)		(0.03	)
Year Ended 10/31/2006			10.13		0.32		0.77		1.09		(0.31	)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			10.75		0.16		0.61		0.77		(0.15	)		–
Year Ended 10/31/2010			9.80		0.29		0.94		1.23		(0.28	)		–
Year Ended 10/31/2009			8.77		0.32		1.03		1.35		(0.32	)		–
Year Ended 10/31/2008			11.56		0.37		(2.63)		(2.26)		(0.43	)		(0.10	)
Year Ended 10/31/2007			10.93		0.37		0.69		1.06		(0.40	)		(0.03	)
Year Ended 10/31/2006			10.14		0.34		0.79		1.13		(0.34	)		–
PARTNER SMALL CAP GROWTH FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			10.81		(0.07)		3.36		3.29		–			–
Year Ended 10/31/2010			8.31		(0.11)		2.61		2.50		–			–
Year Ended 10/31/2009			7.72		(0.04)		0.63		0.59		–			–
Year Ended 10/31/2008			13.93		(0.04)		(5.59)		(5.63)		–			(0.58	)
Year Ended 10/31/2007			11.69		(0.06)		2.30		2.24		–			–
Year Ended 10/31/2006			10.28		(0.03)		1.44		1.41		–			–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			11.01		(0.05)		3.44		3.39		–			–
Year Ended 10/31/2010			8.42		(0.07)		2.66		2.59		–			–
Year Ended 10/31/2009			7.79		(0.03)		0.66		0.63		–			–
Year Ended 10/31/2008			14.00		(0.01)		(5.62)		(5.63)		–			(0.58	)
Year Ended 10/31/2007			11.73		(0.02)		2.31		2.29		(0.02	)		–
Year Ended 10/31/2006			10.28		–		1.45		1.45		–			–
PARTNER SMALL CAP VALUE FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			13.72		0.02		2.81		2.83		(0.09	)		–
Year Ended 10/31/2010			11.26		0.02		2.47		2.49		(0.03	)		–
Year Ended 10/31/2009			11.02		0.05		0.86		0.91		(0.05	)		(0.62	)
Year Ended 10/31/2008			16.41		0.09		(4.26)		(4.17)		–			(1.22	)
Year Ended 10/31/2007			15.65		0.04		1.45		1.49		(0.02	)		(0.71	)
Year Ended 10/31/2006			14.06		0.07		2.46		2.53		(0.04	)		(0.90	)
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			14.39		0.08		2.93		3.01		(0.16	)		–
Year Ended 10/31/2010			11.81		0.09		2.59		2.68		(0.10	)		–
Year Ended 10/31/2009			11.53		0.10		0.94		1.04		(0.14	)		(0.62	)
Year Ended 10/31/2008			17.10		0.12		(4.37)		(4.25)		(0.10	)		(1.22	)
Year Ended 10/31/2007			16.26		0.13		1.52		1.65		(0.10	)		(0.71	)
Year Ended 10/31/2006			14.57		0.12		2.60		2.72		(0.13	)		(0.90	)

^(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 fund shares.

* All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

258

Thrivent Mutual Funds

Financial Highlights – continued


			RATIOS / SUPPLEMENTAL DATA
							Ratio to Average Net Assets**				Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
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


$(0.14)		$11.35		7.14%		$566.3		0.60%		2.60%		0.69%		2.51%		19%
(0.26)		10.73		12.53%		503.7		0.58%		2.61%		0.69%		2.50%		29%
(0.30)		9.78		15.66%		392.9		0.51%		3.45%		0.64%		3.31%		21%
(0.50)		8.75		(20.53)%		314.7		0.47%		3.15%		0.56%		3.06%		19%
(0.41)		11.54		9.72%		305.5		0.33%		3.16%		0.57%		2.92%		19%
(0.31)		10.91		10.94%		156.9		0.01%		3.19%		0.65%		2.55%		5%

(0.15)		11.37		7.26%		22.3		0.33%		2.88%		0.33%		2.88%		19%
(0.28)		10.75		12.78%		21.7		0.32%		2.87%		0.33%		2.86%		29%
(0.32)		9.80		15.91%		13.8		0.25%		3.72%		0.25%		3.71%		21%
(0.53)		8.77		(20.30)%		11.1		0.22%		3.45%		0.22%		3.45%		19%
(0.43)		11.56		9.91%		9.8		0.12%		3.41%		0.23%		3.31%		19%
(0.34)		10.93		11.35%		6.5		(0.34)%		3.50%		0.30%		2.86%		5%


–		14.10		30.43%		23.7		1.50%		(1.18)%		1.50%		(1.18)%		50%
–		10.81		30.08%		17.3		1.56%		(1.14)%		1.56%		(1.14)%		102%
–		8.31		7.64%		12.8		1.58%		(0.90)%		1.61%		(0.93)%		116%
(0.58)		7.72		(41.96)%		9.6		1.42%		(0.44)%		1.43%		(0.45)%		186%
–		13.93		19.16%		15.5		1.20%		(0.52)%		1.46%		(0.77)%		98%
–		11.69		13.72%		12.0		0.91%		(0.31)%		1.72%		(1.12)%		109%

–		14.40		30.79%		125.5		1.05%		(0.74)%		1.05%		(0.74)%		50%
–		11.01		30.76%		95.9		1.09%		(0.67)%		1.09%		(0.67)%		102%
–		8.42		8.09%		72.7		1.09%		(0.40)%		1.12%		(0.43)%		116%
(0.58)		7.79		(41.74)%		64.7		1.06%		(0.07)%		1.07%		(0.08)%		186%
(0.02)		14.00		19.55%		64.5		0.92%		(0.25)%		1.13%		(0.45)%		98%
–		11.73		14.11%		29.3		0.53%		0.10%		1.35%		(0.71)%		109%


(0.09)		16.46		20.67%		83.0		1.40%		0.32%		1.40%		0.31%		6%
(0.03)		13.72		22.14%		71.7		1.40%		0.14%		1.47%		0.07%		17%
(0.67)		11.26		9.51%		59.0		1.56%		0.55%		1.67%		0.44%		14%
(1.22)		11.02		(26.94)%		54.3		1.35%		0.61%		1.46%		0.49%		35%
(0.73)		16.41		9.77%		82.5		1.25%		0.21%		1.43%		0.03%		34%
(0.94)		15.65		19.08%		79.8		0.95%		0.51%		1.46%		(0.01)%		22%

(0.16)		17.24		21.03%		168.7		0.84%		0.90%		0.84%		0.90%		6%
(0.10)		14.39		22.78%		160.7		0.85%		0.70%		0.85%		0.70%		17%
(0.76)		11.81		10.37%		119.2		0.83%		1.25%		0.87%		1.21%		14%
(1.32)		11.53		(26.46)%		75.4		0.69%		1.27%		0.80%		1.15%		35%
(0.81)		17.10		10.45%		57.7		0.63%		0.79%		0.80%		0.62%		34%
(1.03)		16.26		19.85%		44.9		0.30%		1.06%		0.82%		0.54%		22%

^(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

259

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations						Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income			Net Realized Gain on Investments
SMALL CAP STOCK FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		$12.56		$(0.06)		$3.28		$3.22		$–			$–
Year Ended 10/31/2010		10.26		(0.09)		2.39		2.30		–			–
Year Ended 10/31/2009		10.33		–		(0.06)		(0.06)		(0.01	)		–
Year Ended 10/31/2008		18.98		0.01		(6.34)		(6.33)		–			(2.32	)
Year Ended 10/31/2007		18.48		0.01		2.40		2.41		–			(1.91	)
Year Ended 10/31/2006		17.79		(0.05)		2.68		2.63		–			(1.94	)
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		13.99		0.07		3.56		3.63		–			–
Year Ended 10/31/2010		11.35		0.02		2.62		2.64		–			–
Year Ended 10/31/2009		11.43		0.22		(0.20)		0.02		(0.10	)		–
Year Ended 10/31/2008		20.62		0.01		(6.88)		(6.87)		–			(2.32	)
Year Ended 10/31/2007		19.82		0.08		2.63		2.71		–			(1.91	)
Year Ended 10/31/2006		18.85		(0.04)		2.95		2.91		–			(1.94	)
MID CAP GROWTH FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		16.62		(0.03)		3.01		2.98		–			–
Year Ended 10/31/2010		12.92		(0.08)		3.78		3.70		–			–
Year Ended 10/31/2009		10.24		(0.06)		2.74		2.68		–			–
Year Ended 10/31/2008		19.45		(0.03)		(6.95)		(6.98)		–			(2.23	)
Year Ended 10/31/2007		16.17		(0.06)		4.50		4.44		–			(1.16	)
Year Ended 10/31/2006		14.59		(0.06)		1.64		1.58		–			–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		18.53		0.04		3.34		3.38		–			–
Year Ended 10/31/2010		14.31		(0.02)		4.24		4.22		–			–
Year Ended 10/31/2009		11.24		(0.05)		3.12		3.07		–			–
Year Ended 10/31/2008		20.98		(0.08)		(7.43)		(7.51)		–			(2.23	)
Year Ended 10/31/2007		17.24		0.06		4.84		4.90		–			(1.16	)
Year Ended 10/31/2006		15.44		(0.04)		1.84		1.80		–			–
PARTNER MID CAP VALUE FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		11.19		0.03		2.01		2.04		(0.04	)		–
Year Ended 10/31/2010		8.97		0.06		2.23		2.29		(0.07	)		–
Year Ended 10/31/2009		7.89		0.04		1.11		1.15		(0.07	)		–
Year Ended 10/31/2008		12.93		0.12		(4.43)		(4.31)		(0.09	)		(0.64	)
Year Ended 10/31/2007		11.83		0.11		1.23		1.34		(0.17	)		(0.07	)
Year Ended 10/31/2006		10.13		0.17		1.57		1.74		(0.04	)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		11.23		0.05		2.02		2.07		(0.08	)		–
Year Ended 10/31/2010		8.99		0.09		2.24		2.33		(0.09	)		–
Year Ended 10/31/2009		7.92		0.09		1.08		1.17		(0.10	)		–
Year Ended 10/31/2008		12.97		0.10		(4.40)		(4.30)		(0.11	)		(0.64	)
Year Ended 10/31/2007		11.87		0.16		1.21		1.37		(0.20	)		(0.07	)
Year Ended 10/31/2006		10.14		0.17		1.61		1.78		(0.05	)		–

^(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 fund shares.

* All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

260

Thrivent Mutual Funds

Financial Highlights – continued


		RATIOS / SUPPLEMENTAL DATA
				Ratio to Average Net Assets**		Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
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


$–	$15.78	25.64%	$283.2	1.38%	(0.70)%	1.38%	(0.70)%	55%
–	12.56	22.42%	239.1	1.46%	(0.62)%	1.46%	(0.62)%	203%
(0.01)	10.26	(0.54)%	221.2	1.58%	0.03%	1.58%	0.03%	283%
(2.32)	10.33	(37.25)%	241.9	1.32%	0.09%	1.33%	0.07%	245%
(1.91)	18.98	14.32%	448.9	1.27%	0.03%	1.29%	0.01%	112%
(1.94)	18.48	16.04%	457.5	1.27%	(0.28)%	1.29%	(0.30)%	92%

–	17.62	25.95%	71.7	0.76%	(0.07)%	0.76%	(0.07)%	55%
–	13.99	23.26%	68.6	0.78%	0.05%	0.78%	0.05%	203%
(0.10)	11.35	0.27%	58.8	0.77%	0.82%	0.78%	0.82%	283%
(2.32)	11.43	(36.86)%	106.7	0.73%	0.66%	0.74%	0.64%	245%
(1.91)	20.62	14.92%	106.6	0.71%	0.56%	0.73%	0.54%	112%
(1.94)	19.82	16.68%	85.1	0.72%	0.27%	0.74%	0.26%	92%


–	19.60	17.93%	276.5	1.09%	(0.25)%	1.09%	(0.25)%	24%
–	16.62	28.64%	241.7	1.18%	(0.51)%	1.18%	(0.51)%	55%
–	12.92	26.17%	201.0	1.40%	(0.55)%	1.41%	(0.56)%	65%
(2.23)	10.24	(39.95)%	165.0	1.16%	(0.19)%	1.19%	(0.22)%	85%
(1.16)	19.45	29.25%	302.7	1.16%	(0.32)%	1.18%	(0.34)%	84%
–	16.17	10.83%	264.6	1.19%	(0.37)%	1.21%	(0.38)%	156%

–	21.91	18.24%	169.2	0.51%	0.32%	0.51%	0.32%	24%
–	18.53	29.49%	147.6	0.53%	0.15%	0.53%	0.15%	55%
–	14.31	27.31%	90.8	0.54%	0.29%	0.55%	0.28%	65%
(2.23)	11.24	(39.52)%	45.2	0.45%	0.51%	0.48%	0.49%	85%
(1.16)	20.98	30.15%	42.1	0.46%	0.37%	0.48%	0.36%	84%
–	17.24	11.66%	32.3	0.47%	0.34%	0.49%	0.32%	156%


(0.04)	13.19	18.27%	20.4	1.25%	0.44%	1.41%	0.29%	43%
(0.07)	11.19	25.63%	16.6	1.25%	0.60%	1.46%	0.38%	91%
(0.07)	8.97	14.70%	13.3	1.25%	0.80%	1.57%	0.48%	111%
(0.73)	7.89	(35.12)%	7.4	1.25%	1.12%	1.41%	0.96%	100%
(0.24)	12.93	11.45%	12.0	0.95%	0.99%	1.48%	0.46%	96%
(0.04)	11.83	17.19%	7.6	0.31%	1.67%	1.86%	0.12%	43%

(0.08)	13.22	18.46%	114.2	0.90%	0.81%	0.90%	0.81%	43%
(0.09)	11.23	26.07%	104.2	0.93%	0.92%	0.93%	0.92%	91%
(0.10)	8.99	15.02%	81.0	0.95%	1.19%	0.97%	1.18%	111%
(0.75)	7.92	(34.95)%	69.4	0.93%	1.41%	0.95%	1.38%	100%
(0.27)	12.97	11.73%	33.9	0.72%	1.23%	1.06%	0.89%	96%
(0.05)	11.87	17.65%	23.9	(0.14)%	2.08%	1.37%	0.57%	43%

^(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

261

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations						Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments
MID CAP STOCK FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		$13.49		$–		$3.18		$3.18		$–		$–
Year Ended 10/31/2010		10.89		–		2.60		2.60		–		–
Year Ended 10/31/2009		9.05		0.01		1.87		1.88		(0.04)		–
Year Ended 10/31/2008		17.98		0.05		(6.60)		(6.55)		(0.01)		(2.37)
Year Ended 10/31/2007		18.61		0.13		2.40		2.53		(0.02)		(3.14)
Year Ended 10/31/2006		17.85		0.02		2.55		2.57		–		(1.81)
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		14.53		0.04		3.42		3.46		(0.05)		–
Year Ended 10/31/2010		11.71		0.07		2.79		2.86		(0.04)		–
Year Ended 10/31/2009		9.74		0.07		2.01		2.08		(0.11)		–
Year Ended 10/31/2008		19.14		0.07		(7.02)		(6.95)		(0.08)		(2.37)
Year Ended 10/31/2007		19.60		0.16		2.60		2.76		(0.08)		(3.14)
Year Ended 10/31/2006		18.63		0.04		2.74		2.78		–		(1.81)
PARTNER WORLDWIDE ALLOCATION FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		8.80		0.07		0.83		0.90		(0.10)		–
Year Ended 10/31/2010		7.70		0.11		1.10		1.21		(0.11)		–
Year Ended 10/31/2009		6.09		0.11		1.61		1.72		(0.11)		–
Year Ended 10/31/2008 ^(c)		10.00		0.15		(4.06)		(3.91)		–		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		8.83		0.08		0.84		0.92		(0.12)		–
Year Ended 10/31/2010		7.72		0.13		1.11		1.24		(0.13)		–
Year Ended 10/31/2009		6.10		0.08		1.66		1.74		(0.12)		–
Year Ended 10/31/2008 ^(c)		10.00		0.17		(4.07)		(3.90)		–		–
PARTNER INTERNATIONAL STOCK FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		9.64		0.10		1.11		1.21		(0.13)		–
Year Ended 10/31/2010		8.84		0.15		0.78		0.93		(0.13)		–
Year Ended 10/31/2009		7.50		0.14		1.37		1.51		(0.17)		–
Year Ended 10/31/2008		15.90		0.20		(7.00)		(6.80)		(0.24)		(1.36)
Year Ended 10/31/2007		12.94		0.24		2.86		3.10		(0.14)		–
Year Ended 10/31/2006		10.57		0.14		2.34		2.48		(0.11)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		9.85		0.13		1.13		1.26		(0.20)		–
Year Ended 10/31/2010		9.03		0.20		0.82		1.02		(0.20)		–
Year Ended 10/31/2009		7.67		0.18		1.43		1.61		(0.25)		–
Year Ended 10/31/2008		16.21		0.27		(7.13)		(6.86)		(0.32)		(1.36)
Year Ended 10/31/2007		13.19		0.34		2.90		3.24		(0.22)		–
Year Ended 10/31/2006		10.77		0.20		2.40		2.60		(0.18)		–

^(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 fund shares.

^(c) Since fund inception, February 29, 2008.

* All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

262

Thrivent Mutual Funds

Financial Highlights – continued


		RATIOS / SUPPLEMENTAL DATA
				Ratio to Average Net Assets**		Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
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


$–	$16.67	23.57%	$666.6	1.20%	(0.03)%	1.20%	(0.03)%	17%
–	13.49	23.88%	571.1	1.25%	0.01%	1.25%	0.01%	69%
(0.04)	10.89	20.85%	517.6	1.35%	0.08%	1.35%	0.08%	56%
(2.38)	9.05	(41.38)%	488.9	1.20%	0.34%	1.21%	0.33%	242%
(3.16)	17.98	15.56%	988.9	1.16%	0.72%	1.17%	0.71%	188%
(1.81)	18.61	15.37%	976.3	1.17%	0.12%	1.18%	0.11%	193%

(0.05)	17.94	23.84%	257.2	0.71%	0.45%	0.71%	0.45%	17%
(0.04)	14.53	24.50%	216.6	0.73%	0.55%	0.73%	0.55%	69%
(0.11)	11.71	21.63%	205.9	0.73%	0.65%	0.73%	0.65%	56%
(2.45)	9.74	(41.07)%	217.4	0.71%	0.79%	0.71%	0.78%	242%
(3.22)	19.14	16.09%	172.1	0.70%	1.08%	0.71%	1.07%	188%
(1.81)	19.60	15.90%	116.4	0.70%	0.57%	0.71%	0.56%	193%


(0.10)	9.60	10.34%	43.8	1.30%	1.72%	1.53%	1.48%	35%
(0.11)	8.80	15.88%	35.3	1.30%	1.61%	1.64%	1.27%	88%
(0.11)	7.70	28.63%	25.5	1.30%	2.03%	1.78%	1.55%	90%
–	6.09	(39.10)%	15.9	1.30%	2.46%	1.66%	2.10%	47%

(0.12)	9.63	10.57%	266.8	1.00%	2.01%	1.09%	1.91%	35%
(0.13)	8.83	16.26%	219.2	0.99%	1.95%	1.19%	1.75%	88%
(0.12)	7.72	29.13%	119.0	0.95%	2.37%	1.34%	1.99%	90%
–	6.10	(39.00)%	47.0	0.96%	2.80%	1.28%	2.48%	47%


(0.13)	10.72	12.64%	181.2	1.39%	1.86%	1.39%	1.86%	41%
(0.13)	9.64	10.58%	174.1	1.44%	1.41%	1.44%	1.41%	98%
(0.17)	8.84	20.60%	181.1	1.54%	1.57%	1.54%	1.56%	81%
(1.60)	7.50	(47.01)%	173.5	1.28%	1.74%	1.29%	1.74%	73%
(0.14)	15.90	24.13%	382.1	1.27%	1.61%	1.28%	1.60%	111%
(0.11)	12.94	23.63%	337.5	1.33%	1.08%	1.34%	1.07%	50%

(0.20)	10.91	12.96%	301.0	0.71%	2.56%	0.71%	2.56%	41%
(0.20)	9.85	11.37%	281.0	0.72%	2.15%	0.72%	2.15%	98%
(0.25)	9.03	21.59%	258.5	0.71%	2.39%	0.72%	2.39%	81%
(1.68)	7.67	(46.66)%	214.2	0.69%	2.42%	0.70%	2.41%	73%
(0.22)	16.21	24.84%	330.6	0.70%	2.33%	0.70%	2.33%	111%
(0.18)	13.19	24.40%	204.2	0.71%	1.74%	0.72%	1.73%	50%

^(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

263

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations						Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments
LARGE CAP GROWTH FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		$4.80		$–		$0.63		$0.63		$–		$–
Year Ended 10/31/2010		4.26		(0.01)		0.56		0.55		(0.01)		–
Year Ended 10/31/2009		3.69		–		0.57		0.57		–		–
Year Ended 10/31/2008		6.52		–		(2.40)		(2.40)		–		(0.43)
Year Ended 10/31/2007		5.31		0.01		1.20		1.21		–		–
Year Ended 10/31/2006		4.90		0.01		0.40		0.41		–		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		5.13		0.01		0.67		0.68		–		–
Year Ended 10/31/2010		4.54		0.01		0.60		0.61		(0.02)		–
Year Ended 10/31/2009		3.94		0.03		0.58		0.61		(0.01)		–
Year Ended 10/31/2008		6.93		0.02		(2.55)		(2.53)		(0.03)		(0.43)
Year Ended 10/31/2007		5.65		0.03		1.29		1.32		(0.04)		–
Year Ended 10/31/2006		5.20		0.04		0.44		0.48		(0.03)		–
LARGE CAP VALUE FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		12.61		0.09		2.10		2.19		(0.12)		–
Year Ended 10/31/2010		11.55		0.13		1.07		1.20		(0.14)		–
Year Ended 10/31/2009		11.10		0.17		0.52		0.69		(0.24)		–
Year Ended 10/31/2008		17.92		0.27		(6.09)		(5.82)		(0.19)		(0.81)
Year Ended 10/31/2007		16.85		0.22		1.97		2.19		(0.17)		(0.95)
Year Ended 10/31/2006		14.49		0.21		2.53		2.74		(0.17)		(0.21)
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		12.71		0.11		2.13		2.24		(0.19)		–
Year Ended 10/31/2010		11.64		0.18		1.10		1.28		(0.21)		–
Year Ended 10/31/2009		11.19		0.23		0.54		0.77		(0.32)		–
Year Ended 10/31/2008		18.07		0.30		(6.10)		(5.80)		(0.27)		(0.81)
Year Ended 10/31/2007		16.98		0.28		2.01		2.29		(0.25)		(0.95)
Year Ended 10/31/2006		14.60		0.25		2.59		2.84		(0.25)		(0.21)
LARGE CAP STOCK FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		20.87		0.07		3.04		3.11		(0.07)		–
Year Ended 10/31/2010		18.87		0.06		2.04		2.10		(0.10)		–
Year Ended 10/31/2009		17.67		0.15		1.31		1.46		(0.26)		–
Year Ended 10/31/2008		31.33		0.24		(10.28)		(10.04)		(0.23)		(3.39)
Year Ended 10/31/2007		28.61		0.33		3.87		4.20		(0.27)		(1.21)
Year Ended 10/31/2006		25.93		0.25		2.88		3.13		(0.17)		(0.28)
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		21.05		0.12		3.07		3.19		(0.19)		–
Year Ended 10/31/2010		19.02		0.15		2.09		2.24		(0.21)		–
Year Ended 10/31/2009		17.84		0.25		1.31		1.56		(0.38)		–
Year Ended 10/31/2008		31.59		0.35		(10.35)		(10.00)		(0.36)		(3.39)
Year Ended 10/31/2007		28.84		0.42		3.93		4.35		(0.39)		(1.21)
Year Ended 10/31/2006		26.13		0.33		2.95		3.28		(0.29)		(0.28)

^(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 fund shares.

*	All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

264

Thrivent Mutual Funds

Financial Highlights – continued


		RATIOS / SUPPLEMENTAL DATA
				Ratio to Average Net Assets**		Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
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


$–	$5.43	13.12%	$133.9	1.20%	(0.09)%	1.57%	(0.46)%	123%
(0.01)	4.80	12.94%	121.3	1.19%	(0.22)%	1.64%	(0.66)%	232%
–	4.26	15.45%	118.7	1.17%	0.17%	1.79%	(0.44)%	221%
(0.43)	3.69	(39.08)%	89.0	1.17%	(0.01)%	1.48%	(0.32)%	188%
–	6.52	22.86%	157.3	1.01%	0.09%	1.48%	(0.39)%	168%
–	5.31	8.46%	134.0	0.76%	0.26%	1.57%	(0.55)%	138%

–	5.81	13.26%	223.4	0.83%	0.28%	0.83%	0.28%	123%
(0.02)	5.13	13.52%	200.0	0.84%	0.13%	0.84%	0.13%	232%
(0.01)	4.54	15.72%	173.6	0.84%	0.56%	0.84%	0.56%	221%
(0.46)	3.94	(38.86)%	216.4	0.80%	0.36%	0.81%	0.35%	188%
(0.04)	6.93	23.45%	418.3	0.60%	0.48%	0.81%	0.26%	168%
(0.03)	5.65	9.21%	204.8	0.03%	0.97%	0.84%	0.16%	138%


(0.12)	14.68	17.41%	196.4	1.06%	1.12%	1.06%	1.12%	35%
(0.14)	12.61	10.45%	176.0	1.10%	0.91%	1.10%	0.91%	115%
(0.24)	11.55	6.54%	179.6	1.17%	1.48%	1.18%	1.48%	105%
(1.00)	11.10	(34.17)%	187.4	1.01%	1.71%	1.02%	1.71%	49%
(1.12)	17.92	13.63%	336.9	0.98%	1.28%	0.99%	1.27%	37%
(0.38)	16.85	19.32%	332.1	1.00%	1.28%	1.02%	1.26%	45%

(0.19)	14.76	17.75%	395.7	0.52%	1.65%	0.52%	1.65%	35%
(0.21)	12.71	11.09%	331.2	0.53%	1.46%	0.53%	1.46%	115%
(0.32)	11.64	7.32%	273.5	0.52%	2.10%	0.52%	2.10%	105%
(1.08)	11.19	(33.88)%	268.9	0.50%	2.21%	0.50%	2.21%	49%
(1.20)	18.07	14.19%	312.9	0.50%	1.73%	0.51%	1.72%	37%
(0.46)	16.98	19.92%	163.9	0.50%	1.72%	0.52%	1.70%	45%


(0.07)	23.91	14.94%	1,666.9	1.11%	0.59%	1.11%	0.59%	68%
(0.10)	20.87	11.16%	1,549.4	1.13%	0.29%	1.13%	0.29%	185%
(0.26)	18.87	8.55%	1,579.3	1.20%	0.82%	1.20%	0.82%	149%
(3.62)	17.67	(35.72)%	1,658.8	1.03%	1.03%	1.04%	1.03%	93%
(1.48)	31.33	15.29%	3,029.0	1.00%	1.09%	1.00%	1.09%	103%
(0.45)	28.61	12.18%	3,107.2	1.00%	0.88%	1.00%	0.88%	67%

(0.19)	24.05	15.20%	199.9	0.61%	1.09%	0.61%	1.09%	68%
(0.21)	21.05	11.80%	176.4	0.61%	0.81%	0.61%	0.81%	185%
(0.38)	19.02	9.15%	174.2	0.62%	1.39%	0.62%	1.39%	149%
(3.75)	17.84	(35.42)%	164.2	0.57%	1.49%	0.57%	1.48%	93%
(1.60)	31.59	15.78%	369.3	0.56%	1.46%	0.56%	1.46%	103%
(0.57)	28.84	12.72%	245.7	0.56%	1.31%	0.56%	1.31%	67%

(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

265

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations						Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments
BALANCED FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		$11.68		$0.08		$1.53		$1.61		$(0.08)		$–
Year Ended 10/31/2010		10.20		0.15		1.48		1.63		(0.15)		–
Year Ended 10/31/2009		8.91		0.14		1.30		1.44		(0.15)		–
Year Ended 10/31/2008		13.64		0.23		(3.89)		(3.66)		(0.23)		(0.84)
Year Ended 10/31/2007		12.95		0.24		1.29		1.53		(0.22)		(0.62)
Year Ended 10/31/2006		12.18		0.21		1.09		1.30		(0.21)		(0.32)
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		11.66		0.11		1.52		1.63		(0.10)		–
Year Ended 10/31/2010		10.19		0.20		1.47		1.67		(0.20)		–
Year Ended 10/31/2009		8.90		0.19		1.30		1.49		(0.20)		–
Year Ended 10/31/2008		13.63		0.28		(3.88)		(3.60)		(0.29)		(0.84)
Year Ended 10/31/2007		12.93		0.30		1.30		1.60		(0.28)		(0.62)
Year Ended 10/31/2006		12.17		0.27		1.08		1.35		(0.27)		(0.32)
HIGH YIELD FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		4.86		0.18		0.11		0.29		(0.18)		–
Year Ended 10/31/2010		4.47		0.37		0.39		0.76		(0.37)		–
Year Ended 10/31/2009		3.59		0.36		0.87		1.23		(0.35)		–
Year Ended 10/31/2008		5.03		0.36		(1.43)		(1.07)		(0.37)		–
Year Ended 10/31/2007		5.08		0.38		(0.05)		0.33		(0.38)		–
Year Ended 10/31/2006		5.03		0.38		0.05		0.43		(0.38)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		4.86		0.19		0.11		0.30		(0.19)		–
Year Ended 10/31/2010		4.47		0.39		0.38		0.77		(0.38)		–
Year Ended 10/31/2009		3.59		0.38		0.87		1.25		(0.37)		–
Year Ended 10/31/2008		5.04		0.38		(1.44)		(1.06)		(0.39)		–
Year Ended 10/31/2007		5.09		0.40		(0.04)		0.36		(0.41)		–
Year Ended 10/31/2006		5.03		0.41		0.06		0.47		(0.41)		–
MUNICIPAL BOND FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)		11.42		0.23		(0.49)		(0.26)		(0.23)		(0.02)
Year Ended 10/31/2010		11.15		0.47		0.27		0.74		(0.47)		–
Year Ended 10/31/2009		10.37		0.48		0.79		1.27		(0.48)		(0.01)
Year Ended 10/31/2008		11.16		0.48		(0.79)		(0.31)		(0.48)		–
Year Ended 10/31/2007		11.39		0.49		(0.23)		0.26		(0.49)		–
Year Ended 10/31/2006		11.31		0.50		0.08		0.58		(0.50)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)		11.42		0.24		(0.48)		(0.24)		(0.25)		(0.02)
Year Ended 10/31/2010		11.15		0.50		0.27		0.77		(0.50)		–
Year Ended 10/31/2009		10.36		0.51		0.80		1.31		(0.51)		(0.01)
Year Ended 10/31/2008		11.16		0.51		(0.80)		(0.29)		(0.51)		–
Year Ended 10/31/2007		11.39		0.53		(0.23)		0.30		(0.53)		–
Year Ended 10/31/2006		11.31		0.54		0.08		0.62		(0.54)		–

^(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 fund shares.

* All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

266

Thrivent Mutual Funds

Financial Highlights – continued


			RATIOS / SUPPLEMENTAL DATA
							Ratio to Average Net Assets**				Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
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


$(0.08)		$13.21		13.78%		$160.2		1.13%		1.28%		1.14%		1.28%		107%
(0.15)		11.68		16.04%		148.9		1.17%		1.30%		1.17%		1.30%		219%
(0.15)		10.20		16.42%		144.0		1.23%		1.55%		1.24%		1.54%		264%
(1.07)		8.91		(28.76)%		143.0		1.09%		1.96%		1.11%		1.94%		176%
(0.84)		13.64		12.39%		237.0		1.07%		1.83%		1.09%		1.81%		176%
(0.53)		12.95		10.97%		251.6		1.07%		1.67%		1.09%		1.65%		215%

(0.10)		13.19		14.07%		60.1		0.65%		1.76%		0.66%		1.76%		107%
(0.20)		11.66		16.55%		56.6		0.67%		1.80%		0.67%		1.80%		219%
(0.20)		10.19		17.12%		54.2		0.66%		2.11%		0.67%		2.10%		264%
(1.13)		8.90		(28.43)%		50.7		0.61%		2.44%		0.63%		2.41%		176%
(0.90)		13.63		13.00%		83.8		0.61%		2.29%		0.63%		2.27%		176%
(0.59)		12.93		11.41%		86.3		0.61%		2.13%		0.63%		2.12%		215%


(0.18)		4.97		6.08%		462.6		0.85%		7.45%		0.85%		7.45%		35%
(0.37)		4.86		17.65%		448.1		0.86%		7.96%		0.86%		7.96%		83%
(0.35)		4.47		36.32%		403.7		0.93%		9.24%		0.93%		9.24%		54%
(0.37)		3.59		(22.70)%		318.8		0.87%		7.81%		0.88%		7.79%		51%
(0.38)		5.03		6.72%		486.2		0.86%		7.50%		0.87%		7.49%		72%

(0.38)		5.08		8.96%		533.7		0.88%		7.62%		0.89%		7.60%		63%
(0.19)		4.97		6.28%		259.4		0.47%		7.83%		0.47%		7.83%		35%
(0.38)		4.86		18.12%		254.6		0.46%		8.36%		0.46%		8.36%		83%
(0.37)		4.47		36.96%		230.9		0.46%		9.57%		0.46%		9.57%		54%
(0.39)		3.59		(22.52)%		129.4		0.44%		8.31%		0.45%		8.30%		51%
(0.41)		5.04		7.16%		62.1		0.44%		7.92%		0.46%		7.90%		72%
(0.41)		5.09		9.63%		82.3		0.45%		8.07%		0.46%		8.06%		63%


(0.25)		10.91		(2.21)%		1,288.1		0.77%		4.30%		0.77%		4.30%		3%
(0.47)		11.42		6.79%		1,384.5		0.76%		4.20%		0.76%		4.20%		9%
(0.49)		11.15		12.48%		1,246.5		0.78%		4.43%		0.78%		4.43%		8%
(0.48)		10.37		(2.92)%		1,104.8		0.78%		4.36%		0.78%		4.36%		9%
(0.49)		11.16		2.39%		1,145.8		0.78%		4.40%		0.78%		4.40%		7%
(0.50)		11.39		5.28%		1,201.2		0.78%		4.46%		0.78%		4.46%		14%

(0.27)		10.91		(2.08)%		88.6		0.50%		4.57%		0.50%		4.57%		3%
(0.50)		11.42		7.08%		95.3		0.50%		4.46%		0.50%		4.46%		9%
(0.52)		11.15		12.90%		86.4		0.50%		4.69%		0.50%		4.69%		8%
(0.51)		10.36		(2.71)%		35.1		0.47%		4.69%		0.47%		4.69%		9%
(0.53)		11.16		2.68%		17.4		0.49%		4.70%		0.49%		4.70%		7%
(0.54)		11.39		5.59%		12.2		0.49%		4.75%		0.49%		4.75%		14%

^(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

267

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
				Income from Investment Operations						Less Distributions from
		Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments
INCOME FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			$8.80		$0.20		$0.01		$0.21		$(0.20)		$–
Year Ended 10/31/2010			8.12		0.40		0.68		1.08		(0.40)		–
Year Ended 10/31/2009			6.92		0.40		1.21		1.61		(0.41)		–
Year Ended 10/31/2008			8.50		0.42		(1.57)		(1.15)		(0.43)		–
Year Ended 10/31/2007			8.59		0.43		(0.10)		0.33		(0.42)		–
Year Ended 10/31/2006			8.56		0.41		0.03		0.44		(0.41)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			8.79		0.21		0.01		0.22		(0.21)		–
Year Ended 10/31/2010			8.12		0.44		0.67		1.11		(0.44)		–
Year Ended 10/31/2009			6.91		0.43		1.22		1.65		(0.44)		–
Year Ended 10/31/2008			8.49		0.45		(1.57)		(1.12)		(0.46)		–
Year Ended 10/31/2007			8.58		0.47		(0.11)		0.36		(0.45)		–
Year Ended 10/31/2006			8.55		0.44		0.03		0.47		(0.44)		–
CORE BOND FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			10.11		0.19		(0.01)		0.18		(0.19)		–
Year Ended 10/31/2010			9.36		0.39		0.75		1.14		(0.39)		–
Year Ended 10/31/2009			8.36		0.37		1.02		1.39		(0.39)		–
Year Ended 10/31/2008			9.77		0.45		(1.40)		(0.95)		(0.46)		–
Year Ended 10/31/2007			9.90		0.46		(0.15)		0.31		(0.44)		–
Year Ended 10/31/2006			9.89		0.44		0.02		0.46		(0.45)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			10.11		0.20		–		0.20		(0.21)		–
Year Ended 10/31/2010			9.36		0.43		0.74		1.17		(0.42)		–
Year Ended 10/31/2009			8.36		0.40		1.02		1.42		(0.42)		–
Year Ended 10/31/2008			9.78		0.48		(1.41)		(0.93)		(0.49)		–
Year Ended 10/31/2007			9.91		0.49		(0.13)		0.36		(0.49)		–
Year Ended 10/31/2006			9.90		0.48		0.02		0.50		(0.49)		–
GOVERNMENT BOND FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			10.56		0.09		(0.25)		(0.16)		(0.09)		(0.09)
Year Ended 10/31/2010^(c)			10.00		0.11		0.56		0.67		(0.11)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			10.57		0.11		(0.26)		(0.15)		(0.11)		(0.09)
Year Ended 10/31/2010^(c)			10.00		0.13		0.57		0.70		(0.13)		–

^(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 fund shares.

^(c) Since fund inception, February 26, 2010.

* All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

268

Thrivent Mutual Funds

Financial Highlights – continued


			RATIOS / SUPPLEMENTAL DATA
							Ratio to Average Net Assets**				Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**

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


$(0.20)		$8.81		2.38%		$400.3		0.79%		4.56%		0.80%		4.56%		69%
(0.40)		8.80		13.66%		405.1		0.80%		4.81%		0.81%		4.80%		146%
(0.41)		8.12		24.03%		365.9		0.84%		5.53%		0.85%		5.53%		173%
(0.43)		6.92		(14.19)%		326.2		0.80%		5.16%		0.81%		5.15%		160%
(0.42)		8.50		3.90%		433.0		0.80%		5.06%		0.81%		5.05%		236%
(0.41)		8.59		5.25%		470.5		0.81%		4.78%		0.82%		4.76%		303%

(0.21)		8.80		2.58%		388.9		0.39%		4.97%		0.40%		4.96%		69%
(0.44)		8.79		13.99%		370.7		0.39%		5.23%		0.40%		5.22%		146%
(0.44)		8.12		24.76%		383.1		0.39%		5.98%		0.40%		5.97%		173%
(0.46)		6.91		(13.85)%		318.5		0.39%		5.58%		0.40%		5.57%		160%
(0.45)		8.49		4.32%		368.9		0.39%		5.51%		0.40%		5.50%		236%
(0.44)		8.58		5.68%		167.0		0.40%		5.30%		0.41%		5.29%		303%

(0.19)		10.10		1.85%		236.8		0.85%		3.80%		0.96%		3.69%		160%
(0.39)		10.11		12.42%		245.0		0.86%		4.08%		0.97%		3.96%		307%
(0.39)		9.36		17.12%		231.4		0.89%		4.35%		1.01%		4.24%		409%
(0.46)		8.36		(10.13)%		223.5		0.83%		4.77%		0.95%		4.65%		344%
(0.44)		9.77		3.24%		295.1		0.93%		4.62%		0.95%		4.60%		381%
(0.45)		9.90		4.75%		343.1		0.93%		4.44%		0.95%		4.42%		394%

(0.21)		10.10		2.01%		55.5		0.52%		4.13%		0.54%		4.12%		160%
(0.42)		10.11		12.79%		50.1		0.53%		4.42%		0.55%		4.40%		307%
(0.42)		9.36		17.54%		64.0		0.53%		4.71%		0.54%		4.69%		409%
(0.49)		8.36		(9.92)%		65.0		0.50%		5.12%		0.52%		5.10%		344%
(0.49)		9.78		3.68%		83.8		0.51%		5.00%		0.53%		4.98%		381%
(0.49)		9.91		5.20%		49.0		0.51%		4.86%		0.53%		4.85%		394%


(0.18)		10.22		(1.50)%		4.8		0.94%		1.84%		0.98%		1.79%		94%
(0.11)		10.56		6.73%		5.9		0.87%		1.61%		0.87%		1.61%		146%

(0.20)		10.22		(1.44)%		93.6		0.61%		2.17%		0.61%		2.17%		94%
(0.13)		10.57		7.04%		105.6		0.60%		1.94%		0.60%		1.94%		146%

^(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

269

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
				Income from Investment Operations						Less Distributions from
		Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments
LIMITED MATURITY BOND FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			$12.58		$0.15		$(0.03)		$0.12		$(0.16)		$–
Year Ended 10/31/2010			12.24		0.38		0.34		0.72		(0.38)		–
Year Ended 10/31/2009			11.40		0.46		0.83		1.29		(0.45)		–
Year Ended 10/31/2008			12.53		0.52		(1.13)		(0.61)		(0.52)		–
Year Ended 10/31/2007			12.58		0.57		(0.06)		0.51		(0.56)		–
Year Ended 10/31/2006			12.58		0.50		–		0.50		(0.50)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			12.58		0.16		(0.03)		0.13		(0.17)		–
Year Ended 10/31/2010			12.23		0.42		0.34		0.76		(0.41)		–
Year Ended 10/31/2009			11.40		0.50		0.82		1.32		(0.49)		–
Year Ended 10/31/2008			12.53		0.56		(1.13)		(0.57)		(0.56)		–
Year Ended 10/31/2007			12.58		0.61		(0.06)		0.55		(0.60)		–
Year Ended 10/31/2006			12.58		0.56		–		0.56		(0.56)		–
MONEY MARKET FUND
Class A Shares
Period Ended 4/29/2011 (unaudited)			1.00		–		–		–		–		–
Year Ended 10/31/2010			1.00		–		–		–		–		–
Year Ended 10/31/2009			1.00		0.01		–		0.01		(0.01)		–
Year Ended 10/31/2008			1.00		0.03		–		0.03		(0.03)		–
Year Ended 10/31/2007			1.00		0.05		–		0.05		(0.05)		–
Year Ended 10/31/2006			1.00		0.04		–		0.04		(0.04)		–
Institutional Class Shares
Period Ended 4/29/2011 (unaudited)			1.00		–		–		–		–		–
Year Ended 10/31/2010			1.00		–		–		–		–		–
Year Ended 10/31/2009			1.00		0.01		–		0.01		(0.01)		–
Year Ended 10/31/2008			1.00		0.03		–		0.03		(0.03)		–
Year Ended 10/31/2007			1.00		0.05		–		0.05		(0.05)		–
Year Ended 10/31/2006			1.00		0.04		–		0.04		(0.04)		–

^(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 fund shares.

* All per share amounts have been rounded to the nearest cent.

The accompanying Notes to Financial Statements are an integral part of this schedule.

270

Thrivent Mutual Funds

Financial Highlights – continued


			RATIOS / SUPPLEMENTAL DATA
							Ratio to Average Net Assets**				Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**

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


$(0.16)		$12.54		0.94%		$320.7		0.62%		2.40%		0.62%		2.40%		61%
(0.38)		12.58		5.97%		272.7		0.64%		3.09%		0.64%		3.09%		131%
(0.45)		12.24		11.62%		128.1		0.73%		3.98%		0.73%		3.98%		164%
(0.52)		11.40		(5.03)%		90.5		0.68%		4.22%		0.70%		4.20%		113%
(0.56)		12.53		4.10%		112.0		0.73%		4.52%		0.74%		4.50%		130%
(0.50)		12.58		4.07%		114.8		0.85%		3.99%		0.86%		3.98%		145%

(0.17)		12.54		1.07%		573.2		0.36%		2.66%		0.36%		2.66%		61%
(0.41)		12.58		6.35%		530.8		0.36%		3.38%		0.37%		3.38%		131%
(0.49)		12.23		11.93%		455.6		0.37%		4.35%		0.38%		4.35%		164%
(0.56)		11.40		(4.71)%		376.9		0.35%		4.56%		0.36%		4.54%		113%
(0.60)		12.53		4.47%		303.7		0.36%		4.91%		0.38%		4.89%		130%
(0.56)		12.58		4.55%		148.3		0.38%		4.58%		0.39%		4.57%		145%


–		1.00		0.00%		626.9		0.30%		0.00%		0.93%		(0.63)%		N/A
–		1.00		0.00%		717.0		0.30%		0.00%		0.88%		(0.57)%		N/A
(0.01)		1.00		0.61%		1,017.3		0.60%		0.63%		0.83%		0.40%		N/A
(0.03)		1.00		3.21%		1,306.0		0.54%		3.14%		0.74%		2.94%		N/A
(0.05)		1.00		4.92%		1,183.9		0.58%		4.83%		0.78%		4.63%		N/A
(0.04)		1.00		4.26%		864.3		0.71%		4.22%		0.89%		4.04%		N/A

–		1.00		0.00%		13.2		0.30%		0.00%		0.56%		(0.26)%		N/A
–		1.00		0.00%		14.5		0.30%		0.00%		0.52%		(0.22)%		N/A
(0.01)		1.00		0.80%		68.4		0.40%		0.93%		0.50%		0.83%		N/A
(0.03)		1.00		3.41%		223.3		0.35%		3.45%		0.45%		3.36%		N/A
(0.05)		1.00		5.16%		425.0		0.36%		5.05%		0.46%		4.95%		N/A
(0.04)		1.00		4.59%		341.1		0.39%		4.51%		0.49%		4.42%		N/A

^(b) Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

** Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this schedule.

271

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. 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 1-800-847-4836. 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 www.thrivent.com or www.sec.gov.

Quarterly Schedule of Portfolio Holdings

The Trust files its Schedule of Portfolio Holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. You may request a free copy of the Trust’s Forms N-Q by calling 1-800-847-4836. The Trust’s most recent Form N-Q Schedule of Investments also is at www.thrivent.com or www.sec.gov. You also may review and copy the Forms N-Q for the Trust at the SEC’s Public Reference Room in Washington, DC. You may get information about the operation of the Public Reference Room by calling 1-800-SEC-0330.

Board Approval of Investment Advisory Agreement and Subadvisory Agreements

Both the Investment Company Act of 1940 (the “Investment Company Act”) and the terms of the Investment Advisory and Subadvisory Agreements of the Thrivent Mutual Funds (the “Trust”) require that these agreements be approved annually by a majority of the Board of Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act (the “Independent Trustees”).

At its meeting on November 17, 2010, the Board of Trustees of the Trust voted unanimously to renew the existing Investment Advisory Agreement between the Trust and Thrivent Asset Management, LLC (the “Adviser”) for each series (each, a “Fund”) of the Trust. The Board also unanimously approved the Subadvisory Agreements for each of the Funds for which there is an investment subadviser (each a “Subadviser”). The Adviser and Subadvisers are referred to, collectively, as the “Advisory Organizations.” In connection with its evaluation of the agreements with the Advisory Organizations, the Board reviewed a broad range of information requested for this purpose and considered a variety of factors, including the following:

The nature, extent and quality of the services provided by the Advisory Organizations;

The performance of the Funds;

The cost of services provided and profit realized by the Adviser;

The extent to which economies of scale may be realized as the Funds grow; and

Whether the breakpoint levels reflect these economies of scale for the benefit of shareholders.

In connection with the renewal process, the Contracts Committee of the Board (consisting of each of the Independent Trustees of the Trust) met on July 22, August 24, October 20 and November 16, 2010 to consider information relevant to the renewal process. The Independent Trustees also retained the services of Management Practice, Inc. (“MPI”) as an independent consultant to assist them in the compilation, organization and evaluation of relevant information. This information included statistical comparisons of the advisory fees, total operating expenses and performance of each of the Funds in comparison to a peer group of comparable investment companies; detailed information prepared by management with respect to the cost of services provided to the Funds and fees charged, including effective advisory fees that take into account breakpoints and fee waivers by the Adviser; profit realized by the Adviser and its affiliates that provide services to the Funds; and information regarding the types of services furnished to the Funds, the personnel providing the services, changes in staff, systems improvements, and plans for further hiring. The Board also received reports from the Adviser’s investment management staff with respect to the performance of the Funds. In addition to its review of the information presented to the Board during the contract renewal process and throughout the year, the Board also considered knowledge gained from discussions with management.

272

Additional Information

(unaudited)

The Independent Trustees were represented by independent counsel throughout the review process and during executive sessions without management present to consider reapproval of the agreements. The Independent Trustees relied on their own business judgment in determining the weight to be given to each factor considered in evaluating the materials that were presented to them. The Contract Committee’s and Board’s review and conclusions were based on a comprehensive consideration of all information presented to them and not the result of any single controlling factor. 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 Funds by the Adviser and, as appropriate, the Subadvisers. During these meetings, management reported on the investment management, portfolio trading and compliance services provided to the Funds under the Advisory and Subadvisory Agreements. During the renewal process, the Board considered the specific services provided under the Advisory Agreement. The Board also considered information relating to the investment experience and qualifications of the Adviser’s portfolio managers and those of the Subadvisers.

The Board received reports at each of its quarterly meetings from the Adviser’s Directors of Equity and Fixed Income Investments, as supplemented by the Adviser’s Chief Investment Officer, who was also present at the meetings. At each quarterly meeting, the Directors of Equity and Fixed Income Investments presented information about each of the Funds. The Board also met on occasion with certain additional portfolio managers. These reports, presentations and meetings gave the Board an opportunity to evaluate the portfolio managers’ abilities and the quality of services they provide to the Funds. Information was also presented to the Board describing the portfolio compliance functions performed by the Adviser and the Adviser’s oversight of the Subadvisers to the Trust. The Independent Trustees also received quarterly reports from the Trust’s Chief Compliance Officer.

The Board considered, in light of the impact of the economic downturn in recent years on the investment advisory industry generally, the adequacy of the Advisory Organizations’ resources used to provide services to the Trust pursuant to the Advisory and Subadvisory Agreements. The Adviser reviewed with the Board the Adviser’s ongoing program to enhance portfolio management capabilities, including recruitment and retention of research analysts and other personnel, and investment in technology systems and applications to improve investment research, trading, portfolio compliance, and investment reporting functions. 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 Funds with quality service and competitive investment performance. The Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser and Subadvisers supported renewal of the Advisory Agreement and Subadvisory Agreements.

Performance of the Funds

In connection with each of its regular quarterly meetings, the Board received information on the performance of each Fund, including net performance, relative performance rankings within each Fund’s Lipper peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, the Directors of Equities and Fixed Income Investments reviewed with the Board the economic and market environment, risk management, and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund, to the extent applicable, over the one-, three- and five-year periods. When evaluating investment performance, the Board considered longer-term performance and the trend of performance, and focused particularly upon the three-year performance record.

For the three-year period ended June 30, 2010, the Board noted that 56% of the internally-managed Funds and 50% of the subadvised Funds performed at or above the median of their respective Lipper peer groups. The Board concluded that the performance of each individual Fund was either satisfactory compared to its peer group of funds or that the Adviser had taken appropriate actions in an effort to improve performance.

Advisory Fees and Trust Expenses

The Board reviewed information prepared by MPI comparing each Fund’s advisory fee with the advisory fee of its peer group of funds. The Board considered both the contractual and effective advisory fees for each of the Funds. The Board noted that 76.7% of the Funds, representing 56.5% of total Trust assets, had contractual advisory fees at or below the medians of their peer groups. The Board also considered advisory fees after the voluntary and contractual fee waivers and expense reimbursements provided by the Adviser for several of the Funds, noting that 80.0% of the Funds, representing 66.9% of total Trust assets, had effective advisory fees at or below the medians of their peer groups. The Board viewed favorably the Adviser’s proposal to continue or extend fee waivers for certain Funds and considered the effect of the waivers in lowering the Funds’ expenses.

273

Additional Information

(unaudited)

On the basis of its review, the Board concluded that the advisory fees charged to the Funds for investment management services were reasonable.

The Board also reviewed information prepared by MPI comparing each Fund’s overall expense ratio with the expense ratio of its peer group of funds. The Board noted that 80.8% of the Funds, representing 76.3% of total Trust assets, had net operating expenses at or below the median of their peer groups.

Cost of Services and Profitability

The Board considered the Adviser’s estimates of its profitability, which included allocations by the Adviser of its costs in providing advisory services to the Funds. The internal audit department of the Adviser conducted a review of such allocations and a department representative reported to the Board his views regarding the reasonableness and consistency of these allocations. The Board considered the profitability of the Adviser both overall and on a Fund-by-Fund basis. The Board also considered the expense reimbursements and waivers in effect. Based on its review of the data prepared by MPI and expense and profit information provided by the Adviser, the Board concluded that the profits earned by the Adviser from the Advisory Agreement were not excessive in light of the nature, extent and quality of services provided to the Funds.

With respect to fees paid to Subadvisers under the Subadvisory Agreements, the Board did not consider profitability information with respect to the Subadvisers, which are not affiliated with the Adviser. The Board considered that those contracts had been negotiated on an arm’s-length basis between the Adviser and each Subadviser, and that each Subadviser’s separate profitability from its relationship with the Funds was not a material factor in determining whether to renew the agreement.

Economies of Scale and Breakpoints

The Board considered information regarding the extent to which economies of scale may be realized as a Fund’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 considered information provided by the Adviser related to advisory fee rates, breakpoints in the advisory fee rates and fee waivers provided by the Adviser. 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 a Fund’s assets increase. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, fee waivers by the Adviser, and/or a lower overall fee rate.

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 funds, reputational benefits in the investment advisory community and the engagement of affiliates as service providers to the Funds. The Board noted that such benefits were difficult to quantify but were consistent with benefits received by other mutual fund advisers.

The Board also considered other potential benefits to the Adviser and its affiliates derived from its relationship with the Trust, including, among other things, research received by the Adviser generated from commission dollars spent on the Funds’ portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the costs relative to the services performed.

Based on the factors discussed above, the Contracts Committee unanimously recommended approval of the Advisory Agreement and the Subadvisory Agreements, and the Board, including all of the Independent Trustees voting separately, approved each of the agreements.

274

Thrivent Mutual Funds

Supplements to Prospectus dated April 29, 2011

With respect to

Thrivent Partner International Stock Fund

The Board of Trustees of the Thrivent Partner International Stock Fund (the “International Fund”) has approved the merger of the Fund into the Thrivent Partner Worldwide Allocation Fund, pending approval by the International Fund shareholders of record at a special shareholder meeting to be held on or about September 9, 2011. The merger, if approved by the shareholders, would occur on or about September 16, 2011. The International Fund will be closed to new shareholder accounts after the close of business on July 14, 2011.

The date of this Supplement is June 30, 2011

Please include this Supplement with your Class A or Institutional Class Prospectus

275

Thrivent Mutual Funds

Supplements to Prospectus dated April 29, 2011

With respect to

Thrivent Partner Worldwide Allocation Fund and

Thrivent Partner International Stock Fund

The summary sections of the prospectus for Thrivent Partner Worldwide Allocation Fund and Thrivent Partner International Stock Fund are amended, effective July 1, 2011. The descriptions pertaining to Mercator Asset Management, LP under “Portfolio Manager(s)” are deleted and replaced with the following:

James E. Chaney serves as portfolio manager for the Mercator portion of the Fund. Mr. Chaney is a General Partner of Mercator and has been with Mercator since 2000.

The “Portfolio Management” section of the prospectus is also amended, effective July 1, 2011. The descriptions under Thrivent Partner Worldwide Allocation Fund and Thrivent Partner International Stock Fund pertaining to Mercator Asset Management, LP are deleted and replaced with the following:

Mercator was founded in 1984 and manages international equity funds for institutional clients, including retirement plans, endowments, and foundations. As of December 31, 2010, Mercator managed approximately $7.3 billion in assets. James E. Chaney serves as portfolio manager for the Mercator portion of the Fund. Mr. Chaney is a General Partner of Mercator and has been with Mercator since 2000.

The date of this Supplement is June 30, 2011.

Please include this Supplement with your Prospectus.

276

LOGO

PRSRT STD

US POSTAGE

PAID

Thrivent Financial

for Lutherans

Choose eDelivery.

By signing below, I request electronic delivery of the following documents regarding my Thrivent Mutual Funds and variable insurance products issued by Thrivent Financial for Lutherans and Thrivent Life Insurance Company (including Thrivent Series Fund, Inc.):


• Prospectus		• Annual and semiannual reports		• Annual privacy notices

I understand and agree to the following:


• I will receive electronic delivery of Thrivent documents designated above.
• I will no longer receive paper copies of these documents in the mail.
• A link to a printable copy of the annual privacy notice will be sent to me by electronic means at the email I provide. I will continue to receive any daily confirmations and Thrivent Financial health privacy notice and/or Notice of Insurance Information Practices by regular mail.
• I will receive periodic emails directing me to Thrivent Financial’s website where documents will be available.
• I will update Thrivent Financial if my email address changes.
• I have the ability to access the Internet at my own cost and will need Adobe^® Reader^® to view the documents. (If I don’t have it, I can download Reader^® free from www.adobe.com)
• This consent can be used for Thrivent Financial products I currently own or may purchase in the future, until consent is revoked.
• I can request specific documents in paper form free of charge without revoking this consent by calling Thrivent Financial Customer Service at 800-847-4836.
• My consent will remain in effect until I revoke it. I can revoke this consent or update my information at any time by changing my preference to “U.S. Mail” in the Preference Center at Thrivent.com/gopaperless (requires registration) or by calling 800-847-4836.

Each contract owner requesting eDelivery must complete.


Contract owner 1:		Contract owner 2:
	(Please print first and last name.)		(Please print first and last name.)


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Address (If different than above):


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No person has been given the authority to give any information or to make any representations other than those contained in these prospectuses. If given or made, such information or representations must not be relied upon as having been authorized. These prospectuses do not constitute an offer to any person in a state where it is unlawful to make such an offer.

Securities offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, 800-THRIVENT (800-847-4836), a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC.

23459SAR R6-11

Choose eDelivery.


• Prospectus		• Annual and semiannual reports		• Annual privacy notices

I understand and agree to the following:


• I will receive electronic delivery of Thrivent documents designated above.
• I will no longer receive paper copies of these documents in the mail.
• A link to a printable copy of the annual privacy notice will be sent to me by electronic means at the email I provide. I will continue to receive any daily confirmations and Thrivent Financial health privacy notice and/or Notice of Insurance Information Practices by regular mail.
• I will receive periodic emails directing me to Thrivent Financial’s website where documents will be available.
• I will update Thrivent Financial if my email address changes.
• I have the ability to access the Internet at my own cost and will need Adobe^® Reader^® to view the documents. (If I don’t have it, I can download Reader^® free from www.adobe.com)
• This consent can be used for Thrivent Financial products I currently own or may purchase in the future, until consent is revoked.
• I can request specific documents in paper form free of charge without revoking this consent by calling Thrivent Financial Customer Service at 800-847-4836.
• My consent will remain in effect until I revoke it. I can revoke this consent or update my information at any time by changing my preference to “U.S. Mail” in the Preference Center at Thrivent.com/gopaperless (requires registration) or by calling 800-847-4836.

Each contract owner requesting eDelivery must complete.


Contract owner 1:		Contract owner 2:
	(Please print first and last name.)		(Please print first and last name.)


Email:								Email:


Signature:								Signature:


Address (If different than above):


City:				State:				ZIP:

23459SAR R6-11

[Insert shareholder report]

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. Schedule of 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.

Item 11. Controls and Procedures

(a)(i) Registrant’s President and Treasurer 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.

(a)(ii) Registrant’s President and Treasurer are aware of no change 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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting.

Item 12. Exhibits

Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are 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.

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 28, 2011	By:
		/s/Russell W. Swansen
		Russell W. Swansen President

Date: June 28, 2011	By:
		/s/Gerard V. Vaillancourt
		Gerard V. Vaillancourt Treasurer