UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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)

Rebecca A. Paulzine, Assistant Secretary

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-5168

Date of fiscal year end: October 31

Date of reporting period: January 31, 2013

Item 1. Schedule of Investments

Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Mutual Funds (66.9%)	Value
	Equity Mutual Funds (64.5%)
	1,519,588	Thrivent Natural Resources Fund		$14,679,222
	3,642,357	Thrivent Partner Small Cap Growth Fund		49,645,322
	730,490	Thrivent Partner Small Cap Value Fund		13,046,549
	1,004,432	Thrivent Small Cap Stock Funda		17,708,128
	1,785,147	Thrivent Mid Cap Growth Fund		37,595,187
	1,653,360	Thrivent Partner Mid Cap Value Fund		22,783,302
	1,835,837	Thrivent Mid Cap Stock Fund		33,522,389
	10,327,769	Thrivent Partner Worldwide Allocation Fund		96,977,747
	6,690,713	Thrivent Large Cap Growth Fund		42,151,491
	2,323,933	Thrivent Large Cap Value Fund		36,671,667
	884,902	Thrivent Large Cap Stock Fund		21,051,817
	470,115	Thrivent Equity Income Plus Fund		4,710,553
		Total		390,543,374
	Fixed Income Mutual Funds (2.4%)
	1,704,566	Thrivent High Yield Fund		8,693,289
	627,299	Thrivent Income Fund		5,827,608
		Total		14,520,897
		Total Mutual Funds (cost $357,132,487)		405,064,271
Shares		Common Stock (27.4%)	Value
	Consumer Discretionary (4.5%)
	5,500	Amazon.com, Inc.a,b		1,460,250
	8,600	ANN, Inc.a		265,224
	4,563	Arctic Cat, Inc.a		164,907
	2,900	AutoZone, Inc.a		1,072,130
	10,000	Barnes & Noble, Inc.a		133,400
	6,500	Bed Bath & Beyond, Inc.a		381,550
	3,230	CBS Corporation		134,756
	6,000	Charter Communications, Inc.a		467,820
	24,900	Cheesecake Factory, Inc.		825,684
	17,400	Chico’s FAS, Inc.		311,982
	16,600	Children’s Place Retail Stores, Inc.a		827,344
	8,800	Coinstar, Inc.a		447,744
	58,600	Comcast Corporationb		2,231,488
	6,718	Delphi Automotive plca		259,718
	5,600	Dillard’s, Inc.		472,696
	8,500	DISH Network Corporation		316,795
	7,570	Dollar Tree, Inc.a		302,724
	9,600	Expedia, Inc.		626,400
	11,700	Express, Inc.a		215,046
	29,476	Foot Locker, Inc.		1,012,501
	19,000	Gap, Inc.		620,920
	23,800	GNC Holdings, Inc.		855,372
	5,500	Hanesbrands, Inc.a		206,140
	1,560	Harley-Davidson, Inc.		81,775
	19,200	Home Depot, Inc.		1,284,864
	1,950	iShares Dow Jones US Home Construction Index Fund		45,689
	33,987	Las Vegas Sands Corporation		1,877,782
	15,069	Life Time Fitness, Inc.a		764,450
	14,160	Lowe’s Companies, Inc.		540,770
	11,500	Macy’s, Inc.		454,365
	3,700	Marriott Vacations Worldwide Corporationa		164,206
	19,600	Meredith Corporation		710,696

Shares		Common Stock (27.4%)	Value
	Consumer Discretionary (4.5%) - continued
	11,430	News Corporation		$322,783
	29,200	NIKE, Inc.		1,578,260
	11,400	OfficeMax, Inc.		122,892
	7,500	Omnicom Group, Inc.		407,100
	2,900	O’Reilly Automotive, Inc.a		268,685
	1,283	Panera Bread Companya		205,036
	5,300	Penn National Gaming, Inc.a		257,898
	3,000	PetSmart, Inc.		196,230
	45,859	Pier 1 Imports, Inc.		994,682
	2,500	Pool Corporation		114,550
	400	Priceline.com, Inc.a		274,188
	10,200	Pulte Group, Inc.a		211,548
	28,000	Sally Beauty Holdings, Inc.a		743,120
	32,500	Smith & Wesson Holding Corporationa		279,500
	8,600	Tempur-Pedic International, Inc.a		335,056
	3,250	Time Warner Cable, Inc.		290,355
	8,200	TJX Companies, Inc.		370,476
	9,700	Toll Brothers, Inc.a		363,265
	4,200	Valassis Communications, Inc.		117,852
		Total		26,990,664
	Consumer Staples (1.8%)
	11,827	Anheuser-Busch InBev NV ADR		1,047,872
	14,865	Annie’s, Inc.a		533,059
	9,077	British American Tobacco plc ADR		943,100
	11,000	Campbell Soup Company		403,810
	6,500	Colgate-Palmolive Company		697,905
	15,000	Constellation Brands, Inc.a		485,400
	22,650	CVS Caremark Corporation		1,159,680
	16,800	Dean Foods Companya		307,608
	1,350	Diageo plc ADR		161,055
	3,900	Energizer Holdings, Inc.		339,339
	12,100	Herbalife, Ltd.		439,472
	16,642	Ingredion, Inc.		1,099,537
	2,060	Kimberly-Clark Corporation		184,391
	3,021	Kraft Foods Group, Inc.		139,631
	9,063	Mondelez International, Inc.		251,861
	15,400	Nestle SA		1,081,349
	7,400	Nu Skin Enterprises, Inc.		313,464
	2,323	Philip Morris International, Inc.		204,796
	6,700	Safeway, Inc.		128,975
	2,000	Sanderson Farms, Inc.		100,960
	2,300	Spectrum Brands Holdings, Inc.a		116,472
	5,149	TreeHouse Foods, Inc.a		272,536
	4,690	Unilever NV ADR		189,851
	4,500	USANA Health Sciences, Inc.a		159,525
	2,800	Wal-Mart Stores, Inc.		195,860
		Total		10,957,508
	Energy (2.4%)
	36,957	Alpha Natural Resources, Inc.a		327,439
	12,700	BP plc ADR		565,404
	2,690	Chevron Corporation		309,753
	28,600	Consol Energy, Inc.		896,324
	4,000	CVR Energy, Inc.a		235,000
	6,500	Delek US Holdings, Inc.		220,805
	5,100	Ensco plc		324,207
	6,000	EOG Resources, Inc.		749,880
	4,810	EQT Corporation		285,762
	22,900	Exxon Mobil Corporation		2,060,313
	13,600	HollyFrontier Corporation		710,192

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

1

Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (27.4%)	Value
	Energy (2.4%) - continued
	54,544	Marathon Oil Corporation		$1,833,224
	10,500	Marathon Petroleum Corporation		779,205
	17,700	Oasis Petroleum, Inc.a		635,076
	17,400	Patterson-UTI Energy, Inc.		353,916
	39,445	Petroleum Geo-Services ASA		699,773
	1,900	Phillips 66		115,083
	14,670	Schlumberger, Ltd.		1,144,994
	8,500	Southwestern Energy Companya		291,550
	2,900	Tesoro Corporation		141,201
	111,500	Weatherford International, Ltd.a		1,488,525
	11,100	Western Refining, Inc.		373,293
		Total		14,540,919
	Financials (4.8%)
	3,380	ACE, Ltd.		288,415
	7,054	Affiliated Managers Group, Inc.a		1,015,282
	3,500	Allied World Assurance Company Holdings AG		296,905
	4,110	Allstate Corporation		180,429
	7,600	American Assets Trust, Inc.		219,640
	4,700	American Campus Communities, Inc.		218,879
	16,900	Ameriprise Financial, Inc.		1,120,808
	40,000	Annaly Capital Management, Inc.		594,800
	5,600	Aspen Insurance Holdings, Ltd.		191,016
	6,700	Axis Capital Holdings, Ltd.		256,409
	44,430	Bank of America Corporation		502,948
	3,700	Banner Corporation		111,740
	11,000	BioMed Realty Trust, Inc.		223,850
	17,800	CapitalSource, Inc.		144,358
	16,700	CBL & Associates Properties, Inc.		358,883
	30,460	Citigroup, Inc.		1,284,194
	16,500	CME Group, Inc.		954,360
	3,700	Comerica, Inc.		127,132
	31,600	DCT Industrial Trust, Inc.		223,096
	6,100	Discover Financial Services		234,179
	9,000	Douglas Emmett, Inc.		209,880
	3,000	Equity Lifestyle Properties, Inc.		214,800
	6,100	Extra Space Storage, Inc.		243,024
	40,800	Fifth Third Bancorp		664,632
	22,141	HCC Insurance Holdings, Inc.		856,414
	6,300	Highwoods Properties, Inc.		226,800
	7,400	Home Loan Servicing Solutions, Ltd.		160,876
	24,518	Host Hotels & Resorts, Inc.		411,657
	55,000	Huntington Bancshares, Inc.		382,800
	10,460	Invesco, Ltd.		285,035
	8,400	iShares Russell 3000 Index Fund		749,448
	18,951	J.P. Morgan Chase & Company		891,645
	14,170	KKR & Company, LP		239,190
	9,518	Lazard, Ltd.		329,799
	3,000	M&T Bank Corporation		308,070
	13,060	MetLife, Inc.		487,660
	4,800	Montpelier Re Holdings, Inc.		117,024
	7,600	Morgan Stanley		173,660
	12,900	NASDAQ OMX Group, Inc.		365,328
	6,900	Northern Trust Corporation		355,143
	4,664	Och-Ziff Capital Management Group, LLC		46,174
	17,100	Ocwen Financial Corporationa		666,387
	8,800	Pebblebrook Hotel Trust		219,208
	7,900	PHH Corporationa		172,852
	14,800	Piedmont Office Realty Trust, Inc.		286,084
	56,354	Popular, Inc.a		1,512,541

Shares		Common Stock (27.4%)	Value
	Financials (4.8%) - continued
	1,000	Portfolio Recovery Associates, Inc.a		$106,950
	7,300	PrivateBancorp, Inc.		125,341
	3,800	ProAssurance Corporation		171,152
	7,500	Protective Life Corporation		237,300
	13,600	SLM Corporation		229,704
	28,300	SPDR S&P 500 ETF Trust		4,236,510
	4,690	State Street Corporation		260,998
	18,050	SVB Financial Groupa		1,197,978
	2,680	Taubman Centers, Inc.		218,420
	8,600	Tower Group, Inc.		165,980
	8,137	W.R. Berkley Corporation		335,000
	35,230	Wells Fargo & Company		1,227,061
	57,872	Zions Bancorporationb		1,349,575
		Total		28,985,423
	Health Care (3.5%)
	2,900	Abbott Laboratories		98,252
	2,200	Aetna, Inc.		106,106
	19,200	Align Technology, Inc.a		602,112
	2,200	AmerisourceBergen Corporation		99,814
	8,300	Amgen, Inc.		709,318
	3,440	Baxter International, Inc.		233,370
	12,700	Biogen Idec, Inc.a,b		1,982,216
	2,576	C.R. Bard, Inc.		262,932
	8,200	Celgene Corporationa		811,472
	3,400	Charles River Laboratories International, Inc.a		140,488
	10,200	Community Health Systems, Inc.		390,966
	20,580	Covidien plc		1,282,957
	3,370	Eli Lilly and Company		180,935
	23,200	Endo Pharmaceutical Holdings, Inc.a		734,512
	20,900	Express Scripts Holding Companya		1,116,478
	19,200	Gilead Sciences, Inc.a		757,440
	7,605	HeartWare International, Inc.a		687,340
	5,400	Illumina, Inc.a		273,402
	2,200	Jazz Pharmaceuticals, Inc.a		124,058
	2,400	Life Technologies Corporationa		155,256
	6,400	MedAssets, Inc.a		125,120
	8,600	Medicines Companya		256,968
	27,090	Merck & Company, Inc.		1,171,643
	7,100	Myriad Genetics, Inc.a		192,126
	3,500	PAREXEL International Corporationa		118,475
	16,845	PDL BioPharma, Inc.		115,894
	6,507	Pfizer, Inc.		177,511
	1,643	Pharmacyclics, Inc.a		113,909
	22,300	Questcor Pharmaceuticals, Inc.		568,204
	16,100	ResMed, Inc.		705,180
	8,030	Sanofi ADR		390,900
	10,400	Santarus, Inc.a		138,944
	11,800	Shire Pharmaceuticals Group plc ADR		1,181,652
	9,000	Spectrum Pharmaceuticals, Inc.		113,490
	14,400	Thoratec Corporationa		526,032
	19,508	United Therapeutics Corporationa		1,051,286
	40,710	UnitedHealth Group, Inc.b		2,247,599
	5,000	Vertex Pharmaceuticals, Inc.a		223,900
	42,800	VIVUS, Inc.a		518,308
	2,600	Waters Corporationa		238,082

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

2

Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (27.4%)	Value
	Health Care (3.5%) - continued
	5,151	Zimmer Holdings, Inc.		$384,265
		Total		21,308,912
	Industrials (3.0%)
	26,700	Actuant Corporation		787,116
	12,300	Acuity Brands, Inc.		846,240
	13,750	ADT Corporation		653,125
	10,331	CSX Corporation		227,592
	3,900	Deluxe Corporation		143,481
	26,553	EMCOR Group, Inc.		964,670
	3,100	EnerSys, Inc.a		126,883
	2,670	FedEx Corporation		270,872
	1,800	Flowserve Corporation		282,186
	18,100	GATX Corporation		857,035
	5,604	General Electric Company		124,857
	26,800	HNI Corporation		846,076
	24,109	Honeywell International, Inc.		1,645,198
	2,800	Huntington Ingalls Industries, Inc.		124,040
	8,600	Ingersoll-Rand plc		441,954
	28,370	Jacobs Engineering Group, Inc.a		1,364,881
	4,400	L-3 Communications Holdings, Inc.		334,048
	14,600	Landstar System, Inc.		832,784
	3,200	Lockheed Martin Corporation		277,984
	16,364	Manitowoc Company, Inc.		288,006
	22,900	Manpower, Inc.		1,179,350
	21,800	McDermott International, Inc.a		265,306
	13,712	Oshkosh Corporationa		537,236
	19,432	Parker Hannifin Corporationb		1,806,593
	3,360	Pentair, Ltd.		170,285
	25,200	Southwest Airlines Company		282,492
	1,170	SPX Corporation		87,317
	2,600	Trex Company, Inc.a		109,850
	16,600	Tyco International, Ltd.		501,818
	4,757	United Technologies Corporation		416,571
	43,500	US Airways Group, Inc.a		621,180
	19,900	Woodward, Inc.		764,359
		Total		18,181,385
	Information Technology (5.9%)
	44,100	Activision Blizzard, Inc.		502,299
	6,200	Alliance Data Systems Corporationa		977,120
	18,400	AOL, Inc.a		563,960
	10,977	Apple, Inc.b		4,997,938
	28,894	Applied Materials, Inc.		373,022
	30,000	Aruba Networks, Inc.a		691,200
	130,500	Atmel Corporationa		874,350
	8,000	Autodesk, Inc.a		311,040
	9,200	BMC Software, Inc.a		382,260
	78,100	Brocade Communications Systems, Inc.a		446,732
	2,200	CACI International, Inc.a		117,986
	20,700	Cavium, Inc.a		692,208
	34,210	Cisco Systems, Inc.		703,700
	20,300	Citrix Systems, Inc.a		1,485,148
	8,800	Computer Sciences Corporation		367,840
	32,236	CoreLogic, Inc.a		845,873
	25,724	eBay, Inc.a		1,438,743
	6,600	Ebix, Inc.		107,844
	3,900	EMC Corporationa		95,979
	33,600	ExactTarget, Inc.a		738,864
	2,400	Fair Isaac Corporation		108,168

Shares		Common Stock (27.4%)	Value
	Information Technology (5.9%) - continued
	3,455	Google, Inc.a,b		$2,610,909
	22,500	Informatica Corporationa		832,725
	2,200	InterDigital, Inc.		95,458
	7,372	Itron, Inc.a		341,987
	3,400	j2 Global, Inc.		108,188
	13,811	Juniper Networks, Inc.a		309,090
	38,224	Microsoft Corporation		1,050,013
	40,870	NetApp, Inc.a		1,471,320
	5,200	NetScout Systems, Inc.a		135,356
	27,548	NVIDIA Corporation		337,738
	50,470	Oracle Corporationb		1,792,190
	19,075	Plantronics, Inc.		784,364
	19,000	QUALCOMM, Inc.b		1,254,570
	25,860	Symantec Corporationa		562,972
	69,516	Teradyne, Inc.a		1,123,379
	39,210	Texas Instruments, Inc.b		1,297,067
	30,446	TriQuint Semiconductor, Inc.a		159,841
	5,200	ValueClick, Inc.a		106,444
	25,300	VeriFone Systems, Inc.a		878,416
	71,000	Vishay Intertechnology, Inc.a		780,290
	9,300	VMware, Inc.a		711,264
	14,400	Western Digital Corporation		676,800
	112	Workday, Inc.a		5,983
	16,319	Xilinx, Inc.		595,480
	46,200	Yahoo!, Inc.a		906,906
		Total		35,751,024
	Materials (0.8%)
	6,700	Axiall Corporation		376,406
	12,700	Buckeye Technologies, Inc.		365,125
	2,200	CF Industries Holdings, Inc.		504,174
	5,270	Dow Chemical Company		169,694
	8,600	Eagle Materials, Inc.		557,022
	13,200	H.B. Fuller Company		515,856
	22,300	Huntsman Corporation		393,149
	3,920	Nucor Corporation		180,359
	6,594	Silgan Holdings, Inc.		282,883
	6,330	Southern Copper Corporation		249,339
	23,644	Steel Dynamics, Inc.		359,625
	24,700	SunCoke Energy, Inc.a		409,526
	13,200	Teck Resources, Ltd.		481,668
		Total		4,844,826
	Telecommunications Services (0.1%)
	8,674	Verizon Communications, Inc.		378,273
		Total		378,273
	Utilities (0.6%)
	7,900	Calpine Corporationa		155,867
	12,700	CMS Energy Corporation		326,390
	12,290	NiSource, Inc.		332,199
	34,013	NV Energy, Inc.		643,866
	11,440	PG&E Corporation		487,801
	32,500	PNM Resources, Inc.		694,200
	8,600	Public Service Enterprise Group, Inc.		268,148
	15,440	Southwest Gas Corporation		687,698
	8,100	Wisconsin Energy Corporation		319,383
		Total		3,915,552
		Total Common Stock (cost $144,205,374)		165,854,486

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

3

Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (2.1%)	Value
	Asset-Backed Securities (0.1%)
		Renaissance Home Equity Loan Trust
	$650,000	6.011%, 5/25/2036		$456,613
		Total		456,613
	Collateralized Mortgage Obligations (0.1%)
		MASTR Alternative Loans Trust
	72,496	0.654%, 12/25/2035c		39,875
		Residential Asset Securitization Trust
	87,403	0.584%, 8/25/2037c		29,785
		Sequoia Mortgage Trust
	95,633	4.947%, 9/20/2046		14,843
	204,154	4.947%, 9/20/2046		176,897
		WaMu Mortgage Pass Through Certificates
	84,451	2.686%, 9/25/2036		69,743
	129,318	2.769%, 10/25/2036		108,879
		Total		440,022
	Commercial Mortgage-Backed Securities (<0.1%)
		Credit Suisse Mortgage Capital Certificates
	250,000	5.509%, 9/15/2039		272,876
		Total		272,876
	Mortgage-Backed Securities (0.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	320,000	2.500%, 2/1/2028d		330,600
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	500,000	3.000%, 2/1/2043d		514,062
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	835,000	2.500%, 2/1/2028d		864,486
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	532,500	3.000%, 2/1/2043d		549,889
	370,000	3.500%, 2/1/2043d		390,177
	1,297,500	4.000%, 2/1/2043d		1,378,999
		Total		4,028,213
	U.S. Government and Agencies (1.2%)
		U.S. Treasury Bonds
	550,000	4.375%, 5/15/2040		686,641
	5,810,000	3.000%, 5/15/2042		5,650,225
		U.S. Treasury Notes
	160,000	0.750%, 6/30/2017		160,050
	1,110,000	1.625%, 8/15/2022		1,079,909
		Total		7,576,825
		Total Long-Term Fixed Income (cost $13,202,441)		12,774,549

Shares or Principal Amount		Short-Term Investments (4.5%)	Value
		Federal Home Loan Bank Discount Notes
	4,500,000	0.115%, 3/6/2013b,e		$4,499,525
	100,000	0.137%, 6/7/2013b,e		99,952
		Federal National Mortgage Association Discount Notes
	4,000,000	0.090%, 6/7/2013b,e		3,998,740
	17,843,843	Thrivent Cash Management Trust		17,843,843
		U.S. Treasury Bills
	600,000	0.085%, 6/13/2013b,e		599,813
		Total Short-Term Investments (at amortized cost)		27,041,873
		Total Investments (cost $541,582,175) 100.9%		$610,735,179
		Other Assets and Liabilities, Net (0.9%)		(5,272,549)
		Total Net Assets 100.0%		$605,462,630

a Non-income producing security.

b At January 31, 2013, $22,843,689 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 January 31, 2013.

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

e 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	$78,277,994
Gross unrealized depreciation	(9,124,990)
Net unrealized appreciation (depreciation)	$69,153,004
Cost for federal income tax purposes	$541,582,175

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

4

Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		390,543,374		390,543,374		–		–
Fixed Income Mutual Funds		14,520,897		14,520,897		–		–
Common Stock
Consumer Discretionary		26,990,664		26,990,664		–		–
Consumer Staples		10,957,508		9,876,159		1,081,349		–
Energy		14,540,919		13,841,146		699,773		–
Financials		28,985,423		28,985,423		–		–
Health Care		21,308,912		21,308,912		–		–
Industrials		18,181,385		18,181,385		–		–
Information Technology		35,751,024		35,751,024		–		–
Materials		4,844,826		4,844,826		–		–
Telecommunications Services		378,273		378,273		–		–
Utilities		3,915,552		3,915,552		–		–
Long-Term Fixed Income
Asset-Backed Securities		456,613		–		456,613		–
Collateralized Mortgage Obligations		440,022		–		440,022		–
Commercial Mortgage-Backed Securities		272,876		–		272,876		–
Mortgage-Backed Securities		4,028,213		–		4,028,213		–
U.S. Government and Agencies		7,576,825		–		7,576,825		–
Short-Term Investments		27,041,873		17,843,843		9,198,030		–
Total		$610,735,179		$586,981,478		$23,753,701		$–
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		4,566,432		3,557,967		1,008,465		–
Total Asset Derivatives		$4,566,432		$3,557,967		$1,008,465		$–
Liability Derivatives
Futures Contracts		8,153,129		8,153,129		–		–
Foreign Currency Forward Contracts		375		–		375		–
Total Liability Derivatives		$8,153,504		$8,153,129		$375		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	(10)		March 2013		($2,203,876)		($2,204,219)		($343)
5-Yr. U.S. Treasury Bond Futures	(30)		March 2013		(3,738,659)		(3,712,032)		26,627
10-Yr. U.S. Treasury Bond Futures	(50)		March 2013		(6,670,160)		(6,564,062)		106,098
30-Yr. U.S. Treasury Bond Futures	5		March 2013		746,382		717,343		(29,039)
Eurex EURO STOXX 50 Futures	1,129		March 2013		40,549,723		41,558,188		1,008,465
Russell 2000 Index Mini-Futures	(580)		March 2013		(49,020,771)		(52,205,800)		(3,185,029)
S&P 400 Index Mini-Futures	(601)		March 2013		(60,642,403)		(65,581,121)		(4,938,718)
S&P 500 Index Futures	264		March 2013		95,132,558		98,557,800		3,425,242
Total Futures Contracts									($3,586,697)

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

5

Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Euro	SSB		225,800	2/1/2013		$306,964		$306,589		($375)
Total Purchases						$306,964		$306,589		($375)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										($375)

Counterparty
SSB	-	State Street Bank

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, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Natural Resources		$13,550,782		$124,396		$–		1,519,588		$14,679,222		$124,396
Partner Small Cap
Growth		45,911,513		1,327,331		–		3,642,357		49,645,322		–
Partner Small Cap Value		11,793,236		472,885		–		730,490		13,046,549		272,667
Small Cap Stock		16,161,303		–		–		1,004,432		17,708,128		–
Mid Cap Growth		34,522,959		2,274,642		–		1,785,147		37,595,187		–
Partner Mid Cap Value		20,587,471		672,707		–		1,653,360		22,783,302		232,462
Mid Cap Stock		30,397,516		135,007		–		1,835,837		33,522,389		135,007
Partner Worldwide
Allocation		88,690,414		2,142,999		–		10,327,769		96,977,747		2,142,999
Large Cap Growth		39,282,979		258,696		–		6,690,713		42,151,491		258,696
Large Cap Value		33,592,812		705,563		–		2,323,933		36,671,667		705,563
Large Cap Stock		19,629,570		1,369,676		–		884,902		21,051,817		312,563
Equity Income Plus		4,482,114		35,171		–		470,115		4,710,553		35,171
High Yield		16,189,902		142,598		7,793,630		1,704,566		8,693,289		143,468
Income		11,880,506		53,540		6,050,000		627,299		5,827,608		53,543
Government Bond		9,759,861		–		9,750,790		–		–		429
Limited Maturity Bond		1,259,996		–		1,259,996		–		–		56
Cash Management
Trust- Short Term
Investment		6,352,142		42,161,453		30,669,752		17,843,843		17,843,843		7,026
Total Value and
Income Earned		404,045,076								422,908,114		4,424,046

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

6

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (1.9%)a	Value
	Basic Materials (0.2%)
		Arch Coal, Inc., Term Loan
	$473,175	5.750%, 5/16/2018b,c		$485,227
		FMG Resources August 2006 Pty., Ltd., Term Loan
	2,069,812	5.250%, 10/18/2017		2,095,044
		Ineos US Finance, LLC, Term Loan
	638,589	6.500%, 5/4/2018		652,420
		Total		3,232,691
	Capital Goods (0.1%)
		ADS Waste Holdings, Inc., Term Loan
	510,000	5.250%, 10/9/2019		514,146
		MRC Global, Inc., Term Loan
	364,087	6.250%, 10/24/2019		368,639
		Total		882,785
	Communications Services (0.5%)
		Atlantic Broadband Penn, LLC, Term Loan
	294,262	4.500%, 9/10/2019		297,941
		Charter Communications Operating, LLC, Term Loan
	347,375	4.000%, 5/15/2019		352,151
		Clear Channel Communications, Inc., Term Loan
	660,000	3.210%, 1/29/2016b,c		570,451
		Cricket Communications, Inc., Term Loan
	75,000	4.750%, 10/10/2019		75,563
		Fairpoint Communications, Inc., Term Loan
	551,381	3.258%, 1/25/2016b,c		549,214
		Intelsat Jackson Holdings SA, Term Loan
	539,326	4.500%, 4/2/2018		545,933
		Level 3 Financing, Inc., Term Loan
	715,000	4.750%, 8/1/2019		722,822
		Liberty Cablevision of Puerto Rico, Ltd., Term Loan
	363,175	6.000%, 6/9/2017		365,445
		MCC Georgia, LLC, Term Loan
	294,262	4.000%, 1/20/2020		294,998
		NEP Broadcasting, LLC, Term Loan
	470,000	4.301%, 8/18/2020b,c		477,247
		SBA Senior Finance II, LLC, Term Loan
	215,000	3.750%, 9/28/2019		216,397
		Toys R Us, Inc., Term Loan
	607,726	5.250%, 5/25/2018		595,572
		Univision Communications, Inc., Term Loan
	231,842	2.202%, 9/29/2014		231,744
	435,000	4.452%, 3/31/2017		435,544
		Van Wagner Communications, Inc., Term Loan
	400,000	8.250%, 8/3/2018		408,000
		WideOpenWest Finance, LLC, Term Loan
	542,275	6.250%, 7/17/2018		547,698

Principal Amount		Bank Loans (1.9%)a	Value
	Communications Services (0.5%) - continued
		Yankee Cable Acquisition, LLC, Term Loan
	$274,734	5.250%, 8/26/2016		$278,237
		Zayo Group, LLC, Term Loan
	766,699	5.250%, 7/2/2019b,c		776,520
		Total		7,741,477
	Consumer Cyclical (0.2%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	473,331	5.500%, 2/23/2017		478,523
		Chrysler Group, LLC, Term Loan
	436,675	6.000%, 5/24/2017		445,138
		MGM Resorts International, Term Loan
	350,000	4.250%, 12/13/2019		354,809
		Rock Ohio Caesars, LLC, 18 Month Delayed Draw, Term Loan
	67,500	5.704%, 8/19/2017b,c		69,441
		Rock Ohio Caesars, LLC, 6 Month Delayed Draw, Term Loan
	40,500	5.704%, 8/19/2017b,c		41,664
		Rock Ohio Caesars, LLC, Term Loan
	517,000	8.500%, 8/19/2017		531,864
		Seven Seas Cruises S de RL, LLC, Term Loan
	651,750	6.250%, 12/21/2018		658,267
		Total		2,579,706
	Consumer Non-Cyclical (0.3%)
		Bausch & Lomb, Inc., Term Loan
	363,175	5.250%, 5/17/2019		366,636
		Biomet, Inc., Term Loan
	459,437	3.952%, 7/25/2017b,c		464,032
		Ceridian Corporation, Term Loan
	440,000	5.956%, 5/9/2017		444,290
		CHS/Community Health Systems, Inc., Term Loan
	365,000	3.811%, 1/25/2017		368,011
		DJO Finance, LLC, Term Loan
	363,171	6.250%, 9/15/2017		366,621
		Grifols, Inc., Term Loan
	362,623	4.324%, 6/1/2017		364,755
		Hologic, Inc., Term Loan
	437,800	4.500%, 8/1/2019		442,909
		Reynolds Group Holdings, Inc., Term Loan
	69,825	4.750%, 9/28/2018b,c		70,815
		Roundy’s Supermarkets, Inc., Term Loan
	655,973	5.750%, 2/13/2019		626,178
		SUPERVALU, Inc., Term Loan
	399,102	6.045%, 8/10/2018b,c		406,042
		US Coatings Acquisition, Inc., Term Loan
	190,000	0.000%, 1/18/2020		192,730
		Visant Corporation, Term Loan
	554,416	5.250%, 12/22/2016		531,896

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

7

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (1.9%)a	Value
	Consumer Non-Cyclical (0.3%) - continued
		Warner Chilcott Company, LLC, Term Loan
	$17,373	4.250%, 3/15/2018		$17,576
		Warner Chilcott Corporation, Term Loan
	56,195	4.250%, 3/15/2018		56,851
	21,341	4.250%, 3/15/2018		21,590
		WC Luxco Sarl, Term Loan
	38,634	4.250%, 3/15/2018		39,085
		Total		4,780,017
	Energy (0.2%)
		Chesapeake Energy Corporation, Term Loan
	1,060,000	5.750%, 12/2/2017		1,085,504
		Cumulus Media Holdings, Inc., Term Loan
	455,000	0.000%, 9/17/2018b,c		460,460
		NEP Broadcasting, Inc., Term Loan
	55,000	Zero Coupon, 8/18/2020b,c		56,650
		NTELOS, Inc., Term Loan
	165,000	0.000%, 11/9/2019b,c		160,669
		Plains Exploration & Production Company, Term Loan
	140,000	4.000%, 10/15/2019		140,446
		Seven Seas Cruises S de RL, LLC, Term Loan
	652,000	0.000%, 12/21/2018b,c		658,520
		Silver II Borrower SCA, Term Loan
	220,000	0.000%, 12/5/2019b,c		220,000
		Total		2,782,249
	Financials (0.1%)
		Nuveen Investments, Inc., Term Loan
	105,000	5.764%, 5/13/2017b,c		106,024
	420,000	5.767%, 5/13/2017		423,326
		WaveDivision Holdings, LLC, Term Loan
	515,000	5.500%, 8/9/2019		519,017
		Total		1,048,367
	Technology (0.2%)
		First Data Corporation Extended, Term Loan
	720,000	4.205%, 3/26/2018		712,598
		First Data Corporation, Term Loan
	295,000	5.205%, 9/24/2018		294,841
		Freescale Semiconductor, Inc., Term Loan
	591,086	4.883%, 2/28/2019		592,416
		Infor US, Inc., Term Loan
	433,015	5.250%, 4/5/2018		438,700
		SunGard Data Systems, Inc., Term Loan
	545,000	1.477%, 12/4/2019b,c		550,679
		Total		2,589,234

Principal Amount		Bank Loans (1.9%)a	Value
	Transportation (<0.1%)
		Delta Air Lines, Inc., Term Loan
	$601,257	5.500%, 4/20/2017		$606,891
		Total		606,891
	Utilities (0.1%)
		Calpine Corporation, Term Loan
	583,538	4.500%, 10/9/2019		590,499
		NGPL PipeCo, LLC, Term Loan
	530,357	6.750%, 9/15/2017		543,393
		Total		1,133,892
		Total Bank Loans (cost $27,002,324)		27,377,309
Shares		Mutual Funds (67.1%)	Value
	Equity Mutual Funds (54.8%)
	3,069,650	Thrivent Natural Resources Fund		29,652,818
	3,245,697	Thrivent Partner Small Cap Growth Fund		44,238,850
	1,739,467	Thrivent Partner Small Cap Value Fund		31,066,882
	1,344,712	Thrivent Small Cap Stock Fundd		23,707,265
	1,895,607	Thrivent Mid Cap Growth Fund		39,921,487
	3,758,988	Thrivent Partner Mid Cap Value Fund		51,798,853
	4,033,886	Thrivent Mid Cap Stock Fund		73,658,760
	19,881,077	Thrivent Partner Worldwide Allocation Fund		186,683,312
	14,356,555	Thrivent Large Cap Growth Fund		90,446,296
	7,594,853	Thrivent Large Cap Value Fund		119,846,780
	3,541,120	Thrivent Large Cap Stock Fund		84,243,252
	1,191,466	Thrivent Equity Income Plus Fund		11,938,487
		Total		787,203,042
	Fixed Income Mutual Funds (12.3%)
	10,780,131	Thrivent High Yield Fund		54,978,668
	8,222,704	Thrivent Income Fund		76,388,918
	2,344,009	Thrivent Government Bond Fund		24,049,535
	1,709,158	Thrivent Limited Maturity Bond Fund		21,569,578
		Total		176,986,699
		Total Mutual Funds (cost $877,193,953)		964,189,741
Shares		Common Stock (19.2%)	Value
	Consumer Discretionary (3.0%)
	7,200	Amazon.com, Inc.d		1,911,600
	14,100	ANN, Inc.d		434,844
	7,471	Arctic Cat, Inc.d		270,002
	3,800	AutoZone, Inc.d		1,404,860
	16,400	Barnes & Noble, Inc.d		218,776
	10,700	Bed Bath & Beyond, Inc.d		628,090
	9,390	CBS Corporation		391,751
	11,500	Charter Communications, Inc.d		896,655
	38,800	Cheesecake Factory, Inc.		1,286,608
	28,500	Chico’s FAS, Inc.		511,005
	24,400	Children’s Place Retail Stores, Inc.d		1,216,096
	14,400	Coinstar, Inc.d		732,672
	77,000	Comcast Corporation		2,932,160

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

8

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (19.2%)	Value
	Consumer Discretionary (3.0%) - continued
	19,522	Delphi Automotive plcd		$754,721
	9,100	Dillard’s, Inc.		768,131
	16,100	DISH Network Corporation		600,047
	14,836	Dollar Tree, Inc.d		593,292
	15,800	Expedia, Inc.		1,030,950
	19,100	Express, Inc.d		351,058
	43,188	Foot Locker, Inc.		1,483,508
	31,100	Gap, Inc.		1,016,348
	34,000	GNC Holdings, Inc.		1,221,960
	9,000	Hanesbrands, Inc.d		337,320
	4,570	Harley-Davidson, Inc.		239,559
	27,100	Home Depot, Inc.		1,813,532
	5,680	iShares Dow Jones US Home Construction Index Fund		133,082
	44,713	Las Vegas Sands Corporation		2,470,393
	21,410	Life Time Fitness, Inc.d		1,086,129
	41,140	Lowe’s Companies, Inc.		1,571,137
	18,800	Macy’s, Inc.		742,788
	6,100	Marriott Vacations Worldwide Corporationd		270,718
	27,900	Meredith Corporation		1,011,654
	33,210	News Corporation		937,850
	38,600	NIKE, Inc.		2,086,330
	18,600	OfficeMax, Inc.		200,508
	14,500	Omnicom Group, Inc.		787,060
	4,700	O’Reilly Automotive, Inc.d		435,455
	2,465	Panera Bread Companyd		393,932
	10,100	Penn National Gaming, Inc.d		491,466
	5,800	PetSmart, Inc.		379,378
	65,379	Pier 1 Imports, Inc.		1,418,070
	4,200	Pool Corporation		192,444
	700	Priceline.com, Inc.d		479,829
	16,700	Pulte Group, Inc.d		346,358
	37,100	Sally Beauty Holdings, Inc.d		984,634
	53,200	Smith & Wesson Holding Corporationd		457,520
	16,500	Tempur-Pedic International, Inc.d		642,840
	9,490	Time Warner Cable, Inc.		847,837
	13,500	TJX Companies, Inc.		609,930
	18,500	Toll Brothers, Inc.d		692,825
	6,900	Valassis Communications, Inc.		193,614
		Total		42,909,326
	Consumer Staples (1.3%)
	15,562	Anheuser-Busch InBev NV ADR		1,378,793
	21,193	Annie’s, Inc.d		759,981
	11,956	British American Tobacco plc ADR		1,242,229
	17,900	Campbell Soup Company		657,109
	10,700	Colgate-Palmolive Company		1,148,859
	24,600	Constellation Brands, Inc.d		796,056
	46,850	CVS Caremark Corporation		2,398,720
	27,500	Dean Foods Companyd		503,525
	3,930	Diageo plc ADR		468,849
	6,400	Energizer Holdings, Inc.		556,864
	19,800	Herbalife, Ltd.		719,136
	26,752	Ingredion, Inc.		1,767,505
	6,020	Kimberly-Clark Corporation		538,850
	8,779	Kraft Foods Group, Inc.		405,765
	26,337	Mondelez International, Inc.		731,905
	20,200	Nestle SA		1,418,393
	12,200	Nu Skin Enterprises, Inc.		516,792
	6,749	Philip Morris International, Inc.e		594,992

Shares		Common Stock (19.2%)	Value
	Consumer Staples (1.3%) - continued
	11,100	Safeway, Inc.		$213,675
	3,300	Sanderson Farms, Inc.		166,584
	3,800	Spectrum Brands Holdings, Inc.d		192,432
	9,748	TreeHouse Foods, Inc.d		515,962
	13,650	Unilever NV ADR		552,552
	7,400	USANA Health Sciences, Inc.d		262,330
	4,600	Wal-Mart Stores, Inc.		321,770
		Total		18,829,628
	Energy (1.7%)
	70,014	Alpha Natural Resources, Inc.d		620,324
	36,950	BP plc ADR		1,645,014
	7,840	Chevron Corporation		902,776
	37,600	Consol Energy, Inc.		1,178,384
	6,500	CVR Energy, Inc.d		381,875
	10,700	Delek US Holdings, Inc.		363,479
	9,800	Ensco plc		622,986
	11,098	EOG Resources, Inc.		1,387,028
	13,960	EQT Corporation		829,364
	37,600	Exxon Mobil Corporation		3,382,872
	22,300	HollyFrontier Corporation		1,164,506
	95,364	Marathon Oil Corporation		3,205,184
	17,100	Marathon Petroleum Corporation		1,268,991
	25,200	Oasis Petroleum, Inc.d		904,176
	33,100	Patterson-UTI Energy, Inc.		673,254
	56,251	Petroleum Geo-Services ASA		997,920
	3,200	Phillips 66		193,824
	22,280	Schlumberger, Ltd.		1,738,954
	16,000	Southwestern Energy Companyd		548,800
	4,800	Tesoro Corporation		233,712
	146,800	Weatherford International, Ltd.d		1,959,780
	18,200	Western Refining, Inc.		612,066
		Total		24,815,269
	Financials (3.5%)
	9,870	ACE, Ltd.		842,207
	10,065	Affiliated Managers Group, Inc.d		1,448,655
	5,300	Allied World Assurance Company Holdings AG		449,599
	11,960	Allstate Corporation		525,044
	10,800	American Assets Trust, Inc.		312,120
	6,700	American Campus Communities, Inc.		312,019
	22,300	Ameriprise Financial, Inc.		1,478,936
	65,600	Annaly Capital Management, Inc.		975,472
	7,900	Aspen Insurance Holdings, Ltd.		269,469
	12,900	Axis Capital Holdings, Ltd.		493,683
	129,220	Bank of America Corporation		1,462,770
	6,000	Banner Corporation		181,200
	15,800	BioMed Realty Trust, Inc.		321,530
	29,100	CapitalSource, Inc.		236,001
	31,800	CBL & Associates Properties, Inc.		683,382
	66,470	Citigroup, Inc.		2,802,375
	22,000	CME Group, Inc.		1,272,480
	6,000	Comerica, Inc.		206,160
	45,100	DCT Industrial Trust, Inc.		318,406
	10,100	Discover Financial Services		387,739
	12,800	Douglas Emmett, Inc.		298,496
	4,300	Equity Lifestyle Properties, Inc.		307,880
	8,800	Extra Space Storage, Inc.		350,592
	66,700	Fifth Third Bancorp		1,086,543
	39,382	HCC Insurance Holdings, Inc.		1,523,296
	9,000	Highwoods Properties, Inc.		324,000

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

9

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (19.2%)	Value
	Financials (3.5%) - continued
	12,100	Home Loan Servicing Solutions, Ltd.		$263,054
	45,635	Host Hotels & Resorts, Inc.		766,212
	104,700	Huntington Bancshares, Inc.		728,712
	30,430	Invesco, Ltd.		829,218
	11,400	iShares Russell 3000 Index Fund		1,017,108
	24,985	J.P. Morgan Chase & Company		1,175,544
	41,190	KKR & Company, LP		695,287
	18,136	Lazard, Ltd.		628,412
	5,800	M&T Bank Corporation		595,602
	37,920	MetLife, Inc.		1,415,933
	8,000	Montpelier Re Holdings, Inc.		195,040
	22,100	Morgan Stanley		504,985
	24,300	NASDAQ OMX Group, Inc.		688,176
	13,300	Northern Trust Corporation		684,551
	9,528	Och-Ziff Capital Management Group, LLC		94,327
	28,000	Ocwen Financial Corporationd		1,091,160
	12,500	Pebblebrook Hotel Trust		311,375
	13,000	PHH Corporationd		284,440
	28,100	Piedmont Office Realty Trust, Inc.		543,173
	82,557	Popular, Inc.d		2,215,830
	1,700	Portfolio Recovery Associates, Inc.d		181,815
	12,000	PrivateBancorp, Inc.		206,040
	5,400	ProAssurance Corporation		243,216
	14,400	Protective Life Corporation		455,616
	22,200	SLM Corporation		374,958
	49,500	SPDR S&P 500 ETF Trust		7,410,150
	13,630	State Street Corporation		758,510
	29,880	SVB Financial Groupd		1,983,136
	3,822	Taubman Centers, Inc.		311,493
	12,300	Tower Group, Inc.		237,390
	15,473	W.R. Berkley Corporation		637,023
	63,860	Wells Fargo & Company		2,224,244
	89,998	Zions Bancorporation		2,098,753
		Total		50,720,537
	Health Care (2.5%)
	4,700	Abbott Laboratories		159,236
	3,700	Aetna, Inc.		178,451
	27,400	Align Technology, Inc.d		859,264
	3,600	AmerisourceBergen Corporation		163,332
	13,700	Amgen, Inc.		1,170,802
	9,990	Baxter International, Inc.		677,722
	17,600	Biogen Idec, Inc.d		2,747,008
	5,351	C.R. Bard, Inc.		546,177
	13,400	Celgene Corporationd		1,326,064
	5,600	Charles River Laboratories International, Inc.d		231,392
	16,700	Community Health Systems, Inc.		640,111
	36,660	Covidien plc		2,285,384
	9,820	Eli Lilly and Company		527,236
	33,100	Endo Pharmaceutical Holdings, Inc.d		1,047,946
	27,500	Express Scripts Holding Companyd		1,469,050
	31,600	Gilead Sciences, Inc.d		1,246,620
	10,879	HeartWare International, Inc.d		983,244
	10,500	Illumina, Inc.d		531,615
	3,700	Jazz Pharmaceuticals, Inc.d		208,643
	4,000	Life Technologies Corporationd		258,760
	10,600	MedAssets, Inc.d		207,230
	16,500	Medicines Companyd		493,020

Shares		Common Stock (19.2%)	Value
	Health Care (2.5%) - continued
	67,310	Merck & Company, Inc.		$2,911,157
	11,600	Myriad Genetics, Inc.d		313,896
	5,800	PAREXEL International Corporationd		196,330
	27,580	PDL BioPharma, Inc.		189,750
	18,906	Pfizer, Inc.		515,756
	2,632	Pharmacyclics, Inc.d		182,477
	36,500	Questcor Pharmaceuticals, Inc.		930,020
	28,100	ResMed, Inc.		1,230,780
	23,360	Sanofi ADR		1,137,165
	17,100	Santarus, Inc.d		228,456
	15,500	Shire Pharmaceuticals Group plc ADR		1,552,170
	14,800	Spectrum Pharmaceuticals, Inc.		186,628
	26,000	Thoratec Corporationd		949,780
	29,302	United Therapeutics Corporationd		1,579,085
	63,921	UnitedHealth Group, Inc.		3,529,078
	9,600	Vertex Pharmaceuticals, Inc.d		429,888
	61,000	VIVUS, Inc.d		738,710
	5,700	Waters Corporationd		521,949
	9,842	Zimmer Holdings, Inc.		734,213
		Total		36,015,595
	Industrials (2.1%)
	38,100	Actuant Corporation		1,123,188
	17,600	Acuity Brands, Inc.		1,210,880
	21,400	ADT Corporation		1,016,500
	19,665	CSX Corporation		433,220
	6,300	Deluxe Corporation		231,777
	37,823	EMCOR Group, Inc.		1,374,110
	5,200	EnerSys, Inc.d		212,836
	7,760	FedEx Corporation		787,252
	3,400	Flowserve Corporation		533,018
	25,900	GATX Corporation		1,226,365
	16,301	General Electric Company		363,186
	38,200	HNI Corporation		1,205,974
	38,066	Honeywell International, Inc.		2,597,624
	4,600	Huntington Ingalls Industries, Inc.		203,780
	14,200	Ingersoll-Rand plc		729,738
	49,480	Jacobs Engineering Group, Inc.d		2,380,483
	7,300	L-3 Communications Holdings, Inc.		554,216
	20,700	Landstar System, Inc.		1,180,728
	5,300	Lockheed Martin Corporatione		460,411
	31,107	Manitowoc Company, Inc.		547,483
	35,200	Manpower, Inc.		1,812,800
	41,300	McDermott International, Inc.d		502,621
	26,024	Oshkosh Corporationd		1,019,620
	28,164	Parker Hannifin Corporation		2,618,407
	9,770	Pentair, Ltd.		495,144
	48,000	Southwest Airlines Company		538,080
	3,380	SPX Corporation		252,249
	4,300	Trex Company, Inc.d		181,675
	21,800	Tyco International, Ltd.		659,014
	13,820	United Technologies Corporation		1,210,217
	71,300	US Airways Group, Inc.d		1,018,164
	28,400	Woodward, Inc.		1,090,844
		Total		29,771,604
	Information Technology (3.9%)
	72,200	Activision Blizzard, Inc.		822,358

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

10

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (19.2%)	Value
	Information Technology (3.9%) - continued
	11,300	Alliance Data Systems Corporationd		$1,780,880
	30,100	AOL, Inc.d		922,565
	15,552	Apple, Inc.e		7,080,981
	54,678	Applied Materials, Inc.		705,893
	42,700	Aruba Networks, Inc.d		983,808
	186,100	Atmel Corporationd		1,246,870
	15,300	Autodesk, Inc.d		594,864
	15,100	BMC Software, Inc.d		627,405
	127,800	Brocade Communications Systems, Inc.d		731,016
	3,600	CACI International, Inc.d		193,068
	29,500	Cavium, Inc.d		986,480
	71,530	Cisco Systems, Inc.		1,471,372
	26,800	Citrix Systems, Inc.d		1,960,688
	14,400	Computer Sciences Corporation		601,920
	57,181	CoreLogic, Inc.d		1,500,430
	37,049	eBay, Inc.d		2,072,151
	10,800	Ebix, Inc.		176,472
	6,500	EMC Corporationd		159,965
	48,100	ExactTarget, Inc.d		1,057,719
	4,000	Fair Isaac Corporation		180,280
	4,527	Google, Inc.d		3,421,009
	32,100	Informatica Corporationd		1,188,021
	3,700	InterDigital, Inc.		160,543
	14,070	Itron, Inc.d		652,707
	5,600	j2 Global, Inc.		178,192
	26,321	Juniper Networks, Inc.d		589,064
	74,683	Microsoft Corporatione		2,051,542
	64,600	NetApp, Inc.d		2,325,600
	8,500	NetScout Systems, Inc.d		221,255
	52,307	NVIDIA Corporation		641,284
	98,410	Oracle Corporation		3,494,539
	27,210	Plantronics, Inc.		1,118,875
	24,900	QUALCOMM, Inc.		1,644,147
	52,540	Symantec Corporationd		1,143,796
	112,869	Teradyne, Inc.d		1,823,963
	71,840	Texas Instruments, Inc.		2,376,467
	58,025	TriQuint Semiconductor, Inc.d		304,631
	8,600	ValueClick, Inc.d		176,042
	36,100	VeriFone Systems, Inc.d		1,253,392
	101,200	Vishay Intertechnology, Inc.d		1,112,188
	12,200	VMware, Inc.d		933,056
	23,500	Western Digital Corporation		1,104,500
	172	Workday, Inc.d		9,188
	38,421	Xilinx, Inc.		1,401,982
	79,800	Yahoo!, Inc.d		1,566,474
		Total		56,749,642
	Materials (0.6%)
	10,900	Axiall Corporation		612,362
	18,200	Buckeye Technologies, Inc.		523,250
	3,600	CF Industries Holdings, Inc.		825,012
	15,330	Dow Chemical Company		493,626
	12,300	Eagle Materials, Inc.		796,671
	18,900	H.B. Fuller Company		738,612
	36,500	Huntsman Corporation		643,495
	11,410	Nucor Corporation		524,974
	12,650	Silgan Holdings, Inc.		542,685
	8,345	Southern Copper Corporation		328,710
	43,888	Steel Dynamics, Inc.		667,536
	35,200	SunCoke Energy, Inc.d		583,616

Shares		Common Stock (19.2%)	Value
	Materials (0.6%) - continued
	17,400	Teck Resources, Ltd.		$634,926
		Total		7,915,475
	Telecommunications Services (0.1%)
	22,403	Verizon Communications, Inc.		976,995
		Total		976,995
	Utilities (0.5%)
	13,000	Calpine Corporationd		256,490
	23,300	CMS Energy Corporation		598,810
	35,740	NiSource, Inc.		966,052
	60,327	NV Energy, Inc.		1,141,990
	33,270	PG&E Corporation		1,418,633
	46,300	PNM Resources, Inc.		988,968
	16,500	Public Service Enterprise Group, Inc.		514,470
	21,982	Southwest Gas Corporation		979,078
	13,200	Wisconsin Energy Corporation		520,476
		Total		7,384,967
		Total Common Stock (cost $239,602,884)		276,089,038
Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Asset-Backed Securities (0.3%)
		Morgan Stanley Capital, Inc.
	618,396	3.537%, 2/25/2037f		335,547
		Renaissance Home Equity Loan Trust
	3,345,789	5.746%, 5/25/2036		2,424,473
	1,780,000	6.011%, 5/25/2036		1,250,416
		Total		4,010,436
	Basic Materials (0.1%)
		ArcelorMittal
	51,000	5.375%, 6/1/2013		51,533
		Arch Coal, Inc.
	325,000	7.000%, 6/15/2019g		293,312
		Dow Chemical Company
	81,000	5.900%, 2/15/2015		89,206
		International Paper Company
	53,000	5.300%, 4/1/2015		57,598
		Novelis, Inc.
	325,000	8.375%, 12/15/2017		359,125
		Rio Tinto Finance USA plc
	50,000	3.500%, 3/22/2022		52,003
		Xstrata Finance Canada, Ltd.
	54,000	1.800%, 10/23/2015h		54,437
		Total		957,214
	Capital Goods (0.1%)
		BAE Systems plc
	46,000	3.500%, 10/11/2016h		48,347
		Case New Holland, Inc.
	225,000	7.875%, 12/1/2017		266,062
		Caterpillar Financial Services Corporation
	54,000	0.700%, 11/6/2015		53,985
	54,000	1.250%, 11/6/2017		53,846
		Eaton Corporation
	54,000	0.950%, 11/2/2015h		54,219
	27,000	1.500%, 11/2/2017h		26,936

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

11

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Capital Goods (0.1%) - continued
	$40,000	4.000%, 11/2/2032h		$39,923
		John Deere Capital Corporation
	56,000	0.700%, 9/4/2015		56,072
		RBS Global, Inc.
	340,000	8.500%, 5/1/2018		372,300
		Reynolds Group Issuer, Inc.
	195,000	6.875%, 2/15/2021		209,137
		Textron, Inc.
	60,000	5.600%, 12/1/2017		67,607
		United Rentals North America, Inc.
	370,000	7.375%, 5/15/2020		407,000
		United Technologies Corporation
	75,000	6.125%, 7/15/2038		97,239
		Total		1,752,673
	Collateralized Mortgage Obligations (0.5%)
		Citigroup Mortgage Loan Trust, Inc.
	343,675	5.500%, 11/25/2035		310,690
		CitiMortgage Alternative Loan Trust
	1,138,714	5.750%, 4/25/2037		967,549
		Countrywide Alternative Loan Trust
	191,804	6.500%, 8/25/2036		139,158
	228,410	6.000%, 1/25/2037		193,185
	1,006,290	5.500%, 5/25/2037		799,992
	766,817	7.000%, 10/25/2037		578,628
		Countrywide Home Loans, Inc.
	475,373	5.750%, 4/25/2037		435,555
		Deutsche Alt-A Securities Mortgage Loan Trust
	178,360	5.500%, 10/25/2021		182,460
		Deutsche Alt-A Securities, Inc.
	360,895	6.000%, 10/25/2021		338,283
		J.P. Morgan Mortgage Trust
	104,932	4.935%, 10/25/2036		86,811
	962,695	0.584%, 1/25/2037f		618,848
	991,137	6.250%, 8/25/2037		705,440
		MASTR Alternative Loans Trust
	262,824	6.500%, 7/25/2034		277,888
	531,636	0.654%, 12/25/2035f		292,414
		Merrill Lynch Alternative Note Asset Trust
	267,913	6.000%, 3/25/2037		248,981
		Residential Asset Securitization Trust
	699,227	0.584%, 8/25/2037f		238,279
		Sequoia Mortgage Trust
	252,744	4.947%, 9/20/2046		39,227
	650,174	4.947%, 9/20/2046		563,368
		WaMu Mortgage Pass Through Certificates
	165,063	2.686%, 9/25/2036		136,316
	353,469	2.769%, 10/25/2036		297,604
		Total		7,450,676

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Commercial Mortgage-Backed Securities (0.9%)
		Banc of America Commercial Mortgage, Inc.
	$1,400,000	5.647%, 4/10/2049		$1,622,421
	2,550,000	5.624%, 6/10/2049		2,930,825
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.331%, 2/11/2044		1,693,727
		Credit Suisse First Boston Mortgage Securities
	1,300,000	5.542%, 1/15/2049		1,485,884
		Credit Suisse Mortgage Capital Certificates
	1,625,000	5.509%, 9/15/2039		1,773,691
		Greenwich Capital Commercial Funding Corporation
	900,000	5.867%, 12/10/2049		1,008,145
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	750,000	5.742%, 2/12/2049		833,264
		Morgan Stanley Capital, Inc.
	450,000	5.406%, 3/15/2044		487,501
		Wachovia Bank Commercial Mortgage Trust
	1,050,000	5.603%, 10/15/2048		1,158,705
		Total		12,994,163
	Communications Services (0.3%)
		AMC Networks, Inc.
	375,000	7.750%, 7/15/2021		428,438
		America Movil SAB de CV
	54,000	3.125%, 7/16/2022		53,650
		American Tower Corporation
	68,000	5.050%, 9/1/2020		75,409
		AT&T, Inc.
	114,000	2.400%, 8/15/2016		118,896
		British Telecommunications plc
	70,000	2.000%, 6/22/2015		71,726
		Cablevision Systems Corporation
	355,000	8.625%, 9/15/2017		416,238
		CBS Corporation
	54,000	8.875%, 5/15/2019		72,643
		CC Holdings GS V, LLC
	27,000	2.381%, 12/15/2017h		27,048
		Clear Channel Worldwide Holdings, Inc.
	390,000	6.500%, 11/15/2022h		415,350
		Comcast Corporation
	35,000	4.650%, 7/15/2042		35,089
		Cox Communications, Inc.
	50,000	3.250%, 12/15/2022h		50,061
		Crown Castle International Corporation
	30,000	5.250%, 1/15/2023h		31,500
		Crown Castle Towers, LLC
	45,000	4.174%, 8/15/2017h		49,617
		Digicel, Ltd.
	170,000	8.250%, 9/1/2017h		180,200
	140,000	7.000%, 2/15/2020h		151,550
		DIRECTV Holdings, LLC
	54,000	1.750%, 1/15/2018		53,062

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

12

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Communications Services (0.3%) - continued
		Dish DBS Corporation
	$255,000	4.625%, 7/15/2017		$266,475
	295,000	5.875%, 7/15/2022		313,438
		Frontier Communications Corporation
	345,000	8.125%, 10/1/2018		399,337
		NBCUniversal Media, LLC
	82,000	2.875%, 4/1/2016		86,073
	27,000	2.875%, 1/15/2023		26,336
		News America, Inc.
	56,000	3.000%, 9/15/2022		55,513
		Nippon Telegraph & Telephone Corporation
	51,000	1.400%, 7/18/2017		51,061
		SBA Telecommunications, Inc.
	30,000	5.750%, 7/15/2020h		31,500
		SBA Tower Trust
	50,000	5.101%, 4/17/2017h		55,964
		Sirius XM Radio, Inc.
	40,000	5.250%, 8/15/2022h		40,700
		Telefonica Emisiones SAU
	56,000	3.729%, 4/27/2015		57,962
		UPCB Finance V, Ltd.
	325,000	7.250%, 11/15/2021h		359,125
		Verizon Communications, Inc.
	41,000	1.100%, 11/1/2017		40,508
	46,000	5.500%, 2/15/2018		54,506
		Virgin Media Finance plc
	385,000	5.250%, 2/15/2022		402,325
		Vivendi SA
	84,000	2.400%, 4/10/2015h		85,597
		Vodafone Group plc
	58,000	1.250%, 9/26/2017		57,708
		Total		4,614,605
	Consumer Cyclical (0.2%)
		Amazon.com, Inc.
	27,000	1.200%, 11/29/2017		26,709
	54,000	2.500%, 11/29/2022		51,829
		American Honda Finance Corporation
	28,000	1.000%, 8/11/2015h		28,144
		Daimler Finance North America, LLC
	45,000	1.875%, 1/11/2018h		44,880
		Federated Retail Holdings, Inc.
	34,000	5.900%, 12/1/2016		39,696
		Ford Motor Credit Company, LLC
	58,000	12.000%, 5/15/2015		70,760
	60,000	2.375%, 1/16/2018		59,206
	390,000	5.000%, 5/15/2018		427,555
		Host Hotels and Resorts, LP
	325,000	6.000%, 11/1/2020		355,875
		Hyundai Capital America
	54,000	1.625%, 10/2/2015h		54,372
		Lear Corporation
	30,000	4.750%, 1/15/2023h		29,850
		Limited Brands, Inc.
	300,000	5.625%, 2/15/2022		322,500
		Macy’s Retail Holdings, Inc.
	27,000	3.875%, 1/15/2022		27,949

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Consumer Cyclical (0.2%) - continued
		Royal Caribbean Cruises, Ltd.
	$375,000	5.250%, 11/15/2022		$397,500
		Service Corporation International
	340,000	8.000%, 11/15/2021		415,650
		Six Flags Entertainment Corporation
	485,000	5.250%, 1/15/2021h		482,575
		The Walt Disney Company
	54,000	1.100%, 12/1/2017		53,617
		Time Warner, Inc.
	46,000	3.150%, 7/15/2015		48,554
		Toyota Motor Credit Corporation
	35,000	1.750%, 5/22/2017		35,697
		Toys R Us Property Company II, LLC
	360,000	8.500%, 12/1/2017		378,900
		TRW Automotive, Inc.
	28,000	7.250%, 3/15/2017h		32,410
		Viacom, Inc.
	28,000	1.250%, 2/27/2015		28,251
		Western Union Company
	54,000	2.375%, 12/10/2015		54,873
		Total		3,467,352
	Consumer Non-Cyclical (0.2%)
		AbbVie, Inc.
	54,000	1.200%, 11/6/2015h		54,278
	27,000	1.750%, 11/6/2017h		27,059
	40,000	2.000%, 11/6/2018h		40,103
		Amgen, Inc.
	30,000	4.850%, 11/18/2014		32,178
		Anheuser-Busch Inbev Finance, Inc.
	20,000	1.250%, 1/17/2018		19,846
		Anheuser-Busch InBev
		Worldwide, Inc.
	28,000	0.800%, 7/15/2015		28,054
	27,000	1.375%, 7/15/2017		27,096
		BAT International Finance plc
	70,000	1.400%, 6/5/2015h		70,790
		Biomet, Inc.
	370,000	6.500%, 8/1/2020h		388,500
		Boston Scientific Corporation
	70,000	5.450%, 6/15/2014		74,190
		Bunge Limited Finance Corporation
	28,000	3.200%, 6/15/2017		29,144
		Celgene Corporation
	42,000	1.900%, 8/15/2017		42,526
	42,000	3.250%, 8/15/2022		41,880
		ConAgra Foods, Inc.
	20,000	1.350%, 9/10/2015		20,097
	75,000	1.900%, 1/25/2018		75,312
		CVS Caremark Corporation
	34,000	6.125%, 9/15/2039		42,742
		Express Scripts Holding Company
	56,000	2.750%, 11/21/2014		57,728
	56,000	3.125%, 5/15/2016		59,076
		Gilead Sciences, Inc.
	45,000	2.400%, 12/1/2014		46,374
	49,000	3.050%, 12/1/2016		52,464
		Heineken NV
	27,000	0.800%, 10/1/2015h		27,028

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

13

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Consumer Non-Cyclical (0.2%) - continued
	$27,000	1.400%, 10/1/2017h		$26,780
		JBS USA, LLC
	165,000	7.250%, 6/1/2021h		171,394
		Kraft Foods Group, Inc.
	70,000	1.625%, 6/4/2015		71,167
		Laboratory Corporation of America Holdings
	56,000	2.200%, 8/23/2017		56,675
		Lorillard Tobacco Company
	56,000	2.300%, 8/21/2017		56,454
		McKesson Corporation
	27,000	0.950%, 12/4/2015		27,068
		Mylan, Inc.
	54,000	7.875%, 7/15/2020h		63,087
		Rite Aid Corporation
	550,000	7.500%, 3/1/2017		562,375
		Roche Holdings, Inc.
	56,000	7.000%, 3/1/2039h		81,230
		SABMiller Holdings, Inc.
	69,000	2.450%, 1/15/2017h		71,361
		Safeway, Inc.
	63,000	5.000%, 8/15/2019		67,589
	23,000	4.750%, 12/1/2021		23,355
		Spectrum Brands Escrow Corporation
	380,000	6.375%, 11/15/2020h		404,225
		Teva Pharmaceutical Finance Company BV
	30,000	2.400%, 11/10/2016		31,373
		Tyson Foods, Inc.
	70,000	4.500%, 6/15/2022		75,279
		Valeant Pharmaceuticals International
	185,000	6.875%, 12/1/2018h		196,100
		Zoetis, Inc.
	12,000	1.150%, 2/1/2016h		12,016
	38,000	1.875%, 2/1/2018h		37,933
		Total		3,291,926
	Energy (0.2%)
		BP Capital Markets plc
	27,000	0.700%, 11/6/2015		26,956
	81,000	1.375%, 11/6/2017		80,751
	54,000	4.500%, 10/1/2020		61,461
		Concho Resources, Inc.
	430,000	5.500%, 10/1/2022		455,800
		Harvest Operations Corporation
	300,000	6.875%, 10/1/2017		333,375
		Linn Energy, LLC
	75,000	7.750%, 2/1/2021		80,250
		Marathon Oil Corporation
	81,000	0.900%, 11/1/2015		81,043
		Marathon Petroleum Corporation
	56,000	3.500%, 3/1/2016		59,796
		MEG Energy Corporation
	30,000	6.375%, 1/30/2023h		31,275
		Murphy Oil Corporation
	40,000	2.500%, 12/1/2017		40,159
		Nexen, Inc.
	46,000	5.875%, 3/10/2035		54,984

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Energy (0.2%) - continued
		Oasis Petroleum, Inc.
	$130,000	6.875%, 1/15/2023		$141,375
		Phillips 66
	64,000	2.950%, 5/1/2017		67,360
		Pioneer Natural Resources Company
	28,000	5.875%, 7/15/2016		31,830
		SandRidge Energy, Inc.
	365,000	7.500%, 2/15/2023		387,812
		Suncor Energy, Inc.
	49,000	6.100%, 6/1/2018		59,530
		Transocean, Inc.
	28,000	5.050%, 12/15/2016		31,263
	56,000	6.000%, 3/15/2018		64,442
		Valero Energy Corporation
	46,000	9.375%, 3/15/2019		62,996
	23,000	7.500%, 4/15/2032		29,098
		Weatherford International, Ltd.
	84,000	6.750%, 9/15/2040		91,074
		Total		2,272,630
	Financials (0.5%)
		ABN Amro North American Holding Preferred Capital Repackage Trust I
	27,000	3.407%, 12/29/2049f,h,i		27,000
		Ally Financial, Inc.
	370,000	5.500%, 2/15/2017		397,779
		American Express Centurion Bank
	60,000	0.875%, 11/13/2015		59,893
		American Express Credit Corporation
	35,000	2.375%, 3/24/2017		36,292
		American International Group, Inc.
	84,000	2.375%, 8/24/2015		86,132
	81,000	3.800%, 3/22/2017		87,312
		ANZ National International, Ltd. of London
	83,000	3.125%, 8/10/2015h		87,262
		Associated Banc Corporation
	28,000	1.875%, 3/12/2014		28,103
		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
	27,000	4.125%, 11/9/2022h		27,270
		Bank of America Corporation
	115,000	7.750%, 8/15/2015		129,880
	82,000	1.500%, 10/9/2015		82,214
	55,000	5.750%, 8/15/2016		60,835
	85,000	5.750%, 12/1/2017		98,133
	55,000	5.650%, 5/1/2018		63,508
		Bank of New York Mellon Corporation
	27,000	0.700%, 10/23/2015		26,986
		Barclays Bank plc
	100,000	6.050%, 12/4/2017h		111,651
		BBVA Banco Continental SA
	69,000	2.250%, 7/29/2016h		68,655
		BBVA US Senior SAU
	40,000	4.664%, 10/9/2015		41,282

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

14

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Financials (0.5%) - continued
		Berkshire Hathaway Finance Corporation
	$60,000	1.600%, 5/15/2017		$60,616
		BlackRock, Inc.
	35,000	1.375%, 6/1/2015		35,616
		BNP Paribas SA
	82,000	2.375%, 9/14/2017		83,339
		Capital One Financial Corporation
	54,000	2.150%, 3/23/2015		55,100
	81,000	6.150%, 9/1/2016		93,276
		Citigroup, Inc.
	142,000	5.000%, 9/15/2014		149,553
	83,000	4.750%, 5/19/2015		89,377
	84,000	6.000%, 8/15/2017		98,031
	50,000	8.500%, 5/22/2019		66,680
		CNA Financial Corporation
	67,000	7.350%, 11/15/2019		84,600
		DDR Corporation
	80,000	9.625%, 3/15/2016		98,024
		Developers Diversified Realty Corporation
	300,000	7.875%, 9/1/2020		381,250
		Eksportfinans ASA
	35,000	3.000%, 11/17/2014		34,819
	52,000	5.500%, 5/25/2016		54,285
		Fifth Third Bancorp
	63,000	5.450%, 1/15/2017		70,310
		General Electric Capital Corporation
	81,000	2.150%, 1/9/2015		83,261
	54,000	1.000%, 12/11/2015		54,258
	64,000	0.505%, 1/8/2016f		63,242
	20,000	1.180%, 5/9/2016f		20,141
	30,000	2.300%, 4/27/2017		30,902
	84,000	6.750%, 3/15/2032		106,122
		Goldman Sachs Group, Inc.
	84,000	3.700%, 8/1/2015		88,604
	27,000	1.600%, 11/23/2015		27,133
	83,000	0.760%, 3/22/2016f		81,495
	62,000	2.375%, 1/22/2018		62,153
		Hartford Financial Services Group, Inc.
	10,000	7.300%, 11/1/2015		11,345
	21,000	5.500%, 10/15/2016		23,482
	81,000	4.000%, 10/15/2017		87,799
		HCP, Inc.
	68,000	2.625%, 2/1/2020		67,828
		Health Care REIT, Inc.
	27,000	2.250%, 3/15/2018		27,113
		HSBC Holdings plc
	46,000	6.500%, 5/2/2036		56,997
		Icahn Enterprises, LP
	285,000	8.000%, 1/15/2018		305,306
		ING Bank NV
	35,000	2.000%, 9/25/2015h		35,524
	54,000	3.750%, 3/7/2017h		57,696
		ING Capital Funding Trust III
	45,000	3.911%, 12/29/2049f,i		42,750
		Intesa Sanpaolo SPA
	45,000	3.875%, 1/16/2018		44,230
		J.P. Morgan Chase & Company
	54,000	1.875%, 3/20/2015		54,922

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Financials (0.5%) - continued
	$54,000	3.450%, 3/1/2016		$57,563
	84,000	2.000%, 8/15/2017		84,866
	69,000	1.201%, 1/25/2018f		69,300
	35,000	1.800%, 1/25/2018		34,881
	23,000	3.200%, 1/25/2023		22,854
		J.P. Morgan Chase Bank NA
	76,000	0.640%, 6/13/2016f		74,591
		KeyBank NA
	81,000	7.413%, 5/6/2015		90,812
		Liberty Mutual Group, Inc.
	28,000	4.950%, 5/1/2022h		30,408
	54,000	6.500%, 5/1/2042h		60,407
		Liberty Property, LP
	40,000	3.375%, 6/15/2023		39,175
		Lloyds TSB Bank plc
	54,000	6.500%, 9/14/2020h		59,954
		Morgan Stanley
	56,000	4.750%, 4/1/2014		58,030
	115,000	4.750%, 3/22/2017		125,602
	45,000	6.250%, 8/28/2017		51,812
	75,000	5.500%, 1/26/2020		83,759
	95,000	4.875%, 11/1/2022		97,362
		Murray Street Investment Trust I
	96,000	4.647%, 3/9/2017		103,967
		Omega Healthcare Investors, Inc.
	295,000	5.875%, 3/15/2024		312,700
		PNC Funding Corporation
	54,000	3.300%, 3/8/2022		55,421
		Prologis, LP
	23,000	6.625%, 5/15/2018		27,685
	69,000	7.375%, 10/30/2019		86,746
		Prudential Financial, Inc.
	40,000	5.625%, 6/15/2043		41,250
		Realty Income Corporation
	27,000	2.000%, 1/31/2018		26,919
		Regions Bank
	140,000	7.500%, 5/15/2018		170,590
		Reinsurance Group of America, Inc.
	50,000	5.625%, 3/15/2017		56,564
	27,000	5.000%, 6/1/2021		29,666
		Royal Bank of Scotland Group plc
	56,000	5.050%, 1/8/2015		57,897
	84,000	2.550%, 9/18/2015		86,607
		Santander US Debt SAU
	100,000	3.724%, 1/20/2015h		101,442
		Simon Property Group, Inc.
	54,000	1.500%, 2/1/2018h		53,454
		SLM Corporation
	35,000	3.875%, 9/10/2015		36,413
	27,000	6.250%, 1/25/2016		29,708
		Societe Generale SA
	60,000	5.200%, 4/15/2021h		67,122
		Svenska Handelsbanken AB
	54,000	3.125%, 7/12/2016		57,499
		Swiss RE Capital I, LP
	55,000	6.854%, 5/29/2049h,i		58,438
		U.S. Bancorp
	30,000	1.650%, 5/15/2017		30,339
		UBS AG/Stamford, Connecticut
	54,000	5.875%, 12/20/2017		64,108
		UnitedHealth Group, Inc.
	27,000	0.850%, 10/15/2015		27,077

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

15

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Financials (0.5%) - continued
	$14,000	1.400%, 10/15/2017		$13,992
		Wachovia Corporation
	130,000	5.625%, 10/15/2016		149,331
		Wells Fargo & Company
	53,000	2.100%, 5/8/2017		54,501
		Total		7,248,178
	Foreign Government (<0.1%)
		Export-Import Bank of Korea
	54,000	1.250%, 11/20/2015		53,985
		Korea Finance Corporation
	28,000	2.250%, 8/7/2017		28,274
		Total		82,259
	Mortgage-Backed Securities (1.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	3,295,000	2.500%, 2/1/2028c		3,404,147
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	3,925,000	3.000%, 2/1/2043c		4,035,391
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	1,550,000	2.500%, 2/1/2028c		1,604,734
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,636,250	3.000%, 2/1/2043c		1,689,684
	3,800,000	3.500%, 2/1/2043c		4,007,218
	3,778,750	4.000%, 2/1/2043c		4,016,103
		Total		18,757,277
	Technology (0.1%)
		Amkor Technology, Inc.
	345,000	6.625%, 6/1/2021		352,762
		Computer Sciences Corporation
	42,000	2.500%, 9/15/2015		43,169
		Equinix, Inc.
	345,000	8.125%, 3/1/2018		378,637
		First Data Corporation
	370,000	7.375%, 6/15/2019h		389,425
		Hewlett-Packard Company
	56,000	2.125%, 9/13/2015		56,262
	63,000	2.600%, 9/15/2017g		61,703
		Intel Corporation
	54,000	4.000%, 12/15/2032		52,312
		Microsoft Corporation
	27,000	0.875%, 11/15/2017		26,753
		Oracle Corporation
	54,000	1.200%, 10/15/2017		53,848
	27,000	2.500%, 10/15/2022		26,462
		Samsung Electronics America, Inc.
	90,000	1.750%, 4/10/2017h		90,754
		Xerox Corporation
	56,000	7.200%, 4/1/2016		64,389
		Total		1,596,476

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Transportation (0.1%)
		Avis Budget Car Rental, LLC
	$280,000	8.250%, 1/15/2019		$310,100
		Continental Airlines, Inc.
	565,000	6.750%, 9/15/2015h		593,250
	30,000	4.150%, 4/11/2024		31,387
		CSX Corporation
	55,000	6.250%, 4/1/2015		61,355
		Delta Air Lines, Inc.
	83,000	6.750%, 5/23/2017		86,735
	14,000	4.750%, 5/7/2020		15,173
		ERAC USA Finance, LLC
	54,000	1.400%, 4/15/2016h		54,263
		Kansas City Southern de Mexico SA de CV
	60,000	8.000%, 2/1/2018		65,700
		Total		1,217,963
	U.S. Government and Agencies (1.7%)
		U.S. Treasury Bonds
	1,175,000	4.375%, 5/15/2040		1,466,915
	8,180,000	3.000%, 5/15/2042		7,955,050
		U.S. Treasury Notes
	500,000	0.750%, 6/15/2014		503,652
	700,000	0.125%, 7/31/2014		699,016
	2,985,000	2.500%, 4/30/2015j		3,131,450
	750,000	1.000%, 10/31/2016		761,484
	4,175,000	0.750%, 6/30/2017j		4,176,303
	250,000	0.750%, 12/31/2017		248,652
	1,500,000	0.875%, 7/31/2019		1,464,375
	3,560,000	1.625%, 8/15/2022		3,463,492
		Total		23,870,389
	Utilities (0.2%)
		American Electric Power Company, Inc.
	54,000	1.650%, 12/15/2017		53,969
		CenterPoint Energy, Inc.
	60,000	6.850%, 6/1/2015		67,425
		DCP Midstream Operating, LP
	27,000	2.500%, 12/1/2017		27,034
		Enel Finance International SA
	50,000	3.875%, 10/7/2014h		51,650
		Energy Transfer Partners, LP
	84,000	4.650%, 6/1/2021		90,510
		Enterprise Products Operating, LLC
	84,000	1.250%, 8/13/2015		84,647
		Exelon Corporation
	67,000	4.900%, 6/15/2015		72,835
		FirstEnergy Solutions Corporation
	118,000	4.800%, 2/15/2015		126,632
		ITC Holdings Corporation
	72,000	5.875%, 9/30/2016h		81,632
		Kinder Morgan Energy Partners, LP
	56,000	5.300%, 9/15/2020		64,437
	56,000	5.000%, 8/15/2042		56,480
		MarkWest Energy Partners, LP
	395,000	5.500%, 2/15/2023		416,725
		MidAmerican Energy Holdings Company
	56,000	6.500%, 9/15/2037		72,921

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

16

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (6.7%)	Value
	Utilities (0.2%) - continued
		NextEra Energy Capital Holdings, Inc.
	$84,000	1.200%, 6/1/2015		$84,674
		NiSource Finance Corporation
	35,000	5.950%, 6/15/2041		39,772
		NRG Energy, Inc.
	360,000	6.625%, 3/15/2023h		386,100
		ONEOK Partners, LP
	28,000	2.000%, 10/1/2017		28,221
	36,000	8.625%, 3/1/2019		47,938
		Pacific Gas & Electric Company
	81,000	5.625%, 11/30/2017		96,844
		PPL Capital Funding, Inc.
	54,000	3.500%, 12/1/2022		54,286
		Sempra Energy
	81,000	6.150%, 6/15/2018		99,105
		Williams Partners, LP
	28,000	7.250%, 2/1/2017		33,750
	28,000	5.250%, 3/15/2020		32,035
		Total		2,169,622
		Total Long-Term Fixed Income (cost $93,454,750)		95,753,839
Shares		Collateral Held for Securities Loaned (0.1%)	Value
	1,084,551	Thrivent Cash Management Trust		1,084,551
		Total Collateral Held for Securities Loaned (cost $1,084,551)		1,084,551
Shares or Principal Amount		Short-Term Investments (5.9%)	Value
		Federal Home Loan Bank Discount Notes
	1,000,000	0.075%, 2/6/2013e,k		999,990
	1,000,000	0.115%, 3/6/2013e,k		999,894
	2,200,000	0.102%, 6/7/2013e,k		2,199,212
	395,000	0.110%, 6/19/2013e,k		394,834
	200,000	0.115%, 6/28/2013e,k		199,906
		Federal National Mortgage Association Discount Notes
	1,700,000	0.090%, 6/7/2013e,k		1,699,464
	75,858,873	Thrivent Cash Management Trust		75,858,873
		U.S. Treasury Bills
	2,500,000	0.085%, 6/13/2013e,k		2,499,221
		Total Short-Term Investments (at amortized cost)		84,851,394
		Total Investments (cost $1,323,189,856) 100.9%		$1,449,345,872
		Other Assets and Liabilities, Net (0.9%)		(12,929,862)
		Total Net Assets 100.0%		$1,436,416,010

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.

d Non-income producing security.

e At January 31, 2013, $14,817,719 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 January 31, 2013.

g All or a portion of the security is on loan.

h 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 January 31, 2013, the value of these investments was $6,570,821 or 0.5% of total net assets.

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

j At January 31, 2013, $532,837 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

k 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	$148,605,314
Gross unrealized depreciation	(22,449,298)
Net unrealized appreciation (depreciation)	$126,156,016
Cost for federal income tax purposes	$1,323,189,856

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

17

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Moderately Aggressive Allocation Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		3,232,691		–		3,232,691		–
Capital Goods		882,785		–		882,785		–
Communications Services		7,741,477		–		7,741,477		–
Consumer Cyclical		2,579,706		–		2,579,706		–
Consumer Non-Cyclical		4,780,017		–		4,780,017		–
Energy		2,782,249		–		2,782,249		–
Financials		1,048,367		–		1,048,367		–
Technology		2,589,234		–		2,589,234		–
Transportation		606,891		–		606,891		–
Utilities		1,133,892		–		1,133,892		–
Mutual Funds
Equity Mutual Funds		787,203,042		787,203,042		–		–
Fixed Income Mutual Funds		176,986,699		176,986,699		–		–
Common Stock
Consumer Discretionary		42,909,326		42,909,326		–		–
Consumer Staples		18,829,628		17,411,235		1,418,393		–
Energy		24,815,269		23,817,349		997,920		–
Financials		50,720,537		50,720,537		–		–
Health Care		36,015,595		36,015,595		–		–
Industrials		29,771,604		29,771,604		–		–
Information Technology		56,749,642		56,749,642		–		–
Materials		7,915,475		7,915,475		–		–
Telecommunications Services		976,995		976,995		–		–
Utilities		7,384,967		7,384,967		–		–
Long-Term Fixed Income
Asset-Backed Securities		4,010,436		–		4,010,436		–
Basic Materials		957,214		–		957,214		–
Capital Goods		1,752,673		–		1,752,673		–
Collateralized Mortgage Obligations		7,450,676		–		7,450,676		–
Commercial Mortgage-Backed Securities		12,994,163		–		12,994,163		–
Communications Services		4,614,605		–		4,614,605		–
Consumer Cyclical		3,467,352		–		3,467,352		–
Consumer Non-Cyclical		3,291,926		–		3,291,926		–
Energy		2,272,630		–		2,272,630		–
Financials		7,248,178		–		7,248,178		–
Foreign Government		82,259		–		82,259		–
Mortgage-Backed Securities		18,757,277		–		18,757,277		–
Technology		1,596,476		–		1,596,476		–
Transportation		1,217,963		–		1,217,963		–
U.S. Government and Agencies		23,870,389		–		23,870,389		–
Utilities		2,169,622		–		2,169,622		–
Collateral Held for Securities Loaned		1,084,551		1,084,551		–		–
Short-Term Investments		84,851,394		75,858,873		8,992,521		–
Total		$1,449,345,872		$1,314,805,890		$134,539,982		$–
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		5,224,908		3,285,689		1,939,219		–
Total Asset Derivatives		$5,224,908		$3,285,689		$1,939,219		$–
Liability Derivatives
Futures Contracts		8,558,753		8,558,753		–		–
Foreign Currency Forward Contracts		720		–		720		–
Credit Default Swaps		255,317		–		255,317		–
Total Liability Derivatives		$8,814,790		$8,558,753		$256,037		$–

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

18

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	(60)		March 2013		($13,223,255)		($13,225,313)		($2,058)
5-Yr. U.S. Treasury Bond Futures	(225)		March 2013		(28,039,939)		(27,840,236)		199,703
10-Yr. U.S. Treasury Bond Futures	(75)		March 2013		(9,905,865)		(9,846,094)		59,771
30-Yr. U.S. Treasury Bond Futures	120		March 2013		17,913,179		17,216,250		(696,929)
Eurex EURO STOXX 50 Futures	2,171		March 2013		77,845,519		79,784,738		1,939,219
Mini MSCI EAFE Index Futures	11		March 2013		882,668		924,771		42,103
Russell 2000 Index Mini-Futures	(502)		March 2013		(42,428,322)		(45,185,020)		(2,756,698)
S&P 400 Index Mini-Futures	(621)		March 2013		(62,660,453)		(67,763,521)		(5,103,068)
S&P 500 Index Futures	230		March 2013		82,880,638		85,864,750		2,984,112
Total Futures Contracts									($3,333,845)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Euro	SSB		434,200	2/1/2013		$590,273		$589,553		($720)
Total Purchases						$590,273		$589,553		($720)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										($720)

Counterparty
SSB	-	State Street Bank

Credit Default Swaps and Counterparty	Buy/Sell Protection1	Termination Date		Notional Principal Amount2		Upfront Payments Received (Made)		Value3		Unrealized Gain/(Loss)
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		$13,000,000		$165,971		($293,660)		($127,689)
5.00%; Bank of America
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		4,300,000		54,898		(97,133)		(42,235)
5.00%; J.P. Morgan Chase and Co.
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		8,700,000		111,133		(196,526)		(85,393)
5.00%; J.P. Morgan Chase and Co.
Total Credit Default Swaps									($587,319)		($255,317)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

19

Moderately Aggressive Allocation Fund

Schedule of Investments as of January 31, 2013

(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 Moderately Aggressive Allocation Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Natural Resources		$27,373,309		$251,287		$–		3,069,650		$29,652,818		$251,287
Partner Small Cap Growth		40,911,660		1,182,782		–		3,245,697		44,238,850		–
Partner Small Cap Value		28,082,450		1,126,050		–		1,739,467		31,066,882		649,284
Small Cap Stock		21,636,409		–		–		1,344,712		23,707,265		–
Mid Cap Growth		36,659,156		2,415,392		–		1,895,607		39,921,487		–
Partner Mid Cap Value		46,806,534		1,529,430		–		3,758,988		51,798,853		528,513
Mid Cap Stock		66,792,476		296,650		–		4,033,886		73,658,760		296,650
Partner Worldwide Allocation		170,730,097		4,125,298		–		19,881,077		186,683,312		4,125,298
Large Cap Growth		84,291,204		555,095		–		14,356,555		90,446,296		555,095
Large Cap Value		109,784,766		2,305,852		–		7,594,853		119,846,780		2,305,852
Large Cap Stock		78,551,831		5,481,045		–		3,541,120		84,243,252		1,250,788
Equity Income Plus		11,359,530		89,139		–		1,191,466		11,938,487		89,139
High Yield		53,948,019		883,712		817,690		10,780,131		54,978,668		889,211
Income		88,454,152		736,255		12,144,766		8,222,704		76,388,918		736,298
Government Bond		24,538,470		976,319		327,076		2,344,009		24,049,535		63,538
Limited Maturity Bond		26,345,273		76,566		4,854,152		1,709,158		21,569,578		76,597
Cash Management Trust- Collateral Investment		1,331,953		1,458,430		1,705,832		1,084,551		1,084,551		1,173
Cash Management Trust- Short Term Investment		52,425,026		85,726,304		62,292,457		75,858,873		75,858,873		17,964
Total Value and Income Earned		970,022,315								1,041,133,165		11,836,687

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

20

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (2.7%)a	Value
	Basic Materials (0.3%)
		Arch Coal, Inc., Term Loan
	$717,551	5.750%, 5/16/2018b,c		$735,826
		FMG Resources August 2006 Pty., Ltd., Term Loan
	2,793,000	5.250%, 10/18/2017		2,827,047
		Ineos US Finance, LLC, Term Loan
	978,519	6.500%, 5/4/2018		999,714
		Total		4,562,587
	Capital Goods (0.1%)
		ADS Waste Holdings, Inc., Term Loan
	690,000	5.250%, 10/9/2019		695,610
		MRC Global, Inc., Term Loan
	493,762	6.250%, 10/24/2019		499,934
		Total		1,195,544
	Communications Services (0.8%)
		Atlantic Broadband Penn, LLC, Term Loan
	394,013	4.500%, 9/10/2019		398,938
		Charter Communications Operating, LLC, Term Loan
	416,850	4.000%, 5/15/2019		422,582
		Clear Channel Communications, Inc., Term Loan
	895,000	2.905%, 1/29/2016b,c		773,566
		Cricket Communications, Inc., Term Loan
	100,000	4.750%, 10/10/2019		100,750
		Fairpoint Communications, Inc., Term Loan
	1,117,632	3.272%, 1/25/2016b,c		1,113,240
		Intelsat Jackson Holdings SA, Term Loan
	659,078	4.500%, 4/2/2018		667,152
		Level 3 Financing, Inc., Term Loan
	960,000	4.750%, 8/1/2019		970,502
		Liberty Cablevision of Puerto Rico, Ltd., Term Loan
	492,525	6.000%, 6/9/2017		495,603
		MCC Georgia, LLC, Term Loan
	394,013	4.000%, 1/20/2020		394,998
		NEP Broadcasting, LLC, Term Loan
	945,000	4.333%, 8/18/2020b,c		959,572
		SBA Senior Finance II, LLC, Term Loan
	295,000	3.750%, 9/28/2019		296,917
		Toys R Us, Inc., Term Loan
	767,279	5.250%, 5/25/2018		751,934
		Univision Communications, Inc., Term Loan
	311,787	2.202%, 9/29/2014		311,656
	535,000	4.452%, 3/31/2017		535,669
		Van Wagner Communications, Inc., Term Loan
	620,000	8.250%, 8/3/2018		632,400
		WideOpenWest Finance, LLC, Term Loan
	736,300	6.250%, 7/17/2018		743,663

Principal Amount		Bank Loans (2.7%)a	Value
	Communications Services (0.8%) - continued
		Yankee Cable Acquisition, LLC, Term Loan
	$374,207	5.250%, 8/26/2016		$378,978
		Zayo Group, LLC, Term Loan
	1,030,561	5.237%, 7/2/2019b,c		1,043,762
		Total		10,991,882
	Consumer Cyclical (0.2%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	603,900	5.500%, 2/23/2017		610,525
		Chrysler Group, LLC, Term Loan
	521,033	6.000%, 5/24/2017		531,130
		MGM Resorts International, Term Loan
	720,000	3.795%, 12/13/2019		729,893
		Rock Ohio Caesars, LLC, 18 Month Delayed Draw, Term Loan
	90,000	5.704%, 8/19/2017b,c		92,588
		Rock Ohio Caesars, LLC, 6 Month Delayed Draw, Term Loan
	54,000	5.704%, 8/19/2017b,c		55,552
		Rock Ohio Caesars, LLC, Term Loan
	691,000	8.500%, 8/19/2017		710,866
		Seven Seas Cruises S de RL, LLC, Term Loan
	873,937	6.250%, 12/21/2018		882,677
		Total		3,613,231
	Consumer Non-Cyclical (0.5%)
		Bausch & Lomb, Inc., Term Loan
	487,550	5.250%, 5/17/2019		492,196
		Biomet, Inc., Term Loan
	699,425	3.935%, 7/25/2017b,c		706,419
		Ceridian Corporation, Term Loan
	590,000	5.956%, 5/9/2017		595,753
		CHS/Community Health Systems, Inc., Term Loan
	495,000	3.811%, 1/25/2017		499,084
		DJO Finance, LLC, Term Loan
	492,519	6.250%, 9/15/2017		497,198
		Grifols, Inc., Term Loan
	491,776	4.322%, 6/1/2017		494,668
		Hologic, Inc., Term Loan
	587,050	4.500%, 8/1/2019		593,901
		Reynolds Group Holdings, Inc., Term Loan
	99,750	4.750%, 9/28/2018b,c		101,164
		Roundy’s Supermarkets, Inc., Term Loan
	815,072	5.750%, 2/13/2019		778,051
		SUPERVALU, Inc., Term Loan
	724,552	6.871%, 8/10/2018b,c		737,152
		US Coatings Acquisition, Inc., Term Loan
	390,000	0.000%, 1/18/2020		395,604
		Visant Corporation, Term Loan
	721,232	5.250%, 12/22/2016		691,935

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

21

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (2.7%)a	Value
	Consumer Non-Cyclical (0.5%) - continued
		Warner Chilcott Company, LLC, Term Loan
	$23,364	4.250%, 3/15/2018		$23,637
		Warner Chilcott Corporation, Term Loan
	75,572	4.250%, 3/15/2018		76,454
	28,700	4.250%, 3/15/2018		29,035
		WC Luxco Sarl, Term Loan
	51,956	4.250%, 3/15/2018		52,562
		Total		6,764,813
	Energy (0.3%)
		Chesapeake Energy Corporation, Term Loan
	1,590,000	5.750%, 12/2/2017		1,628,255
		Cumulus Media Holdings, Inc., Term Loan
	915,000	0.000%, 9/17/2018b,c		925,980
		NEP Broadcasting, Inc., Term Loan
	110,000	Zero Coupon, 8/18/2020b,c		113,300
		NTELOS, Inc., Term Loan
	340,000	0.000%, 11/9/2019b,c		331,075
		Plains Exploration & Production Company, Term Loan
	190,000	4.000%, 10/15/2019		190,606
		Seven Seas Cruises S de RL, LLC, Term Loan
	874,000	0.000%, 12/21/2018b,c		882,740
		Silver II Borrower SCA, Term Loan
	445,000	0.000%, 12/5/2019b,c		445,000
		Total		4,516,956
	Financials (0.1%)
		Nuveen Investments, Inc., Term Loan
	150,000	5.764%, 5/13/2017b,c		151,462
	605,000	5.767%, 5/13/2017		609,792
		WaveDivision Holdings, LLC, Term Loan
	690,000	5.500%, 8/9/2019		695,382
		Total		1,456,636
	Technology (0.3%)
		First Data Corporation Extended, Term Loan
	1,095,000	4.205%, 3/26/2018		1,083,743
		First Data Corporation, Term Loan
	395,000	5.205%, 9/24/2018		394,787
		Freescale Semiconductor, Inc., Term Loan
	884,472	6.000%, 2/28/2019		886,462
		Infor US, Inc., Term Loan
	522,628	5.250%, 4/5/2018		529,490
		SunGard Data Systems, Inc., Term Loan
	1,030,000	1.274%, 12/4/2019b,c		1,040,733
		Total		3,935,215

Principal Amount		Bank Loans (2.7%)a	Value
	Transportation (<0.1%)
		Delta Air Lines, Inc., Term Loan
	$860,172	5.500%, 4/20/2017		$868,232
		Total		868,232
	Utilities (0.1%)
		Calpine Corporation, Term Loan
	783,038	4.500%, 10/9/2019		792,379
		NGPL PipeCo, LLC, Term Loan
	713,571	6.750%, 9/15/2017		731,111
		Total		1,523,490
		Total Bank Loans (cost $38,902,095)		39,428,586
Shares		Mutual Funds (66.0%)	Value
	Equity Mutual Funds (39.8%)
	2,764,537	Thrivent Natural Resources Fund		26,705,427
	2,226,006	Thrivent Partner Small Cap Growth Fund		30,340,465
	1,646,536	Thrivent Partner Small Cap Value Fund		29,407,138
	882,584	Thrivent Small Cap Stock Fundd		15,559,959
	793,087	Thrivent Mid Cap Growth Fund		16,702,405
	2,275,584	Thrivent Partner Mid Cap Value Fund		31,357,542
	2,628,283	Thrivent Mid Cap Stock Fund		47,992,452
	15,734,128	Thrivent Partner Worldwide Allocation Fund		147,743,461
	11,301,004	Thrivent Large Cap Growth Fund		71,196,326
	6,907,278	Thrivent Large Cap Value Fund		108,996,854
	1,541,681	Thrivent Large Cap Stock Fund		36,676,596
	1,163,674	Thrivent Equity Income Plus Fund		11,660,009
		Total		574,338,634
	Fixed Income Mutual Funds (26.2%)
	9,224,110	Thrivent High Yield Fund		47,042,961
	19,356,862	Thrivent Income Fund		179,825,250
	2,389,032	Thrivent Government Bond Fund		24,511,464
	9,993,893	Thrivent Limited Maturity Bond Fund		126,122,934
		Total		377,502,609
		Total Mutual Funds (cost $863,638,117)		951,841,243
Shares		Common Stock (14.1%)	Value
	Consumer Discretionary (2.1%)
	4,550	Amazon.com, Inc.d		1,208,025
	10,700	ANN, Inc.d		329,988
	5,672	Arctic Cat, Inc.d		204,986
	2,400	AutoZone, Inc.d		887,280
	12,500	Barnes & Noble, Inc.d		166,750
	8,100	Bed Bath & Beyond, Inc.d		475,470
	9,020	CBS Corporation		376,314
	8,400	Charter Communications, Inc.d		654,948
	26,000	Cheesecake Factory, Inc.		862,160
	21,700	Chico’s FAS, Inc.		389,081
	16,500	Children’s Place Retail Stores, Inc.d		822,360
	10,900	Coinstar, Inc.d		554,592
	48,400	Comcast Corporation		1,843,072

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

22

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (14.1%)	Value
	Consumer Discretionary (2.1%) - continued
	18,712	Delphi Automotive plcd		$723,406
	6,900	Dillard’s, Inc.		582,429
	11,800	DISH Network Corporation		439,786
	10,660	Dollar Tree, Inc.d		426,293
	12,000	Expedia, Inc.		783,000
	14,500	Express, Inc.d		266,510
	28,936	Foot Locker, Inc.		993,952
	23,600	Gap, Inc.		771,248
	22,000	GNC Holdings, Inc.		790,680
	6,800	Hanesbrands, Inc.d		254,864
	4,380	Harley-Davidson, Inc.		229,600
	18,200	Home Depot, Inc.		1,217,944
	5,450	iShares Dow Jones US Home Construction Index Fund		127,694
	28,110	Las Vegas Sands Corporation		1,553,077
	13,918	Life Time Fitness, Inc.d		706,060
	39,440	Lowe’s Companies, Inc.		1,506,214
	14,300	Macy’s, Inc.		564,993
	4,600	Marriott Vacations Worldwide Corporationd		204,148
	18,100	Meredith Corporation		656,306
	31,840	News Corporation		899,162
	24,200	NIKE, Inc.		1,308,010
	14,200	OfficeMax, Inc.		153,076
	10,400	Omnicom Group, Inc.		564,512
	3,600	O’Reilly Automotive, Inc.d		333,540
	1,710	Panera Bread Companyd		273,275
	7,300	Penn National Gaming, Inc.d		355,218
	4,100	PetSmart, Inc.		268,181
	42,351	Pier 1 Imports, Inc.		918,593
	3,200	Pool Corporation		146,624
	500	Priceline.com, Inc.d		342,735
	12,700	Pulte Group, Inc.d		263,398
	23,300	Sally Beauty Holdings, Inc.d		618,382
	40,500	Smith & Wesson Holding Corporationd		348,300
	11,900	Tempur-Pedic International, Inc.d		463,624
	9,110	Time Warner Cable, Inc.		813,887
	10,300	TJX Companies, Inc.		465,354
	13,100	Toll Brothers, Inc.d		490,595
	5,200	Valassis Communications, Inc.		145,912
		Total		30,745,608
	Consumer Staples (1.0%)
	9,774	Anheuser-Busch InBev NV ADR		865,976
	13,765	Annie’s, Inc.d		493,613
	7,560	British American Tobacco plc ADR		785,484
	13,600	Campbell Soup Company		499,256
	8,100	Colgate-Palmolive Company		869,697
	18,700	Constellation Brands, Inc.d		605,132
	40,110	CVS Caremark Corporation		2,053,632
	20,900	Dean Foods Companyd		382,679
	3,760	Diageo plc ADR		448,568
	4,800	Energizer Holdings, Inc.		417,648
	15,100	Herbalife, Ltd.		548,432
	18,153	Ingredion, Inc.		1,199,369
	5,760	Kimberly-Clark Corporation		515,578
	8,412	Kraft Foods Group, Inc.		388,803
	25,237	Mondelez International, Inc.		701,336
	12,700	Nestle SA		891,762
	9,300	Nu Skin Enterprises, Inc.		393,948
	6,479	Philip Morris International, Inc.		571,189

Shares		Common Stock (14.1%)	Value
	Consumer Staples (1.0%) - continued
	8,400	Safeway, Inc.		$161,700
	2,500	Sanderson Farms, Inc.		126,200
	2,900	Spectrum Brands Holdings, Inc.d		146,856
	7,050	TreeHouse Foods, Inc.d		373,156
	13,090	Unilever NV ADR		529,883
	5,600	USANA Health Sciences, Inc.d		198,520
	3,500	Wal-Mart Stores, Inc.		244,825
		Total		14,413,242
	Energy (1.3%)
	50,376	Alpha Natural Resources, Inc.d		446,331
	35,410	BP plc ADR		1,576,453
	7,520	Chevron Corporation		865,928
	23,600	Consol Energy, Inc.		739,624
	4,900	CVR Energy, Inc.d		287,875
	8,100	Delek US Holdings, Inc.		275,157
	7,000	Ensco plc		444,990
	8,859	EOG Resources, Inc.		1,107,198
	13,390	EQT Corporation		795,500
	28,500	Exxon Mobil Corporation		2,564,145
	16,900	HollyFrontier Corporation		882,518
	74,255	Marathon Oil Corporation		2,495,711
	13,000	Marathon Petroleum Corporation		964,730
	16,300	Oasis Petroleum, Inc.d		584,844
	24,000	Patterson-UTI Energy, Inc.		488,160
	36,451	Petroleum Geo-Services ASA		646,658
	2,400	Phillips 66		145,368
	15,680	Schlumberger, Ltd.		1,223,824
	11,700	Southwestern Energy Companyd		401,310
	3,600	Tesoro Corporation		175,284
	92,300	Weatherford International, Ltd.d		1,232,205
	13,800	Western Refining, Inc.		464,094
		Total		18,807,907
	Financials (2.6%)
	9,450	ACE, Ltd.		806,369
	6,531	Affiliated Managers Group, Inc.d		940,007
	3,600	Allied World Assurance Company Holdings AG		305,388
	11,460	Allstate Corporation		503,094
	7,000	American Assets Trust, Inc.		202,300
	4,400	American Campus Communities, Inc.		204,908
	14,000	Ameriprise Financial, Inc.		928,480
	49,800	Annaly Capital Management, Inc.		740,526
	5,200	Aspen Insurance Holdings, Ltd.		177,372
	9,200	Axis Capital Holdings, Ltd.		352,084
	123,850	Bank of America Corporation		1,401,982
	4,600	Banner Corporation		138,920
	10,200	BioMed Realty Trust, Inc.		207,570
	22,100	CapitalSource, Inc.		179,231
	22,900	CBL & Associates Properties, Inc.		492,121
	57,670	Citigroup, Inc.		2,431,367
	13,500	CME Group, Inc.		780,840
	4,600	Comerica, Inc.		158,056
	29,200	DCT Industrial Trust, Inc.		206,152
	7,600	Discover Financial Services		291,764
	8,300	Douglas Emmett, Inc.		193,556
	2,800	Equity Lifestyle Properties, Inc.		200,480
	5,700	Extra Space Storage, Inc.		227,088
	50,700	Fifth Third Bancorp		825,903
	28,021	HCC Insurance Holdings, Inc.		1,083,852

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

23

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (14.1%)	Value
	Financials (2.6%) - continued
	5,800	Highwoods Properties, Inc.		$208,800
	9,200	Home Loan Servicing Solutions, Ltd.		200,008
	33,357	Host Hotels & Resorts, Inc.		560,064
	75,400	Huntington Bancshares, Inc.		524,784
	29,160	Invesco, Ltd.		794,610
	9,800	iShares Russell 3000 Index Fund		874,356
	15,676	J.P. Morgan Chase & Company		737,556
	39,480	KKR & Company, LP		666,422
	13,091	Lazard, Ltd.		453,603
	4,200	M&T Bank Corporation		431,298
	36,350	MetLife, Inc.		1,357,309
	6,000	Montpelier Re Holdings, Inc.		146,280
	21,180	Morgan Stanley		483,963
	17,400	NASDAQ OMX Group, Inc.		492,768
	9,400	Northern Trust Corporation		483,818
	6,970	Och-Ziff Capital Management Group, LLC		69,003
	21,300	Ocwen Financial Corporationd		830,061
	8,100	Pebblebrook Hotel Trust		201,771
	9,900	PHH Corporationd		216,612
	20,200	Piedmont Office Realty Trust, Inc.		390,466
	55,339	Popular, Inc.d		1,485,299
	1,300	Portfolio Recovery Associates, Inc.d		139,035
	9,100	PrivateBancorp, Inc.		156,247
	3,600	ProAssurance Corporation		162,144
	10,300	Protective Life Corporation		325,892
	16,900	SLM Corporation		285,441
	35,400	SPDR S&P 500 ETF Trust		5,299,380
	13,070	State Street Corporation		727,345
	21,870	SVB Financial Groupd		1,451,512
	2,481	Taubman Centers, Inc.		202,202
	8,000	Tower Group, Inc.		154,400
	11,182	W.R. Berkley Corporation		460,363
	50,730	Wells Fargo & Company		1,766,926
	60,916	Zions Bancorporation		1,420,561
		Total		38,139,709
	Health Care (1.9%)
	3,600	Abbott Laboratories		121,968
	2,800	Aetna, Inc.		135,044
	17,800	Align Technology, Inc.d		558,208
	2,700	AmerisourceBergen Corporation		122,499
	10,400	Amgen, Inc.		888,784
	9,570	Baxter International, Inc.		649,229
	11,700	Biogen Idec, Inc.d		1,826,136
	3,767	C.R. Bard, Inc.		384,498
	10,200	Celgene Corporationd		1,009,392
	4,300	Charles River Laboratories International, Inc.d		177,676
	12,700	Community Health Systems, Inc.		486,791
	28,840	Covidien plc		1,797,886
	9,410	Eli Lilly and Company		505,223
	21,400	Endo Pharmaceutical Holdings, Inc.d		677,524
	17,200	Express Scripts Holding Companyd		918,824
	23,800	Gilead Sciences, Inc.d		938,910
	7,029	HeartWare International, Inc.d		635,281
	7,500	Illumina, Inc.d		379,725
	2,800	Jazz Pharmaceuticals, Inc.d		157,892
	3,000	Life Technologies Corporationd		194,070
	8,000	MedAssets, Inc.d		156,400

Shares		Common Stock (14.1%)	Value
	Health Care (1.9%) - continued
	12,000	Medicines Companyd		$358,560
	61,620	Merck & Company, Inc.		2,665,065
	8,800	Myriad Genetics, Inc.d		238,128
	4,400	PAREXEL International Corporationd		148,940
	20,975	PDL BioPharma, Inc.		144,308
	18,123	Pfizer, Inc.		494,395
	2,059	Pharmacyclics, Inc.d		142,750
	27,800	Questcor Pharmaceuticals, Inc.		708,344
	20,900	ResMed, Inc.		915,420
	22,410	Sanofi ADR		1,090,919
	13,000	Santarus, Inc.d		173,680
	9,700	Shire Pharmaceuticals Group plc ADR		971,358
	11,200	Spectrum Pharmaceuticals, Inc.		141,232
	19,300	Thoratec Corporationd		705,029
	20,120	United Therapeutics Corporationd		1,084,267
	46,511	UnitedHealth Group, Inc.		2,567,872
	6,900	Vertex Pharmaceuticals, Inc.d		308,982
	39,500	VIVUS, Inc.d		478,345
	3,700	Waters Corporationd		338,809
	6,960	Zimmer Holdings, Inc.		519,216
		Total		26,917,579
	Industrials (1.5%)
	24,700	Actuant Corporation		728,156
	11,400	Acuity Brands, Inc.		784,320
	14,400	ADT Corporation		684,000
	14,209	CSX Corporation		313,024
	4,800	Deluxe Corporation		176,592
	24,472	EMCOR Group, Inc.		889,068
	3,900	EnerSys, Inc.d		159,627
	7,440	FedEx Corporation		754,788
	2,400	Flowserve Corporation		376,248
	16,800	GATX Corporation		795,480
	15,621	General Electric Company		348,036
	24,700	HNI Corporation		779,779
	27,786	Honeywell International, Inc.		1,896,116
	3,400	Huntington Ingalls Industries, Inc.		150,620
	10,800	Ingersoll-Rand plc		555,012
	38,270	Jacobs Engineering Group, Inc.d		1,841,170
	5,500	L-3 Communications Holdings, Inc.		417,560
	13,500	Landstar System, Inc.		770,040
	4,000	Lockheed Martin Corporation		347,480
	22,460	Manitowoc Company, Inc.		395,296
	23,400	Manpower, Inc.		1,205,100
	29,700	McDermott International, Inc.d		361,449
	18,716	Oshkosh Corporationd		733,293
	18,209	Parker Hannifin Corporation		1,692,891
	9,360	Pentair, Ltd.		474,365
	34,600	Southwest Airlines Company		387,866
	3,240	SPX Corporation		241,801
	3,200	Trex Company, Inc.d		135,200
	13,800	Tyco International, Ltd.		417,174
	13,250	United Technologies Corporation		1,160,302
	54,100	US Airways Group, Inc.d		772,548
	18,400	Woodward, Inc.		706,744
		Total		21,451,145
	Information Technology (2.8%)
	54,900	Activision Blizzard, Inc.		625,311

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

24

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (14.1%)	Value
	Information Technology (2.8%) - continued
	8,100	Alliance Data Systems Corporationd		$1,276,560
	22,900	AOL, Inc.d		701,885
	10,602	Apple, Inc.e		4,827,197
	39,426	Applied Materials, Inc.		508,990
	27,700	Aruba Networks, Inc.d		638,208
	120,600	Atmel Corporationd		808,020
	11,000	Autodesk, Inc.d		427,680
	11,400	BMC Software, Inc.d		473,670
	97,100	Brocade Communications Systems, Inc.d		555,412
	2,700	CACI International, Inc.d		144,801
	19,100	Cavium, Inc.d		638,704
	61,350	Cisco Systems, Inc.		1,261,969
	16,800	Citrix Systems, Inc.d		1,229,088
	10,900	Computer Sciences Corporation		455,620
	42,120	CoreLogic, Inc.d		1,105,229
	24,299	eBay, Inc.d		1,359,043
	8,200	Ebix, Inc.		133,988
	4,900	EMC Corporationd		120,589
	31,100	ExactTarget, Inc.d		683,889
	3,000	Fair Isaac Corporation		135,210
	2,914	Google, Inc.d		2,202,081
	20,800	Informatica Corporationd		769,808
	2,800	InterDigital, Inc.		121,492
	10,121	Itron, Inc.d		469,513
	4,200	j2 Global, Inc.		133,644
	19,114	Juniper Networks, Inc.d		427,771
	62,150	Microsoft Corporatione		1,707,260
	46,990	NetApp, Inc.d		1,691,640
	6,500	NetScout Systems, Inc.d		169,195
	37,706	NVIDIA Corporation		462,276
	80,630	Oracle Corporation		2,863,171
	17,624	Plantronics, Inc.		724,699
	15,700	QUALCOMM, Inc.		1,036,671
	44,560	Symantec Corporationd		970,071
	77,528	Teradyne, Inc.d		1,252,852
	57,540	Texas Instruments, Inc.		1,903,423
	41,826	TriQuint Semiconductor, Inc.d		219,587
	6,500	ValueClick, Inc.d		133,055
	23,400	VeriFone Systems, Inc.d		812,448
	65,600	Vishay Intertechnology, Inc.d		720,944
	7,700	VMware, Inc.d		588,896
	17,900	Western Digital Corporation		841,300
	116	Workday, Inc.d		6,197
	32,837	Xilinx, Inc.		1,198,222
	59,500	Yahoo!, Inc.d		1,167,985
		Total		40,705,264
	Materials (0.4%)
	8,300	Axiall Corporation		466,294
	11,800	Buckeye Technologies, Inc.		339,250
	2,700	CF Industries Holdings, Inc.		618,759
	14,690	Dow Chemical Company		473,018
	7,900	Eagle Materials, Inc.		511,683
	12,200	H.B. Fuller Company		476,776
	27,700	Huntsman Corporation		488,351
	10,930	Nucor Corporation		502,889
	9,168	Silgan Holdings, Inc.		393,307
	5,252	Southern Copper Corporation		206,876
	32,259	Steel Dynamics, Inc.		490,660
	22,800	SunCoke Energy, Inc.d		378,024

Shares		Common Stock (14.1%)	Value
	Materials (0.4%) - continued
	10,900	Teck Resources, Ltd.		$397,741
		Total		5,743,628
	Telecommunications Services (0.1%)
	20,732	Verizon Communications, Inc.		904,123
		Total		904,123
	Utilities (0.4%)
	9,900	Calpine Corporationd		195,327
	17,300	CMS Energy Corporation		444,610
	34,250	NiSource, Inc.		925,777
	44,218	NV Energy, Inc.		837,047
	31,890	PG&E Corporation		1,359,790
	30,000	PNM Resources, Inc.		640,800
	12,000	Public Service Enterprise Group, Inc.		374,160
	14,283	Southwest Gas Corporation		636,165
	10,100	Wisconsin Energy Corporation		398,243
		Total		5,811,919
		Total Common Stock (cost $176,773,907)		203,640,124
Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Asset-Backed Securities (0.2%)
		Morgan Stanley Capital, Inc.
	1,153,545	0.354%, 2/25/2037f		625,925
		Renaissance Home Equity Loan Trust
	2,280,000	6.011%, 5/25/2036		1,601,657
		Total		2,227,582
	Basic Materials (0.1%)
		ArcelorMittal
	151,000	5.375%, 6/1/2013		152,578
		Arch Coal, Inc.
	285,000	7.000%, 6/15/2019g		257,212
		Dow Chemical Company
	242,000	5.900%, 2/15/2015		266,517
		International Paper Company
	162,000	5.300%, 4/1/2015		176,053
		Novelis, Inc.
	290,000	8.375%, 12/15/2017		320,450
		Rio Tinto Finance USA plc
	152,000	3.500%, 3/22/2022		158,089
		Xstrata Finance Canada, Ltd.
	162,000	1.800%, 10/23/2015h		163,312
		Total		1,494,211
	Capital Goods (0.2%)
		BAE Systems plc
	144,000	3.500%, 10/11/2016h		151,347
		Case New Holland, Inc.
	200,000	7.875%, 12/1/2017		236,500
		Caterpillar Financial Services Corporation
	162,000	0.700%, 11/6/2015		161,956
	162,000	1.250%, 11/6/2017		161,538
		Eaton Corporation
	160,000	0.950%, 11/2/2015h		160,649
	80,000	1.500%, 11/2/2017h		79,810
	120,000	4.000%, 11/2/2032h		119,769

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

25

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Capital Goods (0.2%) - continued
		John Deere Capital Corporation
	$166,000	0.700%, 9/4/2015		$166,212
		RBS Global, Inc.
	285,000	8.500%, 5/1/2018		312,075
		Reynolds Group Issuer, Inc.
	180,000	6.875%, 2/15/2021		193,050
		Textron, Inc.
	190,000	5.600%, 12/1/2017		214,090
		United Rentals North America, Inc.
	330,000	7.375%, 5/15/2020		363,000
		United Technologies Corporation
	230,000	6.125%, 7/15/2038		298,198
		Total		2,618,194
	Collateralized Mortgage Obligations (1.0%)
		Citigroup Mortgage Loan Trust, Inc.
	644,391	5.500%, 11/25/2035		582,544
		CitiMortgage Alternative Loan Trust
	2,214,166	5.750%, 4/25/2037		1,881,345
		Countrywide Alternative Loan Trust
	716,884	6.000%, 4/25/2036		567,987
	428,268	6.000%, 1/25/2037		362,223
	2,052,831	5.500%, 5/25/2037		1,631,984
	1,591,726	7.000%, 10/25/2037		1,201,091
		Countrywide Home Loans, Inc.
	950,747	5.750%, 4/25/2037		871,110
		Deutsche Alt-A Securities Mortgage Loan Trust
	334,425	5.500%, 10/25/2021		342,112
		Deutsche Alt-A Securities, Inc.
	721,790	6.000%, 10/25/2021		676,567
		GSR Mortgage Loan Trust
	1,220,737	3.937%, 8/25/2046f		1,158,077
		J.P. Morgan Mortgage Trust
	432,659	3.005%, 6/25/2036		380,834
	196,748	2.998%, 10/25/2036		162,770
	1,540,313	0.584%, 1/25/2037f		990,158
	1,749,065	6.250%, 8/25/2037		1,244,893
		MASTR Alternative Loans Trust
	494,727	6.500%, 7/25/2034		523,083
	966,611	0.654%, 12/25/2035f		531,661
		Merrill Lynch Alternative Note Asset Trust
	502,338	6.000%, 3/25/2037		466,839
		Residential Asset Securitization Trust
	1,194,512	0.584%, 8/25/2037f		407,060
		Sequoia Mortgage Trust
	450,841	4.947%, 9/20/2046		69,973
		WaMu Mortgage Pass Through Certificates
	165,063	2.686%, 9/25/2036		136,316
	650,900	2.769%, 10/25/2036		548,027
		Total		14,736,654

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Commercial Mortgage-Backed Securities (1.3%)
		Banc of America Commercial Mortgage, Inc.
	$2,400,000	5.634%, 4/10/2049		$2,781,293
	1,650,000	5.593%, 6/10/2049		1,896,416
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.331%, 2/11/2044		1,693,726
		Credit Suisse First Boston Mortgage Securities
	2,400,000	5.542%, 1/15/2049		2,743,171
		Credit Suisse Mortgage Capital Certificates
	3,000,000	5.509%, 9/15/2039		3,274,506
		Greenwich Capital Commercial Funding Corporation
	1,600,000	5.867%, 12/10/2049		1,792,258
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,200,000	5.726%, 2/12/2049		1,333,223
		Morgan Stanley Capital, Inc.
	750,000	5.406%, 3/15/2044		812,502
		Wachovia Bank Commercial Mortgage Trust
	1,800,000	5.603%, 10/15/2048		1,986,352
		Total		18,313,447
	Communications Services (0.5%)
		AMC Networks, Inc.
	595,000	7.750%, 7/15/2021		679,787
		America Movil SAB de CV
	160,000	3.125%, 7/16/2022		158,962
		American Tower Corporation
	202,000	5.050%, 9/1/2020		224,011
		AT&T, Inc.
	341,000	2.400%, 8/15/2016		355,646
		British Telecommunications plc
	210,000	2.000%, 6/22/2015		215,177
		Cablevision Systems Corporation
	335,000	8.625%, 9/15/2017		392,787
		CBS Corporation
	160,000	8.875%, 5/15/2019		215,240
		CC Holdings GS V, LLC
	80,000	2.381%, 12/15/2017h		80,142
		Clear Channel Worldwide Holdings, Inc.
	425,000	6.500%, 11/15/2022h		452,625
		Comcast Corporation
	105,000	4.650%, 7/15/2042		105,266
		Cox Communications, Inc.
	155,000	3.250%, 12/15/2022h		155,188
		Crown Castle International Corporation
	45,000	5.250%, 1/15/2023h		47,250
		Crown Castle Towers, LLC
	135,000	4.174%, 8/15/2017h		148,851
		Digicel, Ltd.
	360,000	8.250%, 9/1/2017h		381,600
	200,000	7.000%, 2/15/2020h		216,500
		DIRECTV Holdings, LLC
	160,000	1.750%, 1/15/2018		157,219

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

26

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Communications Services (0.5%) - continued
		Dish DBS Corporation
	$345,000	4.625%, 7/15/2017		$360,525
	275,000	5.875%, 7/15/2022		292,188
		Frontier Communications Corporation
	550,000	8.125%, 10/1/2018		636,625
		NBCUniversal Media, LLC
	249,000	2.875%, 4/1/2016		261,368
	81,000	2.875%, 1/15/2023		79,008
		News America, Inc.
	166,000	3.000%, 9/15/2022		164,558
		Nippon Telegraph & Telephone Corporation
	156,000	1.400%, 7/18/2017		156,188
		SBA Telecommunications, Inc.
	45,000	5.750%, 7/15/2020h		47,250
		SBA Tower Trust
	145,000	5.101%, 4/17/2017h		162,294
		Sirius XM Radio, Inc.
	65,000	5.250%, 8/15/2022h		66,138
		Telefonica Emisiones SAU
	166,000	3.729%, 4/27/2015		171,815
		UPCB Finance V, Ltd.
	285,000	7.250%, 11/15/2021h		314,925
		Verizon Communications, Inc.
	121,000	1.100%, 11/1/2017		119,549
	144,000	5.500%, 2/15/2018		170,628
		Virgin Media Finance plc
	345,000	5.250%, 2/15/2022		360,525
		Vivendi SA
	249,000	2.400%, 4/10/2015h		253,733
		Vodafone Group plc
	172,000	1.250%, 9/26/2017		171,136
		Total		7,774,704
	Consumer Cyclical (0.3%)
		Amazon.com, Inc.
	80,000	1.200%, 11/29/2017		79,139
	160,000	2.500%, 11/29/2022		153,568
		American Honda Finance Corporation
	83,000	1.000%, 8/11/2015h		83,427
		Daimler Finance North America, LLC
	160,000	1.875%, 1/11/2018h		159,572
		Federated Retail Holdings, Inc.
	104,000	5.900%, 12/1/2016		121,424
		Ford Motor Credit Company, LLC
	172,000	12.000%, 5/15/2015		209,840
	175,000	2.375%, 1/16/2018		172,684
	440,000	5.000%, 5/15/2018		482,369
		Host Hotels and Resorts, LP
	320,000	6.000%, 11/1/2020		350,400
		Hyundai Capital America
	162,000	1.625%, 10/2/2015h		163,116
		Lear Corporation
	45,000	4.750%, 1/15/2023h		44,775
		Limited Brands, Inc.
	245,000	5.625%, 2/15/2022		263,375
		Macy’s Retail Holdings, Inc.
	80,000	3.875%, 1/15/2022		82,810

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Consumer Cyclical (0.3%) - continued
		Royal Caribbean Cruises, Ltd.
	$460,000	5.250%, 11/15/2022		$487,600
		Service Corporation International
	285,000	8.000%, 11/15/2021		348,413
		Six Flags Entertainment Corporation
	495,000	5.250%, 1/15/2021h		492,525
		The Walt Disney Company
	160,000	1.100%, 12/1/2017		158,865
		Time Warner, Inc.
	135,000	3.150%, 7/15/2015		142,495
		Toyota Motor Credit Corporation
	105,000	1.750%, 5/22/2017		107,092
		Toys R Us Property Company II, LLC
	335,000	8.500%, 12/1/2017		352,588
		TRW Automotive, Inc.
	100,000	7.250%, 3/15/2017h		115,750
		Viacom, Inc.
	83,000	1.250%, 2/27/2015		83,745
		Western Union Company
	160,000	2.375%, 12/10/2015		162,585
		Total		4,818,157
	Consumer Non-Cyclical (0.5%)
		AbbVie, Inc.
	160,000	1.200%, 11/6/2015h		160,823
	80,000	1.750%, 11/6/2017h		80,174
	120,000	2.000%, 11/6/2018h		120,311
		Amgen, Inc.
	95,000	4.850%, 11/18/2014		101,897
		Anheuser-Busch Inbev Finance, Inc.
	60,000	1.250%, 1/17/2018		59,537
		Anheuser-Busch InBev Worldwide, Inc.
	83,000	0.800%, 7/15/2015		83,160
	80,000	1.375%, 7/15/2017		80,286
		BAT International Finance plc
	210,000	1.400%, 6/5/2015h		212,370
		Biomet, Inc.
	405,000	6.500%, 8/1/2020h		425,250
		Boston Scientific Corporation
	310,000	5.450%, 6/15/2014		328,555
		Bunge Limited Finance Corporation
	83,000	3.200%, 6/15/2017		86,390
		Celgene Corporation
	124,000	1.900%, 8/15/2017		125,553
	125,000	3.250%, 8/15/2022		124,644
		ConAgra Foods, Inc.
	60,000	1.350%, 9/10/2015		60,291
	228,000	1.900%, 1/25/2018		228,949
		CVS Caremark Corporation
	101,000	6.125%, 9/15/2039		126,968
		Express Scripts Holding Company
	166,000	2.750%, 11/21/2014		171,122
	166,000	3.125%, 5/15/2016		175,118
		Gilead Sciences, Inc.
	133,000	2.400%, 12/1/2014		137,061
	145,000	3.050%, 12/1/2016		155,249

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

27

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Consumer Non-Cyclical (0.5%) - continued
		Heineken NV
	$80,000	0.800%, 10/1/2015h		$80,084
	80,000	1.400%, 10/1/2017h		79,348
		JBS USA, LLC
	145,000	7.250%, 6/1/2021h		150,619
		Kraft Foods Group, Inc.
	210,000	1.625%, 6/4/2015		213,503
		Laboratory Corporation of America Holdings
	166,000	2.200%, 8/23/2017		168,001
		Lorillard Tobacco Company
	166,000	2.300%, 8/21/2017		167,345
		McKesson Corporation
	80,000	0.950%, 12/4/2015		80,201
		Mylan, Inc.
	160,000	7.875%, 7/15/2020h		186,923
		Rite Aid Corporation
	585,000	7.500%, 3/1/2017		598,162
		Roche Holdings, Inc.
	166,000	7.000%, 3/1/2039h		240,788
		SABMiller Holdings, Inc.
	216,000	2.450%, 1/15/2017h		223,393
		Safeway, Inc.
	185,000	5.000%, 8/15/2019		198,477
	72,000	4.750%, 12/1/2021		73,111
		Spectrum Brands Escrow Corporation
	410,000	6.375%, 11/15/2020h		436,137
		Teva Pharmaceutical Finance Company BV
	95,000	2.400%, 11/10/2016		99,347
		Tyson Foods, Inc.
	210,000	4.500%, 6/15/2022		225,837
		Valeant Pharmaceuticals International
	165,000	6.875%, 12/1/2018h		174,900
		Zoetis, Inc.
	38,000	1.150%, 2/1/2016h		38,051
	114,000	1.875%, 2/1/2018h		113,800
		Total		6,591,735
	Energy (0.3%)
		BP Capital Markets plc
	81,000	0.700%, 11/6/2015		80,868
	243,000	1.375%, 11/6/2017		242,253
	160,000	4.500%, 10/1/2020		182,106
		Concho Resources, Inc.
	430,000	5.500%, 10/1/2022		455,800
		Harvest Operations Corporation
	595,000	6.875%, 10/1/2017		661,194
		Linn Energy, LLC
	75,000	7.750%, 2/1/2021		80,250
		Marathon Oil Corporation
	243,000	0.900%, 11/1/2015		243,130
		Marathon Petroleum Corporation
	166,000	3.500%, 3/1/2016		177,253
		MEG Energy Corporation
	45,000	6.375%, 1/30/2023h		46,912
		Murphy Oil Corporation
	120,000	2.500%, 12/1/2017		120,476

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Energy (0.3%) - continued
		Nexen, Inc.
	$144,000	5.875%, 3/10/2035		$172,123
		Oasis Petroleum, Inc.
	180,000	6.875%, 1/15/2023		195,750
		Phillips 66
	191,000	2.950%, 5/1/2017		201,026
		Pioneer Natural Resources Company
	83,000	5.875%, 7/15/2016		94,353
		SandRidge Energy, Inc.
	375,000	7.500%, 2/15/2023		398,438
		Suncor Energy, Inc.
	145,000	6.100%, 6/1/2018		176,160
		Transocean, Inc.
	83,000	5.050%, 12/15/2016		92,674
	166,000	6.000%, 3/15/2018		191,025
		Valero Energy Corporation
	144,000	9.375%, 3/15/2019		197,204
	72,000	7.500%, 4/15/2032		91,091
		Weatherford International, Ltd.
	249,000	6.750%, 9/15/2040		269,969
		Total		4,370,055
	Financials (1.3%)
		ABN Amro North American Holding Preferred Capital Repackage Trust I
	81,000	3.407%, 12/29/2049f,h,i		81,000
		Ally Financial, Inc.
	330,000	5.500%, 2/15/2017		354,776
		American Express Centurion Bank
	185,000	0.875%, 11/13/2015		184,671
		American Express Credit Corporation
	105,000	2.375%, 3/24/2017		108,876
		American International Group, Inc.
	249,000	2.375%, 8/24/2015		255,319
	245,000	3.800%, 3/22/2017		264,093
		ANZ National International, Ltd. of London
	250,000	3.125%, 8/10/2015h		262,837
		Associated Banc Corporation
	83,000	1.875%, 3/12/2014		83,305
		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
	80,000	4.125%, 11/9/2022h		80,800
		Bank of America Corporation
	352,000	7.750%, 8/15/2015		397,546
	244,000	1.500%, 10/9/2015		244,638
	165,000	5.750%, 8/15/2016		182,504
	250,000	5.750%, 12/1/2017		288,628
	165,000	5.650%, 5/1/2018		190,524
		Bank of New York Mellon Corporation
	81,000	0.700%, 10/23/2015		80,956
		Barclays Bank plc
	208,000	6.050%, 12/4/2017h		232,235
		BBVA Banco Continental SA
	216,000	2.250%, 7/29/2016h		214,920

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

28

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Financials (1.3%) - continued
		BBVA US Senior SAU
	$120,000	4.664%, 10/9/2015		$123,846
		Berkshire Hathaway Finance Corporation
	190,000	1.600%, 5/15/2017		191,951
		BlackRock, Inc.
	105,000	1.375%, 6/1/2015		106,849
		BNP Paribas SA
	243,000	2.375%, 9/14/2017		246,969
		Capital One Financial Corporation
	162,000	2.150%, 3/23/2015		165,300
	243,000	6.150%, 9/1/2016		279,828
		Citigroup, Inc.
	433,000	5.000%, 9/15/2014		456,032
	249,000	4.750%, 5/19/2015		268,131
	249,000	6.000%, 8/15/2017		290,592
	145,000	8.500%, 5/22/2019		193,373
		CNA Financial Corporation
	201,000	7.350%, 11/15/2019		253,801
		DDR Corporation
	240,000	9.625%, 3/15/2016		294,073
		Developers Diversified Realty Corporation
	320,000	7.875%, 9/1/2020		406,666
		Eksportfinans ASA
	104,000	3.000%, 11/17/2014		103,461
	154,000	5.500%, 5/25/2016		160,766
		Fifth Third Bancorp
	188,000	5.450%, 1/15/2017		209,815
		General Electric Capital Corporation
	245,000	2.150%, 1/9/2015		251,838
	160,000	1.000%, 12/11/2015		160,764
	159,000	0.505%, 1/8/2016f		157,118
	90,000	1.180%, 5/9/2016f		90,635
	95,000	2.300%, 4/27/2017		97,857
	250,000	6.750%, 3/15/2032		315,838
		Goldman Sachs Group, Inc.
	250,000	3.700%, 8/1/2015		263,701
	80,000	1.600%, 11/23/2015		80,393
	249,000	0.760%, 3/22/2016f		244,485
	187,000	2.375%, 1/22/2018		187,461
		Hartford Financial Services Group, Inc.
	40,000	7.300%, 11/1/2015		45,380
	50,000	5.500%, 10/15/2016		55,909
	245,000	4.000%, 10/15/2017		265,564
		HCP, Inc.
	200,000	2.625%, 2/1/2020		199,493
		Health Care REIT, Inc.
	80,000	2.250%, 3/15/2018		80,334
		HSBC Holdings plc
	139,000	6.500%, 5/2/2036		172,229
		HSBC USA, Inc.
	160,000	1.625%, 1/16/2018		159,794
		Icahn Enterprises, LP
	255,000	8.000%, 1/15/2018		273,169
		ING Bank NV
	110,000	2.000%, 9/25/2015h		111,646
	162,000	3.750%, 3/7/2017h		173,089
		ING Capital Funding Trust III
	130,000	3.911%, 12/29/2049f,i		123,500

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Financials (1.3%) - continued
		Intesa Sanpaolo SPA
	$200,000	3.875%, 1/16/2018		$196,576
		J.P. Morgan Chase & Company
	162,000	1.875%, 3/20/2015		164,766
	162,000	3.450%, 3/1/2016		172,688
	249,000	2.000%, 8/15/2017		251,568
	216,000	1.201%, 1/25/2018f		216,940
	115,000	1.800%, 1/25/2018		114,608
	72,000	3.200%, 1/25/2023		71,543
		J.P. Morgan Chase Bank NA
	228,000	0.640%, 6/13/2016f		223,774
		KeyBank NA
	240,000	7.413%, 5/6/2015		269,074
		Liberty Mutual Group, Inc.
	83,000	4.950%, 5/1/2022h		90,138
	161,000	6.500%, 5/1/2042h		180,103
		Liberty Property, LP
	120,000	3.375%, 6/15/2023		117,525
		Lloyds TSB Bank plc
	160,000	6.500%, 9/14/2020h		177,640
		Morgan Stanley
	166,000	4.750%, 4/1/2014g		172,018
	351,000	4.750%, 3/22/2017		383,359
	135,000	6.250%, 8/28/2017		155,436
	228,000	5.500%, 1/26/2020		254,627
	280,000	4.875%, 11/1/2022g		286,962
		Murray Street Investment Trust I
	292,000	4.647%, 3/9/2017		316,231
		Omega Healthcare Investors, Inc.
	275,000	5.875%, 3/15/2024		291,500
		PNC Funding Corporation
	160,000	3.300%, 3/8/2022		164,209
		Prologis, LP
	72,000	6.625%, 5/15/2018		86,666
	216,000	7.375%, 10/30/2019		271,554
		Prudential Financial, Inc.
	120,000	5.625%, 6/15/2043		123,750
		Realty Income Corporation
	81,000	2.000%, 1/31/2018		80,758
		Regions Bank
	415,000	7.500%, 5/15/2018		505,678
		Reinsurance Group of America, Inc.
	150,000	5.625%, 3/15/2017		169,693
	81,000	5.000%, 6/1/2021		88,997
		Royal Bank of Scotland Group plc
	166,000	5.050%, 1/8/2015		171,622
	249,000	2.550%, 9/18/2015		256,728
		Santander US Debt SAU
	210,000	3.724%, 1/20/2015h		213,029
		Simon Property Group, Inc.
	160,000	1.500%, 2/1/2018h		158,382
		SLM Corporation
	108,000	3.875%, 9/10/2015		112,360
	80,000	6.250%, 1/25/2016		88,025
		Societe Generale SA
	170,000	5.200%, 4/15/2021h		190,179
		Svenska Handelsbanken AB
	160,000	3.125%, 7/12/2016		170,368
		Swiss RE Capital I, LP
	170,000	6.854%, 5/29/2049h,i		180,625
		U.S. Bancorp
	95,000	1.650%, 5/15/2017		96,073

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

29

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Financials (1.3%) - continued
		UBS AG/Stamford, Connecticut
	$162,000	5.875%, 12/20/2017		$192,325
		UnitedHealth Group, Inc.
	81,000	0.850%, 10/15/2015		81,231
	40,000	1.400%, 10/15/2017		39,978
		Wachovia Corporation
	375,000	5.625%, 10/15/2016		430,762
		Wells Fargo & Company
	160,000	2.100%, 5/8/2017		164,532
		Total		18,913,878
	Foreign Government (<0.1%)
		Export-Import Bank of Korea
	160,000	1.250%, 11/20/2015		159,956
		Korea Finance Corporation
	83,000	2.250%, 8/7/2017		83,811
		Total		243,767
	Mortgage-Backed Securities (4.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	9,505,000	2.500%, 2/1/2028c		9,819,853
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	7,700,000	3.000%, 2/1/2043c		7,916,562
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	6,700,000	2.500%, 2/1/2028c		6,936,594
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,712,500	3.000%, 2/1/2043c		5,899,049
	16,545,000	3.500%, 2/1/2043c		17,447,219
	15,132,500	4.000%, 2/1/2043c		16,083,010
		Total		64,102,287
	Technology (0.2%)
		Amkor Technology, Inc.
	550,000	6.625%, 6/1/2021		562,375
		Computer Sciences Corporation
	124,000	2.500%, 9/15/2015		127,452
		Equinix, Inc.
	550,000	8.125%, 3/1/2018		603,625
		First Data Corporation
	330,000	7.375%, 6/15/2019h		347,325
		Hewlett-Packard Company
	166,000	2.125%, 9/13/2015		166,775
	187,000	2.600%, 9/15/2017g		183,150
		Intel Corporation
	160,000	4.000%, 12/15/2032		154,997
		Microsoft Corporation
	81,000	0.875%, 11/15/2017		80,259
		Oracle Corporation
	162,000	1.200%, 10/15/2017		161,543
	81,000	2.500%, 10/15/2022		79,387
		Samsung Electronics America, Inc.
	272,000	1.750%, 4/10/2017h		274,280

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Technology (0.2%) - continued
		Xerox Corporation
	$166,000	7.200%, 4/1/2016		$190,866
		Total		2,932,034
	Transportation (0.1%)
		Avis Budget Car Rental, LLC
	280,000	8.250%, 1/15/2019		310,100
		Continental Airlines, Inc.
	585,000	6.750%, 9/15/2015h		614,250
	95,000	4.150%, 4/11/2024		99,394
		CSX Corporation
	174,000	6.250%, 4/1/2015		194,104
		Delta Air Lines, Inc.
	250,000	6.750%, 5/23/2017		261,250
	43,000	4.750%, 5/7/2020		46,603
		ERAC USA Finance, LLC
	162,000	1.400%, 4/15/2016h		162,788
		Kansas City Southern de Mexico SA de CV
	190,000	8.000%, 2/1/2018		208,050
		Total		1,896,539
	U.S. Government and Agencies (0.9%)
		U.S. Treasury Bonds
	1,175,000	4.375%, 5/15/2040		1,466,915
	2,230,000	3.000%, 5/15/2042		2,168,675
		U.S. Treasury Notes
	1,650,000	2.500%, 4/30/2015j		1,730,952
	3,050,000	0.750%, 6/30/2017		3,050,952
	1,250,000	0.750%, 12/31/2017		1,243,261
	250,000	0.875%, 7/31/2019		244,062
	2,710,000	1.625%, 8/15/2022j		2,636,535
		Total		12,541,352
	Utilities (0.4%)
		American Electric Power Company, Inc.
	160,000	1.650%, 12/15/2017		159,909
		CenterPoint Energy, Inc.
	189,000	6.850%, 6/1/2015		212,389
		DCP Midstream Operating, LP
	80,000	2.500%, 12/1/2017		80,100
		Enel Finance International SA
	144,000	3.875%, 10/7/2014h		148,753
		Energy Transfer Partners, LP
	249,000	4.650%, 6/1/2021		268,296
		Enterprise Products Operating, LLC
	249,000	1.250%, 8/13/2015		250,919
		Exelon Corporation
	183,000	4.900%, 6/15/2015		198,937
		FirstEnergy Solutions Corporation
	353,000	4.800%, 2/15/2015		378,824
		Iberdrola Finance Ireland, Ltd.
	210,000	3.800%, 9/11/2014h		216,794
		ITC Holdings Corporation
	214,000	5.875%, 9/30/2016h		242,627
		Kinder Morgan Energy Partners, LP
	166,000	5.300%, 9/15/2020		191,011
	166,000	5.000%, 8/15/2042		167,422

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

30

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (11.8%)	Value
	Utilities (0.4%) - continued
		MarkWest Energy Partners, LP
	$420,000	5.500%, 2/15/2023		$443,100
		MidAmerican Energy Holdings Company
	166,000	6.500%, 9/15/2037		216,158
		NextEra Energy Capital Holdings, Inc.
	249,000	1.200%, 6/1/2015		250,999
		NiSource Finance Corporation
	108,000	5.950%, 6/15/2041		122,726
		NRG Energy, Inc.
	365,000	6.625%, 3/15/2023h		391,463
		ONEOK Partners, LP
	83,000	2.000%, 10/1/2017		83,656
	106,000	8.625%, 3/1/2019		141,150
		Pacific Gas & Electric Company
	245,000	5.625%, 11/30/2017		292,922
		PPL Capital Funding, Inc.
	160,000	3.500%, 12/1/2022		160,848
		Sempra Energy
	245,000	6.150%, 6/15/2018		299,760
		Williams Partners, LP
	83,000	7.250%, 2/1/2017		100,044
	83,000	5.250%, 3/15/2020		94,962
		Total		5,113,769
		Total Long-Term Fixed Income (cost $164,337,871)		168,688,365

Shares		Collateral Held for Securities Loaned (0.1%)	Value
	1,664,860	Thrivent Cash Management Trust		1,664,860
		Total Collateral Held for Securities Loaned (cost $1,664,860)		1,664,860

Shares or Principal Amount		Short-Term Investments (9.6%)	Value
		Federal Home Loan Bank Discount Notes
	5,100,000	0.124%, 6/7/2013e,k		5,097,782
		Federal National Mortgage Association Discount Notes
	2,500,000	0.090%, 6/7/2013e,k		2,499,212
	130,071,236	Thrivent Cash Management Trust		130,071,236
		U.S. Treasury Bills
	1,400,000	0.085%, 6/13/2013e,k		1,399,564
		Total Short-Term Investments (at amortized cost)		139,067,794
		Total Investments (cost $1,384,384,644) 104.3%		$1,504,330,972
		Other Assets and Liabilities, Net (4.3%)		(61,487,884)
		Total Net Assets 100.0%		$1,442,843,088

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.

d Non-income producing security.

e At January 31, 2013, $10,550,667 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 January 31, 2013.

g All or a portion of the security is on loan.

h 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 January 31, 2013, the value of these investments was $11,575,334 or 0.8% of total net assets.

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

j At January 31, 2013, $525,708 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

k 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	$129,594,959
Gross unrealized depreciation	(9,648,631)
Net unrealized appreciation (depreciation)	$119,946,328
Cost for federal income tax purposes	$1,384,384,644

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

31

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Moderate Allocation Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		4,562,587		–		4,562,587		–
Capital Goods		1,195,544		–		1,195,544		–
Communications Services		10,991,882		–		10,991,882		–
Consumer Cyclical		3,613,231		–		3,613,231		–
Consumer Non-Cyclical		6,764,813		–		6,764,813		–
Energy		4,516,956		–		4,516,956		–
Financials		1,456,636		–		1,456,636		–
Technology		3,935,215		–		3,935,215		–
Transportation		868,232		–		868,232		–
Utilities		1,523,490		–		1,523,490		–
Mutual Funds
Equity Mutual Funds		574,338,634		574,338,634		–		–
Fixed Income Mutual Funds		377,502,609		377,502,609		–		–
Common Stock
Consumer Discretionary		30,745,608		30,745,608		–		–
Consumer Staples		14,413,242		13,521,480		891,762		–
Energy		18,807,907		18,161,249		646,658		–
Financials		38,139,709		38,139,709		–		–
Health Care		26,917,579		26,917,579		–		–
Industrials		21,451,145		21,451,145		–		–
Information Technology		40,705,264		40,705,264		–		–
Materials		5,743,628		5,743,628		–		–
Telecommunications Services		904,123		904,123		–		–
Utilities		5,811,919		5,811,919		–		–
Long-Term Fixed Income
Asset-Backed Securities		2,227,582		–		2,227,582		–
Basic Materials		1,494,211		–		1,494,211		–
Capital Goods		2,618,194		–		2,618,194		–
Collateralized Mortgage Obligations		14,736,654		–		14,736,654		–
Commercial Mortgage-Backed Securities		18,313,447		–		18,313,447		–
Communications Services		7,774,704		–		7,774,704		–
Consumer Cyclical		4,818,157		–		4,818,157		–
Consumer Non-Cyclical		6,591,735		–		6,591,735		–
Energy		4,370,055		–		4,370,055		–
Financials		18,913,878		–		18,913,878		–
Foreign Government		243,767		–		243,767		–
Mortgage-Backed Securities		64,102,287		–		64,102,287		–
Technology		2,932,034		–		2,932,034		–
Transportation		1,896,539		–		1,896,539		–
U.S. Government and Agencies		12,541,352		–		12,541,352		–
Utilities		5,113,769		–		5,113,769		–
Collateral Held for Securities Loaned		1,664,860		1,664,860		–		–
Short-Term Investments		139,067,794		130,071,236		8,996,558		–
Total		$1,504,330,972		$1,285,679,043		$218,651,929		$–
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		4,014,595		2,498,771		1,515,824		–
Total Asset Derivatives		$4,014,595		$2,498,771		$1,515,824		$–
Liability Derivatives
Futures Contracts		6,328,656		6,328,656		–		–
Foreign Currency Forward Contracts		563		–		563		–
Credit Default Swaps		255,317		–		255,317		–
Total Liability Derivatives		$6,584,536		$6,328,656		$255,880		$–

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

32

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	(100)		March 2013		($22,038,758)		($22,042,188)		($3,430)
5-Yr. U.S. Treasury Bond Futures	(250)		March 2013		(31,155,488)		(30,933,596)		221,892
30-Yr. U.S. Treasury Bond Futures	310		March 2013		46,275,712		44,475,313		(1,800,399)
Eurex EURO STOXX 50 Futures	1,697		March 2013		60,899,800		62,415,624		1,515,824
Mini MSCI EAFE Index Futures	22		March 2013		1,765,335		1,849,540		84,205
Russell 2000 Index Mini-Futures	(188)		March 2013		(15,889,491)		(16,921,880)		(1,032,389)
S&P 400 Index Mini-Futures	(425)		March 2013		(42,883,563)		(46,376,001)		(3,492,438)
S&P 500 Index Futures	169		March 2013		60,899,251		63,091,925		2,192,674
Total Futures Contracts									($2,314,061)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Euro	SSB		339,400	1/31/2013		$461,397		$460,834		($563)
Total Purchases						$461,397		$460,834		($563)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										($563)

Counterparty
SSB	-	State Street Bank

Credit Default Swaps and Counterparty	Buy/Sell Protection1	Termination Date		Notional Principal Amount2		Upfront Payments Received (Made)		Value3		Unrealized Gain/(Loss)
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		$13,000,000		$165,971		($293,660)		($127,689)
5.00%; Bank of America
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		4,300,000		54,898		(97,133)		(42,235)
5.00%; J.P. Morgan Chase and Co.
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		8,700,000		111,133		(196,526)		(85,393)
5.00%; J.P. Morgan Chase and Co.
Total Credit Default Swaps									($587,319)		($255,317)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

33

Moderate Allocation Fund

Schedule of Investments as of January 31, 2013

(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 Moderate Allocation Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Natural Resources		$24,652,493		$226,310		$–		2,764,537		$26,705,427		$226,310
Partner Small Cap Growth		28,058,568		811,191		–		2,226,006		30,340,465		–
Partner Small Cap Value		26,582,148		1,065,891		–		1,646,536		29,407,138		614,596
Small Cap Stock		14,200,780		–		–		882,584		15,559,959		–
Mid Cap Growth		15,337,507		1,010,555		–		793,087		16,702,405		–
Partner Mid Cap Value		28,335,335		925,873		–		2,275,584		31,357,542		319,947
Mid Cap Stock		43,518,716		193,283		–		2,628,283		47,992,452		193,283
Partner Worldwide Allocation		135,117,892		3,264,811		–		15,734,128		147,743,461		3,264,811
Large Cap Growth		66,351,241		436,953		–		11,301,004		71,196,326		436,953
Large Cap Value		99,845,770		2,097,099		–		6,907,278		108,996,854		2,097,099
Large Cap Stock		34,198,749		2,386,257		–		1,541,681		36,676,596		544,550
Equity Income Plus		11,094,557		87,059		–		1,163,674		11,660,009		87,059
High Yield		46,137,766		756,654		678,700		9,224,110		47,042,961		761,364
Income		191,596,078		1,676,131		11,900,359		19,356,862		179,825,250		1,676,232
Government Bond		24,948,651		995,591		271,480		2,389,032		24,511,464		64,702
Limited Maturity Bond		132,332,229		424,306		6,636,099		9,993,893		126,122,934		424,460
Cash Management Trust- Collateral Investment		1,032,781		2,552,351		1,920,272		1,664,860		1,664,860		1,211
Cash Management Trust- Short Term Investment		122,091,058		66,024,638		58,044,460		130,071,236		130,071,236		35,711
Total Value and Income Earned		1,045,432,319								1,083,577,339		10,748,288

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

34

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (3.5%)a	Value
	Basic Materials (0.4%)
		Arch Coal, Inc., Term Loan
	$458,250	5.750%, 5/16/2018b,c		$469,922
		FMG Resources August 2006 Pty., Ltd., Term Loan
	1,366,575	5.250%, 10/18/2017		1,383,234
		Ineos US Finance, LLC, Term Loan
	612,546	6.500%, 5/4/2018		625,813
		Total		2,478,969
	Capital Goods (0.1%)
		ADS Waste Holdings, Inc., Term Loan
	485,000	5.250%, 10/9/2019		488,943
		MRC Global, Inc., Term Loan
	344,138	6.250%, 10/24/2019		348,439
		Total		837,382
	Communications Services (1.0%)
		Atlantic Broadband Penn, LLC, Term Loan
	274,313	4.500%, 9/10/2019		277,741
		Charter Communications Operating, LLC, Term Loan
	203,462	4.000%, 5/15/2019		206,260
		Clear Channel Communications, Inc., Term Loan
	465,000	2.982%, 1/29/2016b,c		401,909
		Cricket Communications, Inc., Term Loan
	70,000	4.750%, 10/10/2019		70,525
		Fairpoint Communications, Inc., Term Loan
	536,445	3.289%, 1/25/2016b,c		534,337
		Intelsat Jackson Holdings SA, Term Loan
	349,576	4.500%, 4/2/2018		353,858
		Level 3 Financing, Inc., Term Loan
	675,000	4.750%, 8/1/2019		682,385
		Liberty Cablevision of Puerto Rico, Ltd., Term Loan
	343,275	6.000%, 6/9/2017		345,420
		MCC Georgia, LLC, Term Loan
	274,312	4.000%, 1/20/2020		274,998
		NEP Broadcasting, LLC, Term Loan
	450,000	4.317%, 8/18/2020b,c		456,939
		SBA Senior Finance II, LLC, Term Loan
	210,000	3.750%, 9/28/2019		211,365
		Toys R Us, Inc., Term Loan
	448,941	5.250%, 5/25/2018		439,962
		Univision Communications, Inc., Term Loan
	223,847	2.202%, 9/29/2014		223,753
	445,000	4.452%, 3/31/2017		445,556
		Van Wagner Communications, Inc., Term Loan
	390,000	8.250%, 8/3/2018		397,800
		WideOpenWest Finance, LLC, Term Loan
	517,400	6.250%, 7/17/2018		522,574

Principal Amount		Bank Loans (3.5%)a	Value
	Communications Services (1.0%) - continued
		Yankee Cable Acquisition, LLC, Term Loan
	$260,524	5.250%, 8/26/2016		$263,846
		Zayo Group, LLC, Term Loan
	721,886	5.270%, 7/2/2019b,c		731,134
		Total		6,840,362
	Consumer Cyclical (0.3%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	355,286	5.500%, 2/23/2017		359,183
		Chrysler Group, LLC, Term Loan
	253,073	6.000%, 5/24/2017		257,978
		MGM Resorts International, Term Loan
	335,000	3.793%, 12/13/2019		339,603
		Rock Ohio Caesars, LLC, 18 Month Delayed Draw, Term Loan
	64,167	5.727%, 8/19/2017b,c		66,011
		Rock Ohio Caesars, LLC, 6 Month Delayed Draw, Term Loan
	38,500	5.727%, 8/19/2017b,c		39,607
		Rock Ohio Caesars, LLC, Term Loan
	487,333	8.500%, 8/19/2017		501,344
		Seven Seas Cruises S de RL, LLC, Term Loan
	612,250	6.250%, 12/21/2018		618,372
		Total		2,182,098
	Consumer Non-Cyclical (0.6%)
		Bausch & Lomb, Inc., Term Loan
	343,275	5.250%, 5/17/2019		346,546
		Biomet, Inc., Term Loan
	499,313	3.959%, 7/25/2017b,c		504,306
		Ceridian Corporation, Term Loan
	415,000	5.956%, 5/9/2017		419,046
		CHS/Community Health Systems, Inc., Term Loan
	345,000	3.811%, 1/25/2017		347,846
		DJO Finance, LLC, Term Loan
	343,271	6.250%, 9/15/2017		346,532
		Grifols, Inc., Term Loan
	342,753	4.325%, 6/1/2017		344,769
		Hologic, Inc., Term Loan
	407,950	4.500%, 8/1/2019		412,711
		Reynolds Group Holdings, Inc., Term Loan
	69,825	4.750%, 9/28/2018b,c		70,814
		Roundy’s Supermarkets, Inc., Term Loan
	462,385	5.750%, 2/13/2019		441,384
		SUPERVALU, Inc., Term Loan
	438,428	5.488%, 8/10/2018b,c		446,052
		US Coatings Acquisition, Inc., Term Loan
	185,000	0.000%, 1/18/2020		187,658
		Visant Corporation, Term Loan
	441,570	5.250%, 12/22/2016		423,634

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

35

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (3.5%)a	Value
	Consumer Non-Cyclical (0.6%) - continued
		Warner Chilcott Company, LLC, Term Loan
	$16,774	4.250%, 3/15/2018		$16,970
		Warner Chilcott Corporation, Term Loan
	54,257	4.250%, 3/15/2018		54,890
	20,605	4.250%, 3/15/2018		20,846
		WC Luxco Sarl, Term Loan
	37,302	4.250%, 3/15/2018		37,737
		Total		4,421,741
	Energy (0.4%)
		Chesapeake Energy Corporation, Term Loan
	1,015,000	5.750%, 12/2/2017		1,039,421
		Cumulus Media Holdings, Inc., Term Loan
	435,000	0.000%, 9/17/2018b,c		440,220
		NEP Broadcasting, Inc., Term Loan
	55,000	0.000%, 8/18/2020b,c		56,650
		NTELOS, Inc., Term Loan
	165,000	0.000%, 11/9/2019b,c		160,669
		Plains Exploration & Production Company, Term Loan
	135,000	4.000%, 10/15/2019		135,430
		Seven Seas Cruises S de RL, LLC, Term Loan
	613,000	0.000%, 12/21/2018b,c		619,130
		Silver II Borrower SCA, Term Loan
	210,000	0.000%, 12/5/2019b,c		210,000
		Total		2,661,520
	Financials (0.1%)
		Nuveen Investments, Inc., Term Loan
	105,000	5.764%, 5/13/2017b,c		106,024
	400,000	5.767%, 5/13/2017		403,168
		WaveDivision Holdings, LLC, Term Loan
	480,000	5.500%, 8/9/2019		483,744
		Total		992,936
	Technology (0.3%)
		First Data Corporation Extended, Term Loan
	530,000	4.205%, 3/26/2018		524,552
		First Data Corporation, Term Loan
	275,000	5.205%, 9/24/2018		274,851
		Freescale Semiconductor, Inc., Term Loan
	581,161	6.000%, 2/28/2019		582,469
		Infor US, Inc., Term Loan
	273,801	5.250%, 4/5/2018		277,396
		SunGard Data Systems, Inc., Term Loan
	545,000	1.569%, 12/4/2019b,c		550,679
		Total		2,209,947

Principal Amount		Bank Loans (3.5%)a	Value
	Transportation (0.1%)
		Delta Air Lines, Inc., Term Loan
	$417,655	5.500%, 4/20/2017		$421,569
		Total		421,569
	Utilities (0.2%)
		Calpine Corporation, Term Loan
	553,612	4.500%, 10/9/2019		560,217
		NGPL PipeCo, LLC, Term Loan
	501,429	6.750%, 9/15/2017		513,754
		Total		1,073,971
		Total Bank Loans (cost $23,787,198)		24,120,495
Shares		Mutual Funds (54.1%)	Value
	Equity Mutual Funds (22.1%)
	1,208,229	Thrivent Natural Resources Fund		11,671,493
	651,587	Thrivent Partner Small Cap Value Fund		11,637,342
	167,827	Thrivent Small Cap Stock Fundd		2,958,792
	1,127,070	Thrivent Partner Mid Cap Value Fund		15,531,020
	428,044	Thrivent Mid Cap Stock Fund		7,816,088
	4,497,042	Thrivent Partner Worldwide Allocation Fund		42,227,222
	2,420,570	Thrivent Large Cap Growth Fund		15,249,593
	2,436,430	Thrivent Large Cap Value Fund		38,446,866
	32,064	Thrivent Large Cap Stock Fund		762,812
	480,437	Thrivent Equity Income Plus Fund		4,813,981
		Total		151,115,209
	Fixed Income Mutual Funds (32.0%)
	4,950,062	Thrivent High Yield Fund		25,245,315
	8,166,073	Thrivent Income Fund		75,862,819
	1,170,913	Thrivent Government Bond Fund		12,013,571
	8,372,757	Thrivent Limited Maturity Bond Fund		105,664,192
		Total		218,785,897
		Total Mutual Funds (cost $335,525,830)		369,901,106
Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Asset-Backed Securities (0.3%)
		Morgan Stanley Capital, Inc.
	796,779	0.354%, 2/25/2037e		432,340
		Renaissance Home Equity Loan Trust
	2,300,000	6.011%, 5/25/2036		1,615,706
		Total		2,048,046
	Basic Materials (0.3%)
		ArcelorMittal
	119,000	5.375%, 6/1/2013		120,243
		Arch Coal, Inc.
	510,000	7.000%, 6/15/2019f		460,275
		Dow Chemical Company
	190,000	5.900%, 2/15/2015		209,249
		International Paper Company
	127,000	5.300%, 4/1/2015		138,017

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

36

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Basic Materials (0.3%) - continued
		Novelis, Inc.
	$515,000	8.375%, 12/15/2017		$569,075
		Rio Tinto Finance USA plc
	116,000	3.500%, 3/22/2022		120,647
		Xstrata Finance Canada, Ltd.
	124,000	1.800%, 10/23/2015g		125,004
		Total		1,742,510
	Capital Goods (0.4%)
		BAE Systems plc
	100,000	3.500%, 10/11/2016g		105,102
		Case New Holland, Inc.
	335,000	7.875%, 12/1/2017		396,138
		Caterpillar Financial Services Corporation
	124,000	0.700%, 11/6/2015		123,966
	124,000	1.250%, 11/6/2017		123,646
		Eaton Corporation
	122,000	0.950%, 11/2/2015g		122,495
	61,000	1.500%, 11/2/2017g		60,855
	92,000	4.000%, 11/2/2032g		91,823
		John Deere Capital Corporation
	130,000	0.700%, 9/4/2015		130,166
		RBS Global, Inc.
	490,000	8.500%, 5/1/2018		536,550
		Reynolds Group Issuer, Inc.
	290,000	6.875%, 2/15/2021		311,025
		Textron, Inc.
	135,000	5.600%, 12/1/2017		152,116
		United Rentals North America, Inc.
	520,000	7.375%, 5/15/2020		572,000
		United Technologies Corporation
	173,000	6.125%, 7/15/2038		224,297
		Total		2,950,179
	Collateralized Mortgage Obligations (1.5%)
		Citigroup Mortgage Loan Trust, Inc.
	343,675	5.500%, 11/25/2035		310,690
		CitiMortgage Alternative Loan Trust
	1,138,714	5.750%, 4/25/2037		967,549
		Countrywide Alternative Loan Trust
	383,609	6.500%, 8/25/2036		278,315
	228,409	6.000%, 1/25/2037		193,185
	1,368,554	5.500%, 5/25/2037		1,087,989
	1,057,278	7.000%, 10/25/2037		797,805
		Countrywide Home Loans, Inc.
	475,373	5.750%, 4/25/2037		435,555
		Deutsche Alt-A Securities Mortgage Loan Trust
	178,360	5.500%, 10/25/2021		182,460
		Deutsche Alt-A Securities, Inc.
	393,704	6.000%, 10/25/2021		369,037
		Greenpoint Mortgage Funding Trust
	1,045,479	0.404%, 10/25/2045e		731,895
		J.P. Morgan Mortgage Trust
	104,932	2.998%, 10/25/2036		86,811
	1,058,965	0.584%, 1/25/2037e		680,733

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Collateralized Mortgage Obligations (1.5%) - continued
	$1,166,043	6.250%, 8/25/2037		$829,929
		MASTR Alternative Loans Trust
	262,824	6.500%, 7/25/2034		277,888
	724,958	0.654%, 12/25/2035e		398,746
		Merrill Lynch Alternative Note Asset Trust
	267,913	6.000%, 3/25/2037		248,981
		Residential Asset Securitization Trust
	903,168	0.584%, 8/25/2037e		307,777
		Sequoia Mortgage Trust
	163,942	4.947%, 9/20/2046		25,444
	1,746,800	4.947%, 9/20/2046		1,513,581
		WaMu Mortgage Pass Through Certificates
	245,675	2.686%, 9/25/2036		202,889
	232,600	2.769%, 10/25/2036		195,838
		Total		10,123,097
	Commercial Mortgage-Backed Securities (2.0%)
		Banc of America Commercial Mortgage, Inc.
	1,600,000	5.634%, 4/10/2049		1,854,195
	2,450,000	5.593%, 6/10/2049		2,815,890
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,000,000	5.331%, 2/11/2044		1,129,151
		Credit Suisse First Boston Mortgage Securities
	1,700,000	5.542%, 1/15/2049		1,943,080
		Credit Suisse Mortgage Capital Certificates
	1,850,000	5.509%, 9/15/2039		2,019,279
		Greenwich Capital Commercial Funding Corporation
	1,000,000	5.867%, 12/10/2049		1,120,161
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	800,000	5.726%, 2/12/2049		888,815
		Morgan Stanley Capital, Inc.
	500,000	5.406%, 3/15/2044		541,668
		Wachovia Bank Commercial Mortgage Trust
	1,200,000	5.603%, 10/15/2048		1,324,235
		Total		13,636,474
	Communications Services (1.1%)
		AMC Networks, Inc.
	535,000	7.750%, 7/15/2021		611,238
		America Movil SAB de CV
	122,000	3.125%, 7/16/2022		121,208
		American Tower Corporation
	155,000	5.050%, 9/1/2020		171,889
		AT&T, Inc.
	259,000	2.400%, 8/15/2016		270,124
		British Telecommunications plc
	170,000	2.000%, 6/22/2015		174,191
		Cablevision Systems Corporation
	545,000	8.625%, 9/15/2017		639,012

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

37

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Communications Services (1.1%) - continued
		CBS Corporation
	$122,000	8.875%, 5/15/2019		$164,120
		CC Holdings GS V, LLC
	61,000	2.381%, 12/15/2017g		61,108
		Clear Channel Worldwide Holdings, Inc.
	520,000	6.500%, 11/15/2022g		553,800
		Comcast Corporation
	85,000	4.650%, 7/15/2042		85,215
		Cox Communications, Inc.
	120,000	3.250%, 12/15/2022g		120,146
		Crown Castle International Corporation
	30,000	5.250%, 1/15/2023g		31,500
		Crown Castle Towers, LLC
	100,000	4.174%, 8/15/2017g		110,260
		Digicel, Ltd.
	410,000	8.250%, 9/1/2017g		434,600
	150,000	7.000%, 2/15/2020g		162,375
		DIRECTV Holdings, LLC
	122,000	1.750%, 1/15/2018		119,880
		Dish DBS Corporation
	245,000	4.625%, 7/15/2017		256,025
	395,000	5.875%, 7/15/2022		419,688
		Frontier Communications Corporation
	505,000	8.125%, 10/1/2018		584,537
		NBCUniversal Media, LLC
	196,000	2.875%, 4/1/2016		205,736
	62,000	2.875%, 1/15/2023		60,476
		News America, Inc.
	130,000	3.000%, 9/15/2022		128,871
		Nippon Telegraph & Telephone Corporation
	120,000	1.400%, 7/18/2017		120,144
		SBA Telecommunications, Inc.
	130,000	5.750%, 7/15/2020g		136,500
		SBA Tower Trust
	110,000	5.101%, 4/17/2017g		123,120
		Sirius XM Radio, Inc.
	50,000	5.250%, 8/15/2022g		50,875
		Telefonica Emisiones SAU
	130,000	3.729%, 4/27/2015		134,554
		UPCB Finance V, Ltd.
	510,000	7.250%, 11/15/2021g		563,550
		Verizon Communications, Inc.
	93,000	1.100%, 11/1/2017		91,885
	100,000	5.500%, 2/15/2018		118,491
		Virgin Media Finance plc
	540,000	5.250%, 2/15/2022		564,300
		Vivendi SA
	195,000	2.400%, 4/10/2015g		198,707
		Vodafone Group plc
	132,000	1.250%, 9/26/2017		131,337
		Total		7,719,462
	Consumer Cyclical (0.8%)
		Amazon.com, Inc.
	61,000	1.200%, 11/29/2017		60,343
	122,000	2.500%, 11/29/2022		117,095

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Consumer Cyclical (0.8%) - continued
		American Honda Finance Corporation
	$65,000	1.000%, 8/11/2015g		$65,335
		Daimler Finance North America, LLC
	105,000	1.875%, 1/11/2018g		104,719
		Federated Retail Holdings, Inc.
	81,000	5.900%, 12/1/2016		94,571
		Ford Motor Credit Company, LLC
	132,000	12.000%, 5/15/2015		161,040
	135,000	2.375%, 1/16/2018		133,214
	605,000	5.000%, 5/15/2018		663,258
		Host Hotels and Resorts, LP
	425,000	6.000%, 11/1/2020		465,375
		Hyundai Capital America
	124,000	1.625%, 10/2/2015g		124,854
		Lear Corporation
	30,000	4.750%, 1/15/2023g		29,850
		Limited Brands, Inc.
	375,000	5.625%, 2/15/2022		403,125
		Macy’s Retail Holdings, Inc.
	60,000	3.875%, 1/15/2022		62,108
		Royal Caribbean Cruises, Ltd.
	450,000	5.250%, 11/15/2022		477,000
		Service Corporation International
	390,000	8.000%, 11/15/2021		476,775
		Six Flags Entertainment Corporation
	595,000	5.250%, 1/15/2021g		592,025
		The Walt Disney Company
	122,000	1.100%, 12/1/2017		121,135
		Time Warner, Inc.
	106,000	3.150%, 7/15/2015		111,885
		Toyota Motor Credit Corporation
	80,000	1.750%, 5/22/2017		81,594
		Toys R Us Property Company II, LLC
	540,000	8.500%, 12/1/2017		568,350
		TRW Automotive, Inc.
	70,000	7.250%, 3/15/2017g		81,025
		Viacom, Inc.
	65,000	1.250%, 2/27/2015		65,583
		Western Union Company
	122,000	2.375%, 12/10/2015		123,971
		Total		5,184,230
	Consumer Non-Cyclical (0.8%)
		AbbVie, Inc.
	122,000	1.200%, 11/6/2015g		122,627
	61,000	1.750%, 11/6/2017g		61,133
	92,000	2.000%, 11/6/2018g		92,238
		Amgen, Inc.
	75,000	4.850%, 11/18/2014		80,445
		Anheuser-Busch Inbev Finance, Inc.
	40,000	1.250%, 1/17/2018		39,691
		Anheuser-Busch InBev Worldwide, Inc.
	65,000	0.800%, 7/15/2015		65,126
	61,000	1.375%, 7/15/2017		61,218
		BAT International Finance plc
	160,000	1.400%, 6/5/2015g		161,805

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

38

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Consumer Non-Cyclical (0.8%) - continued
		Biomet, Inc.
	$500,000	6.500%, 8/1/2020g		$525,000
		Boston Scientific Corporation
	270,000	5.450%, 6/15/2014		286,161
		Bunge Limited Finance Corporation
	65,000	3.200%, 6/15/2017		67,655
		Celgene Corporation
	98,000	1.900%, 8/15/2017		99,227
	98,000	3.250%, 8/15/2022		97,721
		ConAgra Foods, Inc.
	45,000	1.350%, 9/10/2015		45,218
	174,000	1.900%, 1/25/2018		174,725
		CVS Caremark Corporation
	77,000	6.125%, 9/15/2039		96,797
		Express Scripts Holding Company
	130,000	2.750%, 11/21/2014		134,011
	130,000	3.125%, 5/15/2016		137,141
		Gilead Sciences, Inc.
	104,000	2.400%, 12/1/2014		107,176
	114,000	3.050%, 12/1/2016		122,058
		Heineken NV
	61,000	0.800%, 10/1/2015g		61,064
	61,000	1.400%, 10/1/2017g		60,503
		JBS USA, LLC
	240,000	7.250%, 6/1/2021g		249,300
		Kraft Foods Group, Inc.
	160,000	1.625%, 6/4/2015		162,669
		Laboratory Corporation of America Holdings
	130,000	2.200%, 8/23/2017		131,567
		Lorillard Tobacco Company
	130,000	2.300%, 8/21/2017		131,053
		McKesson Corporation
	61,000	0.950%, 12/4/2015		61,153
		Mylan, Inc.
	122,000	7.875%, 7/15/2020g		142,529
		Rite Aid Corporation
	410,000	7.500%, 3/1/2017		419,225
		Roche Holdings, Inc.
	130,000	7.000%, 3/1/2039g		188,569
		SABMiller Holdings, Inc.
	150,000	2.450%, 1/15/2017g		155,134
		Safeway, Inc.
	142,000	5.000%, 8/15/2019		152,345
	50,000	4.750%, 12/1/2021		50,772
		Spectrum Brands Escrow Corporation
	520,000	6.375%, 11/15/2020g		553,150
		Teva Pharmaceutical Finance Company BV
	75,000	2.400%, 11/10/2016		78,432
		Tyson Foods, Inc.
	160,000	4.500%, 6/15/2022		172,066
		Valeant Pharmaceuticals International
	290,000	6.875%, 12/1/2018g		307,400
		Zoetis, Inc.
	29,000	1.150%, 2/1/2016g		29,039
	87,000	1.875%, 2/1/2018g		86,847
		Total		5,769,990

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Energy (0.6%)
		BP Capital Markets plc
	$62,000	0.700%, 11/6/2015		$61,899
	186,000	1.375%, 11/6/2017		185,428
	122,000	4.500%, 10/1/2020		138,856
		Concho Resources, Inc.
	415,000	5.500%, 10/1/2022		439,900
		Harvest Operations Corporation
	585,000	6.875%, 10/1/2017		650,081
		Linn Energy, LLC
	120,000	7.750%, 2/1/2021		128,400
		Marathon Oil Corporation
	186,000	0.900%, 11/1/2015		186,100
		Marathon Petroleum Corporation
	130,000	3.500%, 3/1/2016		138,812
		MEG Energy Corporation
	30,000	6.375%, 1/30/2023g		31,275
		Murphy Oil Corporation
	91,000	2.500%, 12/1/2017		91,361
		Nexen, Inc.
	100,000	5.875%, 3/10/2035		119,530
		Oasis Petroleum, Inc.
	160,000	6.875%, 1/15/2023		174,000
		Phillips 66
	150,000	2.950%, 5/1/2017		157,874
		Pioneer Natural Resources Company
	65,000	5.875%, 7/15/2016		73,891
		SandRidge Energy, Inc.
	465,000	7.500%, 2/15/2023		494,063
		Suncor Energy, Inc.
	114,000	6.100%, 6/1/2018		138,498
		Transocean, Inc.
	65,000	5.050%, 12/15/2016		72,576
	130,000	6.000%, 3/15/2018		149,598
		Valero Energy Corporation
	100,000	9.375%, 3/15/2019		136,947
	50,000	7.500%, 4/15/2032		63,257
		Weatherford International, Ltd.
	195,000	6.750%, 9/15/2040		211,422
		Total		3,843,768
	Financials (2.2%)
		ABN Amro North American Holding Preferred Capital Repackage Trust I
	62,000	3.407%, 12/29/2049e,g,h		62,000
		Ally Financial, Inc.
	520,000	5.500%, 2/15/2017		559,040
		American Express Centurion Bank
	125,000	0.875%, 11/13/2015		124,778
		American Express Credit Corporation
	80,000	2.375%, 3/24/2017		82,953
		American International Group, Inc.
	195,000	2.375%, 8/24/2015		199,949
	191,000	3.800%, 3/22/2017		205,885
		ANZ National International, Ltd. of London
	197,000	3.125%, 8/10/2015f,g		207,115
		Associated Banc Corporation
	65,000	1.875%, 3/12/2014		65,239

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

39

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Financials (2.2%) - continued
		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
	$61,000	4.125%, 11/9/2022g		$61,610
		Bank of America Corporation
	275,000	7.750%, 8/15/2015		310,583
	186,000	1.500%, 10/9/2015		186,486
	130,000	5.750%, 8/15/2016		143,791
	195,000	5.750%, 12/1/2017		225,129
	130,000	5.650%, 5/1/2018		150,110
		Bank of New York Mellon Corporation
	62,000	0.700%, 10/23/2015		61,967
		Barclays Bank plc
	163,000	6.050%, 12/4/2017g		181,992
		BBVA Banco Continental SA
	150,000	2.250%, 7/29/2016g		149,250
		BBVA US Senior SAU
	91,000	4.664%, 10/9/2015		93,916
		Berkshire Hathaway Finance Corporation
	150,000	1.600%, 5/15/2017		151,540
		BlackRock, Inc.
	80,000	1.375%, 6/1/2015		81,409
		BNP Paribas SA
	187,000	2.375%, 9/14/2017		190,054
		Capital One Financial Corporation
	124,000	2.150%, 3/23/2015		126,526
	186,000	6.150%, 9/1/2016		214,190
		Citigroup, Inc.
	340,000	5.000%, 9/15/2014		358,085
	196,000	4.750%, 5/19/2015		211,059
	195,000	6.000%, 8/15/2017		227,572
	110,000	8.500%, 5/22/2019		146,697
		CNA Financial Corporation
	152,000	7.350%, 11/15/2019		191,929
		DDR Corporation
	180,000	9.625%, 3/15/2016		220,555
		Developers Diversified Realty Corporation
	380,000	7.875%, 9/1/2020		482,916
		Eksportfinans ASA
	81,000	3.000%, 11/17/2014		80,580
	120,000	5.500%, 5/25/2016		125,272
		Fifth Third Bancorp
	147,000	5.450%, 1/15/2017		164,057
		General Electric Capital Corporation
	191,000	2.150%, 1/9/2015		196,331
	122,000	1.000%, 12/11/2015		122,583
	110,000	0.505%, 1/8/2016e		108,698
	85,000	1.180%, 5/9/2016e		85,599
	75,000	2.300%, 4/27/2017		77,255
	195,000	6.750%, 3/15/2032		246,354
		Goldman Sachs Group, Inc.
	195,000	3.700%, 8/1/2015		205,687
	61,000	1.600%, 11/23/2015		61,300
	195,000	0.760%, 3/22/2016e		191,464
	141,000	2.375%, 1/22/2018		141,348
		Hartford Financial Services Group, Inc.
	40,000	7.300%, 11/1/2015		45,380

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Financials (2.2%) - continued
	$28,000	5.500%, 10/15/2016		$31,309
	191,000	4.000%, 10/15/2017		207,031
		HCP, Inc.
	152,000	2.625%, 2/1/2020		151,614
		Health Care REIT, Inc.
	61,000	2.250%, 3/15/2018		61,254
		HSBC Holdings plc
	106,000	6.500%, 5/2/2036		131,340
		HSBC USA, Inc.
	122,000	1.625%, 1/16/2018		121,843
		Icahn Enterprises, LP
	410,000	8.000%, 1/15/2018		439,212
		ING Bank NV
	80,000	2.000%, 9/25/2015g		81,197
	124,000	3.750%, 3/7/2017g		132,487
		ING Capital Funding Trust III
	100,000	3.911%, 12/29/2049e,h		95,000
		Intesa Sanpaolo SPA
	105,000	3.875%, 1/16/2018		103,203
		J.P. Morgan Chase & Company
	124,000	1.875%, 3/20/2015		126,117
	124,000	3.450%, 3/1/2016		132,181
	195,000	2.000%, 8/15/2017		197,011
	150,000	1.201%, 1/25/2018e		150,653
	80,000	1.800%, 1/25/2018		79,728
	50,000	3.200%, 1/25/2023		49,683
		J.P. Morgan Chase Bank NA
	178,000	0.640%, 6/13/2016e		174,701
		KeyBank NA
	183,000	7.413%, 5/6/2015		205,169
		Liberty Mutual Group, Inc.
	65,000	4.950%, 5/1/2022g		70,590
	124,000	6.500%, 5/1/2042g		138,713
		Liberty Property, LP
	92,000	3.375%, 6/15/2023		90,103
		Lloyds TSB Bank plc
	112,000	6.500%, 9/14/2020g		124,348
		Morgan Stanley
	130,000	4.750%, 4/1/2014f		134,713
	270,000	4.750%, 3/22/2017		294,892
	105,000	6.250%, 8/28/2017		120,895
	174,000	5.500%, 1/26/2020		194,321
	204,000	4.875%, 11/1/2022f		209,072
		Murray Street Investment Trust I
	229,000	4.647%, 3/9/2017		248,003
		Omega Healthcare Investors, Inc.
	400,000	5.875%, 3/15/2024		424,000
		PNC Funding Corporation
	122,000	3.300%, 3/8/2022		125,210
		Prologis, LP
	50,000	6.625%, 5/15/2018		60,185
	150,000	7.375%, 10/30/2019		188,579
		Prudential Financial, Inc.
	92,000	5.625%, 6/15/2043		94,875
		Realty Income Corporation
	62,000	2.000%, 1/31/2018		61,815
		Regions Bank
	325,000	7.500%, 5/15/2018		396,012
		Reinsurance Group of America, Inc.
	110,000	5.625%, 3/15/2017		124,442
	62,000	5.000%, 6/1/2021		68,121

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

40

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Financials (2.2%) - continued
		Royal Bank of Scotland Group plc
	$130,000	5.050%, 1/8/2015		$134,403
	195,000	2.550%, 9/18/2015		201,052
		Santander US Debt SAU
	170,000	3.724%, 1/20/2015g		172,452
		Simon Property Group, Inc.
	122,000	1.500%, 2/1/2018g		120,766
		SLM Corporation
	75,000	3.875%, 9/10/2015		78,028
	61,000	6.250%, 1/25/2016		67,119
		Societe Generale SA
	130,000	5.200%, 4/15/2021g		145,431
		Svenska Handelsbanken AB
	120,000	3.125%, 7/12/2016		127,776
		Swiss RE Capital I, LP
	125,000	6.854%, 5/29/2049g,h		132,812
		U.S. Bancorp
	75,000	1.650%, 5/15/2017		75,847
		UBS AG/Stamford, Connecticut
	124,000	5.875%, 12/20/2017		147,212
		UnitedHealth Group, Inc.
	62,000	0.850%, 10/15/2015		62,177
	31,000	1.400%, 10/15/2017		30,983
		Wachovia Corporation
	285,000	5.625%, 10/15/2016		327,379
		Wells Fargo & Company
	126,000	2.100%, 5/8/2017		129,569
		Total		15,318,861
	Foreign Government (<0.1%)
		Export-Import Bank of Korea
	122,000	1.250%, 11/20/2015		121,966
		Korea Finance Corporation
	65,000	2.250%, 8/7/2017		65,635
		Total		187,601
	Mortgage-Backed Securities (9.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	5,625,000	2.500%, 2/1/2028c		5,811,328
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	6,800,000	3.000%, 2/1/2043c		6,991,250
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	10,110,000	2.500%, 2/1/2028c		10,467,010
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	6,263,750	3.000%, 2/1/2043c		6,468,300
	14,130,000	3.500%, 2/1/2043c		14,900,526
	21,716,250	4.000%, 2/1/2043c		23,080,302
		Total		67,718,716
	Technology (0.4%)
		Amkor Technology, Inc.
	505,000	6.625%, 6/1/2021		516,363
		Computer Sciences Corporation
	98,000	2.500%, 9/15/2015		100,728

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Technology (0.4%) - continued
		Equinix, Inc.
	$505,000	8.125%, 3/1/2018		$554,238
		First Data Corporation
	520,000	7.375%, 6/15/2019g		547,300
		Hewlett-Packard Company
	130,000	2.125%, 9/13/2015		130,607
	146,000	2.600%, 9/15/2017f		142,994
		Intel Corporation
	122,000	4.000%, 12/15/2032		118,185
		Microsoft Corporation
	62,000	0.875%, 11/15/2017		61,432
		Oracle Corporation
	124,000	1.200%, 10/15/2017		123,650
	62,000	2.500%, 10/15/2022		60,766
		Samsung Electronics America, Inc.
	212,000	1.750%, 4/10/2017g		213,777
		Xerox Corporation
	130,000	7.200%, 4/1/2016		149,473
		Total		2,719,513
	Transportation (0.2%)
		Avis Budget Car Rental, LLC
	500,000	8.250%, 1/15/2019		553,750
		Continental Airlines, Inc.
	390,000	6.750%, 9/15/2015g		409,500
	75,000	4.150%, 4/11/2024		78,469
		CSX Corporation
	126,000	6.250%, 4/1/2015		140,558
		Delta Air Lines, Inc.
	196,000	6.750%, 5/23/2017		204,820
	33,000	4.750%, 5/7/2020		35,766
		ERAC USA Finance, LLC
	124,000	1.400%, 4/15/2016g		124,603
		Kansas City Southern de Mexico SA de CV
	150,000	8.000%, 2/1/2018		164,250
		Total		1,711,716
	U.S. Government and Agencies (1.8%)
		U.S. Treasury Bonds
	550,000	4.375%, 5/15/2040		686,641
	1,680,000	3.000%, 5/15/2042		1,633,800
		U.S. Treasury Notes
	250,000	0.750%, 6/15/2014		251,826
	550,000	0.125%, 7/31/2014		549,227
	2,120,000	2.500%, 4/30/2015i		2,224,011
	750,000	1.000%, 10/31/2016		761,484
	2,600,000	0.750%, 6/30/2017j		2,600,811
	500,000	0.750%, 12/31/2017		497,305
	1,200,000	0.875%, 7/31/2019		1,171,500
	1,660,000	1.625%, 8/15/2022		1,614,999
		Total		11,991,604
	Utilities (0.6%)
		American Electric Power Company, Inc.
	122,000	1.650%, 12/15/2017		121,931
		CenterPoint Energy, Inc.
	151,000	6.850%, 6/1/2015		169,687
		DCP Midstream Operating, LP
	61,000	2.500%, 12/1/2017		61,076

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

41

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (22.9%)	Value
	Utilities (0.6%) - continued
		Enel Finance International SA
	$100,000	3.875%, 10/7/2014g		$103,300
		Energy Transfer Partners, LP
	195,000	4.650%, 6/1/2021		210,111
		Enterprise Products Operating, LLC
	195,000	1.250%, 8/13/2015		196,503
		Exelon Corporation
	140,000	4.900%, 6/15/2015		152,193
		FirstEnergy Solutions Corporation
	275,000	4.800%, 2/15/2015		295,118
		Iberdrola Finance Ireland, Ltd.
	80,000	3.800%, 9/11/2014g		82,588
		ITC Holdings Corporation
	169,000	5.875%, 9/30/2016g		191,608
		Kinder Morgan Energy Partners, LP
	130,000	5.300%, 9/15/2020		149,587
	130,000	5.000%, 8/15/2042		131,114
		MarkWest Energy Partners, LP
	495,000	5.500%, 2/15/2023		522,225
		MidAmerican Energy Holdings Company
	130,000	6.500%, 9/15/2037		169,280
		NextEra Energy Capital Holdings, Inc.
	195,000	1.200%, 6/1/2015		196,565
		NiSource Finance Corporation
	75,000	5.950%, 6/15/2041		85,226
		NRG Energy, Inc.
	460,000	6.625%, 3/15/2023g		493,350
		ONEOK Partners, LP
	65,000	2.000%, 10/1/2017		65,513
	84,000	8.625%, 3/1/2019		111,855
		Pacific Gas & Electric Company
	191,000	5.625%, 11/30/2017		228,359
		PPL Capital Funding, Inc.
	122,000	3.500%, 12/1/2022		122,646
		Sempra Energy
	191,000	6.150%, 6/15/2018		233,691
		Williams Partners, LP
	65,000	7.250%, 2/1/2017		78,348
	65,000	5.250%, 3/15/2020		74,368
		Total		4,246,242
		Total Long-Term Fixed Income (cost $153,518,288)		156,912,009
Shares		Common Stock (11.5%)	Value
	Consumer Discretionary (1.8%)
	2,400	Amazon.com, Inc.d		637,200
	3,700	ANN, Inc.d		114,108
	1,899	Arctic Cat, Inc.d		68,630
	1,275	AutoZone, Inc.d		471,368
	4,300	Barnes & Noble, Inc.d		57,362
	2,800	Bed Bath & Beyond, Inc.d		164,360
	3,590	CBS Corporation		149,775
	1,800	Charter Communications, Inc.d		140,346
	8,400	Cheesecake Factory, Inc.		278,544
	7,400	Chico’s FAS, Inc.		132,682
	6,100	Children’s Place Retail Stores, Inc.d		304,024

Shares		Common Stock (11.5%)	Value
	Consumer Discretionary (1.8%) - continued
	3,700	Coinstar, Inc.d		$188,256
	25,700	Comcast Corporation		978,656
	7,478	Delphi Automotive plcd		289,099
	2,400	Dillard’s, Inc.		202,584
	2,800	DISH Network Corporation		104,356
	2,290	Dollar Tree, Inc.d		91,577
	4,200	Expedia, Inc.		274,050
	5,000	Express, Inc.d		91,900
	10,654	Foot Locker, Inc.		365,965
	8,100	Gap, Inc.		264,708
	8,200	GNC Holdings, Inc.		294,708
	2,300	Hanesbrands, Inc.d		86,204
	1,740	Harley-Davidson, Inc.		91,211
	8,400	Home Depot, Inc.		562,128
	2,170	iShares Dow Jones US Home Construction Index Fund		50,843
	14,908	Las Vegas Sands Corporation		823,667
	5,140	Life Time Fitness, Inc.d		260,752
	15,770	Lowe’s Companies, Inc.		602,256
	4,900	Macy’s, Inc.		193,599
	1,600	Marriott Vacations Worldwide Corporationd		71,008
	6,800	Meredith Corporation		246,568
	12,720	News Corporation		359,213
	12,800	NIKE, Inc.		691,840
	4,800	OfficeMax, Inc.		51,744
	2,100	Omnicom Group, Inc.		113,988
	1,300	O’Reilly Automotive, Inc.d		120,445
	428	Panera Bread Companyd		68,399
	1,800	Penn National Gaming, Inc.d		87,588
	900	PetSmart, Inc.		58,869
	15,949	Pier 1 Imports, Inc.		345,934
	1,100	Pool Corporation		50,402
	200	Priceline.com, Inc.d		137,094
	4,400	Pulte Group, Inc.d		91,256
	12,300	Sally Beauty Holdings, Inc.d		326,442
	13,900	Smith & Wesson Holding Corporationd		119,540
	2,800	Tempur-Pedic International, Inc.d		109,088
	3,630	Time Warner Cable, Inc.		324,304
	3,500	TJX Companies, Inc.		158,130
	2,800	Toll Brothers, Inc.d		104,860
	1,800	Valassis Communications, Inc.		50,508
		Total		12,022,138
	Consumer Staples (0.8%)
	5,238	Anheuser-Busch InBev NV ADR		464,087
	5,118	Annie’s, Inc.d		183,531
	4,050	British American Tobacco plc ADR		420,795
	4,700	Campbell Soup Company		172,537
	2,800	Colgate-Palmolive Company		300,636
	6,400	Constellation Brands, Inc.d		207,104
	15,030	CVS Caremark Corporation		769,536
	7,100	Dean Foods Companyd		130,001
	1,510	Diageo plc ADR		180,143
	1,700	Energizer Holdings, Inc.		147,917
	5,100	Herbalife, Ltd.		185,232
	5,212	Ingredion, Inc.		344,357
	2,290	Kimberly-Clark Corporation		204,978
	3,363	Kraft Foods Group, Inc.		155,438
	10,091	Mondelez International, Inc.		280,429
	6,700	Nestle SA		470,457

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

42

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (11.5%)	Value
	Consumer Staples (0.8%) - continued
	3,200	Nu Skin Enterprises, Inc.		$135,552
	2,573	Philip Morris International, Inc.		226,836
	2,900	Safeway, Inc.		55,825
	800	Sanderson Farms, Inc.		40,384
	1,000	Spectrum Brands Holdings, Inc.d		50,640
	1,802	TreeHouse Foods, Inc.d		95,380
	5,230	Unilever NV ADR		211,710
	1,900	USANA Health Sciences, Inc.d		67,355
	1,200	Wal-Mart Stores, Inc.		83,940
		Total		5,584,800
	Energy (1.1%)
	12,519	Alpha Natural Resources, Inc.d		110,918
	14,150	BP plc ADR		629,958
	3,000	Chevron Corporation		345,450
	12,500	Consol Energy, Inc.		391,750
	1,700	CVR Energy, Inc.d		99,875
	2,800	Delek US Holdings, Inc.		95,116
	1,700	Ensco plc		108,069
	4,023	EOG Resources, Inc.		502,795
	5,350	EQT Corporation		317,843
	9,800	Exxon Mobil Corporation		881,706
	5,800	HollyFrontier Corporation		302,876
	33,541	Marathon Oil Corporation		1,127,313
	4,500	Marathon Petroleum Corporation		333,945
	6,100	Oasis Petroleum, Inc.d		218,868
	6,100	Patterson-UTI Energy, Inc.		124,074
	13,650	Petroleum Geo-Services ASA		242,158
	800	Phillips 66		48,456
	7,670	Schlumberger, Ltd.		598,643
	3,000	Southwestern Energy Companyd		102,900
	1,200	Tesoro Corporation		58,428
	49,000	Weatherford International, Ltd.d		654,150
	4,700	Western Refining, Inc.		158,061
		Total		7,453,352
	Financials (2.1%)
	3,780	ACE, Ltd.		322,547
	2,376	Affiliated Managers Group, Inc.d		341,978
	1,300	Allied World Assurance Company Holdings AG		110,279
	4,580	Allstate Corporation		201,062
	2,600	American Assets Trust, Inc.		75,140
	1,700	American Campus Communities, Inc.		79,169
	7,400	Ameriprise Financial, Inc.		490,768
	17,100	Annaly Capital Management, Inc.		254,277
	2,000	Aspen Insurance Holdings, Ltd.		68,220
	2,200	Axis Capital Holdings, Ltd.		84,194
	49,480	Bank of America Corporation		560,114
	1,500	Banner Corporation		45,300
	3,800	BioMed Realty Trust, Inc.		77,330
	7,600	CapitalSource, Inc.		61,636
	6,200	CBL & Associates Properties, Inc.		133,238
	24,540	Citigroup, Inc.		1,034,606
	7,000	CME Group, Inc.		404,880
	1,600	Comerica, Inc.		54,976
	10,900	DCT Industrial Trust, Inc.		76,954
	2,600	Discover Financial Services		99,814
	3,100	Douglas Emmett, Inc.		72,292
	1,100	Equity Lifestyle Properties, Inc.		78,760
	2,100	Extra Space Storage, Inc.		83,664
	17,500	Fifth Third Bancorp		285,075
	8,480	HCC Insurance Holdings, Inc.		328,006

Shares		Common Stock (11.5%)	Value
	Financials (2.1%) - continued
	2,100	Highwoods Properties, Inc.		$75,600
	3,100	Home Loan Servicing Solutions, Ltd.		67,394
	9,939	Host Hotels & Resorts, Inc.		166,876
	18,800	Huntington Bancshares, Inc.		130,848
	11,650	Invesco, Ltd.		317,463
	3,200	iShares Russell 3000 Index Fund		285,504
	8,345	J.P. Morgan Chase & Company		392,632
	15,780	KKR & Company, LP		266,366
	3,273	Lazard, Ltd.		113,409
	1,000	M&T Bank Corporation		102,690
	14,530	MetLife, Inc.		542,550
	2,000	Montpelier Re Holdings, Inc.		48,760
	8,460	Morgan Stanley		193,311
	4,600	NASDAQ OMX Group, Inc.		130,272
	2,100	Northern Trust Corporation		108,087
	2,104	Och-Ziff Capital Management Group, LLC		20,830
	7,300	Ocwen Financial Corporationd		284,481
	3,000	Pebblebrook Hotel Trust		74,730
	3,400	PHH Corporationd		74,392
	5,100	Piedmont Office Realty Trust, Inc.		98,583
	20,253	Popular, Inc.d		543,591
	500	Portfolio Recovery Associates, Inc.d		53,475
	3,100	PrivateBancorp, Inc.		53,227
	1,400	ProAssurance Corporation		63,056
	2,500	Protective Life Corporation		79,100
	5,800	SLM Corporation		97,962
	14,100	SPDR S&P 500 ETF Trust		2,110,770
	5,220	State Street Corporation		290,493
	8,350	SVB Financial Groupd		554,189
	843	Taubman Centers, Inc.		68,705
	3,000	Tower Group, Inc.		57,900
	2,846	W.R. Berkley Corporation		117,170
	22,880	Wells Fargo & Company		796,910
	20,630	Zions Bancorporation		481,092
		Total		14,286,697
	Health Care (1.5%)
	1,200	Abbott Laboratories		40,656
	900	Aetna, Inc.		43,407
	6,700	Align Technology, Inc.d		210,112
	900	AmerisourceBergen Corporation		40,833
	3,500	Amgen, Inc.		299,110
	3,830	Baxter International, Inc.		259,827
	5,600	Biogen Idec, Inc.d		874,048
	892	C.R. Bard, Inc.		91,047
	3,500	Celgene Corporationd		346,360
	1,400	Charles River Laboratories International, Inc.d		57,848
	4,300	Community Health Systems, Inc.		164,819
	13,070	Covidien plc		814,784
	3,760	Eli Lilly and Company		201,874
	8,000	Endo Pharmaceutical Holdings, Inc.d		253,280
	9,100	Express Scripts Holding Companyd		486,122
	8,200	Gilead Sciences, Inc.d		323,490
	2,598	HeartWare International, Inc.d		234,807
	1,800	Illumina, Inc.d		91,134
	1,000	Jazz Pharmaceuticals, Inc.d		56,390
	1,000	Life Technologies Corporationd		64,690
	2,700	MedAssets, Inc.d		52,785

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

43

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (11.5%)	Value
	Health Care (1.5%) - continued
	3,000	Medicines Companyd		$89,640
	24,040	Merck & Company, Inc.		1,039,730
	3,000	Myriad Genetics, Inc.d		81,180
	1,500	PAREXEL International Corporationd		50,775
	7,184	PDL BioPharma, Inc.		49,426
	7,247	Pfizer, Inc.		197,698
	713	Pharmacyclics, Inc.d		49,432
	9,600	Questcor Pharmaceuticals, Inc.		244,608
	6,300	ResMed, Inc.		275,940
	8,950	Sanofi ADR		435,686
	4,400	Santarus, Inc.d		58,784
	5,100	Shire Pharmaceuticals Group plc ADR		510,714
	3,800	Spectrum Pharmaceuticals, Inc.		47,918
	5,400	Thoratec Corporationd		197,262
	7,301	United Therapeutics Corporationd		393,451
	20,580	UnitedHealth Group, Inc.		1,136,222
	1,700	Vertex Pharmaceuticals, Inc.d		76,126
	14,800	VIVUS, Inc.d		179,228
	800	Waters Corporationd		73,256
	1,537	Zimmer Holdings, Inc.		114,660
		Total		10,309,159
	Industrials (1.2%)
	9,300	Actuant Corporation		274,164
	4,200	Acuity Brands, Inc.		288,960
	5,400	ADT Corporation		256,500
	3,778	CSX Corporation		83,229
	1,600	Deluxe Corporation		58,864
	9,251	EMCOR Group, Inc.		336,089
	1,300	EnerSys, Inc.d		53,209
	2,970	FedEx Corporation		301,307
	600	Flowserve Corporation		94,062
	6,300	GATX Corporation		298,305
	6,244	General Electric Company		139,116
	9,200	HNI Corporation		290,444
	13,289	Honeywell International, Inc.		906,841
	1,200	Huntington Ingalls Industries, Inc.		53,160
	3,700	Ingersoll-Rand plc		190,143
	17,510	Jacobs Engineering Group, Inc.d		842,406
	1,900	L-3 Communications Holdings, Inc.		144,248
	5,100	Landstar System, Inc.		290,904
	1,400	Lockheed Martin Corporation		121,618
	5,793	Manitowoc Company, Inc.		101,957
	7,600	Manpower, Inc.		391,400
	7,400	McDermott International, Inc.d		90,058
	5,004	Oshkosh Corporationd		196,057
	8,077	Parker Hannifin Corporation		750,919
	3,740	Pentair, Ltd.		189,543
	8,700	Southwest Airlines Company		97,527
	1,300	SPX Corporation		97,019
	1,100	Trex Company, Inc.d		46,475
	7,200	Tyco International, Ltd.		217,656
	5,297	United Technologies Corporation		463,858
	18,600	US Airways Group, Inc.d		265,608
	6,900	Woodward, Inc.		265,029
		Total		8,196,675
	Information Technology (2.3%)
	18,800	Activision Blizzard, Inc.		214,132

Shares		Common Stock (11.5%)	Value
	Information Technology (2.3%) - continued
	1,800	Alliance Data Systems Corporationd		$283,680
	7,800	AOL, Inc.d		239,070
	4,767	Apple, Inc.		2,170,463
	9,832	Applied Materials, Inc.		126,931
	10,400	Aruba Networks, Inc.d		239,616
	45,100	Atmel Corporationd		302,170
	2,700	Autodesk, Inc.d		104,976
	3,900	BMC Software, Inc.d		162,045
	33,400	Brocade Communications Systems, Inc.d		191,048
	900	CACI International, Inc.d		48,267
	7,200	Cavium, Inc.d		240,768
	23,000	Cisco Systems, Inc.		473,110
	9,000	Citrix Systems, Inc.d		658,440
	3,700	Computer Sciences Corporation		154,660
	12,177	CoreLogic, Inc.d		319,524
	10,675	eBay, Inc.d		597,053
	2,800	Ebix, Inc.		45,752
	1,700	EMC Corporationd		41,837
	11,600	ExactTarget, Inc.d		255,084
	1,000	Fair Isaac Corporation		45,070
	1,522	Google, Inc.d		1,150,160
	7,800	Informatica Corporationd		288,678
	900	InterDigital, Inc.		39,051
	2,349	Itron, Inc.d		108,970
	1,400	j2 Global, Inc.		44,548
	5,204	Juniper Networks, Inc.d		116,465
	22,844	Microsoft Corporation		627,525
	22,460	NetApp, Inc.d		808,560
	2,200	NetScout Systems, Inc.d		57,266
	9,552	NVIDIA Corporation		117,108
	35,570	Oracle Corporation		1,263,091
	6,614	Plantronics, Inc.		271,968
	8,300	QUALCOMM, Inc.		548,049
	16,570	Symantec Corporationd		360,729
	24,170	Teradyne, Inc.d		390,587
	25,850	Texas Instruments, Inc.		855,118
	10,371	TriQuint Semiconductor, Inc.d		54,448
	2,200	ValueClick, Inc.d		45,034
	8,700	VeriFone Systems, Inc.d		302,064
	24,500	Vishay Intertechnology, Inc.d		269,255
	4,000	VMware, Inc.d		305,920
	6,200	Western Digital Corporation		291,400
	39	Workday, Inc.d		2,083
	11,266	Xilinx, Inc.		411,096
	18,600	Yahoo!, Inc.d		365,118
		Total		16,007,987
	Materials (0.3%)
	2,800	Axiall Corporation		157,304
	4,400	Buckeye Technologies, Inc.		126,500
	1,000	CF Industries Holdings, Inc.		229,170
	5,870	Dow Chemical Company		189,014
	2,900	Eagle Materials, Inc.		187,833
	4,500	H.B. Fuller Company		175,860
	9,600	Huntsman Corporation		169,248
	4,360	Nucor Corporation		200,604
	2,348	Silgan Holdings, Inc.		100,729
	2,781	Southern Copper Corporation		109,544
	9,015	Steel Dynamics, Inc.		137,118
	8,500	SunCoke Energy, Inc.d		140,930

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

44

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (11.5%)	Value
	Materials (0.3%) - continued
	5,800	Teck Resources, Ltd.		$211,642
		Total		2,135,496
	Telecommunications Services (0.1%)
	8,113	Verizon Communications, Inc.		353,808
		Total		353,808
	Utilities (0.3%)
	3,400	Calpine Corporationd		67,082
	5,300	CMS Energy Corporation		136,210
	13,700	NiSource, Inc.		370,311
	14,004	NV Energy, Inc.		265,096
	12,740	PG&E Corporation		543,234
	11,300	PNM Resources, Inc.		241,368
	2,800	Public Service Enterprise Group, Inc.		87,304
	5,332	Southwest Gas Corporation		237,487
	3,500	Wisconsin Energy Corporation		138,005
		Total		2,086,097
		Total Common Stock (cost $67,929,110)		78,436,209
Shares		Collateral Held for Securities Loaned (0.4%)	Value
	2,489,782	Thrivent Cash Management Trust		2,489,782
		Total Collateral Held for Securities Loaned (cost $2,489,782)		2,489,782
Shares or Principal Amount		Short-Term Investments (15.9%)	Value
		Federal Home Loan Bank Discount Notes
	2,000,000	0.100%, 6/7/2013i,k		1,999,300
	105,849,529	Thrivent Cash Management Trust		105,849,529
		U.S. Treasury Bills
	1,100,000	0.085%, 6/13/2013i,k		1,099,657
		Total Short-Term Investments (at amortized cost)		108,948,486
		Total Investments (cost $692,198,694) 108.3%		$740,808,087
		Other Assets and Liabilities, Net (8.3%)		(56,807,081)
		Total Net Assets 100.0%		$684,001,006

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.

d Non-income producing security.

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 January 31, 2013.

f All or a portion of the security is on loan.

g 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 January 31, 2013, the value of these investments was $10,824,030 or 1.6% of total net assets.

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

i At January 31, 2013, $4,148,019 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

j At January 31, 2013, $500,156 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

k 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	$50,973,469
Gross unrealized depreciation	(2,364,076)
Net unrealized appreciation (depreciation)	$48,609,393
Cost for federal income tax purposes	$692,198,694

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

45

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Moderately Conservative Allocation Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,478,969		–		2,478,969		–
Capital Goods		837,382		–		837,382		–
Communications Services		6,840,362		–		6,840,362		–
Consumer Cyclical		2,182,098		–		2,182,098		–
Consumer Non-Cyclical		4,421,741		–		4,421,741		–
Energy		2,661,520		–		2,661,520		–
Financials		992,936		–		992,936		–
Technology		2,209,947		–		2,209,947		–
Transportation		421,569		–		421,569		–
Utilities		1,073,971		–		1,073,971		–
Mutual Funds
Equity Mutual Funds		151,115,209		151,115,209		–		–
Fixed Income Mutual Funds		218,785,897		218,785,897		–		–
Long-Term Fixed Income
Asset-Backed Securities		2,048,046		–		2,048,046		–
Basic Materials		1,742,510		–		1,742,510		–
Capital Goods		2,950,179		–		2,950,179		–
Collateralized Mortgage Obligations		10,123,097		–		10,123,097		–
Commercial Mortgage-Backed Securities		13,636,474		–		13,636,474		–
Communications Services		7,719,462		–		7,719,462		–
Consumer Cyclical		5,184,230		–		5,184,230		–
Consumer Non-Cyclical		5,769,990		–		5,769,990		–
Energy		3,843,768		–		3,843,768		–
Financials		15,318,861		–		15,318,861		–
Foreign Government		187,601		–		187,601		–
Mortgage-Backed Securities		67,718,716		–		67,718,716		–
Technology		2,719,513		–		2,719,513		–
Transportation		1,711,716		–		1,711,716		–
U.S. Government and Agencies		11,991,604		–		11,991,604		–
Utilities		4,246,242		–		4,246,242		–
Common Stock
Consumer Discretionary		12,022,138		12,022,138		–		–
Consumer Staples		5,584,800		5,114,343		470,457		–
Energy		7,453,352		7,211,194		242,158		–
Financials		14,286,697		14,286,697		–		–
Health Care		10,309,159		10,309,159		–		–
Industrials		8,196,675		8,196,675		–		–
Information Technology		16,007,987		16,007,987		–		–
Materials		2,135,496		2,135,496		–		–
Telecommunications Services		353,808		353,808		–		–
Utilities		2,086,097		2,086,097		–		–
Collateral Held for Securities Loaned		2,489,782		2,489,782		–		–
Short-Term Investments		108,948,486		105,849,529		3,098,957		–
Total		$740,808,087		$555,964,011		$184,844,076		$–
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,261,525		728,262		533,263		–
Total Asset Derivatives		$1,261,525		$728,262		$533,263		$–
Liability Derivatives
Futures Contracts		1,979,043		1,979,043		–		–
Foreign Currency Forward Contracts		198		–		198		–
Credit Default Swaps		196,398		–		196,398		–
Total Liability Derivatives		$2,175,639		$1,979,043		$196,596		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

46

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(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)		March 2013		($17,631,006)		($17,633,750)		($2,744)
5-Yr. U.S. Treasury Bond Futures	(75)		March 2013		(9,346,646)		(9,280,078)		66,568
30-Yr. U.S. Treasury Bond Futures	185		March 2013		27,616,151		26,541,719		(1,074,432)
Eurex EURO STOXX 50 Futures	597		March 2013		20,892,768		21,426,031		533,263
Russell 2000 Index Mini-Futures	(52)		March 2013		(4,394,966)		(4,680,520)		(285,554)
S&P 400 Index Mini-Futures	(75)		March 2013		(7,567,688)		(8,184,001)		(616,313)
S&P 500 Index Futures	51		March 2013		18,377,881		19,039,575		661,694
Total Futures Contracts									($717,518)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Euro	SSB		119,400		2/1/2013		$162,318		$162,120		($198)
Total Purchases							$162,318		$162,120		($198)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts											($198)

Counterparty
SSB	-	State Street Bank

Credit Default Swaps and Counterparty	Buy/Sell Protection1	Termination Date		Notional Principal Amount2		Upfront Payments Received (Made)		Value3		Unrealized Gain/(Loss)
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		$10,000,000		$127,670		($225,892)		($98,222)
5.00%; Bank of America
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		3,300,000		42,130		(74,544)		(32,414)
5.00%; J.P. Morgan Chase and Co.
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		6,700,000		85,586		(151,348)		(65,762)
5.00%; J.P. Morgan Chase and Co.
Total Credit Default Swaps									($451,784)		($196,398)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

47

Moderately Conservative Allocation Fund

Schedule of Investments as of January 31, 2013

(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 Moderately Conservative Allocation Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Natural Resources		$10,774,267		$98,908		$–		1,208,229		$11,671,493		$98,908
Partner Small Cap Value		10,519,404		421,807		–		651,587		11,637,342		243,215
Small Cap Stock		2,700,338		–		–		167,827		2,958,792		–
Partner Mid Cap Value		14,034,157		458,574		–		1,127,070		15,531,020		158,466
Mid Cap Stock		7,087,492		31,478		–		428,044		7,816,088		31,478
Partner Worldwide Allocation		38,618,651		933,130		–		4,497,042		42,227,222		933,130
Large Cap Growth		14,211,821		93,591		–		2,420,570		15,249,593		93,591
Large Cap Value		35,218,971		739,718		–		2,436,430		38,446,866		739,718
Large Cap Stock		711,277		49,630		–		32,064		762,812		11,326
Equity Income Plus		4,580,526		35,944		–		480,437		4,813,981		35,944
High Yield		24,865,728		407,406		472,896		4,950,062		25,245,315		409,931
Income		77,051,939		695,004		1,229,529		8,166,073		75,862,819		695,047
Government Bond		12,284,114		489,863		189,158		1,170,913		12,013,571		31,829
Limited Maturity Bond		111,436,908		357,462		6,131,953		8,372,757		105,664,192		357,592
Cash Management Trust- Collateral Investment		2,059,172		3,487,280		3,056,670		2,489,782		2,489,782		2,109
Cash Management Trust- Short Term Investment		65,969,481		67,104,324		27,224,276		105,849,529		105,849,529		26,329
Total Value and Income Earned		432,124,246								478,240,417		3,868,613

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

48

Partner Emerging Markets Equity Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (96.8%)	Value
	Bermuda (2.0%)
	219,000	Pacific Basin Shipping, Ltd.		$127,411
	17,612	VimpelCom, Ltd.		211,520
		Total		338,931
	Brazil (7.9%)
	13,204	Autometal SA		145,609
	20,800	Cia Paranaense de Energia		340,513
	15,700	Cyrela Brazil Realty SA Empreendimentos e Participacoes		138,366
	43,600	Embraer SA		360,168
	24,600	Even Construtora e Incorporadora SA		120,693
	47,311	MMX Mineracao e Metalicos SAa		80,462
	13,300	Sul America SA		124,361
		Total		1,310,172
	Chile (3.2%)
	118,975	Aguas Andinas SA		87,380
	13,935	Cia Cervecerias Unidas SA		445,223
		Total		532,603
	China (8.1%)
	212,000	China Petroleum & Chemical Corporation		257,218
	184,000	Dongfeng Motor Group Company, Ltd.		301,167
	312,000	PetroChina Company, Ltd.		442,438
	208,000	Yanzhou Coal Mining Company, Ltd.		354,424
		Total		1,355,247
	Colombia (2.6%)
	25,058	Bancolombia SA		430,192
		Total		430,192
	Czech Republic (1.9%)
	1,598	Komercni Banka AS		323,539
		Total		323,539
	Egypt (0.4%)
	45,783	Ezz Steel		68,042
		Total		68,042
	Hong Kong (6.0%)
	63,000	China Mobile, Ltd.		688,855
	14,000	China Overseas Land & Investment, Ltd.		43,421
	145,000	Sinotruk Hong Kong, Ltd.		97,124
	41,000	Weichai Power Company, Ltd.		169,190
		Total		998,590
	Hungary (0.2%)
	363	EGIS Pharmaceuticals plc		31,217
		Total		31,217
	India (3.6%)
	3,886	Infosys, Ltd. ADR		204,870
	11,782	Reliance Industries, Ltd.b		394,602
		Total		599,472

Shares		Common Stock (96.8%)	Value
	Indonesia (4.2%)
	14,567	Bank Rakyat Indonesia Persero Tbk PT		$238,753
	41,500	Indo Tambangraya Megah Tbk PT		176,665
	85,000	United Tractors Tbk PT		172,812
	8,505	Vale Indonesia Tbk PT		120,065
		Total		708,295
	Lebanon (0.1%)
	1,951	Solidere		24,505
		Total		24,505
	Luxembourg (1.6%)
	11,073	Ternium SA ADR		261,655
		Total		261,655
	Malaysia (3.2%)
	100,100	Genting Berhad		306,001
	78,200	Malayan Banking Berhad		223,500
		Total		529,501
	Mexico (2.8%)
	373,100	America Movil SAB de CV		470,681
		Total		470,681
	Panama (1.8%)
	2,678	Copa Holdings SA		293,509
		Total		293,509
	Poland (5.0%)
	8,401	Bank Handlowy w Warszawie SA		260,238
	6,080	Bank Pekao SA		299,045
	12,154	Grupa Lotos SAa		157,437
	29,336	Telekomunikacja Polska SA		113,911
		Total		830,631
	Russia (6.2%)
	80,629	Gazprom OAO		761,944
	4,467	Novolipetsk Steel OJSC		94,857
	12,220	Sberbank of Russia		180,001
		Total		1,036,802
	South Africa (8.3%)
	22,319	ABSA Group, Ltd.		427,236
	1,733	AngloGold Ashanti, Ltd.		48,559
	29,142	Aveng, Ltd.		101,810
	8,122	Impala Platinum Holdings, Ltd.		147,212
	18,897	MTN Group, Ltd.		369,732
	44,042	PPC, Ltd.		161,250
	14,645	Reunert, Ltd.		122,143
		Total		1,377,942
	South Korea (10.4%)
	1,696	Hyundai Heavy Industries Company, Ltd.		334,883
	970	Hyundai Mobis		254,023
	19,680	LG Uplus Corporationa		147,138
	1,550	POSCO ADR		126,263
	2,420	Samsung Heavy Industries Company, Ltd.		85,035
	14,246	Shinhan Financial Group Company, Ltd.		535,233

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

49

Partner Emerging Markets Equity Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (96.8%)	Value
	South Korea (10.4%) - continued
	1,262	Shinsegae Company, Ltd.		$254,988
		Total		1,737,563
	Taiwan (6.2%)
	45,000	Advanced Semiconductor Engineering, Inc.		36,321
	44,000	Chipbond Technology Corporation		90,531
	423,000	Compal Electronics, Inc.		307,631
	35,000	Novatek Microelectronics Corporation		139,259
	41,000	Taiwan Fertilizer Company, Ltd.		101,756
	7,720	Taiwan Semiconductor Manufacturing Company, Ltd. ADR		136,953
	5,000	TPK Holding Company, Ltd.		86,166
	379,000	Walsin Lihwa Corporationa		127,844
		Total		1,026,461
	Thailand (3.3%)
	30,900	Kasikornbank pcl		205,755
	138,100	Thai Oil pcl		341,532
		Total		547,287
	Turkey (0.3%)
	4,886	Ford Otomotiv Sanayi AS		55,573
		Total		55,573
	United Kingdom (1.1%)
	14,593	Hikma Pharmaceuticals plc		186,577
		Total		186,577
	United States (6.4%)
	16,430	iShares MSCI Emerging Markets Index Fund		726,534
	7,460	Vanguard MSCI Emerging Markets ETF		332,418
		Total		1,058,952
		Total Common Stock (cost $14,935,046)		16,133,939
Shares		Preferred Stock (2.2%)	Value
	Brazil (2.2%)
	19,200	Vale SA		373,134
		Total		373,134
		Total Preferred Stock (cost $330,969)		373,134
Shares or Principal Amount		Short-Term Investments (1.0%)	Value
	162,467	Thrivent Cash Management Trust		162,467
		Total Short-Term Investments (at amortized cost)		162,467
		Total Investments (cost $15,428,482) 100.0%		$16,669,540
		Other Assets and Liabilities, Net 0.0%		6,729
		Total Net Assets 100.0%		$16,676,269

a Non-income producing security.

b 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 January 31, 2013, the value of these investments was $394,602 or 2.4% of total net assets.

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	$1,476,670
Gross unrealized depreciation	(235,612)
Net unrealized appreciation (depreciation)	$1,241,058
Cost for federal income tax purposes	$15,428,482

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

50

Partner Emerging Markets Equity Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Partner Emerging Markets Equity Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Communications Services		1,101,462		–		1,101,462		–
Consumer Discretionary		1,745,610		–		1,745,610		–
Consumer Staples		445,223		445,223		–		–
Energy		2,886,260		761,944		2,124,316		–
Financials		4,331,310		1,477,706		2,853,604		–
Health Care		217,794		–		217,794		–
Industrials		2,173,791		293,509		1,880,282		–
Information Technology		694,100		341,823		352,277		–
Materials		1,210,121		556,542		653,579		–
Telecommunications Services		900,375		211,520		688,855		–
Utilities		427,893		–		427,893		–
Preferred Stock
Materials		373,134		–		373,134		–
Short-Term Investments		162,467		162,467		–		–
Total		$16,669,540		$4,250,734		$12,418,806		$–
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Foreign Currency Forward Contracts		47		–		47		–
Total Liability Derivatives		$47		$–		$47		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales
Brazilian Real	RBS		36,778		2/4/2013		$18,453		$18,468		($15)
Hong Kong Dollar	RBS		76,421		2/1/2013		9,853		9,854		(1)
Polish Zloty	RBS		4,648		2/4/2013		1,499		1,504		(5)
South African Rand	BB		21,073		2/1/2013		2,330		2,356		(26)
Total Sales							$32,135		$32,182		($47)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts											($47)

Counterparty
BB	-	Barclays Bank
RBS	-	The Royal Bank of Scotland

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 Partner Emerging Markets Equity Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Short Term Investment		$124,811		$1,345,818		$1,308,162		162,467		$162,467		$56
Total Value and Income Earned		124,811								162,467		56

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

51

Partner Small Cap Growth Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (97.9%)	Value
	Consumer Discretionary (17.6%)
	22,010	Aeropostale, Inc.a		$297,795
	39,260	ANN, Inc.a		1,210,779
	5,820	Asbury Automotive Group, Inc.a		206,959
	22,320	BJ’s Restaurants, Inc.a		713,570
	33,190	Brunswick Corporation		1,200,151
	3,800	Buffalo Wild Wings, Inc.a		279,490
	7,060	Children’s Place Retail Stores, Inc.a		351,870
	9,080	Cracker Barrel Old Country Store, Inc.		588,566
	20	Dorman Products, Inc.		693
	14,870	DSW, Inc.		995,249
	24,470	Five Below, Inc.a,b		905,390
	17,520	Hibbett Sports, Inc.a		922,603
	39,220	HomeAway, Inc.a,b		940,103
	41,210	Imax Corporationa,b		973,792
	34,850	Meritage Homes Corporationa		1,541,764
	4,770	Movado Group, Inc.		174,391
	7,550	Oxford Industries, Inc.		372,819
	4,780	Red Robin Gourmet Burgers, Inc.a		176,717
	9,910	Select Comfort Corporationa		218,218
	87,870	SHFL entertainment, Inc.a		1,300,476
	32,770	Shutterfly, Inc.a		1,084,032
	35,940	Sonic Automotive, Inc.		872,264
	29,060	Sotheby’s Holdings, Inc.		1,043,835
	11,700	Stamps.com, Inc.a		315,783
	25,395	Steven Madden, Ltd.a		1,170,202
	33,900	Tenneco, Inc.a		1,185,144
	50,130	Texas Roadhouse, Inc.		881,787
	4,760	Ulta Salon Cosmetics & Fragrance, Inc.		465,623
	19,010	Vail Resorts, Inc.		1,004,679
	40,060	Vera Bradley, Inc.a,b		1,013,117
	33,680	Vitamin Shoppe, Inc.a		2,057,174
	33,860	Zumiez, Inc.a,b		714,446
		Total		25,179,481
	Consumer Staples (4.3%)
	51,450	B&G Foods, Inc.		1,630,965
	1,330	Boston Beer Company, Inc.a,b		186,652
	16,580	Hain Celestial Group, Inc.a		944,894
	32,130	Susser Holdings Corporationa		1,344,962
	4,410	TreeHouse Foods, Inc.a		233,421
	32,760	United Natural Foods, Inc.a		1,768,385
		Total		6,109,279
	Energy (5.2%)
	8,020	Alon USA Energy, Inc.		157,353
	4,690	Bonanza Creek Energy, Inc.a,b		144,827
	48,020	Comstock Resources, Inc.a		700,612
	13,710	Diamondback Energy, Inc.a		307,378
	16,960	Dril-Quip, Inc.a		1,375,287
	37,070	Energy XXI, Ltd.		1,161,032
	23,970	Gulfport Energy Corporationa		989,242
	11,103	Halcon Resources Corporationa		84,827
	120,140	Kodiak Oil & Gas Corporationa		1,105,288
	2,990	Lufkin Industries, Inc.		173,151
	30,510	Rex Energy Corporationa		400,596
	35,540	Stone Energy Corporationa		799,650
		Total		7,399,243
	Financials (8.0%)
	38,840	Alterra Capital Holdings, Ltd.		1,183,455
	27,650	Bank of the Ozarks, Inc.		1,004,248

Shares		Common Stock (97.9%)	Value
	Financials (8.0%) - continued
	46,290	Colonial Properties Trust		$1,014,214
	141,830	Education Realty Trust, Inc.		1,524,673
	47,940	Equity One, Inc.		1,083,923
	27,860	Highwoods Properties, Inc.		1,002,960
	12,990	Home Loan Servicing Solutions, Ltd.		282,403
	11,180	iSTAR Financial, Inc.		108,496
	3,990	Oriental Financial Group, Inc.		57,336
	20,460	ProAssurance Corporation		921,518
	6,920	Sovran Self Storage, Inc.		451,461
	7,580	Stewart Information Services Corporation		201,325
	8,070	Sun Communities, Inc.		346,606
	26,310	Texas Capital Bancshares, Inc.a		1,089,234
	13,700	Umpqua Holdings Corporation		173,168
	4,710	Walter Investment Management Corporationa		211,055
	20,040	Zillow, Inc.a,b		758,314
		Total		11,414,389
	Health Care (18.5%)
	46,750	Acadia Healthcare Company, Inc.a		1,195,398
	101,600	ACADIA Pharmaceuticals, Inc.a		612,648
	33,340	Affymax, Inc.a		627,125
	35,980	Air Methods Corporation		1,573,046
	91,180	Akorn, Inc.a		1,193,546
	39,780	Align Technology, Inc.a		1,247,501
	6,990	Analogic Corporation		532,568
	19,200	ArthroCare Corporationa		699,456
	49,610	Bruker Corporationa		836,921
	20,474	Catamaran Corporationa		1,062,396
	5,050	Computer Programs and Systems, Inc.		265,680
	28,360	Cubist Pharmaceuticals, Inc.a		1,220,614
	9,990	Cyberonics, Inc.a		433,166
	7,650	Cynosure, Inc.a		204,255
	7,270	Emeritus Corporationa		196,872
	49,360	Endologix, Inc.a		756,689
	42,150	Incyte Corporationa,b		774,717
	33,460	Integra LifeSciences Holdings Corporationa		1,410,339
	10,160	Molina Healthcare, Inc.a		291,694
	13,160	Onyx Pharmaceuticals, Inc.a		1,020,163
	6,610	Orthofix International NVa		252,171
	40,150	PAREXEL International Corporationa		1,359,077
	20,730	Pharmacyclics, Inc.a		1,437,211
	3,740	QLT, Inc.a		29,883
	14,990	Santarus, Inc.a		200,266
	18,620	Sarepta Therapeutics, Inc.a,b		503,671
	14,060	Sirona Dental Systems, Inc.a		934,568
	18,980	Synageva BioPharma Corporationa		878,015
	32,310	Team Health Holdings, Inc.a		1,094,340
	23,540	Teleflex, Inc.		1,765,500
	32,380	Viropharma, Inc.a		863,251
	16,930	West Pharmaceutical Services, Inc.		1,002,425
		Total		26,475,172
	Industrials (16.9%)
	9,790	AAR Corporation		184,541
	24,900	Alaska Air Group, Inc.a		1,148,637
	54,360	Avis Budget Group, Inc.a,b		1,170,371

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

52

Partner Small Cap Growth Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (97.9%)	Value
	Industrials (16.9%) - continued
	25,960	Belden, Inc.		$1,249,974
	21,640	CAI International, Inc.a		542,731
	21,010	Chart Industries, Inc.a		1,390,652
	17,620	Clean Harbors, Inc.a		979,496
	21,130	Colfax Corporationa		942,609
	5,300	Copa Holdings SA		580,880
	7,820	EnPro Industries, Inc.a		347,834
	4,510	ESCO Technologies, Inc.		185,677
	18,280	Genesee & Wyoming, Inc.a		1,546,122
	37,960	Healthcare Services Group, Inc.		916,734
	54,970	Hexcel Corporationa		1,472,646
	21,960	Huron Consulting Group, Inc.a		748,836
	41,730	Kforce, Inc.		574,205
	5,540	Middleby Corporationa		783,134
	40,990	Old Dominion Freight Line, Inc.a		1,528,107
	13,680	On Assignment, Inc.a		334,476
	3,300	Proto Labs, Inc.a		135,729
	2,480	RBC Bearings, Inc.a		130,770
	44,030	Thermon Group Holdings, Inc.a		1,065,526
	59,240	Titan International, Inc.b		1,438,940
	5,750	Trex Company, Inc.a		242,938
	7,340	Triumph Group, Inc.		516,516
	55,730	TrueBlue, Inc.a		957,999
	66,510	US Airways Group, Inc.a,b		949,763
	30,350	USG Corporationa,b		891,986
	30,610	Woodward, Inc.		1,175,730
		Total		24,133,559
	Information Technology (21.8%)
	33,330	Allot Communications, Ltd.a		459,621
	4,010	ANSYS, Inc.a		295,136
	32,750	Aspen Technology, Inc.a		1,002,150
	37,920	Bottomline Technologies, Inc.a		1,102,714
	29,970	BroadSoft, Inc.a,b		1,018,081
	57,410	Cardtronics, Inc.a		1,486,345
	40,060	Cavium, Inc.a		1,339,606
	66,110	Ciena Corporationa		1,035,283
	28,580	Cognex Corporation		1,133,483
	4,580	Coherent, Inc.		253,778
	12,740	CommVault Systems, Inc.a		977,540
	36,360	Cornerstone OnDemand, Inc.a		1,188,245
	15,820	Electronics for Imaging, Inc.a		357,848
	58,540	Finisar Corporationa,b		907,370
	40,410	Fusion-io, Inc.a,b		706,367
	21,410	GSI Group, Inc.a		203,395
	30,970	Guidewire Software, Inc.a		1,025,726
	7,370	Heartland Payment Systems, Inc.		234,071
	7,880	Imperva, Inc.a		270,284
	15,640	IPG Photonics Corporationb		1,024,107
	5,220	Magnachip Semiconductor Corporationa		83,624
	5,750	Manhattan Associates, Inc.a		393,932
	25,960	MAXIMUS, Inc.		1,780,077
	57,590	Monolithic Power Systems, Inc.		1,341,847
	5,420	NETGEAR, Inc.a		190,296
	44,990	NetScout Systems, Inc.a		1,171,090
	23,340	OSI Systems, Inc.a		1,271,096
	10,480	Procera Networks, Inc.a		176,378
	47,950	QLIK Technologies, Inc.a		1,064,970
	2,610	Radware, Inc.a		94,926
	227,120	RF Micro Devices, Inc.a		1,135,600
	40,740	Semtech Corporationa		1,228,718
	19,650	Sourcefire, Inc.a		837,090
	9,220	Stratasys, Ltd.a		723,586

Shares		Common Stock (97.9%)	Value
	Information Technology (21.8%) - continued
	11,820	SunPower Corporationa,b		$92,078
	10,210	Synchronoss Technologies, Inc.a		243,100
	32,330	Teradyne, Inc.a		522,453
	7,950	Tyler Technologies, Inc.a		429,697
	12,420	Ultimate Software Group, Inc.a		1,261,127
	27,290	Ultratech, Inc.a		1,111,522
		Total		31,174,357
	Materials (4.8%)
	143,060	Boise, Inc.		1,180,245
	18,070	Carpenter Technology Corporation		945,603
	52,680	Chemtura Corporationa		1,249,570
	58,790	Commercial Metals Company		978,853
	12,890	KapStone Paper and Packaging Corporation		309,360
	52,190	Louisiana-Pacific Corporationa		1,014,052
	21,610	Methanex Corporation		774,827
	9,090	Rentech Nitrogen Partners, LP		438,865
		Total		6,891,375
	Telecommunications Services (0.7%)
	37,900	Cogent Communications Group, Inc.		938,783
		Total		938,783
	Utilities (0.1%)
	4,080	Artesian Resources Corporation		92,412
		Total		92,412
		Total Common Stock (cost $115,299,849)		139,808,050
Shares		Collateral Held for Securities Loaned (9.7%)	Value
	13,890,987	Thrivent Cash Management Trust		13,890,987
		Total Collateral Held for Securities Loaned (cost $13,890,987)		13,890,987
Shares or Principal Amount		Short-Term Investments (2.3%)	Value
	3,274,182	Thrivent Cash Management Trust		3,274,182
		Total Short-Term Investments (at amortized cost)		3,274,182
		Total Investments (cost $132,465,018) 109.9%		$156,973,219
		Other Assets and Liabilities, Net (9.9%)		(14,190,131)
		Total Net Assets 100.0%		$142,783,088

a Non-income producing security.

b All or a portion of the security is on loan.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

53

Partner Small Cap Growth Fund

Schedule of Investments as of January 31, 2013

(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	$26,700,684
Gross unrealized depreciation	(2,192,483)
Net unrealized appreciation (depreciation)	$24,508,201
Cost for federal income tax purposes	$132,465,018

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		25,179,481		25,179,481		–		–
Consumer Staples		6,109,279		6,109,279		–		–
Energy		7,399,243		7,399,243		–		–
Financials		11,414,389		11,414,389		–		–
Health Care		26,475,172		26,475,172		–		–
Industrials		24,133,559		24,133,559		–		–
Information Technology		31,174,357		31,174,357		–		–
Materials		6,891,375		6,891,375		–		–
Telecommunications Services		938,783		938,783		–		–
Utilities		92,412		92,412		–		–
Collateral Held for Securities Loaned		13,890,987		13,890,987		–		–
Short-Term Investments		3,274,182		3,274,182		–		–
Total		$156,973,219		$156,973,219		$–		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Partner Small Cap Growth Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$14,689,588		$19,160,060		$19,958,661		13,890,987		$13,890,987		$24,751
Cash Management Trust- Short Term Investment		3,459,124		7,794,715		7,979,657		3,274,182		3,274,182		902
Total Value and Income Earned		18,148,712								17,165,169		25,653

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

54

Partner Small Cap Value Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (97.6%)	Value
	Consumer Discretionary (15.3%)
	172,000	Aaron’s, Inc.		$5,099,800
	24,300	Ascent Capital Group, Inc.a		1,548,153
	46,000	CSS Industries, Inc.		1,044,660
	76,200	Dorman Products, Inc.		2,638,806
	83,500	Drew Industries, Inc.		3,057,770
	51,000	Ethan Allen Interiors, Inc.b		1,474,410
	112,000	Fifth & Pacific Companies, Inc.a		1,691,200
	73,000	Fred’s, Inc.b		965,060
	81,000	Haverty Furniture Companies, Inc.		1,458,000
	36,000	Hooker Furniture Corporation		543,600
	54,000	M/I Homes, Inc.a		1,470,960
	82,000	MarineMax, Inc.a		957,760
	48,500	Matthews International Corporation		1,588,860
	63,400	Men’s Wearhouse, Inc.		1,924,190
	85,500	Meritage Homes Corporationa		3,782,520
	143,900	Modine Manufacturing Companya		1,220,272
	157,600	Orient-Express Hotels, Ltd.a		1,831,312
	12,600	Red Robin Gourmet Burgers, Inc.a		465,822
	127,000	Shiloh Industries, Inc.		1,377,950
	55,000	Stanley Furniture Company, Inc.a		255,750
	140,000	Stein Mart, Inc.		1,181,600
	23,200	Steven Madden, Ltd.a		1,069,056
		Total		36,647,511
	Consumer Staples (0.6%)
	214,000	Alliance One International, Inc.a		774,680
	28,900	Nash Finch Company		600,253
		Total		1,374,933
	Energy (4.0%)
	34,700	C&J Energy Services, Inc.a,b		794,977
	6,500	CARBO Ceramics, Inc.b		520,715
	81,200	Cloud Peak Energy, Inc.a		1,421,812
	76,000	Gulf Island Fabrication, Inc.		1,764,720
	185,000	Hercules Offshore, Inc.a		1,217,300
	34,000	PDC Energy, Inc.a		1,259,020
	64,300	Swift Energy Companya		969,001
	207,000	Teekay Tankers, Ltd.b		592,020
	105,500	Tetra Technologies, Inc.a		896,750
		Total		9,436,315
	Financials (23.9%)
	39,300	Alterra Capital Holdings, Ltd.		1,197,471
	164,000	Ares Capital Corporation		2,937,240
	28,400	Assured Guaranty, Ltd.		514,892
	135,900	CBL & Associates Properties, Inc.		2,920,491
	143,600	Cedar Realty Trust, Inc.		791,236
	330,000	CoBiz Financial, Inc.		2,692,800
	60,100	Columbia Banking System, Inc.		1,214,020
	44,000	Compass Diversified Holdings		696,080
	113,300	Cousins Properties, Inc.		1,008,370
	92,500	East West Bancorp, Inc.		2,169,125
	36,800	Employers Holdings, Inc.		784,208
	96,900	First Potomac Realty Trust		1,327,530
	77,100	Glacier Bancorp, Inc.		1,201,218
	77,800	Golub Capital BDC, Inc.		1,252,580
	52,000	Hatteras Financial Corporation		1,408,160
	160,000	Hercules Technology Growth Capital, Inc.		1,956,800
	74,400	Home Bancshares, Inc.		2,583,168

Shares		Common Stock (97.6%)	Value
	Financials (23.9%) - continued
	20,600	iShares Russell 2000 Value Index Fund		$1,648,206
	50,100	JMP Group, Inc.		330,660
	47,000	Kilroy Realty Corporation		2,345,300
	295,800	Kite Realty Group Trust		1,789,590
	72,000	LaSalle Hotel Properties		1,965,600
	2,300	Markel Corporationa,b		1,095,099
	91,900	Meadowbrook Insurance Group, Inc.		576,213
	65,000	National Interstate Corporation		1,982,500
	14,600	Potlatch Corporation		633,494
	112,000	ProAssurance Corporation		5,044,480
	3,300	PS Business Parks, Inc.		235,488
	86,700	Radian Group, Inc.b		557,481
	170,100	Redwood Trust, Inc.		3,248,910
	111,000	Safeguard Scientifics, Inc.a		1,713,840
	98,000	Sandy Spring Bancorp, Inc.		1,945,300
	15,400	Stifel Financial Corporationa		567,490
	45,100	SVB Financial Groupa		2,993,287
	54,200	Wintrust Financial Corporation		2,009,194
		Total		57,337,521
	Health Care (3.8%)
	11,600	Analogic Corporation		883,804
	5,800	Atrion Corporation		1,162,958
	31,400	National Healthcare Corporation		1,511,282
	78,000	Triple-S Management Corporationa		1,409,460
	85,100	Vanguard Health Systems, Inc.a		1,188,847
	51,000	West Pharmaceutical Services, Inc.		3,019,710
		Total		9,176,061
	Industrials (27.1%)
	50,000	A.O. Smith Corporation		3,464,000
	81,000	Aegion Corporationa		1,905,120
	73,500	Alaska Air Group, Inc.a		3,390,555
	32,800	Applied Industrial Technologies, Inc.		1,441,888
	28,800	Astec Industries, Inc.		1,017,216
	116,500	Beacon Roofing Supply, Inc.a		4,210,310
	48,700	Belden, Inc.		2,344,905
	20,300	Cascade Corporation		1,310,771
	31,000	Circor International, Inc.		1,286,500
	76,000	Comfort Systems USA, Inc.		981,160
	66,000	Dolan Companya		231,660
	20,600	Franklin Electric Company, Inc.		1,370,312
	19,600	FTI Consulting, Inc.a		637,000
	53,000	G & K Services, Inc.		2,122,120
	52,400	Genesee & Wyoming, Inc.a		4,431,992
	93,000	Gibraltar Industries, Inc.a		1,615,410
	88,000	Greenbrier Companies, Inc.a		1,753,840
	35,300	Hub Group, Inc.a		1,299,393
	44,000	IDEX Corporation		2,195,160
	41,000	Kaman Corporation		1,489,940
	118,800	Kforce, Inc.		1,634,688
	63,100	Kirby Corporationa		4,458,015
	111,000	Kratos Defense & Security Solutions, Inc.a,b		489,510
	21,200	Landstar System, Inc.		1,209,248
	97,500	McGrath Rentcorp		2,914,275
	34,500	Mine Safety Appliances Company		1,594,590
	103,000	Navigant Consulting, Inc.a		1,187,590
	36,100	Nordson Corporation		2,441,082

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

55

Partner Small Cap Value Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (97.6%)	Value
	Industrials (27.1%) - continued
	12,100	RBC Bearings, Inc.a		$638,033
	28,800	Robbins & Myers, Inc.		1,678,464
	22,000	Sterling Construction Company, Inc.a		225,500
	37,500	Sun Hydraulics Corporationb		1,035,000
	25,000	Universal Forest Products, Inc.		1,016,250
	69,000	Universal Truckload Services, Inc.		1,237,860
	77,000	Vitran Corporation, Inc.a		505,890
	54,000	Waste Connections, Inc.		1,945,080
	56,000	Woodward, Inc.		2,150,960
		Total		64,861,287
	Information Technology (8.5%)
	61,200	Accelrys, Inc.a		576,504
	82,800	Advanced Energy Industries, Inc.a		1,270,980
	31,500	ATMI, Inc.a		642,915
	75,600	Brooks Automation, Inc.		707,616
	32,800	Cabot Microelectronics Corporation		1,212,288
	25,000	Cognex Corporation		991,500
	53,000	Cohu, Inc.		555,440
	107,000	Electro Rent Corporation		1,656,360
	70,600	Electro Scientific Industries, Inc.		762,480
	136,600	Intevac, Inc.a		575,086
	14,600	Littelfuse, Inc.		934,546
	76,500	Methode Electronics, Inc.		735,930
	57,000	Monotype Imaging Holdings, Inc.		1,030,560
	34,700	Newport Corporationa		500,374
	91,000	Progress Software Corporationa		2,135,770
	42,500	RealNetworks, Inc.a		325,550
	135,600	ShoreTel, Inc.a		581,724
	270,000	Sonus Networks, Inc.a		612,900
	56,000	Synnex Corporationa		2,013,200
	65,000	Teradyne, Inc.a,b		1,050,400
	55,000	Xyratex, Ltd.b		511,500
	67,000	Zygo Corporationa		1,065,970
		Total		20,449,593
	Materials (9.1%)
	34,300	AMCOL International Corporation		1,012,879
	60,000	AptarGroup, Inc.		3,091,800
	22,300	Carpenter Technology Corporation		1,166,959
	68,000	Clearwater Paper Corporationa		3,081,080
	48,300	Franco-Nevada Corporation		2,581,585
	20,100	Haynes International, Inc.		1,027,512
	80,300	Innospec, Inc.		3,232,075
	40,800	Minerals Technologies, Inc.		1,687,896
	103,000	Myers Industries, Inc.		1,522,340
	28,000	Schnitzer Steel Industries, Inc.		814,240
	15,100	Texas Industries, Inc.a,b		858,284
	176,000	Wausau Paper Corporation		1,701,920
		Total		21,778,570
	Telecommunications Services (0.3%)
	83,000	Premiere Global Services, Inc.a		777,710
		Total		777,710
	Utilities (5.0%)
	26,000	Black Hills Corporation		1,049,100
	84,000	Cleco Corporation		3,591,000
	56,700	El Paso Electric Company		1,910,223
	46,000	NorthWestern Corporation		1,701,540

Shares		Common Stock (97.6%)	Value
	Utilities (5.0%) - continued
	44,400	PNM Resources, Inc.		$948,384
	55,800	Southwest Gas Corporation		2,485,332
	6,700	UNS Energy Corporation		303,443
		Total		11,989,022
		Total Common Stock (cost $158,320,562)		233,828,523
Shares		Preferred Stock (0.7%)	Value
	Financials (0.5%)
	705	East West Bancorp, Inc.c		1,109,053
		Total		1,109,053
	Health Care (0.2%)
	37,530	National Healthcare Corporation, Convertiblec		566,703
		Total		566,703
		Total Preferred Stock (cost $1,182,639)		1,675,756
Shares		Collateral Held for Securities Loaned (2.6%)	Value
	6,214,700	Thrivent Cash Management Trust		6,214,700
		Total Collateral Held for Securities Loaned (cost $6,214,700)		6,214,700
Shares or Principal Amount		Short-Term Investments (1.7%)	Value
	4,126,752	Thrivent Cash Management Trust		4,126,752
		Total Short-Term Investments (at amortized cost)		4,126,752
		Total Investments (cost $169,844,653) 102.6%		$245,845,731
		Other Assets and Liabilities, Net (2.6%)		(6,143,782)
		Total Net Assets 100.0%		$239,701,949

a Non-income producing security.

b All or a portion of the security is on loan.

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

Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$84,252,957
Gross unrealized depreciation	(8,251,879)
Net unrealized appreciation (depreciation)	$76,001,078
Cost for federal income tax purposes	$169,844,653

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

56

Partner Small Cap Value Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		36,647,511		36,647,511		–		–
Consumer Staples		1,374,933		1,374,933		–		–
Energy		9,436,315		9,436,315		–		–
Financials		57,337,521		57,337,521		–		–
Health Care		9,176,061		9,176,061		–		–
Industrials		64,861,287		64,861,287		–		–
Information Technology		20,449,593		20,449,593		–		–
Materials		21,778,570		19,196,985		2,581,585		–
Telecommunications Services		777,710		777,710		–		–
Utilities		11,989,022		11,989,022		–		–
Preferred Stock
Financials		1,109,053		–		1,109,053		–
Health Care		566,703		566,703		–		–
Collateral Held for Securities Loaned		6,214,700		6,214,700		–		–
Short-Term Investments		4,126,752		4,126,752		–		–
Total		$245,845,731		$242,155,093		$3,690,638		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Partner Small Cap Value Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$4,654,850		$17,597,000		$16,037,150		6,214,700		$6,214,700		$19,290
Cash Management Trust- Short Term Investment		3,272,308		5,551,957		4,697,513		4,126,752		4,126,752		1,031
Total Value and Income Earned		7,927,158								10,341,452		20,321

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

57

Small Cap Stock Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (87.5%)	Value
	Consumer Discretionary (11.4%)
	90,000	Cheesecake Factory, Inc.		$2,984,400
	96,400	Children’s Place Retail Stores, Inc.a		4,804,576
	207,907	Foot Locker, Inc.		7,141,605
	74,800	GNC Holdings, Inc.		2,688,312
	105,845	Life Time Fitness, Inc.a		5,369,517
	144,100	Meredith Corporationb		5,225,066
	269,080	Pier 1 Imports, Inc.		5,836,345
		Total		34,049,821
	Consumer Staples (3.7%)
	64,292	Annie’s, Inc.a,b		2,305,511
	131,092	Ingredion, Inc.		8,661,249
		Total		10,966,760
	Energy (4.0%)
	129,000	Oasis Petroleum, Inc.a		4,628,520
	403,296	Petroleum Geo-Services ASA		7,154,667
		Total		11,783,187
	Financials (23.8%)
	47,932	Affiliated Managers Group, Inc.a		6,898,853
	45,200	Allied World Assurance Company Holdings AG		3,834,316
	74,800	American Assets Trust, Inc.		2,161,720
	71,600	American Campus Communities, Inc.		3,334,412
	110,300	Aspen Insurance Holdings, Ltd.		3,762,333
	108,900	BioMed Realty Trust, Inc.		2,216,115
	376,300	DCT Industrial Trust, Inc.		2,656,678
	139,000	Douglas Emmett, Inc.		3,241,480
	45,700	Equity Lifestyle Properties, Inc.		3,272,120
	52,100	Extra Space Storage, Inc.		2,075,664
	97,600	HCC Insurance Holdings, Inc.		3,775,168
	53,400	Highwoods Properties, Inc.		1,922,400
	50,600	Home Properties, Inc.		3,110,382
	86,400	Pebblebrook Hotel Trust		2,152,224
	261,409	Popular, Inc.a		7,016,217
	67,000	ProAssurance Corporation		3,017,680
	97,400	SVB Financial Groupa		6,464,438
	37,754	Taubman Centers, Inc.		3,076,951
	123,566	Tower Group, Inc.		2,384,824
	192,437	Zions Bancorporation		4,487,631
		Total		70,861,606
	Health Care (6.3%)
	124,500	Align Technology, Inc.a		3,904,320
	160,300	Endo Pharmaceutical Holdings, Inc.a		5,075,098
	49,954	HeartWare International, Inc.a,b		4,514,842
	65,338	United Therapeutics Corporationa		3,521,065
	156,800	VIVUS, Inc.a,b		1,898,848
		Total		18,914,173
	Industrials (16.5%)
	268,300	Actuant Corporation		7,909,484
	93,800	Acuity Brands, Inc.		6,453,440
	243,911	EMCOR Group, Inc.		8,861,287
	162,200	GATX Corporation		7,680,170
	132,100	HNI Corporation		4,170,397
	115,800	Landstar System, Inc.		6,605,232
	66,000	Manpower, Inc.		3,399,000

Shares		Common Stock (87.5%)	Value
	Industrials (16.5%) - continued
	104,200	Woodward, Inc.		$4,002,322
		Total		49,081,332
	Information Technology (12.2%)
	152,900	Aruba Networks, Inc.a,b		3,522,816
	405,100	Atmel Corporationa		2,714,170
	137,900	Cavium, Inc.a		4,611,376
	77,400	ExactTarget, Inc.a,b		1,702,026
	70,700	Informatica Corporationa		2,616,607
	182,736	Plantronics, Inc.		7,514,104
	416,519	Teradyne, Inc.a,b		6,730,947
	104,500	VeriFone Systems, Inc.a		3,628,240
	294,200	Vishay Intertechnology, Inc.a		3,233,258
	699	Workday, Inc.a		37,341
		Total		36,310,885
	Materials (5.3%)
	78,300	Buckeye Technologies, Inc.		2,251,125
	44,400	Eagle Materials, Inc.		2,875,788
	107,100	H.B. Fuller Company		4,185,468
	87,500	Materials Select Sector SPDR Fund		3,414,250
	177,900	SunCoke Energy, Inc.a		2,949,582
		Total		15,676,213
	Utilities (4.3%)
	263,900	PNM Resources, Inc.		5,636,904
	161,491	Southwest Gas Corporation		7,192,809
		Total		12,829,713
		Total Common Stock (cost $227,430,504)		260,473,690
Shares		Collateral Held for Securities Loaned (5.8%)	Value
	17,371,838	Thrivent Cash Management Trust		17,371,838
		Total Collateral Held for Securities Loaned (cost $17,371,838)		17,371,838
Shares or Principal Amount		Short-Term Investments (12.4%)	Value
	35,342,521	Thrivent Cash Management Trust		35,342,521
		U.S. Treasury Bills
	1,500,000	0.085%, 6/13/2013c,d		1,499,532
		Total Short-Term Investments (at amortized cost)		36,842,053
		Total Investments (cost $281,644,395) 105.7%		$314,687,581
		Other Assets and Liabilities, Net (5.7%)		(16,829,964)
		Total Net Assets 100.0%		$297,857,617

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 At January 31, 2013, $1,499,532 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

58

Small Cap Stock Fund

Schedule of Investments as of January 31, 2013

(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	$38,717,334
Gross unrealized depreciation	(5,674,148)
Net unrealized appreciation (depreciation)	$33,043,186
Cost for federal income tax purposes	$281,644,395

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		34,049,821		34,049,821		–		–
Consumer Staples		10,966,760		10,966,760		–		–
Energy		11,783,187		4,628,520		7,154,667		–
Financials		70,861,606		70,861,606		–		–
Health Care		18,914,173		18,914,173		–		–
Industrials		49,081,332		49,081,332		–		–
Information Technology		36,310,885		36,310,885		–		–
Materials		15,676,213		15,676,213		–		–
Utilities		12,829,713		12,829,713		–		–
Collateral Held for Securities Loaned		17,371,838		17,371,838		–		–
Short-Term Investments		36,842,053		35,342,521		1,499,532		–
Total		$314,687,581		$306,033,382		$8,654,199		$–
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,805,453		1,805,453		–		–
Total Asset Derivatives		$1,805,453		$1,805,453		$–		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures	329		March 2013		$27,807,837		$29,613,290		$1,805,453
Total Futures Contracts									$1,805,453

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 Small Cap Stock Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$18,604,753		$47,848,036		$49,080,951		17,371,838		$17,371,838		$41,754
Cash Management Trust- Short Term Investment		29,007,394		20,385,400		14,050,273		35,342,521		35,342,521		10,145
Total Value and Income Earned		47,612,147								52,714,359		51,899

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

59

Mid Cap Growth Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (95.7%)	Value
	Consumer Discretionary (16.4%)
	82,300	Abercrombie & Fitch Company		$4,115,000
	59,600	Darden Restaurants, Inc.		2,771,400
	151,250	Discovery Communications, Inc.a		10,493,725
	199,400	Dollar Tree, Inc.a		7,974,006
	102,085	GNC Holdings, Inc.		3,668,935
	126,300	Limited Brands, Inc.		6,064,926
	70,000	Marriott International, Inc.		2,798,600
	32,200	O’Reilly Automotive, Inc.a		2,983,330
	89,600	PetSmart, Inc.		5,860,736
	144,800	Toll Brothers, Inc.a		5,422,760
	63,800	Tractor Supply Company		6,614,146
	8,000	VF Corporation		1,180,640
	40,100	Wynn Resorts, Ltd.		5,021,322
		Total		64,969,526
	Consumer Staples (3.1%)
	54,700	Clorox Company		4,289,027
	50,200	Hain Celestial Group, Inc.a		2,860,898
	52,499	Whole Foods Market, Inc.		5,053,029
		Total		12,202,954
	Energy (10.5%)
	537,700	Alpha Natural Resources, Inc.a,b		4,764,022
	126,900	Cameron International Corporationa		8,034,039
	62,500	Concho Resources, Inc.a		5,701,250
	60,300	Oil States International, Inc.a		4,678,074
	130,500	Peabody Energy Corporation		3,282,075
	65,100	Range Resources Corporation		4,372,767
	48,600	SM Energy Company		2,826,576
	102,800	Southwestern Energy Companya		3,526,040
	327,500	Weatherford International, Ltd.a		4,372,125
		Total		41,556,968
	Financials (5.4%)
	65,120	Affiliated Managers Group, Inc.a		9,372,722
	19,200	Ameriprise Financial, Inc.		1,273,344
	69,500	Discover Financial Services		2,668,105
	138,700	First Republic Bank		4,950,203
	46,200	T. Rowe Price Group, Inc.		3,300,990
		Total		21,565,364
	Health Care (11.0%)
	47,000	Actavis, Inc.a		4,060,330
	11,100	Alexion Pharmaceuticals, Inc.a		1,043,289
	123,127	AmerisourceBergen Corporation		5,586,272
	87,300	BioMarin Pharmaceutical, Inc.a		4,791,897
	113,852	Catamaran Corporationa		5,907,780
	46,400	CIGNA Corporation		2,706,976
	29,200	Mettler-Toledo International, Inc.a		6,205,876
	41,900	Onyx Pharmaceuticals, Inc.a		3,248,088
	56,300	Perrigo Company		5,658,713
	122,000	Thoratec Corporationa		4,456,660
		Total		43,665,881
	Industrials (18.2%)
	180,277	AMETEK, Inc.		7,389,554
	75,500	B/E Aerospace, Inc.a		3,887,495
	118,700	Expeditors International of Washington, Inc.		5,092,230
	45,155	Flowserve Corporation		7,078,949
	64,500	Fortune Brands Home and Security, Inc.a		2,111,730

Shares		Common Stock (95.7%)	Value
	Industrials (18.2%) - continued
	98,300	Jacobs Engineering Group, Inc.a		$4,729,213
	126,700	JB Hunt Transport Services, Inc.		8,523,109
	86,700	Kansas City Southern		8,072,637
	337,500	McDermott International, Inc.a		4,107,375
	71,200	Pentair, Ltd.		3,608,416
	180,500	Quanta Services, Inc.a		5,229,085
	55,000	Roper Industries, Inc.		6,459,750
	62,900	Stericycle, Inc.a		5,934,615
		Total		72,224,158
	Information Technology (22.6%)
	144,879	Agilent Technologies, Inc.		6,487,681
	107,474	Akamai Technologies, Inc.a		4,375,267
	105,100	ANSYS, Inc.a		7,735,360
	323,980	Atmel Corporationa		2,170,666
	120,486	Autodesk, Inc.a		4,684,496
	61,100	Broadcom Corporation		1,982,695
	153,000	Ciena Corporationa		2,395,980
	76,600	F5 Networks, Inc.a		8,033,808
	149,500	Juniper Networks, Inc.a		3,345,810
	114,700	Lam Research Corporationa		4,718,758
	38,400	Mercadolibre, Inc.b		3,394,560
	44,700	Nice Systems, Ltd. ADRa		1,648,983
	288,719	Nuance Communications, Inc.a		6,943,692
	550,000	NVIDIA Corporation		6,743,000
	233,900	NXP Semiconductors NVa		7,014,661
	42,600	Red Hat, Inc.a		2,366,856
	106,700	Synopsys, Inc.a		3,568,048
	28,900	Teradata Corporationa		1,926,474
	134,800	Teradyne, Inc.a		2,178,368
	107,629	VeriFone Systems, Inc.a		3,736,879
	111,800	Xilinx, Inc.		4,079,582
		Total		89,531,624
	Materials (5.6%)
	19,100	Agrium, Inc.		2,167,659
	55,500	Airgas, Inc.		5,285,820
	44,300	Albemarle Corporation		2,716,033
	71,500	Celanese Corporation		3,351,920
	55,600	FMC Corporation		3,417,732
	64,200	Newmont Mining Corporation		2,758,032
	69,800	Silver Wheaton Corporation		2,432,530
		Total		22,129,726
	Telecommunications Services (2.9%)
	69,000	SBA Communications Corporationa		4,806,540
	247,200	TW Telecom, Inc.a		6,830,136
		Total		11,636,676
		Total Common Stock (cost $285,488,648)		379,482,877
Shares		Collateral Held for Securities Loaned (1.4%)	Value
	5,707,400	Thrivent Cash Management Trust		5,707,400
		Total Collateral Held for Securities Loaned (cost $5,707,400)		5,707,400

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

60

Mid Cap Growth Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares or Principal Amount		Short-Term Investments (4.4%)	Value
	17,354,201	Thrivent Cash Management Trust		$17,354,201
		Total Short-Term Investments (at amortized cost)		17,354,201
		Total Investments (cost $308,550,249) 101.5%		$402,544,478
		Other Assets and Liabilities, Net (1.5%)		(5,997,194)
		Total Net Assets 100.0%		$396,547,284

a Non-income producing security.

b All or a portion of the security is on loan.

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	$97,997,159
Gross unrealized depreciation	(4,002,930)
Net unrealized appreciation (depreciation)	$93,994,229
Cost for federal income tax purposes	$308,550,249

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		64,969,526		64,969,526		–		–
Consumer Staples		12,202,954		12,202,954		–		–
Energy		41,556,968		41,556,968		–		–
Financials		21,565,364		21,565,364		–		–
Health Care		43,665,881		43,665,881		–		–
Industrials		72,224,158		72,224,158		–		–
Information Technology		89,531,624		89,531,624		–		–
Materials		22,129,726		22,129,726		–		–
Telecommunications Services		11,636,676		11,636,676		–		–
Collateral Held for Securities Loaned		5,707,400		5,707,400		–		–
Short-Term Investments		17,354,201		17,354,201		–		–
Total		$402,544,478		$402,544,478		$–		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Mid Cap Growth Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$12,303,975		$23,630,100		$30,226,675		5,707,400		$5,707,400		$2,265
Cash Management Trust- Short Term Investment		19,928,389		20,199,390		22,773,578		17,354,201		17,354,201		5,212
Total Value and Income Earned		32,232,364								23,061,601		7,477

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

61

Partner Mid Cap Value Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (99.0%)	Value
	Consumer Discretionary (10.8%)
	2,589	AutoZone, Inc.a		$957,153
	8,850	Charter Communications, Inc.a		690,034
	4,684	Chipotle Mexican Grill, Inc.a		1,438,035
	36,189	D.R. Horton, Inc.		856,232
	18,853	Delphi Automotive plca		728,857
	86,722	Liberty Interactive Corporationa		1,843,710
	14,773	Limited Brands, Inc.		709,399
	34,514	Macy’s, Inc.		1,363,648
	120,884	MGM Resorts Internationala		1,543,689
	8,925	PetSmart, Inc.		583,784
	11,583	PVH Corporation		1,376,871
	11,559	Starwood Hotels & Resorts Worldwide, Inc.		709,838
	29,828	Toll Brothers, Inc.a		1,117,059
	16,358	TRW Automotive Holdings Corporationa		942,712
	16,406	Urban Outfitters, Inc.a		702,013
		Total		15,563,034
	Consumer Staples (5.0%)
	25,302	Church & Dwight Company, Inc.		1,462,203
	39,281	Coca-Cola Enterprises, Inc.		1,369,728
	44,864	Constellation Brands, Inc.a		1,451,799
	20,050	Hain Celestial Group, Inc.a		1,142,650
	10,053	J.M. Smucker Company		890,997
	19,137	Monster Beverage Corporationa		916,662
		Total		7,234,039
	Energy (9.2%)
	31,717	Cameron International Corporationa		2,008,003
	12,833	Concho Resources, Inc.a		1,170,626
	21,107	HollyFrontier Corporation		1,102,208
	25,314	Marathon Petroleum Corporation		1,878,552
	5,563	Oil States International, Inc.a		431,578
	25,609	Peabody Energy Corporation		644,066
	12,697	Pioneer Natural Resources Company		1,492,405
	27,650	Range Resources Corporation		1,857,251
	51,897	Southwestern Energy Companya		1,780,067
	17,967	Tesoro Corporation		874,813
		Total		13,239,569
	Financials (28.6%)
	21,792	Alexandria Real Estate Equities, Inc.		1,579,920
	18,552	Ameriprise Financial, Inc.		1,230,369
	12,604	AvalonBay Communities, Inc.		1,635,873
	13,455	Camden Property Trust		933,642
	38,519	CIT Group, Inc.a		1,631,280
	16,357	Digital Realty Trust, Inc.		1,110,804
	23,518	Douglas Emmett, Inc.		548,440
	16,039	Everest Re Group, Ltd.		1,857,477
	27,286	First Republic Bank		973,837
	45,395	Hartford Financial Services Group, Inc.		1,125,796
	89,374	Host Hotels & Resorts, Inc.		1,500,589
	70,444	Invesco, Ltd.		1,919,599
	30,800	iShares Russell Midcap Value Index Fund		1,662,892
	68,072	Kimco Realty Corporation		1,413,855
	19,195	Lazard, Ltd.		665,107
	41,032	Liberty Property Trust		1,607,223
	27,304	M&T Bank Corporationb		2,803,848

Shares		Common Stock (99.0%)	Value
	Financials (28.6%) - continued
	134,670	MFA Financial, Inc.		$1,210,683
	66,711	NASDAQ OMX Group, Inc.		1,889,256
	14,005	PartnerRe, Ltd.		1,228,098
	11,415	Piedmont Office Realty Trust, Inc.		220,652
	76,870	Principal Financial Group, Inc.		2,383,739
	134,140	SLM Corporation		2,265,625
	34,642	Tanger Factory Outlet Centers, Inc.		1,227,020
	30,729	Ventas, Inc.		2,037,025
	43,108	W.R. Berkley Corporation		1,774,756
	20,219	Willis Group Holdings plc		722,021
	67,665	XL Group plc		1,875,674
	11,022	Zions Bancorporation		257,033
		Total		41,292,133
	Health Care (7.9%)
	53,642	Aetna, Inc.		2,587,154
	23,691	AmerisourceBergen Corporation		1,074,861
	252,184	Boston Scientific Corporationa		1,883,814
	76,883	Hologic, Inc.a		1,832,891
	21,592	Life Technologies Corporationa		1,396,786
	65,759	Mylan, Inc.a		1,859,007
	17,511	Vertex Pharmaceuticals, Inc.a		784,143
		Total		11,418,656
	Industrials (10.1%)
	17,609	B/E Aerospace, Inc.a		906,687
	15,206	Carlisle Companies, Inc.		975,465
	30,665	Dover Corporation		2,121,405
	353	Flowserve Corporation		55,340
	34,431	Fortune Brands Home and Security, Inc.a		1,127,271
	7,994	Hubbell, Inc.		727,854
	25,700	Lennox International, Inc.		1,478,007
	12,309	Lincoln Electric Holdings, Inc.		663,824
	13,030	Pentair, Ltd.		660,360
	13,146	Rockwell Automation, Inc.		1,172,492
	11,787	Rockwell Collins, Inc.		694,019
	8,591	Sensata Technologies Holding NVa		289,860
	24,648	Stanley Black & Decker, Inc.		1,893,706
	20,352	Timken Company		1,091,071
	21,272	Waste Connections, Inc.		766,217
		Total		14,623,578
	Information Technology (10.8%)
	28,697	Adobe Systems, Inc.a		1,085,608
	54,928	Altera Corporation		1,835,694
	11,188	Amphenol Corporation		755,973
	26,835	Avago Technologies, Ltd.		959,888
	13,345	Check Point Software Technologies, Ltd.a		667,250
	34,982	Fidelity National Information Services, Inc.		1,298,182
	88,363	Juniper Networks, Inc.a		1,977,564
	59,398	Lam Research Corporationa		2,443,634
	59,955	LSI Corporationa		422,083
	27,552	NetApp, Inc.a		991,872
	83,444	ON Semiconductor Corporationa		655,035
	97,242	Polycom, Inc.a		1,072,579
	65,050	PTC, Inc.a		1,507,859
		Total		15,673,221

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

62

Partner Mid Cap Value Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (99.0%)	Value
	Materials (7.2%)
	8,920	Albemarle Corporation		$546,885
	28,859	Axiall Corporation		1,621,299
	28,448	Carpenter Technology Corporation		1,488,684
	23,335	Celanese Corporation		1,093,945
	8,136	CF Industries Holdings, Inc.		1,864,527
	5,073	Martin Marietta Materials, Inc.b		500,857
	14,289	Packaging Corporation of America		549,126
	21,573	Reliance Steel & Aluminum Company		1,396,205
	68,596	Sealed Air Corporation		1,284,117
		Total		10,345,645
	Utilities (9.4%)
	60,340	Calpine Corporationa		1,190,508
	40,907	CMS Energy Corporation		1,051,310
	32,605	Edison International, Inc.		1,571,235
	37,332	Northeast Utilities		1,520,532
	51,609	NV Energy, Inc.		976,958
	6,264	OGE Energy Corporation		367,760
	2,071	Pinnacle West Capital Corporation		110,550
	56,456	PPL Corporation		1,710,052
	29,246	Questar Corporation		679,385
	26,398	SCANA Corporation		1,235,691
	20,506	Sempra Energy		1,538,975
	60,812	Xcel Energy, Inc.		1,689,357
		Total		13,642,313
		Total Common Stock (cost $116,305,961)		143,032,188
Shares		Collateral Held for Securities Loaned (2.0%)	Value
	2,911,213	Thrivent Cash Management Trust		2,911,213
		Total Collateral Held for Securities Loaned (cost $2,911,213)		2,911,213
Shares or Principal Amount		Short-Term Investments (1.1%)	Value
	1,542,454	Thrivent Cash Management Trust		1,542,454
		Total Short-Term Investments (at amortized cost)		1,542,454
		Total Investments (cost $120,759,628) 102.1%		$147,485,855
		Other Assets and Liabilities, Net (2.1%)		(2,973,219)
		Total Net Assets 100.0%		$144,512,636

a Non-income producing security.

b All or a portion of the security is on loan.

Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$27,540,224
Gross unrealized depreciation	(813,997)
Net unrealized appreciation (depreciation)	$26,726,227
Cost for federal income tax purposes	$120,759,628

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

63

Partner Mid Cap Value Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		15,563,034		15,563,034		–		–
Consumer Staples		7,234,039		7,234,039		–		–
Energy		13,239,569		13,239,569		–		–
Financials		41,292,133		41,292,133		–		–
Health Care		11,418,656		11,418,656		–		–
Industrials		14,623,578		14,623,578		–		–
Information Technology		15,673,221		15,673,221		–		–
Materials		10,345,645		10,345,645		–		–
Utilities		13,642,313		13,642,313		–		–
Collateral Held for Securities Loaned		2,911,213		2,911,213		–		–
Short-Term Investments		1,542,454		1,542,454		–		–
Total		$147,485,855		$147,485,855		$–		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Partner Mid Cap Value Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$4,042,325		$3,104,244		$4,235,356		2,911,213		$2,911,213		$1,118
Cash Management Trust- Short Term Investment		2,762,894		6,211,908		7,432,348		1,542,454		1,542,454		735
Total Value and Income Earned		6,805,219								4,453,667		1,853

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

64

Mid Cap Stock Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (95.4%)	Value
	Consumer Discretionary (14.1%)
	216,300	Charter Communications, Inc.a		$16,864,911
	234,800	Cheesecake Factory, Inc.		7,785,968
	306,900	DISH Network Corporation		11,438,163
	274,142	Dollar Tree, Inc.a		10,962,939
	265,800	Omnicom Group, Inc.		14,427,624
	48,014	Panera Bread Companya		7,673,117
	192,300	Penn National Gaming, Inc.a		9,357,318
	114,700	PetSmart, Inc.		7,502,527
	306,700	Tempur-Pedic International, Inc.a		11,949,032
	362,800	Toll Brothers, Inc.a		13,586,860
		Total		111,548,459
	Consumer Staples (3.1%)
	225,300	Ingredion, Inc.		14,885,571
	183,887	TreeHouse Foods, Inc.a		9,733,139
		Total		24,618,710
	Energy (5.9%)
	1,326,334	Alpha Natural Resources, Inc.a,b		11,751,319
	190,300	Ensco plc		12,097,371
	625,900	Patterson-UTI Energy, Inc.b		12,730,806
	301,400	Southwestern Energy Companya		10,338,020
		Total		46,917,516
	Financials (21.2%)
	246,700	Axis Capital Holdings, Ltd.		9,441,209
	587,600	CBL & Associates Properties, Inc.		12,627,524
	590,626	HCC Insurance Holdings, Inc.		22,845,414
	827,509	Host Hotels & Resorts, Inc.		13,893,876
	2,007,200	Huntington Bancshares, Inc.		13,970,112
	341,782	Lazard, Ltd.		11,842,746
	112,300	M&T Bank Corporationb		11,532,087
	453,100	NASDAQ OMX Group, Inc.		12,831,792
	248,290	Northern Trust Corporation		12,779,486
	184,347	Och-Ziff Capital Management Group, LLC		1,825,035
	528,200	Piedmont Office Realty Trust, Inc.		10,210,106
	269,300	Protective Life Corporation		8,520,652
	295,712	W.R. Berkley Corporation		12,174,463
	582,202	Zions Bancorporation		13,576,951
		Total		168,071,453
	Health Care (10.9%)
	102,814	C.R. Bard, Inc.		10,494,225
	197,900	Illumina, Inc.a,b		10,019,677
	322,000	Medicines Companya		9,621,360
	222,100	ResMed, Inc.b		9,727,980
	373,800	Thoratec Corporationa		13,654,914
	182,000	Vertex Pharmaceuticals, Inc.a		8,149,960
	111,100	Waters Corporationa		10,173,427
	190,263	Zimmer Holdings, Inc.		14,193,620
		Total		86,035,163
	Industrials (12.4%)
	203,241	ADT Corporation		9,653,948
	365,217	CSX Corporation		8,045,731
	67,600	Flowserve Corporation		10,597,652
	579,830	Manitowoc Company, Inc.		10,205,008
	167,598	Manpower, Inc.		8,631,297
	787,100	McDermott International, Inc.a		9,579,007
	484,444	Oshkosh Corporationa		18,980,516
	134,818	Parker Hannifin Corporation		12,534,029

Shares		Common Stock (95.4%)	Value
	Industrials (12.4%) - continued
	917,400	Southwest Airlines Company		$10,284,054
		Total		98,511,242
	Information Technology (20.6%)
	184,700	Alliance Data Systems Corporationa,b		29,108,720
	1,026,990	Applied Materials, Inc.		13,258,441
	293,400	Autodesk, Inc.a		11,407,392
	648,888	CoreLogic, Inc.a		17,026,821
	211,053	eBay, Inc.a		11,804,195
	265,059	Itron, Inc.a		12,296,087
	491,650	Juniper Networks, Inc.a		11,003,127
	1,013,662	NVIDIA Corporation		12,427,496
	1,066,051	Teradyne, Inc.a,b		17,227,384
	1,113,792	TriQuint Semiconductor, Inc.a		5,847,408
	1,069	Workday, Inc.a		57,106
	325,082	Xilinx, Inc.		11,862,242
	502,200	Yahoo!, Inc.a		9,858,186
		Total		163,184,605
	Materials (2.8%)
	220,064	Silgan Holdings, Inc.		9,440,745
	829,794	Steel Dynamics, Inc.		12,621,167
		Total		22,061,912
	Utilities (4.4%)
	423,200	CMS Energy Corporation		10,876,240
	724,938	NV Energy, Inc.		13,723,076
	321,800	Public Service Enterprise Group, Inc.		10,033,724
		Total		34,633,040
		Total Common Stock (cost $590,636,888)		755,582,100
Shares		Collateral Held for Securities Loaned (9.5%)	Value
	75,370,165	Thrivent Cash Management Trust		75,370,165
		Total Collateral Held for Securities Loaned (cost $75,370,165)		75,370,165
Shares or Principal Amount		Short-Term Investments (4.9%)	Value
	38,484,054	Thrivent Cash Management Trust		38,484,054
		Total Short-Term Investments (at amortized cost)		38,484,054
		Total Investments (cost $704,491,107) 109.8%		$869,436,319
		Other Assets and Liabilities, Net (9.8%)		(77,751,234)
		Total Net Assets 100.0%		$791,685,085

a Non-income producing security.

b All or a portion of the security is on loan.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

65

Mid Cap Stock Fund

Schedule of Investments as of January 31, 2013

(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	$179,043,820
Gross unrealized depreciation	(14,098,608)
Net unrealized appreciation (depreciation)	$164,945,212
Cost for federal income tax purposes	$704,491,107

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		111,548,459		111,548,459		–		–
Consumer Staples		24,618,710		24,618,710		–		–
Energy		46,917,516		46,917,516		–		–
Financials		168,071,453		168,071,453		–		–
Health Care		86,035,163		86,035,163		–		–
Industrials		98,511,242		98,511,242		–		–
Information Technology		163,184,605		163,184,605		–		–
Materials		22,061,912		22,061,912		–		–
Utilities		34,633,040		34,633,040		–		–
Collateral Held for Securities Loaned		75,370,165		75,370,165		–		–
Short-Term Investments		38,484,054		38,484,054		–		–
Total		$869,436,319		$869,436,319		$–		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Mid Cap Stock Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$66,998,025		$157,178,106		$148,805,966		75,370,165		$75,370,165		$20,393
Cash Management Trust- Short Term Investment		8,537,682		55,190,004		25,243,632		38,484,054		38,484,054		6,539
Total Value and Income Earned		75,535,707								113,854,219		26,932

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

66

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (88.2%)	Value
	Australia (3.1%)
	121,363	ALS, Ltd.		$1,426,814
	60,240	Australia & New Zealand Banking Group, Ltd.		1,673,089
	1,022,380	Beach Energy, Ltd.		1,523,065
	58,420	BHP Billiton, Ltd.		2,297,768
	362,595	Clough, Ltd.		415,924
	40,116	CSL, Ltd.		2,296,359
	27,395	Flight Centre, Ltd.a		868,590
	729,267	Imdex, Ltd.		1,385,334
	84,704	McMillan Shakespeare, Ltd.		1,213,402
	366,221	Mermaid Marine Australia, Ltd.		1,553,054
	48,433	Monadelphous Group, Ltd.		1,346,309
	50,308	Ramsay Health Care, Ltd.		1,549,735
	27,104	Rio Tinto, Ltd.		1,882,408
	323,681	SAI Global, Ltd.		1,509,242
	428,302	Skilled Group, Ltd.		1,242,080
	107,854	Troy Resources, Ltd.		383,270
	402,654	Westfield Retail Trust		1,348,456
		Total		23,914,899
	Austria (0.1%)
	18,811	Voestalpine AG		689,703
		Total		689,703
	Belgium (1.1%)
	49,826	Anheuser-Busch InBev NV		4,384,092
	17,718	Barco NV		1,408,028
	21,052	EVS Broadcast Equipment SA		1,255,778
	22,527	ThromboGenics NVb		1,168,117
		Total		8,216,015
	Bermuda (<0.1%)
	212,000	Pacific Basin Shipping, Ltd.		123,338
	17,096	VimpelCom, Ltd.		205,323
		Total		328,661
	Brazil (2.9%)
	11,723	Autometal SA		129,278
	212,181	Banco Bradesco SA ADR		3,899,886
	20,500	Cia Paranaense de Energia		335,601
	14,900	Cyrela Brazil Realty SA Empreendimentos e Participacoes		131,315
	41,600	Embraer SA		343,646
	23,600	Even Construtora e Incorporadora SA		115,787
	37,000	Lojas Renner SA		1,481,040
	45,900	MMX Mineracao e Metalicos SAb		78,062
	42,000	Multiplan Empreendimentos Imobiliarios SA		1,213,800
	111,850	Petroleo Brasileiro SA ADR		2,044,618
	159,000	Petroleo Brasileiro SA ADR		2,876,310
	691,702	Rossi Residencial SA		1,458,884
	107,500	Souza Cruz SA		1,778,756
	13,000	Sul America SA		121,556
	126,412	Ultrapar Participacoes SA		3,051,511
	7,865	Vale SA SP ADR		158,637
	176,818	Vale SA SP PREF ADR		3,403,747
		Total		22,622,434
	Canada (3.3%)
	25,421	Agrium, Inc.		2,883,885
	25,787	Alimentation Couche-Tard, Inc.		1,258,066
	15,128	Bank of Nova Scotia		889,570

Shares		Common Stock (88.2%)	Value
	Canada (3.3%) - continued
	62,757	Barrick Gold Corporation		$1,998,358
	37,124	Canadian National Railway Company		3,563,145
	15,008	Dollarama, Inc.		913,059
	41,374	Enbridge, Inc.		1,818,979
	219,650	Encana Corporation		4,252,424
	10,803	Franco-Nevada Corporation		577,409
	26,637	Gibson Energy, Inc.		670,866
	55,140	Husky Energy Inc.		1,719,324
	10,926	Metro, Inc.		678,302
	59,085	Pacific Rubiales Energy Corporation		1,378,492
	61,909	Sherritt International Corporation		364,974
	48,503	Suncor Energy, Inc.		1,648,538
	84,576	Yamana Gold, Inc.		1,382,182
		Total		25,997,573
	Cayman Islands (0.2%)
	2,098,000	NagaCorp, Ltd.		1,655,795
		Total		1,655,795
	Chile (0.3%)
	115,093	Aguas Andinas SA		84,529
	56,106	Banco Santander Chile SA ADR		1,694,401
	13,497	Cia Cervecerias Unidas SA		431,229
		Total		2,210,159
	China (0.6%)
	206,000	China Petroleum & Chemical Corporation		249,938
	176,000	Dongfeng Motor Group Company, Ltd.		288,073
	2,501,000	PetroChina Company, Ltd.		3,546,595
	198,000	Yanzhou Coal Mining Company, Ltd.		337,384
		Total		4,421,990
	Colombia (0.1%)
	6,042	Bancolombia SA		419,979
		Total		419,979
	Cyprus (0.2%)
	171,221	Prosafe SE		1,629,497
		Total		1,629,497
	Czech Republic (<0.1%)
	1,529	Komercni Banka AS		309,569
		Total		309,569
	Denmark (1.5%)
	43,185	Christian Hansen Holding AS		1,527,518
	22,669	Coloplast AS		1,196,427
	283,750	Danske Bank ASb		5,437,281
	19,738	Novo Nordisk AS		3,633,610
		Total		11,794,836
	Egypt (<0.1%)
	36,910	Ezz Steel		54,855
		Total		54,855
	Finland (0.8%)
	119,078	Amer Sports Oyj		1,896,832

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

67

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (88.2%)	Value
	Finland (0.8%) - continued
	200,050	Neste Oil Oyj		$3,192,776
	24,155	Outotec Oyj		1,519,340
		Total		6,608,948
	France (6.0%)
	20,389	Alstom SA		903,762
	43,503	Alten SA		1,671,625
	18,140	AtoS		1,325,899
	292,866	AXA SA		5,422,365
	48,433	Bouygues SA		1,374,225
	106,750	Cap Gemini SA		5,144,315
	9,773	Christian Dior SA		1,706,610
	11,393	Cie Generale des Etablissements Michelin		1,059,583
	111,748	Compagnie de Saint-Gobain		4,598,302
	170,900	GDF Suez		3,505,775
	36,562	Ingenico		2,304,831
	20,056	Rubis SCA		1,452,820
	17,765	Sanofi		1,731,831
	15,713	Sartorius Stedim Biotech		1,913,961
	86,750	Total SA		4,701,153
	35,606	Vinci SA		1,812,463
	7,241	Virbac SA		1,622,242
	206,140	Vivendi SA		4,414,581
		Total		46,666,343
	Germany (7.1%)
	55,073	BASF SE		5,577,791
	9,495	Bayer AG		936,987
	12,243	Bilfinger SE		1,237,485
	2,282,350	Commerzbank AGb		4,997,362
	92,300	Daimler AG		5,372,025
	73,850	Deutsche Boerse AG		4,862,792
	24,823	Duerr AG		2,428,782
	20,328	Gerresheimer AGb		1,045,154
	31,231	Gerry Weber International AG		1,517,157
	22,925	Hannover Rueckversicherung AG		1,850,743
	28,845	Henkel AG & Company KGaA		2,546,687
	110,250	Metro AG		3,404,830
	59,254	Norma Group AG		1,722,351
	12,894	Pfeiffer Vacuum Technology AG		1,606,479
	20,384	RWE AG		766,469
	56,816	SAP AG ADR		4,659,295
	50,957	Suedzucker AG		2,179,684
	36,940	Symrise AG		1,305,786
	186,250	ThyssenKrupp AGb		4,521,056
	11,220	Volkswagen AG		2,777,781
		Total		55,316,696
	Hong Kong (3.5%)
	1,114,800	AIA Group, Ltd.		4,434,806
	87,000	Cheung Kong Holdings, Ltd.		1,426,862
	406,000	China Mobile, Ltd.		4,439,286
	14,000	China Overseas Land & Investment, Ltd.		43,421
	2,414,050	Guangzhou Automobile Group Company, Ltd.		2,021,166
	393,000	Hang Lung Group, Ltd.		2,382,364
	379,300	Hutchison Whampoa, Ltd.		4,239,469
	1,822,658	New World Development Company, Ltd.		3,352,299
	140,000	Sinotruk Hong Kong, Ltd.		93,775
	150,500	Swire Pacific, Ltd., Class A		1,931,719
	270,000	Swire Pacific, Ltd., Class B		658,841

Shares		Common Stock (88.2%)	Value
	Hong Kong (3.5%) - continued
	166,950	Swire Properties, Ltd.		$611,396
	39,000	Weichai Power Company, Ltd.		160,937
	217,000	Wheelock and Company, Ltd.		1,222,799
		Total		27,019,140
	Hungary (0.2%)
	361	EGIS Pharmaceuticals plc		31,045
	9,001	Richter Gedeon Nyrt		1,550,110
		Total		1,581,155
	India (1.6%)
	22,800	GlaxoSmithKline Pharmaceuticals, Ltd.		878,197
	9,500	Grasim Industries, Ltd.		536,848
	40,779	Hero Motocorp, Ltd.		1,396,198
	90,000	Hindustan Unilever, Ltd.		801,548
	182,000	Housing Development Finance Corporation		2,692,545
	65,000	ICICI Bank, Ltd.		1,451,553
	53,800	Infosys, Ltd.		2,825,587
	3,770	Infosys, Ltd. ADR		198,754
	42,281	ITC, Ltd.		244,526
	11,431	Reliance Industries, Ltd.c		382,847
	31,428	Ultra Tech Cement, Ltd.		1,124,103
		Total		12,532,706
	Indonesia (0.5%)
	276,500	Bank Rakyat Indonesia Persero Tbk PT		225,811
	40,000	Indo Tambangraya Megah Tbk PT		170,279
	3,825,000	PT Astra International Tbk		2,887,951
	82,500	United Tractors Tbk PT		167,730
	518,000	Vale Indonesia Tbk PT		146,193
		Total		3,597,964
	Ireland (0.7%)
	466,757	Greencore Group plc		825,741
	21,315	Paddy Power plc		1,768,315
	45,299	Ryanair Holdings plc ADR		1,764,396
	71,675	Smurfit Kappa Group plc		993,029
		Total		5,351,481
	Israel (0.6%)
	44,063	Radware, Inc.b		1,602,571
	76,200	Teva Pharmaceutical Industries, Ltd. ADR		2,894,838
		Total		4,497,409
	Italy (2.5%)
	77,361	Banca Generali SPA		1,482,781
	101,073	Brembo SPA		1,406,241
	317,594	Enel SPA		1,384,756
	208,050	Eni SPA		5,196,546
	2,904,150	Intesa Sanpaolo SPA		5,919,636
	35,236	Prysmian SPA		753,038
	4,009,825	Telecom Italia SPA		3,425,657
		Total		19,568,655
	Japan (13.5%)
	160,000	Aiful Corporationb		1,109,629
	94,900	Asics Corporation		1,351,557
	44,300	Astellas Pharmaceutical, Inc.		2,255,110
	29,000	Avex Group Holdings, Inc.		783,850

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

68

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (88.2%)	Value
	Japan (13.5%) - continued
	209,500	Bridgestone Corporation		$5,494,506
	81,000	Chiyoda Corporation		1,015,384
	48,000	Daihatsu Motor Company, Ltd.		998,525
	122,000	Daiwa House Industry Company, Ltd.		2,241,902
	866,264	Daiwa Securities Group, Inc.		5,038,540
	27,300	East Japan Railway Company		1,842,949
	18,000	FamilyMart Company, Ltd.		723,079
	120,000	Hino Motors, Ltd.		1,260,984
	278,000	Hitachi, Ltd.		1,649,679
	6,700	Hogy Medical Company, Ltd.		322,920
	15,100	Idemitsu Kosan Company, Ltd.		1,323,981
	484,000	IHI Corporation		1,254,745
	127,900	ITOCHU Corporation		1,446,486
	65,800	Japan Tobacco, Inc.		2,053,030
	93,100	JTEKT Corporation		994,467
	48,000	Kaken Pharmaceutical Company, Ltd.		787,664
	18,700	KDDI Corporation		1,391,398
	674	M3, Inc.		1,100,139
	149,000	Marubeni Corporation		1,094,454
	466	Message Company, Ltd.a		1,258,702
	181,100	Mitsubishi UFJ Financial Group, Inc.		1,029,941
	22,300	MonotaRO Company, Ltd.		819,486
	270,650	Mori Seiki Company, Ltd.		2,546,010
	276,957	MS and AD Insurance Group Holdings, Inc.		5,801,043
	137,000	Nikkiso Company, Ltd.		1,493,216
	152,000	Nikon Corporation		4,346,134
	2,095,400	Nippon Sheet Glass Companya		2,442,572
	155,000	Nippon Shokubai Company, Ltd.		1,495,105
	29,100	Nippon Telegraph & Telephone Corporation		1,218,750
	492,500	Nissan Motor Company, Ltd.		5,042,489
	106,000	OSG Corporation		1,379,148
	30,451	Pigeon Corporation		1,658,543
	19,400	Ryohin Keikaku Company, Ltd.		1,098,728
	43,000	SCSK Corporation		805,862
	41,000	Softbank Corporation		1,460,900
	727,800	Sojitz Corporation		1,092,382
	532,000	Sumitomo Chemical Company, Ltd.		1,556,381
	349,750	Sumitomo Corporation		4,524,130
	124,700	Sumitomo Electric Industries, Ltd.		1,403,831
	1,489,500	Sumitomo Mitsui Trust Holdings, Inc.		5,501,549
	403,000	Sumitomo Osaka Cement Company, Ltd.		1,349,813
	82,800	Suzuki Motor Corporation		2,172,652
	27,500	Sysmex Corporation		1,311,995
	46,700	Tamron Company, Ltd.		1,316,355
	125,000	Tatsuta Electric Wire and Cable Company, Ltd.		1,052,985
	48,000	Totetsu Kogyo Company, Ltd.		685,629
	62,000	Toyo Suisan Kaisha, Ltd.		1,718,964
	27,000	Toyo Tanso Company, Ltd.		653,519
	116,500	Toyota Motor Corporation		5,564,558
	10,200	Tsuruha Holdings, Inc.		852,870
	50,900	United Arrows, Ltd.		1,231,821
	28,100	West Japan Railway Company		1,108,077
	149,000	Yaskawa Electric Corporation		1,391,772
		Total		105,920,890

Shares		Common Stock (88.2%)	Value
	Jersey (0.7%)
	362,850	WPP plc		$5,697,463
		Total		5,697,463
	Lebanon (<0.1%)
	1,883	Solidere		23,650
		Total		23,650
	Luxembourg (0.4%)
	59,000	Tenaris SA ADR		2,482,130
	10,827	Ternium SA ADR		255,842
		Total		2,737,972
	Malaysia (0.2%)
	240,000	CIMB Group Holdings Berhad		556,904
	97,000	Genting Berhad		296,524
	75,000	Malayan Banking Berhad		214,355
	135,500	Public Bank Berhad		676,845
		Total		1,744,628
	Mexico (1.2%)
	362,800	America Movil SAB de CV		457,687
	168,000	Consorcio ARA SAB de CVb		62,895
	32,000	Fomento Economico Mexicano SAB de CV ADR		3,452,481
	11,100	Grupo Aeroportuario del Sureste SAB de CV ADR		1,325,451
	476,500	Grupo Financiero Banorte SAB de CV ADR		3,279,577
	271,000	Organizacion Soriana SAB de CV		1,049,931
		Total		9,628,022
	Netherlands (3.4%)
	90,255	Aalberts Industries NV		2,028,254
	1,028,550	Aegon NV		6,866,882
	37,676	European Aeronautic Defence and Space Company		1,766,286
	15,487	Gemalto NV		1,378,522
	32,863	Heineken NV		2,310,951
	111,721	Koninklijke DSM NV		6,843,420
	24,033	Nutreco NV		2,130,401
	55,354	TKH Group NV		1,511,226
	45,968	Unilever NV		1,862,439
		Total		26,698,381
	New Zealand (0.3%)
	423,248	Ryman Healthcare, Ltd.		1,637,623
	342,787	Telecom Corporation of New Zealand, Ltd.		698,062
		Total		2,335,685
	Norway (1.2%)
	32,516	Aker Solutions ASA		711,134
	24,760	Petroleum Geo-Services ASA		439,254
	22,900	Schibsted ASA		921,999
	73,174	Statoil ASA		1,949,538
	464,000	STX OSV Holdings, Ltd.		472,418
	39,670	TGS Nopec Geophysical Company ASA		1,479,435
	176,535	Tomra Systems ASA		1,502,218
	36,663	Yara International ASA		1,955,178
		Total		9,431,174

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

69

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (88.2%)	Value
	Panama (<0.1%)
	2,643	Copa Holdings SA		$289,673
		Total		289,673
	Philippines (0.5%)
	2,769,500	Ayala Land, Inc.		1,974,155
	733,966	Bank of the Philippine Islands		1,806,976
		Total		3,781,131
	Poland (0.3%)
	7,768	Bank Handlowy w Warszawie SA		240,630
	41,985	Bank Pekao SA		2,065,037
	11,647	Grupa Lotos SAb		150,869
	28,405	Telekomunikacja Polska SA		110,296
		Total		2,566,832
	Portugal (0.6%)
	3,077,825	Banco Espirito Santo SAb		4,365,021
		Total		4,365,021
	Russia (0.5%)
	79,747	Gazprom OAO		753,609
	45,500	Lukoil ADR		3,068,041
	815	Magnit OJSC		36,162
	3,803	Novolipetsk Steel OJSC		80,757
	11,800	Sberbank of Russia		173,814
		Total		4,112,383
	Singapore (2.0%)
	2,471,000	China Minzhong Food Corporation, Ltd.a,b		1,994,395
	1,284,000	Ezion Holdings, Ltd.		1,877,545
	645,000	First Resources, Ltd.		1,018,014
	13,923,000	GMG Global, Ltd.		1,608,640
	358,560	Keppel Corporation, Ltd.		3,331,611
	938,000	Osim International, Ltd.		1,364,400
	578,000	Raffles Medical Group, Ltd.		1,413,305
	984,000	Super Group, Ltd.		2,742,941
		Total		15,350,851
	South Africa (0.7%)
	21,650	ABSA Group, Ltd.		414,430
	1,674	AngloGold Ashanti, Ltd.		46,657
	28,089	Aveng, Ltd.		98,131
	7,871	Impala Platinum Holdings, Ltd.		142,662
	67,890	Massmart Holdings, Ltd.		1,385,991
	18,319	MTN Group, Ltd.		358,423
	42,615	PPC, Ltd.		156,026
	14,436	Reunert, Ltd.		120,400
	214,000	Truworths International, Ltd.		2,431,902
		Total		5,154,622
	South Korea (2.0%)
	4,803	E-Mart Company, Ltd.		1,066,787
	1,619	Hyundai Heavy Industries Company, Ltd.		319,679
	926	Hyundai Mobis		242,500
	19,000	LG Uplus Corporationb		142,054
	11,850	POSCO		3,873,794
	1,503	POSCO ADR		122,434
	5,950	Samsung Electronics Company, Ltd.		4,636,468
	2,350	Samsung Heavy Industries Company, Ltd.		82,575

Shares		Common Stock (88.2%)	Value
	South Korea (2.0%) - continued
	13,530	Shinhan Financial Group Company, Ltd.		$508,333
	1,218	Shinsegae Company, Ltd.		246,098
	4,830	SK Telecom Company, Ltd.		742,727
	223,683	SK Telecom Company, Ltd. ADR		3,791,427
		Total		15,774,876
	Spain (1.2%)
	28,239	Almirall SA		349,166
	938,667	Iberdrola SA		5,050,832
	17,090	Industria de Diseno Textil SA (Inditex)		2,388,617
	15,337	Pescanova SA		344,297
	30,571	Tubacex SAb		104,131
	15,918	Viscofan SA		832,546
		Total		9,069,589
	Sweden (1.3%)
	40,710	Betsson ABb		1,364,821
	59,649	Boliden AB		1,102,498
	26,167	Hexpol AB		1,447,241
	42,354	Hoganas AB		1,752,670
	56,896	Intrum Justitia AB		920,667
	190,497	Skandinaviska Enskilda Banken AB		1,908,211
	129,518	Volvo AB		1,916,922
		Total		10,413,030
	Switzerland (6.9%)
	33,416	Actelion, Ltd.b		1,655,288
	79,800	Adecco SAb		4,575,995
	6,791	Bucher Industries AG		1,424,323
	4,814	Burckhardt Compression Holding AG		1,696,562
	41,234	Compagnie Financiere Richemont SA		3,387,106
	190,800	Credit Suisse Group AGb		5,634,861
	146,942	EFG International AGb		1,726,429
	3,333	Givaudan SAb		3,701,054
	87,213	Holcim, Ltd.b		6,788,593
	13,753	Implenia AGb		679,826
	108,391	Nestle SA		7,610,944
	63,550	Novartis AG		4,319,904
	46,421	Roche Holding AG		10,260,858
		Total		53,461,743
	Taiwan (0.8%)
	44,000	Advanced Semiconductor Engineering, Inc.		35,514
	42,000	Chipbond Technology Corporation		86,416
	405,000	Compal Electronics, Inc.		294,540
	34,000	Novatek Microelectronics Corporation		135,279
	40,000	Taiwan Fertilizer Company, Ltd.		99,274
	314,100	Taiwan Mobile Company, Ltd.		1,117,605
	1,202,362	Taiwan Semiconductor Manufacturing Company, Ltd.		4,120,163
	5,000	TPK Holding Company, Ltd.		86,166
	367,000	Walsin Lihwa Corporationb		123,797
		Total		6,098,754
	Thailand (2.2%)
	355,800	Bangkok Bank pcl		2,623,924

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

70

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (88.2%)	Value
	Thailand (2.2%) - continued
	30,400	Kasikornbank pcl		$202,426
	4,194,500	Krung Thai Bank pcl		3,225,210
	287,000	PTT Exploration & Production pcl		1,598,299
	447,750	PTT pcl		5,120,895
	130,800	Siam Cement pcl		2,029,577
	378,400	Siam Commercial Bank pcl		2,272,257
	135,600	Thai Oil pcl		335,350
		Total		17,407,938
	Turkey (0.8%)
	544,258	Akbank TAS		2,752,238
	35,398	BIM Birlesik Magazalar AS		1,716,328
	4,676	Ford Otomotiv Sanayi AS		53,185
	321,000	Turkiye Garanti Bankasi AS		1,609,735
		Total		6,131,486
	United Kingdom (10.5%)
	232,394	Aberdeen Asset Management plc		1,483,185
	52,883	Aveva Group plc		1,812,120
	190,866	Babcock International Group plc		3,142,855
	1,084,311	BAE Systems plc		5,835,765
	91,646	Bellway plc		1,612,049
	17,000	BHP Billiton plc		583,651
	35,568	British American Tobacco plc		1,848,517
	52,011	Diageo plc		1,548,264
	161,703	Elementis plc		541,373
	263,556	Fenner plc		1,585,152
	88,159	GlaxoSmithKline plc		2,016,535
	255,396	Halma plc		1,865,404
	14,092	Hikma Pharmaceuticals plc		180,172
	87,950	HSBC Holdings plc ADR		5,000,838
	138,995	Inchcape plc		1,042,981
	655,757	Intermediate Capital Group plc		3,675,667
	804,331	ITV plc		1,461,925
	124,977	Lancashire Holdings, Ltd.		1,625,780
	605,268	Legal & General Group plc		1,461,664
	94,630	London Stock Exchange Group plc		1,807,415
	154,428	Mondi plc		1,829,627
	275,335	Morgan Crucible Company plc		1,212,144
	15,188	Next plc		977,025
	386,668	Pace plc		1,384,111
	98,870	Persimmon plc		1,321,649
	120,230	Prudential plc		1,825,074
	46,949	Rio Tinto plc		2,652,337
	41,331	SABMiller plc		2,034,948
	97,114	Smith & Nephew plc		1,119,820
	55,048	Spirax-Sarco Engineering plc		1,964,625
	534,995	Spirent Communications plc		1,361,262
	80,860	Sports Direct International plcb		506,521
	225,611	Standard Chartered plc		6,006,621
	165,397	Tate & Lyle plc		2,131,357
	683,288	Taylor Wimpey plc		770,858
	112,730	Telecity Group plc		1,514,438
	855,250	Tesco plc		4,833,532
	64,409	Ultra Electronics Holdings plc		1,679,755
	44,377	Unilever plc		1,807,621
	1,425,887	Vodafone Group plc		3,891,456
	27,897	Whitbread plc		1,136,972
		Total		82,093,065
	United States (0.1%)
	17,460	iShares MSCI Emerging Markets Index Fund		772,081

Shares		Common Stock (88.2%)	Value
	United States (0.1%) - continued
	5,460	Vanguard MSCI Emerging Markets ETF		$243,298
		Total		1,015,379
		Total Common Stock (cost $612,148,702)		688,310,700
Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Angola (0.1%)
		Republic of Angola Via Northern Lights III BV
	500,000	7.000%, 8/16/2019		563,750
		Total		563,750
	Argentina (0.2%)
		Arcos Dorados SA
	177,000	7.500%, 10/1/2019		190,718
		Argentina Government International Bond
	967,724	7.820%, 12/31/2033d		768,670
	5,154,000	0.000%, 12/15/2035d,e		357,601
		Total		1,316,989
	Austria (<0.1%)
		OGX Austria GmbH
	200,000	8.500%, 6/1/2018		186,500
		Total		186,500
	Azerbaijan (<0.1%)
		State Oil Company of Azerbaijan Republic
	200,000	5.450%, 2/9/2017		218,000
		Total		218,000
	Belarus (0.1%)
		Belarus Government International Bond
	466,000	8.750%, 8/3/2015		490,465
		Total		490,465
	Belize (<0.1%)
		Belize Government International Bond
	140,000	8.500%, 2/20/2029		78,400
		Total		78,400
	Bermuda (0.1%)
		China Resources Gas Group, Ltd
	400,000	4.500%, 4/5/2022		434,881
		Digicel Group, Ltd.
	170,000	8.250%, 9/30/2020c		189,550
		Total		624,431
	Bolivia (<0.1%)
		Bolivia Government International Bond
	200,000	4.875%, 10/29/2022c		198,000
		Total		198,000

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

71

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Brazil (0.3%)
		Banco do Brasil SA/Cayman Islands
	$630,000	3.875%, 10/10/2022		$623,700
		Banco do Estado do Rio Grande do Sul SA
	460,000	7.375%, 2/2/2022c		506,000
		Brazil Government International Bond
	10,000	8.250%, 1/20/2034		15,825
	340,000	11.000%, 8/17/2040		422,110
	300,000	5.625%, 1/7/2041		362,550
		Independencia International, Ltd.
	95,246	12.000%, 12/30/2016c,f,g		0
		Petrobras International Finance Company
	160,000	7.875%, 3/15/2019		197,095
		Total		2,127,280
	Canada (0.1%)
		Eldorado Gold Corporation
	240,000	6.125%, 12/15/2020c		252,301
		Nexen, Inc.
	65,000	6.400%, 5/15/2037		82,850
		PTTEP Canada International Finance, Ltd.
	200,000	5.692%, 4/5/2021		228,075
	200,000	5.692%, 4/5/2021c		228,075
		Total		791,301
	Cayman Islands (0.1%)
		Country Garden Holdings Company, Ltd.
	700,000	2.500%, 2/22/2013h		135,613
		Dubai Holding Commercial Operations MTN, Ltd.
	100,000	4.750%, 1/30/2014d		135,616
	50,000	6.000%, 2/1/2017i		79,300
		Petrobras International Finance Company
	170,000	5.750%, 1/20/2020		189,934
	158,000	5.375%, 1/27/2021		173,108
		Raizen Fuels Finance, Ltd.
	330,000	9.500%, 8/15/2014		364,649
		Sun Hung Kai Properties Capital Market, Ltd.
	220,000	4.500%, 2/14/2022		234,488
		Total		1,312,708
	Chile (0.4%)
		AES Gener SA
	170,000	5.250%, 8/15/2021		190,372
	70,000	5.250%, 8/15/2021c		78,389
		Banco de Credito e Inversiones
	200,000	3.000%, 9/13/2017		204,217
	580,000	3.000%, 9/13/2017c		592,227
		Banco del Estado de Chile
	100,000	4.125%, 10/7/2020c		108,405
	430,000	4.125%, 10/7/2020		466,140
		Banco Santander Chile
	190,000	3.875%, 9/20/2022c		193,515
		Chile Government International Bond
	100,000	3.875%, 8/5/2020		110,750

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Chile (0.4%) - continued
	$380,000	3.250%, 9/14/2021		$404,700
	300,000	3.625%, 10/30/2042		282,000
		CorpGroup Banking SA
	250,000	6.750%, 3/15/2023c		254,063
		E-CL SA
	120,000	5.625%, 1/15/2021c		135,816
		Total		3,020,594
	Colombia (0.6%)
		Banco de Bogota SA
	400,000	5.000%, 1/15/2017		432,000
		Bancolombia SA
	100,000	5.950%, 6/3/2021		115,500
	260,000	5.125%, 9/11/2022		269,100
		Colombia Government International Bond
	20,000	8.250%, 12/22/2014		22,640
	450,000	7.375%, 1/27/2017		552,600
	540,000	7.375%, 3/18/2019		694,709
	290,000	2.625%, 3/15/2023		278,400
	400,000	7.375%, 9/18/2037		582,000
	520,000	6.125%, 1/18/2041		665,600
		Colombia Telecomunicaciones SA ESP
	200,000	5.375%, 9/27/2022c		201,000
		Empresa de Energia de Bogota SA
	520,000	6.125%, 11/10/2021c		590,200
		Empresas Publicas de Medellin ESP
	100,000	7.625%, 7/29/2019		125,750
		Transportadora de Gas del Internacional SA ESP
	200,000	5.700%, 3/20/2022c		224,000
		Total		4,753,499
	Costa Rica (0.1%)
		Costa Rica Government International Bond
	10,000	9.995%, 8/1/2020		14,100
	510,000	4.250%, 1/26/2023c		522,750
		Total		536,850
	Croatia (<0.1%)
		Hrvatska Elektroprivreda
	200,000	6.000%, 11/9/2017c		214,200
		Total		214,200
	Dominican Republic (0.2%)
		Aeropuertos Dominicanos Siglo XXI SA
	370,000	9.250%, 11/13/2019c		394,050
		Dominican Republic Government International Bond
	131,157	9.040%, 1/23/2018		148,208
	1,120,000	7.500%, 5/6/2021		1,276,800
	190,000	8.625%, 4/20/2027		232,750
		Total		2,051,808

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

72

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Egypt (<0.1%)
		Egypt Government International Bond
	$350,000	5.750%, 4/29/2020		$332,500
		Total		332,500
	El Salvador (<0.1%)
		El Salvador Government International Bond
	260,000	5.875%, 1/30/2025c		274,950
		Total		274,950
	Gabon (<0.1%)
		Gabon Government International Bond
	235,000	8.200%, 12/12/2017		284,938
		Total		284,938
	Ghana (<0.1%)
		Ghana Government International Bond
	190,000	8.500%, 10/4/2017		220,875
		Total		220,875
	Guatemala (<0.1%)
		Guatemala Government International Bond
	190,000	5.750%, 6/6/2022c		217,075
		Total		217,075
	Hong Kong (<0.1%)
		Zijin International Finance Company, Ltd.
	100,000	4.250%, 6/30/2016		106,507
		Total		106,507
	Hungary (0.1%)
		Hungary Government International Bond
	100,000	3.500%, 7/18/2016d		132,656
	190,000	4.375%, 7/4/2017d		256,587
	31,000	3.875%, 2/24/2020d		39,739
	80,000	7.625%, 3/29/2041		93,400
		Total		522,382
	Indonesia (0.8%)
		Indonesia Government International Bond
	100,000	6.750%, 3/10/2014		105,500
	2,380,000	11.625%, 3/4/2019		3,546,199
	290,000	8.500%, 10/12/2035		445,150
	650,000	7.750%, 1/17/2038		934,375
	330,000	5.250%, 1/17/2042		365,063
		Perusahaan Penerbit SBSN
	270,000	4.000%, 11/21/2018c		285,525
		Total		5,681,812
	Iraq (0.1%)
		Iraq Government International Bond
	500,000	5.800%, 1/15/2028		480,000
		Total		480,000

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Ireland (0.1%)
		MTS International Funding, Ltd.
	$520,000	8.625%, 6/22/2020		$656,864
		Sibur Securities, Ltd.
	280,000	3.914%, 1/31/2018c		278,600
		Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC
	170,000	9.125%, 4/30/2018		201,875
		Total		1,137,339
	Israel (<0.1%)
		Israel Government International Bond
	210,000	4.500%, 1/30/2043		207,140
		Total		207,140
	Ivory Coast (0.3%)
		Ivory Coast Government International Bond
	2,108,000	5.750%, 12/31/2032		2,013,140
		Total		2,013,140
	Kazakhstan (0.2%)
		Kazatomprom Natsionalnaya Atomnaya Kompaniya AO
	100,000	6.250%, 5/20/2015		107,000
		KazMunaiGaz Finance Sub BV
	290,000	7.000%, 5/5/2020		353,075
		KazMunayGas National Company
	240,000	11.750%, 1/23/2015		281,400
	200,000	6.375%, 4/9/2021c		238,000
	260,000	6.375%, 4/9/2021		309,400
		Total		1,288,875
	Luxembourg (0.3%)
		Gazprom OAO Via Gaz Capital SA
	478,000	9.250%, 4/23/2019		623,193
	260,000	5.999%, 1/23/2021		292,825
		Sberbank of Russia Via SB Capital SA
	220,000	5.125%, 10/29/2022c		221,100
		TNK-BP Finance SA
	490,000	7.875%, 3/13/2018		591,675
	220,000	7.250%, 2/2/2020		265,650
		Total		1,994,443
	Malaysia (0.1%)
		Wakala Global Sukuk Bhd
	360,000	4.646%, 7/6/2021		409,385
		Total		409,385
	Mexico (0.8%)
		America Movil SAB de CV
	2,790,000	6.450%, 12/5/2022j		230,826
		Grupo KUO SAB de CV
	200,000	6.250%, 12/4/2022c		216,500
		Mexican Bonos
	3,369,600	7.750%, 5/29/2031j		319,428
	3,823,400	7.750%, 11/13/2042j		365,530
		Mexico Cetes
	95,301,000	Zero Coupon, 6/27/2013j		736,452

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

73

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Mexico (0.8%) - continued
		Mexico Government International Bond
	$540,000	5.875%, 1/15/2014		$563,760
	10,000	6.625%, 3/3/2015		11,113
	40,000	5.625%, 1/15/2017		46,460
	146,000	3.625%, 3/15/2022		156,585
	190,000	6.750%, 9/27/2034		257,450
	276,000	6.050%, 1/11/2040		345,690
	1,210,000	4.750%, 3/8/2044		1,272,314
	60,000	5.750%, 10/12/2110		67,050
		Pemex Project Funding Master Trust
	280,000	6.625%, 6/15/2035		338,100
		Petroleos Mexicanos
	30,000	8.000%, 5/3/2019		38,400
	200,000	5.500%, 1/21/2021		229,500
	110,000	3.500%, 1/30/2023c		107,800
	50,000	6.500%, 6/2/2041		58,875
		Total		5,361,833
	Netherlands (0.1%)
		Kazakhstan Temir Zholy Finance BV
	200,000	6.950%, 7/10/2042c		249,500
		Listrindo Capital BV
	200,000	6.950%, 2/21/2019		223,043
		VimpelCom Holdings BV
	200,000	7.504%, 3/1/2022c		228,000
		Total		700,543
	Nigeria (0.1%)
		Nigeria Government International Bond
	460,000	6.750%, 1/28/2021		549,700
		Total		549,700
	Pakistan (<0.1%)
		Pakistan Government International Bond
	200,000	6.875%, 6/1/2017		179,500
	120,000	7.875%, 3/31/2036		87,300
		Total		266,800
	Panama (0.2%)
		Panama Government International Bond
	230,000	7.250%, 3/15/2015		257,025
	527,000	8.875%, 9/30/2027		815,533
	190,000	9.375%, 4/1/2029		310,175
	420,000	6.700%, 1/26/2036		563,850
		Total		1,946,583
	Paraguay (0.1%)
		Banco Continental SAECA
	150,000	8.875%, 10/15/2017c		165,000
		Paraguay Government International Bond
	500,000	4.625%, 1/25/2023c		495,000

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Paraguay (0.1%) - continued
		Telefonica Celular del Paraguay SA
	$200,000	6.750%, 12/13/2022c		$217,000
		Total		877,000
	Peru (0.3%)
		Ajecorp BV
	150,000	6.500%, 5/14/2022c		165,000
		Corporacion Financiera de Desarrollo SA
	200,000	4.750%, 2/8/2022c		219,500
		Corporacion Lindley SA
	40,000	6.750%, 11/23/2021		46,300
	90,000	6.750%, 11/23/2021c		104,175
		Peru Government International Bond
	200,000	5.625%, 11/18/2050		235,000
	260,000	7.350%, 7/21/2025		366,600
	445,000	8.750%, 11/21/2033		739,813
	40,000	6.550%, 3/14/2037		54,500
		Volcan Cia Minera SAA
	10,000	5.375%, 2/2/2022		10,975
	44,000	5.375%, 2/2/2022c		48,290
		Total		1,990,153
	Philippines (0.2%)
		Energy Development Corporation
	200,000	6.500%, 1/20/2021		223,930
		Philippines Government International Bond
	500,000	7.500%, 9/25/2024		693,750
	60,000	9.500%, 10/21/2024		95,100
	290,000	5.500%, 3/30/2026		355,613
		Total		1,368,393
	Qatar (<0.1%)
		Ras Laffan Liquefied Natural Gas Company, Ltd. II
	239,250	5.298%, 9/30/2020		267,601
		Total		267,601
	Romania (0.1%)
		Romania Government International Bond
	27,000	6.500%, 6/18/2018d		41,628
	150,000	6.750%, 2/7/2022		180,597
	360,000	6.750%, 2/7/2022c		433,433
		Total		655,658
	Russia (0.5%)
		AHML Finance, Ltd.
	5,700,000	7.750%, 2/13/2018		189,924
		Gazprom Neft Capital SA
	230,000	4.375%, 9/19/2022c		230,920
		Rosneft Oil Company via Rosneft International Finance, Ltd.
	1,040,000	4.199%, 3/6/2022c		1,040,000
		Russia Government International Bond
	100,000	5.000%, 4/29/2020		113,875
	1,400,000	4.500%, 4/4/2022c		1,546,720

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

74

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Russia (0.5%) - continued
	$174,375	7.500%, 3/31/2030		$217,969
		Total		3,339,408
	Serbia (<0.1%)
		Serbia Government International Bond
	40,000	6.750%, 11/1/2024		40,000
		Total		40,000
	Slovenia (0.3%)
		Slovenia Government International Bond
	1,230,000	5.500%, 10/26/2022c		1,274,587
	850,000	5.500%, 10/26/2022		880,813
		Total		2,155,400
	South Africa (<0.1%)
		Peermont Global Proprietary, Ltd.
	280,000	7.750%, 4/30/2014d		366,875
		South Africa Government International Bond
	220,000	6.250%, 3/8/2041		270,886
		Total		637,761
	Sri Lanka (<0.1%)
		Sri Lanka Government International Bond
	220,000	6.250%, 7/27/2021c		239,196
		Total		239,196
	Supranational (0.1%)
		Corporacion Andina de Fomento
	599,000	3.750%, 1/15/2016		631,816
	424,000	4.375%, 6/15/2022		460,970
		Total		1,092,786
	Turkey (0.6%)
		Anadolu Efes Biracilik Ve Malt Sanayii AS
	400,000	3.375%, 11/1/2022c		383,500
		Export Credit Bank of Turkey
	270,000	5.375%, 11/4/2016c		290,925
		Turkey Government International Bond
	180,000	7.000%, 9/26/2016		209,430
	1,145,000	6.750%, 4/3/2018		1,365,413
	340,000	7.375%, 2/5/2025		447,440
	350,000	6.875%, 3/17/2036		453,250
	240,000	7.250%, 3/5/2038		327,600
	670,000	6.000%, 1/14/2041		797,300
		Turkiye Halk Bankasi AS
	200,000	4.875%, 7/19/2017		211,400
	200,000	4.875%, 7/19/2017c		211,400
		Total		4,697,658
	Ukraine (0.5%)
		Ukraine Government International Bond
	910,000	9.250%, 7/24/2017		989,625
	240,000	8.375%, 11/3/2017		242,712
	520,000	9.000%, 12/7/2017c		542,100
	580,000	7.800%, 11/28/2022c		600,300

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Ukraine (0.5%) - continued
	$1,370,000	7.800%, 11/28/2022		$1,417,950
		Total		3,792,687
	United Arab Emirates (<0.1%)
		Dolphin Energy, Ltd.
	181,512	5.888%, 6/15/2019		203,293
	210,000	5.500%, 12/15/2021		242,025
		Total		445,318
	United Kingdom (0.1%)
		HSBC Bank plc
	78,000,000	Zero Coupon, 8/12/2013c,g,o		469,732
		Total		469,732
	United States (0.2%)
		Banco del Estado de Chile
	150,000	0.200%, 2/22/2013		150,000
		Cemex Finance, LLC
	230,000	9.375%, 10/12/2022c		259,900
		HSBC Bank USA NA/New York
	600,000	17.276%, 8/15/2040g,k		934,503
		HSBC USA, Inc.
	901,000	10.000%, 1/5/2017g,l		474,092
		Total		1,818,495
	Uruguay (0.1%)
		Uruguay Government International Bond
	542,000	7.625%, 3/21/2036		798,095
		Total		798,095
	Venezuela (0.6%)
		Petroleos de Venezuela SA
	778,400	5.250%, 4/12/2017		675,262
	450,000	9.000%, 11/17/2021		427,500
	300,000	5.375%, 4/12/2027		216,000
	10,000	5.500%, 4/12/2037		7,025
		Venezuela Government International Bond
	90,000	7.750%, 10/13/2019		86,985
	610,000	9.000%, 5/7/2023		605,425
	500,000	8.250%, 10/13/2024		472,500
	80,000	7.650%, 4/21/2025		72,800
	10,000	11.750%, 10/21/2026		11,335
	1,420,000	11.950%, 8/5/2031		1,629,449
		Total		4,204,281
	Vietnam (<0.1%)
		Vietnam Government International Bond
	100,000	6.875%, 1/15/2016		110,000
		Total		110,000
	Virgin Islands, British (<0.1%)
		Central American Bottling Corporation
	20,000	6.750%, 2/9/2022		21,750
	50,000	6.750%, 2/9/2022c		54,375
		Talent Yield Investments, Ltd.
	260,000	4.500%, 4/25/2022c		280,649
		Total		356,774

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

75

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (9.3%)	Value
	Zambia (0.1%)
		Zambia Government International Bond
	$210,000	5.375%, 9/20/2022c		$215,250
	400,000	5.375%, 9/20/2022		410,000
		Total		625,250
		Total Long-Term Fixed Income (cost $67,987,581)		72,463,241
Shares		Preferred Stock (<0.1%)	Value
	Brazil (<0.1%)
	18,500	Vale SA		359,530
		Total		359,530
		Total Preferred Stock (cost $329,166)		359,530
Shares		Collateral Held for Securities Loaned (0.9%)	Value
	6,674,784	Thrivent Cash Management Trust		6,674,784
		Total Collateral Held for Securities Loaned (cost $6,674,784)		6,674,784
Shares or Principal Amount		Short-Term Investments (1.8%)	Value
		Federal Home Loan Bank Discount Notes
	200,000	0.090%, 6/7/2013m,n		199,937
	13,763,134	Thrivent Cash Management Trust		13,763,134
		Total Short-Term Investments (at amortized cost)		13,963,071
		Total Investments (cost $701,103,304) 100.2%		$781,771,326
		Other Assets and Liabilities, Net (0.2%)		(1,415,526)
		Total Net Assets 100.0%		$780,355,800

a All or a portion of the security is on loan.

b Non-income producing security.

c 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 January 31, 2013, the value of these investments was $17,069,390 or 2.2% of total net assets.

d Principal amount is displayed in Euros.

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 January 31, 2013.

f Defaulted security. Interest is not being accrued.

g Security is fair valued.

h Principal amount is displayed in Chinese Yuan.

i Principal amount is displayed in British Pounds.

j Principal amount is displayed in Mexican Pesos.

k Principal amount is displayed in Brazilian Real. Security is linked to Brazilian Government Bonds due August 15, 2040.

l Principal amount is displayed in Brazilian Real.

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

n At January 31, 2013, $199,937 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

o Principal amount is displayed in Nigerian Naira. Security is linked to Nigerian Treasury Bill.

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	$110,224,431
Gross unrealized depreciation	(29,556,409)
Net unrealized appreciation (depreciation)	$80,668,022
Cost for federal income tax purposes	$701,103,304

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

76

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Partner Worldwide Allocation Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Communications Services		1,068,460		–		1,068,460		–
Consumer Discretionary		98,577,742		–		98,577,742		–
Consumer Staples		68,132,132		3,883,710		64,248,422		–
Energy		65,841,316		12,409,091		53,432,225		–
Financials		145,982,613		12,204,297		133,778,316		–
Health Care		53,880,023		2,894,838		50,985,185		–
Industrials		113,492,575		3,379,520		110,113,055		–
Information Technology		48,721,930		1,801,325		46,920,605		–
Materials		67,192,193		3,987,317		63,204,876		–
Telecommunications Services		20,921,691		3,996,750		16,924,941		–
Utilities		4,500,025		–		4,500,025		–
Long-Term Fixed Income
Basic Materials		418,073		–		418,073		–
Capital Goods		476,400		–		476,400		–
Communications Services		1,925,115		–		1,925,115		–
Consumer Cyclical		693,206		–		693,206		–
Consumer Non-Cyclical^		1,139,749		–		1,139,749		0
Energy		8,732,512		–		8,732,512		–
Financials		7,054,112		–		5,175,785		1,878,327
Foreign Government		48,465,050		–		48,465,050		–
Transportation		643,550		–		643,550		–
Utilities		2,915,474		–		2,915,474		–
Preferred Stock
Materials		359,530		–		359,530		–
Collateral Held for Securities Loaned		6,674,784		6,674,784		–		–
Short-Term Investments		13,963,071		13,763,134		199,937		–
Total		$781,771,326		$64,994,766		$714,898,233		$1,878,327
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		115,420		115,420		–		–
Foreign Currency Forward Contracts		479,960		–		479,960		–
Total Asset Derivatives		$595,380		$115,420		$479,960		$–
Liability Derivatives
Futures Contracts		175,580		175,580		–		–
Foreign Currency Forward Contracts		538,249		–		538,249		–
Total Liability Derivatives		$713,829		$175,580		$538,249		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

^ Level 3 security in this section is fair valued at <$1.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	12	March 2013		$2,644,520		$2,645,063		$543
5-Yr. U.S. Treasury Bond Futures	92	March 2013		11,426,216		11,383,563		(42,653)
10-Yr. U.S. Treasury Bond Futures	19	March 2013		2,505,172		2,494,344		(10,828)
30-Yr. U.S. Treasury Bond Futures	(24)	March 2013		(3,473,038)		(3,443,250)		29,788
Mini MSCI EAFE Index Futures	52	March 2013		4,286,551		4,371,640		85,089
Ultra Long Term U.S. Treasury Bond
Futures	17	March 2013		2,783,130		2,661,031		(122,099)
Total Futures Contracts								($60,160)

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

77

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Australian Dollar	BOA		298,235	2/4/2013 - 2/5/2013		$310,773		$310,998		$225
Brazilian Real	DB		254,912	3/4/2013		128,000		128,010		10
Brazilian Real	UBS		383,219	3/4/2013		192,000		192,442		442
Chilean Peso	CSFB		174,415,280	2/11/2013		367,376		369,614		2,238
Chilean Peso	BB		273,106,210	2/8/2013 - 2/11/2013		574,324		578,887		4,563
Chinese Yuan	JPM		2,701,943	2/4/2013		430,280		434,480		4,200
Chinese Yuan	RBS		6,600,119	2/4/2013 - 3/29/2013		1,050,633		1,061,317		10,684
Chinese Yuan	HSBC		17,136,370	2/4/2013 - 3/29/2013		2,720,929		2,752,860		31,931
Chinese Yuan	BOA		3,748,904	2/4/2013 - 2/5/2013		595,200		602,726		7,526
Chinese Yuan	BB		8,526,301	2/5/2013 - 3/29/2013		1,351,734		1,369,469		17,735
Chinese Yuan	DB		5,644,405	2/4/2013		897,088		907,494		10,406
Euro	BB		72,000	3/20/2013		94,920		97,772		2,852
Euro	DB		72,000	3/20/2013		95,227		97,772		2,545
Euro	MSC		361,000	3/20/2013		478,262		490,218		11,956
Euro	SSB		143,827	2/8/2013		192,215		195,288		3,073
Euro	RBC		72,000	3/20/2013		95,974		97,772		1,798
Euro	UBS		210,918	2/8/2013		281,475		286,384		4,909
Euro	JPM		529,353	2/8/2013 - 3/20/2013		703,344		718,796		15,452
Euro	BOA		390,569	2/4/2013 - 2/5/2013		529,943		530,311		368
Euro	CITI		494,000	3/20/2013		652,622		670,824		18,202
Indian Rupee	BB		47,001,147	2/4/2013 - 2/28/2013		870,106		881,516		11,410
Indian Rupee	UBS		30,623,916	2/4/2013 - 3/6/2013		572,570		573,982		1,412
Indian Rupee	MSC		15,515,980	2/25/2013		287,573		290,424		2,851
Indian Rupee	CITI		10,492,800	2/22/2013		192,000		196,506		4,506
Indian Rupee	DB		112,715,524	2/4/2013 - 3/1/2013		2,099,450		2,115,647		16,197
Indian Rupee	JPM		5,138,400	3/1/2013		96,000		96,111		111
Indian Rupee	HSBC		10,467,840	2/22/2013		192,000		196,038		4,038
Indian Rupee	RBS		20,536,838	3/1/2013		383,000		384,132		1,132
Indonesian Rupiah	DB		1,878,501,121	2/25/2013		192,000		192,552		552
Indonesian Rupiah	BB		3,583,476,001	2/20/2013		369,774		367,435		(2,339)
Indonesian Rupiah	SSB		5,468,663	2/1/2013		560		561		1
Indonesian Rupiah	BNP		2,791,646,001	2/25/2013		286,000		286,617		617
Israeli Shekel	DB		1,070,133	3/20/2013		287,000		288,211		1,211
Japanese Yen	BOA		104,335,105	2/4/2013 - 2/5/2013		1,143,106		1,140,960		(2,146)
Japanese Yen	DB		16,265,245	3/21/2013		191,000		177,957		(13,043)
Japanese Yen	BB		8,264,304	3/21/2013		96,000		90,419		(5,581)
Japanese Yen	CITI		63,855,614	3/21/2013		735,000		698,638		(36,362)
Malaysian Ringgit	JPM		1,192,088	3/5/2013		383,000		383,678		678
Malaysian Ringgit	SB		1,128,254	2/4/2013 - 3/5/2013		366,174		362,823		(3,351)
Malaysian Ringgit	BB		1,256,454	2/4/2013 - 2/15/2013		409,322		404,308		(5,014)
Malaysian Ringgit	CSFB		1,716,283	2/21/2013		566,786		551,883		(14,903)
Malaysian Ringgit	DB		1,731,626	2/4/2013 - 2/15/2013		569,140		557,142		(11,998)
Malaysian Ringgit	BNP		573,024	2/4/2013		188,000		184,398		(3,602)
Mexican Peso	CSFB		6,122,998	3/20/2013		475,000		479,394		4,394
Mexican Peso	CITI		1,227,938	3/20/2013		95,000		96,140		1,140
Mexican Peso	MSC		2,450,263	3/20/2013		191,000		191,841		841
Mexican Peso	HSBC		20,052,852	3/20/2013		1,558,022		1,570,022		12,000
Mexican Peso	SSB		22,504,231	3/20/2013		1,756,000		1,764,114		8,114
Mexican Peso	DB		2,436,081	3/27/2013		189,387		190,592		1,205
Mexican Peso	JPM		4,854,451	3/20/2013		384,000		380,075		(3,925)
New Taiwan Dollar	HSBC		5,675,520	2/27/2013		192,000		192,274		274
New Taiwan Dollar	BNP		5,669,770	2/27/2013		192,000		192,079		79
New Taiwan Dollar	BB		10,469,535	2/4/2013 - 3/6/2013		358,612		354,647		(3,965)
New Taiwan Dollar	UBS		10,849,194	2/4/2013		374,627		367,455		(7,172)
New Taiwan Dollar	JPM		17,160,000	2/22/2013		592,276		581,310		(10,966)
New Taiwan Dollar	CITI		28,028,896	2/4/2013 - 3/6/2013		957,000		949,296		(7,704)
Philippines Peso	DB		23,316,926	2/4/2013		573,042		573,156		114
Philippines Peso	JPM		9,687,790	3/6/2013		238,000		238,117		117
Philippines Peso	CITI		34,586,280	2/19/2013 - 3/6/2013		845,368		850,466		5,098
Polish Zloty	SSB		593,070	3/20/2013		191,653		191,858		205
Polish Zloty	UBS		298,404	3/20/2013		96,000		96,533		533
Russian Ruble	UBS		49,202,650	2/11/2013 - 2/28/2013		1,625,987		1,637,562		11,575
Russian Ruble	CITI		24,875,314	2/11/2013		823,687		828,560		4,873
Russian Ruble	DB		23,971,621	2/25/2013 - 4/17/2013		781,712		790,985		9,273

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

78

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases - continued
Russian Ruble	HSBC		5,805,600	2/1/2013		$192,000		$193,443		$1,443
Russian Ruble	JPM		11,611,200	2/1/2013 - 2/28/2013		385,065		386,162		1,097
South African Rand	UBS		3,343,985	3/20/2013		384,000		371,910		(12,090)
South Korean Won	CITI		611,976,424	2/4/2013 - 2/12/2013		566,622		561,943		(4,679)
South Korean Won	DB		817,859,086	2/4/2013		755,823		751,027		(4,796)
South Korean Won	SSB		203,490,709	3/6/2013		187,363		186,754		(609)
South Korean Won	SSB		614,692,809	2/4/2013 - 3/6/2013		564,473		564,495		22
Swedish Krona	BOA		390,010	2/4/2013		61,460		61,343		(117)
Swiss Franc	SSB		249,690	2/1/2013 - 2/5/2013		273,191		274,371		1,180
Turkish Lira	RBS		1,310,148	9/27/2013		701,458		744,931		43,473
Turkish Lira	UBS		344,635	3/20/2013		192,000		194,897		2,897
Turkish Lira	RBS		1,711,815	3/20/2013		957,000		969,100		12,100
Turkish Lira	MSC		343,533	3/20/2013		190,000		194,274		4,274
Turkish Lira	JPM		1,363,439	3/20/2013		761,000		772,599		11,599
Total Purchases						$40,879,708		$41,059,097		$179,389
Sales
Australian Dollar	BOA		48,003	2/1/2013		$50,223		$50,058		$165
Brazilian Real	RBS		35,027	2/4/2013		17,575		17,590		(15)
Brazilian Real	HSBC		2,230,078	4/17/2013		1,084,457		1,110,063		(25,606)
Brazilian Real	SSB		575,214	2/13/2013		281,609		288,527		(6,918)
British Pound	BOA		112,779	2/4/2013 - 2/5/2013		178,441		178,865		(424)
British Pound	SSB		290,319	2/1/2013 - 2/5/2013		458,508		460,443		(1,935)
British Pound	BIO		602,112	2/4/2013 - 2/5/2013		952,853		954,945		(2,092)
British Pound	SB		53,000	2/20/2013		84,009		84,042		(33)
Chinese Yuan	BOA		1,405,490	2/4/2013		223,822		226,007		(2,185)
Chinese Yuan	HSBC		17,136,370	2/4/2013 - 2/5/2013		2,727,689		2,755,205		(27,516)
Chinese Yuan	JPM		2,701,943	2/4/2013		422,872		434,412		(11,540)
Chinese Yuan	DB		8,945,110	2/4/2013 - 3/29/2013		1,423,200		1,437,168		(13,968)
Chinese Yuan	RBS		2,409,024	2/4/2013		384,000		387,317		(3,317)
Czech Koruna	SSB		2,704,988	3/20/2013		143,000		143,120		(120)
Euro	SSB		254,000	3/20/2013		330,835		344,917		(14,082)
Euro	BB		72,000	3/20/2013		95,710		97,772		(2,062)
Euro	BOA		765,815	2/1/2013 - 2/4/2013		1,038,085		1,039,817		(1,732)
Euro	RBS		14,034	2/1/2013		19,071		19,056		15
Euro	JPM		1,480,000	3/20/2013		2,010,470		2,009,531		939
Euro	SSB		141,000	3/20/2013		191,653		191,449		204
Euro	DB		1,409,159	3/20/2013		1,851,149		1,913,556		(62,407)
Euro	CITI		1,679,082	2/8/2013		2,214,236		2,279,850		(65,614)
Hong Kong Dollar	RBS		76,421	2/1/2013		9,853		9,854		(1)
Indian Rupee	DB		10,324,251	2/4/2013		193,741		194,101		(360)
Indian Rupee	BB		26,261,307	2/4/2013		485,203		493,586		(8,383)
Indian Rupee	UBS		15,311,958	2/4/2013		286,633		287,670		(1,037)
Israeli Shekel	DB		719,238	3/20/2013		192,000		193,707		(1,707)
Israeli Shekel	JPM		350,895	3/20/2013		93,847		94,504		(657)
Japanese Yen	CITI		49,072,430	3/21/2013		565,930		536,897		29,033
Japanese Yen	BOA		941,550	2/1/2013		10,376		10,296		80
Japanese Yen	BIO		40,691,976	2/4/2013		446,679		444,989		1,690
Japanese Yen	SSB		32,425,455	3/21/2013		381,000		354,764		26,236
Japanese Yen	JPM		8,369,856	3/21/2013		96,000		91,574		4,426
Japanese Yen	HSBC		15,909,868	3/21/2013		190,000		174,069		15,931
Malaysian Ringgit	BNP		573,024	2/4/2013		186,549		184,398		2,151
Malaysian Ringgit	CITI		585,696	2/21/2013		192,000		188,335		3,665
Malaysian Ringgit	SB		564,127	2/4/2013		182,861		181,535		1,326
Malaysian Ringgit	DB		1,150,922	2/4/2013		374,686		370,363		4,323
Malaysian Ringgit	SSB		66,878	2/15/2013		21,961		21,511		450
Malaysian Ringgit	BB		1,159,818	2/4/2013		384,000		373,226		10,774
Mexican Peso	JPM		8,985,145	6/27/2013		681,648		696,666		(15,018)
Mexican Peso	MSC		9,893,855	3/20/2013		764,000		774,631		(10,631)
Mexican Peso	CITI		11,890,615	3/20/2013		929,000		930,966		(1,966)
Mexican Peso	SSB		7,382,517	3/20/2013		575,625		578,008		(2,383)
Mexican Peso	CSFB		1,220,978	3/20/2013		95,000		95,595		(595)
Mexican Peso	DB		12,588,188	3/20/2013		985,131		985,581		(450)

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

79

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales - continued
Mexican Peso	HSBC		23,599,857	3/20/2013 - 4/4/2013		1,837,201		1,845,166		(7,965)
Mexican Peso	RBC		1,215,392	3/20/2013		95,000		95,158		(158)
New Taiwan Dollar	CITI		11,133,658	2/4/2013		384,000		377,090		6,910
New Taiwan Dollar	BB		16,200,835	2/4/2013		555,439		548,712		6,727
Norwegian Krone	BOA		1,717,170	2/4/2013 - 2/5/2013		$313,952		$314,333		($381)
Philippines Peso	CITI		23,316,926	2/4/2013		569,928		573,156		(3,228)
Philippines Peso	DB		15,717,888	2/19/2013		384,000		386,482		(2,482)
Polish Zloty	RBS		4,370	2/4/2013		1,410		1,414		(4)
Russian Ruble	JPM		5,805,600	2/1/2013		192,621		193,443		(822)
Russian Ruble	CITI		14,871,671	2/11/2013 - 2/28/2013		490,241		494,357		(4,116)
Russian Ruble	UBS		23,258,048	2/11/2013 - 2/28/2013		767,000		773,664		(6,664)
Russian Ruble	HSBC		5,805,600	2/1/2013		193,262		193,443		(181)
Russian Ruble	CSFB		25,597,399	2/11/2013		845,000		851,652		(6,652)
Singapore Dollar	BOA		178,227	2/1/2013 - 2/5/2013		144,271		144,005		266
Singapore Dollar	WBC		354,062	3/20/2013		286,000		286,076		(76)
South African Rand	MSC		1,645,976	3/20/2013		185,929		183,061		2,868
South African Rand	BB		20,477	2/1/2013		2,264		2,289		(25)
South African Rand	UBS		1,698,010	3/20/2013		192,000		188,849		3,151
South Korean Won	CITI		407,342,824	2/4/2013		379,464		374,064		5,400
South Korean Won	SSB		406,674,709	2/4/2013		379,705		373,436		6,269
South Korean Won	DB		817,859,084	2/4/2013		752,859		751,056		1,803
Swiss Franc	BIO		872,396	2/4/2013 - 2/5/2013		957,657		958,624		(967)
Turkish Lira	RBS		1,546,423	3/20/2013		858,705		874,529		(15,824)
Turkish Lira	DB		1,310,148	9/27/2013		695,999		728,966		(32,967)
Turkish Lira	JPM		684,707	3/20/2013		382,000		387,214		(5,214)
Total Sales						$36,353,097		$36,590,775		($237,678)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										($58,289)

Counterparty
BOA	-	Bank of America
BB	-	Barclays Bank
BNP	-	BNP Paribas
BIO	-	Brown Brothers Harriman
CITI	-	Citibank
CSFB	-	CS First Boston Corporation
DB	-	Deutsche Bank
HSBC	-	HSBC Securities, Inc.
JPM	-	J.P. Morgan
MSC	-	Morgan Stanley & Company
RBC	-	The Royal Bank of Canada
RBS	-	The Royal Bank of Scotland
SB	-	Standard Bank plc
SSB	-	State Street Bank
UBS	-	UBS Securities, Ltd.
WBC	-	Westpac Banking Corporation

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

80

Partner Worldwide Allocation Fund

Schedule of Investments as of January 31, 2013

(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 Partner Worldwide Allocation Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$4,431,715		$8,863,322		$6,620,253		6,674,784		$6,674,784		$47,347
Cash Management Trust- Short Term Investment		8,450,079		52,916,339		47,603,284		13,763,134		13,763,134		3,941
Total Value and Income Earned		12,881,794								20,437,918		51,288

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

81

Large Cap Growth Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (96.0%)	Value
	Consumer Discretionary (17.0%)
	43,241	Amazon.com, Inc.a		$11,480,486
	21,900	AutoZone, Inc.a		8,096,430
	307,800	Comcast Corporation		11,721,024
	160,300	Home Depot, Inc.		10,727,276
	135,100	Las Vegas Sands Corporation		7,464,275
	159,800	NIKE, Inc.		8,637,190
	190,700	Sally Beauty Holdings, Inc.a		5,061,178
		Total		63,187,859
	Consumer Staples (5.6%)
	43,910	Anheuser-Busch InBev NV ADR		3,890,426
	69,597	British American Tobacco plc ADR		7,231,128
	36,900	Costco Wholesale Corporation		3,776,346
	86,400	Nestle SA		6,066,791
		Total		20,964,691
	Energy (9.1%)
	58,900	Consol Energy, Inc.		1,845,926
	53,600	EOG Resources, Inc.		6,698,928
	134,000	Marathon Oil Corporation		4,503,740
	119,300	Schlumberger, Ltd.		9,311,365
	871,100	Weatherford International, Ltd.a		11,629,185
		Total		33,989,144
	Financials (9.0%)
	92,400	Ameriprise Financial, Inc.		6,127,968
	114,700	Citigroup, Inc.		4,835,752
	86,200	CME Group, Inc.		4,985,808
	79,800	iShares Russell 1000 Growth Index Fund		5,447,148
	92,939	J.P. Morgan Chase & Company		4,372,780
	227,700	Wells Fargo & Company		7,930,791
		Total		33,700,247
	Health Care (13.4%)
	40,900	Allergan, Inc.		4,294,909
	68,100	Biogen Idec, Inc.a		10,629,048
	142,700	Covidien plc		8,895,918
	158,900	Express Scripts Holding Companya		8,488,438
	69,000	Shire Pharmaceuticals Group plc ADR		6,909,660
	195,700	UnitedHealth Group, Inc.		10,804,597
		Total		50,022,570
	Industrials (10.1%)
	73,150	ADT Corporation		3,474,625
	150,700	Honeywell International, Inc.		10,283,768
	220,900	Jacobs Engineering Group, Inc.a		10,627,499
	92,800	Parker Hannifin Corporation		8,627,616
	146,300	Tyco International, Ltd.		4,422,649
		Total		37,436,157
	Information Technology (31.0%)
	58,952	Apple, Inc.		26,841,435
	151,200	Citrix Systems, Inc.a		11,061,792
	218,050	eBay, Inc.a		12,195,537
	27,803	Google, Inc.a		21,010,449
	95,800	NetApp, Inc.a		3,448,800
	371,014	Oracle Corporation		13,174,707
	209,050	QUALCOMM, Inc.		13,803,571
	238,100	Texas Instruments, Inc.		7,876,348

Shares		Common Stock (96.0%)	Value
	Information Technology (31.0%) - continued
	27,200	Visa, Inc.		$4,295,152
	23,300	VMware, Inc.a		1,781,984
		Total		115,489,775
	Materials (0.8%)
	18,024	Southern Copper Corporation		709,965
	59,000	Teck Resources, Ltd.		2,152,910
		Total		2,862,875
		Total Common Stock (cost $309,240,116)		357,653,318
Shares or Principal Amount		Short-Term Investments (3.5%)	Value
	12,994,883	Thrivent Cash Management Trust		12,994,883
		Total Short-Term Investments (at amortized cost)		12,994,883
		Total Investments (cost $322,234,999) 99.5%		$370,648,201
		Other Assets and Liabilities, Net 0.5%		1,677,161
		Total Net Assets 100.0%		$372,325,362

a Non-income producing security.

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	$50,967,581
Gross unrealized depreciation	(2,554,379)
Net unrealized appreciation (depreciation)	$48,413,202
Cost for federal income tax purposes	$322,234,999

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

82

Large Cap Growth Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		63,187,859		63,187,859		–		–
Consumer Staples		20,964,691		14,897,900		6,066,791		–
Energy		33,989,144		33,989,144		–		–
Financials		33,700,247		33,700,247		–		–
Health Care		50,022,570		50,022,570		–		–
Industrials		37,436,157		37,436,157		–		–
Information Technology		115,489,775		115,489,775		–		–
Materials		2,862,875		2,862,875		–		–
Short-Term Investments		12,994,883		12,994,883		–		–
Total		$370,648,201		$364,581,410		$6,066,791		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Large Cap Growth Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$–		$11,259,950		$11,259,950		–		$–		$63
Cash Management Trust- Short Term Investment		7,293,093		17,875,790		12,174,000		12,994,883		12,994,883		4,144
Total Value and Income Earned		7,293,093								12,994,883		4,207

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

83

Large Cap Value Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (96.8%)	Value
	Consumer Discretionary (9.7%)
	113,670	CBS Corporation		$4,742,313
	239,924	Delphi Automotive plca		9,275,462
	55,510	Harley-Davidson, Inc.		2,909,834
	69,960	iShares Dow Jones US Home Construction Index Fund		1,639,163
	508,811	Lowe’s Companies, Inc.		19,431,492
	410,530	News Corporation		11,593,367
	117,600	Time Warner Cable, Inc.		10,506,384
		Total		60,098,015
	Consumer Staples (8.8%)
	277,360	CVS Caremark Corporation		14,200,832
	48,223	Diageo plc ADR		5,753,004
	73,730	Kimberly-Clark Corporation		6,599,572
	109,268	Kraft Foods Group, Inc.		5,050,367
	327,806	Mondelez International, Inc.		9,109,729
	82,887	Philip Morris International, Inc.		7,307,318
	169,233	Unilever NV ADRb		6,850,552
		Total		54,871,374
	Energy (11.9%)
	452,780	BP plc ADR		20,157,766
	96,519	Chevron Corporation		11,114,163
	71,507	EOG Resources, Inc.		8,936,945
	175,250	EQT Corporation		10,411,602
	536,791	Marathon Oil Corporation		18,041,545
	63,640	Schlumberger, Ltd.		4,967,102
		Total		73,629,123
	Financials (21.3%)
	120,867	ACE, Ltd.		10,313,581
	147,920	Allstate Corporation		6,493,688
	1,588,510	Bank of America Corporation		17,981,933
	592,220	Citigroup, Inc.		24,967,995
	376,160	Invesco, Ltd.		10,250,360
	506,550	KKR & Company, LP		8,550,564
	469,790	MetLife, Inc.		17,541,959
	271,370	Morgan Stanley		6,200,805
	167,460	State Street Corporation		9,319,149
	98,393	SVB Financial Groupa		6,530,343
	396,965	Wells Fargo & Company		13,826,291
		Total		131,976,668
	Health Care (13.6%)
	122,770	Baxter International, Inc.		8,328,717
	208,356	Covidien plc		12,988,913
	120,420	Eli Lilly and Company		6,465,350
	644,940	Merck & Company, Inc.		27,893,655
	231,630	Pfizer, Inc.		6,318,866
	286,170	Sanofi ADR		13,930,755
	149,723	UnitedHealth Group, Inc.		8,266,207
		Total		84,192,463
	Industrials (9.7%)
	95,200	FedEx Corporation		9,658,040
	201,802	General Electric Company		4,496,149
	135,306	Honeywell International, Inc.		9,233,281
	268,820	Jacobs Engineering Group, Inc.a		12,932,930
	120,360	Pentair, Ltd.		6,099,845
	41,480	SPX Corporation		3,095,652
	169,372	United Technologies Corporation		14,831,906
		Total		60,347,803

Shares		Common Stock (96.8%)	Value
	Information Technology (13.4%)
	435,810	Cisco Systems, Inc.		$8,964,612
	336,301	Microsoft Corporation		9,238,189
	241,350	NetApp, Inc.a		8,688,600
	721,893	Oracle Corporation		25,634,420
	287,900	Symantec Corporationa		6,267,583
	452,150	Texas Instruments, Inc.		14,957,122
	264,613	Xilinx, Inc.		9,655,728
		Total		83,406,254
	Materials (2.0%)
	188,000	Dow Chemical Company		6,053,600
	139,870	Nucor Corporation		6,435,419
		Total		12,489,019
	Telecommunications Services (1.6%)
	232,659	Verizon Communications, Inc.		10,146,259
		Total		10,146,259
	Utilities (4.8%)
	445,080	NiSource, Inc.		12,030,512
	410,950	PG&E Corporation		17,522,908
		Total		29,553,420
		Total Common Stock (cost $504,579,108)		600,710,398
Shares		Collateral Held for Securities Loaned (0.8%)	Value
	5,193,020	Thrivent Cash Management Trust		5,193,020
		Total Collateral Held for Securities Loaned (cost $5,193,020)		5,193,020
Shares or Principal Amount		Short-Term Investments (2.1%)	Value
	13,155,906	Thrivent Cash Management Trust		13,155,906
		Total Short-Term Investments (at amortized cost)		13,155,906
		Total Investments (cost $522,928,034) 99.7%		$619,059,324
		Other Assets and Liabilities, Net 0.3%		1,859,183
		Total Net Assets 100.0%		$620,918,507

a Non-income producing security.

b All or a portion of the security is on loan.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

84

Large Cap Value Fund

Schedule of Investments as of January 31, 2013

(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	$97,883,851
Gross unrealized depreciation	(1,752,561)
Net unrealized appreciation (depreciation)	$96,131,290
Cost for federal income tax purposes	$522,928,034

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		60,098,015		60,098,015		–		–
Consumer Staples		54,871,374		54,871,374		–		–
Energy		73,629,123		73,629,123		–		–
Financials		131,976,668		131,976,668		–		–
Health Care		84,192,463		84,192,463		–		–
Industrials		60,347,803		60,347,803		–		–
Information Technology		83,406,254		83,406,254		–		–
Materials		12,489,019		12,489,019		–		–
Telecommunications Services		10,146,259		10,146,259		–		–
Utilities		29,553,420		29,553,420		–		–
Collateral Held for Securities Loaned		5,193,020		5,193,020		–		–
Short-Term Investments		13,155,906		13,155,906		–		–
Total		$619,059,324		$619,059,324		$–		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Large Cap Value Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$7,650,413		$25,472,923		$27,930,316		5,193,020		$5,193,020		$6,883
Cash Management Trust- Short Term Investment		19,252,997		15,740,327		21,837,418		13,155,906		13,155,906		4,581
Total Value and Income Earned		26,903,410								18,348,926		11,464

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

85

Large Cap Stock Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (90.7%)	Value
	Consumer Discretionary (12.0%)
	66,100	Amazon.com, Inc.a		$17,549,550
	136,900	AutoZone, Inc.a		50,611,930
	859,900	Comcast Corporation		32,744,992
	545,500	Home Depot, Inc.		36,504,860
	540,430	Las Vegas Sands Corporation		29,858,757
	566,000	Sally Beauty Holdings, Inc.a		15,021,640
	135,864	Time Warner Cable, Inc.		12,138,090
		Total		194,429,819
	Consumer Staples (5.3%)
	281,458	Anheuser-Busch InBev NV ADRb		24,937,179
	569,000	Kimberly-Clark Corporation		50,931,190
	127,700	Nestle SA		8,966,773
		Total		84,835,142
	Energy (9.5%)
	926,170	BP plc ADR		41,233,088
	1,168,500	Marathon Oil Corporation		39,273,285
	309,570	Schlumberger, Ltd.		24,161,939
	3,642,600	Weatherford International, Ltd.a		48,628,710
		Total		153,297,022
	Financials (14.2%)
	255,154	ACE, Ltd.		21,772,291
	1,475,450	Citigroup, Inc.		62,204,972
	1,493,574	J.P. Morgan Chase & Company		70,272,657
	2,161,288	KKR & Company, LP		36,482,541
	1,100,450	Wells Fargo & Company		38,328,673
		Total		229,061,134
	Health Care (15.0%)
	194,760	Baxter International, Inc.		13,212,518
	156,400	Biogen Idec, Inc.a		24,410,912
	167,820	Covidien plc		10,461,899
	555,107	Eli Lilly and Company		29,803,695
	138,400	Express Scripts Holding Companya		7,393,328
	1,143,870	Merck & Company, Inc.		49,472,377
	2,279,513	Pfizer, Inc.		62,185,115
	228,400	Shire Pharmaceuticals Group plc ADR		22,871,976
	391,570	UnitedHealth Group, Inc.		21,618,580
	13,800	Zoetis, Inc.		358,800
		Total		241,789,200
	Industrials (11.9%)
	69,850	ADT Corporation		3,317,875
	356,100	FedEx Corporation		36,126,345
	520,420	Honeywell International, Inc.		35,513,461
	573,380	Jacobs Engineering Group, Inc.a		27,585,312
	217,950	Parker Hannifin Corporation		20,262,812
	139,700	Tyco International, Ltd.		4,223,131
	742,720	United Technologies Corporation		65,039,990
		Total		192,068,926
	Information Technology (18.9%)
	157,578	Apple, Inc.		71,746,839
	571,100	Cisco Systems, Inc.		11,747,527
	291,500	Citrix Systems, Inc.a		21,326,140
	181,100	eBay, Inc.a		10,128,923
	51,742	Google, Inc.a		39,100,912
	613,700	NetApp, Inc.a		22,093,200
	1,095,120	Oracle Corporation		38,887,711

Shares		Common Stock (90.7%)	Value
	Information Technology (18.9%) - continued
	296,750	QUALCOMM, Inc.		$19,594,403
	526,300	Symantec Corporationa		11,457,551
	1,321,630	Texas Instruments, Inc.		43,719,520
	84,200	VMware, Inc.a		6,439,616
	240,030	Xilinx, Inc.		8,758,695
		Total		305,001,037
	Materials (0.8%)
	112,056	Southern Copper Corporation		4,413,886
	256,700	Teck Resources, Ltd.b		9,366,983
		Total		13,780,869
	Utilities (3.1%)
	1,853,980	NiSource, Inc.		50,113,079
		Total		50,113,079
		Total Common Stock (cost $1,206,250,189)		1,464,376,228
Shares		Collateral Held for Securities Loaned (1.0%)	Value
	15,574,450	Thrivent Cash Management Trust		15,574,450
		Total Collateral Held for Securities Loaned (cost $15,574,450)		15,574,450
Shares or Principal Amount		Short-Term Investments (8.6%)	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.115%, 6/21/2013c,d		4,997,764
		Federal Home Loan Mortgage Corporation Discount Notes
	200,000	0.095%, 6/17/2013c,d		199,928
	133,909,423	Thrivent Cash Management Trust		133,909,423
		Total Short-Term Investments (at amortized cost)		139,107,115
		Total Investments (cost $1,360,931,754) 100.3%		$1,619,057,793
		Other Assets and Liabilities, Net (0.3%)		(5,498,748)
		Total Net Assets 100.0%		$1,613,559,045

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 At January 31, 2013, $5,197,692 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.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

86

Large Cap Stock Fund

Schedule of Investments as of January 31, 2013

(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	$262,746,916
Gross unrealized depreciation	(4,620,877)
Net unrealized appreciation (depreciation)	$258,126,039
Cost for federal income tax purposes	$1,360,931,754

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		194,429,819		194,429,819		–		–
Consumer Staples		84,835,142		75,868,369		8,966,773		–
Energy		153,297,022		153,297,022		–		–
Financials		229,061,134		229,061,134		–		–
Health Care		241,789,200		241,430,400		358,800		–
Industrials		192,068,926		192,068,926		–		–
Information Technology		305,001,037		305,001,037		–		–
Materials		13,780,869		13,780,869		–		–
Utilities		50,113,079		50,113,079		–		–
Collateral Held for Securities Loaned		15,574,450		15,574,450		–		–
Short-Term Investments		139,107,115		133,909,423		5,197,692		–
Total		$1,619,057,793		$1,604,534,528		$14,523,265		$–
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		3,314,691		3,314,691		–		–
Total Asset Derivatives		$3,314,691		$3,314,691		$–		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
S&P 500 Index Futures	268		March 2013		$96,736,409		$100,051,100		$3,314,691
Total Futures Contracts									$3,314,691

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 Large Cap Stock Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$10,379,100		$61,331,300		$56,135,950		15,574,450		$15,574,450		$457
Cash Management Trust- Short Term Investment		100,658,452		117,721,535		84,470,564		133,909,423		133,909,423		39,669
Total Value and Income Earned		111,037,552								149,483,873		40,126

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

87

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (<0.1%)a	Value
	Communications Services (<0.1%)
		NEP Broadcasting, LLC, Term Loan
	$65,000	0.000%, 8/18/2020b,c		$66,002
		Total		66,002
		Total Bank Loans (cost $66,381)		66,002
Shares		Common Stock (63.0%)	Value
	Consumer Discretionary (8.9%)
	5,200	AutoZone, Inc.d		1,922,440
	48,900	CBS Corporation		2,040,108
	87,868	Comcast Corporatione		3,346,013
	13,272	Dollar Tree, Inc.d		530,747
	17,251	Foot Locker, Inc.		592,572
	16,800	GNC Holdings, Inc.		603,792
	29,500	Home Depot, Inc.		1,974,140
	64,400	Las Vegas Sands Corporation		3,558,100
	34,500	NIKE, Inc.		1,864,725
	3,500	Panera Bread Companyd		559,335
	29,578	Pier 1 Imports, Inc.		641,547
		Total		17,633,519
	Consumer Staples (5.8%)
	41,829	Anheuser-Busch InBev NV ADR		3,706,049
	17,056	Annie’s, Inc.d,f		611,628
	9,400	Beam, Inc.		576,596
	17,236	British American Tobacco plc ADR		1,790,821
	8,549	Ingredion, Inc.		564,833
	30,100	Nestle SA		2,113,546
	26,600	Procter & Gamble Company		1,999,256
		Total		11,362,729
	Energy (6.3%)
	44,785	BP plc ADR		1,993,828
	6,700	Concho Resources, Inc.d		611,174
	14,700	EOG Resources, Inc.		1,837,206
	62,800	Marathon Oil Corporation		2,110,708
	7,666	Oil States International, Inc.d		594,728
	36,292	Petroleum Geo-Services ASA		643,838
	28,300	Schlumberger, Ltd.		2,208,815
	190,100	Weatherford International, Ltd.d		2,537,835
		Total		12,538,132
	Financials (11.0%)
	23,400	ACE, Ltd.		1,996,722
	4,300	Affiliated Managers Group, Inc.d		618,899
	28,200	Ameriprise Financial, Inc.		1,870,224
	15,900	Axis Capital Holdings, Ltd.		608,493
	3,800	Boston Properties, Inc.		400,064
	61,800	Citigroup, Inc.		2,605,488
	900	Essex Property Trust, Inc.		138,402
	1,300	Federal Realty Investment Trust		137,605
	15,100	HCC Insurance Holdings, Inc.		584,068
	74,200	Invesco, Ltd.		2,021,950
	126,000	KKR & Company, LP		2,126,880
	17,381	Lazard, Ltd.		602,252
	2,500	Macerich Company		149,300
	26,499	Popular, Inc.d		711,233
	33,194	Prudential Financial, Inc.		1,921,269
	2,900	Public Storage, Inc.		446,397

Shares		Common Stock (63.0%)	Value
	Financials (11.0%) - continued
	2,800	Rayonier, Inc. REIT		$150,752
	2,700	Simon Property Group, Inc.		432,486
	1,800	SL Green Realty Corporation		144,684
	15,300	SPDR Dow Jones REIT ETF		1,154,691
	5,600	UDR, Inc.		133,784
	6,500	Ventas, Inc.		430,885
	51,100	Wells Fargo & Company		1,779,813
	26,325	Zions Bancorporation		613,899
		Total		21,780,240
	Health Care (7.4%)
	7,048	Actavis, Inc.d		608,876
	15,300	Biogen Idec, Inc.d		2,388,024
	12,500	BioMarin Pharmaceutical, Inc.d		686,125
	37,562	Covidien plc		2,341,615
	32,300	Hologic, Inc.d		770,032
	8,500	Illumina, Inc.d		430,355
	52,700	Sanofi ADR		2,565,436
	21,100	Shire Pharmaceuticals Group plc ADR		2,112,954
	38,388	UnitedHealth Group, Inc.		2,119,402
	5,800	Waters Corporationd		531,106
		Total		14,553,925
	Industrials (8.1%)
	25,600	Actuant Corporation		754,688
	11,810	B/E Aerospace, Inc.d		608,097
	20,588	EMCOR Group, Inc.		747,962
	13,700	Expeditors International of Washington, Inc.		587,730
	32,300	FedEx Corporation		3,276,835
	4,400	Flowserve Corporation		689,788
	19,000	HNI Corporation		599,830
	34,500	Honeywell International, Inc.		2,354,280
	18,134	Jacobs Engineering Group, Inc.d		872,427
	12,588	Manpower, Inc.		648,282
	20,409	Parker Hannifin Corporation		1,897,425
	6,200	Stericycle, Inc.d		584,970
	27,000	United Technologies Corporation		2,364,390
		Total		15,986,704
	Information Technology (11.0%)
	6,891	Akamai Technologies, Inc.d		280,533
	6,269	Apple, Inc.		2,854,338
	23,800	Aruba Networks, Inc.d,f		548,352
	102,588	Atmel Corporationd		687,339
	34,900	Citrix Systems, Inc.d		2,553,284
	3,300	Google, Inc.d		2,493,777
	23,700	Informatica Corporationd		877,137
	32,600	Jabil Circuit, Inc.		616,466
	27,800	Juniper Networks, Inc.d		622,164
	53,600	NetApp, Inc.d		1,929,600
	45,018	Oracle Corporation		1,598,589
	33,600	Skyworks Solutions, Inc.d		804,384
	32,511	Teradyne, Inc.d		525,378
	64,833	Texas Instruments, Inc.		2,144,676
	17,300	VeriFone Systems, Inc.d		600,656
	9,800	VMware, Inc.d		749,504
	52,771	Xilinx, Inc.		1,925,614
		Total		21,811,791
	Materials (2.5%)
	3,900	Airgas, Inc.		371,436
	4,500	Ashland, Inc.		353,295

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

88

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Common Stock (63.0%)	Value
	Materials (2.5%) - continued
	8,800	Crown Holdings, Inc.d		$333,168
	5,800	FMC Corporation		356,526
	78,500	Materials Select Sector SPDR Fund		3,063,070
	6,400	Reliance Steel & Aluminum Company		414,208
		Total		4,891,703
	Utilities (2.0%)
	31,426	Calpine Corporationd		620,035
	13,658	Southwest Gas Corporation		608,327
	76,000	Utilities Select Sector SPDR Fund		2,780,080
		Total		4,008,442
		Total Common Stock (cost $107,331,572)		124,567,185
Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Asset-Backed Securities (1.2%)
		Carrington Mortgage Loan Trust
	150,000	0.354%, 8/25/2036g		83,230
		Conseco Financial Corporation
	191,355	6.330%, 11/1/2029		202,592
		Countrywide Asset-Backed Certificates
	100,000	5.859%, 10/25/2046		68,869
		First Horizon ABS Trust
	341,147	0.334%, 10/25/2026g,h		291,265
		GMAC Mortgage Corporation Loan Trust
	453,005	0.384%, 8/25/2035g,h		358,801
	416,672	0.384%, 12/25/2036g,h		303,102
		Popular ABS Mortgage Pass-Through Trust
	250,000	5.297%, 11/25/2035		166,463
		Renaissance Home Equity Loan Trust
	356,943	5.608%, 5/25/2036		245,386
	497,605	5.285%, 1/25/2037		285,644
		Wachovia Asset Securitization, Inc.
	522,462	0.344%, 7/25/2037g,h,i		448,682
		Total		2,454,034
	Basic Materials (0.2%)
		Dow Chemical Company
	200,000	4.250%, 11/15/2020		218,891
		Freeport-McMoRan Copper & Gold, Inc.
	100,000	3.550%, 3/1/2022		97,457
		Xstrata Finance Canada, Ltd.
	100,000	2.450%, 10/25/2017j		100,836
		Total		417,184
	Capital Goods (0.4%)
		Eaton Corporation
	100,000	2.750%, 11/2/2022j		97,198
		John Deere Capital Corporation
	125,000	1.700%, 1/15/2020		122,059
		Precision Castparts Corporation
	125,000	1.250%, 1/15/2018		124,332
		Republic Services, Inc.
	100,000	5.000%, 3/1/2020		114,473

Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Capital Goods (0.4%) - continued
		Roper Industries, Inc.
	$125,000	1.850%, 11/15/2017		$124,647
		Textron, Inc.
	100,000	7.250%, 10/1/2019		120,845
		United Technologies Corporation
	100,000	0.811%, 6/1/2015g		100,937
		Total		804,491
	Collateralized Mortgage Obligations (0.4%)
		Bear Stearns Mortgage Funding Trust
	100,061	0.484%, 8/25/2036g		28,618
		HomeBanc Mortgage Trust
	474,940	2.653%, 4/25/2037		314,932
		J.P. Morgan Alternative Loan Trust
	424,952	2.805%, 3/25/2036		318,175
		Master Asset Securitization Trust
	167,468	0.704%, 6/25/2036g		112,374
		Total		774,099
	Commercial Mortgage-Backed Securities (2.1%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	74,195	5.613%, 6/11/2050		75,686
	113,115	0.356%, 3/15/2022g,j		112,261
	31,627	4.487%, 2/11/2041		31,618
		Citigroup/Deutsche Bank Commercial Mortgage
	250,000	5.322%, 12/11/2049		284,044
		Commercial Mortgage Pass-Through Certificates
	1,000,000	0.336%, 12/15/2020g,j		958,287
		Credit Suisse Mortgage Capital Certificates
	593,265	0.376%, 10/15/2021g,j		581,226
		Government National Mortgage Association
	404,076	3.214%, 1/16/2040		422,646
		GS Mortgage Securities Corporation II
	1,000,000	1.260%, 3/6/2020g,j		1,001,747
		Morgan Stanley Capital I
	200,000	3.224%, 7/15/2049		214,801
		Wachovia Bank Commercial Mortgage Trust
	375,000	5.765%, 7/15/2045		421,077
		Total		4,103,393
	Communications Services (1.0%)
		American Tower Corporation
	200,000	5.050%, 9/1/2020		221,793
		AT&T, Inc.
	150,000	1.400%, 12/1/2017		148,875
		British Sky Broadcasting Group plc
	100,000	3.125%, 11/26/2022j		98,006
		CBS Corporation
	200,000	8.875%, 5/15/2019		269,050
		Cox Communications, Inc.
	100,000	3.250%, 12/15/2022j		100,121

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

89

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Communications Services (1.0%) - continued
		Crown Castle Towers, LLC
	$200,000	4.883%, 8/15/2020j		$227,009
		DIRECTV Holdings, LLC
	125,000	1.750%, 1/15/2018		122,828
		Discovery Communications, LLC
	100,000	4.950%, 5/15/2042		101,328
		Qwest Communications International, Inc.
	150,000	7.125%, 4/1/2018		156,481
		SBA Tower Trust
	200,000	5.101%, 4/17/2017j		223,854
		Time Warner Cable, Inc.
	100,000	4.500%, 9/15/2042		92,980
		Virgin Media Secured Finance plc
	100,000	5.250%, 1/15/2021		113,715
		Total		1,876,040
	Consumer Cyclical (0.4%)
		California Institute of Technology
	150,000	4.700%, 11/1/2111		154,408
		Daimler Finance North America, LLC
	100,000	0.905%, 1/9/2015g,j		99,964
		Dartmouth College
	100,000	3.760%, 6/1/2043		98,341
		Ford Motor Credit Company, LLC
	150,000	3.984%, 6/15/2016		159,051
	100,000	5.000%, 5/15/2018		109,629
		Macy’s Retail Holdings, Inc.
	100,000	7.450%, 7/15/2017		123,151
		Total		744,544
	Consumer Non-Cyclical (1.1%)
		AbbVie, Inc.
	200,000	1.750%, 11/6/2017j		200,435
		Altria Group, Inc.
	100,000	4.250%, 8/9/2042		93,857
		Anheuser-Busch InBev Worldwide, Inc.
	150,000	1.375%, 7/15/2017		150,536
		Colgate-Palmolive Company
	250,000	2.625%, 5/1/2017		265,510
		CVS Caremark Corporation
	125,000	6.125%, 9/15/2039		157,138
		Dr Pepper Snapple Group, Inc.
	75,000	2.700%, 11/15/2022		73,761
		Express Scripts Holding Company
	100,000	3.900%, 2/15/2022		105,974
		HCA, Inc.
	200,000	6.500%, 2/15/2020		222,500
		Heineken NV
	50,000	1.400%, 10/1/2017j		49,593
	100,000	2.750%, 4/1/2023j		96,418
		Koninklijke Philips Electronics NV
	150,000	3.750%, 3/15/2022		160,949
		Mayo Clinic Rochester
	100,000	3.774%, 11/15/2043		94,041
		Mylan, Inc.
	90,000	7.875%, 7/15/2020j		105,144
	100,000	3.125%, 1/15/2023j		97,156

Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Consumer Non-Cyclical (1.1%) - continued
		Reynolds American, Inc.
	$75,000	1.050%, 10/30/2015		$74,953
	75,000	3.250%, 11/1/2022		74,225
		SABMiller Holdings, Inc.
	200,000	3.750%, 1/15/2022j		212,415
		Total		2,234,605
	Energy (0.4%)
		EOG Resources, Inc.
	125,000	2.625%, 3/15/2023		122,704
		Marathon Oil Corporation
	25,000	0.900%, 11/1/2015		25,014
	100,000	2.800%, 11/1/2022		96,959
		Rowan Companies, Inc.
	225,000	4.875%, 6/1/2022		243,681
		Valero Energy Corporation
	200,000	6.125%, 2/1/2020		240,468
		Total		728,826
	Financials (4.2%)
		Ally Financial, Inc.
	100,000	4.500%, 2/11/2014		102,750
		Associated Banc Corporation
	125,000	1.875%, 3/12/2014		125,460
		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
	100,000	4.125%, 11/9/2022j		101,000
		Bank of America Corporation
	100,000	5.650%, 5/1/2018		115,469
	75,000	5.875%, 2/7/2042		91,139
		Bank of New York Mellon Corporation
	50,000	1.162%, 11/24/2014g		50,633
	50,000	1.700%, 11/24/2014		50,984
		Barclays Bank plc
	200,000	2.375%, 1/13/2014		203,391
		Bear Stearns Companies, LLC
	200,000	6.400%, 10/2/2017		239,718
		Berkshire Hathaway Finance Corporation
	100,000	1.600%, 5/15/2017		101,027
		Boston Properties, LP
	200,000	4.125%, 5/15/2021		214,632
		Camden Property Trust
	75,000	2.950%, 12/15/2022		71,977
		Citigroup, Inc.
	82,000	1.238%, 4/1/2014g		82,406
		CNA Financial Corporation
	200,000	6.500%, 8/15/2016		230,663
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	150,000	4.750%, 1/15/2020j		169,359
		Credit Suisse Securities USA, LLC
	300,000	1.000%, 4/28/2017k		326,430
		Duke Realty, LP
	100,000	3.875%, 10/15/2022		101,901
		Eksportfinans ASA
	100,000	2.375%, 5/25/2016		95,478
		Fifth Third Bancorp
	200,000	5.450%, 1/15/2017		223,207

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

90

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Financials (4.2%) - continued
		General Electric Capital Corporation
	$200,000	3.800%, 6/18/2019j		$213,249
		Goldman Sachs Group, Inc.
	150,000	2.375%, 1/22/2018		150,370
		Goldman Sachs Group, Inc., Convertible
	4,080	1.000%, 7/10/2013j,l		118,993
		Health Care REIT, Inc.
	200,000	6.125%, 4/15/2020		233,331
		HSBC Holdings plc
	165,000	6.500%, 5/2/2036		204,444
		ING Bank NV
	50,000	5.000%, 6/9/2021j		56,290
	150,000	2.625%, 12/5/2022j		147,115
		ING Capital Funding Trust III
	50,000	3.911%, 12/29/2049g,m		47,500
		International Lease Finance Corporation
	100,000	8.625%, 9/15/2015		113,625
		J.P. Morgan Chase & Company
	150,000	2.000%, 8/15/2017		151,547
	75,000	1.201%, 1/25/2018g		75,326
		Kilroy Realty, LP
	100,000	3.800%, 1/15/2023		100,203
		Kommuninvest I Sverige AB
	150,000	1.000%, 10/24/2017j		149,085
		Liberty Mutual Group, Inc.
	50,000	4.950%, 5/1/2022j		54,300
		Liberty Property, LP
	200,000	5.500%, 12/15/2016		227,045
		Macquarie Bank, Ltd.
	100,000	5.000%, 2/22/2017j		109,597
		Metropolitan Life Global Funding I
	250,000	3.650%, 6/14/2018j		273,359
		Morgan Stanley
	200,000	7.300%, 5/13/2019		244,825
		National Australia Bank, Ltd.
	125,000	2.000%, 6/20/2017j		128,663
		PNC Funding Corporation
	200,000	5.125%, 2/8/2020		234,893
		Principal Financial Group, Inc.
	200,000	8.875%, 5/15/2019		270,698
		Prudential Financial, Inc.
	175,000	6.100%, 6/15/2017		205,521
		Rabobank Capital Funding Trust II
	101,000	5.260%, 12/29/2049j,m		101,253
		Reinsurance Group of America, Inc.
	300,000	5.625%, 3/15/2017		339,386
		Royal Bank of Scotland Group plc
	50,000	6.125%, 12/15/2022		51,485
		Simon Property Group, LP
	200,000	4.375%, 3/1/2021		223,303
		SLM Corporation
	30,000	4.625%, 9/25/2017		31,128
		Standard Chartered plc
	100,000	3.950%, 1/11/2023j		98,503
		Swiss RE Capital I, LP
	275,000	6.854%, 5/29/2049j,m		292,188

Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Financials (4.2%) - continued
		Travelers Companies, Inc.
	$105,000	6.250%, 6/15/2037		$138,514
		UBS AG/London
	200,000	1.875%, 1/23/2015j		204,621
		UnionBanCal Corporation
	125,000	3.500%, 6/18/2022		129,913
		UnitedHealth Group, Inc.
	125,000	1.400%, 10/15/2017		124,932
		WEA Finance, LLC
	225,000	6.750%, 9/2/2019j		277,541
		Willis North America, Inc.
	125,000	6.200%, 3/28/2017		142,251
		Total		8,362,621
	Foreign Government (1.0%)
		Bank Nederlandse Gemeenten NV
	170,000	4.375%, 2/16/2021f,j		196,248
		Chile Government International Bond
	200,000	3.875%, 8/5/2020		221,500
		Corporacion Andina de Fomento
	141,000	4.375%, 6/15/2022		153,294
		Export Development Canada
	350,000	0.750%, 12/15/2017f		346,430
		Inter-American Development Bank
	225,000	0.247%, 2/11/2016c,g		225,000
		Kommunalbanken AS
	200,000	1.000%, 9/26/2017j		198,626
		Mexico Government International Bond
	50,000	6.050%, 1/11/2040		62,625
		Province of Manitoba
	150,000	1.300%, 4/3/2017		152,880
		Province of New Brunswick
	150,000	2.750%, 6/15/2018		160,246
		Province of Ontario
	150,000	0.360%, 8/13/2015c,g		150,000
	150,000	1.100%, 10/25/2017		149,355
		Total		2,016,204
	Mortgage-Backed Securities (9.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	1,700,000	2.500%, 2/1/2028c		1,756,312
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,850,000	3.000%, 2/1/2043c		1,902,031
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,525,000	2.500%, 2/1/2028c		2,614,164
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	2,450,000	3.000%, 2/1/2043c		2,530,008
	4,500,000	3.500%, 2/1/2043c		4,745,390
	4,925,000	4.000%, 2/1/2043c		5,234,352
		Total		18,782,257

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

91

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Technology (0.2%)
		Affiliated Computer Services, Inc.
	$200,000	5.200%, 6/1/2015		$215,345
		Oracle Corporation
	100,000	1.200%, 10/15/2017		99,718
		Total		315,063
	Transportation (0.4%)
		Burlington Northern Santa Fe, LLC
	100,000	3.050%, 9/1/2022		101,587
		Continental Airlines, Inc.
	125,000	4.150%, 4/11/2024		130,781
		CSX Corporation
	200,000	3.700%, 10/30/2020		215,249
		Delta Air Lines, Inc.
	86,933	4.950%, 5/23/2019		94,757
	50,000	4.750%, 5/7/2020		54,190
		ERAC USA Finance, LLC
	200,000	5.250%, 10/1/2020j		227,708
		Total		824,272
	U.S. Government and Agencies (8.3%)
		Federal Home Loan Banks
	250,000	0.250%, 1/16/2015		249,830
	150,000	0.500%, 11/20/2015		150,442
		Federal Home Loan Mortgage Corporation
	250,000	1.250%, 8/1/2019		247,922
	250,000	1.250%, 10/2/2019		246,831
		U.S. Treasury Bonds
	2,065,000	3.000%, 5/15/2042		2,008,212
		U.S. Treasury Bonds, TIPS
	152,852	0.750%, 2/15/2042		161,939
		U.S. Treasury Notes
	1,500,000	0.250%, 10/31/2014		1,500,234
	1,700,000	0.250%, 9/15/2015		1,695,085
	300,000	0.750%, 6/30/2017		300,094
	5,150,000	0.875%, 7/31/2019		5,027,688
	125,000	1.625%, 8/15/2022		121,611
		U.S. Treasury Notes, TIPS
	1,013,759	0.125%, 4/15/2017		1,091,138
	1,710,457	1.125%, 1/15/2021		2,001,770
	1,475,127	0.125%, 1/15/2022		1,594,406
		Total		16,397,202
	U.S. Municipals (0.1%)
		North Texas Tollway Authority Revenue Bonds (Build America Bonds)
	150,000	6.718%, 1/1/2049		200,430
		Total		200,430
	Utilities (1.4%)
		Cleveland Electric Illuminating Company
	245,000	5.700%, 4/1/2017		277,700
		Duke Energy Carolinas, LLC
	100,000	4.000%, 9/30/2042		98,898
		Electricite de France SA
	100,000	5.250%, 1/29/2049j,m		97,621
		Energy Transfer Partners, LP
	250,000	4.650%, 6/1/2021		269,374

Principal Amount		Long-Term Fixed Income (32.3%)	Value
	Utilities (1.4%) - continued
		FirstEnergy Solutions Corporation
	$150,000	4.800%, 2/15/2015		$160,973
		ITC Holdings Corporation
	125,000	6.050%, 1/31/2018j		145,923
		Kinder Morgan Energy Partners, LP
	100,000	5.300%, 9/15/2020		115,067
		MidAmerican Energy Holdings Company
	225,000	6.500%, 9/15/2037		292,985
		NiSource Finance Corporation
	100,000	6.125%, 3/1/2022		119,093
	100,000	3.850%, 2/15/2023		102,005
		ONEOK Partners, LP
	200,000	8.625%, 3/1/2019		266,322
		Pennsylvania Electric Company
	200,000	5.200%, 4/1/2020		226,966
		Sempra Energy
	100,000	2.300%, 4/1/2017		103,161
		Union Electric Company
	350,000	6.400%, 6/15/2017		423,580
		Williams Partners, LP
	100,000	3.350%, 8/15/2022		99,314
		Total		2,798,982
		Total Long-Term Fixed Income (cost $62,855,787)		63,834,247
	Fixed Income Mutual Funds (0.9%)
	346,408	Thrivent High Yield Fund		1,766,682
		Total		1,766,682
		Total Other Mutual Funds (cost $1,330,572)		1,766,682
Shares		Preferred Stock (0.1%)	Value
	Financials (0.1%)
	2,600	Discover Financial Services,
		6.500%m		66,300
	4,000	HSBC Holdings plc, 8.000%m		111,280
	1,000	The Allstate Corporation, 5.100%		25,530
		Total		203,110
		Total Preferred Stock (cost $189,896)		203,110
Shares		Collateral Held for Securities Loaned (0.8%)	Value
	1,486,970	Thrivent Cash Management Trust		1,486,970
		Total Collateral Held for Securities Loaned (cost $1,486,970)		1,486,970

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

92

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares or Principal Amount		Short-Term Investments (8.6%)	Value
	16,913,489	Thrivent Cash Management Trust		$16,913,489
		Total Short-Term Investments (at amortized cost)		16,913,489
		Total Investments (cost $190,174,667) 105.7%		$208,837,685
		Other Assets and Liabilities, Net (5.7%)		(11,210,063)
		Total Net Assets 100.0%		$197,627,622

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.

d Non-income producing security.

e At January 31, 2013, $380,800 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

f All or a portion of the security is on loan.

g 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 January 31, 2013.

h All or a portion of the security is insured or guaranteed.

i 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 Balanced Fund owned as of January 31, 2013.

Security	Acquisition Date		Cost
Wachovia Asset Securitization, Inc.		3/16/2007		$522,462

j 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 January 31, 2013, the value of these investments was $7,722,912 or 3.9% of total net assets.

k Denotes equity-linked structured security. This security is linked to the S&P 500 Index.

l Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Microsoft Corporation.

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

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.
	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	$21,630,577
Gross unrealized depreciation	(2,967,559)
Net unrealized appreciation (depreciation)	$18,663,018
Cost for federal income tax purposes	$190,174,667

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

93

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Balanced Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Communications Services		66,002		–		66,002		–
Common Stock
Consumer Discretionary		17,633,519		17,633,519		–		–
Consumer Staples		11,362,729		9,249,183		2,113,546		–
Energy		12,538,132		11,894,294		643,838		–
Financials		21,780,240		21,780,240		–		–
Health Care		14,553,925		14,553,925		–		–
Industrials		15,986,704		15,986,704		–		–
Information Technology		21,811,791		21,811,791		–		–
Materials		4,891,703		4,891,703		–		–
Utilities		4,008,442		4,008,442		–		–
Long-Term Fixed Income
Asset-Backed Securities		2,454,034		–		2,454,034		–
Basic Materials		417,184		–		417,184		–
Capital Goods		804,491		–		804,491		–
Collateralized Mortgage Obligations		774,099		–		774,099		–
Commercial Mortgage-Backed Securities		4,103,393		–		4,103,393		–
Communications Services		1,876,040		–		1,876,040		–
Consumer Cyclical		744,544		–		744,544		–
Consumer Non-Cyclical		2,234,605		–		2,234,605		–
Energy		728,826		–		728,826		–
Financials		8,362,621		–		7,917,198		445,423
Foreign Government		2,016,204		–		2,016,204		–
Mortgage-Backed Securities		18,782,257		–		18,782,257		–
Technology		315,063		–		315,063		–
Transportation		824,272		–		824,272		–
U.S. Government and Agencies		16,397,202		–		16,397,202		–
U.S. Municipals		200,430		–		200,430		–
Utilities		2,798,982		–		2,798,982		–
Fixed Income Mutual Funds		1,766,682		1,766,682		–		–
Preferred Stock
Financials		203,110		203,110		–		–
Collateral Held for Securities Loaned		1,486,970		1,486,970		–		–
Short-Term Investments		16,913,489		16,913,489		–		–
Total		$208,837,685		$142,180,052		$66,212,210		$445,423
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		137,927		137,927		–		–
Total Asset Derivatives		$137,927		$137,927		$–		$–
Liability Derivatives
Futures Contracts		116,367		116,367		–		–
Credit Default Swaps		41,395		–		41,395		–
Total Liability Derivatives		$157,762		$116,367		$41,395		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

94

Balanced Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	(5)		March 2013		($1,101,938)		($1,102,110)		($172)
10-Yr. U.S. Treasury Bond Futures	(65)		March 2013		(8,671,208)		(8,533,281)		137,927
30-Yr. U.S. Treasury Bond Futures	20		March 2013		2,985,530		2,869,375		(116,155)
S&P 500 Index Futures	10		March 2013		3,733,291		3,733,251		(40)
Total Futures Contracts									$21,560

Credit Default Swaps and Counterparty	Buy/Sell Protection1	Termination Date		Notional Principal Amount2		Upfront Payments Received (Made)		Value3		Unrealized Gain/(Loss)
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		$750,000		($13,059)		($16,942)		($30,001)
5.00%; Bank of America
CDX IG, Series 19, 5 Year, at	Buy		12/20/2017		1,500,000		(3,588)		(7,806)		(11,394)
1.00%; Bank of America
Total Credit Default Swaps									($24,748)		($41,395)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

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 Balanced Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
High Yield		$1,834,321		$–		$100,000		346,408		$1,766,682		$29,555
Cash Management Trust- Collateral Investment		1,067,718		6,084,522		5,665,270		1,486,970		1,486,970		743
Cash Management Trust- Short Term Investment		13,922,888		11,232,776		8,242,175		16,913,489		16,913,489		4,200
Total Value and Income Earned		16,824,927								20,167,141		34,498

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

95

High Yield Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (1.7%)a	Value
	Communications Services (0.4%)
		Clear Channel Communications, Inc., Term Loan
	$3,790,000	0.000%, 1/29/2016b,c		$3,275,773
		Total		3,275,773
	Consumer Non-Cyclical (0.5%)
		HCA, Inc., Term Loan
	4,270,454	3.452%, 5/1/2018		4,296,461
		Total		4,296,461
	Financials (0.3%)
		Nuveen Investments, Inc., Term Loan
	2,350,000	8.250%, 2/28/2019		2,392,112
		Total		2,392,112
	Technology (0.5%)
		First Data Corporation Extended, Term Loan
	3,809,215	4.205%, 3/26/2018		3,770,056
		Total		3,770,056
		Total Bank Loans (cost $13,410,950)		13,734,402
Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Asset-Backed Securities (0.3%)
		Renaissance Home Equity Loan Trust
	2,230,526	5.746%, 5/25/2036		1,616,315
	1,600,000	6.011%, 5/25/2036		1,123,970
		Total		2,740,285
	Basic Materials (7.6%)
		Ainsworth Lumber Company, Ltd.
	950,000	7.500%, 12/15/2017d		1,014,125
		APERAM
	1,430,000	7.750%, 4/1/2018d		1,372,800
		Arch Coal, Inc.
	1,900,000	7.000%, 6/15/2019e		1,714,750
	1,500,000	7.250%, 10/1/2020e		1,342,500
	950,000	7.250%, 6/15/2021e		850,250
		CONSOL Energy, Inc.
	1,700,000	8.000%, 4/1/2017		1,836,000
	2,430,000	8.250%, 4/1/2020		2,630,475
		FMG Resources Property, Ltd.
	2,370,000	7.000%, 11/1/2015d,e		2,470,725
	1,410,000	6.000%, 4/1/2017d,e		1,448,775
	3,300,000	6.875%, 2/1/2018d,e		3,423,750
	3,860,000	8.250%, 11/1/2019d,e		4,139,850
		Graphic Packaging International, Inc.
	700,000	9.500%, 6/15/2017		749,000
	1,400,000	7.875%, 10/1/2018		1,536,500
		Hexion US Finance Corporation/Hexion Nova Scotia Finance ULC
	2,820,000	8.875%, 2/1/2018e		2,848,200
	2,850,000	9.000%, 11/15/2020		2,650,500

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Basic Materials (7.6%) - continued
		Inmet Mining Corporation
	$3,400,000	8.750%, 6/1/2020d		$3,774,000
		LyondellBasell Industries NV
	2,340,000	5.000%, 4/15/2019		2,579,850
	1,400,000	6.000%, 11/15/2021		1,645,000
		Midwest Vanadium Pty., Ltd.
	3,070,000	11.500%, 2/15/2018f		1,980,150
		NOVA Chemicals Corporation
	4,890,000	8.625%, 11/1/2019		5,574,600
		Novelis, Inc.
	3,550,000	8.750%, 12/15/2020		4,011,500
		Resolute Forest Products
	3,659,000	10.250%, 10/15/2018		4,216,997
		Ryerson, Inc.
	1,900,000	9.000%, 10/15/2017d		2,042,500
		Sappi Papier Holding GmbH
	595,000	8.375%, 6/15/2019d		672,350
		Severstal Columbus, LLC
	1,400,000	10.250%, 2/15/2018		1,508,500
		Tembec Industries, Inc.
	2,820,000	11.250%, 12/15/2018		3,109,050
		US Coatings Acquisition, Inc./Flash Dutch 2 BV
	1,420,000	7.375%, 5/1/2021d		1,462,600
		Total		62,605,297
	Capital Goods (7.9%)
		BE Aerospace, Inc.
	3,280,000	6.875%, 10/1/2020		3,624,400
		Case New Holland, Inc.
	2,210,000	7.875%, 12/1/2017		2,613,325
		Cemex Finance, LLC
	2,370,000	9.375%, 10/12/2022d		2,678,100
		Cemex SAB de CV
	2,370,000	9.000%, 1/11/2018d		2,559,600
		CNH Capital, LLC
	1,500,000	3.875%, 11/1/2015d		1,541,250
		Coleman Cable, Inc.
	1,580,000	9.000%, 2/15/2018		1,714,300
		EnergySolutions, Inc.
	2,350,000	10.750%, 8/15/2018		2,467,500
		Liberty Tire Recycling
	1,870,000	11.000%, 10/1/2016f		1,776,500
		Manitowoc Company, Inc.
	4,270,000	8.500%, 11/1/2020		4,803,750
		Nortek, Inc.
	2,840,000	10.000%, 12/1/2018		3,223,400
	1,000,000	8.500%, 4/15/2021d		1,130,000
	2,860,000	8.500%, 4/15/2021		3,238,950
		Owens-Illinois, Inc.
	3,030,000	7.800%, 5/15/2018		3,522,375
		RBS Global, Inc.
	3,980,000	8.500%, 5/1/2018		4,358,100
		Reynolds Group Issuer, Inc.
	1,420,000	9.000%, 4/15/2019		1,498,100
	2,340,000	9.875%, 8/15/2019		2,556,450
	1,900,000	5.750%, 10/15/2020d		1,942,750
	2,370,000	8.250%, 2/15/2021		2,482,575
		RSC Equipment Rental, Inc.
	2,780,000	8.250%, 2/1/2021		3,162,250
		Sealed Air Corporation
	1,450,000	8.375%, 9/15/2021d		1,663,875

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

96

High Yield Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Capital Goods (7.9%) - continued
		Silgan Holdings, Inc.
	$3,530,000	5.000%, 4/1/2020		$3,653,550
		Tekni-Plex, Inc.
	3,300,000	9.750%, 6/1/2019d		3,630,000
		United Rentals North America, Inc.
	930,000	7.375%, 5/15/2020		1,023,000
		UR Financing Escrow Corporation
	3,750,000	7.625%, 4/15/2022		4,181,250
		Total		65,045,350
	Communications Services (19.0%)
		Altice Financing SA
	480,000	7.875%, 12/15/2019d		515,520
		Altice Finco SA
	950,000	9.875%, 12/15/2020d		1,040,250
		AMC Networks, Inc.
	4,690,000	7.750%, 7/15/2021		5,358,325
	1,280,000	4.750%, 12/15/2022		1,280,000
		Cablevision Systems Corporation
	3,740,000	8.625%, 9/15/2017		4,385,150
		CCO Holdings, LLC
	3,750,000	7.250%, 10/30/2017		4,068,750
	1,890,000	7.000%, 1/15/2019		2,043,563
	700,000	7.375%, 6/1/2020		778,750
		Cequel Communications Escrow 1, LLC
	3,180,000	6.375%, 9/15/2020d		3,331,050
		Clear Channel Worldwide Holdings, Inc.
	5,000,000	6.500%, 11/15/2022d		5,325,000
		Crown Castle International Corporation
	5,690,000	5.250%, 1/15/2023d		5,974,500
		Digicel, Ltd.
	3,790,000	8.250%, 9/1/2017d		4,017,400
	1,470,000	7.000%, 2/15/2020d		1,591,275
		Dish DBS Corporation
	2,220,000	5.875%, 7/15/2022		2,358,750
		Eileme 2 AB
	3,740,000	11.625%, 1/31/2020d		4,403,850
		Frontier Communications Corporation
	2,810,000	8.250%, 4/15/2017e		3,252,575
		Hughes Satellite Systems Corporation
	4,400,000	6.500%, 6/15/2019		4,862,000
		Intelsat Jackson Holdings SA
	710,000	7.250%, 10/15/2020d		759,700
	6,320,000	7.250%, 10/15/2020		6,762,400
	1,420,000	6.625%, 12/15/2022d,e		1,443,075
		Intelsat Luxembourg SA
	6,460,000	11.250%, 2/4/2017		6,847,600
	3,228,461	11.500%, 2/4/2017		3,422,169
		Lamar Media Corporation
	3,050,000	5.000%, 5/1/2023d		3,111,000
		Leap Wireless International, Inc., Convertible
	4,215,000	4.500%, 7/15/2014e		4,067,475
		Level 3 Financing, Inc.
	3,700,000	8.625%, 7/15/2020		4,144,000
		NII Capital Corporation
	1,420,000	7.625%, 4/1/2021		1,114,700

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Communications Services (19.0%) - continued
		Satmex Escrow SA de CV
	$4,770,000	9.500%, 5/15/2017		$4,960,800
		SBA Telecommunications, Inc.
	590,000	5.750%, 7/15/2020d		619,500
		Sprint Capital Corporation
	2,370,000	6.875%, 11/15/2028		2,393,700
		Sprint Nextel Corporation
	7,620,000	9.000%, 11/15/2018d		9,429,750
	2,530,000	7.000%, 3/1/2020d		2,934,800
	2,370,000	7.000%, 8/15/2020		2,565,525
	6,190,000	6.000%, 11/15/2022		6,220,950
		Telesat Canada
	5,210,000	6.000%, 5/15/2017d		5,470,500
		Unitymedia Hessen GmbH & Company KG
	4,650,000	5.500%, 1/15/2023d		4,743,000
		Univision Communications, Inc.
	3,000,000	6.750%, 9/15/2022d		3,135,000
		UPC Holding BV
	4,000,000	9.875%, 4/15/2018d		4,520,000
		UPCB Finance V, Ltd.
	1,400,000	7.250%, 11/15/2021d		1,547,000
		Virgin Media Finance plc
	1,042,000	8.375%, 10/15/2019		1,178,762
	1,050,000	4.875%, 2/15/2022		1,047,375
	2,470,000	5.250%, 2/15/2022		2,581,150
		WideOpenWest Finance, LLC
	4,880,000	10.250%, 7/15/2019d		5,355,800
		Wind Acquisition Finance SA
	4,740,000	11.750%, 7/15/2017d		5,095,500
		XM Satellite Radio, Inc.
	3,320,000	7.625%, 11/1/2018d		3,685,200
		Zayo Group, LLC
	3,075,000	8.125%, 1/1/2020		3,428,625
		Total		157,171,764
	Consumer Cyclical (14.4%)
		Algeco Scotsman Global Finance plc
	3,320,000	8.500%, 10/15/2018d		3,552,400
		American Axle & Manufacturing, Inc.
	2,800,000	7.875%, 3/1/2017e		2,887,528
		Beazer Homes USA, Inc.
	950,000	9.125%, 6/15/2018		1,011,750
	3,470,000	9.125%, 5/15/2019		3,730,250
		Brookfield Residential Properties, Inc.
	2,370,000	6.500%, 12/15/2020d		2,500,350
		Burlington Coat Factory Warehouse Corporation
	3,350,000	10.000%, 2/15/2019		3,643,125
		Choice Hotels International, Inc.
	1,880,000	5.750%, 7/1/2022		2,086,800
		Chrysler Group, LLC
	2,230,000	8.000%, 6/15/2019e		2,441,850
	2,400,000	8.250%, 6/15/2021e		2,664,000
		DineEquity, Inc.
	3,800,000	9.500%, 10/30/2018		4,322,500
		Eldorado Resorts, LLC
	4,330,000	8.625%, 6/15/2019e,f		4,265,050

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

97

High Yield Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Consumer Cyclical (14.4%) - continued
		General Motors Financial Company, Inc.
	$2,600,000	4.750%, 8/15/2017d		$2,717,221
	1,190,000	6.750%, 6/1/2018		1,377,425
		Host Hotels & Resorts, LP
	3,290,000	5.250%, 3/15/2022		3,586,100
		Jaguar Land Rover Automotive plc
	950,000	5.625%, 2/1/2023d		969,000
		KB Home
	930,000	7.250%, 6/15/2018e		1,032,300
	1,750,000	8.000%, 3/15/2020e		2,027,813
	1,420,000	7.500%, 9/15/2022		1,590,400
		Lear Corporation
	1,755,000	7.875%, 3/15/2018		1,891,012
	1,755,000	8.125%, 3/15/2020		1,961,212
	990,000	4.750%, 1/15/2023d		985,050
		Limited Brands, Inc.
	1,430,000	6.625%, 4/1/2021		1,626,625
	1,640,000	5.625%, 2/15/2022		1,763,000
		MCE Finance, Ltd.
	2,130,000	5.000%, 2/15/2021c,d		2,119,350
		MGM Resorts International
	4,693,000	10.000%, 11/1/2016		5,537,740
		Mohegan Tribal Gaming Authority
	4,280,000	10.500%, 12/15/2016d		4,269,300
		NCL Corporation, Ltd.
	1,830,000	11.750%, 11/15/2016		2,067,900
	4,970,000	9.500%, 11/15/2018		5,467,000
		Realogy Corporation
	2,645,000	11.500%, 4/15/2017		2,843,375
		ROC Finance, LLC
	4,220,000	12.125%, 9/1/2018d		4,863,550
		Royal Caribbean Cruises, Ltd.
	6,000,000	5.250%, 11/15/2022		6,360,000
		Seminole Indian Tribe of Florida
	4,170,000	7.804%, 10/1/2020d		4,297,519
		Seven Seas Cruises S de RL, LLC
	4,730,000	9.125%, 5/15/2019d		5,013,800
		Six Flags Entertainment Corporation
	6,170,000	5.250%, 1/15/2021d		6,139,150
		Studio City Finance, Ltd.
	4,760,000	8.500%, 12/1/2020d		5,241,950
		Tunica-Biloxi Gaming Authority
	4,230,000	9.000%, 11/15/2015f		3,828,150
		West Corporation
	4,350,000	8.625%, 10/1/2018		4,665,375
	2,140,000	7.875%, 1/15/2019		2,268,400
		Total		119,615,320
	Consumer Non-Cyclical (11.3%)
		Biomet, Inc.
	2,840,000	6.500%, 8/1/2020d		2,982,000
	3,810,000	6.500%, 10/1/2020d		3,867,150
		CDRT Holding Corporation
	2,370,000	9.250%, 10/1/2017d		2,447,025
		Community Health Systems, Inc.
	1,890,000	5.125%, 8/15/2018		1,989,225
	3,060,000	8.000%, 11/15/2019		3,358,350
		DaVita HealthCare Partners, Inc.
	2,370,000	5.750%, 8/15/2022		2,488,500

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Consumer Non-Cyclical (11.3%) - continued
		Del Monte Corporation
	$1,275,000	7.625%, 2/15/2019		$1,329,187
		DJO Finance, LLC
	1,400,000	9.750%, 10/15/2017		1,351,000
	3,250,000	8.750%, 3/15/2018d		3,615,625
		Elan Finance plc
	2,370,000	6.250%, 10/15/2019d		2,535,900
		Emergency Medical Services Corporation
	4,630,000	8.125%, 6/1/2019		5,069,850
		Endo Health Solutions, Inc.
	2,840,000	7.250%, 1/15/2022		3,109,800
		Fresenius Medical Care US Finance, Inc.
	2,340,000	6.500%, 9/15/2018d		2,632,500
		Grifols, Inc.
	3,620,000	8.250%, 2/1/2018		3,972,950
		HCA, Inc.
	4,570,000	7.500%, 2/15/2022		5,278,350
	5,140,000	4.750%, 5/1/2023		5,172,125
		Ingles Markets, Inc.
	1,400,000	8.875%, 5/15/2017		1,482,250
		JBS Finance II, Ltd.
	4,450,000	8.250%, 1/29/2018f		4,806,000
		JBS USA, LLC/JBS USA Finance, Inc.
	2,850,000	11.625%, 5/1/2014		3,174,187
		Libbey Glass, Inc.
	3,310,000	6.875%, 5/15/2020		3,562,388
		Michael Foods Holding, Inc.
	950,000	8.500%, 7/15/2018d		976,125
		Michael Foods, Inc.
	3,760,000	9.750%, 7/15/2018		4,173,600
		Revlon Consumer Products Corporation
	3,270,000	9.750%, 11/15/2015		3,449,850
		Rite Aid Corporation
	2,530,000	7.500%, 3/1/2017		2,586,925
	1,790,000	9.500%, 6/15/2017		1,868,312
		Spectrum Brands Escrow Corporation
	1,930,000	6.375%, 11/15/2020d		2,053,038
	1,820,000	6.625%, 11/15/2022d		1,965,600
		Teleflex, Inc.
	3,790,000	6.875%, 6/1/2019		4,112,150
		Visant Corporation
	4,360,000	10.000%, 10/1/2017		3,989,400
		Warner Chilcott Company, LLC
	4,115,000	7.750%, 9/15/2018		4,444,200
		Total		93,843,562
	Energy (11.0%)
		Bristow Group, Inc.
	1,430,000	6.250%, 10/15/2022		1,544,400
		Chaparral Energy, Inc.
	1,500,000	7.625%, 11/15/2022d		1,605,000
	2,350,000	7.625%, 11/15/2022		2,538,000
		Coffeyville Resources, LLC
	3,900,000	10.875%, 4/1/2017d,e		4,251,000
		Concho Resources, Inc.
	4,760,000	6.500%, 1/15/2022		5,188,400

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

98

High Yield Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Energy (11.0%) - continued
		Continental Resources, Inc.
	$3,290,000	5.000%, 9/15/2022		$3,503,850
		Denbury Resources, Inc.
	700,000	9.750%, 3/1/2016		738,150
	369,000	8.250%, 2/15/2020		411,435
	1,540,000	6.375%, 8/15/2021		1,674,750
	1,090,000	4.625%, 7/15/2023c		1,068,200
		Drill Rigs Holdings, Inc.
	1,190,000	6.500%, 10/1/2017d		1,187,025
		Energy XXI Gulf Coast, Inc.
	1,890,000	9.250%, 12/15/2017		2,152,238
	1,420,000	7.750%, 6/15/2019		1,540,700
		Halcon Resources Corporation
	4,750,000	8.875%, 5/15/2021d		5,070,625
		Harvest Operations Corporation
	4,710,000	6.875%, 10/1/2017		5,233,987
		Helix Energy Solutions Group, Inc.
	2,026,000	9.500%, 1/15/2016d		2,081,715
		Key Energy Services, Inc.
	1,410,000	6.750%, 3/1/2021d		1,410,000
		Kodiak Oil & Gas Corporation
	1,420,000	5.500%, 1/15/2021d		1,430,650
		Linn Energy, LLC
	2,250,000	8.625%, 4/15/2020		2,480,625
	1,930,000	7.750%, 2/1/2021		2,065,100
		Markwest Energy Partners, LP
	2,340,000	6.250%, 6/15/2022		2,538,900
		MEG Energy Corporation
	2,840,000	6.375%, 1/30/2023d		2,960,700
		Newfield Exploration Company
	2,840,000	5.750%, 1/30/2022		3,124,000
		Northern Tier Energy, LLC
	2,980,000	7.125%, 11/15/2020d		3,129,000
		Oasis Petroleum, Inc.
	2,430,000	7.250%, 2/1/2019		2,636,550
	1,410,000	6.500%, 11/1/2021		1,508,700
		Pacific Drilling V, Ltd.
	2,860,000	7.250%, 12/1/2017d		2,974,400
		Plains Exploration & Production Company
	2,500,000	6.125%, 6/15/2019		2,756,250
	1,500,000	6.750%, 2/1/2022		1,689,375
		Precision Drilling Corporation
	2,200,000	6.625%, 11/15/2020		2,348,500
	940,000	6.500%, 12/15/2021		1,008,150
		QEP Resources, Inc.
	3,230,000	6.875%, 3/1/2021		3,738,725
		SandRidge Energy, Inc.
	3,320,000	7.500%, 2/15/2023		3,527,500
		SESI, LLC
	1,550,000	6.375%, 5/1/2019		1,658,500
	2,800,000	7.125%, 12/15/2021		3,115,000
		United Refining Company
	4,290,000	10.500%, 2/28/2018		4,804,800
		Total		90,694,900
	Financials (7.7%)
		Ally Financial, Inc.
	1,920,000	7.500%, 12/31/2013		2,016,000
	1,590,000	5.500%, 2/15/2017		1,709,374
	2,350,000	8.000%, 3/15/2020		2,881,687
	4,910,000	7.500%, 9/15/2020		5,904,275

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Financials (7.7%) - continued
		Aviv Healthcare Properties, LP
	$4,730,000	7.750%, 2/15/2019		$5,072,925
		Banco do Brasil SA/Cayman Islands
	1,250,000	6.250%, 12/29/2049d,g		1,240,625
		CIT Group, Inc.
	2,630,000	5.250%, 4/1/2014d		2,741,775
	2,140,000	5.000%, 5/15/2017		2,284,450
		Community Choice Financial, Inc.
	2,380,000	10.750%, 5/1/2019		2,261,000
		CyrusOne, LP/CyrusOne Finance Corporation
	4,960,000	6.375%, 11/15/2022d		5,294,800
		DDR Corporation
	720,000	4.625%, 7/15/2022		775,301
		Developers Diversified Realty Corporation
	2,810,000	7.875%, 9/1/2020		3,571,038
		Eksportfinans ASA
	2,330,000	2.375%, 5/25/2016		2,224,635
		Icahn Enterprises, LP
	4,270,000	7.750%, 1/15/2016		4,435,463
	6,640,000	8.000%, 1/15/2018		7,113,100
		International Lease Finance Corporation
	2,250,000	8.625%, 9/15/2015		2,556,563
	1,400,000	8.875%, 9/1/2017		1,685,250
		Milestone Aviation Group, LLC
	950,000	8.625%, 12/15/2017d		988,000
		Omega Healthcare Investors, Inc.
	6,100,000	5.875%, 3/15/2024		6,466,000
		Speedy Cash Intermediate Holdings Corporation
	2,250,000	10.750%, 5/15/2018d		2,424,375
		Total		63,646,636
	Technology (4.8%)
		Alliance Data Systems Corporation
	3,810,000	5.250%, 12/1/2017d		3,971,925
	3,535,000	6.375%, 4/1/2020d		3,817,800
		Amkor Technology, Inc.
	2,870,000	6.625%, 6/1/2021e		2,934,575
		Brocade Communications Systems, Inc.
	3,410,000	4.625%, 1/15/2023d		3,401,475
		Equinix, Inc.
	3,330,000	8.125%, 3/1/2018		3,654,675
	950,000	7.000%, 7/15/2021		1,059,250
		First Data Corporation
	3,320,000	11.250%, 3/31/2016e		3,303,400
	1,000,000	7.375%, 6/15/2019d		1,052,500
	1,629,000	12.625%, 1/15/2021		1,734,885
		Freescale Semiconductor, Inc.
	1,890,000	8.050%, 2/1/2020e		1,946,700
	2,089,000	10.750%, 8/1/2020		2,318,790
		Infor US, Inc.
	2,910,000	9.375%, 4/1/2019		3,288,300
		Jabil Circuit, Inc.
	1,420,000	4.700%, 9/15/2022		1,455,500
		NXP BV/NXP Funding, LLC
	600,000	9.750%, 8/1/2018d		690,000

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

99

High Yield Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Technology (4.8%) - continued
		Seagate HDD Cayman
	$2,860,000	7.750%, 12/15/2018		$3,153,150
		Sensata Technologies BV
	1,900,000	6.500%, 5/15/2019d,e		2,037,750
		Total		39,820,675
	Transportation (2.9%)
		American Petroleum Tankers, LLC
	1,059,000	10.250%, 5/1/2015		1,101,360
		Avis Budget Car Rental, LLC
	4,670,000	8.250%, 1/15/2019		5,172,025
		CMA CGM SA
	4,290,000	8.500%, 4/15/2017d,e		3,710,850
		Continental Airlines, Inc.
	2,750,000	6.750%, 9/15/2015d		2,887,500
	1,440,000	6.125%, 4/29/2018		1,440,000
	470,000	6.250%, 4/11/2020		495,850
		HDTFS, Inc.
	710,000	6.250%, 10/15/2022d		770,350
		Navios Maritime Acquisition Corporation
	1,430,000	8.625%, 11/1/2017		1,354,925
		Navios Maritime Holdings, Inc.
	2,590,000	8.875%, 11/1/2017		2,557,625
	2,030,000	8.125%, 2/15/2019e		1,725,500
		Navios South American Logistics, Inc./Navios Logistics Finance US, Inc.
	1,240,000	9.250%, 4/15/2019		1,240,000
		United Air Lines, Inc.
	1,410,694	9.750%, 1/15/2017		1,622,298
		Total		24,078,283
	Utilities (4.6%)
		Access Midstream Partners, LP
	1,280,000	4.875%, 5/15/2023		1,273,600
		AES Corporation
	5,350,000	7.375%, 7/1/2021		5,965,250
		Chesapeake Midstream Partners, LP
	810,000	6.125%, 7/15/2022		860,625
		Covanta Holding Corporation
	2,400,000	7.250%, 12/1/2020		2,643,852
	1,650,000	6.375%, 10/1/2022		1,800,747
		Crosstex Energy, LP/Crosstex Energy Finance Corporation
	3,270,000	8.875%, 2/15/2018		3,511,163
	940,000	7.125%, 6/1/2022d		984,650
		Energy Future Intermediate Holding Company, LLC
	1,900,000	11.750%, 3/1/2022d		2,163,625
		Holly Energy Partners, LP
	1,870,000	8.250%, 3/15/2018		2,019,600
	820,000	6.500%, 3/1/2020d		877,400
		MarkWest Energy Partners, LP
	590,000	4.500%, 7/15/2023		587,050
		NRG Energy, Inc.
	4,740,000	6.625%, 3/15/2023d		5,083,650
		Regency Energy Partners, LP
	3,330,000	6.875%, 12/1/2018		3,604,725
	760,000	5.500%, 4/15/2023		805,600
		Rockies Express Pipeline, LLC
	1,660,000	6.000%, 1/15/2019d		1,626,800

Principal Amount		Long-Term Fixed Income (91.5%)	Value
	Utilities (4.6%) - continued
		Targa Resources Partners, LP
	$4,280,000	5.250%, 5/1/2023d		$4,451,200
		Total		38,259,537
		Total Long-Term Fixed Income (cost $710,255,410)		757,521,609
Shares		Preferred Stock (0.5%)	Value
	Financials (0.5%)
	3,014	Ally Financial, Inc., 7.000%d,g		2,941,570
	57,310	Ally Financial, Inc., 8.500%g		1,508,399
		Total		4,449,969
		Total Preferred Stock (cost $3,466,906)		4,449,969
Shares		Common Stock (<0.1%)	Value
	Consumer Discretionary (<0.1%)
	36,330	TVMAX Holdings, Inc.h,i		4
		Total		4
		Total Common Stock (cost $2,245,000)		4
Shares		Collateral Held for Securities Loaned (6.4%)	Value
	53,050,265	Thrivent Cash Management Trust		53,050,265
		Total Collateral Held for Securities Loaned (cost $53,050,265)		53,050,265
Shares or Principal Amount		Short-Term Investments (4.0%)	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	300,000	0.105%, 6/17/2013j,k		299,881
	32,830,368	Thrivent Cash Management Trust		32,830,368
		Total Short-Term Investments (at amortized cost)		33,130,249
		Total Investments (cost $815,558,780) 104.1%		$861,886,498
		Other Assets and Liabilities, Net (4.1%)		(34,221,838)
		Total Net Assets 100.0%		$827,664,660

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.

d 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 January 31, 2013, the value of these investments was $260,018,058 or 31.4% of total net assets.

e All or a portion of the security is on loan.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

100

High Yield Fund

Schedule of Investments as of January 31, 2013

(unaudited)

f 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 High Yield Fund owned as of January 31, 2013.

Security	Acquisition Date		Cost
Eldorado Resorts, LLC		5/19/2011		$4,244,351
JBS Finance II, Ltd.		7/22/2010		$4,389,213
Liberty Tire Recycling		9/23/2010		$1,849,972
Midwest Vanadium Pty., Ltd.		1/25/2012		$2,883,641
Tunica-Biloxi Gaming Authority		11/8/2005		$4,216,559

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

h Security is fair valued.

i Non-income producing security.

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

k At January 31, 2013, $259,897 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap 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	$52,801,302
Gross unrealized depreciation	(6,473,584)
Net unrealized appreciation (depreciation)	$46,327,718
Cost for federal income tax purposes	$815,558,780

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

101

High Yield Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing High Yield Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Communications Services		3,275,773		–		3,275,773		–
Consumer Non-Cyclical		4,296,461		–		4,296,461		–
Financials		2,392,112		–		2,392,112		–
Technology		3,770,056		–		3,770,056		–
Long-Term Fixed Income
Asset-Backed Securities		2,740,285		–		2,740,285		–
Basic Materials		62,605,297		–		62,605,297		–
Capital Goods		65,045,350		–		65,045,350		–
Communications Services		157,171,764		–		157,171,764		–
Consumer Cyclical		119,615,320		–		119,615,320		–
Consumer Non-Cyclical		93,843,562		–		93,843,562		–
Energy		90,694,900		–		90,694,900		–
Financials		63,646,636		–		63,646,636		–
Technology		39,820,675		–		39,820,675		–
Transportation		24,078,283		–		24,078,283		–
Utilities		38,259,537		–		38,259,537		–
Preferred Stock
Financials		4,449,969		1,508,399		2,941,570		–
Common Stock
Consumer Discretionary		4		–		–		4
Collateral Held for Securities Loaned		53,050,265		53,050,265		–		–
Short-Term Investments		33,130,249		32,830,368		299,881		–
Total		$861,886,498		$87,389,032		$774,497,462		$4
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Credit Default Swaps		867,111		–		867,111		–
Total Liability Derivatives		$867,111		$–		$867,111		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Credit Default Swaps and Counterparty	Buy/Sell Protection1	Termination Date		Notional Principal Amount2		Upfront Payments Received (Made)		Value3		Unrealized Gain/ (Loss)
CDX HY, Series 18, 5 Year, at	Buy		6/20/2017		$6,930,000		($259,101)		($229,566)		($488,667)
5.00%; Bank of America
CDX HY, Series 19, 5 Year, at	Buy		12/20/2017		7,200,000		(215,802)		(162,642)		(378,444)
5.00%; Bank of America
Total Credit Default Swaps									($392,208)		($867,111)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

102

High Yield Fund

Schedule of Investments as of January 31, 2013

(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 High Yield Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$64,588,487		$34,126,752		$45,664,974		53,050,265		$53,050,265		$47,592
Cash Management Trust- Short Term Investment		31,101,499		61,855,569		60,126,700		32,830,368		32,830,368		9,033
Total Value and Income Earned		95,689,986								85,880,633		56,625

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

103

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Alabama (0.1%)
		Alabama Public School and College Authority Capital Improvement Revenue Refunding Bonds
	$1,500,000	5.000%, 5/1/2029, Series Aa		$1,853,820
		Total		1,853,820
	Alaska (0.2%)
		Valdez, Alaska Marine Terminal Revenue Bonds (Exxon Pipeline Company)
	880,000	0.110%, 10/1/2025b		880,000
		Valdez, Alaska Marine Terminal Revenue Bonds (ExxonMobil)
	3,130,000	0.110%, 12/1/2029b		3,130,000
		Total		4,010,000
	Arizona (0.9%)
		Arizona Health Facilities Authority Revenue Bonds (Blood Systems, Inc.)
	1,000,000	5.000%, 4/1/2017		1,042,050
	1,200,000	5.000%, 4/1/2018		1,250,736
		Arizona Sports and Tourism Authority Revenue Refunding Bonds (Multipurpose Stadium Facility)
	500,000	4.000%, 7/1/2017, Series A		552,415
		Arizona Transportation Board Highway Revenue Bonds
	1,500,000	5.000%, 7/1/2023, Series A		1,866,585
	1,500,000	5.000%, 7/1/2036, Series A		1,733,445
		Glendale, Arizona Industrial Development Authority Revenue Bonds (Midwestern University)
	2,500,000	5.000%, 5/15/2031		2,734,625
	1,000,000	5.000%, 5/15/2035		1,072,990
		Phoenix, Arizona Civic Improvement Corporation Airport Revenue Bonds
	3,060,000	5.250%, 7/1/2033, Series A		3,490,083
		Phoenix-Mesa Gateway Airport Authority Special Facility Revenue Bonds
	700,000	5.000%, 7/1/2038		738,108
		Yavapai County Industrial Development Authority Hospital Revenue Bonds (Yavapai Regional Medical Center)
	500,000	6.000%, 8/1/2033, Series A		512,010
		Total		14,993,047
	Arkansas (0.3%)
		Rogers, Arkansas Sales and Use Tax Refunding and Improvement Bonds
	2,975,000	4.000%, 11/1/2027, Series 2011		3,237,841

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Arkansas (0.3%) - continued
		Rogers, Arkansas Sales and Use Tax Refunding and Improvement Bonds - continued
	$1,000,000	4.125%, 11/1/2031, Series 2011		$1,049,360
		Total		4,287,201
	California (12.2%)
		Anaheim Public Financing Authority Lease Revenue Bonds (Anaheim Public Improvements) (AGM Insured)
	3,950,000	6.000%, 9/1/2024, Series Ac		4,884,017
		Beverly Hills Unified School District, Los Angeles County, California General Obligation Bonds
	10,000,000	Zero Coupon, 8/1/2031		5,022,100
		California Educational Facilities Authority Revenue Bonds (Stanford University)
	6,615,000	5.250%, 4/1/2040		9,152,382
		California General Obligation Refunding Bonds
	2,765,000	5.000%, 9/1/2015		3,076,560
		California Health Facilities Financing Authority Refunding Revenue Bonds (Lucile Salter Packard Children’s Hospital at Stanford)
	3,840,000	1.450%, 8/15/2033, Series Ab		3,875,290
		California Health Facilities Financing Authority Revenue Bonds (Stanford Hospital and Clinics)
	500,000	5.000%, 8/15/2017, Series B		583,970
		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 Aa,c		6,640,850
		California Infrastructure and Economic Development Bank Revenue Bonds (California Independent System Operator Corporation)
	3,025,000	6.250%, 2/1/2039, Series A		3,254,749
		California Municipal Finance Authority Refunding Revenue Bonds (Biola University)
	1,500,000	5.875%, 10/1/2034		1,637,070
		California State Department of Water Resources Supply Revenue Bonds
	6,250,000	5.000%, 5/1/2016, Series M		7,119,937
		California Various Purpose General Obligation Bonds
	2,000,000	5.250%, 11/1/2021a		2,074,680
	10,000	5.250%, 4/1/2029		10,426
	3,990,000	5.250%, 4/1/2029a		4,221,500

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

104

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	California (12.2%) - continued
		California Various Purpose General Obligation Bonds - continued
	$10,000,000	5.250%, 3/1/2038		$11,332,800
	10,000,000	6.000%, 4/1/2038		11,978,700
	5,000,000	6.000%, 11/1/2039		6,065,100
		California Various Purpose General Obligation Bonds (NATL-RE Insured)
	300,000	6.000%, 8/1/2016c		308,121
		Chula Vista Industrial Development Revenue Refunding Bonds (San Diego Gas & Electric Company)
	2,010,000	5.875%, 2/15/2034, Series C		2,354,333
		Contra Costa County, California Home Mortgage Revenue Bonds (GNMA Collateralized)
	4,030,000	7.500%, 5/1/2014a,c		4,392,740
		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 Ac		11,236,000
		El Camino Community College District General Obligation Bonds (Election of 2002)
	6,480,000	Zero Coupon, 8/1/2034, Series C		2,663,798
		Foothill-De Anza California Community College District General Obligation Bonds
	5,000,000	5.000%, 8/1/2040, Series C		5,664,400
		Golden West Schools Financing Authority Revenue Bonds (NATL-RE Insured)
	420,000	5.800%, 2/1/2022, Series Ac		483,454
		Los Angeles Community College District, Los Angeles County, California General Obligation Bonds (Election 2008)
	10,050,000	6.000%, 8/1/2033, Series A		12,402,303
		Los Angeles Department of Airports Revenue Bonds (Los Angeles International Airport)
	8,000,000	5.000%, 5/15/2040, Series A		9,027,600
		Los Angeles Unified School District, Los Angeles County, California General Obligation Bonds
	5,000,000	5.000%, 1/1/2034, Series I		5,665,900
		Pittsburg, California Redevelopment Agency Tax Allocation Bonds (Los Medanos Community Development) (AMBAC Insured)
	5,000,000	Zero Coupon, 8/1/2024c		2,925,500

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	California (12.2%) - continued
		Pomona, California Single Family Mortgage Revenue Refunding Bonds (GNMA/FNMA Collateralized)
	$3,130,000	7.600%, 5/1/2023, Series Aa,c		$4,150,474
		San Bernardino, California Single Family Mortgage Revenue Refunding Bonds (FHA/VA MTGS GNMA Collateralized)
	1,115,000	7.500%, 5/1/2023, Series Aa,c		1,474,175
		San Diego Community College District, San Diego County, California General Obligation Bonds (AGM Insured)
	10,000,000	5.000%, 5/1/2030a,c		11,033,700
		San Diego County Regional Airport Authority Airport Revenue Bonds
	500,000	5.000%, 7/1/2038, Series B, AMT		563,990
		San Diego County Regional Airport Authority Airport Revenue Bonds (GNMA Collateralized)
	1,500,000	5.000%, 7/1/2043, Series B, AMTc		1,685,025
		San Diego County, California Certificates of Participation
	5,000,000	5.250%, 7/1/2030		5,549,100
		San Diego Unified School District General Obligation Bonds
	10,000,000	Zero Coupon, 7/1/2033, Series A		8,191,400
		San Francisco, California City & County Airport Commission Revenue Bonds (San Francisco International Airport)
	7,030,000	6.000%, 5/1/2039, Series E		8,353,468
		San Jose, California Airport Revenue Bonds (AMBAC Insured)
	8,000,000	5.000%, 3/1/2037, Series A, AMTc		8,411,200
		San Jose, California Redevelopment Agency Tax Allocation Refunding Bonds (Merged Area Redevelopment) (NATL-RE Insured)
	2,760,000	5.000%, 8/1/2025, Series Ac		2,764,444
		Santa Monica Community College District, Los Angeles County, California General Obligation Bonds
	5,000,000	Zero Coupon, 8/1/2025, Series C		3,265,700
		Tuolumne Wind Project Authority Revenue Bonds (Tuolumne Company)
	2,000,000	5.625%, 1/1/2029, Series A		2,330,360

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

105

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	California (12.2%) - continued
		University of California General Revenue Bonds
	$5,000,000	5.250%, 5/15/2039, Series O		$5,722,200
		Total		201,549,516
	Colorado (4.7%)
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Cheyenne Mountain Charter Academy)
	475,000	5.125%, 6/15/2032, Series A		487,934
	1,000,000	5.375%, 6/15/2038, Series A		1,034,240
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Crown Pointe Academy of Westminster)
	1,000,000	5.000%, 7/15/2039		1,044,730
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Pinnacle Charter School, Inc.)
	3,000,000	5.125%, 12/1/2039		3,123,210
		Colorado Health Facilities Authority Health Facilities Revenue Bonds (Evangelical Lutheran Good Samaritan Society)
	2,110,000	5.000%, 12/1/2024		2,436,016
	1,000,000	6.125%, 6/1/2038, Series Aa		1,076,800
	10,000,000	5.000%, 12/1/2042		10,909,500
		Colorado Health Facilities Authority Hospital Revenue Refunding Bonds (Valley View Hospital Association)
	3,000,000	5.750%, 5/15/2036		3,229,620
		Colorado Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation
	405,000	5.500%, 11/1/2027a		509,227
	1,180,000	5.500%, 11/1/2027		1,417,003
		Colorado Housing and Finance Authority Single Family Program Bonds
	150,000	6.700%, 8/1/2017, Series B-3		154,701
		Colorado Water Resources and Power Development Authority Clean Water Revenue Bonds (FSA Insured)
	5,000	6.250%, 9/1/2013, Series Ac		5,022
		Denver Health and Hospital Authority Healthcare Revenue Bonds
	2,000,000	5.250%, 12/1/2031, Series A		2,099,980
		Denver, Colorado Airport System Revenue Bonds (XLCA Insured)
	5,000,000	5.000%, 11/15/2022, Series Ac		5,488,600

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Colorado (4.7%) - continued
		Denver, Colorado Board of Water Commissioners General Obligation Water Refunding Bonds
	$6,000,000	5.600%, 10/1/2029a		$6,213,780
		Denver, Colorado Health & Hospital Authority Healthcare Revenue Bonds
	5,000,000	5.500%, 12/1/2030		5,559,500
		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 Ac		11,231,000
		Larimer County, Colorado, Poudre School District R-1 General Obligation Improvement Bonds (NATL-RE-IBC Insured)
	2,620,000	7.000%, 12/15/2016c		2,911,711
		Northwest Parkway Public Highway Authority Revenue Bonds (AMBAC Insured)
	4,000,000	5.700%, 6/15/2021, Series Ca,c		4,663,200
		Plaza Metropolitan District No. 1 Revenue Refunding Bonds (City of Lakewood)
	1,000,000	5.000%, 12/1/2021		1,103,380
		Plaza Metropolitan District No. 1 Revenue Refunding Bonds (City of Lakewood) (GNMA Collateralized)
	500,000	5.000%, 12/1/2022c		550,070
		University of Colorado University Enterprise Revenue Bonds
	1,250,000	5.375%, 6/1/2032, Series A		1,487,887
	9,790,000	5.000%, 6/1/2033		11,426,105
		Total		78,163,216
	Connecticut (0.8%)
		Connecticut Special Tax Obligation Bonds (Transportation Infrastructure)
	11,000,000	5.000%, 1/1/2019		13,271,500
		Total		13,271,500
	District of Columbia (0.9%)
		District of Columbia Income Tax Secured Revenue Refunding Bonds
	2,325,000	5.000%, 12/1/2017, Series A		2,772,609
	5,225,000	5.000%, 12/1/2028, Series C		6,154,214
		District of Columbia Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
	4,995,000	6.250%, 5/15/2024		5,132,113
		Total		14,058,936

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

106

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Florida (5.5%)
		Broward County, Florida Water and Sewer Utility Revenue Bonds
	$3,000,000	5.250%, 10/1/2034, Series A		$3,543,480
		CityPlace Community Development District Special Assessment and Revenue Refunding Bonds
	500,000	5.000%, 5/1/2017		563,740
	2,000,000	5.000%, 5/1/2026		2,297,260
		Florida Department of Transportation Turnpike Revenue Bonds
	5,000,000	5.000%, 7/1/2022d		6,265,550
		Florida State Board of Education Public Education Capital Outlay Bonds (NATL-RE-IBC Insured)
	90,000	9.125%, 6/1/2014c		95,281
		Greater Orlando Aviation Authority Airport Facilities Revenue Bonds
	1,500,000	5.000%, 10/1/2039, Series C		1,681,650
		Gulf Breeze, Florida Revenue Refunding Bonds
	2,020,000	5.000%, 12/1/2033		2,232,948
		Hillsborough County, Florida Community Investment Tax Refunding Revenue Bonds
	4,025,000	5.000%, 11/1/2017, Series B		4,713,275
		Hillsborough County, Florida Industrial Development Authority Pollution Control Revenue Refunding Bonds (Tampa Electric Company)
	2,500,000	5.150%, 9/1/2025, Series B		2,565,750
		Jacksonville Port Authority Revenue and Refunding Bonds
	2,265,000	5.000%, 11/1/2038, Series A, AMT		2,446,087
		Leon County Educational Facilities Authority Certificates of Participation (Southgate Residence Hall Project)
	1,145,000	8.500%, 9/1/2017a		1,528,460
		Miami-Dade County Authority Toll System Revenue Bonds (Florida Expressway)
	2,000,000	5.000%, 7/1/2040, Series A		2,177,820
		Miami-Dade County, Florida Aviation Revenue Bonds (Miami International Airport - Hub of the Americas)
	7,500,000	5.500%, 10/1/2036, Series B		8,535,975
	8,000,000	5.500%, 10/1/2041, Series A		8,847,200
		Miami-Dade County, Florida Public Facilities Revenue Bonds (Jackson Health System) (AGM Insured)
	2,000,000	5.625%, 6/1/2034c		2,245,100

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Florida (5.5%) - continued
		Orange County, Florida Health Facilities Authority Hospital Revenue Bonds (Orlando Health, Inc.)
	$5,010,000	5.125%, 10/1/2026		$5,631,691
		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 Ac		3,219,804
		Orange County, Orlando Expressway Authority Revenue Bonds
	4,095,000	5.000%, 7/1/2035, Series C		4,620,634
		Orange County, Orlando Expressway Authority Revenue Bonds (Florida Expressway)
	3,600,000	5.000%, 7/1/2030, Series A		4,123,728
		South Miami, Florida Health Facilities Authority Hospital Revenue Bonds (Baptist Health South Florida)
	6,000,000	5.000%, 8/15/2032		6,428,280
		St. Johns County Industrial Development Authority Revenue Bonds (Presbyterian Retirement Communities)
	6,445,000	5.875%, 8/1/2040, Series A		7,305,021
		Tallahassee, Florida Consolidated Utility Systems Revenue Bonds
	4,035,000	5.000%, 10/1/2032		4,616,807
		Tampa-Hillsborough County Expressway Authority Refunding Revenue Bonds
	5,250,000	5.000%, 7/1/2037, Series A		5,916,698
		Total		91,602,239
	Georgia (1.2%)
		Atlanta, Georgia Airport General Revenue Bonds
	1,000,000	5.000%, 1/1/2033, Series C, AMT		1,113,080
	500,000	5.000%, 1/1/2034, Series C, AMT		555,330
	500,000	5.000%, 1/1/2037, Series C, AMT		551,310
		Brunswick, Georgia Water and Sewer Revenue Refunding and Improvement Bonds (NATL-RE Insured)
	1,500,000	6.100%, 10/1/2019a,c		1,826,760
		Burke County Development Authority Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle)
	6,000,000	5.700%, 1/1/2043, Series C		6,528,000

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

107

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Georgia (1.2%) - continued
		Chatham County Hospital Authority, Savannah, Georgia Hospital Revenue Improvement Bonds (Memorial Health University Medical Center, Inc.)
	$1,560,000	5.750%, 1/1/2029, Series Aa		$1,636,097
		Cherokee County, Georgia Water and Sewerage Authority Water and Sewerage Revenue Bonds (Refunding and Improvements) (NATL-RE)
	4,910,000	5.500%, 8/1/2018c		5,549,773
		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%, 9/1/2024a		2,726,550
		Total		20,486,900
	Hawaii (1.9%)
		Hawaii Airports System Revenue Bonds
	3,040,000	5.250%, 7/1/2030, Series A		3,559,323
		Hawaii State Department of Budget and Finance Special Purpose Senior Living Revenue Refunding Bonds
	1,000,000	5.125%, 11/15/2032		1,095,330
	1,000,000	5.250%, 11/15/2037		1,080,090
		Hawaii State Harbor System Revenue Bonds
	6,000,000	5.250%, 7/1/2030, Series A		6,916,140
		Honolulu City and County, Hawaii General Obligation Bonds (NATL-RE Insured)
	1,410,000	5.250%, 3/1/2027, Series Aa,c		1,415,161
		Honolulu, Hawaii Board of Water Supply Water System Revenue Bonds (NATL-RE Insured)
	5,000,000	5.000%, 7/1/2036, Series Ac		5,547,150
		Honolulu, Hawaii General Obligation Bonds (NATL-RE FGIC-TCRS Insured)
	2,555,000	6.250%, 4/1/2014, Series Ac		2,730,835
		Honolulu, Hawaii General Obligation Bonds (NATL-RE Insured)
	8,590,000	5.250%, 3/1/2027, Series Aa,c		8,621,439
		Total		30,965,468
	Illinois (8.5%)
		Broadview, Cook County, Illinois Tax Increment Revenue Bonds
	1,000,000	5.375%, 7/1/2015		1,000,980
		Chicago General Obligation Bonds (City Colleges of Chicago Capital Improvement) (NATL-RE FGIC Insured)
	10,000,000	Zero Coupon, 1/1/2024c		6,633,000

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Illinois (8.5%) - continued
		Chicago Metropolitan Water Reclamation District General Obligation Refunding Bonds
	$7,950,000	5.250%, 12/1/2032, Series C		$10,537,010
		Chicago Tax Increment Allocation Bonds (Near South Redevelopment Project) (ACA Insured)
	7,200,000	Zero Coupon, 11/15/2014, Series Ac		6,732,792
		Chicago, Illinois Midway Airport Revenue Bonds
	2,000,000	5.000%, 1/1/2034, Series Bb		2,148,240
		Cook County General Obligation Refunding Bonds
	495,000	5.000%, 11/15/2019, Series C		592,139
	1,000,000	5.000%, 11/15/2020, Series C		1,204,680
	1,500,000	5.000%, 11/15/2021, Series C		1,806,975
	520,000	5.000%, 11/15/2022, Series C		626,121
		Cook County, Illinois Community Consolidated School District No. 15 Limited Tax Capital Appreciation School Bonds (NATL-RE FGIC Insured)
	1,000,000	Zero Coupon, 12/1/2014a,c		959,360
		Cook County, Illinois School District No. 99 (Cicero) General Obligation School Bonds (NATL-RE FGIC Insured)
	1,565,000	8.500%, 12/1/2014c		1,749,670
	1,815,000	8.500%, 12/1/2016c		2,228,149
		Illinois Educational Facilities Authority Revenue Bonds (Northwestern University)
	4,900,000	5.250%, 11/1/2032a		5,548,123
		Illinois Finance Authority Revenue Bonds (DePaul University)
	4,075,000	6.000%, 10/1/2032, Series A		4,748,149
		Illinois Finance Authority Revenue Bonds (Rush University Medical Center)
	5,000,000	7.250%, 11/1/2038, Series A		6,195,700
		Illinois Finance Authority Revenue Bonds (The Art Institute of Chicago)
	2,390,000	5.000%, 3/1/2034, Series A		2,710,260
		Illinois Finance Authority Revenue Refunding Bonds (Rush University Medical Center) (NATL-RE Insured)
	2,000,000	5.250%, 11/1/2035, Series Bc		2,151,360
		Illinois Finance Authority Sales Tax Revenue Bonds
	2,000,000	5.000%, 6/15/2028		2,104,500
		Illinois General Obligation Bonds
	5,000,000	5.000%, 3/1/2027		5,578,550
	5,000,000	5.000%, 9/1/2031, Series A		5,402,850

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

108

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Illinois (8.5%) - continued
		Illinois General Obligation Refunding Bonds
	$9,000,000	5.000%, 8/1/2017		$10,299,330
		Illinois Health Facilities Authority Revenue Refunding Bonds (Lutheran General Health System) (AGM-CR Insured)
	2,045,000	6.000%, 4/1/2018, Series Cc		2,359,255
		Illinois Health Facilities Authority Revenue Refunding Bonds (Thorek Hospital and Medical Center)
	3,065,000	5.250%, 8/15/2018		3,074,716
		Illinois Sales Tax Revenue Bonds (Build Illinois Bonds) (NATL-RE FGIC Insured)
	7,975,000	5.750%, 6/15/2018, 2nd Seriesc		9,802,232
		Joliet Regional Port District, Illinois Marine Terminal Revenue Refunding Bonds (Exxon)
	450,000	0.110%, 10/1/2024b		450,000
		McHenry and Lake Counties General Obligation School Bonds (AGM Insured)
	840,000	9.000%, 12/1/2017c		1,046,237
	2,195,000	9.000%, 12/1/2017a,c		2,773,360
		Metropolitan Pier and Exposition Authority, Illinois Refunding Bonds (McCormick Place Expansion) (NATL-RE FGIC Insured)
	885,000	5.500%, 6/15/2015, Series Ac		969,181
	17,505,000	Zero Coupon, 6/15/2020, Series Ac		14,526,350
		Metropolitan Pier and Exposition Authority, Illinois Refunding Bonds (McCormick Place Expansion) (NATL-RE Insured)
	7,000,000	5.500%, 6/15/2020, Series Bc		8,044,260
	3,100,000	Zero Coupon, 6/15/2024, Series Ac		2,087,757
	2,000,000	Zero Coupon, 12/15/2024, Series Ac		1,319,080
		Railsplitter Tobacco Settlement Authority Tobacco Settlement Revenue Bonds
	6,320,000	5.000%, 6/1/2017		7,202,398
		Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois Revenue Bonds (NATL-RE FGIC Insured)
	2,780,000	6.700%, 11/1/2021, Series Ac		3,359,519
		University of Illinois Auxiliary Facilities System Revenue Bonds
	2,500,000	5.750%, 4/1/2038, Series A		2,823,700
		Total		140,795,983

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Indiana (2.1%)
		East Chicago Elementary School Building Corporation, Lake County, Indiana First Mortgage Refunding Bonds
	$565,000	6.250%, 1/5/2016		$612,336
		Indiana Bond Bank Special Program Bonds (Clark Memorial Hospital)
	7,000,000	5.500%, 8/1/2029, Series D		7,822,570
		Indiana Finance Authority Hospital Revenue Bonds (Deaconess Hospital)
	1,500,000	6.750%, 3/1/2039, Series A		1,760,970
		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 Ec		532,405
		Indiana Municipal Power Agency Power Supply System Revenue Bonds
	4,155,000	5.000%, 1/1/2042, Series A		4,640,595
		Indiana Transportation Finance Authority Highway Revenue Bonds
	160,000	6.800%, 12/1/2016, Series A		175,768
		Indiana Transportation Finance Authority Highway Revenue Bonds (NATL-RE-IBC Insured)
	2,210,000	7.250%, 6/1/2015, Series Ac		2,397,938
		Indianapolis Local Public Improvement Bond Bank Bonds (Waterworks)
	5,000,000	5.750%, 1/1/2038, Series A		5,683,850
		Knox County, Indiana Economic Development Revenue and Refunding Bonds (Good Samaritan Hospital)
	2,850,000	5.000%, 4/1/2037, Series A		3,133,062
	6,965,000	5.000%, 4/1/2042, Series A		7,577,781
		Total		34,337,275
	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		3,505,143
		Des Moines, Iowa Airport Authority Revenue Refunding Bonds
	1,205,000	5.000%, 6/1/2024, AMT		1,374,411
		Waterloo Iowa Community School District Tax Revenue Refunding Bonds (School Infrastructure Sales, Services, and Use)
	3,560,000	5.000%, 7/1/2029, Series A		3,842,735
		Total		8,722,289

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

109

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Kansas (0.3%)
		Kansas Development Finance Authority Revenue Bonds
	$3,500,000	5.000%, 5/15/2030, Series S		$3,732,575
		Salina, Kansas Hospital Refunding and Improvement Revenue Bonds (Salina Regional Health Center, Inc.)
	1,725,000	5.000%, 10/1/2036		1,801,590
		Sedgwick and Shawnee Counties, Kansas Single Family Mortgage Revenue Bonds (GNMA Collateralized)
	75,000	6.700%, 6/1/2029, Series A-2c		77,857
		Total		5,612,022
	Kentucky (0.9%)
		Kentucky Economic Development Finance Authority Hospital Revenue Bonds (Owensboro Medical Health System, Inc.)
	5,980,000	6.375%, 6/1/2040, Series A		7,197,349
		Kentucky Economic Development Finance Authority Revenue Bonds (Louisville Arena Authority, Inc.) (AGM Insured)
	1,000,000	6.000%, 12/1/2033, Series A-1c		1,102,010
		Paducah, Kentucky Electric Plant Board Revenue Bonds (AGM Insured)
	2,500,000	5.250%, 10/1/2035, Series Ac		2,775,325
		Pikeville, Kentucky Hospital Revenue Bonds (Pikeville Medical Center, Inc.)
	3,500,000	6.500%, 3/1/2041		4,103,715
		Total		15,178,399
	Louisiana (2.7%)
		Lafayette Public Power Authority Electric Revenue Bonds
	375,000	5.000%, 11/1/2022		458,846
	1,520,000	5.000%, 11/1/2031		1,761,103
	1,000,000	5.000%, 11/1/2032		1,155,890
		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%, 3/1/2031c		5,179,689
		Louisiana State Gas and Fuels Tax Revenue Bonds
	5,000,000	5.000%, 5/1/2033, Series B		5,928,300
	7,000,000	5.000%, 5/1/2045, Series B		7,982,730
		St. John the Baptist Parish, Louisiana Revenue Bonds (Marathon Oil Corporation)
	15,500,000	5.125%, 6/1/2037, Series A		16,552,760

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Louisiana (2.7%) - continued
		St. Tammany Parish, Louisiana Utilities Revenue Bonds
	$2,000,000	5.500%, 8/1/2035, Series B		$2,281,300
		Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
	2,435,000	5.500%, 5/15/2030, Series 2001B		2,483,481
		Total		43,784,099
	Maryland (0.2%)
		Morgan State University Academic Fees and Auxiliary Facilities Fees Revenue Refunding Bonds (NATL-RE Insured)
	2,860,000	6.050%, 7/1/2015c		3,061,487
		Total		3,061,487
	Massachusetts (4.7%)
		Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds
	6,000,000	5.250%, 7/1/2031, Series A		7,979,460
		Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds (NATL-RE Insured)
	5,000,000	5.500%, 7/1/2025, Series Bc		6,654,400
		Massachusetts Development Finance Agency Revenue Bonds
	3,000,000	5.000%, 7/1/2042, Series J		3,453,930
		Massachusetts Development Finance Agency Revenue Bonds (Northeastern University)
	750,000	5.000%, 10/1/2031		864,712
		Massachusetts Health and Educational Facilities Authority Revenue Bonds (Massachusetts Institute of Technology)
	15,295,000	5.250%, 7/1/2033, Series L		21,561,362
		Massachusetts Health and Educational Facilities Authority Revenue Bonds (Tufts University)
	5,400,000	5.500%, 2/15/2028, Series M		7,329,636
		Massachusetts Port Authority Revenue Bonds
	1,000,000	5.000%, 7/1/2037, Series A, AMT		1,128,710
	8,300,000	5.000%, 7/1/2042, Series A, AMT		9,233,916
		Massachusetts School Building Authority Sales Tax Refunding Bonds
	10,000,000	5.000%, 8/15/2021, Series A		12,600,300

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

110

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Massachusetts (4.7%) - continued
		Massachusetts Water Pollution Abatement Trust Pool Program Refunding Bonds
	$5,000,000	5.000%, 8/1/2024		$6,443,800
		Total		77,250,226
	Michigan (1.9%)
		East Lansing Building Authority, Ingham and Clinton Counties, Michigan Building Authority Bonds (General Obligation Limited Tax)
	2,000,000	5.700%, 4/1/2020		2,373,420
		Grand Valley State University General Revenue Bonds
	1,045,000	5.750%, 12/1/2034		1,205,982
		Kalamazoo Hospital Finance Authority Hospital Revenue Bonds (AGM Insured)
	4,000,000	5.250%, 5/15/2036c		4,498,040
		Kalamazoo Hospital Finance Authority Hospital Revenue Refunding Bonds (Bronson Methodist Hospital) (AGM Insured)
	3,250,000	5.000%, 5/15/2026, Series Ac		3,564,957
		Kent County, Michigan General Obligation Bonds
	2,775,000	5.000%, 1/1/2024		3,245,196
		Michigan Financing Authority Hospital Revenue and Refunding Bonds (Crittenton Hospital Medical Center)
	3,230,000	5.000%, 6/1/2039, Series A		3,419,763
		Michigan State Hospital Finance Authority Hospital Revenue and Refunding Bonds (Sisters of Mercy Health Corporation) (NATL-RE Insured)
	40,000	5.375%, 8/15/2014, Series Pa,c		41,637
	1,250,000	5.375%, 8/15/2014, Series Pa,c		1,301,150
		Michigan State Trunk Line Fund Refunding Bonds (AGM Insured)
	5,000,000	5.000%, 11/1/2022c		5,551,850
		Rochester Community School District, Oakland and Macomb Counties, Michigan School Building and Site General Obligation Bonds (NATL-RE Q-SBLF Insured)
	4,560,000	5.000%, 5/1/2019c		5,405,515
		Total		30,607,510
	Minnesota (2.1%)
		Baytown Township, Minnesota Lease Revenue Bonds (St. Croix Preparatory Academy)
	1,000,000	7.000%, 8/1/2038, Series A		1,050,580
	750,000	5.750%, 8/1/2042		758,070

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Minnesota (2.1%) - continued
		Minneapolis and St. Paul, Minnesota Housing and Redevelopment Authority Health Care Facility Revenue Bonds (HealthPartners)
	$800,000	6.000%, 12/1/2021		$832,520
		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 Ac		85,280
		Minnesota Higher Education Facilities Authority Revenue Bonds
	1,575,000	5.250%, 12/1/2035, Series H		1,730,878
		Minnesota Higher Education Facilities Authority Revenue Bonds (College of St. Scholastica, Inc.)
	1,800,000	6.300%, 12/1/2040, Series 7J		2,043,774
		Minnesota Higher Education Facilities Authority Revenue Bonds (University of St. Thomas)
	530,000	5.250%, 10/1/2019, Series 5-Y		564,800
		North Oaks, Minnesota Senior Housing Revenue Bonds (Presbyterian Homes of North Oaks, Inc.)
	2,000,000	6.125%, 10/1/2039		2,134,140
		Northern Municipal Power Agency, Minnesota Electric System Revenue Bonds (AMBAC Insured)
	2,000,000	5.000%, 1/1/2026, Series Ac		2,224,560
		Rochester, Minnesota Health Care Facilities Revenue Bonds (Olmsted Medical Center)
	1,000,000	5.875%, 7/1/2030		1,105,620
		Shakopee Independent School District No. 720 General Obligation School Building Crossover Refunding Bonds
	1,375,000	5.000%, 2/1/2018d		1,636,841
		St. Cloud, Minnesota Health Care Revenue Bonds (CentraCare Health System)
	2,040,000	5.125%, 5/1/2030, Series A		2,264,033
		St. Louis Park, Minnesota Health Care Facilities Revenue Refunding Bonds (Park Nicollet Health Services)
	2,000,000	5.250%, 7/1/2030, Series Ba		2,135,820
	1,000,000	5.750%, 7/1/2030, Series C		1,133,590
	5,730,000	5.750%, 7/1/2039		6,474,384

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

111

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Minnesota (2.1%) - continued
		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		$4,420,120
		St. Paul, Minnesota Housing and Redevelopment Authority Health Care Facility Revenue Bonds (HealthPartners)
	230,000	5.250%, 5/15/2019		251,786
	1,500,000	5.250%, 5/15/2036		1,577,940
		University of Minnesota Revenue Bonds (State Supported Biomedical Science Research Facilities Funding)
	1,655,000	5.000%, 8/1/2030, Series B		1,986,497
		Winona, Minnesota Health Care Facilities Refunding Revenue Bonds (Winona Health Obligated Group)
	500,000	5.000%, 7/1/2034		526,255
		Total		34,937,488
	Mississippi (0.1%)
		D’Iberville Tax Increment Refunding Bonds (Gulf Coast Promenade)
	1,750,000	5.000%, 4/1/2033		1,873,270
		Total		1,873,270
	Missouri (1.6%)
		Jackson County, Missouri Special Obligation Bonds (Harry S. Truman Sports Complex) (AMBAC Insured)
	7,500,000	5.000%, 12/1/2027c		8,283,000
		Missouri State Development Finance Board Infrastructure Facilities Revenue Bonds
	4,200,000	5.000%, 6/1/2037, Series A		4,456,746
		Missouri State Environmental Improvement and Energy Resources Authority Water Pollution Revenue Bonds
	175,000	5.250%, 1/1/2018		175,560
		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		3,076,410
		Missouri State Health and Educational Facilities Authority Health Facilities Revenue Bonds (BJC Health System)
	2,500,000	5.000%, 5/15/2020, Series A		2,694,575

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Missouri (1.6%) - continued
		Missouri State Health and Educational Facilities Authority Health Facilities Revenue Bonds (Lake Regional Health System)
	$810,000	5.000%, 2/15/2019		$935,396
	925,000	5.000%, 2/15/2022		1,074,323
	1,500,000	5.600%, 2/15/2025a		1,581,525
	1,680,000	5.000%, 2/15/2034		1,859,894
		St. Louis, Missouri Airport Revenue Refunding Bonds (Lambert-St. Louis International Airport)
	900,000	5.000%, 7/1/2016		997,542
	1,000,000	5.000%, 7/1/2032		1,096,610
		Total		26,231,581
	Montana (0.4%)
		Montana Facility Finance Authority Hospital Facilities Revenue Bonds (St. Peter’s Hospital)
	3,860,000	5.250%, 6/1/2018		4,018,646
		Montana Facility Finance Authority Revenue Bonds (Providence Health & Services)
	2,830,000	5.000%, 10/1/2024		3,110,962
		Total		7,129,608
	Nebraska (1.4%)
		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		2,162,840
		Lincoln, Nebraska Lincoln Electric System Revenue Refunding Bonds
	2,500,000	5.000%, 9/1/2037		2,922,375
		Omaha, Nebraska Public Power District Electric System Revenue Bonds
	5,780,000	5.000%, 2/1/2046, Series Aa		6,050,966
		University of Nebraska Student Fees and Facilities Revenue Bonds
	5,000,000	5.000%, 7/1/2023, Series Ba		5,192,650
	1,000,000	5.000%, 7/1/2037		1,163,750
		University of Nebraska Student Fees and Facilities Revenue Refunding Bonds
	3,050,000	5.000%, 7/1/2038		3,552,030
		University of Nebraska Student Housing Revenue Bonds
	1,680,000	5.000%, 5/15/2040, Series B		1,889,950
		Total		22,934,561
	New Hampshire (0.2%)
		New Hampshire State Turnpike System Revenue Bonds
	1,000,000	5.000%, 2/1/2017, Series B		1,154,330

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

112

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	New Hampshire (0.2%) - continued
		New Hampshire State Turnpike System Revenue Refunding Bonds
	$2,000,000	5.000%, 10/1/2019		$2,426,240
		Total		3,580,570
	New Jersey (1.7%)
		Hudson County, New Jersey Refunding Certificates of Participation (NATL-RE Insured)
	2,000,000	6.250%, 12/1/2015c		2,219,820
		New Jersey Educational Facilities Authority Revenue Refunding Bonds (Kean University)
	1,000,000	5.500%, 9/1/2036, Series A		1,146,810
		New Jersey General Obligation Bonds (AMBAC Insured)
	1,000,000	5.250%, 7/15/2018, Series Lc		1,216,950
		New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds (Barnabas Health)
	950,000	5.000%, 7/1/2018, Series A		1,099,539
	670,000	5.000%, 7/1/2022, Series A		798,459
	1,000,000	5.000%, 7/1/2023, Series A		1,177,170
		New Jersey Transportation Trust Fund Authority Revenue Bonds
	1,500,000	5.000%, 6/15/2026, Series A		1,754,175
		New Jersey Transportation Trust Fund Authority Transportation Bonds
	3,500,000	5.000%, 6/15/2023		4,226,180
		New Jersey Transportation Trust Fund Authority Transportation System Bonds (AGM Insured)
	5,000,000	5.500%, 12/15/2016, Series Ac		5,870,800
		New Jersey Turnpike Authority Turnpike Revenue Bonds (AMBAC-TCRS Insured)
	260,000	6.500%, 1/1/2016, Series Ca,c		304,117
	260,000	6.500%, 1/1/2016, Series Ca,c		304,530
	485,000	6.500%, 1/1/2016, Series Cc		561,349
		New Jersey Turnpike Authority Turnpike Revenue Bonds (AMBAC-TCRS-BNY Insured)
	2,305,000	6.500%, 1/1/2016, Series Ca,c		2,519,711
		Ocean County, New Jersey Utilities Authority Wastewater Revenue Bonds (NATL-RE Insured)
	3,180,000	5.250%, 1/1/2025c		4,167,581
		Total		27,367,191
	New Mexico (0.8%)
		Jicarilla, New Mexico Apache Nation Revenue Bonds
	3,500,000	5.500%, 9/1/2023, Series A		3,452,995

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	New Mexico (0.8%) - continued
		Sandoval County, New Mexico Incentive Payment Refunding Revenue Bonds
	$9,000,000	5.000%, 6/1/2020		$9,504,270
		Total		12,957,265
	New York (6.6%)
		Metropolitan Transportation Authority State Service Contract Refunding Bonds
	5,000,000	5.500%, 7/1/2017, Series A		5,957,800
		Metropolitan Transportation Authority Transit Facilities Service Contract Bonds
	250,000	5.750%, 7/1/2013, Series Oa		255,600
		Metropolitan Transportation Authority Transportation Revenue Bonds
	2,000,000	5.000%, 11/15/2033, Series H		2,318,320
		New York City General Obligation Bonds
	11,995,000	5.250%, 8/1/2017		12,837,289
	220,000	5.500%, 8/1/2022, Series Aa		225,707
	1,530,000	5.500%, 8/1/2022, Series A		1,566,230
	5,000,000	4.900%, 12/15/2028, Series F2b		5,158,800
		New York City General Obligation Bonds (NATL-RE-IBC Insured)
	5,000	5.250%, 8/1/2017c		5,366
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds
	5,000,000	5.000%, 6/15/2038, Series A		5,554,800
	11,155,000	5.750%, 6/15/2040, Series A		13,283,709
	3,250,000	5.375%, 6/15/2043, Series EE		3,824,177
		New York City Transitional Finance Authority Future Tax Secured Bonds
	15,000,000	5.000%, 11/1/2033, Series D-1		17,733,150
		New York City Trust for Cultural Resources Refunding Revenue Bonds (The Museum of Modern Art)
	2,030,000	5.000%, 4/1/2017, Series A		2,363,285
		New York State Dormitory Authority State Personal Income Tax Revenue Bonds
	5,125,000	5.000%, 2/15/2029, Series A		6,013,060
		New York State Dormitory Authority State University Educational Facilities Revenue Bonds
	2,000,000	7.500%, 5/15/2013, Series A		2,040,460
	5,000,000	5.875%, 5/15/2017, Series A		5,840,900
		New York State Liberty Development Corporation Liberty Revenue Bonds
	10,000,000	5.250%, 12/15/2043		11,528,700

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

113

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	New York (6.6%) - continued
		New York State Local Government Assistance Corporation Refunding Bonds (NATL-RE-IBC Insured)
	$2,000,000	5.250%, 4/1/2016, Series Ec		$2,250,180
		New York State Urban Development Corporation State Personal Income Tax Revenue Bonds (State Facilities and Equipment)
	3,870,000	5.000%, 3/15/2036, Series B-1		4,424,494
		Port Authority of New York and New Jersey Bonds (AGM Insured)
	5,000,000	4.750%, 12/15/2022c		5,111,600
		Total		108,293,627
	North Carolina (2.2%)
		North Carolina Eastern Municipal Power Agency Power System Revenue Bonds
	5,000,000	5.500%, 1/1/2014, Series D		5,229,300
	7,170,000	5.250%, 1/1/2020, Series A		8,436,939
	2,580,000	5.000%, 1/1/2021, Series A		3,153,870
	2,000,000	5.000%, 1/1/2026, Series B		2,277,600
	1,475,000	6.000%, 1/1/2026, Series Aa		2,005,808
		North Carolina Eastern Municipal Power Agency Power System Revenue Refunding Bonds
	2,500,000	5.000%, 1/1/2017, Series D		2,883,100
		North Carolina Municipal Power Agency No. 1 Catawba Electric Revenue Bonds
	3,200,000	5.000%, 1/1/2025, Series A		3,682,112
	1,250,000	5.000%, 1/1/2030, Series A		1,418,350
		Raleigh-Durham, North Carolina Airport Authority Revenue Bonds
	4,895,000	5.000%, 5/1/2036, Series A		5,565,076
		Wake County Industrial Facilities and Pollution Control Financing Authority Pollution Control Revenue Refunding Bonds (Carolina Power & Light Company)
	2,000,000	5.375%, 2/1/2017		2,016,860
		Total		36,669,015
	North Dakota (0.7%)
		North Dakota Public Finance Authority Revenue Bonds (State Revolving Fund)
	1,495,000	5.000%, 10/1/2031, Series A		1,772,726
		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 Aa		3,202,422

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	North Dakota (0.7%) - continued
		Ward County, North Dakota Health Care Facilities Refunding Revenue Bonds (Trinity)
	$2,810,000	6.250%, 7/1/2021, Series B		$2,816,126
		Ward County, North Dakota Health Care Facilities Revenue Bonds (Trinity)
	2,895,000	5.125%, 7/1/2025		3,054,225
		Total		10,845,499
	Ohio (3.6%)
		AMP Fremont Energy Center Revenue Bonds
	3,000,000	5.000%, 2/15/2037, Series B		3,353,100
		Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset-Backed Bonds
	11,920,000	5.125%, 6/1/2024, Series A-2		11,015,391
		Cuyahoga County General Obligation Capital Improvement and Refunding Bonds
	5,925,000	5.000%, 12/1/2019, Series A		7,308,132
	2,540,000	5.000%, 12/1/2021, Series A		3,124,276
		Kent State University General Receipts Bonds
	350,000	5.000%, 5/1/2017, Series A		402,920
	1,500,000	5.000%, 5/1/2037, Series A		1,705,410
		Lucas County, Ohio Health Care System Refunding Revenue Bonds (Sunset Retirement Communities)
	1,250,000	5.125%, 8/15/2025		1,373,488
	1,750,000	5.500%, 8/15/2030		1,933,820
		Miami University, Ohio General Receipts Revenue and Refunding Bonds
	1,600,000	5.000%, 9/1/2036		1,825,984
		Ohio Higher Educational Facility Commission Revenue Bonds (Case Western Reserve University)
	2,000,000	6.500%, 10/1/2020, Series B		2,451,040
		Ohio Higher Educational Facility Commission Revenue Bonds (Kenyon College)
	4,740,000	5.250%, 7/1/2044		5,192,670
		Ohio Turnpike Commission Turnpike Revenue Refunding Bonds (NATL-RE FGIC Insured)
	2,000,000	5.500%, 2/15/2024, Series Ac		2,572,920
	10,000,000	5.500%, 2/15/2026, Series Ac		13,083,700
		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		1,874,022

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

114

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Ohio (3.6%) - continued
		University of Cincinnati General Receipts Bonds (AMBAC Insured)
	$2,545,000	5.000%, 6/1/2016, Series Da,c		$2,702,714
		Total		59,919,587
	Oklahoma (0.1%)
		Oklahoma Municipal Power Authority Power Supply System Revenue Bonds
	1,620,000	6.000%, 1/1/2038, Series A		1,822,792
		Oklahoma State Turnpike Authority Revenue Bonds
	500,000	5.000%, 1/1/2028, Series A		603,890
		Total		2,426,682
	Oregon (0.4%)
		Clackamas County, Oregon Hospital Facility Authority Revenue Bonds (Legacy Health Systems)
	300,000	5.500%, 7/15/2035, Series A		335,076
		Oregon Health and Science University Revenue Bonds
	2,000,000	5.000%, 7/1/2030, Series E		2,318,520
	1,250,000	5.000%, 7/1/2032, Series E		1,438,038
		Salem-Keizer School District No. 24J, Marion and Polk Counties, Oregon General Obligation Bonds
	5,000,000	Zero Coupon, 6/15/2028, Series B		3,093,600
		Total		7,185,234
	Pennsylvania (3.7%)
		Allegheny County Hospital Development Authority Revenue Bonds (University of Pittsburgh Medical Center)
	3,000,000	5.000%, 6/15/2018, Series B		3,542,280
	2,000,000	5.625%, 8/15/2039		2,248,560
		Beaver County Industrial Development Authority Pollution Control Revenue Refunding Bonds (FirstEnergy Generation)
	5,000,000	2.500%, 12/1/2041, Series Bb		5,063,500
		Beaver County Industrial Development Authority Pollution Control Revenue Refunding Bonds (FirstEnergy Nuclear Generation)
	3,000,000	2.700%, 4/1/2035, Series A		3,047,760
		Commonwealth Financing Authority Revenue Bonds (NATL-RE FGIC Insured)
	450,000	5.000%, 6/1/2023, Series Bc		546,359
		Cornwall-Lebanon School District, Lebanon County, General Obligation Notes (AGM Insured)
	2,000,000	Zero Coupon, 3/15/2016c		1,895,640
	1,520,000	Zero Coupon, 3/15/2017c		1,408,599

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Pennsylvania (3.7%) - continued
		Cumberland County, Municipal Authority Revenue Bonds (Diakon Lutheran Social Ministries)
	$2,750,000	5.000%, 1/1/2027		$2,889,012
	2,000,000	6.125%, 1/1/2029		2,247,200
	2,455,000	5.000%, 1/1/2036		2,523,200
		Lancaster County Hospital Authority Hospital Revenue Bonds (Lancaster General Hospital)
	2,000,000	5.500%, 3/15/2026a		2,063,940
		Lycoming County Authority Health System Revenue Bonds (Susquehanna Health System)
	6,795,000	5.750%, 7/1/2039, Series A		7,541,838
		Pennsylvania Economic Development Financing Authority Unemployment Compensation Revenue Bonds
	3,000,000	5.000%, 7/1/2020, Series B		3,661,500
		Pennsylvania Turnpike Commission Turnpike Revenue Bonds (AGM Insured)
	8,000,000	Zero Coupon, 6/1/2033, Series Cc		8,543,280
	10,070,000	6.250%, 6/1/2038, Series Cc		12,231,526
		Philadelphia Authority for Industrial Development Revenue Bonds (Please Touch Museum)
	2,000,000	5.250%, 9/1/2026		1,961,900
		Total		61,416,094
	Puerto Rico (0.5%)
		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		7,655,153
		Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Bonds
	1,000,000	5.000%, 8/1/2022, Series C		1,185,940
		Total		8,841,093
	South Carolina (1.5%)
		Greenwood County, South Carolina Hospital Facilities Refunding Revenue Bonds (Self Regional Healthcare)
	1,120,000	5.000%, 10/1/2024, Series B		1,310,837
	2,890,000	5.000%, 10/1/2031, Series B		3,277,809
		Greenwood County, South Carolina Hospital Facilities Revenue Bonds (Self Regional Healthcare)
	2,250,000	5.375%, 10/1/2039		2,481,593

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

115

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	South Carolina (1.5%) - continued
		Piedmont, South Carolina Municipal Power Agency Electric Revenue Bonds (NATL-RE FGIC Insured)
	$4,000,000	6.250%, 1/1/2021c		$5,126,040
		South Carolina Jobs-Economic Development Authority Hospital Refunding and Improvement Revenue Bonds (Palmetto Health Alliance)
	605,000	6.875%, 8/1/2027, Series Ca		624,233
	4,895,000	6.875%, 8/1/2027, Series Ca		5,050,612
		South Carolina Public Service Authority Revenue Obligations (Santee Cooper)
	3,855,000	5.500%, 1/1/2038, Series A		4,493,118
		Spartanburg, South Carolina Water System Revenue Bonds (FGIC Insured)
	2,000,000	5.250%, 6/1/2028a,c		2,130,540
		Total		24,494,782
	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		5,155,450
		South Dakota Health and Educational Facilities Authority Revenue Bonds (Prairie Lakes Health Care System)
	1,170,000	5.625%, 4/1/2032a		1,179,898
		South Dakota Health and Educational Facilities Authority Revenue Bonds (Regional Health)
	1,000,000	5.000%, 9/1/2023		1,112,350
	820,000	5.000%, 9/1/2025		905,190
		South Dakota Health and Educational Facilities Authority Revenue Bonds (Sanford Health)
	5,000,000	5.000%, 11/1/2040		5,270,650
	1,250,000	5.500%, 11/1/2040		1,387,763
		Total		15,011,301
	Tennessee (0.4%)
		Jackson, Tennessee Hospital Revenue Refunding and Improvement Bonds (Jackson-Madison County General Hospital)
	2,060,000	5.625%, 4/1/2038		2,279,081
	3,450,000	5.750%, 4/1/2041		3,826,844

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Tennessee (0.4%) - continued
		Metropolitan Government of Nashville and Davidson County, Tennessee Health and Educational Facilities Board Revenue Bonds (Belmont University)
	$600,000	5.000%, 11/1/2030		$673,950
		Total		6,779,875
	Texas (11.3%)
		Alliance Airport Authority, Inc. Special Facilities Revenue Refunding Bonds (Federal Express Corporation)
	10,285,000	4.850%, 4/1/2021		11,055,861
		Amarillo Health Facilities Corporation Hospital Revenue Bonds (Baptist St. Anthony’s Hospital Corporation) (AGM Insured)
	2,000,000	5.500%, 1/1/2017c		2,137,980
		Austin, Texas Combined Utility Systems Revenue Refunding Bonds (NATL-RE FGIC-TCRS Insured)
	725,000	6.000%, 11/15/2013c		732,656
		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 Ac		1,935,925
		Clifton Higher Education Finance Corporation Education Revenue Bonds (IDEA Public Schools)
	1,000,000	5.000%, 8/15/2042		1,081,040
		Clifton Higher Education Finance Corporation Education Revenue Bonds (Uplift Education)
	4,000,000	6.250%, 12/1/2045, Series A		4,567,680
		Dallas and Fort Worth, Texas Joint Revenue Improvement and Refunding Bonds (Dallas/Fort Worth International Airport)
	5,000,000	5.000%, 11/1/2035, Series F, AMT		5,444,200
	12,500,000	5.000%, 11/1/2038, Series D, AMT		13,683,750
		Dallas Independent School District, Dallas County, Texas Unlimited Tax School Building Bonds (PSF-GTD Insured)
	10,000,000	6.375%, 2/15/2034c		12,303,300
		Deer Park Independent School District, Harris County, Texas School Building Refunding Bonds (PSF-GTD Insured)
	1,375,000	5.000%, 2/15/2013c		1,375,148

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

116

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Texas (11.3%) - continued
		Gulf Coast Waste Disposal Authority, Texas Pollution Control Revenue Refunding Bonds (Exxon)
	$4,900,000	0.110%, 6/1/2020b		$4,900,000
	450,000	0.110%, 10/1/2024b		450,000
		Harris County General Obligation and Revenue Refunding Bonds (NATL-RE Insured)
	7,000,000	Zero Coupon, 8/15/2024c		5,232,780
		Harris County Health Facilities Development Corporation Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System)
	2,015,000	7.250%, 12/1/2035, Series B		2,518,105
		Harris County Industrial Development Corporation Pollution Control Revenue Bonds (Exxon)
	4,100,000	0.110%, 3/1/2024b		4,100,000
		Harris County Toll Road Revenue and Refunding Bonds
	6,500,000	5.250%, 8/15/2047, Series B		7,335,120
		Houston, Texas Water and Sewer System Revenue Refunding Bonds (AGM Insured)
	10,000,000	5.750%, 12/1/2032, Series Aa,c		14,894,500
		Lewisville Independent School District, Denton County, Texas Unlimited Tax School Building and Refunding Bonds (PSF-GTD Insured)
	5,315,000	Zero Coupon, 8/15/2019c		4,758,945
		Lower Colorado River Authority Revenue Refunding Bonds (AGM Insured)
	215,000	5.875%, 5/15/2015, Series Ac		215,899
		North East Independent School District, Bexar County, Texas Unlimited Tax Refunding Bonds (PSF-GTD Insured)
	5,000,000	5.250%, 2/1/2028c		6,658,150
	2,000,000	5.250%, 2/1/2029c		2,680,360
		North Texas Education Finance Corporation Education Revenue Bonds (Uplift Education)
	2,500,000	5.125%, 12/1/2042, Series A		2,700,750
		North Texas Health Facilities Development Corporation Hospital Revenue Bonds (United Regional Healthcare System, Inc.)
	2,600,000	6.000%, 9/1/2023a		2,684,500
		North Texas Tollway Authority System Revenue Refunding Bonds
	15,000,000	5.000%, 9/1/2030, Series D		17,624,100
	1,000,000	5.625%, 1/1/2033, Series A		1,142,910
	5,000,000	5.000%, 1/1/2042, Series B		5,549,250

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Texas (11.3%) - continued
		North Texas Tollway Authority System Revenue Refunding Bonds (AGM Insured)
	$5,000,000	Zero Coupon, 1/1/2028, Series Dc		$2,836,250
		Pharr, Texas Higher Education Finance Authority Education Revenue Bonds (IDEA Public Schools)
	2,500,000	6.250%, 8/15/2029, Series A		2,876,200
	2,000,000	6.500%, 8/15/2039, Series A		2,318,460
		Ridge Parc Development Corporation Multifamily Housing Revenue Bonds (GNMA Collateralized)
	1,000,000	6.100%, 6/20/2033c		1,040,000
	2,795,000	6.150%, 11/20/2041c		2,906,800
		San Juan, Texas Higher Education Finance Authority Education Revenue Bonds (IDEA Public Schools)
	2,000,000	6.700%, 8/15/2040, Series A		2,375,300
		San Leanna Education Facilities Corporation Higher Education Revenue Bonds (Saint Edward’s University)
	1,160,000	5.125%, 6/1/2024		1,251,362
	1,000,000	5.125%, 6/1/2027		1,065,850
		Socorro, Texas Independent School District General Obligation Refunding Bonds (School Building) (PSF-GTD Insured)
	2,000,000	5.000%, 8/15/2034c		2,314,400
		Southeast Texas Housing Finance Corporation Single Family Mortgage Revenue Bonds (NATL-RE Insured)
	11,615,000	Zero Coupon, 9/1/2017a,c		11,076,993
		Southwest Higher Education Authority, Inc. Higher Education Revenue Bonds (Southern Methodist University)
	1,700,000	5.000%, 10/1/2041		1,932,203
		Tarrant County College District, Texas General Obligation Refunding Bonds
	1,410,000	5.375%, 2/15/2013		1,410,351
		Tarrant County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Hendrick Medical Center) (AGM Insured)
	1,250,000	5.250%, 9/1/2026, Series Bc		1,408,662
	2,000,000	5.250%, 9/1/2027, Series Bc		2,245,000
	1,000,000	5.250%, 9/1/2028, Series Bc		1,117,470
		Tarrant County Cultural Education Facilities Finance Corporation Refunding Revenue Bonds (Texas Health Resources System)
	2,000,000	5.000%, 2/15/2023, Series A		2,211,460

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

117

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Texas (11.3%) - continued
		Texas College Student Loan General Obligation Bonds
	$1,900,000	5.000%, 8/1/2017		$2,210,992
		Texas Transportation Commission Central Texas Turnpike System Revenue Refunding Bonds
	2,000,000	1.250%, 8/15/2042, Series Bb		2,009,200
		Westlake, Certificates of Obligation
	315,000	6.500%, 5/1/2013		319,634
	350,000	6.500%, 5/1/2015a		377,041
	335,000	6.500%, 5/1/2017a		360,882
	1,650,000	5.750%, 5/1/2024a		1,762,183
	2,000,000	5.800%, 5/1/2032a		2,137,200
		Total		187,326,802
	Utah (0.9%)
		Riverton, Utah Hospital Revenue Bonds (IHC Health Services, Inc.)
	3,000,000	5.000%, 8/15/2041		3,343,860
		Utah Associated Municipal Power Systems Revenue and Refunding Bonds (Central-St. George Transmission)
	6,000,000	5.250%, 12/1/2027		6,767,820
		Utah County, Utah Hospital Revenue Bonds (IHC Health Services, Inc.)
	3,175,000	5.000%, 5/15/2043		3,577,717
		Utah State Charter School Finance Authority Charter School Revenue Bonds (North Davis Preparatory)
	1,000,000	6.250%, 7/15/2030		1,059,040
		Total		14,748,437
	Virginia (1.2%)
		Fairfax County, Virginia Industrial Development Authority Health Care Revenue Bonds (Inova Health System)
	1,000,000	5.000%, 5/15/2025, Series C		1,156,330
		Fairfax County, Virginia Industrial Development Authority Hospital Revenue Refunding Bonds (Inova Health System Hospitals)
	2,510,000	5.250%, 8/15/2019		2,866,043
		Virginia Commonwealth Transportation Board Revenue Bonds
	10,000,000	5.000%, 5/15/2034		11,736,000
		Virginia Port Authority Port Facilities Revenue Refunding Bonds
	2,000,000	5.000%, 7/1/2040		2,214,280

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Virginia (1.2%) - continued
		Virginia Small Business Financing Authority Revenue Bonds (Elizabeth River Crossings Opco, LLC)
	$2,000,000	6.000%, 1/1/2037		$2,326,240
		Total		20,298,893
	Washington (3.6%)
		Franklin County, Washington, Pasco School District No. 1 Unlimited Tax General Obligation Bonds (NATL-RE Insured)
	6,000,000	5.250%, 12/1/2022a,c		6,916,320
		FYI Properties Lease Revenue Bonds (State of Washington DIS)
	2,555,000	5.500%, 6/1/2034		2,890,395
		King County, Washington Limited Tax General Obligation Bonds
	1,150,000	5.125%, 1/1/2033		1,339,463
		Tobacco Settlement Authority Tobacco Settlement Asset-Backed Bonds
	6,885,000	6.500%, 6/1/2026		7,152,138
		Washington Economic Development Finance Authority Lease Revenue Bonds (Washington Biomedical Research Properties II) (NATL-RE Insured)
	5,620,000	5.000%, 6/1/2030c		6,033,744
		Washington General Obligation Bonds
	3,200,000	6.750%, 2/1/2015, Series A		3,398,048
		Washington General Obligation Bonds (AGM Insured)
	5,000,000	5.000%, 7/1/2021, Series 2007Aa,c		5,740,500
		Washington Health Care Facilities Authority Revenue Bonds
	2,500,000	5.250%, 12/1/2030		2,716,725
	5,000,000	5.250%, 10/1/2032, Series A		5,695,250
		Washington Health Care Facilities Authority Revenue Bonds (Kadlec Medical Center) (AGM Insured)
	1,000,000	5.000%, 12/1/2030, Series Ac		1,048,070
		Washington Health Care Facilities Authority Revenue Bonds (Kadlec Regional Medical Center)
	1,500,000	5.000%, 12/1/2042		1,592,160
		Washington Health Care Facilities Authority Revenue Bonds (Seattle Cancer Care Alliance)
	5,000,000	7.375%, 3/1/2038		6,131,200

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

118

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Washington (3.6%) - continued
		Washington Higher Education Facilities Authority Refunding Revenue Bonds (Gonzaga University)
	$5,325,000	5.000%, 4/1/2029, Series B		$5,785,133
		Washington Higher Education Facilities Authority Revenue and Refunding Revenue Bonds (Whitworth University)
	1,290,000	5.875%, 10/1/2034		1,448,451
	1,000,000	5.625%, 10/1/2040		1,094,690
		Total		58,982,287
	Wisconsin (1.0%)
		Kaukauna, Wisconsin Electric System Revenue Bonds (AGM Insured)
	3,000,000	5.000%, 12/15/2035, Series Ac		3,310,770
		Monroe, Wisconsin Redevelopment Authority Development Revenue Bonds (Monroe Clinic, Inc.)
	3,520,000	5.875%, 2/15/2039		3,918,147
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Blood Center of Southeastern Wisconsin, Inc.)
	2,000,000	5.750%, 6/1/2034		2,086,600
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Thedacare, Inc.)
	5,300,000	5.500%, 12/15/2038, Series A		5,893,494
		Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds (Marquette University)
	1,125,000	5.000%, 10/1/2033, Series B-1		1,236,780
		Total		16,445,791
	Wyoming (2.0%)
		Kemmerer, Wyoming Pollution Control Revenue Bonds (Exxon)
	4,800,000	0.110%, 11/1/2014b		4,800,000
		Lincoln County, Wyoming Pollution Control Revenue Bonds (Exxon)
	525,000	0.110%, 11/1/2014, Series Bb		525,000
	13,885,000	0.110%, 11/1/2014, Series Db		13,885,000
	3,500,000	0.110%, 11/1/2014, Series Cb		3,500,000
		Wyoming Municipal Power Agency Power Supply System Revenue Bonds
	3,270,000	5.375%, 1/1/2042, Series A		3,677,278

Principal Amount		Long-Term Fixed Income (99.4%)	Value
	Wyoming (2.0%) - continued
		Wyoming State Farm Loan Board Capital Facilities Refunding Revenue Bonds
	$5,825,000	5.750%, 10/1/2020		$6,670,557
		Total		33,057,835
		Total Long-Term Fixed Income (cost $1,486,779,013)		1,644,345,501
Principal Amount		Short-Term Investments (0.1%)e	Value
		Federal Home Loan Bank Discount Notes
	1,500,000	0.060%, 2/6/2013		1,499,987
		Total Short-Term Investments (at amortized cost)		1,499,987
		Total Investments (cost $1,488,279,000) 99.5%		$1,645,845,488
		Other Assets and Liabilities, Net 0.5%		8,219,882
		Total Net Assets 100.0%		$1,654,065,370

a 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 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 January 31, 2013.

c 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.

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

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

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

119

Municipal Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

     Definitions:

ACA	-	American Capital Access Holding, Ltd.
AGM	-	Assured Guaranty Municipal Corporation
AMBAC	-	American Municipal Bond Insurance Corporation
AMT	-	Subject to Alternative Minimum Tax
BNY	-	The Bank of New York Mellon Corporation
CR	-	Custodial Receipts
FGIC	-	Financial Guaranty Insurance Company
FHA	-	Federal Housing Administration
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
TCRS	-	Temporary Custodial Receipts
VA MTGS	-	Department of Veterans’ Affairs - Mortgages
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	$159,004,813
Gross unrealized depreciation	(1,438,325)
Net unrealized appreciation (depreciation)	$157,566,488
Cost for federal income tax purposes	$1,488,279,000

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		183,094,256		–		183,094,256		–
Electric Revenue		61,859,487		–		61,859,487		–
Escrowed/Pre-refunded		158,582,430		–		158,582,430		–
General Obligation		259,144,353		–		259,144,353		–
Health Care		225,261,797		–		225,261,797		–
Housing Finance		8,861,759		–		8,861,759		–
Industrial Development Revenue		69,701,086		–		69,701,086		–
Other Revenue		269,500,809		–		269,500,809		–
Tax Revenue		74,172,670		–		74,172,670		–
Transportation		263,661,839		–		263,661,839		–
Water & Sewer		70,505,015		–		70,505,015		–
Short-Term Investments		1,499,987		–		1,499,987		–
Total		$1,645,845,488		$–		$1,645,845,488		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

120

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (3.4%)a	Value
	Basic Materials (0.4%)
		Arch Coal, Inc., Term Loan
	$890,526	5.750%, 5/16/2018		$913,208
		FMG Resources August 2006 Pty., Ltd., Term Loan
	1,346,625	5.250%, 10/18/2017		1,363,040
		Ineos US Finance, LLC, Term Loan
	893,250	6.500%, 5/4/2018		912,598
		Total		3,188,846
	Capital Goods (0.1%)
		ADS Waste Holdings, Inc., Term Loan
	540,000	5.250%, 10/9/2019		544,390
		Total		544,390
	Communications Services (1.0%)
		Charter Communications Operating, LLC, Term Loan
	526,025	4.000%, 5/15/2019		533,258
		Clear Channel Communications, Inc., Term Loan
	900,000	3.852%, 1/29/2016		777,888
		Fairpoint Communications, Inc., Term Loan
	345,476	6.449%, 1/25/2016b,c		344,118
		Intelsat Jackson Holdings SA, Term Loan
	1,093,384	4.500%, 4/2/2018		1,106,779
		Level 3 Financing, Inc., Term Loan
	900,000	4.750%, 8/1/2019		909,846
		NEP Broadcasting, LLC, Term Loan
	900,000	0.000%, 8/18/2020b,c		913,878
		Toys R Us, Inc., Term Loan
	870,625	5.250%, 5/25/2018		853,212
		Univision Communications, Inc., Term Loan
	575,607	2.202%, 9/29/2014		575,365
	360,000	4.452%, 3/31/2017		360,450
		Van Wagner Communications, Inc., Term Loan
	360,000	8.250%, 8/3/2018		367,200
		WideOpenWest Finance, LLC, Term Loan
	895,500	6.250%, 7/17/2018		904,455
		Zayo Group, LLC, Term Loan
	895,500	5.247%, 7/2/2019b,c		906,971
		Total		8,553,420
	Consumer Cyclical (0.3%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	881,100	5.500%, 2/23/2017		890,766
		Chrysler Group, LLC, Term Loan
	1,418,400	6.000%, 5/24/2017		1,445,888
		MGM Resorts International, Term Loan
	540,000	3.795%, 12/13/2019		547,420
		Total		2,884,074

Principal Amount		Bank Loans (3.4%)a	Value
	Consumer Non-Cyclical (0.5%)
		Bausch & Lomb, Inc., Term Loan
	$895,500	5.250%, 5/17/2019		$904,034
		Biomet, Inc., Term Loan
	550,000	3.991%, 7/25/2017b,c		555,500
		CHS/Community Health Systems, Inc., Term Loan
	900,000	3.811%, 1/25/2017		907,425
		Dole Food Company, Term Loan
	125,149	5.033%, 7/8/2018		125,253
		Michael Foods, Inc., Term Loan
	684,595	4.250%, 2/25/2018		694,008
		Roundy’s Supermarkets, Inc., Term Loan
	893,250	5.750%, 2/13/2019		852,679
		Solvest, Ltd., Term Loan
	223,952	5.018%, 7/8/2018		224,138
		Visant Corporation, Term Loan
	696,700	5.250%, 12/22/2016		668,400
		Total		4,931,437
	Energy (0.2%)
		Chesapeake Energy Corporation, Term Loan
	1,070,000	5.750%, 12/2/2017		1,095,744
		Cumulus Media Holdings, Inc., Term Loan
	900,000	0.000%, 9/17/2018b,c		900,000
		Total		1,995,744
	Financials (0.1%)
		Nuveen Investments, Inc., Term Loan
	900,000	5.767%, 5/13/2017		907,128
		Total		907,128
	Technology (0.4%)
		First Data Corporation Extended, Term Loan
	900,000	4.205%, 3/26/2018		890,748
		Freescale Semiconductor, Inc., Term Loan
	939,430	4.452%, 12/1/2016		939,825
		Infor US, Inc., Term Loan
	621,879	5.250%, 4/5/2018		630,044
		SunGard Data Systems, Inc., Term Loan
	880,000	3.898%, 12/4/2019b,c		889,170
		Syniverse Holdings, Inc., Term Loan
	358,200	5.000%, 4/23/2019		362,455
		Total		3,712,242
	Transportation (0.2%)
		Delta Air Lines, Inc., Term Loan
	1,428,250	5.500%, 4/20/2017		1,441,633
		Total		1,441,633
	Utilities (0.2%)
		Calpine Corporation, Term Loan
	349,112	4.500%, 4/1/2018		352,771
	698,250	4.500%, 10/9/2019		706,580

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

121

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (3.4%)a	Value
	Utilities (0.2%) - continued
		NGPL PipeCo, LLC, Term Loan
	$867,857	6.750%, 9/15/2017		$889,189
		Total		1,948,540
		Total Bank Loans (cost $29,618,905)		30,107,454
Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Asset-Backed Securities (0.9%)
		Carrington Mortgage Loan Trust
	1,100,000	0.354%, 8/25/2036d		610,349
		First Horizon ABS Trust
	973,932	0.364%, 10/25/2034d,e		705,746
		GMAC Mortgage Corporation Loan Trust
	2,470,937	0.384%, 8/25/2035d,e		1,957,098
	2,708,369	0.384%, 12/25/2036d,e		1,970,160
		IndyMac Seconds Asset-Backed Trust
	1,467,418	0.374%, 10/25/2036d,e		356,288
		Renaissance Home Equity Loan Trust
	1,951,710	5.746%, 5/25/2036		1,414,276
	1,400,000	6.011%, 5/25/2036		983,473
		Total		7,997,390
	Basic Materials (3.3%)
		Alcoa, Inc.
	1,000,000	6.750%, 1/15/2028		1,074,822
		ArcelorMittal
	790,000	9.500%, 2/15/2015		890,725
	1,000,000	6.125%, 6/1/2018f		1,067,692
	2,250,000	5.750%, 8/5/2020		2,359,485
		CF Industries, Inc.
	1,670,000	6.875%, 5/1/2018		2,034,658
		Dow Chemical Company
	2,150,000	4.250%, 11/15/2020		2,353,076
	880,000	5.250%, 11/15/2041		945,996
		Georgia-Pacific, LLC
	1,310,000	5.400%, 11/1/2020g		1,542,956
		International Paper Company
	1,500,000	7.500%, 8/15/2021		1,948,713
	750,000	7.300%, 11/15/2039		975,665
		LyondellBasell Industries NV
	180,000	6.000%, 11/15/2021		211,500
		NOVA Chemicals Corporation
	750,000	8.625%, 11/1/2019		855,000
		Resolute Forest Products
	982,000	10.250%, 10/15/2018		1,131,755
		Rio Tinto Finance USA, Ltd.
	1,965,000	6.500%, 7/15/2018		2,430,901
		Rock-Tenn Company
	1,070,000	4.000%, 3/1/2023g		1,066,902
		Teck Resources, Ltd.
	700,000	2.500%, 2/1/2018		712,130
	2,130,000	3.750%, 2/1/2023		2,136,166
		Vale SA
	1,070,000	5.625%, 9/11/2042		1,090,319
		Weyerhaeuser Company
	1,430,000	7.375%, 3/15/2032		1,741,837
		Xstrata Finance Canada, Ltd.
	1,440,000	2.450%, 10/25/2017g		1,452,036

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Basic Materials (3.3%) - continued
	$1,440,000	4.000%, 10/25/2022g		$1,439,355
		Total		29,461,689
	Capital Goods (2.4%)
		BAE Systems plc
	2,120,000	4.750%, 10/11/2021g		2,336,049
		Boeing Capital Corporation
	900,000	2.125%, 8/15/2016		932,834
		Case New Holland, Inc.
	865,000	7.875%, 12/1/2017		1,022,862
		CNH Capital, LLC
	720,000	3.875%, 11/1/2015g		739,800
	250,000	6.250%, 11/1/2016		275,625
		Eaton Corporation
	2,865,000	2.750%, 11/2/2022g		2,784,726
		John Deere Capital Corporation
	1,440,000	2.800%, 1/27/2023		1,443,113
		Masco Corporation
	875,000	5.950%, 3/15/2022		968,585
		Republic Services, Inc.
	370,000	5.500%, 9/15/2019		438,184
	900,000	5.000%, 3/1/2020		1,030,257
	1,300,000	5.250%, 11/15/2021		1,509,496
		Reynolds Group Issuer, Inc.
	1,060,000	9.875%, 8/15/2019		1,158,050
	360,000	5.750%, 10/15/2020g		368,100
		Sealed Air Corporation
	710,000	8.375%, 9/15/2021g		814,725
		Textron, Inc.
	1,500,000	6.200%, 3/15/2015		1,639,686
	1,247,000	5.600%, 12/1/2017		1,405,103
		United Rentals North America, Inc.
	700,000	5.750%, 7/15/2018		752,500
	180,000	6.125%, 6/15/2023		192,600
		Waste Management, Inc.
	1,335,000	2.900%, 9/15/2022		1,304,768
		Total		21,117,063
	Collateralized Mortgage Obligations (0.9%)
		Bear Stearns Mortgage Funding Trust
	400,243	0.484%, 8/25/2036d		114,471
		CitiMortgage Alternative Loan Trust
	1,600,525	5.750%, 4/25/2037		1,359,944
		Countrywide Alternative Loan Trust
	2,141,339	6.000%, 1/25/2037		1,811,112
		HomeBanc Mortgage Trust
	1,662,292	2.653%, 4/25/2037		1,102,262
		Wachovia Mortgage Loan Trust, LLC
	1,782,177	3.032%, 5/20/2036		1,516,236
		WaMu Mortgage Pass Through Certificates
	1,232,035	0.494%, 10/25/2045d		1,156,929

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

122

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Collateralized Mortgage Obligations (0.9%) - continued
		Washington Mutual Alternative Mortgage Pass Through Certificates
	$2,876,939	0.921%, 2/25/2047d		$1,559,661
		Total		8,620,615
	Commercial Mortgage-Backed Securities (1.7%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	226,230	0.356%, 3/15/2022d,g		224,522
	2,500,000	5.331%, 2/11/2044		2,822,877
		Citigroup/Deutsche Bank Commercial Mortgage
	1,300,000	5.322%, 12/11/2049		1,477,029
		Commercial Mortgage Pass-Through Certificates
	4,000,000	0.336%, 12/15/2020d,g		3,833,148
		Credit Suisse First Boston Mortgage Securities
	1,800,000	5.542%, 1/15/2049		2,057,378
		Credit Suisse Mortgage Capital Certificates
	1,582,040	0.376%, 10/15/2021d,g		1,549,937
	2,500,000	5.467%, 9/15/2039		2,823,788
		Total		14,788,679
	Communications Services (9.1%)
		Alltel Corporation
	2,350,000	7.000%, 3/15/2016		2,770,977
		AMC Networks, Inc.
	1,080,000	4.750%, 12/15/2022		1,080,000
		America Movil SAB de CV
	2,200,000	5.000%, 3/30/2020		2,513,980
	900,000	3.125%, 7/16/2022		894,161
		American Tower Corporation
	2,180,000	4.500%, 1/15/2018		2,406,993
	720,000	5.900%, 11/1/2021		847,606
	610,000	3.500%, 1/31/2023		595,628
		AT&T, Inc.
	1,440,000	1.400%, 12/1/2017		1,429,199
	1,400,000	4.450%, 5/15/2021		1,577,835
	1,245,000	5.550%, 8/15/2041		1,405,209
		Cablevision Systems Corporation
	700,000	8.625%, 9/15/2017		820,750
		CBS Corporation
	1,780,000	1.950%, 7/1/2017		1,809,283
		CC Holdings GS V, LLC
	720,000	3.849%, 4/15/2023g		717,843
		CCO Holdings, LLC
	1,120,000	7.250%, 10/30/2017		1,215,200
	720,000	7.000%, 1/15/2019		778,500
		CenturyLink, Inc.
	1,480,000	5.150%, 6/15/2017		1,589,558
	1,400,000	5.800%, 3/15/2022		1,464,910
		Clear Channel Worldwide Holdings, Inc.
	1,430,000	6.500%, 11/15/2022g		1,522,950
		Comcast Corporation
	1,100,000	6.300%, 11/15/2017		1,333,361
	1,100,000	5.700%, 5/15/2018		1,310,638
	1,430,000	3.125%, 7/15/2022		1,433,473

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Communications Services (9.1%) - continued
	$1,300,000	6.400%, 5/15/2038		$1,595,108
		Cox Communications, Inc.
	1,100,000	9.375%, 1/15/2019g		1,502,754
	1,000,000	3.250%, 12/15/2022g		1,001,215
	1,500,000	8.375%, 3/1/2039g		2,228,923
		Crown Castle International Corporation
	360,000	5.250%, 1/15/2023g		378,000
		Crown Castle Towers, LLC
	2,950,000	4.174%, 8/15/2017g		3,252,676
		DIRECTV Holdings, LLC
	1,080,000	1.750%, 1/15/2018		1,061,231
	2,125,000	5.000%, 3/1/2021		2,349,772
	1,095,000	3.800%, 3/15/2022		1,104,638
		Discovery Communications, LLC
	1,080,000	4.375%, 6/15/2021		1,184,455
	1,075,000	3.300%, 5/15/2022		1,076,245
		Hughes Satellite Systems Corporation
	1,780,000	6.500%, 6/15/2019		1,966,900
		Intelsat Jackson Holdings SA
	710,000	7.250%, 4/1/2019		761,475
	1,100,000	7.500%, 4/1/2021		1,193,500
		NBCUniversal Media, LLC
	2,250,000	5.150%, 4/30/2020		2,620,498
	2,490,000	4.375%, 4/1/2021		2,742,606
		News America, Inc.
	1,100,000	7.625%, 11/30/2028		1,436,523
	1,350,000	6.400%, 12/15/2035		1,646,889
		Omnicom Group, Inc.
	2,380,000	4.450%, 8/15/2020		2,595,062
		Qwest Communications International, Inc.
	1,820,000	7.125%, 4/1/2018		1,898,633
		Qwest Corporation
	1,800,000	6.500%, 6/1/2017		2,092,199
		SBA Tower Trust
	2,000,000	5.101%, 4/17/2017g		2,238,540
		Sirius XM Radio, Inc.
	1,070,000	5.250%, 8/15/2022g		1,088,725
		Sprint Nextel Corporation
	710,000	9.125%, 3/1/2017		834,250
	350,000	7.000%, 3/1/2020g		406,000
		Time Warner Cable, Inc.
	1,500,000	8.250%, 4/1/2019		1,982,938
	1,450,000	6.750%, 6/15/2039		1,759,900
		Time Warner Entertainment Company, LP
	1,150,000	8.375%, 3/15/2023		1,607,711
		UPCB Finance VI, Ltd.
	1,400,000	6.875%, 1/15/2022g		1,522,500
		Verizon Communications, Inc.
	2,330,000	1.100%, 11/1/2017		2,302,068
		Virgin Media Finance plc
	1,080,000	4.875%, 2/15/2022		1,077,300
		Total		80,027,288
	Consumer Cyclical (5.5%)
		Amazon.com, Inc.
	1,800,000	1.200%, 11/29/2017		1,780,621

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

123

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Consumer Cyclical (5.5%) - continued
		American Honda Finance Corporation
	$2,600,000	3.875%, 9/21/2020g		$2,828,904
		Daimler Finance North America, LLC
	1,240,000	3.875%, 9/15/2021g		1,329,070
		Ford Motor Credit Company, LLC
	2,100,000	3.875%, 1/15/2015		2,182,469
	1,800,000	3.984%, 6/15/2016		1,908,617
	1,750,000	4.250%, 2/3/2017		1,865,595
	370,000	6.625%, 8/15/2017		431,466
	1,425,000	4.250%, 9/20/2022		1,460,625
		General Motors Financial Company, Inc.
	1,340,000	4.750%, 8/15/2017g		1,400,414
		Home Depot, Inc.
	1,390,000	5.875%, 12/16/2036		1,777,191
		Hyatt Hotels Corporation
	1,900,000	5.750%, 8/15/2015g		2,079,050
		Hyundai Motor Manufacturing Czech
	1,475,000	4.500%, 4/15/2015g		1,571,465
		Johnson Controls, Inc.
	1,850,000	5.250%, 12/1/2041		2,019,331
		KIA Motors Corporation
	1,740,000	3.625%, 6/14/2016g		1,842,773
		Macy’s Retail Holdings, Inc.
	1,790,000	7.450%, 7/15/2017		2,204,407
	1,930,000	3.875%, 1/15/2022		1,997,799
	1,075,000	2.875%, 2/15/2023		1,018,154
		Marriott International, Inc.
	1,750,000	3.000%, 3/1/2019		1,817,186
		MGM Resorts International
	1,080,000	7.625%, 1/15/2017f		1,183,950
		Royal Caribbean Cruises, Ltd.
	1,440,000	5.250%, 11/15/2022		1,526,400
		Sheraton Holding Corporation
	710,000	7.375%, 11/15/2015		821,995
		Starwood Hotels & Resorts Worldwide, Inc.
	1,150,000	6.750%, 5/15/2018		1,392,604
	1,790,000	3.125%, 2/15/2023		1,756,523
		Time Warner, Inc.
	700,000	4.000%, 1/15/2022		755,975
	390,000	3.400%, 6/15/2022		399,913
	1,400,000	7.700%, 5/1/2032		1,924,800
		Toll Brothers Finance Corporation
	1,000,000	6.750%, 11/1/2019		1,182,859
		Toys R Us Property Company II, LLC
	1,430,000	8.500%, 12/1/2017		1,505,075
		Western Union Company
	1,790,000	2.875%, 12/10/2017		1,782,976
		Wyndham Worldwide Corporation
	730,000	5.625%, 3/1/2021		809,266
	1,780,000	4.250%, 3/1/2022		1,841,611
		Total		48,399,084
	Consumer Non-Cyclical (7.3%)
		Altria Group, Inc.
	338,000	9.700%, 11/10/2018		466,493

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Consumer Non-Cyclical (7.3%) - continued
	$905,000	4.750%, 5/5/2021		$1,006,311
	1,500,000	9.950%, 11/10/2038		2,445,187
		Anheuser-Busch InBev Worldwide, Inc.
	1,450,000	5.375%, 1/15/2020		1,738,247
	1,475,000	5.000%, 4/15/2020		1,743,531
		BAT International Finance plc
	2,140,000	3.250%, 6/7/2022g		2,193,928
		Beam, Inc.
	827,000	5.875%, 1/15/2036		973,631
		Biomet, Inc.
	1,370,000	6.500%, 8/1/2020g		1,438,500
		Boston Scientific Corporation
	2,200,000	4.500%, 1/15/2015		2,338,668
		Bunge Limited Finance Corporation
	1,265,000	5.100%, 7/15/2015		1,375,166
		Cargill, Inc.
	1,050,000	3.250%, 11/15/2021g		1,069,688
		Celgene Corporation
	1,250,000	1.900%, 8/15/2017		1,265,656
	1,500,000	3.950%, 10/15/2020		1,607,337
		ConAgra Foods, Inc.
	1,775,000	2.100%, 3/15/2018		1,789,431
	1,170,000	3.200%, 1/25/2023		1,171,477
		Energizer Holdings, Inc.
	800,000	4.700%, 5/24/2022		846,609
		Express Scripts Holding Company
	1,265,000	3.125%, 5/15/2016		1,334,488
	1,765,000	4.750%, 11/15/2021		1,980,738
		Fresenius Medical Care US Finance II, Inc.
	390,000	5.625%, 7/31/2019g		422,175
		Fresenius Medical Care US Finance, Inc.
	710,000	6.500%, 9/15/2018g		798,750
		Gilead Sciences, Inc.
	1,800,000	4.400%, 12/1/2021		2,017,400
		Grifols, Inc.
	1,070,000	8.250%, 2/1/2018		1,174,325
		Grupo Bimbo SAB de CV
	2,110,000	4.500%, 1/25/2022g		2,290,717
		Hasbro, Inc.
	1,750,000	6.350%, 3/15/2040		2,097,342
		HCA, Inc.
	1,510,000	8.500%, 4/15/2019		1,679,875
	1,440,000	4.750%, 5/1/2023		1,449,000
		Heineken NV
	1,430,000	2.750%, 4/1/2023g		1,378,773
		Koninklijke Philips Electronics NV
	1,485,000	3.750%, 3/15/2022		1,593,398
		Kraft Foods Group, Inc.
	961,000	6.125%, 8/23/2018		1,173,219
	900,000	5.000%, 6/4/2042		976,855
		Life Technologies Corporation
	2,115,000	6.000%, 3/1/2020		2,336,929
		Mylan, Inc.
	2,155,000	7.875%, 7/15/2020g		2,517,626
	1,260,000	3.125%, 1/15/2023g		1,224,166
		Pernod-Ricard SA
	2,480,000	5.750%, 4/7/2021g		2,903,276

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

124

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Consumer Non-Cyclical (7.3%) - continued
		Reynolds American, Inc.
	$2,160,000	3.250%, 11/1/2022		$2,137,674
		SABMiller Holdings, Inc.
	885,000	2.450%, 1/15/2017g		915,289
	1,775,000	3.750%, 1/15/2022g		1,885,181
		Safeway, Inc.
	890,000	5.000%, 8/15/2019		954,837
		Teva Pharmaceutical Finance IV BV
	2,275,000	3.650%, 11/10/2021		2,394,422
		Tyson Foods, Inc.
	1,795,000	4.500%, 6/15/2022		1,930,370
		Zoetis, Inc.
	720,000	1.875%, 2/1/2018g		718,736
	540,000	3.250%, 2/1/2023g		536,124
		Total		64,291,545
	Energy (10.0%)
		BP Capital Markets plc
	1,050,000	2.248%, 11/1/2016		1,090,342
	1,975,000	4.500%, 10/1/2020		2,247,872
		Cameron International Corporation
	1,080,000	3.600%, 4/30/2022		1,114,777
		Canadian Natural Resources, Ltd.
	1,225,000	3.450%, 11/15/2021		1,290,945
		Canadian Oil Sands, Ltd.
	1,400,000	4.500%, 4/1/2022g		1,510,513
		CenterPoint Energy Resources Corporation
	2,400,000	6.125%, 11/1/2017		2,861,930
		CNPC HK Overseas Capital, Ltd.
	1,630,000	5.950%, 4/28/2041g		2,047,145
		Concho Resources, Inc.
	1,070,000	6.500%, 1/15/2022		1,166,300
		El Paso Pipeline Partners Operating Company, LLC
	2,150,000	5.000%, 10/1/2021		2,385,560
		Enbridge Energy Partners, LP
	550,000	5.200%, 3/15/2020		621,874
	2,200,000	8.050%, 10/1/2037		2,497,000
		Encana Corporation
	1,080,000	5.900%, 12/1/2017		1,276,926
	720,000	5.150%, 11/15/2041		736,996
		Energy Transfer Partners, LP
	2,880,000	6.700%, 7/1/2018		3,466,636
		EQT Corporation
	800,000	8.125%, 6/1/2019		989,625
		Gazprom OAO Via Gaz Capital SA
	1,750,000	4.950%, 5/23/2016g		1,871,415
		Key Energy Services, Inc.
	1,175,000	6.750%, 3/1/2021		1,180,875
		Kinder Morgan Energy Partners, LP
	710,000	6.850%, 2/15/2020		881,785
	2,550,000	5.800%, 3/1/2021		2,999,458
		Linn Energy, LLC
	1,750,000	7.750%, 2/1/2021		1,872,500
		Marathon Oil Corporation
	1,273,000	5.900%, 3/15/2018		1,530,744
	1,080,000	2.800%, 11/1/2022		1,047,153

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Energy (10.0%) - continued
		Marathon Petroleum Corporation
	$1,080,000	5.125%, 3/1/2021		$1,242,173
	1,080,000	6.500%, 3/1/2041		1,318,318
		Markwest Energy Partners, LP
	700,000	6.250%, 6/15/2022		759,500
		MEG Energy Corporation
	1,080,000	6.375%, 1/30/2023g		1,125,900
		Newfield Exploration Company
	390,000	5.750%, 1/30/2022		429,000
	625,000	5.625%, 7/1/2024		671,875
		Noble Energy, Inc.
	1,900,000	8.250%, 3/1/2019		2,457,008
		ONEOK Partners, LP
	1,750,000	6.850%, 10/15/2037		2,187,510
		Petrobras International Finance Company
	2,700,000	5.375%, 1/27/2021		2,958,169
		Phillips 66
	1,430,000	4.300%, 4/1/2022		1,567,615
		Pioneer Natural Resources Company
	2,220,000	6.875%, 5/1/2018		2,690,140
		Plains All American Pipeline, LP
	1,850,000	6.500%, 5/1/2018		2,268,032
		Plains Exploration & Production Company
	1,130,000	8.625%, 10/15/2019		1,288,200
		QEP Resources, Inc.
	1,060,000	5.375%, 10/1/2022		1,128,900
		Rowan Companies, Inc.
	1,830,000	5.000%, 9/1/2017		2,038,031
	1,175,000	4.875%, 6/1/2022		1,272,558
		Samson Investment Company
	710,000	9.750%, 2/15/2020g		755,263
		SandRidge Energy, Inc.
	1,080,000	7.500%, 3/15/2021		1,144,800
		Southwestern Energy Company
	1,500,000	4.100%, 3/15/2022		1,587,060
		Spectra Energy Partners, LP
	1,800,000	4.600%, 6/15/2021		1,897,627
		Suncor Energy, Inc.
	2,290,000	6.100%, 6/1/2018		2,782,107
	1,060,000	6.850%, 6/1/2039		1,439,051
		Sunoco Logistics Partners Operations, LP
	1,800,000	3.450%, 1/15/2023		1,776,816
		The Williams Companies, Inc.
	1,440,000	3.700%, 1/15/2023		1,418,105
		Transocean, Inc.
	1,300,000	5.050%, 12/15/2016		1,451,521
	1,080,000	7.375%, 4/15/2018		1,283,783
	720,000	6.375%, 12/15/2021		847,367
	890,000	3.800%, 10/15/2022		881,748
		Valero Energy Corporation
	1,875,000	6.125%, 2/1/2020		2,254,389
	1,080,000	6.625%, 6/15/2037		1,277,062
		Weatherford International, Inc.
	1,300,000	6.350%, 6/15/2017		1,497,861
		Weatherford International, Ltd.
	2,500,000	6.000%, 3/15/2018		2,852,597
	450,000	4.500%, 4/15/2022		460,817
		Total		87,699,274

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

125

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Financials (27.9%)
		ABN Amro North American Holding Preferred Capital Repackage Trust I
	$1,430,000	3.407%, 12/29/2049d,g,h		$1,430,000
		Aegon NV
	1,400,000	2.040%, 7/29/2049d,h		855,400
		Ally Financial, Inc.
	1,785,000	4.625%, 6/26/2015		1,874,505
	710,000	5.500%, 2/15/2017		763,305
		American Express Credit Corporation
	2,825,000	2.800%, 9/19/2016		2,984,313
	1,775,000	2.375%, 3/24/2017		1,840,522
		American International Group, Inc.
	1,775,000	4.250%, 9/15/2014		1,868,709
	1,050,000	3.800%, 3/22/2017		1,131,827
	1,750,000	6.400%, 12/15/2020		2,142,551
		Associated Banc Corporation
	1,820,000	5.125%, 3/28/2016		1,996,505
		Associates Corporation of North America
	2,200,000	6.950%, 11/1/2018		2,681,844
		AXA SA
	1,420,000	8.600%, 12/15/2030		1,822,198
		Axis Specialty Finance, LLC
	1,430,000	5.875%, 6/1/2020		1,598,165
		Banco do Brasil SA
	1,050,000	9.250%, 10/31/2049f,g,h		1,257,375
		Banco do Brasil SA/Cayman Islands
	720,000	6.250%, 12/29/2049g,h		714,600
		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
	805,000	4.125%, 11/9/2022g		813,050
		Bank of America Corporation
	1,420,000	5.625%, 10/14/2016		1,606,374
	1,700,000	5.750%, 12/1/2017		1,962,667
	2,220,000	7.625%, 6/1/2019		2,822,996
	1,440,000	3.300%, 1/11/2023		1,420,151
	1,050,000	5.875%, 2/7/2042		1,275,951
		Barclays Bank plc
	1,780,000	6.050%, 12/4/2017g		1,987,393
		BBVA Bancomer SA/Texas
	1,965,000	6.750%, 9/30/2022g		2,289,225
		BBVA US Senior SAU
	1,440,000	4.664%, 10/9/2015		1,486,149
		Berkshire Hathaway, Inc.
	1,785,000	3.750%, 8/15/2021		1,909,340
	900,000	3.000%, 2/11/2023c		895,310
		Boston Properties, LP
	2,250,000	5.875%, 10/15/2019		2,678,353
		Capital One Financial Corporation
	1,930,000	6.150%, 9/1/2016		2,222,505
	1,070,000	4.750%, 7/15/2021		1,218,594
		Cigna Corporation
	1,780,000	4.000%, 2/15/2022		1,905,860
		CIT Group, Inc.
	980,000	5.250%, 3/15/2018		1,048,600
		Citigroup, Inc.
	2,700,000	4.750%, 5/19/2015		2,907,441

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Financials (27.9%) - continued
	$1,790,000	6.000%, 8/15/2017		$2,088,998
	1,300,000	6.125%, 5/15/2018		1,548,459
	2,170,000	8.500%, 5/22/2019		2,893,929
	1,075,000	4.500%, 1/14/2022f		1,177,216
	2,160,000	5.950%, 12/29/2049h		2,181,600
		CNA Financial Corporation
	2,225,000	7.350%, 11/15/2019		2,809,492
	700,000	5.875%, 8/15/2020		812,443
		CommonWealth REIT
	1,850,000	6.250%, 8/15/2016		2,033,805
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	710,000	11.000%, 12/29/2049g,h		951,400
		DDR Corporation
	1,255,000	4.625%, 7/15/2022		1,351,393
		Developers Diversified Realty Corporation
	710,000	7.875%, 9/1/2020		902,291
		Discover Bank
	1,300,000	7.000%, 4/15/2020		1,597,770
		DnB NOR Boligkreditt
	2,600,000	2.900%, 3/29/2016g		2,759,640
		Duke Realty, LP
	1,780,000	3.875%, 10/15/2022		1,813,840
		Eksportfinans ASA
	1,750,000	2.375%, 5/25/2016		1,670,863
		Export-Import Bank of Korea
	1,420,000	4.375%, 9/15/2021		1,551,942
		Fairfax Financial Holdings, Ltd.
	1,085,000	5.800%, 5/15/2021g		1,142,781
		Fifth Third Bancorp
	1,790,000	0.729%, 12/20/2016d		1,743,524
	1,700,000	5.450%, 1/15/2017		1,897,261
		Fifth Third Capital Trust IV
	1,050,000	6.500%, 4/15/2037		1,048,688
		GE Capital Trust I
	2,500,000	6.375%, 11/15/2067		2,639,250
		General Electric Capital Corporation
	1,775,000	3.800%, 6/18/2019g		1,892,583
	1,100,000	6.000%, 8/7/2019		1,330,422
	900,000	5.300%, 2/11/2021		1,023,503
	925,000	6.750%, 3/15/2032		1,168,601
	1,800,000	7.125%, 12/15/2049h		2,064,150
		Goldman Sachs Group, Inc.
	1,750,000	6.250%, 9/1/2017		2,048,175
	1,440,000	2.375%, 1/22/2018		1,443,552
	1,600,000	5.375%, 3/15/2020		1,815,899
	1,750,000	5.250%, 7/27/2021		1,976,392
	740,000	6.750%, 10/1/2037		835,327
		HCP, Inc.
	1,900,000	5.625%, 5/1/2017		2,177,522
	450,000	3.750%, 2/1/2019		481,600
	1,250,000	2.625%, 2/1/2020		1,246,829
		Health Care REIT, Inc.
	715,000	2.250%, 3/15/2018		717,983
	720,000	6.125%, 4/15/2020		839,993
	1,850,000	4.950%, 1/15/2021		2,036,632
		HSBC Finance Corporation
	1,070,000	6.676%, 1/15/2021		1,273,229
		HSBC Holdings plc
	1,800,000	4.875%, 1/14/2022		2,038,046
	1,400,000	4.000%, 3/30/2022		1,491,071

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

126

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Financials (27.9%) - continued
		HSBC USA, Inc.
	$1,100,000	5.000%, 9/27/2020		$1,191,743
		Huntington Bancshares, Inc.
	1,650,000	7.000%, 12/15/2020		2,001,433
		Icahn Enterprises, LP
	710,000	7.750%, 1/15/2016		737,512
	340,000	8.000%, 1/15/2018		364,225
		ING Bank NV
	2,140,000	2.000%, 9/25/2015g		2,172,021
		ING US, Inc.
	1,785,000	5.500%, 7/15/2022g		1,947,606
		International Lease Finance Corporation
	1,050,000	4.875%, 4/1/2015		1,095,938
	900,000	5.750%, 5/15/2016		968,229
	1,125,000	6.750%, 9/1/2016g		1,268,437
		Intesa Sanpaolo SPA
	2,160,000	3.125%, 1/15/2016		2,143,824
		Itau Unibanco Holding SA/Cayman Island
	1,790,000	5.125%, 5/13/2023g		1,836,540
		J.P. Morgan Chase & Company
	1,780,000	2.000%, 8/15/2017		1,798,355
	2,160,000	1.201%, 1/25/2018d		2,169,400
	1,850,000	5.500%, 10/15/2040		2,162,609
		J.P. Morgan Chase Bank NA
	1,785,000	5.875%, 6/13/2016		2,034,932
	1,420,000	6.000%, 10/1/2017		1,673,193
		Kilroy Realty, LP
	1,435,000	4.800%, 7/15/2018		1,592,618
	720,000	3.800%, 1/15/2023		721,459
		Liberty Mutual Group, Inc.
	1,080,000	5.000%, 6/1/2021g		1,172,874
	1,965,000	4.950%, 5/1/2022g		2,133,984
		Liberty Property, LP
	1,830,000	5.500%, 12/15/2016		2,077,464
	1,125,000	4.750%, 10/1/2020		1,236,438
		Macquarie Bank, Ltd.
	1,785,000	5.000%, 2/22/2017g		1,956,312
		Merrill Lynch & Company, Inc.
	1,950,000	6.875%, 4/25/2018		2,349,021
	2,000,000	7.750%, 5/14/2038		2,676,454
		MetLife Capital Trust IV
	300,000	7.875%, 12/15/2037g		372,000
		MetLife Capital Trust X
	750,000	9.250%, 4/8/2038g		1,031,250
		Mizuho Corporate Bank, Ltd.
	1,775,000	2.550%, 3/17/2017g		1,841,035
	1,080,000	1.550%, 10/17/2017g		1,073,596
		Morgan Stanley
	1,420,000	5.375%, 10/15/2015		1,544,352
	2,270,000	6.625%, 4/1/2018		2,674,246
	1,100,000	5.625%, 9/23/2019		1,247,556
	1,600,000	5.500%, 1/26/2020		1,786,859
	1,795,000	4.875%, 11/1/2022f		1,839,633
		MUFG Capital Finance 1, Ltd.
	1,920,000	6.346%, 7/29/2049h		2,123,977
		Murray Street Investment Trust I
	700,000	4.647%, 3/9/2017		758,089
		National City Bank
	1,170,000	5.800%, 6/7/2017		1,369,690
		Nationwide Building Society
	1,600,000	6.250%, 2/25/2020g		1,848,160

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Financials (27.9%) - continued
		Nordea Bank AB
	$1,830,000	4.875%, 5/13/2021g		$1,954,806
		Omega Healthcare Investors, Inc.
	920,000	5.875%, 3/15/2024		975,200
		ORIX Corporation
	2,550,000	5.000%, 1/12/2016		2,755,369
		Preferred Term Securities XXIII, Ltd.
	2,443,096	0.508%, 12/22/2036d,i		1,612,443
		ProLogis, LP
	1,450,000	6.250%, 3/15/2017		1,681,935
	1,070,000	6.875%, 3/15/2020		1,310,269
		Prudential Financial, Inc.
	1,875,000	5.375%, 6/21/2020		2,185,912
	825,000	6.200%, 11/15/2040		976,326
	1,070,000	5.875%, 9/15/2042		1,122,163
	1,435,000	5.625%, 6/15/2043		1,479,844
		QBE Capital Funding III, Ltd.
	1,260,000	7.250%, 5/24/2041g		1,304,100
		Rabobank Capital Funding Trust II
	1,249,000	5.260%, 12/29/2049g,h		1,252,122
		Reinsurance Group of America, Inc.
	1,030,000	5.625%, 3/15/2017		1,165,227
	1,070,000	6.450%, 11/15/2019		1,278,735
		Royal Bank of Scotland Group plc
	1,435,000	6.125%, 12/15/2022		1,477,620
		Santander Holdings USA, Inc.
	2,145,000	3.000%, 9/24/2015		2,196,444
		Simon Property Group, LP
	750,000	10.350%, 4/1/2019		1,080,624
	575,000	2.750%, 2/1/2023		563,374
		SLM Corporation
	540,000	3.875%, 9/10/2015		561,800
	1,370,000	6.250%, 1/25/2016		1,507,421
	1,945,000	6.000%, 1/25/2017		2,149,361
	576,000	4.625%, 9/25/2017		597,650
		Standard Chartered plc
	1,890,000	3.950%, 1/11/2023g		1,861,709
		SunTrust Banks, Inc.
	1,780,000	3.600%, 4/15/2016		1,903,395
		Swedbank AB
	2,145,000	2.125%, 9/29/2017g		2,182,486
		Swiss RE Capital I, LP
	2,600,000	6.854%, 5/29/2049g,h		2,762,500
		TD Ameritrade Holding Corporation
	2,225,000	5.600%, 12/1/2019		2,660,929
		U.S. Bank National Association
	1,800,000	3.778%, 4/29/2020		1,908,625
		UnionBanCal Corporation
	1,420,000	3.500%, 6/18/2022		1,475,815
		UnitedHealth Group, Inc.
	1,500,000	6.500%, 6/15/2037		1,911,211
		Unum Group
	1,500,000	7.125%, 9/30/2016		1,752,576
		Ventas Realty, LP
	1,800,000	4.000%, 4/30/2019		1,932,449
		Vesey Street Investment Trust I
	700,000	4.404%, 9/1/2016		754,364
		Wachovia Corporation
	1,500,000	5.250%, 8/1/2014		1,597,209

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

127

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Financials (27.9%) - continued
		WEA Finance, LLC
	$1,710,000	7.125%, 4/15/2018g		$2,101,171
	720,000	6.750%, 9/2/2019g		888,131
		Wells Fargo & Company
	1,440,000	1.500%, 1/16/2018		1,436,435
	1,780,000	7.980%, 2/28/2049h		2,047,000
		Willis North America, Inc.
	1,850,000	6.200%, 3/28/2017		2,105,318
		ZFS Finance USA Trust II
	1,500,000	6.450%, 12/15/2065g		1,605,000
		Total		244,998,004
	Foreign Government (2.2%)
		Brazil Government International Bond
	1,070,000	4.875%, 1/22/2021		1,254,575
		Chile Government International Bond
	2,480,000	3.250%, 9/14/2021		2,641,200
		Colombia Government International Bond
	1,780,000	2.625%, 3/15/2023		1,708,800
		Corporacion Andina de Fomento
	1,226,000	4.375%, 6/15/2022		1,332,899
		Korea Development Bank
	1,500,000	4.375%, 8/10/2015		1,617,975
		Mexico Government International Bond
	1,850,000	5.125%, 1/15/2020		2,164,500
	1,270,000	6.050%, 1/11/2040		1,590,675
		Peru Government International Bond
	710,000	5.625%, 11/18/2050		834,250
		Province of Ontario
	4,320,000	3.000%, 7/16/2018		4,675,536
		Russia Government International Bond
	1,050,000	3.250%, 4/4/2017g		1,113,000
		Total		18,933,410
	Mortgage-Backed Securities (6.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	5,550,000	2.500%, 2/1/2028c		5,733,844
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	5,525,000	3.000%, 2/1/2043c		5,680,391
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	8,325,000	2.500%, 2/1/2028c		8,618,976
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	6,675,000	3.000%, 2/1/2043c		6,892,980
	13,575,000	3.500%, 2/1/2043c		14,315,261
	14,800,000	4.000%, 2/1/2043c		15,729,625
		Total		56,971,077

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Technology (1.7%)
		CA, Inc.
	$1,925,000	5.375%, 12/1/2019		$2,190,821
		Computer Sciences Corporation
	1,250,000	2.500%, 9/15/2015		1,284,800
		Equinix, Inc.
	1,100,000	8.125%, 3/1/2018		1,207,250
	360,000	7.000%, 7/15/2021		401,400
		Hewlett-Packard Company
	1,800,000	2.650%, 6/1/2016		1,814,026
	720,000	3.750%, 12/1/2020		690,427
	1,410,000	4.650%, 12/9/2021f		1,417,542
		Motorola Solutions, Inc.
	2,500,000	3.750%, 5/15/2022		2,506,708
		Oracle Corporation
	1,800,000	2.500%, 10/15/2022		1,764,162
		Xerox Corporation
	750,000	6.400%, 3/15/2016		844,102
	1,050,000	2.950%, 3/15/2017		1,065,784
		Total		15,187,022
	Transportation (1.9%)
		Burlington Northern Santa Fe, LLC
	625,000	3.050%, 9/1/2022		634,918
		Continental Airlines, Inc.
	1,300,000	6.750%, 9/15/2015g		1,365,000
	591,691	7.250%, 11/10/2019		686,362
	785,000	4.000%, 10/29/2024		819,383
		CSX Corporation
	793,000	7.900%, 5/1/2017		983,594
	1,107,000	6.220%, 4/30/2040		1,371,008
		Delta Air Lines, Inc.
	1,217,065	4.950%, 5/23/2019f		1,326,601
	715,000	4.750%, 5/7/2020		774,917
		ERAC USA Finance, LLC
	2,050,000	5.250%, 10/1/2020g		2,334,007
	1,085,000	4.500%, 8/16/2021g		1,182,371
		Hertz Corporation
	1,430,000	6.750%, 4/15/2019		1,551,550
		Navios Maritime Holdings, Inc.
	990,000	8.875%, 11/1/2017		977,625
		Navios South American Logistics, Inc./Navios Logistics Finance US, Inc.
	270,000	9.250%, 4/15/2019		270,000
		Penske Truck Leasing Company, LP
	2,135,000	2.500%, 3/15/2016g		2,170,650
	540,000	2.875%, 7/17/2018g		536,302
		Total		16,984,288
	U.S. Government and Agencies (4.9%)
		U.S. Treasury Bonds
	2,800,000	3.125%, 11/15/2041		2,799,126
	3,920,000	3.000%, 5/15/2042		3,812,200
		U.S. Treasury Notes
	3,590,000	2.875%, 3/31/2018		3,945,916
	2,090,000	2.375%, 6/30/2018		2,244,138
	2,840,000	3.625%, 2/15/2020		3,271,547
	4,500,000	3.500%, 5/15/2020		5,148,635
	3,980,000	2.625%, 11/15/2020		4,294,356
	4,195,000	3.125%, 5/15/2021		4,675,130
	3,675,000	2.000%, 11/15/2021		3,741,323

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

128

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	U.S. Government and Agencies (4.9%) - continued
		U.S. Treasury Notes, TIPS
	$2,211,497	0.125%, 4/15/2016		$2,346,781
	2,524,260	0.125%, 4/15/2017		2,716,934
	3,606,315	0.625%, 7/15/2021		4,086,691
		Total		43,082,777
	U.S. Municipals (0.5%)
		California General Obligation Bonds (Build America Bonds)
	720,000	7.950%, 3/1/2036		896,954
		Denver, Colorado City & County Airport Revenue Bonds
	1,450,000	5.250%, 11/15/2022		1,739,696
		Illinois State General Obligation Bonds
	1,825,000	5.877%, 3/1/2019		2,078,912
		Total		4,715,562
	Utilities (6.4%)
		Access Midstream Partners, LP
	1,080,000	4.875%, 5/15/2023		1,074,600
		AES Corporation
	935,000	7.750%, 10/15/2015		1,044,863
		Ameren Illinois Company
	1,800,000	6.125%, 11/15/2017		2,162,866
		American Electric Power Company, Inc.
	1,435,000	2.950%, 12/15/2022		1,414,980
		Cleveland Electric Illuminating Company
	1,065,000	5.700%, 4/1/2017		1,207,146
		Commonwealth Edison Company
	1,000,000	6.150%, 9/15/2017		1,201,358
		DCP Midstream Operating, LP
	1,440,000	2.500%, 12/1/2017		1,441,794
		DPL, Inc.
	1,770,000	6.500%, 10/15/2016		1,858,500
		DTE Energy Company
	1,500,000	6.375%, 4/15/2033		1,855,804
		El Paso Pipeline Partners Operating Company, LLC
	720,000	4.700%, 11/1/2042		685,205
		Electricite de France SA
	1,800,000	5.250%, 1/29/2049g,h		1,757,176
		Energy Transfer Partners, LP
	1,500,000	4.650%, 6/1/2021		1,616,241
	1,000,000	5.200%, 2/1/2022		1,116,313
		Enterprise Products Operating, LLC
	1,400,000	7.034%, 1/15/2068		1,603,000
	1,180,000	6.300%, 9/15/2017		1,420,774
	1,070,000	6.650%, 4/15/2018		1,320,706
		Exelon Generation Company, LLC
	600,000	5.200%, 10/1/2019		678,615
	1,500,000	4.000%, 10/1/2020		1,556,573
		Florida Power Corporation
	1,000,000	6.400%, 6/15/2038		1,310,375
		ITC Holdings Corporation
	2,000,000	5.875%, 9/30/2016g		2,267,546

Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Utilities (6.4%) - continued
		Kinder Morgan Energy Partners, LP
	$1,065,000	5.000%, 8/15/2042		$1,074,123
		Markwest Energy Partners, LP
	1,090,000	6.500%, 8/15/2021		1,182,650
		MarkWest Energy Partners, LP
	180,000	4.500%, 7/15/2023		179,100
		Nevada Power Company
	1,700,000	6.750%, 7/1/2037		2,321,117
		NiSource Finance Corporation
	1,700,000	6.400%, 3/15/2018		2,033,152
	1,800,000	5.450%, 9/15/2020		2,101,372
		NRG Energy, Inc.
	710,000	8.250%, 9/1/2020		802,300
		Ohio Edison Company
	950,000	6.875%, 7/15/2036		1,232,933
		Ohio Power Company
	1,600,000	6.050%, 5/1/2018		1,924,960
		ONEOK Partners, LP
	710,000	2.000%, 10/1/2017		715,608
		Pennsylvania Electric Company
	2,300,000	5.200%, 4/1/2020		2,610,109
		PPL Capital Funding, Inc.
	1,795,000	3.500%, 12/1/2022		1,804,508
		PPL Energy Supply, Inc.
	1,100,000	4.600%, 12/15/2021		1,185,074
		PSEG Power, LLC
	700,000	5.320%, 9/15/2016		792,214
		Southern California Edison Company
	1,415,000	6.250%, 8/1/2049h		1,563,363
		Southern Star Central Corporation
	2,400,000	6.750%, 3/1/2016		2,436,000
		Southwestern Public Service Company
	1,730,000	6.000%, 10/1/2036		2,087,022
		Union Electric Company
	1,600,000	6.400%, 6/15/2017		1,936,366
		Total		56,576,406
		Total Long-Term Fixed Income (cost $766,187,788)		819,851,173
Shares		Preferred Stock (1.5%)	Value
	Financials (1.5%)
	52,000	Annaly Capital Management, Inc., 7.500%h		1,302,600
	81,000	BB&T Corporation, 5.200%h		1,999,080
	12,500	CoBank ACB, 6.250%g,h		1,330,469
	72,000	Discover Financial Services, 6.500%h		1,836,000
	43,750	HSBC Holdings plc, 8.000%h		1,217,125
	91,786	PNC Financial Services Group, Inc., 6.125%h		2,483,729
	40,725	RBS Capital Funding Trust VII, 6.080%h,j		874,773
	44,925	The Allstate Corporation, 5.100%		1,146,935

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

129

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Preferred Stock (1.5%)	Value
	Financials (1.5%) - continued
	45,400	U.S. Bancorp, 6.500%h		$1,303,888
		Total		13,494,599
		Total Preferred Stock (cost $12,821,873)		13,494,599
Shares		Collateral Held for Securities Loaned (1.0%)	Value
	8,379,971	Thrivent Cash Management Trust		8,379,971
		Total Collateral Held for Securities Loaned (cost $8,379,971)		8,379,971
Shares or Principal Amount		Short-Term Investments (7.9%)	Value
		Federal Home Loan Bank Discount Notes
	700,000	0.105%, 6/7/2013k,l,m		699,742
	68,542,178	Thrivent Cash Management Trust		68,542,178
		Total Short-Term Investments (at amortized cost)		69,241,920
		Total Investments (cost $886,250,457) 106.9%		$941,075,117
		Other Assets and Liabilities, Net (6.9%)		(60,727,172)
		Total Net Assets 100.0%		$880,347,945

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.

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 January 31, 2013.

e All or a portion of the security is insured or guaranteed.

f All or a portion of the security is on loan.

g 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 January 31, 2013, the value of these investments was $136,527,631 or 15.5% of total net assets.

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

i 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 Income Fund owned as of January 31, 2013.

Security	Acquisition Date		Cost
Preferred Term Securities XXIII, Ltd.		9/14/2006		$2,443,096

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 January 31, 2013, $429,841 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

m At January 31, 2013, $269,900 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	$63,276,215
Gross unrealized depreciation	(8,451,555)
Net unrealized appreciation (depreciation)	$54,824,660
Cost for federal income tax purposes	$886,250,457

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

130

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Income Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		3,188,846		–		3,188,846		–
Capital Goods		544,390		–		544,390		–
Communications Services		8,553,420		–		8,553,420		–
Consumer Cyclical		2,884,074		–		2,884,074		–
Consumer Non-Cyclical		4,931,437		–		4,931,437		–
Energy		1,995,744		–		1,995,744		–
Financials		907,128		–		907,128		–
Technology		3,712,242		–		3,712,242		–
Transportation		1,441,633		–		1,441,633		–
Utilities		1,948,540		–		1,948,540		–
Long-Term Fixed Income
Asset-Backed Securities		7,997,390		–		7,997,390		–
Basic Materials		29,461,689		–		29,461,689		–
Capital Goods		21,117,063		–		21,117,063		–
Collateralized Mortgage Obligations		8,620,615		–		8,620,615		–
Commercial Mortgage-Backed Securities		14,788,679		–		14,788,679		–
Communications Services		80,027,288		–		80,027,288		–
Consumer Cyclical		48,399,084		–		48,399,084		–
Consumer Non-Cyclical		64,291,545		–		64,291,545		–
Energy		87,699,274		–		87,699,274		–
Financials		244,998,004		–		243,385,561		1,612,443
Foreign Government		18,933,410		–		18,933,410		–
Mortgage-Backed Securities		56,971,077		–		56,971,077		–
Technology		15,187,022		–		15,187,022		–
Transportation		16,984,288		–		16,984,288		–
U.S. Government and Agencies		43,082,777		–		43,082,777		–
U.S. Municipals		4,715,562		–		4,715,562		–
Utilities		56,576,406		–		56,576,406		–
Preferred Stock
Financials		13,494,599		12,164,130		1,330,469		–
Collateral Held for Securities Loaned		8,379,971		8,379,971		–		–
Short-Term Investments		69,241,920		68,542,178		699,742		–
Total		$941,075,117		$89,086,279		$850,376,395		$1,612,443
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,856,969		1,856,969		–		–
Total Asset Derivatives		$1,856,969		$1,856,969		$–		$–
Liability Derivatives
Futures Contracts		2,091,259		2,091,259		–		–
Credit Default Swaps		685,564		–		685,564		–
Total Liability Derivatives		$2,776,823		$2,091,259		$685,564		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

131

Income Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	155		March 2013		$34,165,864		$34,165,391		($473)
5-Yr. U.S. Treasury Bond Futures	(335)		March 2013		(41,748,353)		(41,451,017)		297,336
10-Yr. U.S. Treasury Bond Futures	(735)		March 2013		(98,051,352)		(96,491,719)		1,559,633
30-Yr. U.S. Treasury Bond Futures	360		March 2013		53,739,536		51,648,750		(2,090,786)
Total Futures Contracts									($234,290)

Credit Default Swaps and Counterparty	Buy/Sell Protection1	Termination Date		Notional Principal Amount2		Upfront Payments Received (Made)		Value3		Unrealized Gain/(Loss)
CDX HY, Series 18, 5 Year, at 5.00%; Bank of America	Buy		6/20/2017		$5,346,000		($225,689)		($177,093)		($402,782)
CDX HY, Series 19, 5 Year, at 5.00%; Bank of America	Buy		12/20/2017		5,380,000		(161,252)		(121,530)		(282,782)
Total Credit Default Swaps									($298,623)		($685,564)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

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 Income Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$7,306,530		$21,661,171		$20,587,730		8,379,971		$8,379,971		$3,328
Cash Management Trust- Short Term Investment		67,355,631		68,315,651		67,129,104		68,542,178		68,542,178		17,769
Total Value and Income Earned		74,662,161								76,922,149		21,097

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

132

Core Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (0.1%)a	Value
	Communications Services (0.1%)
		NEP Broadcasting, LLC, Term Loan
	$260,000	0.000%, 8/18/2020b,c		$264,009
		Total		264,009
		Total Bank Loans (cost $265,525)		264,009
Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Asset-Backed Securities (4.3%)
		Carrington Mortgage Loan Trust
	650,000	0.354%, 8/25/2036d		360,661
		Countrywide Asset-Backed Certificates
	675,000	5.859%, 10/25/2046		464,868
		Credit Based Asset Servicing and Securitization, LLC
	707,209	4.219%, 12/25/2036		464,783
		First Horizon ABS Trust
	1,364,586	0.334%, 10/25/2026d,e		1,165,061
	1,298,576	0.364%, 10/25/2034d,e		940,995
		GMAC Mortgage Corporation Loan Trust
	2,059,114	0.384%, 8/25/2035d,e		1,630,915
	1,666,688	0.384%, 12/25/2036d,e		1,212,406
		Master Credit Card Trust
	2,000,000	0.780%, 4/21/2017f		1,999,870
		Popular ABS Mortgage Pass- Through Trust
	900,000	5.297%, 11/25/2035		599,266
		Renaissance Home Equity Loan Trust
	1,455,535	5.608%, 5/25/2036		1,000,629
	995,211	5.285%, 1/25/2037		571,288
		Wachovia Asset Securitization, Inc.
	2,089,848	0.344%, 7/25/2037d,e,g		1,794,729
		Total		12,205,471
	Basic Materials (0.7%)
		Dow Chemical Company
	800,000	4.250%, 11/15/2020		875,563
		Freeport-McMoRan Copper & Gold, Inc.
	500,000	3.550%, 3/1/2022		487,286
		Xstrata Finance Canada, Ltd.
	550,000	2.450%, 10/25/2017f		554,597
		Total		1,917,446
	Capital Goods (1.1%)
		Eaton Corporation
	375,000	2.750%, 11/2/2022f		364,493
		John Deere Capital Corporation
	300,000	1.700%, 1/15/2020		292,942
		Precision Castparts Corporation
	500,000	1.250%, 1/15/2018		497,328
		Republic Services, Inc.
	400,000	5.000%, 3/1/2020		457,892
		Roper Industries, Inc.
	500,000	1.850%, 11/15/2017		498,587
		Textron, Inc.
	500,000	7.250%, 10/1/2019		604,227

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Capital Goods (1.1%) - continued
		United Technologies Corporation
	$400,000	0.811%, 6/1/2015d		$403,746
		Total		3,119,215
	Collateralized Mortgage Obligations (2.1%)
		Bear Stearns Mortgage Funding Trust
	400,243	0.484%, 8/25/2036d		114,471
		Countrywide Alternative Loan Trust
	1,139,906	6.000%, 1/25/2037		964,115
		GMAC Mortgage Corporation Loan Trust
	645,466	5.346%, 9/19/2035		643,615
		HomeBanc Mortgage Trust
	1,662,291	2.653%, 4/25/2037		1,102,262
		J.P. Morgan Alternative Loan Trust
	2,124,760	2.805%, 3/25/2036		1,590,876
	663,781	6.500%, 3/25/2036		599,802
		Master Asset Securitization Trust
	669,870	0.704%, 6/25/2036d		449,495
		WaMu Mortgage Pass Through Certificates
	320,219	2.690%, 8/25/2046		266,236
		Wells Fargo Mortgage Backed Securities Trust
	491,737	6.000%, 7/25/2037		486,985
		Total		6,217,857
	Commercial Mortgage-Backed Securities (6.1%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	445,170	5.613%, 6/11/2050		454,116
	377,049	0.356%, 3/15/2022d,f		374,203
		Citigroup/Deutsche Bank Commercial Mortgage
	1,250,000	5.322%, 12/11/2049		1,420,220
		Commercial Mortgage Pass- Through Certificates
	4,000,000	0.336%, 12/15/2020d,f		3,833,148
		Credit Suisse Mortgage Capital Certificates
	1,582,040	0.376%, 10/15/2021d,f		1,549,937
	1,200,000	5.467%, 9/15/2039		1,355,418
		Government National Mortgage Association
	1,443,128	3.214%, 1/16/2040		1,509,452
		GS Mortgage Securities Corporation II
	3,000,000	1.260%, 3/6/2020d,f		3,005,241
		LB-UBS Commercial Mortgage Trust
	700,000	5.866%, 9/15/2045		814,254
		Morgan Stanley Capital I
	1,000,000	3.224%, 7/15/2049		1,074,004
		Wachovia Bank Commercial Mortgage Trust
	2,000,000	5.765%, 7/15/2045		2,245,742
		Total		17,635,735

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

133

Core Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Communications Services (2.8%)
		American Tower Corporation
	$1,000,000	5.050%, 9/1/2020		$1,108,963
		AT&T, Inc.
	600,000	1.400%, 12/1/2017		595,499
		British Sky Broadcasting Group plc
	300,000	3.125%, 11/26/2022f		294,018
		CBS Corporation
	800,000	8.875%, 5/15/2019		1,076,200
		Cox Communications, Inc.
	350,000	3.250%, 12/15/2022f		350,425
	750,000	8.375%, 3/1/2039f		1,114,462
		Crown Castle Towers, LLC
	800,000	4.883%, 8/15/2020f		908,038
		Discovery Communications, LLC
	400,000	4.950%, 5/15/2042		405,311
		Qwest Communications International, Inc.
	450,000	7.125%, 4/1/2018		469,442
		SBA Tower Trust
	800,000	5.101%, 4/17/2017f		895,416
		Time Warner Cable, Inc.
	450,000	4.500%, 9/15/2042		418,411
		Virgin Media Secured Finance plc
	400,000	5.250%, 1/15/2021		454,860
		Total		8,091,045
	Consumer Cyclical (1.3%)
		California Institute of Technology
	750,000	4.700%, 11/1/2111		772,041
		Daimler Finance North America, LLC
	400,000	0.905%, 1/9/2015d,f		399,855
		Dartmouth College
	575,000	3.760%, 6/1/2043		565,458
		Ford Motor Credit Company, LLC
	500,000	3.984%, 6/15/2016		530,171
	400,000	5.000%, 5/15/2018		438,518
		Macy’s Retail Holdings, Inc.
	800,000	7.450%, 7/15/2017		985,210
		Total		3,691,253
	Consumer Non-Cyclical (3.5%)
		AbbVie, Inc.
	700,000	1.750%, 11/6/2017f		701,522
		Altria Group, Inc.
	400,000	4.250%, 8/9/2042		375,428
		Anheuser-Busch InBev Worldwide, Inc.
	700,000	1.375%, 7/15/2017		702,500
		Celgene Corporation
	1,000,000	3.950%, 10/15/2020		1,071,558
		Coca-Cola Enterprises, Inc.
	500,000	3.250%, 8/19/2021		510,781
		Colgate-Palmolive Company
	500,000	2.625%, 5/1/2017		531,020
		CVS Caremark Corporation
	500,000	6.125%, 9/15/2039		628,552
		Express Scripts Holding Company
	400,000	3.900%, 2/15/2022		423,895
		HCA, Inc.
	800,000	6.500%, 2/15/2020		890,000

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Consumer Non-Cyclical (3.5%) - continued
		Heineken NV
	$200,000	1.400%, 10/1/2017f		$198,371
	400,000	2.750%, 4/1/2023f		385,671
		Koninklijke Philips Electronics NV
	600,000	3.750%, 3/15/2022		643,797
		Mayo Clinic Rochester
	450,000	3.774%, 11/15/2043		423,186
		Mylan, Inc.
	400,000	7.875%, 7/15/2020f		467,309
	450,000	3.125%, 1/15/2023f		437,202
		Reynolds American, Inc.
	275,000	1.050%, 10/30/2015		274,829
	325,000	3.250%, 11/1/2022		321,641
		SABMiller Holdings, Inc.
	800,000	3.750%, 1/15/2022f		849,659
		Zoetis, Inc.
	300,000	3.250%, 2/1/2023f		297,847
		Total		10,134,768
	Energy (2.0%)
		BP Capital Markets plc
	1,000,000	4.500%, 10/1/2020		1,138,163
		EOG Resources, Inc.
	425,000	2.625%, 3/15/2023		417,194
		International Petroleum Investment Company, Ltd.
	1,000,000	5.000%, 11/15/2020f		1,128,750
		Marathon Oil Corporation
	400,000	0.900%, 11/1/2015		400,215
		Rowan Companies, Inc.
	1,025,000	4.875%, 6/1/2022		1,110,104
		Valero Energy Corporation
	800,000	6.125%, 2/1/2020		961,873
		Weatherford International, Ltd.
	500,000	6.000%, 3/15/2018		570,519
		Total		5,726,818
	Financials (12.7%)
		Ally Financial, Inc.
	400,000	4.500%, 2/11/2014		411,000
		American Express Bank FSB
	500,000	6.000%, 9/13/2017		596,019
		Associated Banc Corporation
	425,000	1.875%, 3/12/2014		426,563
		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
	300,000	4.125%, 11/9/2022f		303,000
		Bank of America Corporation
	400,000	5.650%, 5/1/2018		461,876
	400,000	5.875%, 2/7/2042		486,076
		Bank of New York Mellon Corporation
	450,000	1.162%, 11/24/2014d		455,696
	450,000	1.700%, 11/24/2014		458,858
		Barclays Bank plc
	550,000	5.140%, 10/14/2020		571,729
		Bear Stearns Companies, LLC
	800,000	6.400%, 10/2/2017		958,872

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

134

Core Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Financials (12.7%) - continued
		Berkshire Hathaway Finance Corporation
	$400,000	1.600%, 5/15/2017		$404,107
		Boston Properties, LP
	800,000	4.125%, 5/15/2021		858,527
		Camden Property Trust
	225,000	2.950%, 12/15/2022		215,930
		Citigroup, Inc.
	409,000	1.238%, 4/1/2014d		411,025
		CNA Financial Corporation
	800,000	6.500%, 8/15/2016		922,654
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	500,000	4.750%, 1/15/2020f		564,530
	500,000	11.000%, 12/29/2049f,h		670,000
		Credit Suisse Securities USA, LLC
	1,200,000	1.000%, 4/28/2017i		1,305,720
		Discover Bank
	500,000	7.000%, 4/15/2020		614,527
		Duke Realty, LP
	475,000	3.875%, 10/15/2022		484,030
		Eksportfinans ASA
	500,000	2.375%, 5/25/2016		477,389
		Fifth Third Bancorp
	650,000	5.450%, 1/15/2017		725,423
		General Electric Capital Corporation
	800,000	3.800%, 6/18/2019f		852,995
	300,000	6.750%, 3/15/2032		379,006
		Goldman Sachs Group, Inc.
	750,000	2.375%, 1/22/2018		751,850
		Goldman Sachs Group, Inc., Convertible
	20,398	1.000%, 7/10/2013f,j		594,908
		HCP, Inc.
	800,000	5.375%, 2/1/2021		926,997
		Health Care REIT, Inc.
	800,000	6.125%, 4/15/2020		933,326
		HSBC Holdings plc
	575,000	6.500%, 5/2/2036		712,457
		ING Bank NV
	250,000	5.000%, 6/9/2021f		281,449
	650,000	2.625%, 12/5/2022f		637,499
		ING Capital Funding Trust III
	200,000	3.911%, 12/29/2049d,h		190,000
		International Lease Finance Corporation
	300,000	8.625%, 9/15/2015		340,875
		J.P. Morgan Chase & Company
	725,000	2.000%, 8/15/2017		732,476
	400,000	1.201%, 1/25/2018d		401,741
		Kilroy Realty, LP
	400,000	3.800%, 1/15/2023		400,810
		Kommuninvest I Sverige AB
	275,000	1.000%, 10/24/2017f		273,323
		Liberty Mutual Group, Inc.
	200,000	4.950%, 5/1/2022f		217,199
		Liberty Property, LP
	630,000	5.500%, 12/15/2016		715,192
		Lloyds TSB Bank plc
	600,000	6.500%, 9/14/2020f		666,151
		Macquarie Bank, Ltd.
	500,000	5.000%, 2/22/2017f		547,987

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Financials (12.7%) - continued
		Metropolitan Life Global Funding I
	$750,000	3.650%, 6/14/2018f		$820,078
		Morgan Stanley
	800,000	7.300%, 5/13/2019		979,299
		National Australia Bank, Ltd.
	300,000	2.000%, 6/20/2017f		308,790
		PNC Funding Corporation
	800,000	5.125%, 2/8/2020		939,571
		Principal Financial Group, Inc.
	800,000	8.875%, 5/15/2019		1,082,790
		Prudential Financial, Inc.
	725,000	6.100%, 6/15/2017		851,446
		Rabobank Capital Funding Trust II
	405,000	5.260%, 12/29/2049f,h		406,012
		Reinsurance Group of America, Inc.
	950,000	5.625%, 3/15/2017		1,074,724
		Royal Bank of Canada
	850,000	1.002%, 10/30/2014d		857,785
		Royal Bank of Scotland Group plc
	225,000	6.125%, 12/15/2022		231,683
		Simon Property Group, LP
	800,000	4.375%, 3/1/2021		893,213
		SLM Corporation
	150,000	4.625%, 9/25/2017		155,638
		Standard Chartered plc
	400,000	3.950%, 1/11/2023f		394,012
		Swiss RE Capital I, LP
	850,000	6.854%, 5/29/2049f,h		903,125
		Travelers Companies, Inc.
	350,000	6.250%, 6/15/2037		461,714
		UBS AG/London
	900,000	1.875%, 1/23/2015f		920,796
		UnionBanCal Corporation
	575,000	3.500%, 6/18/2022		597,601
		WEA Finance, LLC
	600,000	6.750%, 9/2/2019f		740,109
		Willis North America, Inc.
	570,000	6.200%, 3/28/2017		648,666
		Total		36,606,844
	Foreign Government (2.8%)
		Bank Nederlandse Gemeenten NV
	900,000	4.375%, 2/16/2021f		1,038,960
		Chile Government International Bond
	800,000	3.875%, 8/5/2020		886,000
		Corporacion Andina de Fomento
	425,000	4.375%, 6/15/2022		462,057
		Inter-American Development Bank
	875,000	0.247%, 2/11/2016c,d		875,000
		Mexico Government International Bond
	450,000	6.050%, 1/11/2040		563,625
		Province of British Columbia
	1,375,000	2.650%, 9/22/2021		1,426,123
		Province of Manitoba
	750,000	1.300%, 4/3/2017		764,400
		Province of New Brunswick
	475,000	2.750%, 6/15/2018		507,445

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

135

Core Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Foreign Government (2.8%) - continued
		Province of Ontario
	$750,000	0.360%, 8/13/2015c,d		$750,000
	750,000	1.100%, 10/25/2017		746,775
		Total		8,020,385
	Mortgage-Backed Securities (25.2%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,175,000	2.500%, 2/1/2028c		7,412,672
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	6,750,000	3.000%, 2/1/2043c		6,939,844
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	9,650,000	2.500%, 2/1/2028c		9,990,765
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	9,362,500	3.000%, 2/1/2043c		9,668,244
	17,425,000	3.500%, 2/1/2043c		18,375,206
	18,887,500	4.000%, 2/1/2043c		20,073,871
		Total		72,460,602
	Technology (0.3%)
		Affiliated Computer Services, Inc.
	800,000	5.200%, 6/1/2015		861,380
		Total		861,380
	Transportation (1.2%)
		Burlington Northern Santa Fe, LLC
	400,000	3.050%, 9/1/2022		406,347
		Continental Airlines, Inc.
	625,000	4.150%, 4/11/2024		653,906
		CSX Corporation
	800,000	3.700%, 10/30/2020		860,995
		Delta Air Lines, Inc.
	434,666	4.950%, 5/23/2019		473,786
	250,000	4.750%, 5/7/2020		270,950
		ERAC USA Finance, LLC
	800,000	5.250%, 10/1/2020f		910,832
		Total		3,576,816
	U.S. Government and Agencies (33.6%)
		Federal Home Loan Banks
	10,000,000	0.135%, 4/19/2013d		10,000,190
	2,750,000	0.250%, 1/16/2015		2,748,127
	650,000	0.500%, 11/20/2015		651,916
		Federal Home Loan Mortgage Corporation
	5,000,000	0.156%, 6/17/2013d		5,002,135
	1,000,000	1.250%, 8/1/2019		991,687
	875,000	1.250%, 10/2/2019		863,909
		U.S. Treasury Bonds
	1,500,000	4.500%, 5/15/2038		1,904,297
	100,000	3.500%, 2/15/2039		108,359
	6,310,000	3.000%, 5/15/2042		6,136,475
		U.S. Treasury Bonds, TIPS
	1,019,009	0.750%, 2/15/2042		1,079,593

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	U.S. Government and Agencies (33.6%) - continued
		U.S. Treasury Notes
	$2,000,000	0.750%, 6/15/2014		$2,014,610
	2,000,000	0.250%, 10/31/2014		2,000,312
	4,275,000	0.250%, 9/15/2015		4,262,641
	3,750,000	1.000%, 10/31/2016		3,807,420
	8,350,000	0.750%, 6/30/2017		8,352,605
	1,000,000	2.375%, 6/30/2018		1,073,750
	25,400,000	0.875%, 7/31/2019		24,796,750
	1,500,000	1.625%, 8/15/2022		1,459,337
		U.S. Treasury Notes, TIPS
	5,068,795	0.125%, 4/15/2017		5,455,691
	6,210,275	1.125%, 1/15/2021		7,267,966
	6,205,707	0.125%, 1/15/2022		6,707,501
		Total		96,685,271
	U.S. Municipals (0.4%)
		North Texas Tollway Authority Revenue Bonds (Build America Bonds)
	850,000	6.718%, 1/1/2049		1,135,770
		Total		1,135,770
	Utilities (3.6%)
		Cleveland Electric Illuminating Company
	825,000	5.700%, 4/1/2017		935,113
		Duke Energy Carolinas, LLC
	350,000	4.000%, 9/30/2042		346,143
		Electricite de France SA
	400,000	5.250%, 1/29/2049f,h		390,484
		Energy Transfer Partners, LP
	1,000,000	4.650%, 6/1/2021		1,077,494
		FirstEnergy Solutions Corporation
	850,000	4.800%, 2/15/2015		912,183
		ITC Holdings Corporation
	500,000	6.050%, 1/31/2018f		583,692
		Kinder Morgan Energy Partners, LP
	400,000	5.300%, 9/15/2020		460,266
		MidAmerican Energy Holdings Company
	775,000	6.500%, 9/15/2037		1,009,171
		NiSource Finance Corporation
	400,000	6.125%, 3/1/2022		476,374
	400,000	3.850%, 2/15/2023		408,021
		ONEOK Partners, LP
	450,000	8.625%, 3/1/2019		599,223
		Pennsylvania Electric Company
	800,000	5.200%, 4/1/2020		907,864
		Sempra Energy
	400,000	2.300%, 4/1/2017		412,645
		Union Electric Company
	1,150,000	6.400%, 6/15/2017		1,391,763

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

136

Core Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (103.7%)	Value
	Utilities (3.6%) - continued
		Williams Partners, LP
	$450,000	3.350%, 8/15/2022		$446,911
		Total		10,357,347
		Total Long-Term Fixed Income (cost $292,532,313)		298,444,023
	Fixed Income Mutual Funds (4.5%)
	2,567,118	Thrivent High Yield Fund		13,092,302
		Total		13,092,302
		Total Other Mutual Funds (cost $9,528,600)		13,092,302
Shares		Preferred Stock (0.3%)	Value
	Financials (0.3%)
	10,000	Discover Financial Services, 6.500%h		255,000
	16,000	HSBC Holdings plc, 8.000%h		445,120
	4,400	The Allstate Corporation, 5.100%		112,332
		Total		812,452
		Total Preferred Stock (cost $759,600)		812,452
Shares or Principal Amount		Short-Term Investments (16.6%)	Value
		Federal Home Loan Bank Discount Notes
	200,000	0.138%, 6/7/2013k,l		199,904
	47,687,810	Thrivent Cash Management Trust		47,687,810
		Total Short-Term Investments (at amortized cost)		47,887,714
		Total Investments (cost $350,973,752) 125.2%		$360,500,500
		Other Assets and Liabilities, Net (25.2%)		(72,632,121)
		Total Net Assets 100.0%		$287,868,379

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.

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 January 31, 2013.

e All or a portion of the security is insured or guaranteed.

f 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 January 31, 2013, the value of these investments was $33,135,965 or 11.5% of total net assets.

g 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 Core Bond Fund owned as of January 31, 2013.

Security	Acquisition Date		Cost
Wachovia Asset Securitization, Inc.		3/16/2007		$2,089,848

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

i Denotes equity-linked structured security. This security is linked to the S&P 500 Index.

j Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Microsoft Corporation.

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

l At January 31, 2013, $199,904 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures 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	$15,386,999
Gross unrealized depreciation	(5,860,251)
Net unrealized appreciation (depreciation)	$9,526,748
Cost for federal income tax purposes	$350,973,752

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

137

Core Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Core Bond Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Communications Services		264,009		–		264,009		–
Long-Term Fixed Income
Asset-Backed Securities		12,205,471		–		12,205,471		–
Basic Materials		1,917,446		–		1,917,446		–
Capital Goods		3,119,215		–		3,119,215		–
Collateralized Mortgage Obligations		6,217,857		–		6,217,857		–
Commercial Mortgage-Backed Securities		17,635,735		–		17,635,735		–
Communications Services		8,091,045		–		8,091,045		–
Consumer Cyclical		3,691,253		–		3,691,253		–
Consumer Non-Cyclical		10,134,768		–		10,134,768		–
Energy		5,726,818		–		5,726,818		–
Financials		36,606,844		–		34,706,216		1,900,628
Foreign Government		8,020,385		–		8,020,385		–
Mortgage-Backed Securities		72,460,602		–		72,460,602		–
Technology		861,380		–		861,380		–
Transportation		3,576,816		–		3,576,816		–
U.S. Government and Agencies		96,685,271		–		96,685,271		–
U.S. Municipals		1,135,770		–		1,135,770		–
Utilities		10,357,347		–		10,357,347		–
Fixed Income Mutual Funds		13,092,302		13,092,302		–		–
Preferred Stock
Financials		812,452		812,452		–		–
Short-Term Investments		47,887,714		47,687,810		199,904		–
Total		$360,500,500		$61,592,564		$297,007,308		$1,900,628
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		612,867		612,867		–		–
Total Asset Derivatives		$612,867		$612,867		$–		$–
Liability Derivatives
Futures Contracts		466,334		466,334		–		–
Credit Default Swaps		331,160		–		331,160		–
Total Liability Derivatives		$797,494		$466,334		$331,160		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	(50)		March 2013		($11,019,379)		($11,021,094)		($1,715)
5-Yr. U.S. Treasury Bond Futures	(45)		March 2013		(5,607,988)		(5,568,047)		39,941
10-Yr. U.S. Treasury Bond Futures	(270)		March 2013		(36,018,864)		(35,445,938)		572,926
30-Yr. U.S. Treasury Bond Futures	80		March 2013		11,942,119		11,477,500		(464,619)
Total Futures Contracts									$146,533

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

138

Core Bond Fund

Schedule of Investments as of January 31, 2013

(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 19, 5 Year, at	Buy		12/20/2017		$6,000,000		($104,473)		($135,535)		($240,008)
5.00%; Bank of America
CDX IG, Series 19, 5 Year, at	Buy		12/20/2017		12,000,000		(28,703)		(62,449)		(91,152)
1.00%; Bank of America
Total Credit Default Swaps									($197,984)		($331,160)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

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 Core Bond Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
High Yield		$13,256,528		$–		$400,000		2,567,118		$13,092,302		$216,180
Cash Management Trust-Short Term Investment		43,110,519		23,102,743		18,525,452		47,687,810		47,687,810		13,023
Total Value and Income Earned		56,367,047								60,780,112		229,203

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

139

Government Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (98.6%)	Value
	Asset-Backed Securities (1.3%)
		Education Loan Asset-Backed Trust I
	$419,089	0.654%, 6/25/2022a		$419,440
		Northstar Education Finance, Inc.
	973,014	0.904%, 12/26/2031a,b		977,591
		Total		1,397,031
	Commercial Mortgage-Backed Securities (2.2%)
		Federal National Mortgage Association
	1,000,000	0.953%, 11/25/2015		1,008,030
		Government National Mortgage Association
	689,941	2.164%, 3/16/2033		700,092
	577,251	3.214%, 1/16/2040		603,780
		Total		2,311,902
	Financials (6.8%)
		Achmea Hypotheekbank NV
	608,000	3.200%, 11/3/2014b		635,603
		Bank of Montreal
	750,000	2.625%, 1/25/2016b		792,450
		Bank of Nova Scotia
	500,000	1.450%, 7/26/2013b		502,550
		Canadian Imperial Bank of Commerce
	1,000,000	2.600%, 7/2/2015b		1,048,300
		Dexia Credit Local SA
	500,000	2.750%, 4/29/2014b		508,829
		National Bank of Canada
	500,000	2.200%, 10/19/2016b		524,200
		NCUA Guaranteed Notes
	648,569	0.658%, 10/7/2020a		652,141
		Private Export Funding Corporation
	1,000,000	1.375%, 2/15/2017		1,022,526
	1,000,000	2.050%, 11/15/2022		978,750
		Toronto-Dominion Bank
	500,000	2.200%, 7/29/2015b		519,950
		Total		7,185,299
	Foreign Government (4.9%)
		Bank Nederlandse Gemeenten NV
	280,000	4.375%, 2/16/2021b		323,232
		Export Development Canada
	1,000,000	0.750%, 12/15/2017c		989,800
		Inter-American Development Bank
	500,000	0.247%, 2/11/2016a,d		500,000
	1,000,000	0.875%, 3/15/2018		993,690
		Kommunalbanken AS
	500,000	2.750%, 5/5/2015b		524,600
		Kreditanstalt fuer Wiederaufbau
	825,000	0.216%, 6/17/2013a		825,027
		Province of British Columbia
	1,000,000	2.650%, 9/22/2021		1,037,180
		Total		5,193,529

Principal Amount		Long-Term Fixed Income (98.6%)	Value
	Mortgage-Backed Securities (6.1%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	$1,350,000	2.500%, 2/1/2028d		$1,394,719
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	600,000	3.000%, 2/1/2043d		616,875
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	562,954	2.250%, 6/25/2025		579,795
	525,000	2.500%, 2/1/2028d		543,539
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	600,000	3.000%, 2/1/2043d		619,594
	1,400,000	3.500%, 2/1/2043d		1,476,343
	1,125,000	4.000%, 2/1/2043d		1,195,664
		Total		6,426,529
	U.S. Government and Agencies (76.2%)
		FDIC Structured Sale Guaranteed Notes
	400,000	Zero Coupon, 1/7/2014b		398,416
		Federal Agricultural Mortgage Corporation
	1,000,000	2.125%, 9/15/2015		1,037,117
	1,000,000	2.000%, 7/27/2016		1,045,871
		Federal Farm Credit Banks
	500,000	2.210%, 8/1/2024		488,530
		Federal Home Loan Banks
	175,000	0.375%, 1/29/2014		175,339
	1,000,000	0.500%, 11/20/2015		1,002,947
		Federal Home Loan Mortgage Corporation
	660,000	1.750%, 9/10/2015		683,285
	6,000,000	0.750%, 1/12/2018		5,931,096
	3,000,000	0.875%, 3/7/2018		2,979,360
	1,000,000	1.250%, 8/1/2019		991,687
	1,000,000	1.250%, 10/2/2019		987,324
	3,000,000	2.375%, 1/13/2022		3,083,058
		Federal National Mortgage Association
	815,000	1.250%, 2/27/2014		825,202
	2,450,000	0.500%, 5/27/2015		2,458,607
	5,000,000	0.375%, 12/21/2015		4,989,330
	500,000	1.375%, 11/15/2016		513,297
	2,950,000	0.875%, 12/20/2017		2,938,005
	1,250,000	6.250%, 5/15/2029		1,754,475
		Tennessee Valley Authority
	1,225,000	5.250%, 9/15/2039		1,558,321
		U.S. Treasury Bonds
	2,125,000	7.625%, 2/15/2025		3,347,538
	850,000	6.500%, 11/15/2026		1,256,539
	650,000	3.000%, 5/15/2042		632,125
		U.S. Treasury Bonds, TIPS
	335,923	2.375%, 1/15/2025		448,668
	346,226	2.125%, 2/15/2040		493,804
	509,504	0.750%, 2/15/2042		539,797
		U.S. Treasury Notes
	1,000,000	0.750%, 6/15/2014		1,007,305
	200,000	0.250%, 10/31/2014		200,031

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

140

Government Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (98.6%)	Value
	U.S. Government and Agencies (76.2%) - continued
	$3,000,000	0.250%, 11/30/2014		$2,999,883
	425,000	2.625%, 2/29/2016		453,422
	1,050,000	1.000%, 10/31/2016		1,066,078
	2,500,000	0.875%, 2/28/2017		2,521,095
	3,500,000	3.250%, 3/31/2017		3,869,687
	50,000	0.750%, 6/30/2017		50,016
	500,000	2.375%, 6/30/2018		536,875
	14,520,000	0.875%, 7/31/2019		14,175,150
	5,580,000	1.625%, 8/15/2022		5,428,732
		U.S. Treasury Notes, TIPS
	120,588	1.625%, 1/15/2015		129,029
	1,267,199	0.125%, 4/15/2017		1,363,923
	1,555,357	2.625%, 7/15/2017		1,870,926
	1,078,389	1.875%, 7/15/2019		1,314,120
	1,578,883	1.125%, 1/15/2021		1,847,788
	890,163	0.125%, 1/15/2022		962,141
		Total		80,355,939
	Utilities (1.1%)
		John Sevier Combined Cycle Generation, LLC
	987,087	4.626%, 1/15/2042		1,104,008
		Total		1,104,008
		Total Long-Term Fixed Income (cost $101,192,426)		103,974,237
Shares		Collateral Held for Securities Loaned (1.0%)	Value
	1,012,500	Thrivent Cash Management Trust		1,012,500
		Total Collateral Held for Securities Loaned (cost $1,012,500)		1,012,500
Shares or Principal Amount		Short-Term Investments (7.0%)	Value
	7,405,533	Thrivent Cash Management Trust		7,405,533
		Total Short-Term Investments (at amortized cost)		7,405,533
		Total Investments (cost $109,610,459) 106.6%		$112,392,270
		Other Assets and Liabilities, Net (6.6%)		(6,987,391)
		Total Net Assets 100.0%		$105,404,879

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 January 31, 2013.

b 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 January 31, 2013, the value of these investments was $6,755,721 or 6.4% of total net assets.

c All or a portion of the security is on loan.

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

        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	$3,241,714
Gross unrealized depreciation	(459,903)
Net unrealized appreciation (depreciation)	$2,781,811
Cost for federal income tax purposes	$109,610,459

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

141

Government Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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
Asset-Backed Securities		1,397,031		–		1,397,031		–
Commercial Mortgage-Backed Securities		2,311,902		–		2,311,902		–
Financials		7,185,299		–		7,185,299		–
Foreign Government		5,193,529		–		5,193,529		–
Mortgage-Backed Securities		6,426,529		–		6,426,529		–
U.S. Government and Agencies		80,355,939		–		80,355,939		–
Utilities		1,104,008		–		1,104,008		–
Collateral Held for Securities Loaned		1,012,500		1,012,500		–		–
Short-Term Investments		7,405,533		7,405,533		–		–
Total		$112,392,270		$8,418,033		$103,974,237		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

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 Government Bond Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
Cash Management Trust- Collateral Investment		$–		$6,123,750		$5,111,250		1,012,500		$1,012,500		$4,834
Cash Management Trust- Short Term Investment		4,848,944		19,586,714		17,030,125		7,405,533		7,405,533		1,932
Total Value and Income Earned		4,848,944								8,418,033		6,766

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

142

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Bank Loans (0.2%)a	Value
	Communications Services (0.1%)
		NEP Broadcasting, LLC, Term Loan
	$710,000	0.000%, 8/18/2020b,c		$720,948
		Total		720,948
	Consumer Cyclical (<0.1%)
		MGM Resorts International, Term Loan
	510,000	3.800%, 12/13/2019		517,007
		Total		517,007
	Technology (0.1%)
		Freescale Semiconductor, Inc., Term Loan
	997,487	6.000%, 2/28/2019		999,732
		Total		999,732
		Total Bank Loans (cost $2,230,235)		2,237,687
Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Asset-Backed Securities (11.3%)
		Avis Budget Rental Car Funding AESOP, LLC
	6,000,000	2.370%, 11/20/2014d		6,141,174
		Carrington Mortgage Loan Trust
	1,000,000	0.354%, 8/25/2036e		554,863
		Citibank Omni Master Trust
	4,000,000	4.900%, 11/15/2018d		4,301,896
		Countrywide Home Loans, Inc.
	856,305	6.085%, 6/25/2021f		753,380
		Credit Based Asset Servicing and Securitization, LLC
	742,569	4.219%, 12/25/2036		488,022
		Discover Card Master Trust
	4,500,000	0.856%, 9/15/2015e		4,502,849
		Edlinc Student Loan Funding Trust
	2,829,470	3.250%, 10/1/2025d,e		2,855,997
		Education Loan Asset-Backed Trust I
	5,867,249	0.654%, 6/25/2022e		5,872,160
		Enterprise Fleet Financing, LLC
	2,568,280	1.430%, 10/20/2016d		2,574,860
	2,000,000	0.720%, 4/20/2018d		2,000,500
		First Franklin Mortgage Loan Asset-Backed Certificates
	86,028	5.500%, 3/25/2036g,h		1
		First Horizon ABS Trust
	351,932	0.334%, 9/25/2029e,f		303,386
		Ford Credit Floor Plan Master Owner Trust
	5,000,000	1.500%, 9/15/2015		5,032,470
		Fosse Master Issuer plc
	2,975,433	1.703%, 10/18/2054d,e		3,017,473
		GE Dealer Floorplan Master Note Trust
	4,000,000	0.645%, 10/20/2017e		4,008,748
		GMAC Mortgage Corporation Loan Trust
	617,734	0.384%, 8/25/2035e,f		489,275
	807,409	5.750%, 10/25/2036f		719,891

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Asset-Backed Securities (11.3%) - continued
	$1,250,016	0.384%, 12/25/2036e,f		$909,304
		Hyundai Auto Lease Securitization Trust
	4,387,078	1.020%, 8/15/2014d		4,396,155
		J.P. Morgan Mortgage Trust
	1,162,834	2.855%, 2/25/2036		1,036,089
		Master Credit Card Trust
	7,000,000	0.780%, 4/21/2017d		6,999,545
		Montana Higher Education Student Assistance Corporation
	2,333,403	0.805%, 9/20/2022e		2,341,383
		Mortgage Equity Conversion Asset Trust
	2,478,447	0.640%, 1/25/2042e,g		1,982,757
	2,411,101	0.620%, 2/25/2042e,g		1,928,881
		Nationstar Agency Advance Funding Trust
	2,800,000	0.997%, 2/15/2045d		2,800,000
		Nissan Auto Receivables Owner Trust
	22,647	4.740%, 8/17/2015		22,685
		Northstar Education Finance, Inc.
	3,892,055	0.904%, 12/26/2031d,e		3,910,363
		Renaissance Home Equity Loan Trust
	1,586,414	5.608%, 5/25/2036		1,090,604
	746,408	5.285%, 1/25/2037		428,466
		SLM Student Loan Trust
	5,052,160	0.371%, 4/27/2020e		5,048,487
	2,286,657	1.306%, 1/18/2022d,e		2,307,108
	4,791,634	0.371%, 4/25/2022e		4,786,473
	1,957,018	0.381%, 4/25/2023e		1,954,860
	3,642,644	0.956%, 10/16/2023d,e		3,659,261
	2,026,465	0.604%, 3/25/2025e		2,029,452
	5,467,772	0.724%, 3/25/2026e		5,511,787
		Toyota Auto Receivables Owner Trust
	171,659	1.270%, 12/16/2013		171,725
		Wachovia Asset Securitization, Inc.
	783,693	0.344%, 7/25/2037e,f,g		673,024
		Wachovia Student Loan Trust
	2,697,989	0.411%, 7/27/2020e		2,689,196
		World Omni Auto Receivables Trust
	1,250,000	1.330%, 1/15/2018		1,266,716
		Total		101,561,266
	Basic Materials (1.0%)
		BHP Billiton Finance USA, Ltd.
	3,000,000	0.581%, 2/18/2014e		3,007,143
		Dow Chemical Company
	1,500,000	2.500%, 2/15/2016		1,557,627
		Freeport-McMoRan Copper & Gold, Inc.
	2,000,000	1.400%, 2/13/2015		2,013,568
	750,000	2.150%, 3/1/2017		755,488
		Xstrata Finance Canada, Ltd.
	1,950,000	2.450%, 10/25/2017d		1,966,298
		Total		9,300,124

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

143

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Capital Goods (1.4%)
		Caterpillar Financial Services Corporation
	$1,000,000	1.625%, 6/1/2017		$1,014,371
		Danaher Corporation
	1,000,000	0.560%, 6/21/2013e		1,000,804
		Eaton Corporation
	2,000,000	1.500%, 11/2/2017d		1,995,254
		John Deere Capital Corporation
	3,000,000	0.405%, 10/8/2014e		3,001,236
		Precision Castparts Corporation
	1,600,000	1.250%, 1/15/2018		1,591,448
		Roper Industries, Inc.
	1,600,000	1.850%, 11/15/2017		1,595,477
		Textron, Inc.
	1,300,000	6.200%, 3/15/2015		1,421,061
		United Technologies Corporation
	1,000,000	0.811%, 6/1/2015e		1,009,365
		Total		12,629,016
	Collateralized Mortgage Obligations (2.8%)
		American Home Mortgage Assets Trust
	1,423,829	1.091%, 11/25/2046e		793,748
		Bear Stearns Adjustable Rate Mortgage Trust
	768,888	2.470%, 10/25/2035e		756,568
		Countrywide Alternative Loan Trust
	615,345	5.500%, 11/25/2035		620,062
	495,128	5.500%, 2/25/2036		418,369
	713,780	6.000%, 1/25/2037		603,704
		Countrywide Home Loans, Inc.
	921,395	2.725%, 3/20/2036		690,185
	964,632	2.836%, 9/20/2036		629,569
		Deutsche Alt-A Securities Mortgage Loan Trust
	1,654,501	0.942%, 4/25/2047e		1,292,217
		GSR Mortgage Loan Trust
	1,491,341	0.394%, 8/25/2046e		1,414,791
		HomeBanc Mortgage Trust
	949,881	2.653%, 4/25/2037		629,864
		Impac CMB Trust
	717,570	0.844%, 8/25/2035e		625,719
		J.P. Morgan Alternative Loan Trust
	1,591,445	2.805%, 3/25/2036		1,191,566
		J.P. Morgan Mortgage Trust
	636,020	2.998%, 10/25/2036		526,181
		Master Asset Securitization Trust
	1,272,752	0.704%, 6/25/2036e		854,040
		Permanent Master plc
	5,000,000	1.804%, 7/15/2042d,e		5,047,575
		Residential Accredit Loans, Inc.
	849,577	3.839%, 9/25/2035		671,289
		Wachovia Mortgage Loan Trust, LLC
	678,925	3.032%, 5/20/2036		577,613
		WaMu Mortgage Pass Through Certificates
	560,016	0.494%, 10/25/2045e		525,877
	1,398,731	1.051%, 10/25/2046e		1,099,836
	1,747,465	0.991%, 12/25/2046e		1,357,787

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Collateralized Mortgage Obligations (2.8%) - continued
	$1,651,457	0.911%, 1/25/2047e		$1,239,301
		Washington Mutual Alternative Mortgage Pass Through Certificates
	1,169,077	1.091%, 9/25/2046e		627,706
	1,898,780	0.921%, 2/25/2047e		1,029,376
		Wells Fargo Mortgage Backed Securities Trust
	293,065	2.625%, 3/25/2036		292,766
	1,094,808	2.758%, 3/25/2036		1,074,928
		Total		24,590,637
	Commercial Mortgage-Backed Securities (6.9%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,335,509	5.613%, 6/11/2050		1,362,347
	150,820	0.356%, 3/15/2022d,e		149,681
	754,969	5.665%, 6/11/2040		772,418
	1,700,000	5.331%, 2/11/2044		1,919,557
		Citigroup Commercial Mortgage Trust
	750,000	5.702%, 12/10/2049		877,409
		Citigroup/Deutsche Bank Commercial Mortgage
	1,595,000	5.322%, 12/11/2049		1,812,201
		Commercial Mortgage Pass-Through Certificates
	1,000,000	0.336%, 12/15/2020d,e		958,287
	1,000,000	5.306%, 12/10/2046		1,135,604
		Credit Suisse First Boston Mortgage Securities Corporation
	3,697,430	4.691%, 4/15/2037		3,820,551
		Credit Suisse Mortgage Capital Certificates
	593,265	0.376%, 10/15/2021d,e		581,226
	1,750,000	5.467%, 9/15/2039		1,976,651
		Federal National Mortgage Association
	4,000,000	0.953%, 11/25/2015		4,032,120
		Government National Mortgage Association
	1,260,881	2.870%, 3/16/2051		1,292,666
	4,147,902	1.864%, 8/16/2031		4,196,345
	4,726,095	2.164%, 3/16/2033		4,795,630
	3,752,133	3.214%, 1/16/2040		3,924,573
		Greenwich Capital Commercial Funding Corporation
	2,697,000	5.074%, 1/5/2036		2,757,594
	4,500,000	5.224%, 4/10/2037		4,949,361
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	3,500,000	5.429%, 12/12/2043		3,940,584
		LB-UBS Commercial Mortgage Trust
	726,408	5.303%, 2/15/2040		726,937
		Morgan Stanley Capital I
	2,350,000	3.224%, 7/15/2049		2,523,909
		Morgan Stanley Capital, Inc.
	2,397,196	5.592%, 4/12/2049		2,467,206

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

144

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Commercial Mortgage-Backed Securities (6.9%) - continued
		NCUA Guaranteed Notes
	$3,770,827	1.600%, 10/29/2020		$3,842,175
		Network Rail Infrastructure Finance plc
	4,000,000	1.500%, 1/13/2014d		4,043,904
		Wachovia Bank Commercial Mortgage Trust
	1,500,000	5.765%, 7/15/2045		1,684,307
		Total		60,543,243
	Communications Services (1.7%)
		American Tower Corporation
	1,000,000	3.500%, 1/31/2023		976,440
		AT&T, Inc.
	2,000,000	1.400%, 12/1/2017		1,984,998
		CBS Corporation
	1,500,000	8.875%, 5/15/2019		2,017,875
		Crown Castle Towers, LLC
	1,500,000	3.214%, 8/15/2015d		1,569,064
	850,000	4.174%, 8/15/2017d		937,212
		DIRECTV Holdings, LLC
	1,500,000	1.750%, 1/15/2018		1,473,932
		GTP Acquisition Partners I, LLC
	1,500,000	4.347%, 6/15/2016d		1,582,971
		Qwest Communications International, Inc.
	1,000,000	7.125%, 4/1/2018		1,043,205
		SBA Tower Trust
	3,500,000	4.254%, 4/15/2015d		3,716,191
		Total		15,301,888
	Consumer Cyclical (1.7%)
		Amazon.com, Inc.
	1,500,000	1.200%, 11/29/2017		1,483,851
		American Honda Finance Corporation
	3,000,000	1.850%, 9/19/2014d		3,048,219
		Daimler Finance North America, LLC
	3,000,000	0.920%, 3/28/2014d,e		3,007,962
	1,750,000	0.905%, 1/9/2015d,e		1,749,367
		Ford Motor Credit Company, LLC
	1,250,000	4.207%, 4/15/2016		1,330,372
	1,300,000	3.984%, 6/15/2016		1,378,446
	500,000	3.000%, 6/12/2017		510,406
		Volkswagen International Finance NV
	3,000,000	1.625%, 3/22/2015d		3,036,570
		Total		15,545,193
	Consumer Non-Cyclical (3.7%)
		AbbVie, Inc.
	1,500,000	1.200%, 11/6/2015d		1,507,713
	1,250,000	1.750%, 11/6/2017d		1,252,718
		Altria Group, Inc.
	500,000	2.850%, 8/9/2022		483,548
		Anheuser-Busch InBev Worldwide, Inc.
	2,450,000	1.375%, 7/15/2017		2,458,751
		Cargill, Inc.
	1,073,000	4.307%, 5/14/2021d		1,163,993

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Consumer Non-Cyclical (3.7%) - continued
		Celgene Corporation
	$1,500,000	2.450%, 10/15/2015		$1,556,448
		Coca-Cola Enterprises, Inc.
	2,000,000	3.500%, 9/15/2020		2,094,628
		ConAgra Foods, Inc.
	1,400,000	1.300%, 1/25/2016		1,403,912
		Dr Pepper Snapple Group, Inc.
	500,000	2.000%, 1/15/2020		489,924
		Express Scripts Holding Company
	2,000,000	2.650%, 2/15/2017		2,072,708
		General Mills, Inc.
	2,000,000	0.660%, 5/16/2014e		2,006,178
		Heineken NV
	2,000,000	1.400%, 10/1/2017d		1,983,714
		Lorillard Tobacco Company
	1,000,000	3.500%, 8/4/2016		1,058,976
		McKesson Corporation
	2,000,000	0.950%, 12/4/2015		2,005,018
		Mylan, Inc.
	2,200,000	7.875%, 7/15/2020d		2,570,198
		Reynolds American, Inc.
	2,600,000	1.050%, 10/30/2015		2,598,383
		SABMiller Holdings, Inc.
	2,000,000	2.450%, 1/15/2017d		2,068,450
		Teva Pharmaceutical Finance III BV
	2,000,000	0.810%, 3/21/2014e		2,009,702
		Zoetis, Inc.
	1,250,000	1.150%, 2/1/2016d		1,251,685
	750,000	1.875%, 2/1/2018d		748,684
		Total		32,785,331
	Energy (1.6%)
		BP Capital Markets plc
	4,000,000	0.910%, 3/11/2014e		4,023,500
		Cameron International Corporation
	2,000,000	1.241%, 6/2/2014e		2,012,842
		Energy Transfer Partners, LP
	1,000,000	6.000%, 7/1/2013		1,019,291
		International Petroleum Investment Company, Ltd.
	1,000,000	3.125%, 11/15/2015d		1,032,000
		Marathon Oil Corporation
	1,800,000	0.900%, 11/1/2015		1,800,967
		Schlumberger SA
	2,500,000	2.650%, 1/15/2016d		2,575,738
		Valero Energy Corporation
	350,000	6.125%, 2/1/2020		420,819
		Weatherford International, Ltd.
	1,000,000	6.000%, 3/15/2018		1,141,039
		Total		14,026,196
	Financials (24.4%)
		ABN Amro Bank NV
	3,000,000	2.072%, 1/30/2014d,e		3,038,220
		ABN Amro North American Holding Preferred Capital Repackage Trust I
	600,000	3.407%, 12/29/2049d,e,i		600,000
		Achmea Hypotheekbank NV
	443,000	3.200%, 11/3/2014d		463,112

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

145

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Financials (24.4%) - continued
		Ally Financial, Inc.
	$1,250,000	4.500%, 2/11/2014		$1,284,375
		American International Group, Inc.
	1,500,000	5.050%, 10/1/2015		1,645,834
		Associated Banc Corporation
	2,000,000	1.875%, 3/12/2014		2,007,356
		Australia and New Zealand Banking Group, Ltd.
	3,500,000	2.400%, 11/23/2016d		3,674,300
		Bank Nederlandse Gemeenten NV
	3,500,000	1.500%, 3/28/2014d		3,542,105
		Bank of America Corporation
	2,000,000	1.722%, 1/30/2014e		2,019,042
	1,125,000	1.500%, 10/9/2015		1,127,940
	1,000,000	5.625%, 10/14/2016		1,131,249
		Bank of Montreal
	3,250,000	2.625%, 1/25/2016d		3,433,950
		Bank of New York Mellon Corporation
	1,600,000	1.162%, 11/24/2014e		1,620,251
	1,600,000	1.700%, 11/24/2014		1,631,494
		Bank of Nova Scotia
	2,000,000	1.250%, 11/7/2014d		2,028,000
	2,000,000	2.150%, 8/3/2016d		2,092,200
		Barclays Bank plc
	1,500,000	2.375%, 1/13/2014		1,525,435
	3,000,000	2.500%, 9/21/2015d,j		3,118,788
		BBVA Banco Continental SA
	2,000,000	2.250%, 7/29/2016d		1,990,000
		Bear Stearns Companies, LLC
	1,500,000	6.400%, 10/2/2017		1,797,885
		Berkshire Hathaway Finance Corporation
	2,000,000	2.450%, 12/15/2015		2,100,710
	1,250,000	1.600%, 5/15/2017		1,262,835
		Caisse Centrale Desjardins du Quebec
	2,000,000	2.550%, 3/24/2016d		2,110,200
		Canadian Imperial Bank of Commerce
	3,500,000	0.900%, 9/19/2014d		3,525,900
	1,500,000	2.600%, 7/2/2015d		1,572,450
		Capital One Financial Corporation
	3,000,000	1.454%, 7/15/2014e		3,030,279
		CDP Financial, Inc.
	4,000,000	3.000%, 11/25/2014d		4,169,908
		Chesapeake Funding, LLC
	2,000,000	0.658%, 5/7/2024d,e		2,000,037
		Citigroup, Inc.
	786,000	1.238%, 4/1/2014e		789,891
		CNA Financial Corporation
	2,000,000	6.500%, 8/15/2016		2,306,634
		Commonwealth Bank of Australia
	3,500,000	0.750%, 1/15/2016d		3,489,850
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	2,000,000	3.200%, 3/11/2015d		2,094,204
		Credit Agricole Home Loan SFH
	4,000,000	1.052%, 7/21/2014d,e		4,023,636
		Credit Suisse AG Guernsey
	1,000,000	1.625%, 3/6/2015d		1,017,274

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Financials (24.4%) - continued
	$1,000,000	2.600%, 5/27/2016d		$1,053,181
		Credit Suisse Securities USA, LLC
	3,000,000	1.000%, 4/28/2017k		3,264,300
		Dexia Credit Local SA
	3,500,000	2.750%, 4/29/2014d		3,561,799
		DnB NOR Boligkreditt
	3,500,000	2.900%, 3/29/2016d		3,714,900
		Eksportfinans ASA
	1,500,000	2.375%, 5/25/2016		1,432,168
		Fifth Third Bank
	2,250,000	0.421%, 5/17/2013e		2,247,554
		General Electric Capital Corporation
	3,500,000	0.505%, 1/8/2016e		3,458,567
		Goldman Sachs Group, Inc.
	2,750,000	2.375%, 1/22/2018		2,756,784
		Goldman Sachs Group, Inc., Convertible
	53,035	1.000%, 7/10/2013d,l		1,546,766
		HCP, Inc.
	2,000,000	2.700%, 2/1/2014		2,036,556
		Health Care REIT, Inc.
	500,000	6.125%, 4/15/2020		583,328
		HSBC Bank plc
	4,000,000	1.625%, 7/7/2014d,j		4,067,000
		ING Bank NV
	3,500,000	2.500%, 1/14/2016d		3,645,600
	500,000	2.625%, 12/5/2022d		490,384
		ING Capital Funding Trust III
	715,000	3.911%, 12/29/2049e,i		679,250
		International Lease Finance Corporation
	700,000	8.625%, 9/15/2015		795,375
		J.P. Morgan Chase & Company
	3,100,000	1.201%, 1/25/2018e		3,113,491
		J.P. Morgan Chase Bank NA
	1,000,000	5.875%, 6/13/2016		1,140,018
		Kilroy Realty, LP
	700,000	3.800%, 1/15/2023		701,418
		Kommuninvest I Sverige AB
	2,500,000	1.000%, 10/24/2017d		2,484,750
		Landwirtschaftliche Rentenbank
	5,000,000	0.508%, 3/15/2016d		5,001,605
		Lloyds TSB Bank plc
	300,000	6.500%, 9/14/2020d		333,076
		Macquarie Bank, Ltd.
	1,750,000	5.000%, 2/22/2017d		1,917,953
		MassMutual Global Funding II
	2,500,000	2.000%, 4/5/2017d		2,559,260
		MetLife, Inc.
	1,000,000	1.756%, 12/15/2017		1,002,978
		Metropolitan Life Global Funding I
	1,320,000	5.125%, 4/10/2013d		1,331,320
	2,250,000	3.650%, 6/14/2018d		2,460,233
		Morgan Stanley Mortgage Loan Trust
	2,000,000	5.750%, 10/18/2016		2,243,950
		National Australia Bank, Ltd.
	1,750,000	0.602%, 1/22/2015d,e		1,749,325
	2,750,000	2.000%, 6/20/2017d		2,830,575
		National Bank of Canada
	2,000,000	1.650%, 1/30/2014d		2,024,800

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

146

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Financials (24.4%) - continued
	$1,750,000	2.200%, 10/19/2016d		$1,834,700
		NCUA Guaranteed Notes
	3,943,299	0.658%, 10/7/2020e		3,965,018
	3,127,251	0.558%, 12/7/2020e		3,128,804
		Nederlandse Waterschapsbank NV
	3,500,000	1.375%, 5/16/2014d		3,540,670
		New York Life Global Funding
	4,000,000	3.000%, 5/4/2015d		4,213,024
		Norddeutsche Landesbank Girozentrale
	3,000,000	0.875%, 10/16/2015d		3,004,953
		Nordea Bank AB
	2,000,000	3.125%, 3/20/2017d		2,115,400
		Principal Life Global Funding II
	2,250,000	1.000%, 12/11/2015d		2,246,027
		Private Export Funding Corporation
	3,000,000	2.125%, 7/15/2016		3,160,503
		Prudential Financial, Inc.
	2,000,000	5.100%, 9/20/2014		2,135,520
		Rabobank Capital Funding Trust II
	1,012,000	5.260%, 12/29/2049d,i		1,014,530
		Realty Income Corporation
	1,000,000	2.000%, 1/31/2018		997,014
		Royal Bank of Canada
	3,000,000	1.002%, 10/30/2014e		3,027,477
	3,000,000	1.200%, 9/19/2017		2,987,400
		Royal Bank of Scotland Group plc
	700,000	6.125%, 12/15/2022		720,790
		SLM Corporation
	500,000	4.625%, 9/25/2017		518,793
		Stadshypotek AB
	4,000,000	0.861%, 9/30/2013d,e		4,012,464
	2,000,000	1.875%, 10/2/2019d		1,983,000
		Standard Chartered plc
	1,000,000	3.950%, 1/11/2023d		985,031
		Svensk Exportkredit AB
	2,500,000	0.602%, 1/23/2017e		2,503,930
		Swedbank Hypotek AB
	5,000,000	0.760%, 3/28/2014d,e		5,017,060
		Toronto-Dominion Bank
	3,000,000	0.481%, 7/26/2013e		3,001,806
	2,500,000	2.200%, 7/29/2015d		2,599,750
		U.S. Bank National Association
	3,000,000	3.778%, 4/29/2020		3,181,041
		UBS AG/London
	4,500,000	1.875%, 1/23/2015d		4,603,982
		UnitedHealth Group, Inc.
	1,800,000	1.400%, 10/15/2017		1,799,014
		Vestjysk Bank AS
	3,500,000	0.858%, 6/17/2013d,e		3,506,755
		WEA Finance, LLC/WT Finance Australia, Pty, Ltd.
	1,650,000	5.750%, 9/2/2015d		1,833,817
		Wells Fargo & Company
	2,500,000	2.625%, 12/15/2016		2,638,465
		Westpac Banking Corporation
	2,500,000	1.250%, 12/15/2017d		2,481,250
		Total		218,251,596

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Foreign Government (4.7%)
		Canada Government International Bond
	$5,500,000	0.875%, 2/14/2017		$5,531,900
		Corporacion Andina de Fomento
	1,419,000	4.375%, 6/15/2022		1,542,727
		European Investment Bank
	4,000,000	1.750%, 3/15/2017		4,135,100
		Export Development Canada
	3,500,000	0.750%, 12/15/2017j		3,464,300
		Hydro Quebec
	2,000,000	2.000%, 6/30/2016		2,080,400
		Inter-American Development Bank
	2,750,000	0.247%, 2/11/2016c,e		2,750,000
		Kommunalbanken AS
	4,000,000	2.750%, 5/5/2015d		4,196,800
		Kreditanstalt fuer Wiederaufbau
	5,500,000	0.216%, 6/17/2013e		5,500,181
		Mexico Government International Bond
	750,000	5.125%, 1/15/2020		877,500
		Province of British Columbia
	3,500,000	2.100%, 5/18/2016		3,667,300
		Province of Manitoba
	3,000,000	1.300%, 4/3/2017		3,057,600
		Province of Ontario
	2,500,000	0.360%, 8/13/2015c,e		2,500,000
	2,500,000	1.100%, 10/25/2017		2,489,250
		Total		41,793,058
	Mortgage-Backed Securities (5.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	19,840,000	2.500%, 2/1/2028c		20,497,200
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,013,877	6.500%, 9/1/2037		1,151,539
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	5,160,413	2.250%, 6/25/2025		5,314,786
	17,900,000	2.500%, 2/1/2028c		18,532,094
		Federal National Mortgage Association Conventional 20- Yr. Pass Through
	1,265,498	6.000%, 8/1/2024		1,406,448
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	1,650,368	5.854%, 9/1/2037e		1,789,800
	669,967	5.646%, 10/1/2037e		722,952
		Total		49,414,819
	Technology (0.6%)
		Affiliated Computer Services, Inc.
	1,000,000	5.200%, 6/1/2015		1,076,725
		Oracle Corporation
	325,000	1.200%, 10/15/2017		324,083
		Texas Instruments, Inc.
	2,000,000	0.490%, 5/15/2013e		2,001,390

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

147

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Technology (0.6%) - continued
		Xerox Corporation
	$2,000,000	1.130%, 5/16/2014e		$1,996,168
		Total		5,398,366
	Transportation (1.2%)
		Continental Airlines, Inc.
	1,350,000	6.750%, 9/15/2015d		1,417,500
	2,000,000	4.150%, 4/11/2024		2,092,500
		CSX Corporation
	1,500,000	6.250%, 4/1/2015		1,673,311
		Delta Air Lines, Inc.
	750,000	4.750%, 5/7/2020		812,850
		Erac USA Finance Company
	2,500,000	2.750%, 7/1/2013d		2,521,853
		Kansas City Southern de Mexico SA de CV
	1,500,000	8.000%, 2/1/2018		1,642,500
		Penske Truck Leasing Company, LP
	750,000	2.875%, 7/17/2018d		744,864
		Total		10,905,378
	U.S. Government and Agencies (29.6%)
		Federal Agricultural Mortgage Corporation
	2,500,000	2.125%, 9/15/2015		2,592,792
	2,500,000	2.000%, 7/27/2016		2,614,677
		Federal Farm Credit Banks
	10,000,000	0.255%, 9/23/2013e		10,005,820
		Federal Home Loan Banks
	5,000,000	0.360%, 9/16/2013e		5,006,980
	11,500,000	0.250%, 1/16/2015		11,492,169
	1,500,000	0.500%, 11/20/2015		1,504,421
		Federal Home Loan Mortgage Corporation
	1,000,000	1.250%, 8/1/2019		991,687
	3,250,000	1.250%, 10/2/2019		3,208,803
		Federal National Mortgage Association
	4,000,000	0.500%, 5/27/2015		4,014,052
	3,000,000	0.875%, 2/8/2018		2,977,932
		U.S. Treasury Bonds
	2,915,000	3.000%, 5/15/2042		2,834,837
		U.S. Treasury Bonds, TIPS
	3,057,027	0.750%, 2/15/2042		3,238,780
		U.S. Treasury Notes
	2,500,000	0.250%, 4/30/2014		2,501,562
	6,200,000	2.250%, 5/31/2014		6,367,350
	30,875,000	0.750%, 6/15/2014		31,100,542
	20,350,000	0.250%, 10/31/2014		20,353,175
	16,475,000	0.250%, 9/15/2015		16,427,371
	31,550,000	1.000%, 10/31/2016		32,033,094
	57,925,000	0.750%, 6/30/2017		57,943,073
	400,000	2.375%, 6/30/2018		429,500
	16,365,000	0.875%, 7/31/2019		15,976,331
	350,000	1.625%, 8/15/2022		340,512
		U.S. Treasury Notes, TIPS
	9,326,583	0.125%, 4/15/2017		10,038,472
	11,052,184	1.125%, 1/15/2021		12,934,516
	6,612,639	0.125%, 1/15/2022		7,147,337
		Total		264,075,785

Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Utilities (0.7%)
		American Electric Power Company, Inc.
	$500,000	1.650%, 12/15/2017		$499,716
		Electricite de France SA
	1,000,000	5.250%, 1/29/2049d,i		976,209
		Northeast Utilities
	2,000,000	1.059%, 9/20/2013e		2,008,694
		ONEOK Partners, LP
	350,000	8.625%, 3/1/2019		466,062
		Sempra Energy
	1,750,000	2.300%, 4/1/2017		1,805,323
		Williams Partners, LP
	500,000	3.350%, 8/15/2022		496,568
		Total		6,252,572
		Total Long-Term Fixed Income (cost $874,694,165)		882,374,468
	Fixed Income Mutual Funds (1.0%)
	1,832,246	Thrivent High Yield Fund		9,344,455
		Total		9,344,455
		Total Other Mutual Funds (cost $6,835,609)		9,344,455
Shares		Preferred Stock (0.4%)	Value
	Financials (0.2%)
	26,000	Discover Financial Services, 6.500%i		663,000
	39,000	HSBC Holdings plc, 8.000%i		1,084,980
	14,000	The Allstate Corporation, 5.100%		357,420
		Total		2,105,400
	Utilities (0.2%)
	16,250	Southern California Edison Company, 4.630%i		1,633,125
		Total		1,633,125
		Total Preferred Stock (cost $3,586,772)		3,738,525
Shares		Collateral Held for Securities Loaned (0.9%)	Value
	8,165,390	Thrivent Cash Management Trust		8,165,390
		Total Collateral Held for Securities Loaned (cost $8,165,390)		8,165,390
Shares or Principal Amount		Short-Term Investments (4.0%)	Value
		Federal Home Loan Bank Discount Notes
	900,000	0.138%, 6/7/2013m,n		899,567

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

148

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares or Principal Amount		Short-Term Investments (4.0%)	Value
	34,801,371	Thrivent Cash Management Trust		$34,801,371
		Total Short-Term Investments (at amortized cost)		35,700,938
		Total Investments (cost $931,213,109) 105.3%		$941,561,463
		Other Assets and Liabilities, Net (5.3%)		(47,768,107)
		Total Net Assets 100.0%		$893,793,356

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.

d 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 January 31, 2013, the value of these investments was $238,115,306 or 26.6% of total net assets.

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 January 31, 2013.

f All or a portion of the security is insured or guaranteed.

g 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 January 31, 2013.

Security	Acquisition Date		Cost
First Franklin Mortgage Loan Asset-Backed Certificates		4/19/2006		$85,895
Mortgage Equity Conversion Asset Trust		1/18/2007		2,478,447
Mortgage Equity Conversion Asset Trust		2/14/2007		2,411,101
Wachovia Asset Securitization, Inc.		3/16/2007		783,693

h Defaulted security. Interest is not being accrued.

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

j All or a portion of the security is on loan.

k Denotes equity-linked structured security. This security is linked to the S&P 500 Index.

l Security is displayed in shares. This security is an equity-linked structured security. This security is linked to the common stock of Microsoft Corporation.

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

n At January 31, 2013, $899,567 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures 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	$19,753,803
Gross unrealized depreciation	(9,405,449)
Net unrealized appreciation (depreciation)	$10,348,354
Cost for federal income tax purposes	$931,213,109

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

149

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, in valuing Limited Maturity Bond Fund’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Communications Services		720,948		–		720,948		–
Consumer Cyclical		517,007		–		517,007		–
Technology		999,732		–		999,732		–
Long-Term Fixed Income
Asset-Backed Securities		101,561,266		–		94,793,631		6,767,635
Basic Materials		9,300,124		–		9,300,124		–
Capital Goods		12,629,016		–		12,629,016		–
Collateralized Mortgage Obligations		24,590,637		–		24,590,637		–
Commercial Mortgage-Backed Securities		60,543,243		–		60,543,243		–
Communications Services		15,301,888		–		15,301,888		–
Consumer Cyclical		15,545,193		–		15,545,193		–
Consumer Non-Cyclical		32,785,331		–		32,785,331		–
Energy		14,026,196		–		14,026,196		–
Financials		218,251,596		–		213,440,530		4,811,066
Foreign Government		41,793,058		–		41,793,058		–
Mortgage-Backed Securities		49,414,819		–		49,414,819		–
Technology		5,398,366		–		5,398,366		–
Transportation		10,905,378		–		10,905,378		–
U.S. Government and Agencies		264,075,785		–		264,075,785		–
Utilities		6,252,572		–		6,252,572		–
Fixed Income Mutual Funds		9,344,455		9,344,455		–		–
Preferred Stock
Financials		2,105,400		2,105,400		–		–
Utilities		1,633,125		–		1,633,125		–
Collateral Held for Securities Loaned		8,165,390		8,165,390		–		–
Short-Term Investments		35,700,938		34,801,371		899,567		–
Total		$941,561,463		$54,416,616		$875,566,146		$11,578,701
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,411,327		1,411,327		–		–
Total Asset Derivatives		$1,411,327		$1,411,327		$–		$–
Liability Derivatives
Futures Contracts		58,078		58,078		–		–
Credit Default Swaps		358,756		–		358,756		–
Total Liability Derivatives		$416,834		$58,078		$358,756		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
5-Yr. U.S. Treasury Bond Futures	(1,100)		March 2013		($137,084,145)		($136,107,818)		$976,327
10-Yr. U.S. Treasury Bond Futures	(205)		March 2013		(27,347,656)		(26,912,656)		435,000
30-Yr. U.S. Treasury Bond Futures	10		March 2013		1,492,765		1,434,687		(58,078)
Total Futures Contracts									$1,353,249

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

150

Limited Maturity Bond Fund

Schedule of Investments as of January 31, 2013

(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 19, 5 Year, at	Buy		12/20/2017		$6,500,000		($113,178)		($146,830)		($260,008)
5.00%; Bank of America
CDX IG, Series 19, 5 Year, at	Buy		12/20/2017		13,000,000		(31,095)		(67,653)		(98,748)
1.00%; Bank of America
Total Credit Default Swaps									($214,483)		($358,756)

1 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.

3 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. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

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 Limited Maturity Bond Fund, is as follows:

Fund	Value October 31, 2012		Gross Purchases		Gross Sales		Shares Held at January 31, 2013		Value January 31, 2013		Income Earned November 1, 2012 - January 31, 2013
High Yield		$11,258,614		$–		$3,100,000		1,832,246		$9,344,455		$167,284
Cash Management Trust- Collateral Investment		6,949,000		9,761,300		8,544,910		8,165,390		8,165,390		5,440
Cash Management Trust- Short Term Investment		26,939,653		71,560,581		63,698,863		34,801,371		34,801,371		10,568
Total Value and Income Earned		45,147,267								52,311,216		183,292

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

151

Money Market Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Principal Amount		Asset Backed Commercial Paper (18.6%)a	Value
		Dealers Capital Access
	$5,160,000	0.360%, 2/1/2013b,c		$5,160,000
	7,600,000	0.350%, 2/22/2013b		7,598,448
		Fairway Finance Corporation
	5,040,000	0.200%, 2/20/2013b,c		5,039,468
	5,030,000	0.210%, 2/26/2013b,c		5,029,266
		Golden Funding Corporation
	5,035,000	0.270%, 2/4/2013b,c		5,034,887
	4,000,000	0.160%, 2/6/2013b,c		3,999,911
	5,040,000	0.300%, 2/13/2013b,c		5,039,496
	4,300,000	0.300%, 3/7/2013b,c		4,298,782
		Kells Funding, LLC
	5,140,000	0.300%, 2/19/2013b,c		5,139,229
	5,040,000	0.300%, 3/14/2013b,c		5,038,278
		Liberty Street Funding, LLC
	5,060,000	0.230%, 2/25/2013b,c		5,059,224
		Nieuw Amsterdam Receivables Corporation
	4,990,000	0.210%, 3/20/2013b,c		4,988,632
		Old Line Funding, LLC
	5,205,000	0.320%, 3/15/2013b,c		5,203,057
		Sydney Capital Corporation
	5,025,000	0.280%, 3/14/2013b,c		5,023,397
	5,170,000	0.280%, 4/9/2013b,c		5,167,306
		Thunder Bay Funding, LLC
	5,000,000	0.200%, 3/12/2013b,c		4,998,917
	5,010,000	0.200%, 3/19/2013b,c		5,008,720
	5,000,000	0.210%, 4/8/2013b,c		4,998,075
		Total		91,825,093
Principal Amount		Certificate of Deposit (8.7%)a	Value
		Bank of Nova Scotia/Houston
	3,175,000	0.390%, 5/10/2013d		3,175,000
		Rabobank Nederland
	5,180,000	0.470%, 2/19/2013		5,180,233
	4,990,000	0.405%, 7/11/2013d		4,993,398
		Royal Bank of Canada
	2,662,000	0.247%, 3/15/2013		2,668,317
	3,500,000	0.362%, 8/27/2013d		3,502,360
		Skandinav Enskilda Bank
	5,000,000	0.250%, 3/4/2013		5,000,000
		Svenska Handelsbanken/New York
	4,990,000	0.215%, 4/22/2013		4,990,055
		Toronto-Dominion Bank NY
	2,630,000	0.295%, 4/19/2013d		2,630,000
	5,190,000	0.310%, 9/13/2013d		5,190,000
	5,220,000	0.302%, 10/21/2013d		5,220,000
		Total		42,549,363
Principal Amount		Financial Company Commercial Paper (9.9%)a	Value
		AllianceBernstein, LP
	22,000,000	0.210%, 2/1/2013c		22,000,000
		KFW International Finance
	5,020,000	0.210%, 3/11/2013b,c		5,018,887
		Societe Generale North America, Inc.
	16,485,000	0.150%, 2/1/2013b		16,485,000

Principal Amount		Financial Company Commercial Paper (9.9%)a	Value
		Svenska Handelsbanken, Inc.
	$5,070,000	0.260%, 2/15/2013b,c		$5,069,488
		Total		48,573,375
Principal Amount		Government Agency Debt (32.1%)a	Value
		Federal Agricultural Mortgage Corporation
	5,210,000	0.073%, 2/1/2013d		5,210,000
	2,000,000	0.760%, 5/10/2013		2,003,123
	15,150,000	0.113%, 8/5/2013d		15,141,479
		Federal Farm Credit Bank
	6,266,000	0.264%, 6/26/2013d		6,268,294
	5,640,000	0.225%, 8/22/2013d		5,642,567
	5,480,000	0.196%, 8/27/2013d		5,480,000
	4,000,000	0.176%, 1/13/2014d		4,000,409
	5,790,000	0.225%, 2/24/2014d		5,794,728
		Federal Home Loan Banks
	5,340,000	0.240%, 12/20/2013d		5,338,570
	5,260,000	0.210%, 2/24/2014d		5,260,000
	5,120,000	0.300%, 6/4/2014d		5,124,854
		Federal Home Loan Mortgage Corporation
	3,090,000	0.380%, 9/3/2013d		3,089,606
	5,480,000	0.146%, 9/13/2013d		5,479,859
	10,900,000	0.178%, 11/4/2013d		10,901,349
	1,800,000	0.450%, 11/18/2013d		1,802,609
		Federal National Mortgage Association
	3,000,000	0.360%, 10/28/2013d		2,999,773
	5,330,000	0.185%, 6/20/2014d		5,328,507
	5,330,000	0.390%, 8/25/2014d		5,341,824
		Overseas Private Investment Corporation
	3,330,000	0.352%, 7/12/2013		3,386,433
	13,465,000	0.531%, 12/9/2013		13,475,367
	2,665,000	0.450%, 12/10/2013		2,666,745
		Straight-A Funding, LLC
	5,005,000	0.190%, 3/5/2013b,c		5,004,155
	5,000,000	0.190%, 3/6/2013b,c		4,999,129
	5,020,000	0.190%, 3/12/2013b,c		5,018,967
	5,010,000	0.190%, 3/19/2013b,c		5,008,784
	10,240,000	0.190%, 3/27/2013b,c		10,237,082
	4,000,000	0.190%, 4/2/2013b,c		3,998,733
	5,150,000	0.190%, 4/8/2013b,c		5,148,206
		Total		159,151,152
Shares		Investment Company (8.3%)	Value
		AIM Investments Institutional Government and Agency Portfolio
	100,000	0.020%		100,000
		BlackRock Cash Funds
	22,978,000	0.170%		22,978,000
		Dreyfus Institutional Cash Advantage Fund
	17,815,000	0.090%		17,815,000

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

152

Money Market Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Shares		Investment Company (8.3%)	Value
		DWS Money Market Series
	$182,024	0.110%		$182,024
		Total		41,075,024
Principal Amount		Other Commercial Paper (4.1%)a	Value
		BHP Billiton Finance USA, Ltd.
	5,200,000	0.320%, 3/7/2013b,c		5,198,428
		Nestle Finance International, Ltd.
	5,180,000	0.250%, 4/15/2013b		5,177,374
	5,130,000	0.249%, 4/22/2013b		5,127,150
	4,500,000	0.230%, 5/21/2013b,c		4,496,866
		Total		19,999,818
Principal Amount		Other Note (6.0%)a	Value
		General Electric Capital Corporation
	5,060,000	0.281%, 5/1/2013b		5,115,845
		General Electric Company
	5,200,000	0.337%, 2/1/2013		5,200,000
		Rabobank Nederland
	5,000,000	0.501%, 7/25/2013d		5,005,777
		Total Capital Canada, Ltd.
	2,530,000	0.400%, 5/13/2013b,d		2,531,267
	4,560,000	0.683%, 1/17/2014b,d		4,578,635
		US Bancorp
	7,465,000	0.355%, 9/13/2013		7,507,964
		Total		29,939,488
Principal Amount		Variable Rate Demand Note (11.1%)a	Value
		Douglas County, Nebraska Hospital Authority No. 2 Health Facilities Revenue Refunding Bonds (Children’s Hospital)
	6,700,000	0.130%, 2/1/2013b,d		6,700,000
		Louisiana Housing Finance Agency Qualified Gulf Opportunity Zone Bonds (Canterbury House Apartments - Sherwood)
	8,730,000	0.090%, 2/7/2013b,d		8,730,000
		Overseas Private Investment Corporation
	903,446	0.160%, 2/6/2013d		903,446
	4,035,091	0.160%, 2/6/2013d		4,035,091
	1,551,723	0.160%, 2/6/2013d		1,551,723
	5,275,000	0.170%, 2/6/2013d		5,275,000
	13,035,000	0.160%, 2/7/2013d		13,035,000
		St. Cloud, Minnesota Health Care Refunding Revenue Bonds (CentraCare Health System)
	8,240,000	0.090%, 2/7/2013b,d		8,240,000

Principal Amount		Variable Rate Demand Note (11.1%)a	Value
		Wisconsin State Health & Educational Facilities Authority Revenue Prohealth Care, Inc.
	$6,445,000	0.130%, 2/1/2013b,d		$6,445,000
		Total		54,915,260
		Total Investments (at amortized cost) 98.8%		$488,028,573
		Other Assets and Liabilities, Net 1.2%		6,111,837
		Total Net Assets 100.0%		$494,140,410

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 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 January 31, 2013, the value of these investments was $165,425,370 or 33.5% of total net assets.

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 January 31, 2013.

Cost for federal income tax purposes $488,028,573

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

153

Money Market Fund

Schedule of Investments as of January 31, 2013

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of January 31, 2013, 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		91,825,093		–		91,825,093		–
Certificate of Deposit		42,549,363		–		42,549,363		–
Financial Company Commercial Paper		48,573,375		–		48,573,375		–
Government Agency Debt		159,151,152		–		159,151,152		–
Investment Company		41,075,024		41,075,024		–		–
Other Commercial Paper		19,999,818		–		19,999,818		–
Other Note		29,939,488		–		29,939,488		–
Variable Rate Demand Note		54,915,260		–		54,915,260		–
Total		$488,028,573		$41,075,024		$446,953,549		$–

There were no significant transfers between Levels during the period ended January 31, 2013. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

154

Notes to Schedule of Investments

As of January 31, 2013

(unaudited)

SIGNIFICANT ACCOUNTING POLICIES

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 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 help maintain a constant net asset value of $1.00 per share.

The Board has delegated responsibility for daily valuation to the Adviser. The Adviser has formed a Portfolio Compliance and Valuation Committee (“Committee”) that is responsible for overseeing the Fund valuation policies in accordance with Valuation Policies and Procedures. The Committee meets on a monthly and on an as-needed basis to review price challenges, price overrides, stale prices, shadow prices, manual prices, money market pricing, international fair valuation, and other securities requiring fair valuation.

The Committee monitors for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, national news/events, and issuer-specific developments. If the Committee decides that such events warrant using fair value estimates, the Committee will take such events into consideration in determining the fair value of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

Financial Accounting Standards Board (FASB) guidelines require increased fair value disclosure intended to improve the consistency and comparability of fair value measurements used in financial reporting. The guidelines define fair value, establish a framework for measuring fair value in U.S. Generally Accepted Accounting Principles (“GAAP”) and expand disclosures about fair value requirements. 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 included 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 included 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.

Fair Valuation of International Securities – Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign market 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 the 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.

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.

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.

155

Notes to Schedule of Investments

As of January 31, 2013

(unaudited)

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.

Futures Contracts – Certain Funds may use futures contracts to manage the exposure to interest rate, market and 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 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, the 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. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default.

Swap Agreements – Certain Funds may 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. 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. The Fund accrues for the periodic payment and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as realized gains or losses. Receipts and payments received or made as a result of a credit event or termination of the contract are also recognized as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held with the Fund’s custodian, or 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 additional 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 may 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

156

Notes to Schedule of Investments

As of January 31, 2013

(unaudited)

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 Funds’ Schedules of Investments for additional information.

157

Item 2. 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 3. Exhibits

Separate certifications pursuant to Rule 30a-2(a) 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.

Date: March 27, 2013	THRIVENT MUTUAL FUNDS
	By:	/s/    Russell W. Swansen
		Russell W. Swansen
		President

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

Date: March 27, 2013	By:	/s/    Russell W. Swansen
		Russell W. Swansen
		President
Date: March 27, 2013	By:	/s/    Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer